Document:

EX-10.19

  Exhibit 10.19

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

   

  COLLABORATION AND LICENSE AGREEMENT

  BY AND BETWEEN

  ALECTOR, INC.

  AND

  GLAXO WELLCOME UK LIMITED

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  Table of Contents

  			
	ARTICLE I DEFINITIONS
	1

	ARTICLE II MANAGEMENT OF COLLABORATIVE ACTIVITIES
	30

	2.1
	Joint Steering Committee.
	30

	2.2
	Joint Development Committee.
	31

	2.3
	Joint Manufacturing Committee.
	32

	2.4
	Joint Patent Committee.
	32

	2.5
	Joint Commercialization Committee.
	33

	2.6
	Working Groups.
	34

	2.7
	Membership.
	37

	2.8
	Decision-Making.
	37

	2.9
	Meetings of the JSC, JDC, JMC, JPC, JCC and Working Groups.
	39

	2.10
	Discontinuation of Joint Committees.
	39

	2.11
	Alliance Managers.
	39

	ARTICLE III LICENSE GRANTS
	40

	3.1
	Alector Grants.
	40

	3.2
	GSK Grants.
	40

	3.3
	Sharing of Data and Know-How and Materials.
	41

	3.4
	Sublicensing.
	43

	3.5
	Alector Covenants.
	44

	3.6
	GSK Covenants.
	45

	3.7
	Acquisition of Competing Product.
	45

	3.8
	Section 365(n) of the Bankruptcy Code.
	46

	3.9
	Retention of Rights.
	46

	3.10
	Joint Patents.
	47

	ARTICLE IV DEVELOPMENT
	47

	4.1
	General.
	47

	4.2
	GDP; Non-Core GDP; Amendments; Development Responsibilities.
	48

	4.3
	Development Efforts; Manner of Performance; Reports.
	53

	4.4
	Regulatory Submissions and Regulatory Approvals.
	57

	4.5
	Costs of Joint Development.
	59

	4.6
	New Product Decisions.
	65

	4.7
	Patient Samples.
	67

	4.8
	Progranulin Gene Therapy Program.
	68

	ARTICLE V COMMERCIALIZATION
	70

	5.1
	Commercialization Efforts.
	70

	5.2
	Manner of Performance.
	75

	5.3
	Commercialization Plans.
	77

	5.4
	Medical Affairs Responsibilities.
	80

   

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  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  			
	5.5
	Advertising and Promotional Materials for Cost Profit Sharing Products.
	81

	5.6
	Product Packaging.
	82

	5.7
	Sales and Distribution.
	82

	5.8
	Co-Promotion of Cost Profit Sharing Products in the United States.
	83

	5.9
	Training.
	84

	5.10
	Management of Sales Representatives.
	85

	5.11
	Other Responsibilities.
	85

	5.12
	Adverse Event and Product Complaint Reporting Procedures; Notice of Information Affecting Marketability of the Licensed Product.
	86

	5.13
	Recalls, Market Withdrawals or Corrective Actions.
	86

	5.14
	Medical Inquiries.
	87

	5.15
	Early Access Programs.
	87

	5.16
	Field Based Representatives.
	87

	5.17
	Compliance.
	89

	ARTICLE VI MANUFACTURE AND SUPPLY
	89

	6.1
	Manufacture.
	89

	6.2
	Manufacturing Transfer.
	93

	6.3
	CMC Development.
	93

	6.4
	Supply and Quality Agreement.
	94

	ARTICLE VII FINANCIAL PROVISIONS
	94

	7.1
	Upfront Payment.
	94

	7.2
	Milestone Payments.
	94

	7.3
	U.S. Pre-Tax Profit or Loss.
	99

	7.4
	OUS Territory Royalties and Opt Out Product Royalties.
	99

	7.5
	Royalty Reporting and Payment.
	103

	7.6
	Quarterly Reconciliation and Payments.
	103

	7.7
	Blocking Third Party Technology.
	105

	7.8
	Existing Third Party Agreement Payments.
	105

	7.9
	Audits.
	106

	7.10
	Withholding Taxes.
	107

	7.11
	Indirect Taxes.
	108

	7.12
	Tax Matters.
	109

	7.13
	Tax Information.
	109

	7.14
	Currency Exchange.
	109

	7.15
	Late Payments.
	110

	7.16
	Resolution of Financial Disputes.
	110

	ARTICLE VIII INTELLECTUAL PROPERTY OWNERSHIP, PROTECTION AND RELATED MATTERS
	110

	8.1
	Ownership of Inventions.
	110

	8.2
	Prosecution and Maintenance of Patents Globally.
	111

	8.3
	Third Party Infringement.
	113

	8.4
	Patent Invalidity Claim.
	116

   

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	8.5
	Claimed Infringement.
	117

	8.6
	Patent Term Extensions.
	118

	8.7
	Trademarks.
	118

	ARTICLE IX CONFIDENTIALITY AND PUBLICITY
	119

	9.1
	Confidential Information.
	119

	9.2
	Recipient Obligations.
	121

	9.3
	Confidential Terms.
	121

	9.4
	Publicity.
	121

	9.5
	Publications.
	122

	ARTICLE X REPRESENTATIONS AND WARRANTIES; CERTAIN COVENANTS
	123

	10.1
	Representations of Authority.
	123

	10.2
	Consents.
	123

	10.3
	No Conflict.
	124

	10.4
	Enforceability.
	124

	10.5
	Additional Mutual Representations and Warranties.
	124

	10.6
	Additional Representations and Warranties of Alector.
	124

	10.7
	Existing Third Party Agreements.
	127

	10.8
	No Warranties.
	127

	10.9
	No Debarment.
	128

	10.10
	Compliance with Anti-Corruption Laws.
	128

	10.11
	Insurance.
	129

	10.12
	Data Privacy and Security.
	130

	10.13
	Post-Closing Covenants.
	130

	ARTICLE XI INDEMNIFICATION
	130

	11.1
	General Indemnification By Alector.
	130

	11.2
	General Indemnification By GSK.
	131

	11.3
	Product Liability Costs.
	131

	11.4
	Claims for General Indemnification.
	132

	11.5
	Conduct of Product Liability Claims.
	132

	ARTICLE XII TERM AND TERMINATION
	133

	12.1
	Term.
	133

	12.2
	Termination For Material Breach.
	133

	12.3
	Termination for Patent Challenge.
	135

	12.4
	Termination for Insolvency.
	135

	12.5
	Termination by GSK Unilaterally.
	136

	12.6
	Effects of Termination.
	136

	ARTICLE XIII DECISION-MAKING; DISPUTE RESOLUTION
	143

	13.1
	Referral to Executive Officers.
	143

	13.2
	Decisions to Terminate or Suspend a Study Based on Safety Concerns.
	143

	13.3
	Resolution of Certain Disputes.
	144

   

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	13.4
	Arbitration.
	149

	ARTICLE XIV MISCELLANEOUS
	150

	14.1
	Assignment; Successors.
	150

	14.2
	Alector Change of Control.
	151

	14.3
	Choice of Law.
	153

	14.4
	Notices.
	153

	14.5
	Severability.
	154

	14.6
	Integration.
	155

	14.7
	Waiver and Non-Exclusion of Remedies.
	155

	14.8
	Independent Contractors; No Agency.
	155

	14.9
	Submission to Jurisdiction.
	155

	14.10
	Execution in Counterparts; Facsimile Signatures.
	156

	14.11
	No Consequential or Punitive Damages.
	156

	14.12
	Performance by Affiliates.
	156

	14.13
	Force Majeure.
	156

	14.14
	Further Assurance.
	157

	14.15
	Construction.
	157

	14.16
	HSR Filings and Closing.
	157

   

  Exhibits

  Exhibit 1.8		Initial Alector Patents

  Exhibit 1.47		Existing Third Party Agreements

  Exhibit 1.51		Financial Exhibit

  Exhibit 1.58		Initial Global Development Plan

  Exhibit 4.5.4(b)	[***]

  Exhibit 5.17.1		Compliance Program

  Exhibit 6.1.2(e)	Existing Manufacturing Contracts

  Exhibit 6.2		Manufacturing Transfer Principles

  Exhibit 9.4.1		Press Releases

  Exhibit 10.6		Certain Exceptions to Representations

   

   

   

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  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  COLLABORATION AND LICENSE AGREEMENT

  This Collaboration and License Agreement (the “Agreement”) is made and entered into as of the 1st day of July, 2021 (the “Execution Date”) by and between Alector, Inc., a Delaware corporation, with offices at 131 Oyster Point Blvd., Suite 600, South San Francisco, CA 94080 (“Alector”) and Glaxo Wellcome UK Limited, a private company limited by shares organized under the laws of England having an office at 980 Great West Road, Brentford, Middlesex TW8 9GS, England, registered under company number 00480080 (“GSK”).

   

  INTRODUCTION

   

  WHEREAS, Alector is developing certain Licensed Antibodies and Licensed Products (as defined below), and Controls (as defined below) certain intellectual property and other rights with respect to such Licensed Antibodies;

   

  WHEREAS, Alector and GSK believe that a collaboration and license arrangement between the Parties regarding the Licensed Antibodies and Licensed Products would be desirable;

   

  WHEREAS, the Parties desire to collaborate on the Development of the Licensed Antibodies and Licensed Products, with GSK taking the lead on Phase III Clinical Studies for Major Indications and Alector taking the lead with respect to other Development activities, in each case in accordance with the terms and conditions set forth in this Agreement;

   

  WHEREAS, the Parties desire to co-commercialize the Licensed Product in the United States and desire GSK to lead the Commercialization of the Licensed Products in the OUS Territory, in each case in accordance with the terms and conditions set forth in this Agreement; and 

   

  NOW, THEREFORE, in consideration of the mutual promises and conditions contained herein, and other good and valuable consideration, Alector and GSK hereby agree as follows: 

   

  ARTICLE I
DEFINITIONS

  As used in this Agreement, the following terms shall have the meanings set forth below: 

  1.1	“Accounting Standards” means, with respect to a Party or Selling Entity and its Affiliates (a) the United States Generally Accepted Accounting Principles or (b) International Financial Reporting Standards as adopted by the European Union or, following the withdrawal of the United Kingdom from the European Union, as adopted by the United Kingdom, in each case ((a) and (b)), as such Party or Selling Entity uses for its financial reporting obligations, consistently applied.

  1.2	 “Action” means any claim, action, cause of action or suit (whether in contract or tort or otherwise), litigation (whether at law or in equity, whether civil, criminal or administrative), 

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  controversy, assessment, arbitration, investigation, hearing, charge, complaint, demand, notice or proceeding of, to, from, by or before any Governmental Authority.

  1.3	“Affiliate” means with respect to any Party, any Person controlling, controlled by or under common control with such Party.  For purposes of this Section 1.3, “control” means (i) in the case of a Person that is a corporate entity, direct or indirect ownership of more than 50% of the stock or shares having the right to vote for the election of directors of such Person or (ii) in the case of a Person that is an entity, the possession, directly or indirectly, of the power to direct, or cause the direction of, the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

  1.4	“AL001” means Alector’s anti-sortilin clinical-stage Antibody designated as AL001 by Alector.

  1.5	“AL101” means Alector’s anti-sortilin clinical-stage Antibody designated as AL101 by Alector.

  1.6	“Alector Intellectual Property” means Alector Know-How, Alector Patents, Alector’s interest in the Joint Patents, Alector Sole Inventions, and Alector Platform Patents, collectively.

  1.7	“Alector Know-How” means any Know-How [***]. 

  1.8	“Alector Patents” means Patents (excluding Joint Patents) that [***].  A list of Alector Patents existing as of the Execution Date and [***] is attached hereto as Exhibit 1.8 (the “Initial Alector Patents”). 

  1.9	“Alector Product Patent” means [***].

  1.10	“Approved Labeling” means, with respect to a Cost Profit Sharing Product: (a) the Regulatory Authority-approved full prescribing information for such Cost Profit Sharing Product; and (b) the Regulatory Authority-approved labels and other written, printed, or graphic materials on any container, wrapper, or any package insert that is used with or for such Cost Profit Sharing Product. 

  1.11	“Antibody(ies)” means an immunoglobulin (Ig) molecule, or other composition comprising an amino acid based structure, in each case that binds or incorporates one or more moieties capable of binding a target, including any such composition containing a scaffold based on an Ig molecule or a fragment, alternative form or derivative thereof, or any other amino acid containing structures [***], in each case that bind or incorporate one or more moieties capable of binding a target.  Notwithstanding the foregoing, Antibodies shall exclude synthetic chemical compositions with [***].

  1.12	“Biosimilar Product” means, on a country-by-country basis, a biologic product that has a substantially similar active substance as a Licensed Antibody and (a) whose licensing, approval, 

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  or marketing authorization relies [***] (b) is determined (i) by the FDA to be biosimilar or interchangeable with a Licensed Product as set forth at 42 USC 262(k), (ii) by a Regulatory Authority in the EU to be a generic medicinal product of a Licensed Product as set forth in EU Directive 2001/83/EC (as amended, including by EU Directive 2004/27/EC), or (iii) by a Regulatory Authority outside of the United States and the EU in a manner equivalent to the foregoing clause (i) or (ii), whether referred to as a biosimilar, follow-on biologic or generic biological product or otherwise, in such jurisdiction. [***].

  1.13	“Blocking Third Party Technology” means [***].

  1.14	“Business Day” means a day on which banking institutions in San Francisco, California and London, United Kingdom are open for business, but in any event excluding the nine (9) consecutive calendar days beginning on December 24th and continuing through January 1st of each calendar year during the Term.

  1.15	“Calendar Quarter” means each successive period of three (3) calendar months commencing on January 1, April 1, July 1 and October 1, except that the first Calendar Quarter of the Term shall commence on the Effective Date and end on the day immediately prior to the first to occur of January 1, April 1, July 1 or October 1 after the Effective Date, and the last Calendar Quarter shall end on the last day of the Term.

  1.16	“Calendar Year” means each successive period of twelve (12) calendar months commencing on January 1 and ending on December 31, except that the first Calendar Year of the Term shall commence on the Effective Date and end on December 31 of the year in which the Effective Date occurs and the last Calendar Year of the Term shall commence on January 1 of the year in which the Term ends and end on the last day of the Term.

  1.17	“Clinical Investigation Laws” means Laws relating to human clinical investigations, including 21 C.F.R. Parts 50, 54, 56 and 312, and then-current Good Clinical Practice, each as in effect and as amended from time to time.

  1.18	“Clinical Studies” means collectively any Phase I Clinical Studies, Phase II Clinical Studies, Phase III Clinical Studies and Phase IV/Post-Approval Clinical Studies, and any other study in which human subjects are dosed with a drug, whether approved or investigational, in each case of a Licensed Product within the Field.

  1.19	“CMC Development” means the following Development activities: test method development and stability testing, process development, process validation, process scale-up, formulation development, delivery system development, quality assurance and quality control development, and other related activities, in each case pertaining to Development of a process to Manufacture Licensed Antibodies or Licensed Products.

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  1.20	“Collaboration Activities” means activities in the Development, Manufacture or Commercialization of (a) an Existing Antibody or Existing Product or (b) any other Licensed Antibody or Licensed Product for which there has been an approved New Product Decision in accordance with Section 4.6, in each case (a) and (b) performed in the course of conducting the GDP under this Agreement. 

  1.21	“Collaboration Intellectual Property” means any and all (i) Data and Know-How that is made, generated or obtained by or on behalf of either Party (or both Parties) or their Affiliates, or the Subcontractors and other Third Party contractors of any of them (to the extent the applicable Data and Know-How is Controlled by the applicable Party or its Affiliate) in the course of performing Collaboration Activities, including, for the avoidance of doubt, inventions described in clause (ii), and (ii) Patents in and to inventions made in whole or part by either Party (or both Parties) or their Affiliates, or the Subcontractors and other Third Party contractors of any of them (to the extent the applicable invention or Patents are Controlled by the applicable Party or its Affiliate) in the course of performing Collaboration Activities  (such Patents, “Collaboration Patents”).

  1.22	“Combination Product” means a Licensed Product that is comprised of or contains one (1) or more Licensed Antibodies as an active ingredient together with one (1) or more Other Active Ingredients, either co-formulated or packaged together and sold as a single unit for a single price. 

  1.23	“Commercialization” or “Commercialize” means activities directed to obtaining pricing and reimbursement approvals, marketing, promoting, distributing, importing, selling or offering for sale a product and interacting with Regulatory Authorities regarding any of the foregoing other than for obtaining Regulatory Approval.  Commercialization shall not include any activities related to Development or Manufacturing.

  1.24	“Commercially Reasonable Efforts” means [***].

  1.25	“Competing Product” means [***].  

  1.26	“Control” or “Controlled” means, with respect to a Party, the possession (whether by license or ownership, or by control over an Affiliate having possession by license or ownership) by such Party of (a) with respect to any intellectual property right or other intangible property, the ability to grant to the other Party access or a license or sublicense as provided herein without violating the terms of any agreement with any Third Party and (b) with respect to any tangible material or other item, the legal authority or right to physical possession of such tangible material or item, with the right to provide such tangible material or item to the other Party on the terms set forth herein.  

  1.27	“Core Dossier” means the Data intended for use in obtaining Regulatory Approval of a Licensed Product in the [***]. For clarity, Data included in the Core Dossier may be used in support of obtaining Regulatory Approval of a Licensed Product [***].  

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  1.28	“Cost Profit Sharing Product” means any (i) Existing Antibody or Existing Product or (ii) any other Licensed Antibody or Licensed Product for which there has been an approved New Product Decision in accordance with Section 4.6, in each case other than an Opt Out Product. 

  1.29	“Cover,” “Covering” or “Covered” means, with respect to a Licensed Product or with respect to technology, that, in the absence of a license granted under or ownership of a Valid Claim, the making, use, offering for sale, sale, or importation of such Licensed Product or the practice of such technology would or is reasonably likely to infringe such Valid Claim (as if issued with respect to any Valid Claim that is not issued).

  1.30	“Data” means any and all research data, results, pharmacology data, medicinal chemistry data, preclinical data, clinical data (including investigator reports (both preliminary and final), statistical analysis, expert opinions and reports, safety and other electronic databases), in any and all forms, including files, reports, raw data, source data (including patient medical records and original patient report forms, but excluding patient-specific data to the extent required by applicable Laws) and the like, in each case directed to, or used in the Development, Manufacture or Commercialization of any Licensed Antibody or Licensed Product hereunder.

  1.31	“Data Security and Privacy Laws” shall mean all applicable Laws related to data protection and privacy, including, to the extent applicable, the EU Data Protection Laws, the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act, and any supranational, federal, state, or national legislation relating to Personally Identifiable Information or privacy that is applicable to a Party relating to the processing of Personally Identifiable Information.

  1.32	 “Development” or “Develop” means non-clinical and clinical research and drug development activities, including toxicology, pharmacology and other discovery efforts, test method development and stability testing, assay development, cell line development, process development and improvement, process validation, process scale-up, formulation development, delivery system development, quality assurance and quality control development, statistical analysis, Clinical Studies (including pre--approval studies and Post-Approval Required Studies, but excluding Post-Approval Optional Studies and Investigator Sponsored Clinical Studies), regulatory affairs, and Regulatory Approval and Clinical Study regulatory activities (excluding regulatory activities directed to obtaining pricing and reimbursement approvals) and all other activities, including any post-marketing commitments, necessary or reasonably useful or otherwise requested or required by a Regulatory Authority as a condition or in support of obtaining or maintaining a Regulatory Approval and, to the extent not included in the foregoing, any other activities set out in the Global Development Plan.

  1.33	“Development Budget” means the budget for conducting Development of Cost Profit Sharing Products (including Manufacturing activities performed in connection therewith) in support of the Core Dossier pursuant to the GDP (a) during a given Calendar Year (in reasonable detail and broken down by Calendar Quarter), (b) a good faith forecasted budget, in reasonable detail, for the [***] (broken down by Calendar Year), and (c) a good faith forecasted budget for 

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  such Development through approval in [***] for each Indication then included in the GDP, or, if later, until the end of the time period covered by the approved GDP all as developed by the JDC and approved by the JSC in accordance with Section 4.2.3, which budget shall be updated and amended concurrently with the GDP in accordance with Section 4.2.5.

  1.34	“Development Costs” means FTE Costs and Out-of-Pocket Costs incurred [***] 

   

  1.35	“Development FTE” means an FTE performing Development activities under the GDP.

  1.36	“Divest” means, with respect to a product, (a) the sale, exclusive license or other transfer by the applicable Party and its Affiliates of all of their Development and Commercialization rights with respect to such product to a Third Party without the retention or reservation of any Commercialization interest or participation rights (other than [***]) or [***]. 

  1.37	“Drug Regulation Laws” means Laws regulating the distribution of biologics, drugs and pharmaceutical products, including the FFDCA, the Prescription Drug Marketing Act of 1987, the federal Controlled Substances Act, 21 U.S.C. § 801 et. seq., and policies issued by the FDA, as well as similar Laws in the OUS Territory, each as in effect and as amended from time to time.

  1.38	“Early Access Program” or “EAP” means any program to provide patients with a Licensed Product prior to Regulatory Approval and prior to First Commercial Sale [***].  Early Access Programs include Treatment INDs / Protocols, named patient programs and compassionate use programs and similar programs in other countries.  For clarity, an EAP with respect to a Licensed Product may continue to be performed following Regulatory Approval of such Licensed Product and costs may continue to be incurred in accordance with the performance of such EAP after Regulatory Approval.

  1.39	“Effective Date” means the first Business Day following the HSR Clearance Date. 

  1.40	“EMA” means the European Medicines Agency or any successor agency thereto and, with respect to any Regulatory Approval in the European Union, includes the European Commission.

  1.41	“EMA Territory” means, with respect to an MAA filed under the centralized EMA filing procedure, the European Union.

  1.42	“European Union” or “EU” means the countries of the European Union, as it is constituted on the Effective Date and as it may be altered from time to time after the Effective Date.

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  1.43	“EU Data Protection Law” (a) the GDPR; (b) the Privacy and Electronic Communications Directive 2002/58/EC; (c) the UK Data Protection Act 2018 (“UK DPA”), the UK General Data Protection Regulation as defined by the UK DPA as amended by the Data Protection, Privacy and Electronic Communications (Amendments etc.) (EU Exit) Regulations 2019, and the Privacy and Electronic Communications Regulations 2003; (d) any equivalent legislation in any jurisdiction in which either Party is established; and (e) any relevant law, statute, declaration, decree, directive, legislative enactment, order, ordinance, regulation, rule or other binding instrument which implements any of the above or which otherwise relates to data protection, privacy or the use of personal data, in each case as applicable and in force from time to time, and as amended, consolidated, re-enacted or replaced from time to time.

  1.44	“Executive Officers” means [***].  In the event that the position of any of the Executive Officers identified in this Section 1.44 no longer exists due to a corporate reorganization, corporate restructuring or the like that results in the elimination of the identified position, the applicable Executive Officer shall be replaced with another executive officer with responsibilities and seniority comparable to the eliminated Executive Officer.

  1.45	“Existing Antibody” means AL001 or AL101.

  1.46	“Existing Product” means any product containing an Existing Antibody as formulated by Alector for use in its Clinical Studies of an Existing Antibody prior to the Effective Date. 

  1.47	“Existing Third Party Agreements” means the agreements listed on Exhibit 1.47.  

  1.48	“FDA” means the United States Food and Drug Administration or any successor agency thereto.

  1.49	“FFDCA” means the United States Federal Food, Drug, and Cosmetic Act, 21 U.S.C. § 301 et seq., as amended from time to time, together with any rules, regulations and requirements promulgated thereunder (including all additions, supplements, extensions, and modifications thereto).

  1.50	“Field” means any use or purpose, including the treatment, palliation, diagnosis or prevention of any human disease.

  1.51	“Financial Exhibit” means Exhibit 1.51 attached hereto, as the same may be amended from time to time by the Parties. 

  1.52	“First Commercial Sale” means, with respect to a Licensed Product in a country, the first commercial sale of such Licensed Product in the Field in such country for sale to, or use or consumption by, an end user following Regulatory Approval of such Licensed Product.  Sales for Clinical Study purposes, Early Access Programs or similar uses shall not constitute a First Commercial Sale.  In addition, sales of a Licensed Product by and between a Party and its Affiliates 

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  and Sublicensees, or between the Parties (or their respective Affiliates or Sublicensees), shall not constitute a First Commercial Sale. 

  1.53	“Force Majeure Event” shall mean any acts or events beyond a Party’s reasonable control, including strikes or other labor disturbances, lockouts, insurrections, riots, quarantines, epidemics, pandemics and other communicable disease outbreaks (including COVID-19 and any variants thereof), government actions, acts of God, embargoes, wars, acts of war (whether war be declared or not), acts of terrorism, fires, earthquakes, floods or storms, or impossibility to obtain materials, components, drug substance, drug product, utilities, equipment, supplies, fuel or other required materials.

  1.54	“FTE” means the equivalent of the work of one (1) employee full time for one (1) Calendar Year (consisting of at least a total of [***] ([***]) hours per Calendar Year) of work directly performing activities for a Licensed Antibody or Licensed Product.  Any person who devotes less than [***] ([***]) hours per Calendar Year (or such other number as may be agreed by the JDC or JCC, as applicable) shall be treated as an FTE on a pro rata basis based upon the actual number of hours worked divided by [***] ([***]). Overtime, and work on weekends, holidays, and the like will not be counted with any multiplier (e.g., time-and-a-half or double time) toward the number of hours that are used to calculate the FTE contribution. The Parties shall utilize fractions of FTEs, as applicable.

  1.55	“FTE Costs” means, as applicable with respect to any period, the FTE Rate multiplied by the number of FTEs performing Development activities and Commercialization activities under this Agreement, respectively, during such period.  FTEs billable by a Party for one individual during a given Calendar Quarter will be expressed as the fraction of that individual’s time which has been coded to the activities for that period as captured in the Party’s effort tracking system for such period. For example, assuming a [***] hour work year, and a FTE: 

  • If effort is tracked on an hourly basis, a quarterly report would multiply the number of hours worked in the quarter by an hourly FTE rate of [***] ([***]). For an employee working [***] on a collaboration activity in a quarter, the calculation would be [***]. 

  • If effort is tracked on a monthly basis, a quarterly report would multiply the number of person months worked in the quarter by a quarterly FTE rate of [***] ([***]). For an employee working [***] research person months on a GDP activity in a quarter, the calculation would be [***].

  1.56	“FTE Rate” means, unless otherwise agreed by the unanimous decision of the Finance Working Group or mutually by the Parties in writing, commencing on the Effective Date the following rates: 

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  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  		
	Category
	FTE Rate

	[***]
	[***]

   

  [***]

  1.57	 “GDPR” shall mean Regulation 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data.

  1.58	 “Global Development Plan” or “GDP” means the plan for the Parties’ worldwide Development activities with respect to the conduct of GLP toxicology studies or other studies to support IND filing of a Cost Profit Sharing Product and any Clinical Studies of a Cost Profit Sharing Product in the Field in support of the Core Dossier, including the Development Budget, as amended from time to time in accordance with the terms of this Agreement.  The initial GDP is attached hereto as Exhibit 1.58 (“Initial GDP”). 

  1.59	“Good Clinical Practice” means (a) the then-current good clinical standards, practices and procedures promulgated or endorsed by the FDA or other Governmental Authority, as set forth in the guidelines adopted by the ICH, titled “Guidance for Industry E6 Good Clinical Practice: Consolidated Guidance,” (or any successor document), (b) the Declaration of Helsinki (2013) as last amended at the 64th World Medical Association in October 2013 and any further amendments or clarifications thereto and (c) related regulatory requirements imposed by the FDA and comparable regulatory standards, practices and procedures promulgated by the EMA or other Regulatory Authority applicable to the Territory, to the extent such standards are not less stringent than United States good clinical standards, in each case (a) – (c) as may be amended and applicable from time to time.  

  1.60	“Good Laboratory Practice” means the then-current good laboratory standards, practices and procedures promulgated or endorsed by the FDA as set forth in 21 C.F.R. Part 58 (or any successor statute or regulation), including related regulatory requirements imposed by the FDA and comparable regulatory standards, practices and procedures promulgated by the EMA, or other Regulatory Authority applicable to the Territory, to the extent such standards are not less stringent than United States good laboratory standards, in each case, as may be amended and applicable from time to time.

  1.61	“Good Manufacturing Practice” means all applicable Good Manufacturing Practices, including: (a) the applicable part of quality assurance to ensure that products are consistently produced and controlled in accordance with the quality standards appropriate for their intended use, as defined in European Commission Directive 2003/94/EC laying down the principles and guidelines of good manufacturing practice; (b) the principles detailed in the U.S. Current Good 

  14

   

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  Manufacturing Practices, 21 C.F.R. Sections 210, 211, 601, 610 and 820; (c) the Rules Governing Medicinal Products in the European Community, Volume IV Good Manufacturing Practice for Medicinal Products; (d) the principles detailed in the ICH Q7A guidelines; and (e) the equivalent Laws in any relevant country, in each case, as may be amended and applicable from time to time.

  1.62	“Governmental Authority” means any United States federal, state or local or any foreign government, or political subdivision thereof, or any multinational organization or authority or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, any court or tribunal (or any department, bureau or division thereof), or any governmental arbitrator or arbitral body.

  1.63	“Government Health Care Programs” means the Medicare program (Title XVIII of the Social Security Act), the Medicaid program (Title XIX of the Social Security Act), TRICARE (10 U.S.C. § 1071 et seq.), and the Federal Employee Health Benefits Program, in each case in the United States, and other foreign, federal, state and local governmental health care plans and programs in the OUS Territory.

  1.64	“Government Order” means any order, writ, judgment, injunction, decree, stipulation, ruling, determination or award entered by or with any Governmental Authority.

  1.65	“GSK Intellectual Property” means GSK Know-How, GSK Patents, GSK’s interest in the Joint Patents, and GSK Sole Inventions, collectively.

  1.66	“GSK Know-How” means any Know-How [***].  

  1.67	“GSK Manufacturing Know-How” means any [***].  

  1.68	“GSK Patents” means Patents (excluding Joint Patents) that [***]. 

  1.69	“Health Care Laws” means Laws relating: (a) to Government Health Care Programs, including the federal Medicare statute (Title XVIII of the Social Security Act, 42 U.S.C. §§ 1395-1395hhh, including the amendments implemented by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 and the Medicare Improvements for Patients and Providers Act of 2008), the federal Medicaid statute (Title XIX of the Social Security Act, 42 U.S.C. §§ 1396-1396v), the Veterans Health Care Act of 1992 and the federal TRICARE statute (10 U.S.C. § 1071 et seq.) and federal Laws pertaining to the Federal Employee Health Benefit Program, (b) Private Health Care Plans, (c) privacy and confidentiality of patient health information and human biological materials, including, in the United States, HIPAA (the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act, and any regulations promulgated thereunder), (d)  fraud and abuse, self-referral, anti-kickback, and false claims laws, including the federal Anti-Kickback Statute (42 U.S.C. § 1320a- 7b(b)), the federal Physician Self-Referral (Stark) Law (42 U.S.C. § 1395nn), the civil False Claims Act (31 U.S.C. § 3729 et seq.), the criminal False Claims 

  15

   

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  Act (42 U.S.C. § 1320a-7b(a)), as amended, the federal Exclusion statute (42 U.S.C. § 1320a-7), the federal Civil Monetary Penalties Law (42 U.S.C. § 1320a-7a), Beneficiary Inducement Statute (42 U.S.C. § 1320a-7 a(a)(5)), the Patient Protection and Affordable Care Act (Pub. L. 111-148) as amended by the Health Care and Education Reconciliation Act of 2010 (Pub. L. 111-152) and the Physician Payments Sunshine Act (42 U.S.C. § 1320a-7h); (e) price reporting, government contracting, and the processing of any applicable rebate, chargeback or adjustment, including the Medicaid Drug Rebate Program (42 U.S.C. § 1396r-8), VA Federal Supply Schedule (38 U.S.C. § 8126), Medicare average sales price reporting (, 42 U.S.C. § 1395w-3a), the Public Health Service Act, (42 U.S.C. § 201 et. seq.); or under any state, provincial or territorial pharmaceutical assistance program or U.S. Department of Veterans Affairs agreement, and any successor government program, in the case of each of the foregoing clauses, as amended and together with the regulations pursuant to such Laws, and (f)  as similar Laws in the OUS Territory, each as in effect and as amended from time to time.

  1.70	“ICH” means the International Conference on Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use. 

  1.71	“Indication” means [***].  

  1.72	“Indication Category” means either all Major and Related Indications or all Non-AD/PD Minor Indications. 

  1.73	“IND” means an Investigational New Drug Application filed with FDA or a similar application filed with an applicable Regulatory Authority outside of the United States such as a clinical trial application or a clinical trial exemption, or any other equivalent or related regulatory submission, license or authorization.

  1.74	“Initiation” means, with respect to a Clinical Study, the [***] for such trial. 

  1.75	“Investigator Sponsored Clinical Study” means a human clinical study of a Licensed Product that is sponsored and conducted by a Third Party, pursuant to an IND owned by such Third Party, under an agreement with a Party or its Affiliate pursuant to which such Party or such Affiliate provides clinical supplies of the Licensed Product or funding for such clinical study.  

  1.76	“Joint Patents” means Patents that Cover Joint Inventions.

  1.77	“Know-How” means (a) any information, whether proprietary or not and whether patentable or not, including [***] (b) any information in Materials. 

  1.78	“Knowledge” means, with respect to a Party, [***].

  1.79	“Last Agreed Budget” means, at a given time, the most recent Development Budget at such time agreed by both Parties, themselves, through the representatives of both Parties on the JSC or the Executive Officers pursuant to Section 13.1, or established by the Finance Working 

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  Group pursuant to Section 4.5.4(e) (and for clarity, not determined pursuant to Sections 13.3.1(a)(c) or 13.4). 

  1.80	“Launch Window” means, for any Cost Profit Sharing Product, the period commencing (a) [***] and ending (b) [***].

  1.81	“Law” means any United States federal, state or local or foreign or multinational law, statute, Guideline, OIG advisory opinion, standard, ordinance, code, rule, regulation, resolution or promulgation, or any Government Order, or any license, franchise, permit or similar right granted under any of the foregoing, or any similar provision having the force or effect of law.

  1.82	“Licensed Antibody” means (a) AL001, (b) AL101, (c) [***] and (d) [***]. For purposes of the foregoing, [***].

  1.83	“Licensed Product” means any product that contains any Licensed Antibody, in any dosage form, formulation, or method of delivery.

  1.84	“MAA” means a Biologics License Application as defined in the FFDCA, or any corresponding foreign application in the Territory, including, with respect to the European Union, a Marketing Authorization Application filed with the EMA pursuant to the centralized approval procedure or with the applicable Regulatory Authority of a country in Europe with respect to the mutual recognition or any other national approval procedure. 

  1.85	“Major European Country” means any of the France, Germany, Italy, Spain, or the United Kingdom. 

  1.86	“Major Indication” means any Indication with a patient prevalence of more than [***] in the United States.

  1.87	“Manufacturing” or “Manufacture” means all activities directed to the synthesis, making, production, processing, purifying, formulating, filling, finishing, packaging, serialization, labeling, shipping, and holding of any product, or any component or intermediate thereof, including process development, process qualification and validation, scale-up, qualification, validation, pre-clinical, clinical and commercial production and analytic development, product characterization, stability testing, quality assurance, and quality control.  “Manufacturing” shall have a correlative meaning.

  1.88	“Manufacturing Costs” means Out-of-Pocket Costs and FTE Costs incurred [***]. 

  1.89	“Materials” means chemical or biological substances, including any biological or chemical compounds, drug products, Patient Samples, articles of Manufacture, or other materials, regardless of the route of transfer, that are supplied (or are to be supplied) by a Party or its nominee to the other Party or its nominee for use in the conduct of activities under this Agreement, including activities set forth in the Global Development Plan.

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  1.90	“Material Subcontract” means any Subcontract which the subcontracting Party (or Affiliate) anticipates at time of execution will entail total payments to the Subcontractor in excess of [***]with respect to subcontracted activities under this Agreement, but excluding [***].

  1.91	“Medical Affairs” means, with respect to a product, any and all activities performed by or on behalf of a Party’s or its Affiliates’ medical affairs departments interacting with physicians or other healthcare professionals who may utilize or conduct research related to a drug or biological product, including: [***]. 

  1.92	“Medical Affairs Content” means all written, printed, graphic, electronic, audio or video matter, in each case, intended for use or used by a Party or its Affiliates, Sublicensees or subcontractors in connection with the conduct of Medical Affairs activities related to the Licensed Products in the United States.

  1.93	“Medical Affairs Materials” means the Medical Affairs Content, Regulatory Filings relating to Medical Affairs Content, training program and related materials contemplated by paragraph 5.4.4, and prepared scientific and medical information responses for use in responding to medical questions or inquiries from members of the medical profession contemplated by Section 5.14.

  1.94	“Minor Indication” means any Indication other than a Major Indication.  [***]

  1.95	[***]

  1.96	“Net Sales” means [***].

  1.97	“Non-Core GDP” means the plan for GSK’s worldwide Development activities with respect to the conduct of GLP toxicology studies or other studies to support IND filing and any Clinical Studies, in each case for (a) a Cost Profit Sharing Product in the Field that are not in support of the Core Dossier (i.e., that are specific to a country outside of [***]) or (b) an Opt Out Product, as amended from time to time in accordance with the terms of this Agreement.

  1.98	“Other Active Ingredient” means [***].  

  1.99	“OUS Territory” means worldwide, excluding the United States.

  1.100	“Out-of-Pocket Costs” means [***].

  1.101	“Parties” means Alector and GSK.

  1.102	“Party” means either Alector or GSK. 

  1.103	“Patents” means (a) all national, regional and international patents and patent applications, including provisional patent applications, (b) all patent applications filed either from 

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  such patents, patent applications or provisional applications or from an application claiming priority from either of these, including divisionals, continuations, continuations-in-part, provisionals, converted provisionals and continued prosecution applications, (c) any and all patents that have issued or in the future issue from the foregoing patent applications ((a) and (b)), including utility models, petty patents and design patents and certificates of invention, (d) any and all extensions or restorations by existing or future extension or restoration mechanisms, including revalidations, reissues, re-examinations and extensions (including any supplementary protection certificates and the like) of the foregoing patents or patent applications ((a), (b), and (c)), and (e) any similar rights, [***]. 

  1.104	“Person” means any natural person, corporation, firm, business trust, joint venture, association, organization, company, partnership or other business entity, or any government, or any agency or political subdivisions thereof.

  1.105	“Personal Data” shall have the same meaning as in the EU Data Protection Laws.

  1.106	 “Personally Identifiable Information” means any information that identifies or can be used to identify a natural person, including any information defined as “personally identifiable information,” “personal information,” “protected health information,” or “nonpublic personal information” under applicable Laws, including, solely with respect to individuals afforded protections under the EU Data Protection Laws, Personal Data.

  1.107	“Phase I Clinical Study” means any study in humans the principal purpose of which is preliminary determination of safety in healthy individuals or patients as described under 21 C.F.R. §312.21(a) with respect to the United States, or, with respect to a jurisdiction other than the United States, a similar clinical study.

  1.108	“Phase II Clinical Study” means a preliminary efficacy and safety or dose ranging human clinical study of a Licensed Product in the target patient population, as described under 21 C.F.R. §312.21(b) with respect to the United States, or, with respect to a jurisdiction other than the United States, a similar clinical study.

  1.109	“Phase III Clinical Study” means a human clinical study designed as a pivotal study to confirm with statistical significance the efficacy and safety of a Licensed Product with respect to a given Indication, which study is performed for purposes of filing an MAA or similar application to obtain Regulatory Approval for such Licensed Product for such Indication in any country, including a clinical study as described under 21 C.F.R. §312.21(c) with respect to the United States, or, with respect to a jurisdiction other than the United States, a similar clinical study.  [***].

  1.110	“Phase IV/Post-Approval Clinical Study” means any Post-Approval Optional Study or Post-Approval Required Study.

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  1.111	“Post-Approval Optional Study” means any a human clinical study initiated after receipt of Regulatory Approval for a Licensed Product with respect to any Indication for which Regulatory Approval in a country has been received, including an epidemiological study, modeling and pharmacoeconomic study, Investigator Sponsored Clinical Study or post-marketing surveillance study of a Licensed Product, in each case that is not intended for use as a basis for obtaining Regulatory Approval (e.g., for a further indication, label expansion or otherwise) with respect to such Licensed Product and is not a Post-Approval Required Study.  

  1.112	“Post-Approval Required Study” means a human clinical or nonclinical study or registry initiated after receipt of Regulatory Approval for a Licensed Product with respect to any Indication for which Regulatory Approval in a country has been received and that is either recommended or required by a Regulatory Authority in such country, or agreed with a Regulatory Authority to be conducted, in each case, as a condition of receiving or maintaining such Regulatory Approval for such country.

  1.113	“Private Health Care Plans” means non-governmental Third Party health care payors and plans, including insurance companies, health maintenance organizations and other managed care organizations, Blue Cross and Blue Shield plans and self-funded employers.  

  1.114	“Prior CDA” means [***].

  1.115	“Product Liability Costs” means Out-of-Pocket Costs and FTE Costs incurred directly in connection with Third Party Product Liability Actions resulting from the Development, Manufacture or Commercialization of the Licensed Product pursuant to this Agreement.

  1.116	“Product Patent” means any [***]. 

  1.117	“Product Related Materials” means Promotional Materials, Product Training Materials, Medical Affairs Training Materials, and Medical Affairs Materials. 

  1.118	“Product Trademark(s)” means any trademark(s) and service mark(s) as may be approved in accordance with Section 8.7.2 for use in connection with the distribution, marketing, promotion and sale of a Licensed Product in the Field anywhere in the world, or accompanying logos, trade dress or indicia of origin.  

  1.119	“Progranulin” means [***]. 

  1.120	“Regulatory Approval” means any approval of the applicable Regulatory Authority necessary for the marketing and sale of a Licensed Product in the Field in a country, including the expansion or modification of the label for additional Indications or uses, excluding pricing or reimbursement approvals.  

  1.121	“Regulatory Authority” means any federal, national, multinational, state, provincial or local regulatory agency, department, bureau or other governmental entity with authority over the 

  20

   

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  marketing and sale of a pharmaceutical product in a country, including FDA in the United States and EMA in the EU.

  1.122	“Regulatory Exclusivity” means, with respect to a Licensed Product in a country, any exclusive marketing right, data protection, or other exclusive right, other than a Patent, conferred by any Governmental Authority with respect to such Licensed Product in such country, including any new drug exclusivity, new indication or use exclusivity, pediatric exclusivity, or orphan drug exclusivity.

  1.123	“Regulatory Filing” means any filing or application with any Regulatory Authority with respect to a Licensed Antibody or Licensed Product, or its use or potential use in humans, including any documents submitted to any Regulatory Authority and all supporting Data and documentation related thereto, including INDs and MAAs, and all correspondence with any Regulatory Authority with respect to any Licensed Antibody or Licensed Product (including minutes of any meetings, telephone conferences or discussions with any Regulatory Authority). 

  1.124	“Relevant Internal Policies” means, with respect to a Party, [***].

  1.125	 “Royalty Term” shall mean, on a Licensed Product-by-Licensed Product and country-by-country basis, the period starting on the First Commercial Sale of the Licensed Product and ending on the latest to occur of: (a) [***] ([***]) [***] from First Commercial Sale of such Licensed Product in such country, provided however such period shall continue on a Co-Funded Indication-by- Co-Funded Indication basis until [***] ([***]) [***] after the First Commercial Sale of such Licensed Product for such Co-Funded Indication in such country; (b) the expiration of the last-to-expire Valid Claim of an Alector Patent, Joint Patent, Collaboration Patent or GSK PTE Patent Covering the Licensed Product in such country (as further described in the next sentence, the “Royalty Term Patents”); and (c) [***]. [***] For such purposes, a “Co-Funded Indication” means [***].

  1.126	“Segregate” means, with respect to a product or program, [***].

  1.127	“SORT1” means [***].

  1.128	“Standard Contractual Clauses” means the Standard Contractual Clauses (Controller to Controller) as set out in Commission Decision of 27 December 2004 amending Decision 2001/497/EC as amended, updated or replaced from time to time (or such other standard data protection clauses as may be adopted or approved by the UK Government or European Commission); 

  1.129	 “Subcontractor” means a Third Party that is performing activities under this Agreement on behalf of a Party pursuant to a written agreement (such agreement, a “Subcontract”).

  1.130	“Sublicensee” means a Person, other than an Affiliate or a distributor, that is granted 

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  (directly or indirectly) rights to Develop or Commercialize a Licensed Antibody or Licensed Product [***].  

  1.131	“Territory” means the United States and the OUS Territory.  

  1.132	“Third Party” means any Person other than a Party or any of its Affiliates.

  1.133	“United States” or “U.S.” means the United States of America and its territories and possessions.

  1.134	“U.S. Commercialization Budget” means the [***] [***] rolling budget for conducting Commercialization of the Cost Profit Sharing Products in the United States pursuant to the U.S. Commercialization Plan during a given Calendar Year and the [***] Calendar Years, as developed by the JCC and approved by the JSC in accordance with Section 5.3.3, which budget shall be updated and amended concurrently with the U.S. Commercialization Plan in accordance with Section 5.3.5(b).  

  1.135	“U.S. Commercialization Plan” means the commercialization plan with respect to the Commercialization of the Cost Profit Sharing Products in the Field in the United States during a given Calendar Year and the [***] [***], as developed by the JCC in accordance with Section 5.3.2, including the U.S. Commercialization Budget and annual Net Sales forecasts for the United States, as amended from time to time in accordance with the procedures set forth in this Agreement. 

  1.136	“Valid Claim” means a claim (i) of any issued, unexpired patent that has not been withdrawn, lapsed, abandoned, revoked, cancelled, disclaimed or held unenforceable or invalid by a decision of a court or governmental agency of competent jurisdiction from which no appeal can be taken, or with respect to which an appeal is not taken within the time allowed for appeal, and that has not been disclaimed or admitted to be invalid or unenforceable through reissue, disclaimer or otherwise or (ii) of any patent application that has not been cancelled, withdrawn, abandoned (without the possibility of refiling) or finally rejected by the applicable patent authority or court without the possibility of appeal but, if a claim of a pending patent application has not issued [***]  after the earliest filing date from which such claim takes priority, then such claim will cease to constitute a Valid Claim for the purposes of this Agreement unless and until such claim issues.

  1.137	Additional Definitions.  Each of the following definitions is set forth in the Section of this Agreement indicated below: 

  		
	Definition
	Section
 

	“1974 Convention”
	14.3

	[***]
	[***]

	“Acquirer”
	14.2.1

	[***]
	[***]

   

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	“ADA Approval Milestone”
	4.2.6(d)

	“ADA Approval Percentage”
	4.2.6(d)

	“ADA Cost Percentage”
	4.2.6(b)

	“ADA Data Use”
	4.2.6(a)

	“ADA Data Use Date”
	4.2.6(a)

	“ADA Phase III Milestone”
	4.2.6(c)

	“Additional Know-How Transfer Plans”
	3.3.2

	[***]
	[***]

	[***]
	[***]

	“Agreement Wind-Down Period”
	12.6.12

	“Alector Change of Control”
	14.2.5

	[***]
	[***]

	“Alector Indemnified Parties”
	11.2

	“Alector Independent Know-How”
	4.6.1(a)

	“Alector Independent Patents”
	4.6.1(b)

	“Alector Independent Technology”
	4.6.1(c)

	“Alector Opt Out Date”
	4.5.5

	“Alector Opt Out”
	4.5.5

	[***]
	[***]

	[***]
	[***]

	“Alector Sole Inventions”
	8.1.1

	“Alector Wholly-Owned Affiliates”
	3.4.2

	“Alector’s Co-Promote Right”
	5.8.1

	“Alliance Manager”
	2.11

	[***]
	[***]

	[***]
	[***]

	“Anticipated Excess Costs”
	4.5.4(c)(i)

	“Anti-Corruption Laws”
	10.10.1(a)

	“Approval Milestone”
	7.2.2

	“Approved CMO”
	6.1.3(b)

	“Bankruptcy Code”
	3.8

	“Biosimilar Application”
	8.3.3

	[***]
	[***]

	[***]
	[***]

	“Breaching Party”
	12.2.1

	[***]
	[***]

	“Buy Out Payment”
	7.8

	“CAPA”
	4.4.5

	“Claim”
	11.4.1

	“Clinical Study Milestone”
	7.2.1

	“Clinical/Regulatory Working Group”
	2.6.2

   

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	[***]
	[***]

	[***]
	[***]

	“Co-Funded Indication”
	1.124

	[***]
	[***]

	“Collaboration Losses”
	Exhibit 1.51

	“Collaboration Patents”
	1.21

	“Commercial Milestone”
	7.2.3

	“Committed Opt Out Cost Share Studies”
	4.5.5(b)(iii)

	[***]
	[***]

	[***]
	[***]

	“Confidential Information”
	9.1

	“Convicted Entity”
	10.9.1(d)

	“Convicted Individual”
	10.9.1(d)

	“Cooperating Party”
	9.4.2

	“Co-Promoting Party”
	5.8.1

	[***]
	[***]

	[***]
	[***]

	[***]
	[***]

	“Currency Gains and Losses”
	7.14.2

	“Debarred Entity”
	10.9.1(b)

	“Debarred Individual”
	10.9.1(a)

	[***]
	[***]

	“Development Reconciliation Procedures”
	4.5.3

	“Dispute”
	13.4.1

	[***]
	[***]

	[***]
	[***]

	“DMF”
	4.4.4

	“DOJ”
	14.16

	[***]
	[***]

	“Entity”
	7.12.1

	[***]
	[***]

	“Excluded Entity”
	10.9.1(c)

	“Excluded Individual”
	10.9.1(c)

	“Existing Manufacturing Contracts”
	6.1.2(e)

	“Existing Third Party Agreement Payments”
	7.8

	“Expert Dispute”
	13.3.1(a)

	“Expert Resolution Notice”
	13.3.1(a)

	“Expert”
	13.3.2(b)

	“Field Based Representative”
	5.16.1

	[***]
	[***]

	“Finance Working Group”
	2.6.1

   

  24

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  		
	“Financial Report”
	7.6.2

	[***]
	[***]

	“FTC”
	14.16

	“Gene Therapy Addendum”
	4.8.1(a) 

	“Gene Therapy GDP”
	4.8.1(a)

	“Gene Therapy Opt-In Notice”
	4.8.1

	“Gene Therapy Opt-In Notice Date”
	4.8.1

	“Gene Therapy Proposal”
	4.8.1

	“Global Publication Strategy”
	9.5.1

	“Global Regulatory Strategy”
	2.6.2

	“Global Strategic Launch Plan”
	5.3.1

	“GSK Indemnified Parties”
	11.1

	“GSK Independent Know-How”
	4.6.1(d)

	“GSK Independent Patents”
	4.6.1(e)

	“GSK Independent Technology”
	4.6.1(f)

	[***]
	[***]

	[***]
	[***]

	“GSK Sole Inventions”
	8.1.1

	“GSK Wholly-Owned Affiliates”
	3.4.1

	[***]
	[***]

	[***]
	[***]

	“HSR Act”
	14.16

	“HSR Clearance Date”
	14.16

	“ICC Arbitration Rules”
	13.3.2(b)

	“ICC”
	13.3.2(b)

	“Incremental Royalty”
	7.4.2(b)(ii)

	“Incumbent Board”
	14.2.5

	“Indemnified Party”
	11.4.1

	“Indemnifying Party”
	11.4.1

	“Independent ADA”
	4.2.6(a)

	“Independent Technology”
	4.6.1(g)

	“Indirect Taxes”
	7.11

	“Infringement Claim”
	8.5

	[***]
	[***]

	“Initial Alector Know-How Transfer Plan”
	3.3.1

	“Initial Alector Patents”
	1.8

	“Initial GDP”
	1.58

	“Initial Manufacturing Period”
	6.1.2(b)

	[***]
	[***]

	[***]
	[***]

	“JCC”
	2.5.1

   

  25

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  		
	“JCOWG”
	2.6.4

	“JDC”
	2.2.1

	“JMC”
	2.3

	“Joint Committee”
	2.7

	“Joint Inventions”
	8.1.2

	“JPC”
	2.4

	“JSC”
	2.1.1

	“Launched Products”
	12.6.12

	“Lead Party”
	5.1.3(e)

	[***]
	[***]

	“Losses”
	11.1

	“Major and Related Indications”
	5.1.3(c)(i)

	“Manufacturing Party”
	6.4

	“Manufacturing Subcontract”
	6.1.3

	“Manufacturing Subcontractor”
	6.1.3(d)

	“Manufacturing Transfer Plan”
	6.2

	“Manufacturing Transfer”
	6.2

	[***]
	[***]

	“Material Manufacturing Subcontract”
	6.1.3(b)

	[***]
	[***]

	[***]
	[***]

	“MLR Working Group”
	5.4.3

	[***]
	[***]

	“New Product Decision”
	4.6.1(h)

	“Non-AD/PD Minor Indications”
	5.1.3(c)(ii)

	“Non-Breaching Party”
	12.2.1

	[***]
	[***]

	“Non-Manufacturing Party”
	6.4

	“Offending Activities”
	5.1.3(d)

	[***]
	[***]

	[***]
	[***]

	“On-Going Clinical Study”
	12.6.11

	“Opt Out Commercialization Plan”
	5.3.4

	“Opt Out Notice Date”
	4.5.5

	“Opt Out Product”
	4.5.5

	[***]
	[***]

	[***]
	[***]

	[***]
	[***]

	[***]
	[***]

	[***]
	[***]

	“Oversight/Quality Working Group”
	4.3.6

   

  26

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  		
	[***]
	[***]

	“Patient Samples”
	4.7.1

	“Payee”
	7.10.2

	“Payor”
	7.10.2

	[***]
	[***]

	“Pharmacovigilance Agreement”
	5.12.1

	“Phase III and Later Development Costs”
	7.4.2(b)(i)

	[***]
	[***]

	[***]
	[***]

	“PHSA”
	8.3.3

	“PRC Working Group”
	5.5.1

	“Preferred Development Subcontractor List”
	4.3.2(a)

	“Product Materials”
	Exhibit 1.51

	“Product Trademark Costs”
	8.7.2

	“Progranulin Gene Therapy”
	4.8.2

	“Promotional Materials”
	5.5.1

	“Proposed Publications”
	9.5.2

	“Prosecution”
	8.2.1

	“Publishing Party”
	9.5.2

	[***]
	[***]

	“Reconciliation Procedures”
	7.6.1

	[***]
	[***]

	“Requesting Party”
	9.4.2

	“Reversion Royalty Term”
	12.6.6

	“Reverted Know-How”
	12.6.4

	“Reverted Licensed Antibodies”
	12.6.5(a)

	“Reverted Products”
	12.6.5(a)

	“Reviewing Party”
	9.5.2

	“Royalty Term Patents”
	1.124

	“Safety Review Working Group”
	2.6.3

	“Sales Representative”
	5.16.1

	[***]
	[***]

	[***]
	[***]

	“Selling Entity”
	1.96

	“Severed Clause”
	14.5

	“Shared Product Liability Costs”
	11.3

	[***]
	[***]

	“Sole Inventions”
	8.1.1

	“Subcontract”
	1.129

	“Sublicense”
	3.4.3

	“Supply and Quality Agreement”
	6.4

   

  27

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  		
	[***]
	[***]

	[***]
	[***]

	“Tax Action”
	7.10.3

	“Tax”
	7.10.5

	“Taxes”
	7.10.5

	“Termination Notice”
	12.2.1

	[***]
	[***]

	“Third Party Product Liability Action”
	11.5.1

	“Tracking Records”
	4.7.5

	“True-Up Payment”
	7.2.5(b)

	“UK DPA”
	1.43

	[***]
	[***]

	“Working Group”
	2.6

   

  ARTICLE II
MANAGEMENT OF COLLABORATIVE ACTIVITIES

  2.1	Joint Steering Committee.

  2.1.1	Formation; Purposes and Principles.  Within [***] [***] after the Effective Date, Alector and GSK shall establish a joint steering committee (the “JSC”), comprised of senior executives, to provide high-level oversight and certain decision-making regarding the activities of the Parties under this Agreement.  The JSC will not be involved in day-to-day implementation of activities under this Agreement.  The purposes of the JSC shall be (i) to review and oversee the overall global Development, Manufacture and U.S. Commercialization of the Cost Profit Sharing Products in the Field pursuant to this Agreement and (ii) to oversee the JDC, JMC, JPC, JCC and Finance Working Group and resolve matters on which the JDC, JMC, JPC, JCC or Finance Working Group are unable to reach unanimous agreement, except as otherwise provided herein.  In conducting its activities, the JSC shall operate and make its decisions consistent with the terms of this Agreement.  

  2.1.2	Responsibilities.  The JSC shall have responsibility for the following activities: 

  (a)	review and approve substantive amendments and updates to the GDP presented by the JDC, including the Development Budget;  

  (b)	review and approve the Global Regulatory Strategy (and substantive amendments and updates thereto) included in the GDP; 

  (c)	review and approve the Manufacturing Transfer Plan, including amendments thereto presented to the JSC by the JMC;

  28

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  (d)	review and approve the Initial Alector Know-How Transfer Plan, including amendments thereto presented to the JSC by the JDC;

  (e)	review and approve the initial U.S. Commercialization Plan, [***] in each case presented to the JSC by the JCC; 

  (f)	review and discuss the initial Global Strategic Launch Plan and any substantive amendments and updates thereto; 

  (g)	review and approve the Global Publication Strategy (and substantive amendments and updates thereto); 

  (h)	review and approve the Compliance Program and any modification or update thereof [***]; 

  (i)	[***]; and

  (j)	perform such other functions as are assigned to it in this Agreement or as appropriate to further the purposes of this Agreement as agreed in writing by the Parties, including periodic evaluations of performance against goals.

  2.2	Joint Development Committee.

  2.2.1	Formation; Purposes.  Within [***] [***] after the Effective Date, Alector and GSK shall establish a joint development committee (the “JDC”), which shall report to the JSC and have responsibility for (i)  providing oversight to various Working Groups that report to the JDC, (ii) monitoring and facilitating the overall progress of Development activities under this Agreement with respect to Licensed Products in the Field, including oversight of the various budgets and activities, (iii) overseeing the implementation of all Development operational aspects of the collaboration established by this Agreement, and (iv) forming additional Working Group(s) from time to time and delegating to such Working Group(s) such operational responsibilities as the JDC may determine necessary or desirable.  In conducting its activities, including in the allocation of activities to the Parties under the GDP, the JDC shall operate and make its decisions consistent with the terms of this Agreement.

  2.2.2	Specific Responsibilities.  In particular, the JDC shall:

  (a)	in conjunction with the JPC, oversee and coordinate the sharing and transfer of Know-How and Materials pursuant to Sections 3.3.1 and 3.3.3; 

  (b)	oversee the implementation of the GDP [***];

  (c)	review and update the GDP, including the Development Budget set forth therein and the allocation of Development responsibilities between the Parties (including [***]), 

  29

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  on an annual basis and, from time to time, present to the JSC for review and approval proposed substantive amendments to the GDP, including the Development Budget, in accordance with Section 4.2.5; 

  (d)	review and discuss the Non-Core GDP on an annual basis;

  (e)	review and discuss material activities conducted under the Non-Core GDP;

  (f)	oversee the implementation of the Global Regulatory Strategy for the Regulatory Approval of the Cost Profit Sharing Products once it has been approved by the JSC; 

  (g)	perform the responsibilities of the Clinical/Regulatory Working Group as set forth in Section 2.6.2 if the Clinical/Regulatory Working Group does not exist;

  (h)	[***]; 

  (i)	perform the responsibilities of the Safety Review Working Group as set forth in Section 2.6.3 if the Safety Review Working Group does not exist; 

  (j)	review and approve any New Product Decision;

  (k)	[***];

  (l)	[***];

  (m)	review, approve and update the Global Publication Strategy on at least a [***] basis and present to the JSC for approval, proposed substantive amendments to the Global Publication Strategy in accordance with Section 9.5.1; 

  (n)	review and evaluate results from Clinical Studies; and

  (o)	perform such other functions as are assigned to it in this Agreement or as are appropriate to further the purposes of this Agreement as agreed in writing by the Parties.

  2.3	Joint Manufacturing Committee.

  Within [***] [***]  after the Effective Date, Alector and GSK shall establish a joint manufacturing committee (the “JMC”), which shall report to the JSC and shall have responsibility for overseeing the implementation of all Manufacturing aspects of the collaboration established by this Agreement, [***]. Until formal establishment of the JMC, appropriate representatives from the Parties’ (or their Affiliates’) manufacturing and quality functions shall perform the functions of the JMC.  In conducting its activities, the JMC shall operate and make its decisions consistent with the terms of this Agreement.

  30

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  2.4	Joint Patent Committee.  

  Within [***] [***] after the Effective Date, Alector and GSK shall establish a joint patent committee (the “JPC”), which shall have responsibility for (i) coordinating and facilitating communications and the Parties’ conduct of activities under this Agreement regarding [***] as contemplated under Sections 8.1, 8.2, 8.3, 8.4, and 8.6; (ii) coordinating on a consistent strategy for the prosecution of [***]; (iii) [***]; and (iv) coordinating with the other committees regarding the foregoing matters and such other patent-related matters as may arise from time to time.  Until formal establishment of the JPC, appropriate representatives from the Parties’ (or their Affiliates’) intellectual property functions shall perform such functions. 

  2.5	Joint Commercialization Committee.

  2.5.1	Formation; Purposes. No later than [***] [***] prior to the anticipated First Commercial Sale of a Licensed Product, Alector and GSK shall establish a joint commercialization committee (the “JCC”), which shall report to the JSC and have responsibility for (i) overseeing the Commercialization of Cost Profit Sharing Products in the U.S., (ii) providing a forum for exchanging information regarding the Commercialization of Licensed Products [***], and (iii) forming Working Group(s) from time to time and delegating to such Working Group(s) such operational responsibilities as the JCC may from time to time determine necessary or desirable.  The JCC shall include [***] from both Alector and GSK to advise the JCC on compliance with relevant Laws and policies.  In conducting its activities, the JCC shall operate and make its decisions consistent with the terms of this Agreement. 

  2.5.2	Specific Responsibilities.  In particular, the JCC shall:

  (a)	review and present to the JSC for approval the U.S. Commercialization Plan, including the U.S. Commercialization Budget, in accordance with Sections 5.3.2 and 5.3.3;

  (b)	review and update the U.S. Commercialization Plan, including the U.S. Commercialization Budget set forth therein and the allocation of responsibilities between the Parties, on an annual basis (or at such other frequency as the Parties agree) and, from time to time, present to the JSC for review and approval proposed updates and substantive amendments to the U.S. Commercialization Plan, including the U.S. Commercialization Budget, in accordance with Section 5.3.5(b); 

  (c)	oversee the implementation of the U.S. Commercialization Plan within the U.S. Commercialization Budget once it has been approved by the JSC; 

  (d)	provide a forum for discussion and exchange of information with respect to the Commercialization of Licensed Products [***]; 

  31

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  (e)	review and discussion of the Compliance Program, as described in Exhibit 5.17.1;

  (f)	review and approve the Product Trademarks from a shortlist of marks proposed by GSK;

  (g)	share planning and budgeting information with the JDC and coordinate with the JDC [***], as applicable, to the JSC; 

  (h)	[***]; and

  (i)	perform such other functions as are assigned to it in this Agreement or as are appropriate to further the purposes of this Agreement as agreed in writing by the Parties.

  2.6	Working Groups.

  From time to time, the JSC, JDC and JCC may establish various working groups (each, a “Working Group”) to oversee particular projects or activities, including those Working Groups described below in this Section 2.6, and each such Working Group shall be constituted and shall operate as the JSC, JDC or JCC determines. 

  2.6.1	Finance Working Group.  Within [***] [***] after the Effective Date, Alector and GSK shall establish a joint Finance Working Group (the “Finance Working Group”), which shall report to the JDC with respect to the Development of the Licensed Products, to the JCC with respect to the Commercialization of the Licensed Products and to the JSC with respect to the Pre-Tax Profit or Loss and royalty statements in accordance with the Reconciliation Procedures and the Financial Exhibit, and operate in coordination with the various committees and Working Groups.  The Finance Working Group shall include individuals from each Party with reasonable expertise in the areas of accounting, cost allocation, budgeting and financial reporting.  The Finance Working Group shall be responsible for: 

  (a)	coordinating and conducting the accounting, reporting, reconciliation and other related activities set forth in this Agreement and the Financial Exhibit, 

  (b)	advising and provide support to the JSC and the other committees with respect to financial, accounting, budgeting, reporting and other issues that may arise in connection with the various plans and corresponding budgets for activities thereunder; 

  (c)	reviewing Development Costs, including relevant FTE Costs, Out-of-Pocket Costs and Supply Costs, incurred by the Parties and their Affiliates hereunder; 

  (d)	recommending for approval by the JSC any changes to reporting procedures; 

  32

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  (e)	coordinating [***]; 

  (f)	performing and reviewing [***];

  (g)	coordinating audits pursuant to Section 7.9, by Third Party audit firms, and discussing and attempting to resolve discrepancies or issues arising from such audits; 

  (h)	facilitating review of financial aspects of press releases pursuant to Section 9.4.2; 

  (i)	performing such other functions as are specifically designated to the Finance Working Group in this Agreement or the Financial Exhibit, or as the Parties otherwise agree are appropriate to further the purposes of this Agreement;

  (j)	working with the JSC and the committees to assist in financial, budgeting and planning matters, and providing periodic updates to the JSC, JDC, JMC and JCC on financial matters relating to this Agreement, and perform such other financial matters as are delegated to it under this Agreement or by the JSC, JDC, JMC and JCC; and

  (k)	making such decisions and determinations as are assigned to it under this Agreement.  

  2.6.2	Clinical/Regulatory Working Group.  Within [***] [***] after the Effective Date, Alector and GSK will establish a joint clinical/regulatory Working Group (the “Clinical/Regulatory Working Group”) which shall report to the JDC and that will consist of appropriately selected delegates from both Parties and have responsibility for (i) establishing a global regulatory strategy for the Cost Profit Sharing Products and ensure consistency across the Regulatory Filings for Cost Profit Sharing Products and responses to Regulatory Authorities in connection with Licensed Products, to the extent possible (such strategy, the “Global Regulatory Strategy”); (ii) providing a forum for the Parties to review and discuss regulatory matters as provided in Section 4.4; (iii) [***], and (iv) review and approve the protocol for each Clinical Study with respect to Cost Profit Sharing Products. Until formal establishment of a Clinical/Regulatory Working Group, appropriate representatives from the Parties’ (or their Affiliates’) clinical/regulatory groups shall perform the functions of the Clinical/Regulatory Working Group. 

  2.6.3	Safety Review Working Group.  Within [***] after the Effective Date, Alector and GSK will establish a joint Safety Review Working Group (the “Safety Review Working Group”) that shall report to the JDC and that will consist of appropriately selected delegates from both Parties.  The Safety Review Working Group shall discuss and implement processes and procedures, including under the Pharmacovigilance Agreement, for sharing information needed to support each Party’s (or their Affiliates’) respective regulatory responsibilities and which may be necessary for compliance with the applicable regulatory pharmacovigilance requirements.  Any such procedures shall not be construed to restrict either Party’s ability to take any action that it 

  33

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  deems appropriate or required of it under the applicable regulatory requirements, but when permitted by applicable Laws the Parties shall consult with each other before taking such action.  Notwithstanding the foregoing, substantive discussions relating to safety (including safety signals and pharmacovigilance matters) shall be discussed at the [***]. [***].

  2.6.4	Joint Compliance Oversight Working Group.  Within [***] [***] after the Effective Date, Alector and GSK shall establish a joint compliance oversight working group (the “JCOWG”), which shall report to the JSC and shall have responsibility for establishing and overseeing the implementation of the Compliance Program, [***].  The JCOWG shall have the right to establish as Working Groups reporting to it, one or more MLR Working Groups [***].

  2.7	Membership.

  Each of the JSC, JDC, JMC, JPC and JCC shall be composed of an equal number of representatives appointed by each of Alector and GSK.  The JSC shall be comprised of [***] ([***]) representatives of each Party. The JDC, JMC, and JCC shall each be comprised of at least [***] ([***]) but no more than [***] ([***]) representatives of each Party, as determined by the JSC.  The JPC shall be initially comprised of [***] ([***]) representatives of each Party, except as otherwise determined by the JSC. Each Party shall have the right to appoint any number of representatives to the various Working Groups. Each Party may replace JSC, JDC, JMC, JPC, JCC and any Working Group representatives at any time upon written notice to the other Party, provided that such replacement is of comparable authority and scope of functional responsibility within that Party’s organization as the person he or she is replacing.  Each Party’s representatives to each Joint Committee shall be individuals suitable in seniority and experience and amongst such representatives shall be at least one representative from each Party with relevant decision-making authority to make decisions within the scope of the applicable Joint Committee’s responsibilities, provided that it is understood that such individual may need to seek appropriate authority from the relevant Party with respect to certain matters.  The JSC, JDC, JMC, JPC, JCC and the various Working Groups (each, a “Joint Committee”) shall be co-chaired by one designated representative of each Party.  The co-chairpersons of each Joint Committee shall not have any greater authority than any other representative on the committee or Working Group.  The co-chairpersons shall be responsible for (i) calling meetings; (ii) preparing (with the assistance of the Alliance Managers) and circulating an agenda in advance of each meeting, provided that the co-chairpersons shall include any agenda items proposed by either Party on such agenda; (iii) ensuring that all decision-making is carried out in accordance with the voting and dispute resolution mechanisms set forth in this Agreement (for clarity in accordance with ARTICLE VIII with respect to the JPC); and (iv) preparing and issuing minutes of each meeting within [***] [***] thereafter.  For the avoidance of doubt, each Party may designate the same individual as a representative on more than one Joint Committee, and each Party may designate contractors or employees of its Affiliates as its representatives (including co-chairperson) on the Joint Committee.  

  2.8	Decision-Making.

  34

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  2.8.1	Voting. Each Joint Committee shall operate by unanimous agreement; provided, however, that the JPC shall operate in accordance with the provisions of ARTICLE VIII, rather than by unanimous agreement.  With respect to decisions of each Joint Committee, the representatives of each Party shall have collectively one vote on behalf of such Party.  Except as otherwise expressly set forth in this Agreement, use of the phrases “determine,” “establish,” “delegate,” “approve,” “develop,” “update,” “submit,” “prepare,” “resolve,” or “determine whether to approve” (including any conjugates thereof) by the Joint Committees, will mean that the decision making provisions of this Section 2.8 apply to such matter, including the escalation and tie‐breaking provisions herein. For the avoidance of doubt, matters that are specified to be “recommended”, “advised”, “overseen”, “managed,” “reviewed,” “discussed,” “monitored,” “provided a forum,” “performed,” “facilitated,” “coordinated,” “cooperated,” or “shared” (including any conjugates thereof) do not require any agreement or decision by either Party and are not subject to the voting and decision-making procedures set forth in this Section 2.8.

  2.8.2	Joint Committee Escalation. Should the members of any Working Group (other than the JPC) maintain their disagreement for more than [***] ([***]) [***] on any matter that is within its authority under this Agreement for which unanimous agreement is required and has been sought and Alector or GSK requests a resolution, the matter shall be referred to the Joint Committee to which such Working Group reports for discussion and resolution.  Should the members of the JDC, JMC or JCC maintain any disagreement for more than [***] ([***]) [***] on any matter that is within its authority under this Agreement for which unanimous agreement has been sought and Alector or GSK requests a resolution, the matter shall be referred to the JSC for resolution.  Should the members of the JSC maintain their disagreement for more than [***] ([***]) [***], either with respect to any matter referred to it by the JDC, JMC or JCC, or with respect to a matter initially arising within the JSC, such matter shall be resolved pursuant to Sections 13.1 and 13.3, subject to Section 2.8.3.  

  2.8.3	Limitations on Joint Committee Authority.  Neither Party shall have the right to exercise its deciding vote with respect to a decision within the authority of a Joint Committee as contemplated under Sections 2.10 or 13.3.1 to do any of the following: (a) finally determine any interpretation of this Agreement or the Parties’ rights or obligations hereunder, (b) conflict with any terms and conditions of this Agreement, (c) be in contravention of applicable Law in any respect; or (d) to otherwise expand or reduce the other Party’s rights or obligations under this Agreement or materially increase the other Party’s or its Affiliates’ or Sublicensees’ costs or expenses under this Agreement (including, for example, by committing additional financial or other resources of the other Party to any Clinical Study as compared to the then last GDP approved by the other Party (either itself or through its representatives on the JSC or Executive Officers pursuant to Section 13.1)).  For the avoidance of doubt, disputes arising between the Parties in connection with or relating to this Agreement, or any document or instrument delivered in connection herewith, in each case, that are outside of the decision-making authority of the Joint Committees and not within a Party’s sole decision-making authority hereunder, shall be resolved pursuant to Section 13.4. Each Party shall retain the rights, powers and discretion granted to it 

  35

   

  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  under this Agreement and no such rights, powers or discretion shall be delegated to or vested in a Joint Committee unless such delegation or vesting of rights is expressly provided for in this Agreement or the Parties expressly so agree in writing.  No Joint Committee shall have the power to, and no deciding vote of a Party on a matter referred to such Person shall, amend, modify or waive compliance with this Agreement, which compliance may only be amended or modified as provided in Section 14.7 or compliance with which may only be waived as provided in Section 14.7. [***].

  2.9	Meetings of the JSC, JDC, JMC, JPC, JCC and Working Groups.

  The JSC shall hold meetings at such times as the JSC shall determine, and the JDC, JMC, JPC and JCC shall hold meetings at such times as the applicable committee determines (or as directed by the JSC), but in no event shall such meetings of the JSC, JDC, JMC, JPC and JCC be held less frequently than [***] every Calendar Year during the Term for so long as each such committee exists.  Each Working Group shall hold meetings at such times as the Working Group agrees, or as the JDC, JMC, JPC, JCC or the JSC directs.  Each of the Joint Committees may meet in person or by audio or video conference as the Parties may mutually agree.  With respect to in-person meetings of a Joint Committee, the representatives shall meet alternately at a location(s) designated by Alector and GSK. Each Party shall be responsible for its own costs and expenses in attending Joint Committee meetings and, for clarity, such costs and expenses shall not be included in Allowable Expenses for purposes of calculating Pre-Tax Profit or Loss in accordance with the Financial Exhibit, Development Costs or Manufacturing Costs. Other representatives of the Parties, their Affiliates and Third Parties involved in the Development, Manufacture or Commercialization of the Licensed Products may attend such meetings of a Joint Committee as nonvoting observers.  Any Joint Committee may upon agreement meet on an ad hoc basis between regularly scheduled meetings in order to address and resolve time-sensitive issues within their purview that may arise from time to time.  No action taken at a meeting of a Joint Committee shall be effective unless a representative of each Party is present or participating.  Neither Party shall unreasonably withhold attendance of at least [***] representative of such Party at any meeting of a Joint Committee for which reasonable advance notice was provided.

  2.10	[***]

  2.11	Alliance Managers.

  Each Party shall designate a single alliance manager for all of the activities contemplated under this Agreement (“Alliance Manager”).  Such Alliance Managers will be responsible for the day-to-day worldwide coordination of the collaboration contemplated by this Agreement and will serve to facilitate communication between the Parties.  Such Alliance Managers shall have experience and knowledge appropriate for managers with such project management responsibilities.  The Alliance Managers shall attend the JSC meetings (or designate an appropriate representative to attend JSC meetings on such Alliance Manager’s behalf). The Alliance Managers shall not be counted as members of any Joint Committee (and shall not vote on matters discussed at any Joint 

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  Committee meeting). Each Party may change its designated Alliance Manager from time to time upon notice to the other Party. 

  ARTICLE III
LICENSE GRANTS

  3.1	Alector Grants.

  3.1.1	Development License.  Subject to the terms and conditions of this Agreement (including Section 4.6), Alector hereby grants to GSK an exclusive (subject to Alector’s reserved rights under Section 3.9.1), worldwide, sublicenseable (in accordance with Section 3.4) license under the Alector Intellectual Property to Develop the Licensed Antibodies and Licensed Products in the Field in the Territory.

  3.1.2	Manufacturing License.  Subject to the terms and conditions of this Agreement, Alector hereby grants to GSK an exclusive (subject to Alector’s reserved rights under Section 3.9.1), worldwide, sublicenseable (in accordance with Section 3.4) license under the Alector Intellectual Property to Manufacture the Licensed Antibodies and Licensed Products in the Field in the Territory. 

  3.1.3	Commercialization License.

  (a)	United States.  Subject to the terms and conditions of this Agreement, Alector hereby grants to GSK (i) an exclusive (subject to Alector’s reserved rights under Section 3.9.1), worldwide, sublicenseable (in accordance with Section 3.4) license under the Alector Intellectual Property to Commercialize the Cost Profit Sharing Products in the Field in the United States and (ii) an exclusive license under the Alector Intellectual Property to Commercialize the Opt Out Products in the United States.  

  (b)	OUS Territory.  Subject to the terms and conditions of this Agreement, Alector hereby grants to GSK an exclusive license (subject to Alector’s reserved rights under Section 3.9.1) under the Alector Intellectual Property to Commercialize the Licensed Products in the Field in the OUS Territory; provided that Alector shall retain the right to perform such activities (if any) to the extent allocated to Alector under the Global Strategic Launch Plan or requested by GSK or its Affiliate.

  3.2	GSK Grants.

  3.2.1	Development License.  Subject to the terms and conditions of this Agreement (including Section 4.6), GSK hereby grants to Alector a non-exclusive license under the GSK Intellectual Property to Develop the Cost Profit Sharing Products in the Field in the Territory.

  3.2.2	[***]

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  3.3	Sharing of Data and Know-How and Materials.

  3.3.1	Initial Transfer.  As soon as reasonably practicable after the Effective Date, and in any event within [***] ([***]) [***] after the formation of the JDC, the Parties shall discuss in good faith and agree upon, and, following such agreement, shall perform their respective obligations set out in, a technology and data transfer plan (the “Initial Alector Know-How Transfer Plan”) governing the contents and mechanics of the transfer to GSK of the Alector Know-How and Materials existing as of the date of such transfer [***]. The Initial Alector Know-How Transfer Plan shall be prepared by the JDC for approval by the JSC within [***] ([***]) [***] after the formation of the JDC, and may be amended from time to time as prepared by the JDC and approved by the JSC. Notwithstanding the foregoing, for no additional consideration (including no reimbursement for any costs or expenses incurred by or on behalf of Alector), Alector shall provide the following items to GSK in a format (excel, word, powerpoint, etc.) and a method agreed to by the Parties (to the extent not specified below):

  (a)	within [***] ([***]) [***] following the Effective Date, download access to the complete contents of the diligence data room hosted by Alector for GSK’s review of the Licensed Antibodies and Licensed Products; 

  (b)	within [***] ([***]) [***] after the formation of the JDC, copies of the following (including all eCTD sequences and source documents (if any) comprising or containing any of the following) to the extent not already provided: [***].

  in each case (a) and (b) that are: (i) Alector Know-How or Materials with respect to the Existing Antibodies or Existing Products, (ii) [***] (iii) [***]. Following the date of the foregoing transfer, upon GSK’s reasonable request, Alector shall in good faith make its relevant scientific and technical personnel reasonably available to GSK to answer questions or provide information or instruction concerning the Alector Know-How and Materials in order to better enable GSK’s personnel to utilize the Alector Know-How and Materials in the Development and Commercialization of the Licensed Antibodies and Licensed Products in accordance with the GDP. 

  3.3.2	Additional Transfers.  Pursuant to one or more technology and data transfer plans established by the JDC (“Additional Know-How Transfer Plans”), and in any event within a reasonable period of time following any reasonable and specific request from the other Party, each Party will transfer to the other Party copies [***], in each case (a)-(c) that (i) [***], in each case with respect to the Existing Antibodies or Existing Products or Licensed Antibodies or Licensed Products for which there has been an approved New Product Decision in accordance with Section 4.6, (ii) are in such Party’s (or its Affiliates’) possession and Control as of the relevant time, (iii) [***] other Party to perform the Development activities allocated to such Party under ARTICLE IV of this Agreement and within the scope of the licenses granted under Section ARTICLE III [***], and (iv) have not previously been provided to such other Party.  

  3.3.3	Sharing of Collaboration Data and Know-How.  Without prejudice to Section 3.3.2, each Party shall (and shall cause its Affiliates to) reasonably cooperate with the other Party to 

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  promptly share [***], within the Collaboration Intellectual Property (other than with respect to Patient Samples, for which sharing and access shall be subject to the terms of Section 4.7 and provided that access to the GSK Manufacturing Know-How by a Third Party shall be limited to if and to the extent approved by GSK pursuant to Section 6.1.3(b)), and the JDC and JPC may establish reasonable policies to effectuate such exchange of Data and Know-How within the Collaboration Intellectual Property.

  3.3.4	General Tools. Notwithstanding the above in this Section 3.3  neither Party shall be obligated to provide or make available to the other Party discovery or research tools, materials or information (including screening assays, cloning tools, animal models, cell lines and the like) Controlled by such Party or its Affiliates that are generally applicable to the discovery or research of products for the treatment of diseases or conditions, except as mutually agreed by the Parties.

  3.4	Sublicensing.

  3.4.1	GSK Right to Sublicense.  In addition and without prejudice to any right to grant Subcontracts pursuant to Sections 4.3.2, 5.2.1 and 6.1.3, GSK shall have the right to grant sublicenses to its Affiliates [***].  In the event that GSK grants any sublicense pursuant to this Section 3.4.1, GSK shall remain responsible for its obligations under this Agreement and shall be responsible for the performance of the relevant sublicensee during the Term, as if performed by GSK.  In addition, GSK shall ensure that each of its sublicensees complies with all relevant provisions of this Agreement.  

  3.4.2	Alector Right to Sublicense.  In addition and without prejudice to any right to grant Subcontracts pursuant to Sections 4.3.2, 5.2.1 and 6.1.3, Alector shall have the right to grant sublicenses to its Affiliates that are wholly-owned direct or indirect subsidiaries of Alector (“Alector Wholly-Owned Affiliates”) of any and all rights granted to Alector under this Agreement by GSK (or to license rights retained by Alector), including any and all rights licensed to Alector pursuant to Section 3.2.  Alector shall have the right to grant sublicenses to its Affiliates that are not Alector Wholly-Owned Affiliates and Third Parties of any and all rights granted to Alector under this Agreement by GSK (or to license rights retained by Alector) with respect to Licensed Antibodies and Licensed Products in the Field pursuant to Section 3.2 [***], provided further that the right to sublicense or Subcontract any Manufacturing hereunder shall be subject to Section 6.1.3.  In the event that Alector grants any sublicense pursuant to this Section 3.4.2, Alector shall remain responsible for its obligations under this Agreement during the Term and shall be responsible for the performance of the relevant sublicensee as if performed by Alector.  In addition, Alector shall ensure that each of its sublicensees complies with all relevant provisions of this Agreement.

  3.4.3	Sublicense Requirements.  Each sublicense granted by a Party to a Third Party pursuant to Sections 3.4.1 or 3.4.2 (a “Sublicense”) shall (i) be in writing; (ii) be subject and subordinate to, and consistent with, the terms and conditions of this Agreement; (iii) require the applicable Sublicensee to comply with all applicable terms of this Agreement (except for the 

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  payment obligations, for which the sublicensing Party shall remain responsible); (iv) require that the Sublicensee grant the other Party a right of reference to the same extent of the right of reference granted to such other Party pursuant to Section 4.4.4 (unless plainly unnecessary because the nature of the applicable Sublicense does not relate to relevant subject matter); and (v) prohibit further sublicensing, except on terms consistent with this Section 3.4.3.  No Sublicense shall diminish, reduce or eliminate any obligation of either Party under this Agreement.  Upon reasonable request, the sublicensing Party shall provide the other Party with a copy of each Sublicense, provided that the sublicensing Party may redact any information from such Sublicense to the extent that such redactions do not reasonably impair the other Party’s ability to ensure compliance with this Agreement.  

  3.4.4	Existing Third Party Agreements.  As of the Execution Date, Alector represents that neither Alector nor any of its Affiliates has entered into any material agreements with any Third Party relating to the Development, Manufacture or Commercialization of any Licensed Antibodies or Licensed Products, except those set forth in Exhibit 1.47. 

  3.5	Alector Covenants.

  Subject to Section 3.7, during the period beginning on the Execution Date and ending [***], except pursuant to the terms of this Agreement, neither Alector nor any of its Affiliates shall [***].

  3.6	GSK Covenants.

  Subject to Section 3.7, during the period beginning on the Execution Date and ending on [***], except pursuant to the terms of this Agreement, neither GSK nor any of its Affiliates shall [***].

  3.7	[***]

  3.8	Section 365(n) of the Bankruptcy Code.

  All rights and licenses granted under or pursuant to any section of this Agreement, including Sections 3.1 and 3.2 hereof, are rights to “intellectual property” (as defined in Section 101(35A) of Title 11 of the United States Code, as amended (such Title 11, the “Bankruptcy Code”)).  Alector and GSK hereby acknowledge, on behalf of themselves and their respective Affiliates, that (i) copies of research data, (ii) laboratory samples, (iii) product samples and inventory, (iv) formulas, (v) laboratory notes and notebooks, (vi) all Data and results related to Clinical Studies, (vii) Regulatory Filings and Regulatory Approvals, (viii) rights of reference in respect of Regulatory Filings and Regulatory Approvals, (ix) pre-clinical research data and results, and (x) marketing, advertising and promotional materials, constitute “embodiments” of intellectual property pursuant to Section 365(n) of the Bankruptcy Code.  Each of Alector and GSK agree not to, and to cause their respective Affiliates not to, interfere with the other Party’s or its Affiliate’s exercise of rights and licenses to intellectual property licensed hereunder and embodiments thereof in accordance with this Agreement and agree to use Commercially Reasonable Efforts to assist the 

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  other Party or its Affiliate to obtain such intellectual property and embodiments thereof in the possession or control of Third Parties as reasonably necessary for the other Party or its Affiliate to exercise such rights and licenses in accordance with this Agreement.

  3.9	Retention of Rights.

  3.9.1	By Alector.  Except as expressly provided herein, Alector grants no other right or license, including any rights or licenses to the Alector Intellectual Property or any other intellectual property rights, whether by implication, estoppel or otherwise and GSK shall not use or otherwise exploit (or authorize the use or exploitation of) any Alector Intellectual Property (other than Joint Inventions and Joint Patents) except as provided in Section 3.1.  Notwithstanding any provision to the contrary in this Agreement, Alector shall retain the right to (a) use and otherwise exploit the Alector Intellectual Property, including the right to grant and authorize licenses under such Alector Intellectual Property, for the purposes of conducting activities for which it is responsible as set forth in this Agreement and permitted under this Agreement, and (b) use and otherwise exploit the Alector Intellectual Property, including the right to grant and authorize licenses thereunder, for the following purposes: [***].  

  3.9.2	By GSK.  Except as expressly provided herein, GSK grants no other right or license, including any rights or licenses to the GSK Intellectual Property any other intellectual property rights not otherwise expressly granted herein, whether by implication, estoppel or otherwise and Alector shall not use or otherwise exploit (or authorize the use or exploitation of) any GSK Intellectual Property (other than Joint Inventions and Joint Patents) except as provided in Section 3.2. 

  3.9.3	Other Binding Moieties. Notwithstanding anything to the contrary in this Agreement, the Alector Intellectual Property and GSK Intellectual Property shall not include (a) any Know-How with respect to the binding portion(s) of an Antibody or other compound that is not directed to SORT1, or (b) any Patent to the extent Covering the binding portion(s) of an Antibody or other compound that is not directed to SORT1, in each case (a) and (b), unless such Antibody or compound was clinically Developed or Commercialized by the applicable licensor Party in the performance of activities under this Agreement.  For purposes of the foregoing, “directed to SORT1” means [***]. 

  3.10	Joint Patents. 

  [***]

  ARTICLE IV
DEVELOPMENT

  4.1	General.

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  4.1.1	JDC Oversight.  The JDC shall coordinate the Development of Cost Profit Sharing Products, provide a forum for communicating with respect to Development of other Licensed Products in the Territory, and perform such other functions with respect to Development of Licensed Products as are provided for herein.  The JDC will, subject to the JSC’s oversight, direct the clinical and regulatory program for the Cost Profit Sharing Products.

  4.2	GDP; Non-Core GDP; Amendments; Development Responsibilities.

  4.2.1	Global Development Plan and Non-Core Global Development Plan.  

  (a)	Core Development Activities. The conduct of all GLP toxicology studies or other IND enabling studies, and Clinical Studies in support of the Core Dossier, of Cost Profit Sharing Products shall be governed by the GDP, and the Parties agree to conduct all such activities in accordance with the GDP.  The Initial GDP is attached hereto as Exhibit 1.58 (which also includes overall total budget figures for the initial Development Budget as described in Section 4.2.3, and budget forecasts for subsequent periods as described in Section 4.2.5(b)).  The GDP shall allocate responsibility for each Development activity set forth in the GDP to a Party.  The GDP shall include general study design parameters, specific staffing requirements and the funding budget for each stage of clinical development for each Indication in the GDP, and shall be consistent with the terms of this Agreement.  Guidelines for additional data and/or criteria, if any, to be generated for assessment prior to commencement of any specific Clinical Study shall be included in the GDP.  The terms of and activities set forth in the GDP shall at all times be designed to be in compliance with all applicable Laws and Good Clinical Practice and to be conducted in accordance with professional and ethical standards customary in the pharmaceutical industry, taking into account, in accordance with Section 4.3.7, the Relevant Internal Policies. 

  (b)	Non-Core Development Activities. The conduct of all GLP toxicology studies or other IND enabling studies and Clinical Studies that are (i) for any Cost Profit Sharing Products that are not in support of the Core Dossier or (ii) otherwise for Opt Out Products shall be governed by and set forth in the Non-Core GDP, and GSK agrees to conduct all such activities at its sole expense in accordance with the Non-Core GDP.  The Non-Core GDP shall be developed by GSK, submitted to the JDC for review and discussion prior to commencement of such activities and shall be consistent with the terms of this Agreement and the Global Regulatory Strategy.  The terms of and activities set forth in the Non-Core GDP shall at all times be designed to be in compliance with all applicable Laws and to be conducted in accordance with professional and ethical standards customary in the pharmaceutical industry, taking into account where required by Law, GSK’s health care compliance policies and applicable SOPs. Alector’s representatives on the JDC shall be kept reasonably informed with regard to the development of such Non-Core GDP by GSK, provided that such consultation shall not delay GSK from developing such Non-Core GDP in accordance with its internal schedule for such development.  The Non-Core GDP shall be in such format reasonably developed by GSK in accordance with its ordinary business practices for such activities, provided that in no event shall GSK be required to provide copies of its internal governance documents.

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  4.2.2	Development Principles.  It is the intent of the Parties that Development of Licensed Products in the Field will be conducted in accordance with the following principles except to the extent (if any) otherwise expressly provided in the then-current GDP established in accordance with Section 4.2.1 or 4.2.5 (as applicable), and the JDC (or the JSC, or the Executive Officers, as applicable) shall take into account and attempt to implement the following principles in its decision-making, including preparation, review and approval of any updates to and amendments of the GDP: 

  (a)	Regardless of the specific division of responsibility between the Parties for particular activities at any particular time, the JDC shall serve as a conduit for sharing information, knowledge and expertise relating the Development of the Licensed Antibodies and Licensed Products.

  (b)	Clinical development of Cost Profit Sharing Products should be performed according to a single, integrated global program.

  (c)	Except with respect to Opt Out Products following Alector Opt Out, the GDP should at all times include a meaningful role for both Parties.  In allocating responsibilities between the Parties, the JDC (or the JSC, or the Executive Officers, if applicable) shall take into consideration each Party’s expertise, capabilities, staffing and available resources to take on such activities. 

  (d)	After receipt of a Regulatory Approval of a Licensed Product for an Indication [***].

  4.2.3	Development Budget.  The Development Budget included in the GDP shall be a rolling budget setting forth the budgeted amounts for Development Costs with respect to activities allocated to the Parties in support of the Core Dossier under the GDP.  The Development Budget shall include for each Party a budget for Development Costs for the Development activities allocated to such Party: (a) during a given Calendar Year ([***]); (b) a good faith forecasted budget, in reasonable detail, for the [***] Calendar Years (broken down by Calendar Year), and (c) [***].  The Development Budget shall also include a breakout of costs by FTE and Out-of-Pocket Costs as determined by the Finance Working Group.  The budget amounts indicated in the Initial GDP will constitute the initial Development Budget.  Promptly after the Effective Date the Finance Working Group, in consultation with project management from each Party, will allocate the amounts in initial Development Budget to each Party based on the activities that each Party conducts under the GDP.  Concurrently with the annual update of the GDP in accordance with Section 4.2.5, the JDC shall also prepare, and the JSC shall review and approve, an annual Development Budget covering the next Calendar Year and forecasted estimates through receipt of Regulatory Approval in [***]for each Indication then included in the GDP.  

  4.2.4	Allocation of Development Activities.  

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  (a)	The GDP shall allocate responsibility between the Parties for the conduct of Clinical Studies and the various other Development activities addressed in the GDP.  Unless otherwise approved by the JDC, with respect to Development of Licensed Products in the Field, (a) Alector shall be responsible for (i) all GLP toxicology studies and other studies intended to support an IND filing, (ii) Phase I Clinical Studies, (iii) all Development activities for Minor Indications and (iv) all Development activities for Major Indications other than any Phase III Clinical Study for a Major Indication or Post-Approval Required Study for a Major Indication, in each case (ii) - (iv), for Cost Profit Sharing Products in support of the Core Dossier, and (b) GSK shall be responsible for (X) any Phase III Clinical Study or Post-Approval Required Study for Major Indications for Cost Profit Sharing Products in support of the Core Dossier, (Y) all Development activities necessary to obtain Regulatory Approval for Major Indications and Minor Indications in the OUS Territory for Cost Profit Sharing Products that are not in support of the Core Dossier (i.e., Development activities that are specific to a country outside of [***]), and (Z) all Development activities for Opt Out Products.

  (b)	Neither Party nor its Affiliates shall conduct any GLP toxicology studies or other IND enabling studies intended to support an IND filing for any Licensed Product, or any Clinical Study for any Licensed Product, in each case other than a Cost Profit Sharing Product under the GDP or Non-Core GDP or an Opt-Out Product.  Any such GLP toxicology study or other IND enabling study intended to support an IND filing or Clinical Study of a Licensed Antibody or Licensed Product shall be subject to the governance and oversight by both Parties as set forth in ARTICLE II and this ARTICLE IV. 

  4.2.5	Updating and Amending the GDP.  

  (a)	The JDC shall review the GDP not less frequently than annually and shall develop detailed and specific GDP updates, which shall include the Development Budget for the subsequent Calendar Year and forecasted estimates for the succeeding Calendar Years for at least the period thereafter until Regulatory Approval of Cost Profit Sharing Products for each Indication in the GDP in [***].  The JDC shall submit all such updates to the JSC for review and approval, such that JSC preliminary approval would occur no later than [***] of each Calendar Year.  Upon the JSC’s preliminary approval, such updates shall be submitted to each Party for its internal budgeting process with a target for final approval by the JSC no later than [***] of each Calendar Year, at which time any updates shall be appended to the GDP.  The JDC may also develop and submit to the JSC from time to time other proposed substantive amendments to the GDP.  The JDC shall also review each Party’s (and its Affiliates’) performance under the then-current GDP (including the Development Budget) on a [***] basis, and shall develop detailed and specific updates and substantive amendments to the Development Budget that reflect such performance.  The JSC shall review proposed amendments presented by the JDC and may approve such proposed amendments or any other proposed amendments that the JSC may consider from time to time in its discretion and, upon such approval by the JSC, the GDP shall be amended accordingly.  Amendments and updates to the GDP, including the Development Budget, shall not 

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  be effective without the approval of the JSC (or a decision or determination pursuant to Section 13.1 or Section 13.3, if applicable).  In the event that the JSC does not approve an updated GDP, including the Development Budget, prior to the start of the next Calendar Year, either Party may initiate procedures to resolve the issue pursuant to Sections 13.1 and 13.3, and the then-current GDP, and the forecasted amounts set forth for the applicable Calendar Year of the Development Budget shall continue to apply until the GDP is agreed by the JSC or decided or determined pursuant to Section 13.1 or Section 13.3.  

  (b)	The Initial GDP includes a high-level forecast of anticipated budget amounts and associated timelines for Development of Licensed Products.  In reviewing and approving annual updates or amendments to the Development Budget, the JSC (or the Executive Officers pursuant to Section 13.1 or the Parties, if applicable) shall consider the budget amounts and timelines reflected in the Initial GDP.  The Development Budget shall provide for at least the amounts reflected for the relevant year in Initial GDP (or, if different, the amounts forecast for the relevant year in the Last Agreed Budget, taking into account any amounts actually spent for the years covered by such Development Budget that have already occurred), on approximately the timelines reflected in the Initial GDP, unless the Parties otherwise agree that spending such amounts on such timelines is not commercially reasonable for Development of a Cost Profit Sharing Product (viewing the Cost Profit Sharing Product on a stand-alone basis and not taking into account, for example, either Party’s own portfolio management considerations).  

  4.2.6	Independent Development Activities.  [***]  

  (a)	Independent Performance of Activities.  Alector may, upon notice to GSK, initiate and conduct the Development activities in such [***] (each, an “Independent ADA”); provided, however, that if GSK determines reasonably and in good faith that any of the proposed Development activities are reasonably likely to adversely affect the Development or Commercialization of the applicable Licensed Product in the Field, then Alector shall not undertake such Independent ADA unless and until the JDC or JSC determines that such Independent ADA should be permitted. For clarity, a Licensed Product that is the subject of an Independent ADA shall continue to be a “Licensed Product” for all purposes of this Agreement (except as otherwise set forth in this Section 4.2.6).  Alector shall provide informal reports of its progress with regard to the Independent ADAs at each meeting of the JDC and shall provide formal written reports of the results and budgeted costs of the Independent ADAs to the JDC at least [***] during the first [***] [***] in which any Clinical Study within an Independent ADA is being performed, and otherwise in the same manner and frequency as the Parties provide reports to the JDC with respect to activities covered by the GDP.  If [***] (such use “ADA Data Use” and [***], the “ADA Data Use Date”), then such Party shall promptly, in any event within [***] [***], notify the other Party. 

  (b)	Costs of Independent Development Activities.  Subject to Section 4.2.6 below, Alector shall bear all costs associated with the Independent ADA it undertakes and such costs shall not be taken into account as Development Costs for purposes of Section 4.5, and costs 

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  associated with the Independent ADA shall not be taken into account as Development Costs for purposes of determining Excess Costs pursuant to Section 4.5.4.  If ADA Data Use occurs, then GSK shall reimburse Alector an amount equal to the applicable ADA Cost Percentage of the costs incurred prior to the ADA Data Use Date by Alector and its Affiliates for such Independent ADA.  Such costs will be determined using the same manner of calculating Development Costs under the GDP.  As used herein, the “ADA Cost Percentage” means (X) with respect to the first Independent ADA, [***] for Development Costs other than Manufacturing Costs which would have been shared equally and [***] for Manufacturing Costs which would have been shared equally and (Y) for each subsequent Independent ADA, [***] for Development Costs other than Manufacturing Costs which would have been shared equally and [***] for Manufacturing Costs which would have been shared equally.

  (c)	ADA Phase III Milestones.  Notwithstanding Section 7.2.1, if Alector undertakes Independent ADAs, GSK shall not be obligated to make any payments for Clinical Study Milestones pursuant to Sections 7.2.1 on the basis of Clinical Study Milestones achieved in connection with such Independent ADAs (“ADA Phase III Milestones”) [***] and such Clinical Study Milestones shall not be considered achieved with respect to such Independent ADAs until fully paid as set forth in this Section 4.2.6(c).

  (i)	First Independent ADA.  For the achievement of any ADA Phase III Milestone in connection with the first Independent ADA the milestone payment amount under Sections 7.2.1 owed for the achievement of such ADA Phase III Milestone in connection with such Independent ADA shall become due and payable to Alector upon the ADA Data Use Date for such Independent ADA.

  (ii)	Second and Later Independent ADA.  For the achievement of any ADA Phase III Milestone in connection with the second or later Independent ADA, [***] ([***]) [***]. 

  (iii)	[***]  

  (d)	ADA Approval Milestones. Notwithstanding Section 7.2.2 and Section 7.2.3, for any Regulatory Approval achieved using Data generated from Independent ADAs in a substantive manner as the basis therefor or achievement of any First Commercial Sale on the basis of any such Regulatory Approval (“ADA Approval Milestone”), an amount equal to the ADA Approval Percentage of the corresponding amount for achievement of the Approval Milestone under Sections 7.2.2 or the Commercial Milestone under Section 7.2.3, as the case may be, shall become due and payable to Alector upon achievement of such Approval Milestone or Commercial Milestone, as the case may be. As used herein, the “ADA Approval Percentage” means (A) [***] with respect to an ADA Approval Milestone for the first Independent ADA, and (B) [***] with respect to an ADA Approval Milestone for each subsequent Independent ADA.

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  4.2.7	Development of Licensed Products for Minor Indications and Major Indications. Notwithstanding anything in this Agreement to the contrary (including Section 4.2.6), unless the Parties otherwise mutually agree, or there has been an Alector Opt Out for all Licensed Antibodies, neither Party (nor its Affiliates or Sublicensees) shall [***].

  4.3	Development Efforts; Manner of Performance; Reports.

  4.3.1	Development Efforts.  The Parties shall use Commercially Reasonable Efforts to Develop and to seek and obtain Regulatory Approval for [***].  Each Party and its Affiliates shall conduct its Development activities in good scientific manner and in compliance with applicable Law, including laws regarding environmental, safety and industrial hygiene, and Good Laboratory Practice, Good Clinical Practice, Informed Consent and Institutional Review Board regulations, current standards for pharmacovigilance practice, and all applicable requirements relating to the protection of human subjects.  Notwithstanding anything to the contrary contained herein, a Party or its Affiliates shall not be obligated to undertake or continue any Development activities with respect to the Licensed Antibodies or Licensed Products if such Party (or Affiliates) reasonably determines that performance of such Development activity would violate applicable Law or such Party determines (which determination in the case of GSK is made by the GSK Global Safety Board) with respect to a conduct of a Clinical Study, that such Clinical Study would pose an unacceptable safety risk for subjects participating in such Clinical Study (taking into account the potential benefits). 

  4.3.2	Right to Subcontract Development Activities.  

  (a)	Required Subcontract Terms.  Each Party or its Affiliate may subcontract the performance of any Development activities undertaken in accordance with this Agreement to one or more Subcontractors pursuant to Subcontract which shall be consistent with the terms and conditions of this Agreement, shall contain confidentiality provisions no less restrictive than those set forth in ARTICLE IX, and shall contain a certification that such Third Party subcontractor has not been debarred, and is not subject to debarment, pursuant to Section 306 of the United States Federal Food, Drug and Cosmetics Act, and is not the subject of a conviction described in such section.  The JDC shall oversee the performance of Subcontractors under Material Subcontracts in the same manner and to the same extent as its oversight of the Parties hereunder.  Notwithstanding the foregoing, the subcontracting Party (or Party whose Affiliate enters into a Subcontract) shall remain liable under this Agreement for the performance of all its obligations under this Agreement and shall be responsible for and liable for compliance by its Subcontractors with the applicable provisions of this Agreement. 

  (b)	Obligation to Discuss.  Notwithstanding the foregoing, if either Party (or its Affiliate) desires to subcontract any of its assigned Development activities, such Party shall first discuss it with the other Party and take into account and reasonably consider amending the GDP to reallocate such activities to the other Party or alternatively, subcontracting such activities to the other Party (at a cost to be agreed between the Parties), taking into account (balanced with 

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  other factors) the capabilities of the other Party and potential impact on costs, as a potential alternative to subcontracting such activities to a Third Party.  In the event that any Development activity allocated to one Party under the GDP is subcontracted to the other Party (as opposed to being allocated to the other Party under the GDP), then if the subcontracting remains ultimately responsible under this Agreement for the conduct of such activities, the other Party shall conduct such activities under the management of, and as directed by, the subcontracting Party, consistent with the terms of this Agreement and all applicable Laws.  

  (c)	[***] Material Subcontracts.  If, following the discussion required under Section 4.3.2(b), a Party (or its Affiliate) still desires to subcontract the performance of a Development activity hereunder to one or more Third Parties, it may proceed to do so, subject to compliance with this Section 4.3.2(c).  Prior to entering into any Material Subcontract, [***].  

  (d)	Manufacturing Activities. Notwithstanding the foregoing, any subcontracting of Manufacturing activities in connection with Development shall be subject to Section 6.1.3.

  (e)	Coordination with Co-Exclusive Rights.  It is understood that the co-exclusive licenses granted by Alector to GSK under Section 3.1 above shall not be construed to limit Alector’s and its Affiliates’ right to engage Subcontractors in accordance with this Section 4.3.2 (or under Section 5.2.1, or to engage Manufacturing Subcontractors in accordance with Section 6.1.3).

  4.3.3	Day-to-Day Responsibility.  Each Party shall be responsible for day-to-day implementation of the Development activities for which it (or its Affiliate) has or otherwise is assigned responsibility under this Agreement or the GDP and shall keep the other Party reasonably informed as to the progress of such activities.  

  4.3.4	Development Reports.  At each meeting of the JDC, each Party will report on the Development activities such Party and its Affiliates has performed or caused to be performed since the last meeting of the JDC as allocated to such Party under the GDP, evaluate the work performed in relation to the goals of the GDP and provide such other information as may be reasonably requested by the JDC with respect to such Development activities.  If a Party fails to adequately provide such report at a meeting of the JDC, the other Party may request, and such Party will provide to such other Party, a written progress report that includes information regarding accrual, site initiation, progress on protocol writing, meeting requests and briefing documents, in the case of clinical or regulatory activities, and in other cases such information as is reasonably necessary to convey a reasonably comprehensive understanding of the status of the applicable Development activity.  

  4.3.5	Compliance Audits.  With respect to any facility or site at which a Party, its Affiliates or its Subcontractor conducts Development activities pursuant to this Agreement or the GDP, the other Party shall have the right, at its expense, upon [***] [***] written notice to the 

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  such Party (and if applicable, such Affiliate or as described below, Subcontractor), and during normal business hours, to inspect such site and facility and any records relating thereto [***] [***], or more often with cause, to verify the other Party’s compliance with the terms of this Agreement relating to all applicable Laws, including Good Laboratory Practices, Good Clinical Practices and current standards for pharmacovigilance practice.  Such inspection shall be subject to the confidentiality provisions set forth in ARTICLE IX and rights to conduct such inspection as set forth in the applicable Subcontract.  Each Party shall use Commercially Reasonably Efforts to include in any contract or other written arrangement with its Subcontractors, a clause permitting the other Party to exercise its rights under this Section 4.3.5.  

  4.3.6	Quality Assurance Audits.  GSK will be responsible for establishing audit plans for each Clinical Study assigned to GSK in the GDP according to GSK’s internal SOP.  Alector’s quality assurance department will be responsible for establishing audit plans for each Clinical Study assigned to Alector in the GDP according to Alector’s internal SOP.  The JDC shall form a joint Oversight/Quality Working Group (the “Oversight/Quality Working Group”) and such Oversight/Quality Working Group may review and provide comments on the audit plans established by GSK and Alector’s quality assurance personnel.  GSK and Alector’s quality assurance personnel will each consider in good faith all such comments submitted by the Oversight/Quality Working Group, but GSK and Alector’s quality assurance personnel shall each have final decision-making authority with respect to the audit plans it develops.  

  4.3.7	Development Standards, Relevant Internal Policies.  Each Party will perform, and ensure that their Affiliates, Sublicensees, and subcontractors perform, its Development activities as contemplated under this Agreement in a good scientific manner and in compliance with its Relevant Internal Policies, applicable Law, including (if applicable) laws regarding the environment, safety and industrial hygiene, and GMP, GLP, GCP, informed consent, current standards for pharmacovigilance practice, and all applicable requirements relating to the protection of human subjects. Each Party and its Affiliates will maintain written or electronic records of the Development activities conducted under the GDP, including without limitation data and results resulting therefrom, in sufficient detail, in a good scientific manner (in accordance with GLP, GCP, and GMP, as applicable), and appropriate for regulatory and patent purposes, and that (a) are complete and accurate in all material respects and properly reflect all Development work performed and results achieved, in each case, by or on behalf of such Party and its Affiliates under this Agreement and (b) record the technical and scientific details for such Development work performed and results achieved, and the source records and primary data for such results shall not include or be commingled with records of activities outside the scope of this Agreement, which records will be retained for at least [***] ([***]) [***] following expiration or termination of this Agreement, or for such longer period as may be required by Applicable Law or such Party’s Relevant Internal Policies.  [***].    

  4.4	Regulatory Submissions and Regulatory Approvals.

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  4.4.1	Regulatory Responsibilities.  The Party conducting the applicable Clinical Study under the GDP shall be responsible for Regulatory Filings and interactions with the applicable Regulatory Authorities with respect to such Clinical Study.

  4.4.2	Ownership of Regulatory Filings and Regulatory Approvals.  Subject to Section 4.4.1, all Regulatory Filings submitted to a Regulatory Authority, including all applications, for Regulatory Approvals for the Cost Profit Sharing Products in the Field in the United States shall be in the name of and owned by Alector for Licensed Products containing AL001 (other than with respect to an Opt Out Product) and in the name of GSK for Licensed Products containing AL101 (or any Opt Out Product).  Subject to Section 4.4.1, all Regulatory Filings submitted to a Regulatory Authority, including all applications, for Regulatory Approvals for the Cost Profit Sharing Products in the Field in the OUS Territory and otherwise for Opt Out Products in the Field shall be in the name of and owned by GSK.  To the extent a Party or its Affiliate is performing Development activities, in each case in accordance with this Agreement, the other Party shall cooperate fully, including by making such Regulatory Filings and submissions available, and undertaking such regulatory interactions as the Party performing (or whose Affiliate is performing) such Development activities may reasonably request for such purposes.  Upon (a) the determination by GSK to Initiate a Phase III Clinical Study of a Cost Profit Sharing Product for a Major Indication, (b) the date a Licensed Product becomes an Opt Out Product or (c) the date which a Party (or its successor-in-interest) is required to permanently cease Commercialization activities with respect to a Licensed Product pursuant to this Agreement (including Section 5.1.3(d)), the Parties, through the Clinical/Regulatory Working Group, shall cooperate to transfer the appropriate Regulatory Filings for such Licensed Product as soon as reasonably practicable or at a time determined by the Clinical/Regulatory Working Group.

  4.4.3	Regulatory Cooperation.  Subject to applicable Law, each Party shall have the right [***] pertaining to Development of the Cost Profit Sharing Products in the Field or Regulatory Approval of a Cost Profit Sharing Products [***]. Each Party shall, to the extent possible, provide the other Party with reasonable advance notice of all such meetings and other contact and advance copies of all related documents and other relevant information relating to such meetings or other contact.  Each Party shall provide the Clinical/Regulatory Working Group with advance drafts of any material documents or other material correspondence pertaining to Regulatory Approvals, including any proposed labeling, that such Party plans to submit to any Regulatory Authority and keep the Clinical/Regulatory Working Group informed of all material regulatory interactions with Regulatory Authorities that pertain to the Cost Profit Sharing Products in each case in [***].  The Clinical/Regulatory Working Group may provide comments regarding such documents and other correspondence prior to their submission, which comments the submitting Party shall consider in good faith.  Each Party shall provide the other Party (through the Clinical/Regulatory Working Group) with copies of all material submissions it makes to, and all material correspondence it receives from, a Regulatory Authority pertaining to a Regulatory Approval that pertains to the Cost Profit Sharing Products.  Notices, copies of submissions and correspondence, and other materials to be given in advance as provided in this Section 4.4.3 shall be provided at least [***] 

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  [***] in advance unless circumstances necessitate a shorter time period, and in any event not less than a reasonable time in advance under the circumstances. 

  4.4.4	Rights of Reference and Access to Data.  Each Party shall have the right to cross-reference the other Party’s or its Affiliate’s drug master file (“DMF”) and/or IND, if any, and any other Regulatory Filings anywhere in the world related to Cost Profit Sharing Products (and, for clarity, GSK shall also have the right to cross-reference such filings with respect to any Opt Out Products it is Developing and/or Commercializing), [***]. Each Party hereby grants to the other Party a “Right of Reference,” as that term is defined in 21 C.F.R. § 314.3(b) in the United States, or an equivalent exclusive right of access/reference in the United States or in any other country or region of the OUS Territory, to any Data, including such Party’s or its Affiliate’s clinical dossiers, Controlled by such Party or such Affiliate that relates to a Cost Profit Sharing Products for use by the other Party to Develop and Commercialize the Cost Profit Sharing Products (and with respect to GSK, any Licensed Product) in the Field pursuant to this Agreement.  Each Party or such Affiliate shall provide a signed statement to this effect, if requested by the other Party, in accordance with 21 C.F.R. § 314.50(g)(3) or the equivalent as required in the United States or any country or region of the OUS Territory or otherwise provide appropriate notification of such right of the other Party to the applicable Regulatory Authority. 

  4.4.5	Regulatory Audits.  The Parties shall cooperate in good faith with respect to Regulatory Authority inspections of any site or facility where Clinical Studies or Manufacturing of Cost Profit Sharing Products in the Field are conducted by or on behalf a Party pursuant to this Agreement, whether such site or facility is such Party’s or its Affiliate’s or Subcontractor’s (each an “Audited Site”).  Each Party shall be given a reasonable opportunity, at its own cost, (taking into account the timing and notice provided by the applicable Regulatory Authority) to assist in the preparation of the other Party’s Audited Sites for inspection, where appropriate, and to attend any inspection by any Regulatory Authority of the other Party’s Audited Sites, and the summary, or wrap-up, meeting with a Regulatory Authority at the conclusion of such inspection.  If such attendance would result in the disclosure to the other Party of Confidential Information unrelated to the subject matter of this Agreement, the Parties shall enter into a confidentiality agreement covering such unrelated subject matter.  In the event that any Audited Site is found to be non-compliant with one or more Good Laboratory Practice, Good Clinical Practice, Good Manufacturing Practice or current standards for pharmacovigilance practice, the non-compliant Party shall submit to the other Party a proposed recovery plan or Corrective and Preventative Actions (“CAPA”) within [***] [***] after such non-compliant Party, its Affiliate or its Subcontractor receives notification of such non-compliance from the relevant Regulatory Authority and such non-compliant Party shall use Commercially Reasonable Efforts to implement such recovery plan or CAPA promptly after submission.  Notwithstanding the foregoing, the rights of each Party under this Section 4.4.5 are subject to the terms of the applicable Subcontract, provided that each Party agrees to use Commercially Reasonable Efforts to include in the applicable Subcontract with its Subcontractors, a clause permitting the other Party to exercise its rights under this Section 4.4.5. 

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  4.4.6	Pricing and Reimbursement Approvals.  Subject to Section 5.7, GSK or its Affiliate shall be responsible for and have the exclusive right to seek and attempt to obtain pricing and reimbursement approvals for the Cost Profit Sharing Products in the Field in the U.S. and in the OUS Territory and otherwise for Opt Out Products in the Field, provided that GSK shall keep Alector reasonably informed with regard to the price of the Cost Profit Sharing Products in [***]and shall discuss with, and consider in good faith the comments of, the JCC with respect to the price of Cost Profit Sharing Products in the U.S.  

  4.5	Costs of Joint Development.

  4.5.1	Cost Sharing.  

  (a)	Subject to Section 4.5.5, Development Costs incurred during the Term by the Parties for Cost Profit Sharing Products shall be borne as follows: 

  (i)	Development Costs (other than Manufacturing Costs) for the conduct of the first Phase II Clinical Study for each of [***] specified in the Initial GDP: 100% by Alector and 0% by GSK; 

  (ii)	Manufacturing Costs: 50% by GSK and 50% by Alector; and

  (iii)	all other Development Costs (other than Manufacturing Costs) not included within the foregoing clause (i) and (ii) (including for clarity all Development Costs (other than Manufacturing Costs) incurred in support of the Core Dossier): 60% by GSK and 40% by Alector. 

  For the avoidance of double-counting, the Parties acknowledge and agree that Development Costs shall not be included in Allowable Expenses for purposes of calculating Pre-Tax Profit or Loss in accordance with the Financial Exhibit (and, likewise, that any amounts included in Allowable Expenses shall not be included in Development Costs).  Payments under Existing Third Party Agreements incurred after the Effective Date that are attributable and allocable to the Development activities for which the Parties share (or reimburse) Development Costs under this Agreement shall be included as Development Costs shared (or reimbursed, as applicable) by the Parties. 

  4.5.2	Clinical Studies Involving Other Products of a Party.  Notwithstanding Section 4.5.1 above, in the case of Clinical Studies and other Development activities under the GDP involving another product of a Party (including any product of its Affiliate) (i.e., other than a “Cost Profit Sharing Product”) as a comparator or combination therapy, then the Party whose other product is involved shall supply such other product for purposes of such trial or activity at the manufacturing cost thereof (calculated in the same manner as Supply Cost for a Cost Profit Sharing Product) and the portion of the costs of such Clinical Study to be including in Development Costs of such Clinical Study shall be reasonably determined by the Finance Working Group, based on 

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  the relative benefit to the Licensed Product and the other product(s) of a Party involved in such Clinical Study.  

  4.5.3	Development Costs Reports.  Development Costs shall initially be borne by the Party incurring the cost or expense, subject to reimbursement as provided in Section 4.5.4.  Each Party shall calculate and maintain records of Development Costs incurred by it and its Affiliates in accordance with procedures to be established by the Finance Working Group, and quarterly reconciliation, reasonable cost forecasting, and other finance and accounting matters related to Development Costs will be determined by the Finance Working Group (the “Development Reconciliation Procedures”).  Such procedures will provide the ability to comply with financial reporting requirements of each Party.  The Development Reconciliation Procedures shall provide that a preliminary estimate of the Development Cost, in a format established by the Finance Working Group, shall be provided by each of Alector and GSK by the [***] [***] of the [***] [***] of each Calendar Quarter for purposes of financial statement close process. Within [***]  [***] after the end of each Calendar Quarter, each Party shall submit to the Finance Working Group and the JDC a report, in such reasonable detail and format as is established by the Finance Working Group, which format shall be consistent with the categories calculated by the reporting Party in accordance with its Accounting Standards and sufficiently detailed to permit the other Party to obtain a reasonable understanding of, of all Development Costs incurred by such Party during such Calendar Quarter.  Within [***] [***] following the receipt of such report, each Party shall have the right to request reasonable additional information related to the other Party’s and its Affiliates’ Development Costs during such Calendar Quarter in order to confirm that such other Party’s spending is in conformance with the approved Development Budget and to finalize a written report, as described in Section 4.5.4(g).  The Finance Working Group shall establish reasonable procedures for the Parties to share estimated Development Costs for each Calendar Quarter prior to the end of such Calendar Quarter, to enable each Party to appropriately accrue its share of Development Costs for financial reporting purposes. 

  4.5.4	Excess Costs; Reimbursement of Development Costs.  

  (a)	Notification of Excess Costs. Each Party shall notify the other Party without undue delay upon becoming aware that the anticipated Development Costs to be incurred by such Party for a Cost Profit Sharing Product for a given Calendar Quarter or Calendar Year might be in excess of the Last Agreed Budget for such Cost Profit Sharing Product for such Calendar Quarter or Calendar Year period. Following such notification, the Finance Working Group shall discuss the causes of any such increase and evaluate potential mitigation measures to prevent a further increase of Development Costs as applicable. 

  (b)	Permitted Overage. To the extent the FTE Costs and Out-of-Pocket Costs within Development Costs incurred by or on behalf of a Party in a Calendar Year do not exceed [***] of the aggregate annual amounts budgeted for such FTE Costs and Out-of-Pocket Development Costs, respectively, to be incurred by or on behalf of the concerned Party for all of its activities for Cost Profit Sharing Products in such Calendar Year as set forth in the Last Agreed 

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  Budget (the “Permitted Overage”), such costs or expenses within the Permitted Overage shall be included in the calculation of the applicable Development Costs for the purposes of calculating the Development Cost sharing pursuant to Section 4.5.1. Notwithstanding the foregoing, to the extent that [***]. However, if [***]. [***].

  (c)	JSC Discussion. If the Finance Working Group concludes that: 

  (i)	the anticipated amount of the applicable Development Costs is likely to exceed the Permitted Overage (such amount the “Anticipated Excess Costs”); and 

  (ii)	there are no mitigation measures to prevent such Anticipated Excess Costs that the Parties agree to implement, the JSC shall discuss in good faith a corresponding amendment of the concerned Development Budget to reflect the Anticipated Excess Costs. 

  (d)	Responsibility for Excess Costs. In the event that the Development Costs incurred by or on behalf of a Party in a Calendar Year exceed the Permitted Overage for such Calendar Year (such excess Development Costs incurred, the “Excess Costs”), then, except as set forth Section 4.5.4(e) and 4.5.4(f), the applicable Party incurring such Excess Costs shall be solely responsible for bearing such Excess Costs in excess of the applicable Permitted Overage and such Excess Costs shall not be included in the calculation of the applicable Development Costs for purposes of calculating the Development Cost sharing pursuant to Section 4.5.1. 

  (e)	Carry Forward. If any Excess Costs are excluded from sharing by the Parties for a particular Calendar Year pursuant to the foregoing in Section 4.5.4(d), such Excess Costs shall be carried forward to subsequent Calendar Years and, to the extent the total Development Costs, as applicable, incurred by such Party and its Affiliates for the subsequent Calendar Year are less than [***] of the aggregate Development Costs allocated to such Party under the Last Agreed Budget for such Calendar Year, such carried forward amounts shall be included in Development Costs, as applicable, to be shared by the Parties for such Calendar Year period (i.e., so that the total Development Costs incurred by such Party and its Affiliates that are shared pursuant to this paragraph do not exceed [***] of the Development Costs allocated to such Party under the Last Agreed Budget for the applicable Calendar Year).  Additionally, to the extent the Development Costs for a given Calendar Year are less than the Development Costs included in the Development Budget for such Calendar Year, because Development activities planned for such Calendar Year have been delayed to a subsequent Calendar Year, the Finance Working Group shall adjust the Development Budget for subsequent Calendar Years to reflect such delay (but without increasing the total cumulative Development Costs under the Development Budget).  

  (f)	Excess Costs Automatically Included as Development Cost. Notwithstanding the foregoing, to the extent that Excess Costs incurred by a Party are directly attributable to [***], then such Excess Costs shall not be borne solely by the Party incurring such 

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  Excess Costs and shall be included in the calculation of the applicable Development Costs for purposes of calculating the Development Cost sharing pursuant to Section 4.5.1.

  (g)	Reimbursement of Development Costs. The Development Reconciliation Procedures shall provide for the Finance Working Group to develop a written report setting forth in reasonable detail the calculation of any net amount owed by Alector to GSK or by GSK to Alector, as the case may be, as necessary to accomplish the sharing of Development Costs set forth in Section 4.5.1 and this Section 4.5.4, and to prepare such report promptly following delivery of the report described in Section 4.5.3 and in a reasonable time (defined in Section 7.6.5) in advance of payment. The Party that is due reimbursement of Development Costs shall invoice the other Party within [***] ([***]) [***] of receipt of the finalized report described in Section 7.6.5 from the Finance Working Group.  Such payments by one Party to reimburse the other Party’s expenditures for Development Costs shall be payable [***] ([***]) [***] following receipt of the foregoing invoice. In establishing the Development Reconciliation Procedures, the Finance Working Group shall work to coordinate and harmonize all Reconciliation Procedures to permit for reconciliation, and associated payments, with respect to Development Costs as well as Pre-Tax Profit or Loss in the United States and royalties in the OUS Territory and on Opt Out Products in the United States.

  4.5.5	Alector Opt Out.  

  (a)	Exercise. On a Licensed Antibody-by-Licensed Antibody basis, Alector may, upon [***] [***] advance written notice to GSK, opt out of sharing Development Costs and Pre-Tax Profits or Loss for such Licensed Antibody and all Cost Profit Sharing Products containing such Licensed Antibody for all Indications (each such opt out with respect to a Licensed Antibody, an “Alector Opt Out”, the date such notice is provided, the “Opt Out Notice Date” and the date of expiration of such [***] [***] period with respect to such Alector Opt Out, the “Alector Opt Out Date”), provided that Alector may not exercise the Alector Opt Out with respect to a Licensed Antibody during the Launch Window for a Cost Profit Sharing Product containing such Licensed Antibody.  As used herein, “Opt Out Product” means any Licensed Product containing a Licensed Antibody for which the Alector Opt Out has been exercised.  

  (b)	Consequence of Alector Opt Out. Following the Alector Opt Out Date with respect to an Opt Out Product: 

  (i)	For any Clinical Studies for which Alector solely bears the cost under Section 4.5.1(a)(i) and still remain to be conducted under the then-current GDP, Alector shall [***]; 

  (ii)	Alector shall not be obligated to share in costs incurred after the Alector Opt Out Date with respect to the Development of Licensed Products for the Opt Out Product, or with respect to any Clinical Study directed to the Opt Out Product that is [***];  

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  (iii)	Except for Clinical Studies for the Opt Out Product where Alector remains responsible for Development Costs pursuant to the preceding Sections 4.5.5(b)(i) and 4.5.5(b)(ii) (the “Committed Opt Out Cost Share Studies”), GSK shall reimburse Alector for all costs incurred by Alector in the Development of the Opt Out Products, including for Manufacturing activities in support thereof and the Supply Cost for any Opt Out Product provided by Alector to GSK; 

  (iv)	Alector shall not be entitled to receive, nor obligated to pay, a share of any Pre-Tax Profit or Loss with respect to such Opt Out Product pursuant to Section 7.3 and shall, instead receive royalties on Net Sales of such Opt Out Product pursuant to Section 7.4.2;

  (v)	Except where such Alector Opt Out is [***]; 

  (vi)	except with respect to the Committed Opt Out Cost Share Studies: [***]; 

  (vii)	GSK shall [***]; 

  (viii)	the licenses granted in Section 3.1 with respect to Licensed Products shall become exclusive with respect to the Opt Out Products (except as set forth in Sections 4.5.5(b)(i) or 4.5.5(b)(ii)); and

  (ix)	the licenses granted in Section 3.2 with respect to such Licensed Products shall terminate with respect to the Opt Out Products (except as set forth in Sections 4.5.5(b)(i) or 4.5.5(b)(ii)).

  4.6	New Product Decisions.

  4.6.1	Definitions.  As used herein:

  (a)	“Alector Independent Know-How” means Know-How that [***].

  (b)	“Alector Independent Patents” means Patents that [***].

  (c)	“Alector Independent Technology” means Alector Independent Know-How and Alector Independent Patents.

  (d)	“GSK Independent Know-How” means Know-How that [***].

  (e)	“GSK Independent Patents” means Patents that [***].

  (f)	“GSK Independent Technology” means GSK Independent Know-How or GSK Independent Patents.

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  (g)	“Independent Technology” means the Alector Independent Technology or the GSK Independent Technology.

  (h)	“New Product Decision” means a decision by the JDC with respect to the following matters: (i) a GDP providing for the conduct of Clinical Studies, GLP toxicology studies or other studies intended to support an IND filing, with respect to any Licensed Antibody other than an Existing Antibody, or any Licensed Product other than an Existing Product, including a Licensed Product consisting of a different formulation of an Existing Product, (ii) perform Manufacturing activities in support of the activities described in the foregoing clause (i), or (iii) the Commercialization (or Manufacture for Commercialization) of any Licensed Antibody other than an Existing Antibody, or any Licensed Product other than an Existing Product.  

  4.6.2	Advancement of Licensed Antibody or Licensed Product other than an Existing Antibody or Existing Product.  

  (a)	Neither Party shall [***], unless such Party proposes a New Product Decision with respect to such Licensed Antibody or Licensed Product to the JDC for approval and the Parties unanimously approve such New Product Decision (themselves or their representatives on the JDC or their Executive Officers pursuant to Section 13.1). 

  (b)	Each Party will have [***] [***] (or longer, if mutually agreed in writing by the Parties) to object in writing to a given proposed New Product Decision after such New Product Decision has been proposed to the JDC, as applicable, on any basis, including that [***].  

  (c)	In the event that a Party objects in writing to a given proposed New Product Decision as provided in Section 4.6.2(b), no later than [***] [***] after such New Product Decision has occurred with respect to a given Licensed Antibody or Licensed Product, such matter shall be discussed by the JDC, and such matter may be escalated for resolution as provided in Sections 2.8 and 13.1 if needed, to determine whether to approve such New Product Decision. 

  (d)	For clarity, if neither Party opposes a New Product Decision, then each Party’s Independent Technology that falls within the definition of Alector Intellectual Property or GSK Intellectual Property, as applicable will be included within the definition of Alector Intellectual Property or GSK Intellectual Property, as applicable, without further action of the other Party or the applicable committee. 

  4.7	Patient Samples.

  4.7.1	The Party conducting any Clinical Study shall retain and archive all patient samples (including any human biological material (and any derivative or progeny thereof), any portion of an organ, any tissue, skin, bone, muscle, connective tissue, blood, cerebrospinal fluid, cells, gametes, or sub-cellular structures such as DNA, or any derivative of such biological material such as stem cells or cell lines; and any human biological product, including, but not limited to, hair, 

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  nail clippings, teeth, urine, faeces, breast milk, and sweat) collected and retained in connection with Clinical Studies involving a Licensed Antibody or Licensed Product that are performed under this Agreement and co-funded by the Parties (including those Clinical Studies conducted pursuant to Section 4.5.1(a)(i))  (together with appropriate compilations of Information with respect to such samples, “Patient Samples”). [***].

  4.7.2	Each Party agrees that any Patient Samples it collects in performance of activities under this Agreement will be obtained and will be stored, transferred, used and disposed of in accordance with all relevant Laws and any generally accepted and customary ethical guidelines regarding the collection, use, transport and disposal of human tissue.

  4.7.3	Each Party agrees that it will seek all the relevant ethics committee approvals to enable the use of the Patient Samples obtained by or on behalf of such Party from patients or human subject volunteers or other donors in the Development of Licensed Antibodies or Licensed Products.

  4.7.4	Each Party agrees that the use of Patient Samples by or on behalf of such Party in the activities under this Agreement will fall within the terms of the informed consent given by the donors of the samples or the clinical trial participants providing such samples. When a Party obtains samples from another entity that collected the samples outside the scope of activities conducted under the GDP, such Party shall obtain contractual confirmation that the entity complied with relevant requirements for informed consent, ethics committee/IRB approval and data privacy prior to such Party using such samples under this Agreement. Additionally, with respect to Patient Samples collected by a Party under this Agreement, each Party agrees, through the informed consent process, to seek to inform donors that (i) the research is being undertaken by a commercial entity, (ii) if applicable, the research involves the analysis of DNA and /or medical information, (iii) the Patient Samples may be transferred to a Third Party for testing, subsequent research use and storage purposes conducted for and on behalf of a commercial organization and its Third Party collaborators, and (iv) a commercial organization will have ownership of the results of the research performed on the Patient Samples and there will be no benefit whatsoever or any form of compensation for the donor in respect of the use of the Patient Samples by the commercial organization. 

  4.7.5	Each Party shall record each Patient Sample used or provided by it under this Agreement in a suitable Patient Sample level tracking system (the “Tracking Records”). Such Party shall maintain the Tracking Records at all points of the Patient Sample life cycle and including reporting on the status of each sample.

  4.7.6	No human embryonic or fetal derived material (including cell lines) may be used in connection with a Party’s activities under this Agreement without the express prior written approval of the other Party.

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  4.7.7	In the event that a Party determines in its reasonable opinion that any informed consents for any clinical studies of a Licensed Product conducted by the other Party prior to the Effective Date or as part of the activities under the Agreement are insufficient to allow the transfer of Patient Samples or Personally Identifiable Information from such study to such Party or its Affiliates, then the other Party will use reasonable efforts to collaborate with such Party to agree upon an appropriate course of action to remedy such informed consent deficiencies and the other Party will take reasonable steps to carry out such agreed course of action to remedy such deficiencies, including to the extent agreed by such other Party, seeking a waiver or other approval from the applicable internal review boards for such study or, if agreed by the other Party, reconsenting patients.

  4.8	Progranulin Gene Therapy Program.

  4.8.1	In the event Alector determines to [***] (a “Gene Therapy Proposal”), along with a [***].  Within [***] ([***]) [***] after receipt of such Gene Therapy Proposal, GSK shall have the right to elect upon written notice, [***] to include such Progranulin Gene Therapy in the definition of Licensed Products under this Agreement as further described below.  Such election notice (including such payment) shall be referred to as the “Gene Therapy Opt-In Notice,” and the date of such notice [***] shall be referred to as the “Gene Therapy Opt-In Notice Date.”  Following the Gene Therapy Opt-In Notice Date, the following shall apply:

  (a)	The Parties shall negotiate and agree on an addendum to this Agreement (“Gene Therapy Addendum”) setting forth the [***] (such plan and budget, the “Gene Therapy GDP”).  If the Parties are [***].  The terms of any such addendum shall in any case, unless otherwise mutually agreed, provide for:

  (i)	the same allocation of responsibility, decision-making and cost sharing for the Development and Commercialization of such Progranulin Gene Therapy as other Licensed Products under this Agreement; 

  (ii)	the same royalties, milestones and profit sharing for such Progranulin Gene Therapy as other Licensed Products under this Agreement, provided that [***]; and

  (iii)	an [***]. 

  (b)	The plan and budget submitted by Alector in the Gene Therapy Proposal shall be deemed to be the Gene Therapy GDP as of the Gene Therapy Opt-In Notice Date until the Gene Therapy Addendum is [***] and Alector shall have the right to continue the Development of the Progranulin Gene Therapy pursuant to such plan and budget and the Parties shall share the Development Costs thereof in accordance with this Agreement (as if such Progranulin Gene Therapy was a Licensed Product and the Gene Therapy GDP (including budget therein) was the GDP and Development Budget).  It is understood that the plan and budget in the Gene Therapy 

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  Addendum (once agreed or established pursuant to Section 13.3.2) shall be the Gene Therapy GDP, but may subsequently be modified by the JDC to the same extent and in the same manner as the GDP may be modified.

  4.8.2	For purposes of this Section 4.8, “Progranulin Gene Therapy” means [***].

  4.8.3	For clarity, it is understood and agreed that the opt-in right described in this Section 4.8 is a one-time right, exercisable only with respect to the first Progranulin Gene Therapy Proposal to be provided under this Section 4.8.  Accordingly, if GSK does not provide a Gene Therapy Opt-In Notice as described above with respect to the first Gene Therapy Proposal provided by Alector hereunder, or withdraws its Gene Therapy Notice in accordance with Section 4.8.1(a) above,  this Section 4.8 shall terminate and be of no force or effect, and thereafter Alector may Develop (including conduct IND enabling studies), Manufacture, Commercialize and otherwise exploit one or more Progranulin Gene Therapies independent of this Agreement without restriction or obligation to GSK, in the same manner and to the same extent as if this Section 4.8 did not exist.  Unless and until GSK elects to include the Progranulin Gene Therapy as a Licensed Product in accordance with Section 4.8.1, (a) all Know-How and Patent rights made, generated or obtained by or on behalf of Alector or its Affiliates in performing activities with respect to a Progranulin Gene Therapy shall not be deemed Collaboration Intellectual Property, Collaboration Patents or Alector Intellectual Property and (b) GSK shall not have any right or license under any Know-How pertaining to a Progranulin Gene Therapy disclosed to GSK in connection with a Gene Therapy Proposal or under this Section 4.8. 

  ARTICLE V
COMMERCIALIZATION

  5.1	Commercialization Efforts.

  5.1.1	JCC Oversight.  The JCC shall oversee Commercialization of Cost Profit Sharing Products in the Field in the United States, provide a forum for communicating with respect to other Commercialization activities with respect to Licensed Products in the Territory, and perform such other functions with respect to Commercialization of Licensed Products as are provided for in Section 2.5. 

  5.1.2	Commercialization Principles.  It is the intent of the Parties that Commercialization of Licensed Products will be conducted in accordance with the following principles, except to the extent (if any) otherwise expressly provided in the U.S. Commercialization Plan established in accordance with Section 5.3.1, 5.3.2, 5.3.5(a), or 5.3.5(b) (as applicable) in accordance with the Compliance Plan. The JCC shall take into account and implement the following principles in reviewing and providing input into the Global Strategic Launch Plan and in its decision-making, including in the preparation, review and approval of updates to the U.S. Commercialization Plan, and otherwise when allocating Commercialization responsibilities between the Parties in accordance with this Agreement: 

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  (a)	The JCC shall serve as a conduit for sharing information, knowledge and expertise relating to the Commercialization of the Licensed Product.  The principles of information-sharing with respect to Commercialization of the Cost Profit Sharing Products in the United States shall be reciprocal between the Parties, [***]. 

  (b)	In connection with Alector’s role as Lead Party for Commercialization of Cost Profit Sharing Product for Non-AD/PD Minor Indications in the United States, Alector will [***].  

  (c)	The U.S. Commercialization Plan shall include a meaningful role for both Parties for Cost Profit Sharing Products, as described in Section 5.1.3 and 5.8 below.  In allocating responsibilities between the Parties, the JCC (or the JSC, or the Executive Officers, if applicable) shall take into consideration each Party’s expertise, capabilities, staffing and available resources to take on such activities, [***] but in each case the allocation of activities shall at all times abide by the terms of this ARTICLE V.  

  (d)	The U.S. Commercialization Plan shall be established in a manner to optimize coordination and cooperation between the Parties with respect to Commercialization of the Cost Profit Sharing Products in the United States, while maintaining overall efficiency. 

  (e)	The Commercialization of Cost Profit Sharing Products in the U.S. and the U.S. Commercialization Plan shall be subject to, and in accordance with, the Compliance Program.

  5.1.3	Overall Commercialization Responsibilities; Lead Parties.

  (a)	Sales Booking of Cost Profit Sharing Products.  GSK shall book all sales of Cost Profit Sharing Products [***]. 

  (b)	Commercialization Activities for Cost Profit Sharing Products in the OUS Territory.  GSK shall be responsible for all Commercialization activities with respect to Cost Profit Sharing Products in the OUS Territory.

  (c)	United States. Subject to Section 5.1.3(a) above, responsibility for Commercialization activities in the United States for Cost Profit Sharing Products shall be allocated as follows:

  (i)	Major Indications:  Subject to Sections 5.1.3(d), 5.7 and 5.8 below, GSK shall be the Lead Party for conducting Commercialization activities with respect to Cost Profit Sharing Products in the United States for all Major Indications and for all Indications for Parkinson’s Disease and Alzheimer’s Disease (i.e., both Major Indications and Minor Indications for Parkinson’s Disease and Alzheimer’s Disease) (the “Major and Related Indications”).

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  (ii)	Minor Indications:  Similarly, subject to Sections 5.1.3(d), 5.7 and 5.8 below, Alector shall be the Lead Party for conducting Commercialization activities with respect to Cost Profit Sharing Products in the United States for all Minor Indications other than the Major and Related Indications (the “Non-AD/PD Minor Indications”).

  (d)	Remedial Actions. The JCC shall review and discuss each Party’s (and its Affiliates’) performance of its obligations as Lead Party or Co-Promoting Party and if the JCC determines that a Party or its Affiliate has [***].  [***], then the non-breaching Party will provide written notice to the other Party and the JCOWG of the occurrence of any such event described above.  Such notice (the “Non-Compliance Notice”) will, in each case, expressly reference this Section 5.1.3(d), and reasonably describe the [***] (such activities, “Offending Activities”), and will provide reasonable substantiation thereof.  

  (i)	The JCOWG shall meet on the [***] following receipt of such notice and the Parties will reasonably cooperate, via the JCOWG, to expeditiously (and in any event with in [***] [***]) evaluate the [***];

  (ii)	If the Offending Activities are either substantiated by the JCOWG or the JCOWG is unable to reach consensus, the [***];

  (iii)	If the Offending Activities are [***], then, within [***] ([***]) [***], the breaching Party shall provide a [***].  If the non-breaching Party does not agree to [***]. 

  (iv)	If the breaching Party does not [***].

  (e)	Lead Party Activities.  The designation as “Lead Party” means the applicable Party shall be responsible for the implementation of strategic and operational activities to Commercialize Cost Profit Sharing Product, as such activities pertain to the applicable Indication Category, including:  [***].

  (f)	Distribution.  Subject to the foregoing, and Section 5.7 below, GSK shall be responsible for distribution, warehousing, shipping, demand estimation, customer support, return management and processing, for all Indications of Cost Profit Sharing Products in the United States.  

  (g)	Opt Out Products.  GSK and its Affiliates shall book all sales and be responsible for all Commercialization activities worldwide with respect to Opt Out Products, as further described in Section 5.1.4(c) below.  Following the exercise by Alector of the Alector Opt Out, GSK shall replace Alector as the Lead Party with respect to Non-AD/PD Minor Indications for such Opt Out Product in the United States beginning no sooner than [***] ([***]) [***] after the applicable Opt Out Notice Date, which period of time may be adjusted upon agreement by the 

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  Parties, and the Parties shall cooperate fully to complete transition of such activities to GSK in a smooth and efficient manner as soon as reasonably practicable.

  5.1.4	Activities and Participation.  

  (a)	Each Party shall use [***] to execute and to perform, or cause to be performed, [***]. Notwithstanding anything to the contrary contained herein, a Party or its Affiliate shall not be obligated to undertake or continue any Commercialization activities with respect to the Licensed Antibodies or Licensed Products if such Party (or Affiliate) reasonably determines that performance of such Commercialization activity would violate applicable Law or if such Commercialization activities with respect to the applicable Licensed Antibody or Licensed Product would pose an unacceptable safety risk to patients.  

  (b)	With respect to the OUS Territory, unless otherwise agreed by GSK and Alector, GSK will implement and will have sole authority and responsibility for the Commercialization of Cost Profit Sharing Products in the Field in the OUS Territory, [***].  

  (c)	In the event Alector exercises an Alector Opt Out with respect to one or more Opt Out Products, unless otherwise agreed by GSK and Alector, GSK will implement and will have sole authority and responsibility for the Commercialization of the Opt Out Products in the Field in the United States and the OUS Territory, in each case in accordance with the Opt Out Commercialization Plan, the Global Strategic Launch Plan and the terms of this Agreement.  GSK shall [***] Commercialize such Opt Out Products for each Indication after Regulatory Approval is obtained for such Indication [***].

  (d)	Each Party and its Affiliates shall perform all Commercialization activities with respect to Licensed Products, in the United States and in the OUS Territory, in compliance with applicable Law, including all Health Care Laws and current standards for pharmacovigilance practice and, in accordance with the Compliance Program.  

  5.2	Manner of Performance.

  5.2.1	Right to Subcontract Commercialization Activities.  

  (a)	Required Subcontract Terms.  Subject to Section 5.2.1(b), each Party and its Affiliates may [***].  The JCC shall oversee the performance of Subcontractors under Material Subcontracts with respect to the Commercialization of Cost Profit Sharing Products in the United States in the same manner and to the same extent as its oversight of the Parties hereunder.  Notwithstanding the foregoing, the subcontracting Party (or Party whose Affiliate enters into a Subcontract) shall remain liable under this Agreement for the performance of all its obligations under this Agreement and shall be responsible for and liable for compliance by its Subcontractors with the applicable provisions of this Agreement. 

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  (b)	Alector may engage a Third Party subcontractor to provide Sales Representatives to conduct Detailing and Medical Affairs activities solely in accordance with the terms set forth in this Section 5.2.1(b). Alector shall not [***] without the prior written consent of GSK.  Prior to executing an agreement with a Third Party subcontractor that will perform Detailing and/or Medical Affairs activities on behalf of Alector hereunder, Alector will (a) provide GSK with an opportunity to review and comment on the material terms, (b) ensure that such agreement includes all of the requirements and obligations of this Section 5.2.1 and the Compliance Program, including compliance, use of materials, training obligations, and ability to terminate upon Alector Opt Out, and (c)  require the Third Party subcontractor to comply with the Compliance Program. Upon execution of any such contract with such Third Party subcontractor, Alector will provide GSK with a copy of such agreement.

  (c)	Obligation to Discuss.  Notwithstanding the foregoing, if either Party (or its Affiliate) desires to subcontract any of its assigned Commercialization activities with respect to the Commercialization of Cost Profit Sharing Products in the United States, such Party shall first discuss it with the other Party and take into account and reasonably consider amending the U.S. Commercialization Plan to reallocate such activities to the other Party or alternatively, subcontracting such activities to the other Party (at a cost to be agreed between the Parties), taking into account (balanced with other factors, including the principles prescribed in Section 5.1.2 above) the capabilities of the other Party and potential impact on costs, as a potential alternative to subcontracting such activities to a Third Party.  In the event that any Commercialization activity allocated to either Party under the U.S. Commercialization Plan is subcontracted to the other Party (as opposed to being allocated to the other Party under the U.S. Commercialization Plan), then if the subcontracting Party remains ultimately responsible under this Agreement for the conduct of such activities, the other Party shall conduct such activities under the management of, and as directed by, the subcontracting Party, consistent with the terms of this Agreement and all applicable Laws.  

  5.2.2	Day-to-Day Responsibility.  Each Party shall be responsible for day-to-day implementation of the Commercialization activities with respect to the Cost Profit Sharing Products for which it has or otherwise is assigned responsibility under this Agreement or the U.S. Commercialization Plan and shall keep the other Party reasonably informed as to the progress of such activities.  Each of the Parties may appoint a single U.S. Commercialization alliance manager to be responsible for the day-to-day coordination of such Commercialization activities in the United States contemplated by this Agreement and the U.S. Commercialization Plan.

  5.2.3	Commercialization Standards.  Without prejudice to the Compliance Program, [***].  The Parties may review and discuss each Party’s (and its Affiliates’) performance against such standards at each meeting of the JCC.  If the JCC determines that a Party or its Affiliate has failed to comply with such standards and such failure could adversely affect the Development or Commercialization of any Licensed Product in the Field, or if the JCC does not agree and one 

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  Party believes such is the case, the JCC shall (or such Party may) so notify the JSC and the JSC shall [***].

  5.2.4	Commercialization Reports.  

  (a)	Cost Profit Sharing Products in the United States.  At each meeting of the JCC, each Party will report on the Commercialization activities such Party and its Affiliates have performed or caused to be performed with respect to Cost Profit Sharing Products in the United States since the last meeting of the JCC, evaluate the work performed in relation to the goals of the U.S. Commercialization Plan and provide such other information as may be required by the U.S. Commercialization Plan or reasonably requested by the JCC with respect to such Commercialization activities.  If a Party fails to adequately provide such report at a meeting of the JCC, [***].  The JCC shall evaluate each Party’s and its Affiliates’ performance during each Calendar Quarter in which Commercialization activities with respect to the Cost Profit Sharing Products in the Field are performed in the United States against the U.S. Commercialization Plan and provide a report of such progress to the JSC at least [***] [***], unless agreed otherwise by the Parties.  

  (b)	OUS Territory and Opt Out Products.  At each meeting of the JCC, GSK shall (i) [***] (ii) provide [***] with respect to Opt Out Products since the last meeting of the JCC. 

  5.3	Commercialization Plans.

  5.3.1	Global Strategic Launch Plan.  GSK shall develop and periodically update, and submit to the JSC for review and discussion, a written document describing the global product strategy for Commercialization of the Cost Profit Sharing Products in the Field in the U.S. and OUS Territory (the “Global Strategic Launch Plan”).  The Global Strategic Launch Plan will include [***]; provided however that the Global Strategic Launch Plan will not include any U.S. strategic implementation matters for Non-AD/PD Minor Indications in the United States without Alector’s agreement.  GSK will consider in good faith any comments of Alector or the JSC with respect to the Global Strategic Launch Plan, but such Global Strategic Launch Plan shall be approved solely by GSK.  The Commercialization of the Cost Profit Sharing Products in the Field in the United States shall be governed by the U.S. Commercialization Plan, which shall be generally consistent with the strategies set out in the Global Strategic Launch Plan.  The initial Global Strategic Launch Plan shall be developed and submitted to the JSC for review within the [***] [***] period prior to anticipated First Commercial Sale in the Territory, and shall be completed and approved by GSK, after consideration in good faith of any comments of Alector or the JSC, no later than [***] [***] prior to anticipated First Commercial Sale of a Cost Profit Sharing Product in the Territory. 

  5.3.2	U.S. Commercialization Plan. The Parties shall cooperate to develop, the JCC shall review, and the JSC shall review and approve, a U.S. Commercialization Plan for Cost Profit Sharing Products that sets forth the Commercialization activities to be undertaken with respect to Cost Profit Sharing Products in the Field in the United States The U.S. Commercialization Plan 

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  shall at all times be consistent with the Global Strategic Launch Plan and Section 5.1.3 above. The joint Commercialization of the Cost Profit Sharing Products in the Field in the United States shall be governed by the U.S. Commercialization Plan, which shall allocate such Commercialization activities between the Parties in accordance with the terms of this Agreement, including the principles set forth in Section 5.1.2 and the provisions of Sections 5.1.3 (and if applicable, Section 5.8 below).  Unless otherwise determined by the JCC, the U.S. Commercialization Plan shall be a [***] [***] rolling plan, updated annually as provided in Section 5.3.5(b).  The initial U.S. Commercialization Plan shall be submitted to the JCC for review no later than [***] prior to anticipated First Commercial Sale in the United States, and submitted to the JSC for approval no later than [***] [***] prior to anticipated First Commercial Sale in the United States.  The U.S. Commercialization Plan shall include [***].  The terms of and activities set forth in the U.S. Commercialization Plan shall at all times be designed to be in compliance with all applicable Laws and the Compliance Program. 

  5.3.3	U.S. Commercialization Budget.  The U.S. Commercialization Budget included in the U.S. Commercialization Plan shall be a rolling [***] [***] budget setting forth the budgeted amounts for costs with respect to activities allocated to the Parties under the U.S. Commercialization Plan during the then-current Calendar Year and the successive [***] Calendar Years thereafter, and shall include for both Parties a budget for FTE Costs and Out-of-Pocket Costs, broken down by Calendar Quarter for the then-current Calendar Year.  The U.S. Commercialization Budget shall also include [***] as determined by the JCC in conjunction with the Finance Working Group.  Concurrently with the annual preparation of the U.S. Commercialization Plan in accordance with Section 5.3.5(b), the JCC shall also prepare, and the JSC shall review to approve, an updated U.S. Commercialization Budget covering the next Calendar Year and the succeeding [***] [***].  

  5.3.4	If Alector exercises an Alector Opt Out for one or more Opt Out Products, GSK shall develop a plan for the Commercialization of such Opt Out Products in the Field in the Territory (the “Opt Out Commercialization Plan”). The Commercialization of Opt Out Products in the Field in the Territory shall be governed by the Opt Out Commercialization Plan.  GSK will have responsibility for determining strategy and overall guidelines regarding the marketing, market access, Medical Affairs, and sales for Opt Out Products in the Field in the Territory, and development of Promotional Materials and Packaging for the Opt Out Products.  

  5.3.5	Amendments and Updates.  

  (a)	Global Strategic Launch Plan.  GSK shall develop, and submit to the JSC for review and discussion, an annual update to the Global Strategic Launch Plan. Such update shall be developed and submitted to the JSC no later than [***] of the prior Calendar Year.  After consideration in good faith of any comments of Alector or the JSC, such updated Global Strategic Launch Plan shall be completed and approved by GSK and shall take effect on the first day of the Calendar Year to which such Global Strategic Launch Plan applies.  [***].  Upon approval by GSK (after consideration in good faith of any comments of Alector or the JSC), the Global 

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  Strategic Launch Plan shall be amended accordingly.  For clarity, pursuant to Section 5.3.1, the Global Strategic Launch Plan shall not be amended to include any U.S. strategic implementation matters for Non-AD/PD Minor Indications in the U.S. without Alector’s agreement.  [***]. 

  (b)	U.S. Commercialization Plan.  The Parties shall cooperate to develop, and submit to the JCC for review, an updated [***] [***] rolling plan for Commercializing the Cost Profit Sharing Products in the United States for each Calendar Year (and the [***] [***]), which shall include an updated U.S. Commercialization Budget for such [***] [***] period. The JCC shall submit each such U.S. Commercialization Plan to the JSC for review and approval in time to permit the JSC’s preliminary approval to occur no later than [***] of the prior Calendar Year.  Upon the JSC’s preliminary approval, such plan shall be submitted to each Party for its internal budgeting process with a target for final approval by the JSC no later than [***] of the prior Calendar Year, and after final approval by the JSC, such U.S. Commercialization Plan shall take effect on the first day of the Calendar Year to which such U.S. Commercialization Plan applies.  The JCC shall review each Party’s (and its Affiliates’) performance under the U.S. Commercialization Plan (including the U.S. Commercialization Budget) on a [***] basis, and shall develop detailed and specific updates and substantive amendments to the U.S. Commercialization Plan that reflect such performance. The JCC shall also reasonably consider any proposed updates and amendments to the U.S. Commercialization Plan presented by either Party.  The JSC shall review such proposed amendments presented by the JCC and may approve such proposed amendments or any other proposed amendments that the JSC may consider from time to time in its discretion and, upon such approval by the JSC, the U.S. Commercialization Plan shall be amended accordingly.  Amendments and updates to the U.S. Commercialization Plan, including the U.S. Commercialization Budget, shall not be effective without the approval of the JSC or the Executive Officers pursuant to Section 13.1, or determination pursuant to Section 13.3, as applicable. In the event that the JSC does not approve an updated U.S. Commercialization Plan, including the U.S. Commercialization Budget, prior to the start of the next Calendar Year, either Party may initiate procedures to resolve the issue pursuant to Sections 13.1 and 13.3, and the then-current U.S. Commercialization Plan, together with the budgeted amounts set forth in the [***] [***] rolling U.S. Commercialization Budget, shall continue to apply until the U.S. Commercialization Plan is agreed by the JSC or determined pursuant to Section 13.1 or Section 13.3.

  (c)	Opt Out Commercialization Plan.  GSK shall review with the JCC and JSC annually, the then-current version of the Opt Out Product Commercialization Plan, no later than [***] of the prior Calendar Year.  

  5.4	Medical Affairs Responsibilities.

  5.4.1	OUS Territory. During the Term, GSK, either itself or by and through its Affiliates, Sublicensees or subcontractors, will be solely responsible for all Medical Affairs activities with respect to the Licensed Products throughout the OUS Territory and Opt Out Products in the U.S., at GSK’s sole cost and expense, in accordance with the Global Strategic Launch Plan and Exhibit 

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  5.17.1.

  5.4.2	United States. The Party to which a particular Medical Affairs activity is allocated under a U.S. Commercialization Plan will lead the performance thereof, and, [***] and in compliance with the Compliance Program. If a particular Medical Affairs activity is allocated to both Parties to perform jointly under the U.S. Commercialization Plan, then both Parties will conduct such activity in collaboration with each other. Each Party will use reasonable efforts in the U.S. to co-brand all sponsorships, booths, and similar activities to the extent related to the Cost Profit Sharing Products and such cobranding is permitted under applicable Law. Each Party will conduct all Medical Affairs activities in the U.S. in accordance with the U.S. Commercialization Plan, the Compliance Program, and as otherwise agreed by the JCC (and set forth in writing (which may include minutes of the applicable JCC meeting) and approved by the JSC as needed).

  5.4.3	Medical Affairs Materials.  In accordance with Section 2.6.4, the JCOWG will establish an appropriate working group for the medical, legal and regulatory review of all Medical Affairs Materials (the “MLR Working Group”).  The MLR Working Group will have representatives from both Parties with appropriate expertise to carry out the responsibilities of the MLR Working Group. The Lead Party for an Indication Category [***] in accordance with the U.S. Commercialization Plan and the Compliance Program. All such Medical Affairs Materials will be submitted to the MLR Working Group for review and approval, and such MLR Working Group will serve as the review and approval committee for all Medical Affairs Materials to be used by either Party in the U.S. following the GSK Medical Affairs procedural processes for approval of such materials.  The Lead Party for the applicable Indication Category will be [***] to applicable Regulatory Authorities for comments or approval as required. [***]. Neither Party shall use any materials other than the Medical Affairs Materials that have undergone the review and approval process set forth in this Section 5.4.3 for use in connection with the conduct of Medical Affairs activities related to the Licensed Products under this Agreement. In addition, neither Party will be required to use any Medical Affairs Materials that its own internal compliance team has not also approved. The Lead Party shall be responsible for providing and shipping to the other Party all Medical Affairs Materials in quantities necessary for such Party to perform its activities under the U.S. Commercialization Plan.

  5.4.4	Medical Affairs Training.  The Lead Party for an Indication Category shall [***] the training programs and materials relating to Medical Affairs activities for the Cost Profit Sharing Product (“Medical Affairs Training Materials”) for use in the United States with respect to the Indication Category for which such Lead Party is responsible for the Parties’ Medical Affairs activities, in each case consistent with applicable Law, the U.S. Commercialization Plan and the Compliance Program. All such Medical Affairs Training Materials will be submitted to the MLR Working Group for review and approval in accordance with the process outlined above in Section 5.4.3 for the review of Medical Affairs activities. [***].  The Medical Affairs Training Materials will be updated annually taking into account any areas identified through internal monitoring of activities by each Party for enhanced or refreshed training.  Following the initial training of Medical Affairs personnel, [***], regular training programs for its own Medical Affairs personnel 

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  using the most up-to-date Medical Affairs Training Materials. Each Party shall have the right to join the other Party’s Medical Affairs trainings and provide input. For the avoidance of doubt, the Medical Affairs Training Materials will include training on applicable aspects of the Compliance Program. [***].  Each Party shall be responsible for the performance of its own Medical Affairs representatives.

  5.5	Advertising and Promotional Materials for Cost Profit Sharing Products.

  5.5.1	United States.  The Lead Party for an Indication Category shall [***] (collectively, “Promotional Materials”), for use in the United States with respect to the Indication Category for which such Lead Party is responsible, in each case consistent with applicable Law, U.S. Commercialization Plan and the Compliance Program. In accordance with Section 2.6.4, the JCOWG will establish an appropriate Working Group for the medical, legal and regulatory review of all Promotional Materials (the “PRC Working Group”).  The PRC Working Group will have representatives from both Parties with appropriate expertise to carry out the responsibilities of the Working Group. The PRC Working Group shall be responsible for the medical, regulatory and legal review and approval of all Promotional Materials and for the interpretation and adherence to applicable Law and the requirements of the Compliance Program governing the preparation and use of such Promotional Materials.  All Promotional Materials will be submitted to the PRC Working Group for review and approval, and such PRC Working Group will serve as the copy approval committee for the review and approval for all Promotional Materials to be used by either Party in the U.S. following the GSK copy approval procedural processes for approval of such materials.  Lead Party will be solely responsible for any advance review of the Promotional Materials required by the applicable Regulatory Authority. [***]. Neither Party shall use any promotional materials other than the Promotional Materials that have undergone the foregoing approval process for use in connection with the Commercialization and Detailing of the Cost Profit Sharing Products in the U.S. In addition, neither Party will be required to use any Promotional Materials that its own internal compliance team has not also approved.

  5.5.2	OUS Territory and Opt Out Products.  GSK shall have sole responsibility for developing and approving Promotional Materials for use in the OUS Territory (and in the United States for Opt Out Products) by GSK and its Affiliates that comply with GSK’s SOPs and applicable Laws and Regulatory Approvals and are consistent in all material respects with the Global Strategic Launch Plan.  Copies of all Promotional Materials used by GSK in the OUS Territory (and in the United States for Opt Out Products) will be archived by GSK in accordance with applicable Laws.  [***].

  5.6	Product Packaging.

  The JCC shall develop and approve Cost Profit Sharing Product packaging for use in the United States, which shall be consistent with the U.S. Commercialization Plan, the Global Strategic Launch Plan and applicable Laws and Regulatory Approvals.  GSK shall have sole responsibility for developing and approving Licensed Product packaging for use in the OUS Territory (and the United States for Opt Out Products) by GSK and its Affiliates, that shall be compliant with GSK’s 

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  applicable SOPs and applicable Laws and Regulatory Approvals and consistent in all material respects with the Global Strategic Launch Plan.  

  5.7	Sales and Distribution.

  5.7.1	United States.  

  (a)	Booking Sales.  

  (i)	Cost Profit Sharing Products.  GSK and its Affiliates shall book all sales of Cost Profit Sharing Products in the United States [***].  If Alector receives any orders for a Cost Profit Sharing Product in the United States, it shall refer such orders to GSK.

  (ii)	Opt Out Products.  GSK and its Affiliates shall book all sales of Opt Out Products in the United States, and shall be responsible for warehousing and distributing the Opt Out Products in the United States, and the allocation of responsibilities and activities under the U.S. Commercialization Plan [***].  If Alector receives any orders for an Opt Out Product in the United States, it shall refer such orders to GSK.

  (b)	Pricing Matters.  GSK shall (i) [***]; (ii) determine whether [***]; and (iii) establish [***].  GSK shall keep the JCC reasonably informed of pricing and reimbursement matters in the U.S. with respect to Cost Profit Sharing Products and shall consider in good faith the comments of, the JCC with respect to such matters. 

  5.7.2	OUS Territory.  

  (a)	Booking Sales.  GSK and its Affiliates shall book all sales of Licensed Products in the OUS Territory, and shall be responsible for warehousing and distributing the Licensed Products in the OUS Territory.  If Alector receives any orders for a Licensed Product in the OUS Territory, it shall refer such orders to GSK. 

  (b)	Pricing Matters.  GSK shall have the responsibility for determining all list prices and overall pricing and discounting strategy for the Cost Profit Sharing Products in the OUS Territory, [***].

  5.8	Co-Promotion of Cost Profit Sharing Products in the United States.

  5.8.1	Co-Promotion.  Alector shall have the right to provide up to fifty percent (50%) of the Detailing efforts for Major and Related Indications (“Alector’s Co-Promote Right”), and GSK shall have the right to provide up to fifty percent (50%) of the Detailing efforts for Non-AD/PD Minor Indications, in each case with respect to Cost Profit Sharing Products in the United States, all in accordance with this Section 5.8 and the U.S. Commercialization Plan.  Each such 

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  Party conducting Detailing efforts for an Indication Category for which the other Party is the Lead Party is referred to below as the “Co-Promoting Party”.  

  5.8.2	Inclusion in U.S. Commercialization Plan.  The JCC shall discuss and determine [***] and such details shall be reflected in the U.S. Commercialization Plan which shall also include the tactical plan to implement such co-Detailing arrangement, including the allocation of Details for the applicable Indications to Co-Promoting Party and measures to coordinate such Detailing efforts (and if a U.S. Commercialization Plan has already been prepared, it shall be updated to include the foregoing as promptly as reasonably practicable).  In each such case, the U.S. Commercialization Plan shall provide for a fair and reasonable allocation between the Parties of Detailing activities, [***] and the like with respect to the applicable Cost Profit Share Product and Indication Category, and each party shall use [***] to perform the Details so allocated to it pursuant to such U.S. Commercialization Plan. If the JCC cannot agree on the foregoing matters, (a) with respect to Non-AD/PD Minor Indications [***], and (b) with respect to any other indications [***].

  5.8.3	Adjustment of Percentage.  Notwithstanding Section 5.8.2, the Co-Promoting Party shall have the right to adjust the percentage of Details it will provide pursuant to Section 5.8.1 from time to time, subject always to a maximum of [***] ([***]), by so notifying the other Party at least [***] ([***]) [***] prior to the time such adjustment will take effect, with the limitation that any such adjustment shall only take effect as of [***] of the applicable Calendar Year.  Once the Co-Promoting Party has so adjusted such percentage, it shall not again adjust the percentage for a period of [***] [***] (i.e., any such subsequent adjustment shall not take effect prior to the [***] anniversary of such prior adjustment).  The Co-Promoting Party shall not reduce the percentage of Details it will provide pursuant to this Section 5.8 with respect to a Cost Profit Sharing Product to zero (or to any percentage less than [***] ([***]))  without the prior written approval of the other Party.

  5.9	Training.

  The Lead Party shall [***] the initial Licensed Product training programs and materials (“Product Training Materials”) for use in the United States with respect to the Indication Category for which such Lead Party is responsible, [***] and in each case consistent with applicable Law, the U.S. Commercialization Plan and the Compliance Program.  All such Product Training Materials will be submitted to the PRC Working Group for review and approval.  The Lead Party shall conduct such training programs for all Sales Representatives prior to the launch of the applicable Cost Profit Sharing Product; provided that thereafter each Party shall be responsible for, and shall conduct, training programs using the most up-to-date Product Training Materials for its own Sales Representatives who will participate in Detailing the Cost Profit Sharing Product using the Product Training Materials to ensure a consistent, focused promotional strategy between the Parties that is consistent with the Approved Labeling for the applicable Cost Profit Sharing Product. The Product Training Materials will be updated annually taking into account any areas identified through internal monitoring of activities by each Party for enhanced or refreshed training. For the 

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  avoidance of doubt, the Product Training Materials [***].

  5.10	Management of Sales Representatives. 

  Each Party will be responsible [***], and will provide a sufficient number of full time employees to serve as district managers for such purposes and may, but will not be obligated to, designate one (1) or more full time employees to serve as regional directors having the responsibility for supervising a group of its district managers in a particular geographic region of the United States.  The U.S. Commercialization Plan shall include [***]. Nothing in this Agreement shall be construed to conclude that any of a Party’s Sales Representatives or any other agents or employees of such Party are agents or employees of the other Party or subject to such other Party’s direction and control.  Each Party shall [***].  Any and all Detailing performed by a Party hereunder shall be tracked using such Party’s internal recording of such activity; provided that such tracking [***] will be shared at the JCC for review and discussion to measure compliance with each Party’s obligations under the U.S. Commercialization Plan.  

  5.11	Other Responsibilities.

  5.11.1	United States.  GSK shall be responsible for handling all returns of the Cost Profit Sharing Products in the United States, and if a Cost Profit Sharing Product sold in the United States is returned to Alector, Alector shall promptly ship such Cost Profit Sharing Product to a facility designated by GSK.  GSK shall also be responsible for handling all aspects of Cost Profit Sharing Product order processing, invoicing and collection, distribution, inventory and receivables in the United States. 

  5.11.2	OUS Territory and Opt Out Products.  GSK shall be responsible for handling all returns of the Licensed Products in the OUS Territory and Opt Out Products, and if a Licensed Product sold in the OUS Territory or Opt Out Product sold in the United States is returned to Alector, Alector shall promptly ship such Licensed Product to a facility designated by GSK.  GSK shall also be solely responsible for handling all aspects of order processing, invoicing and collection, distribution, inventory and receivables for Licensed Products in the OUS Territory and Opt Out Products in the United States. 

  5.12	Adverse Event and Product Complaint Reporting Procedures; Notice of Information Affecting Marketability of the Licensed Product.

  5.12.1	Pharmacovigilance Agreement.  The Parties shall meet to negotiate in good faith and agree on processes and procedures for sharing pharmacovigilance data for the Parties to comply with Pharmacovigilance regulatory obligations and applicable Laws, prior to a Clinical Study by GSK for a Licensed Product.  The agreed-upon processes and procedures shall be set forth in a pharmacovigilance agreement (the “Pharmacovigilance Agreement”) containing mutually agreed terms and conditions that are customary for agreements of this type.  

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  5.12.2	Global Safety Database.  Until the commencement of a Clinical Study by GSK for a Licensed Product under the GDP, Alector shall maintain a global safety database of adverse events and pregnancy reports for such Licensed Product, which shall be used for regulatory reporting and responses to safety queries from Regulatory Authorities by both Parties.  Reasonably prior to the commencement of a Clinical Study by GSK for a Licensed Product under the GDP, Alector shall transfer such global safety database for such Licensed Product to GSK and thereafter, GSK shall maintain, and be responsible for, the global safety database for such Licensed Product, provided that upon Alector’s request GSK shall provide [***]. 

  5.13	Recalls, Market Withdrawals or Corrective Actions.

  In the event that any Regulatory Authority issues or requests a recall or takes a similar action in connection with a Licensed Product in the United States or in the OUS Territory, or in the event either Party determines that an event, incident or circumstance has occurred that may result in the need for a recall or market withdrawal in the United States or the OUS Territory, the Party notified of such recall or similar action, or the Party that desires such recall or similar action, shall within [***] hours, advise the other Party thereof by telephone or email.  GSK, in consultation with Alector, shall decide whether to conduct a recall of a Cost Profit Sharing Product in the United States (except in the case of a government mandated recall, when GSK may act without such advance notice but, shall notify Alector as soon as possible) and the manner in which any such recall shall be conducted (and in the event of any disagreement regarding a recall in the United States, the approach that is more conservative shall control).  GSK shall decide, in its sole discretion, whether to conduct a recall in any country in the OUS Territory of a Licensed Product, or in the United States of an Opt Out Product, and shall have sole discretion to determine the manner in which any such recall shall be conducted.  Each Party will make available to the other Party, upon request, all of such Party’s (and its Affiliates’) pertinent records that such other Party may reasonably request to assist such other Party in effecting any recall.  The costs and expenses of any such recall in the United States for a Cost Profit Sharing Product shall be taken into account in determining Pre-Tax Profit or Loss as, and to the extent, provided in the Financial Exhibit. 

  5.14	Medical Inquiries.

  The Lead Party with respect to an Indication Category shall [***] hours of receipt and shall respond to all inquiries from the Lead Party and follow the directives of the Lead Party in connection therewith.  GSK shall handle all medical questions or inquiries from members of the medical profession in the OUS Territory regarding the Licensed Products and in the United States regarding Opt Out Products and Alector shall, and shall cause its Field Based Representatives to, refer to GSK all such questions and inquiries within [***] hours of receipt and shall respond to all inquiries from GSK and follow the directives of GSK in connection therewith.  [***].

  5.15	Early Access Programs.

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  [***].  If [***] desires to undertake an Early Access Program with respect to a Cost Profit Sharing Product in the United States, such Party shall submit (a) [***] (b) [***].  If the JDC and JMC agree to an Early Access Program proposal, such proposal shall be submitted to the JSC for review and approval.  The JSC shall approve such Early Access Program proposal unless the JSC determines in good faith that the proposed Early Access Program [***]. Any Early Access Program conducted by either Party for the Cost Licensed Products shall be in accordance with the plan therefor to the extent established by the JDC. [***].  

  5.16	Field Based Representatives.

  5.16.1	Each medical representative or medical science liaison used by a Party or its Affiliate to perform in-person presentations of the Cost Profit Sharing Products to health care professionals, or to perform sales calls (each, a “Field Based Representative” and each of those performing detailing, a “Sales Representative”), in the United States pursuant to this Agreement shall be employed by such Party or one of its Affiliates on a full-time basis (or engaged by such Party or one of its Affiliates as an independent contractor in his or her individual capacity) as a member of its field force for the relevant Indication(s) or hospital-based field force that visits targeted prescribers.

  5.16.2	In the event that during the first [***] [***] following First Commercial Sale of a Cost Profit Sharing Product in a country, [***].

  5.16.3	Alector and GSK shall each ensure that its and its Affiliates’ Sales Representatives do not make any representation, statement, warranty or guaranty with respect to the Licensed Product that is not consistent with the Approved Labelling for a Licensed Product for the applicable country, including mutually approved limited warranty and disclaimers, if any.  Alector and GSK shall each ensure that its and its Affiliates’ Sales Representatives do not make any statements, claims or undertakings to any person with whom they discuss or promote the Licensed Products that are not consistent with, nor provide or use any labeling, literature or other materials other than, those Promotional Materials currently approved for use by the PRC Working Group in the United States.  If at any time the PRC Working Group no longer approves the use of specified Promotional Materials in the United States, each Party shall immediately take action to remove the Promotional Materials from use by its and its Affiliates’ Sales Representatives in the United States and destroy such materials.

  5.16.4	Alector and GSK shall each cause its and its Affiliates’ Field Based Representatives to comply with applicable Laws related to the performance of its obligations hereunder, including the Drug Regulation Laws, the Federal and State Anti-Kickback Statutes and all applicable regulations thereunder, the AMA and PhRMA Guidelines, and all relevant EMA regulations, authorizations and local laws regarding advertisement, sale and promotion of pharmaceutical products as well as any relevant code of practice.  

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  5.16.5	Each Party shall, and shall cause its Affiliates to, maintain records of its Field Based Representative activities in the United States and each Party shall allow, and shall cause its Affiliates to allow, representatives of the other Party to inspect such records upon request during normal business hours and upon reasonable prior notice.  

  5.17	Compliance.

  5.17.1	The Parties will comply with their respective obligations under the Compliance Program established pursuant to Exhibit 5.17.1 in relation to the Commercialization of Cost Profit Sharing Products in the U.S.  In the event that Alector is unwilling or unable to comply with its obligations in the Compliance Program, Alector shall have the option, in its sole discretion, to terminate its role as a Lead Party or Co-Promoting Party upon [***] ([***]) [***] notice to GSK (it being understood that such termination shall not be deemed an Alector Opt-Out).

  ARTICLE VI
MANUFACTURE AND SUPPLY 

  6.1	Manufacture.

  6.1.1	JMC Oversight; Efforts.  The JMC, in consultation with the JDC and the Finance Working Group, shall oversee and have authority regarding CMC Development, establishment of Manufacturing sources and supply chains, and Manufacture of Licensed Antibodies and Licensed Products in the Field, both in the United States and in the OUS Territory, subject to the provisions of this ARTICLE VI.  Each of Alector and GSK shall use Commercially Reasonable Efforts to [***].

  6.1.2	Manufacturing Principles.  The following shall apply with respect to the Manufacture of Licensed Antibodies and Licensed Products in accordance with this Agreement:

  (a)	The Manufacture of each Licensed Product under this Agreement for the United States and the OUS Territory shall be conducted using a single, harmonized Manufacturing process, utilizing a single global formulation for such Licensed Product, except to the extent that the JMC approves Manufacturing process differences between manufacturing sites or approves differences between Licensed Products for different countries.  The Parties anticipate they will attempt to improve continuously any such Manufacturing process and that the JMC will plan to establish at least [***] Manufacturing sources for each Licensed Product. 

  (b)	Alector shall have responsibility for Manufacture of Licensed Antibodies and Licensed Products using Manufacturing Subcontractor(s) during the Initial Manufacturing Period and thereafter, GSK shall have responsibility for Manufacture of Licensed Antibodies and Licensed Products in accordance with the terms of this ARTICLE VI itself and/or through one or more Manufacturing Subcontractor(s) and Alector shall have the right to obtain supply of Licensed Antibodies and Licensed Product from GSK (as described in Section 6.4 

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  below).  In the event that GSK does not supply Licensed Antibodies and Licensed Product to Alector, GSK shall permit Alector to obtain Licensed Antibodies and Licensed Products directly from such Manufacturing Subcontractor(s) for the purpose of exercising its rights and performing its responsibilities under Sections 3.1, 3.2, 3.9.1 and ARTICLE IV, provided that in such case, it shall be Alector’s sole responsibility to negotiate and enter into contracts directly with such Manufacturing Subcontractors and GSK shall have no liability with respect to the same.  Furthermore, in no event shall Alector’s contracts with such Manufacturing Subcontractors interfere with such Manufacturing Subcontractor’s ability to perform its obligations to GSK.  As used herein, the “Initial Manufacturing Period” means the period beginning on the Effective Date and ending on completion of Manufacturing Transfer. 

  (c)	The Parties shall reasonably cooperate, under the oversight and management of the JMC, to accommodate forecasting and/or timelines for advance ordering in connection with the Manufacture of Licensed Antibodies and Licensed Product.  

  (d)	Licensed Products used in Clinical Studies shall in each case be subject to release by the Party conducting the Clinical Study, and if the Party conducting the Clinical Study was not responsible for Manufacturing such Licensed Products, then the other Party shall use Commercially Reasonable Efforts to assist the Party conducting the Clinical Study in the determination of such release. 

  (e)	Alector has entered into the contracts listed on Exhibit 6.1.2(e) with Third Party contract manufacturers in connection with the Manufacture of Licensed Antibodies and Licensed Products (the “Existing Manufacturing Contracts”).  During the Initial Manufacturing Period, the Parties will reasonably cooperate to oversee CMC Development activities and to perform the Manufacturing Transfer (subject to oversight and management of the JMC as set forth herein).  During the Initial Manufacturing Period, (i) GSK will use Commercially Reasonable Efforts to assist Alector in overseeing the Manufacture and supply of Licensed Antibodies and Licensed Products under the Existing Manufacturing Contracts and in resolving Manufacturing issues, if any, that arise in connection therewith, and (ii) Alector will keep GSK fully informed of the status of Manufacturing activities undertaken by Alector’s Manufacturing Subcontractors and will reasonably consider all advice and suggestions by GSK in connection with such Manufacturing activities.  Following the Initial Manufacturing Period, GSK will keep Alector fully informed of the status of Manufacturing activities undertaken by GSK and GSK’s Manufacturing Subcontractors, and will reasonably consider all advice and suggestions by Alector in connection with such Manufacturing activities. 

  (f)	Notwithstanding anything to the contrary in this Agreement, GSK acknowledges that Alector has not granted GSK the right to: [***].

  6.1.3	Right to Subcontract Manufacturing Activities.  Each Party is permitted to use one or more of its Affiliates to perform its Manufacturing activities undertaken in accordance with this Agreement or any Supply and Quality Agreement.  Neither Party (nor their Affiliates) may 

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  subcontract to a Third Party the performance of any Manufacturing activities undertaken in accordance with this Agreement or any Supply and Quality Agreement, other than by Alector under an Existing Manufacturing Contract (a “Manufacturing Subcontract”), except in accordance with the following terms and conditions:

  (a)	Neither Party (nor their Affiliates) may subcontract any of its obligations with respect to the oversight and management of Manufacturing activities under the GDP, the U.S. Commercialization Plan, or its participation on the JMC.

  (b)	Before entering into a Manufacturing Subcontract with a Third Party, the subcontracting Party (or Affiliate of a Party) shall first notify the JMC of the Manufacturing activities to be subcontracted, the name of the proposed Third Party subcontractor and information regarding such Third Party’s relevant experience and qualifications and the proposed fees or costs to be paid to such Third Party.  The JMC shall be given a reasonable opportunity to review and discuss the proposal.  If, following such discussion, a Party (or its Affiliate) still desires to subcontract the performance of Manufacturing activities hereunder to one or more Third Parties, it may proceed to do so, subject to compliance with this Section 6.1.3(b) and provided further that [***] any transfer of GSK Manufacturing Know-How to such Third Party shall require the prior written consent of GSK, not to be unreasonably withheld.  Prior to entering into any Manufacturing Subcontract which the subcontracting Party or its Affiliate anticipates at time of execution will entail payments to the Subcontractor in excess of [***] or the use of GSK Manufacturing Know-How with respect to subcontracted Manufacturing activities under this Agreement (a “Material Manufacturing Subcontract”), the subcontracting Party shall [***].  

  (c)	Neither Party (nor its Affiliates) will enter into a Manufacturing Subcontract with a Third Party that has been debarred, or is subject to debarment, pursuant to Section 306 of the FFDCA, or that is the subject of a conviction described in such section.

  (d)	Each Manufacturing Subcontract with a Third Party must be in writing.  A Third Party subcontractor who is a party to a Subcontract is referred to in this Agreement as a “Manufacturing Subcontractor” with respect to the particular Manufacturing activities covered by such Subcontract.  Neither Party, nor their Affiliates, shall enter into any Manufacturing Subcontract with respect to Licensed Antibodies or Licensed Products after the Effective Date except in compliance with the terms of this Section 6.1.3.  Each such Subcontract entered into after the Effective Date shall contain terms consistent with the terms and conditions of this Agreement, and shall contain reasonable and customary confidentiality and non-use provisions and provide GSK the right to enforce such confidentiality and non-use provisions in the event that the Manufacturing Subcontractor is an Approved CMO and will receive GSK Manufacturing Know-How.  In addition, unless otherwise agreed to by the Parties and subject to Section 6.1.2(b), each such Manufacturing Subcontract entered into after the Effective Date shall grant the subcontracting Party a royalty-free, worldwide, sublicenseable license under any Know-How or Patents used by the Subcontractor to Manufacture the Licensed Antibody or Licensed Products, and the subcontracting Party shall use reasonable efforts to obtain a requirement in each Manufacturing 

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  Subcontract for the Manufacturing Subcontractor to permit, and reasonably cooperate to facilitate, the transfer of any such Know-How between the Parties or their Affiliates or designated Third Party contract manufacturers (subject to the restrictions in Section 6.1.3(b) with respect to the transfer or disclosure of GSK Manufacturing Know How).  The JMC shall have the right to oversee the performance of Manufacturing Subcontractors, and each Party shall have the right, based on reasonable cause, to request that the other Party audit the performance of the Manufacturing Subcontractors of such other Party and its Affiliates in accordance with the terms of the relevant Manufacturing Subcontract. 

  (e)	The subcontracting Party (or Party whose Affiliate enters into a Subcontract) shall remain liable under this Agreement for the performance of all its obligations under this Agreement and shall be responsible for and liable for compliance by its Affiliates and Subcontractors with the applicable provisions of this Agreement.

  6.1.4	Manufacturing Requirements.  The JMC may develop and approve, standards applicable to the Parties’ and their Affiliates’ performance of Manufacturing activities in accordance with this Agreement or any Supply and Quality Agreement.  Each Party (and their Affiliates) shall perform each such Manufacturing activity it undertakes in accordance with the applicable standards approved by the JMC.  The Parties may review and discuss each Party’s (and its Affiliates’) performance against such standards at each meeting of the JMC.  If the JMC determines that a Party or its Affiliate has failed to comply with such standards and such failure could adversely affect the Development or Commercialization of any Licensed Product in the Field, or if the JMC does not agree and one Party believes such is the case, the JMC shall (or such Party may) so notify the JSC and the JSC shall discuss whether any remedial action shall be taken.

  6.2	Manufacturing Transfer.

  Alector shall transfer responsibility for Manufacture of Licensed Antibodies and Licensed Products to GSK or GSK’s nominated Manufacturing Subcontractor, and provide GSK or its Manufacturing Subcontractor with reasonable assistance and Alector Know-How pertaining to the Manufacture of Existing Antibodies and Existing Products, (“Manufacturing Transfer”) in accordance with the manufacturing transfer plan, which shall be in accordance with the principles set out in Exhibit 6.2  (the “Manufacturing Transfer Plan”), which Manufacturing Transfer may occur at different times for the Existing Products (e.g., Manufacturing Transfer of AL001 may occur later than Manufacturing Transfer of AL101). The Manufacturing Transfer Plan shall be reviewed and approved by the JMC within [***] ([***]) [***] after the JMC is established, and may be amended from time to time by the JMC, provided that in all cases the Manufacturing Transfer Plan shall minimize the risk of disruption to the supply of Existing Antibody and Existing Products for use in any Phase III Clinical Study. All such technology transfer and related communication shall be overseen and facilitated by the JMC.  Alector shall provide (or cause to be provided by its relevant Affiliates or subcontractors) to GSK or its Manufacturing Subcontractor a reasonable level of technical assistance and consultation to support such Manufacturing Transfer and provide reasonable assistance with the qualification of the GSK or Manufacturing 

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  Subcontractor’s Manufacturing facility/ies with applicable Regulatory Authorities, all in accordance with the Manufacturing Transfer Plan. 

  6.3	CMC Development.

  Responsibility for performing CMC Development for each Licensed Antibody and Licensed Product (and each formulation and dosage form thereof) shall be allocated under the GDP, provided that until the Manufacturing Transfer to GSK for an Existing Antibody and Existing Product, CMC Development shall be allocated to Alector and, to the extent any ongoing CMC Development activities as of such Manufacturing Transfer are to be transferred to GSK the Manufacturing Technology Transfer Plan shall provide for a plan for the transfer of such CMC Development activities.  Each Party shall participate, through its representatives on the JMC, in decision-making with regard to CMC Development activities related to new formulations or dosage forms for Licensed Products and of associated Manufacturing processes, which activities shall be conducted in accordance with the approved GDP.

  6.4	Supply and Quality Agreement.

  If during the Term, a Party (“Non-Manufacturing Party”) requires Licensed Antibody or Licensed Product for the conduct of activities under the GDP (or in the case of Alector, any Independent ADA or is requested pursuant to Section 6.1.2(b)) and at such time the other Party (“Manufacturing Party”) is responsible for Manufacturing such Licensed Antibody or Licensed Product, then the Manufacturing Party shall supply such Licensed Antibody or Licensed Product to the Non-Manufacturing Party at Supply Cost and, upon either Party’s request, the Parties shall enter into separate supply and associated quality agreements (each, a “Supply and Quality Agreement”) covering the terms of such supply to such Party for such activities (and to the extent requested by the Party receiving such supply, (a) the Manufacturing Party shall cooperate to enter into such quality agreement on reasonably and customary terms for a quality agreement and (b) such quality agreement shall be entered into prior to such supply).  The Supply and Quality Agreement will contain terms and conditions that are reasonable and customary for agreements of such nature. The terms of any such Supply and Quality Agreement, including the Manufacturing Party’s and the Non-Manufacturing Party’s respective rights and obligations under such Supply and Quality Agreement, shall be consistent with, and limited by, rights and obligations of the Manufacturing Party under any applicable Manufacturing Subcontract.

  ARTICLE VII

FINANCIAL PROVISIONS

  7.1	Upfront Payment.

  In partial consideration of the rights granted to GSK under this Agreement, GSK shall make the following non-refundable, non-creditable payments: (a) $500,000,000 to Alector within [***] 

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  [***] of receipt of a valid invoice from Alector following the Effective Date and (b) $200,000,000 to Alector within [***] [***] of receipt of a valid invoice from Alector on or after the [***] [***] of the Calendar Year following the Calendar Year in which the Effective Date is.

  7.2	Milestone Payments.

  7.2.1	Clinical Study Milestones.  GSK shall make the non-refundable, non-creditable payments to Alector set forth below in accordance with Section 7.2.4 upon the occurrence of the corresponding milestone event set forth below (each, a “Clinical Study Milestone”):

  			
	Milestone Event
	Payment

	Minor Indication
	Major Indication

	[***]* 
	[***]
	[***]

	[***]
	[***]
	[***]

	[***]
	[***]
	[***]

	[***]
	[***]
	[***]

	[***]
	[***]
	[***]

  * For the avoidance of doubt, no Clinical Study Milestone shall be payable in respect of the Phase III Clinical Study for FTD-GRN Initiated by Alector prior to the Effective Date [***].

  Each Clinical Study Milestone shall be payable one time only, even if such Clinical Study Milestone occurs for a given Indication with respect to more than one Licensed Product (including Combination Products). Upon filing of an MAA in the U.S. or in any Major European Country or in the EMA Territory based on efficacy data from a Clinical Study, such Clinical Study shall be deemed a “Phase III Clinical Study” for purposes of this Section 7.2.1, and the corresponding milestone payment under this Section 7.2.1 with respect to such Clinical Study, if not previously paid, shall become due. 

  7.2.2	Approval Milestones.  GSK shall make the non-refundable, non-creditable payments to Alector set forth below in accordance with Section 7.2.4 upon the occurrence of the corresponding milestone event set forth below (each, an “Approval Milestone”): 

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	Milestone Event
	Payment

	Minor Indication
	Major Indication

	[***]
	[***]
	[***]

	[***]
	[***]
	[***]

	[***]
	[***]
	[***]

	[***]
	[***]
	[***]

	[***]
	[***]
	[***]

	[***]
	[***]
	[***]

	[***]
	[***]
	[***]

	[***]
	[***]
	[***]

	[***]
	[***]
	[***]

	[***]
	[***]
	[***]

   

  Each Approval Milestone shall be payable one time only, even if such Approval Milestone occurs for a given Indication with respect to more than one Licensed Product (including Combination Products).  

  7.2.3	Commercial Milestones.  GSK shall make the non-refundable, non-creditable payments to Alector set forth below in accordance with Section 7.2.4 upon the occurrence of the corresponding milestone event set forth below (each, a “Commercial Milestone”): 

  		
	Milestone Event
	Payment

	[***]
	[***]

	[***]
	[***]

   

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  Each Commercial Milestone shall be payable one time only, even if such Commercial Milestone occurs for a given Indication with respect to more than one Licensed Product (including Combination Products).  

  7.2.4	Milestone Payment Terms.

  (a)	GSK shall notify in writing promptly, but in no event later than [***] ([***]) [***] each achievement by GSK of a Clinical Study Milestone or Approval Milestone. Alector shall invoice GSK promptly following receipt of the foregoing notice or upon achievement of a Clinical Study Milestone or Approval Milestone. GSK shall pay all such Clinical Study Milestones and Approval Milestones due in U.S. Dollars within [***] ([***]) [***] of GSK’s receipt of the foregoing invoice from Alector.  

  (b)	GSK shall notify Alector in writing promptly, but in no event later than [***] ([***]) [***] after the end of the Calendar Quarter in which the achievement of each Commercial Milestone occurs. GSK shall pay all such Commercial Milestone a payments due in U.S. Dollars within [***] ([***]) [***] GSK’s receipt of an invoice from following the achievement of the corresponding milestone event.  

  7.2.5	Certain Milestone Matters.  [***]

  7.3	U.S. Pre-Tax Profit or Loss.

  7.3.1	Sharing of Pre-Tax Profit or Loss. Subject to Section 7.3.2, the Parties shall share in Pre-Tax Profit or Loss in the United States as follows:  Alector shall bear (and be entitled to) 50%, and GSK shall bear (and be entitled to) 50%.  

  7.3.2	Alector Commercialization Opt Out.  If Alector provides an Alector Opt Out pursuant to Section 4.5.5, then following the Alector Opt Out Date, Alector shall not be entitled to receive (or be obligated to pay) any share of the Pre-Tax Profit or Loss with respect to the applicable Opt Out Product, and shall, instead receive royalties on Net Sales for the Opt Out Product pursuant to Section 7.4.2.  

  7.4	OUS Territory Royalties and Opt Out Product Royalties.

  7.4.1	Royalty Rate. During the Royalty Term of this Agreement, GSK shall pay royalties, on a Licensed Product-by-Licensed Product basis, to Alector on the annual, aggregate Net Sales of each Licensed Product in the OUS Territory at the applicable royalty rates set forth below:  

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	Annual Aggregated Net Sales of a Licensed Product in OUS Territory
	Royalty Rate

	On the portion of annual Net Sales less than [***] Million U.S. Dollars ([***])
	[***]

	On the portion of annual Net Sales equal to or greater than [***] Million U.S. Dollars ([***]) but less than [***] Million U.S. Dollars ([***])
	[***]

	On the portion of annual Net Sales equal to or greater than [***] Million U.S. Dollars ([***])
	[***]

   

  For purposes of this Section 7.4.1, any Licensed Product incorporating the same Licensed Antibody as another Licensed Product shall be considered the same Licensed Product for purposes of calculation of annual aggregated Net Sales in the above table such that the Net Sales of all Licensed Products incorporating the same Licensed Antibody are aggregated.

  Further and for clarity, once the Royalty Term for a Licensed Product has expired in a given country in the OUS Territory, Net Sales for such Licensed Product in such country will not be included in the calculation of aggregate annual Net Sales used to determine the royalty rate for such Licensed Product.

  Additionally, if the Royalty Term for a Licensed Product continues with respect to some, but not all Indications, then the Finance Working Group shall establish mechanisms to track and allocate the Net Sales of such Licensed Product between the applicable Indications (e.g., between all Co-Funded Indications for which the Royalty Term continues on the one hand and all other Indications on the other hand), which may include engaging Third Parties to provide services or information to assist in doing so (e.g., [***] to provide an estimated sales of Licensed Product by Indication).  To the extent a Third Party is so engaged, the Out-of-Pocket Costs paid to such Third Party shall be borne by GSK and treated as a Third Party Payment. 

  7.4.2	Adjustment in Event of Alector Opt Out.  Notwithstanding Section 7.4.1 above, in the event Alector exercises an Alector Opt Out with respect to a Licensed Product:

  (a)	the royalty payment obligation under Section 7.4.1 shall apply to Net Sales of each Opt Out Product in the U.S. subject to the remainder of this Section 7.4.2 (with the Net Sales tiers for calculating the royalty with respect to the Opt Out Product being the same as set forth in Section 7.4.1 (i.e., up to [***], [***] and over [***])), but such Net Sales amounts shall instead be Net Sales of the Opt Out Product in the United States (instead of the OUS Territory); and 

  (b)	if Alector funds its share of Development Costs (as described in Section 4.5.1(a)(iii) above) for at least one Phase III Clinical Study for the Opt Out Product, each royalty rate set forth in the table under Section 7.4.1 (i.e., [***], [***] and [***]) in respect of Net Sales 

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  in the U.S. for such Opt Out Product shall be increased by adding to such rate an amount equal to [***] multiplied by a fraction, the numerator of which is [***], and the denominator of which is [***].

  (i)	“Phase III and Later Development Costs” means, [***].   

  (ii)	For purposes of calculating the increase in the royalty rates set forth in the table under Section 7.4.1 (such increase, the “Incremental Royalty”): [***].

  7.4.3	Know-How Royalties. The amounts owing by GSK under this Agreement are attributable independently but concurrently to the Patent licensed to GSK hereunder, as well as the grant of other rights and undertakings of each of the Parties in this Agreement (including rights to Know-How, Collaboration Intellectual Property and the restrictions on each Party’s activities in Sections 3.5 and 3.6). However, if it is determined in a legal proceeding with respect to this Agreement that amounts to be paid hereunder with respect to Licensed Products not covered by an issued and unexpired patent of Alector or its Affiliates must be subject to a further reduction to be valid and enforceable, then such amounts shall be reduced by the minimum amount necessary to make such payment obligations valid and enforceable.

  7.4.4	Reductions.  Notwithstanding the foregoing:

  (a)	in any calendar quarter during the Royalty Term, on a country-by-country and Licensed Product-by-Licensed Product basis, such Licensed Product [***] then the royalty payable under Section 7.4.1 shall be reduced by [***] for such Licensed Product in such country during any calendar quarter [***].

  (b)	without limiting Section 7.4.4(a) above, in the event that in any country or other jurisdiction in the OUS Territory (or the United States with respect to an Opt Out Product) [***] with respect to a Licensed Product then, for each such country or other jurisdiction, the royalties payable to Alector for the Net Sales of such Licensed Product in such country or other jurisdiction shall be reduced by [***] for such Licensed Product in such country during any Calendar Quarter [***].

  (c)	in the event that GSK or Alector enters into an agreement with a Third Party pursuant to Section 7.7 in order to obtain a license or right under Blocking Third Party Technology owned or controlled by such Third Party for a particular country or other jurisdiction in the OUS Territory (or the United States for an Opt Out Product) [***] GSK shall be entitled to deduct from any royalties payable under this Section 7.4 with respect to such Licensed Product in such country or other jurisdiction in a Calendar Quarter [***] paid to such Third Party or reimbursed to Alector, as the case may be, for such Blocking Third Party Technology [***]. 

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  (d)	in the event, on a Licensed Product-by-Licensed Product basis, [***] then, subject to Section 7.4.4(e), the royalty rate to be paid to Alector under this Section 7.4 for such Calendar Year shall be reduced by [***].

  (e)	notwithstanding anything in this Agreement to the contrary, under no circumstances shall the reductions set forth in this Section 7.4 cause the royalties payable to Alector with respect to a given Licensed Product in any country in the OUS Territory (or in the United States with respect to an Opt Out Product) in any Calendar Quarter to be reduced to less than [***] of the amount that would otherwise be due (i.e., without giving effect to the reductions specified in this Section 7.4) with respect to such Licensed Product in such country in such Calendar Quarter.

  7.5	Royalty Reporting and Payment. 

  Each Calendar Quarter following the First Commercial Sale of a Licensed Product in the OUS Territory (or in the U.S. for an Opt Out Product), GSK shall furnish to Alector a written report showing on a Licensed Product–by–Licensed Product and country-by-country basis (a) the Net Sales, (b) all relevant exchange rate conversions in accordance with Section 7.14, (c) the calculation of the royalties payable under this Agreement on account of those Net Sales, and, to the extent applicable, (c) the calculation of any reductions pursuant to Section 7.4.4.   enable the royalties payable to be determined and the information provided to be verified. Each royalty report along with the royalties payable for such Calendar Quarter are due and payable to Alector within [***] ([***]) [***] following the end of such Calendar Quarter. All payments due under this Section 7.5 shall be made by bank wire transfer in immediately available funds to an account designated by Alector.

  7.6	Quarterly Reconciliation and Payments.

  7.6.1	Procedure. Procedures for quarterly reporting of actual results and review and discussion of potential discrepancies, deductions, reductions, quarterly reconciliation, reasonable forecasting, and other finance and accounting matters, to the extent not set forth in this Agreement or the Financial Exhibit will be established by the Finance Working Group (together with the Development Reconciliation Procedures, the “Reconciliation Procedures”). Such procedures will provide the ability to comply with financial reporting requirements of each Party. 

  7.6.2	Reporting. Beginning on the date when either Party first incurs an Allowable Expense in accordance with this Agreement, within [***] ([***]) [***] after the end of each Calendar Quarter, each Party shall provide to the Finance Working Group a report of its calculation of actual Pre-Tax Profit or Loss with respect to such Cost Profit Sharing Product for such Calendar Quarter (each, a “Financial Report”), in such reporting format and detail as the Finance Working Group shall establish for use, which reporting format shall be consistent with the categories calculated by the reporting Party in accordance with its Accounting Standards; provided, however, that a preliminary estimate of the Allowable Expenses, in a format agreed by the Finance Working 

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  Group, shall be provided by each of Alector and GSK by the [***] ([***]) [***] of the [***] ([***]) [***] of each Calendar Quarter for purposes of financial statement close process. Each Financial Report shall specify in reasonable detail any Net Sales, Other Income or Allowable Expenses or other amounts necessary to calculate Pre-Tax Profit or Loss for the United States or royalties for such Cost Profit Sharing Product in the corresponding Calendar Quarter received and incurred by the reporting Party or any of its Affiliates, Sublicensees or subcontractor in accordance with this Agreement in such Calendar Quarter.  Following receipt of such Financial Report, each Party shall reasonably cooperate to provide additional information as necessary to permit calculation and reconciliation of Pre-Tax Profit or Loss for the United States and such royalties for the applicable Calendar Quarter, and to confirm that Allowable Expenses are in conformance with the approved U.S. Commercialization Budget.

  7.6.3	Flash Sales Reports. As soon as reasonably practicable, but in no event later than the [***] ([***]) [***] after the end of each Calendar Quarter, on a Cost Profit Sharing Product-by-Cost Profit Sharing Product basis, beginning with the Calendar Quarter in which the First Commercial Sale of such Cost Profit Sharing Product occurs, GSK will provide to the Finance Working Group a flash report providing a good faith, non-binding estimate of Net Sales of such Cost Profit Sharing Product accrued during the respective Calendar Quarter.  Alector will use reasonable efforts to limit the disclosure of such flash reports (to the extent corresponding to a period not publicly reported by GSK) to those Alector personnel that would have access to similar financial information of Alector’s prior to public announcement thereof. The flash report may be based on forecasted numbers and the Parties agree that the final Net Sales reported in the Financial Reports for reconciliation may differ from these flash sales reports.  

  7.6.4	Net Sales Reporting. Without limiting the generality of Section 7.6.2 or Section 7.5, within [***] ([***]) [***] after the end of each Calendar Quarter, beginning with the first Calendar Quarter in which the First Commercial Sale of such Cost Profit Sharing Product in the U.S. occurs, GSK shall provide the Finance Working Group with a report of the Net Sales for the preceding Calendar Quarter on a Cost Profit Sharing Product-by-Cost Profit Sharing Product for the U.S. The Finance Working Group may agree from time-to-time on the form and level of detail of such report.

  7.6.5	Reconciliation and Payment

  (a)	Reconciliation Discussion.  In the event that either Party has any questions or concerns regarding the Development Costs (including with respect to Sections 4.5.3, 4.5.4(g)) or calculation of Pre-Tax Profit or Loss reported by the other Party in a Financial Report pursuant to this Section 7.6, the Finance Working Group shall endeavor to resolve such questions and concerns of either Party within [***] ([***]) [***] after the end of the Calendar Quarter in which such questions or concerns are raised.  Additionally, the Finance Working Group may by mutual agreement adjust the timing for notification or payment of any reconciliation payments hereunder. 

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  (b)	 Quarterly Reconciliation Payment. Unless such timing is otherwise modified by the Finance Working Group, within [***] ([***]) [***] after receipt of each Party’s Financial Report provided pursuant to this Section 7.6 or Section 4.5.3, the Finance Working Group shall confer and agree in writing on a reconciliation report setting out in reasonable detail the calculation of Pre-Tax Profit or Loss in the United States and royalties in the OUS Territory (and the United States with respect to Opt Out Products) and any payment to be paid by Alector to GSK or by GSK to Alector, as the case may be, (“Balancing Payment”) in order to effect the sharing of Development Costs in accordance Section 4.5.4(g) and the sharing of Pre-Tax Profit or Loss in accordance with this Section 7.6 and payment of royalties in accordance with Section 7.5. Within [***] ([***]) [***] of receipt of such report from the Finance Working Group, each Party that is owed a Balancing Payment shall invoice the other Party for the amount of the Balancing Payment due and the other Party shall pay such invoiced amount within [***] ([***]) [***] after delivery of such invoice.

  7.7	Blocking Third Party Technology.

  If, during the Term, a Party determines, in its reasonable judgment, that it is necessary or desirable to obtain rights under any Blocking Third Party Technology in order to Develop, Manufacture or Commercialize the Licensed Product in the Field in accordance with this Agreement, said Party shall promptly notify the other Party, and the Parties shall discuss such matter, including whether a license under such Blocking Third Party Technology would be necessary or desirable, and discussion of which Party should obtain such a license, and upon request of either Party shall seek the advice of mutually agreed joint patent counsel and reasonably take into account such counsel’s opinion.  In the event that the Parties do not agree, the notifying Party or its Affiliate shall thereafter have the right to (i) obtain a sublicenseable license under such Blocking Third Party Technology from the relevant Third Party or (ii) acquire such Blocking Third Party Technology from the relevant Third Party, but such Blocking Third Party Technology shall not be included within the Alector Intellectual Property or GSK Intellectual Property, as the case may be.  Any amounts paid to any Third Party to license or acquire any Blocking Third Party Technology in order to Develop, Manufacture or Commercialize a Licensed Antibody or Licensed Product shall [***].  

  7.8	Existing Third Party Agreement Payments.

  Payments under the Existing Third Party Agreements incurred after the Effective Date that are attributable and allocable to the activities undertaken by the Parties in accordance with this Agreement (“Existing Third Party Agreement Payments”) shall (a) to the extent allocable to the United States for a Cost Profit Sharing Product, be included as Allowable Expenses in determining Pre-Tax Profit or Loss as provided in the Financial Exhibit and (b) to the extent allocable to the OUS Territory or the Opt Out Products for the United States: [***] (“Royalty Territory Existing Third Party Agreement Payments”).  To the extent an Existing Third Party Agreement Payment is not specific to the United States or the OUS Territory, or such Existing Third Party Agreement Payment is in support of a Cost Profit Sharing Product and Opt Out Products or other products, then the Finance Working Group shall allocate such Existing Third 

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  Party Agreement Payment between the Cost Profit Sharing Products, Opt Out Products, and other products and between the United States and the OUS Territory.  In the event that Alector proposes to terminate or reduce the amount of any Existing Third Party Agreement Payments by making a payment to the counter-party to such Existing Third Party Agreement, it shall first discuss such proposal with GSK; and if Alector in fact makes such a payment to terminate or reduce the amount of any Existing Third Party Agreement Payments (such payment, a “Buy Out Payment”) and GSK does not agree, within [***] [***] after Alector notifies GSK that Alector has made such a Buy Out Payment, to [***], then [***]. 

  7.9	Audits.

  Each Party and its Affiliates shall keep complete and accurate records of the items underlying Development Costs, Allowable Expenses, Other Income, Net Sales, payments under Existing Third Party Agreements, Blocking Third Party Technology Costs and the other elements required to prepare the reports or calculate payments required by Sections 4.5.3, 4.5.4, 7.3, 7.4, 7.5, 7.6, 7.7 and 7.8 and the Reconciliation Procedures, and any other payments under this Agreement.  Each Party will have the right, at its own expense and no more frequently than once in any [***] ([***]) [***] period (except in the case of fraud), to have an independent certified public accountant, selected by such Party from nationally reputable accounting firms in the United States or the United Kingdom and reasonably acceptable to the other Party, review any such records of the other Party and its Affiliates in the location(s) where such records are maintained by the other Party or its Affiliates upon at least [***] [***] prior written notice and during regular business hours and under obligations of confidence, for the sole purpose of verifying the basis and accuracy of payments made under Sections 4.5.4, 7.3, 7.4, 7.5, 7.6, 7.7 and 7.8 and the Reconciliation Procedures, and any other payments due under this Agreement, within the prior [***] [***] period.  If the review of such records reveals that the other Party has failed to accurately report information pursuant to Section 4.5.3, 4.5.4, 7.3, 7.4, 7.5, 7.6, 7.7 and 7.8, or the Reconciliation Procedures, or make any payment (or portion thereof) required under this Agreement, then the other Party shall promptly pay to the auditing Party any underpaid amounts due under Sections 4.5.4, 7.3, 7.4, 7.5, 7.6, 7.7 and 7.8, or the Reconciliation Procedures, or otherwise due under this Agreement, together with interest calculated in the manner provided in Section 7.15.  If any such discrepancies are an underpayment of amounts due under this Agreement, or overpayment of amounts reimbursed based on the other Party’s invoice or reporting under this Agreement, in each case greater than [***] ([***]) of the amounts actually due for any Calendar Year the other Party shall pay all reasonable costs incurred in conducting such review.  Once a Party has conducted a review and audit of the other Party pursuant to this Section 7.9 in respect of any given period, it may not subsequently re-inspect the other Party’s or its Affiliates’ records in respect of such period, unless a subsequent audit of a separate reporting period uncovers fraud on the part of the audited Party that is reasonably expected to have been occurring during the prior audited period.  For clarity, however, if a discrepancy is identified by the accountant during the course of an audit and the Parties do not agree upon a resolution of such discrepancy, then the auditing Party’s accountant 

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  may re-inspect the books and records to the extent reasonably relevant to resolving such discrepancy.  

  7.10	Withholding Taxes. 

  7.10.1	Each Party will be responsible for all Taxes imposed on such Party’s net income, or on net income allocated to such Party under applicable Law. Each Party will make all payments to each other under this Agreement without deduction or withholding for Taxes (as that term is defined in Section 7.10.5 below) except to the extent that any such deduction or withholding is required by law in effect at the time of payment.  

  7.10.2	Any Tax required to be withheld on amounts payable under this Agreement will promptly be paid by the Party making the payment (the “Payor”) on behalf of the Party receiving the payment (the “Payee”) to the appropriate Governmental Authority, and Payor will furnish Payee with proof of payment of such Tax. Except as provided in Section 7.10.3, any such Tax, to the extent withheld and paid to the appropriate governmental authority, (a) shall be treated for all purposes of this Agreement as having been paid to the Payee, and (b) will be an expense of and borne by Payee. 

  7.10.3	Notwithstanding anything to the contrary in this Agreement, in the event that a Party redomiciles or assigns its rights or obligations in accordance with Section 14.1 (each, a “Tax Action”), and as a result of such Tax Action the amount of Tax required to be withheld under Section 7.10.1 in respect of a payment to another Party is greater than the amount of such Tax that would have been required to be withheld or paid absent such Tax Action, then any such amount payable shall be increased to take into account such withholding taxes as may be necessary so that, after making all required withholdings (including withholdings on the additional amounts payable), the Party receiving such payment receives an amount equal to the sum it would have received had no such increased withholding been made. The obligation to pay additional amounts pursuant to the preceding sentence shall not apply, however, to the extent such increased withholding Tax (i) would not have been imposed but for a Tax Action taken by the Party eligible to receive additional amounts pursuant to the preceding sentence or (ii) are attributable to the failure by the Party receiving a payment to comply with the requirements of Section 7.10.4. For purposes of this Section 7.10.3, a “redomiciliation” shall include a reincorporation or other action resulting in a change in tax residence of the applicable Party or its assignee.

  7.10.4	Each Party has provided a properly completed and duly executed IRS Form W-9 or applicable Form W-8 to the other Parties. The Parties will cooperate with respect to all documentation required by any applicable taxing authority or reasonably requested by either Party to secure a reduction in the rate of applicable withholding Taxes.

  7.10.5	For purposes of this Section 7.10, “Tax” or “Taxes” means any present or future taxes, levies, imposts, duties, charges, assessments or fees in the nature of a tax (including interest, penalties and additions thereto).

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  7.11	Indirect Taxes. 

  All payments are exclusive of Indirect Taxes. If any Indirect Taxes are chargeable in respect of any payments, the paying Party shall pay such Indirect Taxes at the applicable rate in respect of such payments following receipt, where applicable, of an Indirect Taxes invoice in the appropriate form issued by the receiving Party in respect of those payments. The Parties shall issue invoices for all amounts payable under this Agreement consistent with Indirect Tax requirements and irrespective of whether the sums may be netted for settlement purposes. If the Indirect Taxes originally paid or otherwise borne by the paying Party are in whole or in part determined to be refundable to the receiving Party (including by reason of not having been properly chargeable in the first instance), all reasonably necessary steps requested by the paying Party will be taken by the receiving Party to receive a refund of such Indirect Taxes from the applicable governmental authority or other fiscal authority and any amount of such Indirect Taxes repaid or refunded by such authority to the receiving Party (net of any amounts incurred with respect to the receipt of such amounts) will be transferred to the paying Party within [***] ([***]) [***] of receipt.  “Indirect Taxes” means any value added, sales, purchase, turnover or consumption tax as may be applicable in any relevant jurisdiction. 

  7.12	Tax Matters.  

  7.12.1	No Partnership.  Nothing contained in this Agreement shall be deemed or construed by the Parties or any of their Affiliates, or any third person to treat the relationship between the Parties contemplated by this Agreement as a partnership, joint venture or other business entity under Treasury Regulations Section 301.7701-1(a)(2) (or any corresponding provision under state, local or non-U.S. tax Law) (an “Entity”). Without the prior written consent of the Parties (such consent not to be unreasonably withheld, delayed or conditioned), no Party (or successor or assignee) shall, for Tax purposes, report the relationships established by this Agreement as an Entity, including either (a) making any disclosure that the relationships established by this Agreement may give rise to an Entity (whether on a U.S. Internal Revenue Service Form 8275 or otherwise) or (b) withholding any amounts from payments made to the other Party pursuant to Section 1446 of the Code (or any corresponding provision under state, local or non-U.S. tax law), unless required by a tax authority on audit or other examination. 

  7.12.2	Cooperation on Inter-Party Structure.  Each Party shall cooperate in good faith if requested by the other Party to establish or facilitate an optimal inter-Party financial operational structure (including, if necessary, procedures and agreements among the various Affiliates of the Parties) which is consistent with the economic result contemplated herein, consistent to the extent feasible with each Party’s internal structures and procedures, and not adverse to the Parties financial, economic, or tax positions.  

  7.13	Tax Information.

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  GSK shall use commercially reasonable efforts to provide information in GSK’s or its Affiliate’s possession, which is reasonably requested by Alector in order to determine or prove eligibility for the Foreign Derived Intangible Income deduction pursuant to Section 250 of the Internal Revenue Code of 1986 or any future deduction or credit that is substantially similar to such deduction or which provides for a similar information or proof requirement. 

  7.14	Currency Exchange.  

  7.14.1	Currency of Payments.  All payments under this Agreement shall be paid in U.S. Dollars by wire transfer to an account designated by the receiving Party (which account the receiving Party may update from time to time in writing). 

  7.14.2	Currency Conversion.  For the purpose of calculating any amounts due under, or otherwise reimbursable pursuant to, this Agreement (including the calculation of Net Sales expressed in currencies other than U.S. Dollars), in the case of any amounts designated in another currency, each Party shall convert such foreign currency into U.S. Dollars using its standard conversion method consistent with applicable Accounting Standards in a manner consistent with the respective Party’s customary and usual conversion procedures used in preparing its audited financial reports applied on a consistent basis, provided that such procedures use a widely accepted source of published exchange rates. With respect to Cost Profit Sharing Products, the Parties shall share equally (50/50) any Currency Gains and Losses as a result of such conversion. For the purposes of this Section 7.14.2, “Currency Gains and Losses” means the gain or loss resulting from changes in exchange rates between the functional currency and the foreign currency in which the transaction is denominated, to the extent specifically identifiable to a Cost Profit Sharing Product and shall only include the actual currency gains and losses realized between the end of a Calendar Quarter and the date of invoice payment for that Calendar Quarter.

  7.15	Late Payments.  

  If either GSK or Alector shall fail to make a timely payment pursuant to Section 4.5, 7.1, 7.2, 7.3, 7.4 or any other provisions of this Agreement, any such payment that is not paid on or before the date such payment is due under this Agreement shall bear interest at [***], but in no event higher than the highest rate permissible under Law, effective for the first date on which payment was delinquent and calculated on the number of days such payment is overdue.

  7.16	Resolution of Financial Disputes.  

  In the event there is a dispute, claim or controversy relating to any financial obligation by one Party to the other Party pursuant to this Agreement, such Party shall provide such other Party with a written notice setting forth in reasonable detail the nature and factual basis for such good-faith dispute and each Party agrees that it shall seek to resolve such dispute within [***] [***] of the date such written notice is received.  In the event that no such resolution is reached by the Parties, 

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  the dispute shall be resolved through the procedures set forth in Section 13.4 (except as for matters within the original authority of the Finance Working Group).  

  ARTICLE VIII
INTELLECTUAL PROPERTY OWNERSHIP, PROTECTION AND RELATED MATTERS  
 

  8.1	Ownership of Inventions. 

  8.1.1	Sole Inventions.  Each Party (or its Affiliate) shall exclusively own all inventions conceived solely by such Party, its Affiliates or their employees, agents and consultants in the course of such Party’s and its Affiliates’ performance of Development, Manufacturing or Commercialization activities under this Agreement (“Sole Inventions”).  Sole Inventions conceived solely by GSK or its Affiliates or any of their employees, agents and consultants are referred to herein as “GSK Sole Inventions”.  Sole Inventions conceived solely by Alector or its Affiliates or any of their employees, agents and consultants are referred to herein as “Alector Sole Inventions”.

  8.1.2	Joint Inventions.  The Parties or their Affiliates shall jointly own all inventions conceived jointly by employees, agents and consultants of GSK or its Affiliates, on the one hand, and employees, agents and consultants of Alector or its Affiliates, on the other hand, in the course of performing Development, Manufacturing or Commercialization activities under this Agreement, on the basis of each Party having an undivided interest in the whole (“Joint Inventions”).  [***].

  8.1.3	Inventorship.  For purposes of determining whether an invention is a GSK Sole Invention, an Alector Sole Invention or a Joint Invention, questions of inventorship shall be determined in accordance with United States patent laws and as if the applicable activity were conducted in the United States. 

  8.2	Prosecution and Maintenance of Patents Globally. 

  As between the Parties: 

  8.2.1	Prosecution [***].  Each Party agrees to use Commercially Reasonable Efforts to file [***] and to reasonably cooperate, and to cause its Affiliates to cooperate, with the other with respect to the preparation, filing, prosecution and maintenance (“Prosecution”) of [***] pursuant to this Section 8.2.1.  [***].

  8.2.2	[***] 

  8.2.3	[***]

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  8.3	Third Party Infringement. 

  Each Party shall promptly notify the other of any apparent, threatened or actual infringement by a Third Party of any [***] by an Infringing Product of which it becomes aware.  

  8.3.1	Enforcement In the United States.  [***]

  8.3.2	Enforcement Outside the United States. [***]

  8.3.3	Conduct of Biosimilar Patent Litigation.  If either Party receives a copy of an application submitted to the FDA under subsection (k) of Section 351 of the United States Public Health Service Act (“PHSA”) or equivalent in any other jurisdiction in the Territory (a “Biosimilar Application”) naming a Licensed Product as a reference product or otherwise becomes aware that such a Biosimilar Application has been filed (such as in an instance described in Section 351(l)(9)(C) of the PHSA), either Party shall, within [***] ([***]) [***], notify the other Party so that the other Party may seek permission to view the application and related confidential information from the filer of the Biosimilar Application under Section 351(l)(1)(B)(iii) of the PHSA or equivalent in any other jurisdiction in the Territory. If either Party receives any equivalent or similar certification or notice in any other jurisdiction in the Territory, such Party shall, within [***] ([***]) [***], notify and provide the other Party with copies of such communication. Regardless of the Party that is the “reference product sponsor” for purposes of such Biosimilar Application, [***]. 

  8.3.4	Cooperation.	 In any suit or enforcement action brought under the [***] in any jurisdiction, each Party shall, and shall cause its Affiliates to, reasonably cooperate with each other, in good faith and shall agree to be a party to such suit, if necessary.  Notwithstanding the above, neither Party shall settle or compromise any related defense or infringement suit brought pursuant to this Section 8.3 without the prior written consent of the other Party, which consent shall not be unreasonably withheld.  Furthermore, each Party shall provide the other Party with reasonable prior notice and opportunity to review and comment and shall consider in good faith all reasonable comments from the other Party on any proposed arguments asserted or to be asserted in litigation related to the enforcement and/or defense of any [***].

  8.3.5	Conduct of Certain Actions; Costs.  The Party initiating suit shall have the right to select counsel, mutually acceptable to the Parties (approval of such counsel not to be unreasonably withheld, conditioned or delayed), for any suit initiated by it pursuant to this Section 8.3.  If required under applicable Law in order for the initiating Party to initiate or maintain such suit, the other Party or its Affiliate shall join as a party to the suit.  At the initiating Party’s reasonable request, such other Party shall offer reasonable assistance to the initiating Party in connection therewith at no charge to the initiating Party.  [***]. 

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  8.3.6	Recoveries.  With respect to any suit or action initiated pursuant to this Section 8.3, any recovery obtained as a result of any such proceeding, by settlement or otherwise, shall be applied in the following order of priority:

  (a)	first, the Parties shall be reimbursed for all costs incurred in connection with such proceeding paid by the Parties and not otherwise recovered, reimbursed or previously included in Shared Patent Costs (to the extent Infringing Product corresponds to a Cost Profit Sharing Product); and

  (b)	second, any remainder shall be: 

  (i)	with respect to a suit or action in the OUS Territory or related to an Infringing Product corresponding to an Opt Out Product, [***] shall be allocated to the Party initiating the suit or action and [***] to the other Party; and

  (ii)	 with respect to a suit or action related to an Infringing Product corresponding to a Cost Profit Sharing Products in the United States, shared in the ratio of [***] to GSK and [***] to Alector.

  8.3.7	[***]

  8.4	Patent Invalidity Claim. 

  8.4.1	Right to Respond.  [***]

  8.4.2	Conduct of Certain Actions; Costs.  The non-controlling Party shall cooperate and shall be permitted to participate with the controlling Party in the preparation and formulation of a response to an Invalidity Claim, and in taking other steps reasonably necessary to respond, to such Invalidity Claim.  The controlling Party shall have the sole and exclusive right to select counsel for the response to such Invalidity Claim. The Out-of-Pocket Costs in defending, and providing requested assistance in the defense of, such Invalidity Claim in the U.S. shall be included in an Allowable Expense as a Shared Patent Cost, and otherwise borne by the controlling Party.  To the extent permitted under such proceeding, the non-controlling Party shall also have the right to participate and be represented relative to such proceeding by its own counsel at its own expense.  The controlling Party shall not settle any Invalidity Claim in a manner that admits the invalidity or unenforceability of any [***], or that requires a payment to the Third Party in respect of such Invalidity Claim, without the consent of the other Party, which consent shall not be unreasonably withheld.  To the extent any amounts are paid to a Third Party in settlement of such Invalidity Claim in the U.S., the same shall be included in Allowable Expenses as a Shared Patent Cost, and otherwise borne by the controlling Party.

  8.5	Claimed Infringement.

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  Each of the Parties shall promptly notify the other in the event that any Third Party files any suit or brings any other action alleging patent infringement by GSK or Alector or any of their respective Affiliates or Sublicensees with respect to the Development, Manufacture, Commercialization or use of any Licensed Antibody or Licensed Product (any such suit or other action referred to herein as an “Infringement Claim”).  Each of the Parties shall also promptly notify the other in the event that any Third Party files any suit or brings any other action alleging patent infringement by GSK or Alector or any of their respective Affiliates or Sublicensees with respect to the practice of any Alector Intellectual Property, GSK Intellectual Property or Joint Invention that is not an Infringement Claim.  In the case of any Infringement Claim, the Parties shall promptly, and within [***] [***] of written notice from either Party to the other thereof, discuss which Party shall control the response to such Infringement Claim, and if the Parties do not mutually agree upon which Party shall control, then the Party against whom the Infringement Claim is filed shall have the first right to control the defense and response to any Infringement Claim, provided that if such Party does not notify the other Party that it elects to control the defense and response to a particular Infringement Claim within [***] [***] after written notice thereof between the Parties, then the other Party shall have the right to control the defense and response to a such Infringement Claim.  Upon the request of the Party controlling the response to the Infringement Claim, the other Party shall reasonably cooperate with the controlling Party at the controlling Party’s expense in the reasonable defense of such Infringement Claim.  The other Party will have the right to consult with the controlling Party concerning any Infringement Claim and to participate in and be represented by independent counsel in any associated litigation at its own expense.  With respect to any Infringement Claim by a Cost Profit Sharing Product (and not any Opt Out Product) in the U.S., GSK shall bear [***] and Alector shall bear [***] of the damages or recovery obtained by the Third Party asserting such Infringement Claim, by settlement or otherwise and with respect to any other Infringement Claim asserted against a Party, subject to ARTICLE XI, such Party shall bear the damages or recovery awarded to or obtained by any Third Party asserting such Infringement Claim against such Party, by settlement or otherwise. The Out-of-Pocket Costs in defending, and providing requested assistance in the defense of, such Infringement Claim in the U.S. for a Cost Profit Sharing Product shall be included in Allowable Expenses as a Shared Patent Costs.  Subject to ARTICLE XI, the Out-of-Pocket Costs in defending, and providing requested assistance in the defense of, such Infringement Claim for any Opt Out Product shall be borne by the Party incurring such Out-of-Pocket Costs. 

  8.6	Patent Term Extensions.  [***]

  8.7	Trademarks. 

  8.7.1	Retained Rights in Corporate Marks and Logos.  Each Party and its Affiliates shall retain all right, title and interest in and to its and their respective corporate names, logos and other trademarks.

  8.7.2	Product Trademarks.  The Licensed Product shall be promoted and sold, in accordance with the Global Strategic Launch Plan using the Product Trademarks unless any such 

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  Product Trademark cannot be legally used to promote and sell the Licensed Product in a country, in which case an alternative Product Trademark (i) approved by the JCC in the United States (other than for an Opt Out Product) shall be used in such country or (ii) approved by GSK shall be used (a) in any country in the OUS Territory or (b) for any Opt Out Product in the United States.  GSK (or its Affiliates, as appropriate) shall own and retain all rights to Product Trademark(s) in the Territory, and all goodwill associated therewith. GSK shall own rights to any Internet domain names incorporating the Product Trademark(s) or any variation or part of such Product Trademark(s) as its URL address or any part of such address.  GSK will use Commercially Reasonable Efforts to establish, maintain and enforce the Product Trademarks during the Term.  All costs of such establishment, maintenance and enforcement efforts (the “Product Trademark Costs”) for the United States with respect to a Cost Profit Sharing Product shall be an Allowable Expense and shall be taken into account in determining Pre-Tax Profit or Loss as, and to the extent, provided in the Financial Exhibit and otherwise, shall be borne by GSK.

  8.7.3	Trademark License.  GSK hereby grants to Alector a royalty-free, fully paid up, co-exclusive license to use the Product Trademark(s) solely for the purpose of conducting Development and Commercialization activities with respect to Licensed Products in accordance with this Agreement.  

  8.7.4	Product Trademarks and Co-Branding.  Unless otherwise agreed by the Parties, all packaging materials, labels and Promotional Materials relating to Licensed Products in the Field shall display the Product Trademark(s) and no other product-specific trademarks or branding.  In addition, all such materials shall display the trade names (and logos, to the extent GSK’s logo is displayed) of both GSK and Alector in equal size and prominence, to the extent permitted by applicable Law.  The trade dress, style of packaging and the like with respect to each Licensed Product in the Field within the OUS Territory may be determined by GSK in a manner that is consistent with GSK’s standard trade dress and style.

  8.7.5	Trademark Quality Control.  Each Party shall, and shall cause its respective Affiliates to, comply strictly with trademark style and usage standards approved by the JCC from time to time in connection with use of the Product Trademark(s); provided, however, that the applicable Party, and not the JCC, shall approve any such standards with respect to the trademark style or use of the corporate names or logos of either Party.  Each Party shall, and shall cause its Affiliates to, at its own expense, submit a sample of each proposed use of the Product Trademark to the JCC for approval, which approval shall not be unreasonably withheld or delayed. In the event that either Party reasonably objects to a proposed usage of the Product Trademark(s) or the trademark style or use of the corporate names or logos of such Party, it shall give written notice of such objection to the other Party within [***] [***] of receipt by the JCC of such sample, specifying the way in which such usage of such Product Trademark(s), trademark style, corporate name or logo fails to meet the style, usage or quality standards for the Licensed Product or Product Trademark set forth in the first two sentences of this Section 8.7.5.  If such other Party or its Affiliate wishes to use such sample, it must remedy the failure and submit further samples to the 

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  JCC for approval (or the objecting Party for approval with respect to trademark style or use of the corporate names or logos of the objecting Party).  

  8.7.6	Enforcement.  In the event either Party becomes aware of any infringement of any Product Trademark by a Third Party, such Party shall promptly notify the other Party.  GSK shall be responsible in its sole discretion for all such enforcement efforts, including the cost thereof, for infringements in the Territory, and such costs in the United States in respect of Cost Profit Sharing Products shall be included as an Allowable Expense as a Product Trademark Cost and recoveries in the United States shall be shared equally. Each Party shall keep the other reasonably informed of such efforts.  Upon either Party’s request, the other shall reasonably cooperate with the requesting Party in such enforcement efforts.

  ARTICLE IX
CONFIDENTIALITY AND PUBLICITY

  9.1	Confidential Information.

  During the Term and for a period of [***] [***] after any termination or expiration of this Agreement, each Party agrees to, and shall cause its Affiliates to, keep in confidence and not to disclose to any Third Party, or use for any purpose, except pursuant to, and in order to carry out, the terms and objectives of this Agreement, any Confidential Information of the other Party.  As used herein, “Confidential Information” means information of the disclosing Party or its Affiliates given to the other Party or its Affiliate.  For purposes of this Agreement, all “Confidential Information” (as defined in the Prior CDA) that was disclosed by GSK or its Affiliate to Alector under the Prior CDA shall be deemed Confidential Information of GSK, and all “Confidential Information” (as defined in the Prior CDA) that was disclosed by Alector to GSK or its Affiliate under the Prior CDA shall be deemed Confidential Information of Alector. The restrictions on the disclosure and use of Confidential Information set forth in the first sentence of this Section 9.1 shall not apply to any Confidential Information that:

  9.1.1	was known by the receiving Party or its Affiliate prior to disclosure by the disclosing Party or its Affiliate hereunder (as evidenced by the receiving Party’s or such Affiliate’s written records or other competent evidence);

  9.1.2	is or becomes part of the public domain through no fault of the receiving Party or its Affiliates in violation of this Agreement;

  9.1.3	is disclosed to the receiving Party or its Affiliate by a Third Party having a legal right to make such disclosure without violating any confidentiality or non-use obligation that such Third Party has to the disclosing Party or an Affiliate thereof; or

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  9.1.4	is independently developed by personnel of the receiving Party or its Affiliate without reliance on the Confidential Information (as evidenced by the receiving Party’s or such Affiliate’s written records or other competent evidence).

  Notwithstanding the foregoing, each Party may use and disclose the other Party’s Confidential Information as follows: (i) under appropriate confidentiality obligations substantially equivalent to those in this Agreement, to its Affiliates, licensees, permitted Sublicensees, contractors and any other Third Parties to the extent such use and/or disclosure is reasonably necessary to perform its obligations or to exercise the rights granted to it, or reserved by it, under this Agreement; (ii) to the extent such disclosure is authorized by the other Party and is reasonably necessary for filing or prosecuting patent applications claiming the Development, Manufacture or Commercialization of Licensed Antibodies or Licensed Products (such filing and prosecution to be conducted subject to applicable procedures set forth in Section 8.2); or (iii) to the extent such disclosure is reasonably necessary: (A) in complying with the terms of agreements with Third Parties related to the Licensed Antibodies or Licensed Products that exist as of the Effective Date; (B) in complying with the terms of agreements with Third Parties related to Licensed Antibodies or Licensed Products that are entered into after the Effective Date, provided that such agreements are entered into in compliance with the terms of this Agreement and, further provided that the provisions of such agreements requiring disclosure of the other Party’s Confidential Information have been reviewed and approved by such other Party (such approval not to be unreasonably withheld); or (C) in prosecuting or defending litigation, complying with applicable Law, regulations or legal process, including the rules or regulations of the United States Securities and Exchange Commission or similar regulatory agency in a country other than the United States or of any stock exchange (including NASDAQ), conducting Clinical Studies hereunder with respect to a Licensed Product in the Field and in Regulatory Filings or other communications or submissions to Regulatory Authorities, or submitting information to tax or other governmental authorities.  If either Party or any of its Affiliates is required to disclose Confidential Information of the other Party in the case of clause (iii) of the immediately preceding sentence, such Party shall provide prior notice of such intended disclosure to such other Party if possible under the circumstances and shall disclose only such Confidential Information of such other Party as is required to be disclosed. 

  9.2	Recipient Obligations.

  Each Party agrees that it and its Affiliates shall provide or permit access to Confidential Information received from the other Party and such Party’s Affiliates and representatives only to the receiving Party’s employees, consultants, advisors and Subcontractors, Sublicensees and sub-distributors, and to the employees, consultants, advisors and Subcontractors, Sublicensees and sub-distributors of the receiving Party’s Affiliates who are subject to obligations of confidentiality and non-use with respect to such Confidential Information similar to the obligations of confidentiality and non-use of the receiving Party pursuant to Section 9.1, provided that Alector and GSK shall each remain responsible for any failure by its Affiliates, and its and its Affiliates’ respective employees, consultants, advisors and Subcontractors, Sublicensees and sub-distributors, to treat 

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  such Confidential Information as required under Section 9.1 (as if such Affiliates, employees, consultants, advisors and Subcontractors, Sublicensees and sub-distributors were Parties directly bound to the requirements of Section 9.1).  

  9.3	Confidential Terms.

  Each Party agrees not to, and to cause its Affiliates not to, disclose to any Third Party the terms of this Agreement without the prior written consent of the other Party hereto, except each Party and its Affiliates may disclose the terms of this Agreement:  (i) to advisors (including financial advisors, attorneys and accountants), actual or potential acquisition partners or private investors, and others on a need to know basis, in each case under appropriate confidentiality provisions substantially equivalent to those in this Agreement; or (ii) to the extent necessary to comply with applicable Laws and court orders (including securities laws or regulations and the applicable rules of any public stock exchange); provided that in the case of paragraph (ii), the disclosing Party or its Affiliate shall promptly notify the other Party and (other than in the case where such disclosure is necessary, in the reasonable opinion of the disclosing Party’s legal counsel, to comply with securities laws or regulations) allow the other Party a reasonable opportunity to intervene to protect the confidentiality of the information and oppose such disclosure and, to the extent allowable by law, to seek limitations on the portion of the Agreement that is required to be disclosed.

  9.4	Publicity.

  9.4.1	Initial Press Releases.  Upon the execution of this Agreement, the Parties shall issue a mutually agreed joint press release regarding the subject matter of this Agreement, including a description of the aggregate financial terms and value of the Agreement, substantially in the form attached hereto as Exhibit 9.4.1. 

  9.4.2	Further Publicity.  The Parties acknowledge the importance of supporting each other’s efforts to publicly disclose results and significant developments regarding the Licensed Products in the Field and other activities in connection with this Agreement that may include information that is not otherwise permitted to be disclosed under this ARTICLE IX, and that may be beyond what is required by law, and each Party may make such disclosures from time to time in accordance with the procedures set forth below.  Such disclosures may include achievement of milestones, significant events in the development and regulatory process, commercialization activities and the like.  Except for the initial press releases described in Section 9.4.1, whenever a Party (the “Requesting Party”) elects to make any such public disclosure, it shall first notify the other Party (the “Cooperating Party”) of such planned press release or public announcement and provide a draft for review at least [***] [***] in advance of issuing such press release or making such public announcement (or, with respect to press releases and public announcements that are required by applicable Law, or by regulation or rule of any public stock exchange (including NASDAQ), with as much advance notice as possible under the circumstances if it is not possible to provide notice at least [***] [***] in advance); provided, however, that a Party may issue such press release or public announcement without such prior review by the other Party if (i) the 

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  contents of such press release or public announcement have previously been made public other than through a breach of this Agreement by the issuing Party, (ii) such press release or public announcement does not materially differ from the previously issued press release or other publicly available information, and (iii) such press release or public announcement does not contain the other Party’s name.  The Cooperating Party may notify the Requesting Party of any reasonable objections or suggestions that the Cooperating Party may have regarding the proposed press release or public announcement, and the Requesting Party shall reasonably consider any such objections or suggestions that are provided in a timely manner.  The principles to be observed in such disclosures shall include accuracy, compliance with applicable Law and regulatory guidance documents, reasonable sensitivity to potential negative reactions of the FDA (and its foreign counterparts) and the need to keep investors informed regarding the Requesting Party’s business. 

  9.5	Publications.

  9.5.1	Global Publication Strategy.  The JDC shall develop a global publication strategy for the Development and Commercialization activities related to the Licensed Antibodies and Licensed Products in the Field (the “Global Publication Strategy”) that is consistent with the GDP, Global Strategic Launch Plan and the U.S. Commercialization Plan.  The JDC may from time to time develop and submit to the JSC for approval, other proposed substantive amendments to the Global Publication Strategy.  The JSC shall review such proposed amendments presented by the JDC and may approve such proposed amendments or any other proposed amendments that the JSC may consider from time to time in its discretion and, upon such approval by the JSC, the Global Publication Strategy shall be amended accordingly.  The Parties acknowledge that Alector has entered into agreements with Third Parties prior to the Effective Date which permit such Third Parties to make publications regarding Licensed Antibodies or Licensed Products, and agree that the Global Publication Strategy shall reasonably accommodate the ability of such Third Parties to make such publications.  Notwithstanding the foregoing (or Section 9.5.2 below), the Global Publication Strategy shall not be construed to limit a Party’s rights to make disclosures pursuant to Section 9.4 above.

  9.5.2	Approval of Publications.  The publication and presentation of the results of Development carried out on the Licensed Antibodies and Licensed Products in the Field shall be governed by the Global Publication Strategy, and the Parties agree to conduct their publication activities in accordance with the Global Publication Strategy.  Prior to publishing or presenting the results of any Development activities related to the Licensed Antibodies or Licensed Products, each Party (the “Publishing Party”) shall provide to the other Party (the “Reviewing Party”) a copy of any proposed abstracts, manuscripts or summaries of presentations that such Publishing Party intends to publish or present (“Proposed Publications”). Each Party shall designate a Person or Persons who shall be responsible for reviewing (or having reviewed) all Proposed Publications submitted by the other Party.  No later than [***] [***] after receipt of any Proposed Publications (and no later than [***] [***] in the case of an abstract, presentation summary or [***] [***] in the case of a poster or conference presentation), a Reviewing Party’s designated Person shall notify 

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  the Publishing Party in writing whether the Reviewing Party has an objection to the Proposed Publications because the Reviewing Party reasonably believes it needs to seek patent protection.  If a Reviewing Party notifies a Publishing Party that it has such an objection, the Publishing Party shall reasonably cooperate with the Reviewing Party to address such concern.  The Publishing Party shall reasonably consider any other suggestions of the Reviewing Party that are provided in a timely manner, and after doing so may proceed with the Proposed Publication.  With respect to any proposed abstracts, manuscripts or summaries of presentations that investigators or other Third Parties propose to publish or present, such materials shall be subject to review under this Section 9.5.2 to the extent that Alector or GSK, as the case may be, has the right to do so. Subject to the foregoing review and approval process, the Global Publication Strategy shall ensure that each Party shall have the right as required by applicable Law or such Party’s policies and standard operating procedures to (a) publish protocol summaries, results summaries, protocols, clinical study reports, plain language summaries and other study documents of all Clinical Studies conducted by or on behalf of such Party with respect to any Licensed Antibodies or Licensed Products during the Term of this Agreement in any clinical trial register; (b) publish the results at scientific congresses and in peer-reviewed journals; (c) publicly disclose results from other Clinical Studies where such Party determines that the results are scientifically important or relevant for patient care; and (d) make any other public disclosures of clinical data that become required due to such Party’s internal policies and procedures or applicable Laws. Any publication or disclosure made by either Party pursuant to this Section 9.5.2 shall contain appropriate acknowledgements of the contribution of the other Party or Third Party to the activities that are the subject of such publication, in accordance with generally accepted academic practice. 

  ARTICLE X
REPRESENTATIONS AND WARRANTIES; CERTAIN COVENANTS

  10.1	Representations of Authority.

  Alector and GSK each represents and warrants to the other Party that, as of the Execution Date, it has full right, power and authority to enter into this Agreement and to perform its respective obligations under this Agreement and that it has the right to grant to the other the licenses and sublicenses granted pursuant to this Agreement. 

  10.2	Consents.

   Alector and GSK each represents and warrants to the other Party that, except for any Regulatory Approvals, pricing or reimbursement approvals, manufacturing approvals or similar approvals necessary for the Development, Manufacture or Commercialization of the Licensed Antibodies and Licensed Products, all necessary consents, approvals and authorizations of all government authorities and other persons (other than as contemplated to be obtained under Section 14.16) required to be obtained by it as of the Execution Date in connection with the execution, delivery and performance of this Agreement have been obtained by the Execution Date.

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  10.3	No Conflict. 

  Alector and GSK each represents and warrants to the other Party that, notwithstanding anything to the contrary in this Agreement, the execution and delivery of this Agreement by such Party, the performance of such Party’s obligations hereunder (as contemplated as of the Execution Date) and the licenses and sublicenses to be granted by such Party pursuant to this Agreement (i) do not conflict with or violate any requirement of Laws existing as of the Execution Date and applicable to such Party and (ii) do not conflict with, violate, breach or constitute a default under any contractual obligations of such Party or any of its Affiliates existing as of the Execution Date.  Each Party shall, and shall cause its Affiliates to, comply with all Laws applicable to the Development, Manufacture and Commercialization of the Licensed Antibodies and the Licensed Products, including applicable Drug Regulation Laws, Clinical Investigation Laws and Health Care Laws.

  10.4	Enforceability.

  Alector and GSK each represents and warrants to the other Party that, as of the Execution Date, this Agreement is a legal and valid obligation binding upon it and is enforceable against it in accordance with its terms.

  10.5	Additional Mutual Representations and Warranties. 

  Alector and GSK each represents and warrants to the other Party that, as of the Execution Date, such Party and its Affiliates performing Collaboration Activities has in place or will have in place prior to its conduct of its activities under the Collaboration a written agreement or binding obligation with its employees and other personnel it appoints to perform such activities hereunder sufficient to ensure that such Party has sufficient ownership or license rights to any Collaboration Intellectual Property developed or created by such Party to grant the rights to the other Party as required to be granted under this Agreement. 

  10.6	Additional Representations and Warranties of Alector. 

  Alector represents and warrants to GSK that, as of the Execution Date: 

  10.6.1	Exhibit 1.8 sets forth a true, complete and accurate list of all Alector Patents owned by or exclusively licensed to Alector existing as of the Execution Date.  [***]  Except for the Alector Patents listed in Exhibit 1.8, Alector does not own or have an exclusive in-license to any other Patent that Covers a Licensed Antibody or Licensed Product. 

  10.6.2	There is no pending re-examination, opposition, interference, or litigation against Alector nor its Affiliates, and neither Alector nor its Affiliates have received any written notice of any pending, alleged or threatened, re-examination, opposition, interference, or litigation, or any written communication alleging that any issued Patent within the Alector Patents is invalid or 

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  unenforceable anywhere in the world, provided that the foregoing is limited to Alector’s Knowledge with respect to any Alector Patents that are not owned by Alector;

  10.6.3	[***]

  10.6.4	[***]

  10.6.5	[***]  The Alector Patents (other than Patents licensed to Alector under an Existing Third Party Agreement or licensed to Alector on a non-exclusive basis) are free and clear of any liens, charges and encumbrances that would conflict with the rights granted under this Agreement (other than non-exclusive licenses granted by Alector to its Affiliates or Third Parties or applicable obligations pursuant to the Existing Third Party Agreements).

  10.6.6	Alector is not, nor has it received any written notice that it is, in material default (or with the giving of notice or lapse of time or both, would be in material default) under any license with respect to the Alector Intellectual Property. 

  10.6.7	Except under the Existing Third Party Agreements, Alector has not assigned, licensed, sublicensed, conveyed, encumbered or granted any interest to any Third Party under any of the Alector Patents or Alector Know-How to Develop, Manufacture or Commercialize a Licensed Antibody or Licensed Product in any field in a manner that would conflict with the rights granted (or required to be granted) to GSK hereunder, and has not entered any agreement to do any of the foregoing.

  10.6.8	Alector has taken commercially reasonable measures to protect the secrecy and confidentiality of material Alector Know-How that Alector desires to maintain as confidential [***];

  10.6.9	[***]

  10.6.10	Neither Alector nor any of its Affiliates has received any warning letters or written correspondence from any Regulatory Authority or other Governmental Authority requiring the termination or suspension or material modification of any clinical studies with respect to the Existing Antibodies and Existing Products, or commencing or threatening withdrawal of any active IND held by Alector with respect to an Existing Antibody or Existing Product. 

  10.6.11	Alector has made available to GSK complete and accurate copies of all INDs submitted to the FDA by Alector or its Affiliates for the Existing Antibodies and Existing Products. 

  10.6.12	[***]

  10.6.13	Alector holds, and in all material respects is operating in compliance with, such Regulatory Approvals and other exceptions, permits, licenses, franchises, authorizations and 

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  clearances of the FDA or any other Regulatory Authority required in connection with the Development to date of the Existing Antibodies and Existing Products. 

  10.6.14	Alector has not received any written notice from any Regulatory Authority or other Governmental Authority commencing or threatening withdrawal of any active IND with respect to the Existing Antibodies and Existing Products held by Alector.

  10.6.15	Alector is in compliance in all material respects with all Laws (including Data Privacy and Security Laws) that are applicable to its Development of the Existing Antibodies and Existing Products.  Without limiting the foregoing, all of the Clinical Studies of the Existing Antibodies and Existing Products conducted prior to, or being conducted on, the Execution Date have been and on the Execution Date are being conducted in accordance with applicable Laws (including Data Privacy and Security Laws) in all material respects. 

  10.6.16	Alector has provided or made available to GSK all material adverse information with respect to the safety and efficacy of the Licensed Antibodies of which Alector is aware, including all adverse information that has been reported to the applicable Regulatory Authorities. 

  10.6.17	There are no written complaints or notices, or any pending or, to Alector’s Knowledge, threatened audits, proceedings, investigations or claims conducted or asserted against Alector by any Government Authority regarding Alector’s collection or use of Personally Identifiable Information by or on behalf of Alector in the conduct of Clinical Studies of the Existing Product. 

  10.6.18	Prior to beginning any development of any Licensed Antibody or Licensed Product, each employee of Alector or its Affiliates were bound by non-disclosure and invention assignment obligations.

  10.7	Existing Third Party Agreements.

  Alector represents and warrants that, prior to the Execution Date, Alector has provided GSK with an opportunity to review complete and correct copies of the Existing Third Party Agreements (including any amendments thereof), except that portions of such Existing Third Party Agreements that do not pertain to a Licensed Product or Licensed Antibody may have been redacted.  Such Existing Third Party Agreements remain in full force and effect as of the Execution Date and Alector has complied in all material respects with its obligations thereunder. Such Existing Third Party Agreements are the only agreements as of the Execution Date between Alector and any Third Party that impose an obligation to pay royalties to a Third Party based on sales of the Licensed Product in the Field. Alector is not in breach under any Existing Third Party Agreements, nor, to Alector’s Knowledge, is any counterparty thereto in breach of such Existing Third Party Agreement; and Alector will not during the Term, (a) knowingly commit any acts that would cause or permit termination of any Existing Third Party Agreements, or (b) amend or otherwise modify, 

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  or knowingly permit to be amended or modified, any Existing Third Party Agreements in any way that would conflict with the rights granted to GSK hereunder without prior written consent of GSK. 

  10.8	No Warranties.

  EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, TO THE OTHER PARTY, AND EACH PARTY HEREBY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT WITH RESPECT TO THE LICENSED ANTIBODIES AND THE LICENSED PRODUCTS.  EACH PARTY HEREBY DISCLAIMS ANY REPRESENTATION OR WARRANTY THAT THE DEVELOPMENT, MANUFACTURE AND COMMERCIALIZATION OF THE LICENSED PRODUCTS PURSUANT TO THIS AGREEMENT WILL BE SUCCESSFUL OR THAT ANY PARTICULAR SALES LEVEL WITH RESPECT TO THE PRODUCTS WILL BE ACHIEVED.

  10.9	No Debarment.

  10.9.1	Each Party represents and warrants that, as of the Execution Date, neither it nor any of its employees nor to its Knowledge, any of the agents performing hereunder, has ever been, is currently, or is the subject of a proceeding that could lead to it or such employees or agents becoming, as applicable, a Debarred Entity or Debarred Individual, an Excluded Entity or Excluded Individual or a Convicted Entity or Convicted Individual. For purposes of this provision, the following definitions shall apply:

  (a)	A “Debarred Individual” is an individual who has been debarred by the FDA pursuant to 21 U.S.C. §335a (a) or (b) from providing services in any capacity to a Person that has an approved or pending drug or biological product application.

  (b)	A “Debarred Entity” is a corporation, partnership or association that has been debarred by the FDA pursuant to 21 U.S.C. §335a (a) or (b) from submitting or assisting in the submission of any abbreviated drug application, or a subsidiary or affiliate of a Debarred Entity.

  (c)	An “Excluded Individual” or “Excluded Entity” is (i) an individual or entity, as applicable, who has been excluded, debarred, suspended or is otherwise ineligible to participate in federal health care programs such as Medicare or Medicaid by the Office of the Inspector General (OIG/HHS) of the U.S. Department of Health and Human Services, or (ii) is an individual or entity, as applicable, who has been excluded, debarred, suspended or is otherwise ineligible to participate in federal procurement and non-procurement programs, including those produced by the U.S. General Services Administration (GSA).

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  (d)	A “Convicted Individual” or “Convicted Entity” is an individual or entity, as applicable, who has been convicted of a criminal offense that falls within the ambit of 21 U.S.C. §335a (a) or 42 U.S.C. §1320a - 7(a), but has not yet been excluded, debarred, suspended or otherwise declared ineligible.

  10.10	Compliance with Anti-Corruption Laws.

  10.10.1	Notwithstanding anything to the contrary in the Agreement, each Party hereby agrees that: 

  (a)	it shall not, in the performance of this Agreement, perform any actions that are prohibited by local and other anti-corruption laws (including the provisions of the U.S. Foreign Corrupt Practices Act, collectively “Anti-Corruption Laws”) that is applicable to such Party; and

  (b)	it has not and shall not, in connection with the performance of this Agreement, directly or indirectly, make any payment, or offer or transfer anything of value, or agree, authorize or promise to make any payment or offer or transfer anything of value, to a Government Official, to any political party or any candidate for political office or to any other Third Party related to the transaction with the purpose of influencing decisions related to either Party and/or its business in a manner that would violate Anti-Corruption Laws.  For the purpose of this Agreement, “Government Official” (where ‘government’ means all levels and subdivisions of governments, i.e. local, regional, national, administrative, legislative, executive, or judicial, and royal or ruling families) means: (a) any officer or employee of a government or any department, agency or instrumentality of a government (which includes public enterprises, and entities owned or controlled by the state); (b) any officer or employee of a public international organization such as the World Bank or United Nations; (c) any officer or employee of a political party, or any candidate for public office; (d) any person defined as a government or public official under applicable local laws (including anti-bribery and corruption laws) and not already covered by any of the above; and/or; (e) any person acting in an official capacity for or on behalf of any of the above. “Government Official” shall include any person with close family members who are Government Officials (as defined above) with the capacity, actual or perceived, to influence or take official decisions affecting either Party’s business.

  10.10.2	Either Party shall be entitled to terminate this Agreement immediately on written notice to the other Party, if such other Party fails to comply with this Section 10.10. 

  10.11	Insurance.

  10.11.1	Beginning at the time any Licensed Product is being distributed, sold or Commercialized, Alector will secure and maintain in full force and effect adequate insurance coverage against its liabilities under this Agreement including commercial general liability in an amount not less than [***] per occurrence and annual aggregate and product liability insurance in 

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  an amount not less than [***] per occurrence and annual aggregate.  Prior to the initiation of any Clinical Study by Alector, Alector shall secure and maintain in full force and effect clinical trial insurance in compliance with applicable Law in those territories where Clinical Studies are conducted.  Upon written request, Alector shall provide the other with a certificate of insurance evidencing the required coverage.  Notwithstanding the foregoing, Alector may self-insure, in whole or in part, the insurance requirements described above, provided that Alector is and continues to be investment grade determined by reputable and accepted financial rating agencies.

  10.11.2	GSK shall maintain, at its cost, insurance or self-insurance with respect to liabilities and other risks associated with its activities and obligations under this Agreement, including its indemnification obligations herein, in such amounts and on such terms as are customary for prudent practices for large companies in the pharmaceutical industry for the activities to be conducted by GSK under this Agreement.  GSK shall furnish to Alector evidence of such insurance or self-insurance, upon reasonable request.

  10.11.3	Notwithstanding the foregoing, either Party’s failure to maintain adequate insurance shall not relieve that Party of its obligations set forth in this Agreement.  

  10.12	Data Privacy and Security. 

  Each Party covenants that it will comply with all applicable Data Security and Privacy Laws in its performance of its obligations under this Agreement, in all material respects. The Parties shall enter into a written agreement governing Personally Identifiable Information prior to exchanging any Personally Identifiable Information under this Agreement including, in the case of an transfers of Personal Data outside the EEA, the Standard Contractual Clauses and/or other required measures under applicable Law to safeguard such Personal Data.

  10.13	Post-Closing Covenants. 

  After the Execution Date and during the Term, Alector shall not, and shall cause its Affiliates not to, without the prior written consent of GSK:

  (a)	enter into any agreement with any Third Party, whether written or oral, with respect to, or otherwise assign, transfer, license or convey its right, title or interest in or to the Alector Intellectual Property in a manner that creates a material conflict with the rights granted by Alector to GSK under this Agreement; and

  (b)	(i) sell, out-license, grant a security interest over or otherwise encumber or dispose of any assets or rights relating to any Licensed Antibody or Licensed Product, in a manner that creates a material conflict with the rights granted by Alector to GSK under this Agreement or (ii) amend any agreements, licenses or other rights of Alector or any of its Affiliates, including, for clarity, any Existing Third Party Agreements in a manner that creates a material 

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  conflict with the rights granted by Alector to GSK under this Agreement, without GSK’s prior written consent. 

  ARTICLE XI 
INDEMNIFICATION

  11.1	General Indemnification By Alector.

  Alector shall indemnify and hold harmless GSK, its Affiliates and their respective directors, officers, employees and agents (collectively, the “GSK Indemnified Parties”), from, against and in respect of any and all Actions, damages, losses, liabilities, costs (including costs of investigation, defense), fines, penalties, Government Orders, taxes, expenses or amounts paid in settlement (in each case, including reasonable attorneys’ and experts fees and expenses), resulting from a claim or Action of a Third Party or Governmental Authority (collectively, “Losses”), incurred or suffered by the GSK Indemnified Parties or any of them as a result of, arising out of or directly or indirectly relating to: [***].

  11.2	General Indemnification By GSK.

  GSK shall indemnify and hold harmless Alector, its Affiliates and their respective directors, officers, employees and agents (collectively, the “Alector Indemnified Parties”), from, against and in respect of any and all Losses incurred or suffered by the Alector Indemnified Parties or any of them as a result of, arising out of or directly or indirectly relating to: [***].

  11.3	Product Liability Costs.

  Except with respect to such portion (if any) of Product Liability Costs that are Losses entitled to indemnification under clause (ii) of Section 11.1 or clause (ii) of Section 11.2, all Product Liability Costs reasonably allocable to (a) Development of Cost Profit Sharing Products under the GDP, (b) Commercialization of a Cost Profit Sharing Product (other than for any Opt Out Products) in the United States, or (c) Manufacturing activities in support of the activities within clauses (a) or (b) (the “Shared Product Liability Costs”) prior to expiration or termination of the Term shall be taken into account in determining Pre-Tax Profit or Loss as, and to the extent, provided in the Financial Exhibit.  

  11.4	Claims for General Indemnification.

  11.4.1	Notice.  A person entitled to indemnification under Sections 11.1 or 11.2 (an “Indemnified Party”) shall give prompt written notification to the person from whom indemnification is sought (the “Indemnifying Party”) of the commencement of any action, suit or proceeding relating to a Third Party claim for which indemnification may be sought (each, a “Claim”) or, if earlier, upon the assertion of any such Claim by a Third Party; provided, however, failure by an Indemnified Party to give notice of a Claim as provided in this Section 11.4.1 shall 

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  not relieve the Indemnifying Party of its indemnification obligation under this Agreement, except and only to the extent that such Indemnifying Party is actually prejudiced as a result of such failure to give notice.

  11.4.2	Defense.  Within [***] [***] after delivery of a notice of any Claim in accordance with Section 11.4.1, the Indemnifying Party may, upon written notice thereof to the Indemnified Party, assume control of the defense of such Claim with counsel reasonably satisfactory to the Indemnified Party.  If the Indemnifying Party does not assume control of such defense, the Indemnified Party shall control such defense. The Party not controlling such defense may participate therein at its own expense.

  11.4.3	Cooperation.  The Party controlling the defense of any Claim shall keep the other Party advised of the status of such Claim and the defense thereof and shall reasonably consider recommendations made by the other Party with respect thereto.  The other Party shall cooperate fully with the Party controlling such defense and its Affiliates and agents in defense of the Claim (all Out-of-Pocket Costs of such cooperation to be borne by the Party controlling such defense).

  11.4.4	Settlement.  The Indemnifying Party shall not agree to any settlement of such Claim or consent to any judgment in respect thereof that does not include a complete and unconditional release of the Indemnified Party from all liability with respect thereto or that imposes any liability or obligation on the Indemnified Party without the prior written consent of the Indemnified Party, which shall not be unreasonably withheld.  

  11.5	Conduct of Product Liability Claims.

  11.5.1	Each of the Parties shall promptly notify the other in the event that any Third Party asserts or files any product liability Claim or other Action relating to alleged defects in the Licensed Product (whether design defects, manufacturing defects or defects in sales or marketing)  (“Third Party Product Liability Action”) against such Party.  In the event of a Third Party Product Liability Action against such a single Party, the unnamed Party shall have the right, in the unnamed Party’s sole discretion, to join or otherwise participate in such legal action with legal counsel selected by the unnamed Party and reasonably acceptable to the named Party.  The Party named in such Third Party Product Liability Action shall have the right to control the defense of the action, but shall notify and keep the unnamed Party apprised in writing of such action and shall consider and take into account the unnamed Party’s reasonable interests and requests and suggestions regarding the defense of such action.  In the event of a Third Party Product Liability Action against both Parties, the Parties shall mutually agree upon which Party shall control the response to such Third Party Product Liability Action.

  11.5.2	The non-controlling Party of a Third Party Product Liability Action shall reasonably cooperate with the controlling Party in the preparation and formulation of a defense to such Third Party Product Liability Action, and in taking other steps reasonably necessary to respond to such Third Party Product Liability Action.  The controlling Party shall have the sole 

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  and exclusive right to select its counsel for the defense to such Third Party Product Liability Action.  If required under applicable Law in order for the controlling Party to maintain a suit in response to such Third Party Product Liability Action, the non-controlling Party shall join as a party to the suit.  The controlling Party shall assume and pay all of its own Out-of-Pocket Costs incurred in connection with any litigation or proceedings related to such Third Party Product Liability Action, including the fees and expenses of the counsel selected by it, as well as the Out-of-Pocket Costs of the non-controlling Party associated with providing assistance requested by the controlling Party or joining the suit if requested by the controlling Party or required to maintain the suit.  The non-controlling Party shall also have the right to participate and be represented in any such suit by its own counsel at its own expense.  All Out-of-Pocket Costs and FTE Costs incurred in connection with any litigation or proceeding related to such Third Party Product Liability Action arising from (a) Development of Licensed Antibodies or Licensed Products under the GDP, (b) Commercialization of Licensed Products (other than for any Opt Out Products) in the U.S., or (c) Manufacturing activities in support of the foregoing clauses (a) or (b) shall be taken into account in determining Pre-Tax Profit or Loss as a Shared Product Liability Cost, and to the extent, provided in the Financial Exhibit.  The controlling Party shall not settle or compromise any Third Party Product Liability Action without the consent of the other Party, which consent shall not be unreasonably withheld.  

  ARTICLE XII
TERM AND TERMINATION

  12.1	Term.

  Unless terminated earlier in accordance with this ARTICLE XII, this Agreement shall remain in force for the period commencing on the Execution Date (subject to Section 14.16) and ending upon the later of (a) expiration of all payment obligations under this Agreement with respect to all Licensed Products in the Territory and (b) when no Licensed Products are being Developed or Commercialized (the “Term”).  Upon the expiration of the Royalty Term and all other payment obligations for all Licensed Products with respect to a country the licenses and rights granted to GSK herein shall become non-exclusive fully-paid, royalty-free and irrevocable. 

  12.2	Termination For Material Breach.

  12.2.1	Termination. Upon any material breach of this Agreement by a Party (the “Breaching Party”), the other Party (the “Non-Breaching Party”) may terminate this Agreement by providing [***] [***] written notice to the Breaching Party in the case of a breach of a payment obligation and [***] [***] written notice to the Breaching Party in the case of any other material breach, which notice shall, in each case (i) expressly reference this Section 12.2, (ii) reasonably describe the alleged breach which is the basis of such termination, and (iii) clearly state the Non-Breaching Party’s intent to terminate this Agreement if the alleged breach is not cured within the applicable cure period (“Termination Notice”).  The termination shall become effective at the end of the notice period unless the Breaching Party cures such breach during such notice period, 

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  provided that the Non-Breaching Party may, by notice to the Breaching Party, designate a later date for such termination in order to facilitate an orderly transition of activities relating to the Licensed Product.  Notwithstanding the foregoing, if such breach (other than a payment breach), by its nature, is curable, but is not reasonably curable within the applicable cure period, then such cure period shall be extended if the Breaching Party provides a written plan for curing such breach to the Non-Breaching Party and uses Commercially Reasonable Efforts to cure such breach in accordance with such written plan, provided that no such extension shall exceed [***] [***] without the consent of the Non-Breaching Party.  

  12.2.2	[***] 

  12.2.3	[***] 

  12.3	[***]

  12.4	Termination for Insolvency. 

  Either Party may terminate this Agreement upon the occurrence of one or more of the following:

  12.4.1	immediately upon written notice to the other Party in the event the other Party initiates a voluntary proceeding under any applicable bankruptcy code; or

  12.4.2	immediately upon written notice to the other Party in the event the other Party becomes the subject of an involuntary proceeding under any applicable bankruptcy code and such proceeding is not dismissed or stayed within [***] ([***]) [***] of its commencement.

  12.5	Termination by GSK Unilaterally.

   GSK may, upon [***] [***] prior written notice to Alector, unilaterally terminate this Agreement without cause, in which event this Agreement shall remain in full force and effect until the effective date of such termination. 

  12.6	Effects of Termination.

  In the event of expiration or termination of this Agreement, the provisions of this Section 12.6 shall apply.

  12.6.1	Accrued Obligations.  Expiration or termination of this Agreement for any reason shall not release either Party from any obligation or liability which, at the time of such expiration or termination, has already accrued to the other Party or which is attributable to a period prior to such expiration or termination.

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  12.6.2	Non-Exclusive Remedy.  Notwithstanding anything herein to the contrary, expiration or termination of this Agreement by a Party shall be without prejudice to other remedies such Party may have at law or equity. 

  12.6.3	Survival.  In the event of any expiration or termination of this Agreement, the provisions set forth in ARTICLE I, ARTICLE IX (excluding Section 9.5) and ARTICLE XI (provided however that Section 11.5 shall apply only for Third Party Product Liability Actions pertaining to activities during the Term) and Sections 2.6.1 (together with Sections 2.7, 2.8, 2.9, 13.1 and 13.3, in each case solely to the extent necessary to reconcile Development Costs, Pre-Tax Profit or Losses and royalties incurred or earned during the Term or, with respect to Pre-Tax Profit or Loss and royalties, the Agreement Wind-Down Period), 3.8, 3.10, 4.5.3 (solely with respect to the reporting and reconciliation of Development Costs incurred during the Term), 4.5.4 (to the extent necessary to reimburse Development Costs incurred during the Term), 4.7 (solely with respect to Patient Samples collected during the Term or in a co-funded On-Going Clinical Study pursuant to Section 12.6.12), 7.1, 7.3-7.4 (each with respect to Licensed Product sold by GSK or its Affiliates or Sublicensees during the Agreement Wind-Down Period), 7.5 (solely with respect to Net Sales for Licensed Products sold during the Term or during the Agreement Wind-Down Period), 7.6 (to the extent necessary to reconcile and reimburse any Development Costs incurred during the Term and reconcile and share any Pre-Tax Profit or Losses based on Allowable Expenses, Other Income or Net Sales incurred or earned during the Term or for Net Sales of Licensed Product by GSK or its Affiliates or Sublicensees during the Agreement Wind-Down Period), 7.9 (for the period set forth therein), 7.10-7.16, 8.1, 10.8, 12.6, 13.1, 13.4, 14.1, 14.3, 14.4, 14.6, 14.7, 14.8, 14.9, 14.10, 14.11, 14.14, and 14.15  and the Financial Exhibit (to the extent necessary to reconcile and share Pre-Tax Profit or Loss based on Allowable Expenses, Other Income or Net Sales incurred or earned during the Term or for Net Sales of Licensed Product by GSK or its Affiliates or Sublicensees during the Agreement Wind-Down Period), as well as any other Sections or defined terms referred to in such Sections or Articles or necessary to give them effect.  Furthermore, any other provisions required to interpret the Parties’ rights and obligations under this Agreement shall survive to the extent required.  Except as otherwise provided in this ARTICLE XII, all rights and obligations of the Parties under this Agreement, including any licenses granted hereunder, shall terminate upon expiration or termination of this Agreement for any reason. 

  12.6.4	Regulatory Filings and Data.  GSK shall, to the extent permitted by applicable Law, assign and transfer (as soon as reasonably practicable) to Alector all Regulatory Filings and Regulatory Approvals for Licensed Products that are held or controlled by or under authority of GSK or its Affiliates or Sublicensees (unless such Sublicensees are to become Sublicensees of Alector in accordance Section 12.6.7) as of the effective date of termination, and shall take such actions and execute such other instruments, assignments and documents as may be necessary to effect the transfer of rights under such Regulatory Filings and Regulatory Approvals to Alector.  GSK shall also (as soon as reasonably practicable) transfer control of and responsibility for maintaining the global safety database for Licensed Products to Alector, and Alector shall accept 

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  such transfer and responsibility.  GSK shall cause each of its Sublicensees to (as soon as reasonably practicable) transfer any such Regulatory Filings and Regulatory Approvals to Alector if this Agreement terminates.  If applicable Law prevents or delays the transfer of ownership of any such Regulatory Filing or Regulatory Approvals to Alector, GSK shall grant, and does hereby grant, to Alector an exclusive and irrevocable right of access and reference to such Regulatory Filing and Regulatory Approvals, and shall reasonably cooperate to make the benefits of such Regulatory Filings and Regulatory Approvals available to Alector or its designee(s), provided that GSK shall not be obliged to maintain any such Regulatory Filing or Regulatory Approval or to provide reasonable cooperation to Alector beyond the date that is [***] [***] following the effective date of expiration or termination of this Agreement, provided such period may be extended provided that Alector reimburses GSK’s reasonable costs incurred in connection with such maintenance and cooperation during any such period.  As soon as reasonably practicable after the effective date of termination (or, if reasonably requested by Alector after notice of termination), GSK shall provide or make available to Alector (in electronic form to the extent reasonably requested by Alector and available to GSK in such form) copies of: (i) all such Regulatory Filings and Regulatory Approvals; and (ii) of all Data and other Know-How in its or its Affiliate’s Control pertaining to any Licensed Antibody or Licensed Product, or the manufacture or use thereof, to the extent actually used in connection with a Licensed Antibody or Licensed Product during the Term (such Know-How, the “Reverted Know-How”).  

  12.6.5	Technology Licenses.

  (a)	GSK hereby grants, and shall cause its Affiliates to grant, to Alector, effective upon the effective date of termination, [***]. 

  12.6.6	[***]

  12.6.7	Sublicenses.  GSK’s (and any of its Affiliates’) sublicenses to Third Parties with respect to Licensed Products shall, at the request of Alector, be assigned to Alector to the extent possible under the terms of the applicable sublicense and to the extent that the applicable sublicense solely relates to Licensed Products, subject to such Sublicensee’s prior written consent.  In the event Alector does not request assignment of any such sublicense, or any of such Sublicensees does not consent to such assignment, or any such sublicenses do not solely relate to Licensed Products, then the rights of GSK’s Sublicensees with respect to Licensed Products under such sublicenses shall terminate concurrently with termination of GSK’s rights under this Agreement with respect to Licensed Products.

  12.6.8	Marks and Domains.  Effective upon the effective date of termination, GSK hereby assigns and shall cause to be assigned to Alector all worldwide rights in and to (i) any Product Trademarks and Product Related Materials specific to one or more Licensed Products that GSK or any of its Affiliates used in connection with Licensed Product(s), and (ii) all Internet domain names incorporating the applicable Product Trademark(s) or any variation or part of such Product Trademark(s) as its URL address or any part of such address.  It is understood that such assignment 

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  shall not include the name of GSK or any of its Affiliates, nor the corporate logo, service mark, or trademark for GSK or for any of its Affiliates as a corporate entity.

  12.6.9	Return of Materials.  Within [***] ([***]) [***] after the end of the Agreement Wind-Down Period or, to the extent there is not an Agreement Wind-Down Period, after termination of the Agreement, each Party shall destroy, and cause its Affiliates to destroy, all tangible items solely comprising, bearing or containing any Confidential Information of the other Party that are in such first Party’s or its Affiliates’ possession or control, and provide written certification of such destruction, or prepare such tangible items of Confidential Information for shipment to the other Party, as the other Party may direct, at the first Party’s expense, provided that such Party may retain one copy of such Confidential Information of the other Party for its legal archives.  Each Party hereby agrees that, with respect to tangible items and materials that contain Confidential Information of the other Party and other information, such first Party and its Affiliates shall not use or disclose the Confidential Information of the other Party contained in such items and materials following the effective date of termination.  Notwithstanding the foregoing, Alector shall be permitted to retain, use and disclose tangible items and materials containing Confidential Information of GSK or its Affiliate that are necessary or useful to practice any GSK Intellectual Property that is licensed to Alector pursuant to Section 12.6.5.

  12.6.10	Post-Termination Shared Product Liability Costs.  In the event a Party or any of its Affiliates incurs any Shared Product Liability Costs described in Section 11.3 after the Term and after the final reconciliation of Pre-Tax Profit or Loss under Section 7.5 in accordance with Reconciliation Procedures and the Financial Exhibit, which Shared Product Liability Costs are attributable to sales or other activities under this Agreement for a Cost Profit Sharing Product for the United States prior to expiration or termination of the Term, each Party shall be responsible for [***] of such Shared Product Liability Costs (but only to the extent attributable to sales or other activities under this Agreement for a Cost Profit Sharing Product for the United States prior to expiration or termination of the Term).  Each Party will promptly pay the other Party its share of any such Shared Product Liability Costs after receipt of detailed supporting documentation evidencing such Shared Product Liability Costs.

  12.6.11	Transition; Manufacturing; Inventory.  GSK agrees, and agrees on behalf of its Affiliates, to reasonably cooperate with Alector and its designee(s) to facilitate a smooth, orderly and prompt transition of the program and activities with respect to Licensed Antibodies and Licensed Products, including any ongoing Development, Manufacturing and Commercialization of Licensed Antibodies or Licensed Products to Alector or its designee(s).  If GSK or its Affiliate Manufactured any Licensed Antibody or Licensed Product, or component of either of the foregoing or other material used for the Manufacture of Licensed Antibody or Licensed Product, at the time of termination, then GSK (or its Affiliate) shall continue to provide for manufacturing of such Licensed Antibody, Licensed Product, component and material for Alector, [***] from the date of notice of such termination until such time as Alector is able, using Commercially Reasonable Efforts to do so, to secure an acceptable alternative commercial 

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  manufacturing source from which sufficient quantities of such Licensed Antibody, Licensed Product, component and material may be procured and legally sold throughout the United States and OUS Territory, but in any event no longer than [***] [***] (or in the case of termination by GSK under Section 12.2 above for Alector’s breach, [***] [***]) after the effective date of termination.  If a Manufacturing Subcontractor Manufactures a Licensed Antibody or Licensed Product, or component of either of the foregoing or other material used for the Manufacture of Licensed Antibody or Licensed Product, on GSK’s or its Affiliate’s behalf at the time of termination, upon request of Alector GSK shall use Commercially Reasonable Efforts to transfer the applicable Manufacturing Subcontract to Alector on or promptly after the effective date of termination or Wind-Down Period, as applicable, and until such transfer shall cooperate fully to make the benefits of such Manufacturing Subcontract available to Alector or its designee(s).  GSK shall as soon as reasonably practicable after the effective date of termination or Wind-Down Period, as applicable, transfer to Alector, or its designee, all applicable cell banks used for the Manufacture of Reverted Products (subject to any Third Party agreements and Alector’s payments there under for any transfer or use of such cell banks), Licensed Antibodies and Licensed Products, or component of either of the foregoing and other material (including reference standards) used for the Manufacture of Licensed Antibody or Licensed Product. 

  To the extent the Manufacture of Licensed Antibody or Licensed Product requires the use of GSK Manufacturing Know-How, Alector shall not transfer such GSK Manufacturing Know-How to a CMO (other than an Approved CMO) without the prior written approval of GSK, such approval not to be unreasonably withheld, delayed or conditioned. 

  12.6.12	On-Going Clinical Study. In the event that any Clinical Study with respect to Licensed Products has been Initiated and is on-going as of the effective date of any termination of this Agreement (each, an “On-Going Clinical Study”), GSK shall continue to fund GSK’s share of Development Costs (or, with respect to an On-Going Clinical Study the costs of which are not shared as Development Costs, continue to fund all costs) with respect to such On-Going Clinical Study through completion, provided that to the extent such On-Going Clinical Study is being conducted under the GDP, GSK’s funding obligation for such On-Going Clinical Study would not exceed GSK’s share of Development Costs for such On-Going Clinical Study budgeted in the Development Budget existing as of such termination of this Agreement.  In addition, if there are any On-Going Clinical Studies being conducted by or under authority of GSK or its Affiliate at the time of notice of termination, GSK agrees, as Alector may request, to (A) promptly transition to Alector or its designee some or all of such On-Going Clinical Studies and the activities related to or supporting such trials, (B) continue to conduct such On-Going Clinical Studies for a period requested by Alector up to a maximum of [***] ([***]) [***] after the effective date of such termination, or (C) terminate such On-Going Clinical Studies in a manner consistent with applicable Laws; provided, however, that in the event that [***] reasonably determines that an On-Going Clinical Study being run by GSK or its Affiliate would pose an unacceptable safety risk for subjects participating in such On-Going Clinical Study, then GSK shall not be obligated to continue such Clinical Study and GSK shall provide Alector with a full explanation of the safety 

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  issue concern and, if requested by Alector, reasonable documentation thereof and such additional information as may be necessary to permit Alector to fully understand and assess the safety issue raised by [***].

  12.6.13	Commercialization Wind-Down.  On a country-by-country basis, GSK agrees, and agrees on behalf of its Affiliates, to reasonably cooperate with Alector and its designee(s) to facilitate a smooth, orderly and prompt transition of the Commercialization of Licensed Product already commercially launched in a country as of the effective date of termination (“Launched Products”) to Alector or its designee(s). If requested by Alector, to the extent permitted by applicable Law and Regulatory Approvals, GSK and its Affiliates and Sublicensees shall continue to distribute and sell, in each case on an exclusive basis, Launched Products in such country, in accordance with the terms and conditions of this Agreement, for a period requested by Alector not to exceed [***] [***] from the effective date of such termination (the “Agreement Wind-Down Period”), provided that Alector may terminate such activities during the Agreement Wind-Down Period upon [***] [***] notice to GSK, and in any case, GSK shall not be obligated to continue promoting the Licensed Product after the effective date of such termination.  If Alector requests that GSK and its Affiliates and Sublicensees distribute and sell the Launched Products in a country during the Agreement Wind-Down Period, GSK and its Affiliates and Sublicensees shall have the exclusive right to sell and distribute Licensed Product during the Agreement Wind-Down Period solely to perform such distribution and sale with respect to Launched Products in such country.  For the avoidance of doubt, the Parties’ obligations under Sections 3.5 and 3.6 shall terminate.  Any Licensed Products sold or disposed of in a country and during the period that GSK or its Affiliates or Sublicensees are continuing to sell Licensed Products in accordance with this Section 12.6.13 during the Agreement Wind-Down Period shall be subject to the applicable payments under this Agreement.  After the Agreement Wind-Down Period, GSK and its Affiliates and Sublicensees shall no longer have a right to sell Licensed Products in the applicable countries hereunder, provided that GSK, subject to the following sentence, shall have the right to sell off its remaining inventory of Licensed Product.  Prior to or following expiration of the Agreement Wind-Down Period, Alector shall have the right to purchase, and GSK shall sell to the extent requested by Alector, all inventory of the Licensed Antibodies and Licensed Products, and component of either of the foregoing and other material used for the Manufacture of Licensed Antibody or Licensed Product, then owned by and in the possession of GSK or its Affiliates (or owned by GSK or its Affiliate and it the possession of a CMO) at a price equal to [***], taking into account the portion, if any, of such Supply Costs for such inventory previously shared by Alector under this Agreement.  GSK shall grant, effective on the date of such purchase, a royalty-free right and license to use any trademarks, names, and logos of GSK appearing on such inventory of the applicable Licensed Products for a period of [***] ([***]) [***] solely to permit the orderly sale of such inventory, subject to Alector meeting reasonable quality control standards imposed by GSK on the use of such trademarks, names, and logos, which will be consistent with the standards used by GSK prior to such termination. To the extent that applicable Law or Regulatory Approvals prevent the foregoing, the Parties agree to 

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  reasonably cooperate to establish and implement an alternative mechanisms to facilitate a smooth, orderly and prompt transition of the Commercialization of Launched Products.  

  ARTICLE XIII
DECISION-MAKING; DISPUTE RESOLUTION

  13.1	Referral to Executive Officers.

  If the JSC does not resolve or approve any matter properly referred to it or otherwise within the scope of its authority within [***] ([***]) [***] after the JSC begins considering such matter, either Party may refer the matter to the Parties’ Executive Officers for attempted resolution.  If, after discussing the matter in good faith and attempting to find a mutually satisfactory resolution to the issue, the Executive Officers fail to come to unanimous agreement within [***] ([***]) [***] after the date on which the matter is referred to the Executive Officers (unless a longer period is agreed to by the Parties), then, (i) with respect to disputes or decisions regarding matters described in Section 13.3.1 (other than Section 13.3.1(d)), the provisions set forth in Section 13.3 shall apply, (ii) with respect to disputes or decisions regarding matters described in Section 13.3.1(d), neither Party shall have final decision-making authority and the Parties shall continue to undertake activities consistent with the terms of this Agreement and, if applicable, the then-current applicable plan or budget and (iii) with respect to all other disputes or decisions, neither Party shall have final decision-making authority and unless and until such matter is resolved in accordance with Section 13.4, and the Parties shall continue to undertake activities consistent with the terms of this Agreement and the then-current applicable plan or budget.  For the avoidance of doubt, any decision that is specified in this Agreement to be made by either Party, or by agreement of both Parties, (i.e., rather than by or through the JSC, JDC, JCC or a Working Group) shall not be subject to resolution pursuant Section 13.3 or Section 13.4, but may be referred to the Executive Officers in accordance with this Section 13.1. 

  13.2	Decisions to Terminate or Suspend a Study Based on Safety Concerns.

  13.2.1	Right of Sponsor.  The Party sponsoring or controlling any Clinical Study of a Licensed Antibody or Licensed Product (the “Sponsor”) may terminate or suspend such Clinical Study, without the approval or consent of the JDC, JSC or other Party, if (i) a Regulatory Authority or safety data review board for such Clinical Study has required such termination or suspension or (ii) if the Sponsor believes in good faith that such termination or suspension is warranted because of safety or tolerability risks to the study subjects.  In either case, the Sponsor shall promptly notify the other Party (the “Non-Sponsor”) of such termination or suspension, and shall use reasonable efforts to notify and consult with the Non-Sponsor prior to taking such action. 

  13.2.2	Right of Non-Sponsor.  If the Non-Sponsor of any Clinical Study of a Licensed Antibody or Licensed Product believes in good faith that termination or suspension of such Clinical Study is warranted because of safety or tolerability risks to the study subjects, then the Non-Sponsor shall so notify the Sponsor and the Parties shall discuss the Non-Sponsor’s concerns 

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  in good faith to determine whether to terminate, suspend, modify or continue such Clinical Study.  If the Parties are unable to reach agreement with respect to whether to terminate, suspend, modify or continue such Clinical Study, the matter shall be resolved by the JSC. 

  13.3	Resolution of Certain Disputes.

  13.3.1	Application to Certain Disputes.  The provisions of this Section 13.3 shall apply with respect to any matter within the Joint Committees’ authority that falls within the scope of Sections 13.3.1(a), 13.3.1(b), 13.3.1(c) or 13.3.1(d) below that has not been resolved within the [***] ([***]) [***] period following referral to Executive Officers described in Section 13.1. 

  (a)	Expert Dispute. The following matters shall be resolved by an Expert pursuant to Section 13.3.2 (each, an “Expert Dispute”): [***].

  (b)	Alector Final Decision. Subject to Section 2.8.3, Alector shall be entitled to make the final decision with respect to the following matters to the extent within the authority of the JSC (except to the extent such matter is provided in Section 13.3.1(a) to be an Expert Dispute or such matter is listed in Section 13.3.1(d)): [***].

  (c)	GSK Final Decision. Subject to Section 2.8.3, GSK shall be entitled to make the final decision with respect to the following matters to the extent within the authority of the JSC (except to the extent such matter is provided in Section 13.3.1(a) to be an Expert Dispute or such matter is listed in Section 13.3.1(d)): [***].

  (d)	Neither Party with Final Decision. Notwithstanding the foregoing or anything to the contrary in this Agreement, neither Party may make the final decision with respect to the following matters (and such matters shall not be resolved pursuant to Section 13.3.2 or Section 13.4): [***].

  13.3.2	[***]

  13.4	Arbitration.

  13.4.1	With the exception of those matters subject to determination as provided in Sections 2.8.2, or 13.3, any dispute, claim or controversy arising from or related in any way to this Agreement or the interpretation, application, breach, termination or validity thereof, including any claim of inducement of this Agreement by fraud or otherwise, and further including any such controversy or claim involving the parent company, subsidiaries, or affiliates under common control of any Party (“Dispute”), shall first be referred to the Executive Officers in accordance with Section 13.1, and if it has not been resolved within the time specified in Section 13.1, will be submitted for final, binding resolution through arbitration administered by the International Chamber of Commerce pursuant to the ICC Arbitration Rules, except where those rules conflict with these provisions, in which case these provisions control.  The seat of the arbitration will be 

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  New York, NY, without prejudice to the arbitrators’ authority to hold any meetings or hearings in any place that is convenient to them and to the parties and in accordance with the ICC Arbitration Rules.

  13.4.2	To the extent a Dispute does not involve claims exceeding USD [***], then the arbitration shall be conducted by a single arbitrator. If the Parties are unable to agree on an arbitrator within [***] ([***]) [***] of the filing of the Answer to the Request for Arbitration or the Answer to the Notice of Counterclaims (as may be applicable), then the arbitrator shall be appointed by the International Court of Arbitration pursuant to the ICC Arbitration Rules.  

  13.4.3	When a Dispute involves claims that exceed USD [***], then the arbitration shall be conducted by a three-member tribunal.  Each party shall be entitled to appoint a neutral and impartial co-arbitrator in accordance with the ICC Arbitration Rules.  The third arbitrator, who will act as president of the arbitral tribunal, shall be appointed by agreement of the co-arbitrators, in consultation with the parties, except that if such appointment does not occur within [***] ([***]) [***] of the confirmation of the co-arbitrators’ appointments, then the appointment shall be made by the International Court of Arbitration pursuant to the ICC Arbitration Rules. 

  13.4.4	The Parties agree that they shall share equally the costs of the arbitration, including but not limited to the arbitrator’s or tribunal’s fees and costs, any administrative costs incurred during the arbitration and the fees and costs of any experts appointed by the arbitrator tribunal.  Each Party shall bear its own costs and attorneys’ and witnesses’ fees and associated costs and expenses.

  13.4.5	Settlement negotiations, including any statements made therein, shall not be admissible during the arbitration under any circumstances.  Affidavits prepared for purposes of the an arbitration hearing also shall not be admissible.  As to all other matters, the arbitrator or tribunal shall have sole discretion regarding the admissibility of any evidence in accordance with the ICC Arbitration Rules. 

  13.4.6	Except as necessary for enforcement of the final award, or as required by law, the existence of the Dispute, any settlement negotiations, the arbitration proceedings, any submissions (including exhibits, testimony, proposed rulings, and briefs), and all decisions by the arbitrator or tribunal shall be deemed to be Confidential Information of both Parties.  The arbitrator or tribunal shall have the authority to impose sanctions for unauthorized disclosure of Confidential Information.

  13.4.7	All arbitration proceedings shall be conducted in the English language.

  13.4.8	Each Party shall have the right to be represented by counsel in all aspects of any arbitration proceeding. 

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  13.4.9	In any event, the Parties shall endeavor in good faith to complete any arbitration under this Section 13.4 within [***] [***] following the initiation of such arbitration. 

  13.4.10	Any award of the arbitrator or tribunal may be entered in any court of competent jurisdiction for a judicial recognition of the decision and applicable orders of enforcement, and each Party may apply to any court of competent jurisdiction for appropriate temporary injunctive relief to avoid irreparable harm, maintain the status quo, or preserve the subject matter of the arbitration, in each case pending resolution of any arbitration proceeding.  Without limiting the foregoing, the Parties consent to the jurisdiction of the Federal District Court for the district in which the arbitration is seated for the enforcement of these provisions and the entry of judgment on any award rendered hereunder. 

  13.4.11	EACH PARTY HERETO WAIVES ITS RIGHT TO TRIAL BY JURY OF ANY ISSUE WITHIN THE SCOPE OF THE AGREEMENT TO ARBITRATE AS SET FORTH IN SECTION 13.4.1.

  ARTICLE XIV
MISCELLANEOUS

  14.1	Assignment; Successors.

  Neither Party shall assign this Agreement or any of its rights or duties hereunder without the prior written consent of the other Party; provided, however, that no such consent shall be required with respect to any such assignment, (a) to an Affiliate, (b) solely in respect of Opt Out Products or Licensed Products in the OUS Territory, to a Third Party in connection with a royalty factoring transaction or (c) to a Third Party that acquires all or substantially all of the business or assets of such Party (whether by merger, reorganization, acquisition, sale or otherwise). The assigning Party shall provide the other Party prompt written notice of any such assignment.  No assignment of this Agreement shall be valid and effective unless and until the assignee agrees in writing to be bound by the terms and conditions of this Agreement.  The terms and conditions of this Agreement shall be binding on and inure to the benefit of the permitted successors and assigns of the Parties.  Any assignment of this Agreement not in accordance with this Section 14.1 shall be null and void. 

  14.2	Alector Change of Control.

  In the event of the occurrence of an Alector Change of Control during the Term, the following provisions of this Section 14.2 shall apply.

  14.2.1	Certain Terms Regarding Intellectual Property and Competing Products.  All Alector Intellectual Property Controlled by Alector immediately prior to such Alector Change of Control shall continue to be Alector Intellectual Property for purposes of this Agreement.  Patents and Know-How that were owned or controlled by the entity acquiring Alector or the Acquirer’s Affiliates prior to such Alector Change of Control (collectively, the “Acquirer”) shall not be 

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  included within the Alector Intellectual Property.  Additionally: [***].

  14.2.2	Protective Procedures.  The Parties shall adopt reasonable operating procedures to be established by the JSC to prevent competitively sensitive Confidential Information of one Party from being disclosed to or used by the other Party.

  14.2.3	Alector Representatives.  Alector’s rights with respect to Alector Representatives’ participation in GSK’s strategic planning for and observation of implementation of Commercialization of Cost Profit Sharing Products in the OUS Territory shall terminate.

  14.2.4	[***] 

  14.2.5	Definition.  As used herein, “Alector Change of Control” means (a) completion of a merger, reorganization, amalgamation, arrangement, share exchange, consolidation, tender or exchange offer, private purchase, business combination, recapitalization or other transaction involving Alector as a result of which either (1) the stockholders of Alector immediately preceding such transaction hold less than [***] of the outstanding shares, or less than [***] of the outstanding voting power, respectively, of the ultimate company or entity resulting from such transaction immediately after consummation thereof (including a company or entity which as a result of such transaction owns the then outstanding securities of Alector or all or substantially all of Alector’s assets, including Alector’s assets related to the Licensed Antibodies and Licensed Products, either directly or through one or more subsidiaries), or (2) any single Third Party person or group (within the meaning of the U.S. Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect, referred to as a “Group”) holds [***] or more of the outstanding shares or voting power of the ultimate company or entity resulting from such transaction immediately after the consummation thereof (including a company or entity which as a result of such transaction owns the then outstanding securities of Alector or all or substantially all of Alector’s assets either directly or through one or more subsidiaries); (b) the direct or indirect acquisition (including by means of a tender offer or an exchange offer) by any Third Party person or Group of beneficial ownership (within the meaning of the U.S. Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect), or the right to acquire beneficial ownership, or formation of any Third Party Group which beneficially owns or has the right to acquire beneficial ownership, of [***] or more of either the outstanding voting power or the then outstanding shares of Alector, in each case on a fully diluted basis; (c) individuals who, as of the date hereof, constitute the Board of Directors of such company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors of such company; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by such company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board of Directors of such company; (d) the adoption of a plan 

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  relating to the liquidation or dissolution of Alector, other than in connection with a corporate reorganization (without limitation of clause (a), above); (e) the sale or disposition to a Third Party of all or substantially all the assets of Alector (determined on a consolidated basis), including Alector’s assets related to the Licensed Antibodies and Licensed Products; or (f) the sale or disposition to a Third Party of assets or businesses that constitute [***] or more of the total revenue or assets of Alector (determined on a consolidated basis), including Alector’s assets or business related to the Licensed Antibodies and Licensed Products.

  14.3	Choice of Law.

  This Agreement and any Dispute shall be governed by and interpreted under, and any court action in accordance with Section 14.9 shall apply, the laws of the State of New York excluding: (i) its conflicts of laws principles; (ii) the United Nations Conventions on Contracts for the International Sale of Goods; (iii) the 1974 Convention on the Limitation Period in the International Sale of Goods (the “1974 Convention”); and (iv) the Protocol amending the 1974 Convention, done at Vienna April 11, 1980.

  14.4	Notices.

  Any notice or report required or permitted to be given or made under this Agreement by one of the Parties to the other shall be in writing and shall be deemed to have been delivered upon personal delivery or (i) in the case of notices provided between Parties in the continental United States, four days after deposit in the mail or the Business Day next following deposit with a reputable overnight courier and (ii) in the case of notices provided by electronic transmission (which notice shall be followed immediately by an additional notice pursuant to clause (i) above if the notice is of a default hereunder), upon confirmation of receipt by the recipient, address to the Parties at their respective addresses as follows (or at such other addresses as may have been furnished in writing by one of the Parties to the other as provided in this Section 14.4):

   

  		
	If to Alector:
	Alector, Inc.
131 Oyster Point Blvd, Ste 600
South San Francisco, CA 94080
Attention: General Counsel
 

	With a copy to:
(which shall not
constitute notice)
	Wilson Sonsini Goodrich & Rosati
650 Page Mill Road
Palo Alto, California 94304
Attention:  Kenneth A. Clark and Matt Wiltermuth
 

   

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	If to GSK:
	GlaxoSmithKline
259 E Grand Ave Fifth Floor, Suite 1
San Francisco, CA 94080
Attn: SVP & Head R&D Business Development

   

  		
	With a copy to:
(which shall not
constitute notice)
	GlaxoSmithKline
980 Great West Road
Brentford, Middlesex TW8 9GS
United Kingdom
Attn: VP & Head of Legal Business Development & Corporate
 

  14.5	Severability.

  If, under applicable Law, any provision of this Agreement is invalid or unenforceable, or otherwise directly or indirectly affects the validity of any other material provision(s) of this Agreement (such invalid or unenforceable provision, a “Severed Clause”), it is mutually agreed that this Agreement shall endure except for the Severed Clause.  The Parties shall consult one another and use their reasonable efforts to agree upon a valid and enforceable provision that is a reasonable substitute for the Severed Clause in view of the intent of this Agreement.  In the event a Party seeks to avoid a provision of this Agreement by asserting that such provision is invalid or otherwise unenforceable (or, in the case of Sections 3.5 or 3.6, illegal), Alector (in the event that GSK is the asserting Party) shall have the right to [***], and GSK (in the event that Alector is the asserting Party) shall have the right to [***].  

  14.6	Integration.

  This Agreement constitutes the entire agreement between the Parties hereto with respect to the subject matter of this Agreement and supersedes all previous agreements, whether written or oral.  Notwithstanding the authority granted to the JSC, JDC, JCC and any Working Groups under this Agreement, this Agreement may be amended only in writing signed by authorized representatives of each of Alector and GSK.  In the event of a conflict between the GDP or the U.S. Commercialization Plan, on the one hand, and this Agreement, on the other hand, the terms of this Agreement shall govern. 

  14.7	Waiver and Non-Exclusion of Remedies.

  Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term or condition.  The waiver by either Party hereto of any right hereunder or of the failure to perform or of a breach by the other Party shall not be deemed a waiver of any other right hereunder or of any other breach or failure by such other Party whether of a similar nature or otherwise.  Except as expressly set forth herein, the rights 

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  and remedies provided herein are cumulative and do not exclude any other right or remedy provided by applicable Law or otherwise available.

  14.8	Independent Contractors; No Agency.

  Neither Party shall have any responsibility for the hiring, firing or compensation of the other Party’s employees or for any employee benefits.  No employee or representative of a Party, including the Alector Sales Representatives, shall have any authority to bind or obligate the other Party to this Agreement for any sum or in any manner whatsoever, or to create or impose any contractual or other liability on the other Party without said Party’s written approval.  Each Party is acting on its own behalf and has obtained its own legal, tax, and investment advice regarding the execution of this Agreement and the rights and obligations arising herein. The Parties shall not maintain joint bank accounts and shall not commingle funds. For all purposes, and notwithstanding any other provision of this Agreement to the contrary, the Parties’ legal relationship under this Agreement shall be that of independent contractor.

  14.9	Submission to Jurisdiction.

  Each Party (i) submits to the jurisdiction of the state and federal courts sitting in New York, with respect to actions or proceedings arising out of or relating to this Agreement in which a Party brings an action in aid of arbitration, and (ii) agrees that all claims in respect of such action or proceeding may be heard and determined in any such court and (iii) agrees not to bring any action or proceeding arising out of or relating to this Agreement in any other court, other than an action or proceeding seeking injunctive relief or brought to enforce an arbitration ruling issued pursuant to Section 13.4.  Each Party waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought.  Each Party may make service on the other Party by sending or delivering a copy of the process to the Party to be served at the address and in the manner provided for the giving of notices in Section 14.4.  Nothing in this Section 14.9, however, shall affect the right of any Party to serve legal process in any other manner permitted by Law.  

  14.10	Execution in Counterparts; Facsimile Signatures.

  This Agreement may be executed in counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original, and all of which counterparts, taken together, shall constitute one and the same instrument even if both Parties have not executed the same counterpart.  Signatures provided by facsimile transmission shall be deemed to be original signatures.

  14.11	No Consequential or Punitive Damages.  

  14.11.1	EXCEPT FOR (A) FRAUD OR WILLFUL MISCONDUCT, (B) A PARTY’S BREACH OF ITS OBLIGATIONS UNDER ARTICLE IX, OR SECTIONS 3.5 OR 3.6, TO THE EXTENT PERMITTED BY LAW, NEITHER PARTY HERETO NOR ANY OF 

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  ITS AFFILIATES WILL BE LIABLE TO THE OTHER PARTY FOR INDIRECT, CONSEQUENTIAL, SPECIAL, EXEMPLARY, PUNITIVE OR MULTIPLE DAMAGES ARISING OUT OF THIS AGREEMENT OR THE EXERCISE OF ITS RIGHTS HEREUNDER, REGARDLESS OF ANY NOTICE OF SUCH DAMAGES.

  14.11.2	NOTHING IN THIS SECTION 14.11 IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF EITHER PARTY WITH RESPECT TO THIRD PARTY CLAIMS.

  14.12	Performance by Affiliates.

  To the extent that this Agreement imposes obligations on Affiliates of a Party, such Party agrees to cause its Affiliates to perform such obligations.  Either Party may use one or more of its Affiliates to perform its obligations and duties hereunder, provided that such Party so notifies the other Party in writing and, further provided that such Party shall remain liable hereunder for the prompt payment and performance of all of its obligations hereunder.

  14.13	Force Majeure. 

  If and to the extent that either Party is prevented, delayed or materially hindered by a Force Majeure Event from performing any of its obligations under this Agreement and promptly so notifies the other Party, specifying the matters constituting the Force Majeure Event, then the Party so affected shall be relieved of liability to the other for failure to perform or for delay in performing such obligations (as the case may be), but shall nevertheless use Commercially Reasonable Efforts to resume full performance thereof.  The affected Party shall undertake Commercially Reasonable Efforts necessary to cure or to mitigate the effects of such Force Majeure Event.

  14.14	Further Assurance. 

  Each Party shall duly execute and deliver, or cause to be duly executed and delivered, such further instruments and do and cause to be done such further acts and things, including the filing of such assignments, agreements, documents, and instruments, as may be necessary to carry out more effectively the provisions and purposes hereof, or to better assure and confirm unto such other Party its rights and remedies under this Agreement, in each case as requested by the other Party.

  14.15	Construction.

  The Section headings used herein are for reference and convenience only, and will not enter into the interpretation of this Agreement.  References to Sections include subsections, which are part of the related Section.  Except as otherwise explicitly specified to the contrary, (i) references to a Section, Article, Exhibit or Exhibit means a Section or Article of, or Exhibit to this Agreement and all subsections thereof, unless another agreement is specified; (ii) references to a particular statute or regulation include all rules and regulations thereunder and any successor statute, rules or 

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  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

  

   

  regulations then in effect, in each case, including the then-current amendments thereto; (iii) words in the singular or plural form include the plural and singular form, respectively; (iv) unless the context requires a different interpretation, the word “or” has the inclusive meaning that is typically associated with the phrase “and/or”; (v) terms “including,” “include(s),” “such as,” and “for example” as used in this Agreement mean including the generality of any description preceding such term and will be deemed to be followed by “without limitation”; (vi) whenever this Agreement refers to a number of days, such number will refer to calendar days unless Business Days are specified; (vii) references to a particular Person include such Person’s successors and assigns to the extent not prohibited by this Agreement; (viii) all words used in this Agreement will be construed to be of such gender or number as the circumstances require; (ix) the words “hereof,” “herein,” “hereby” and derivative or similar words refer to this Agreement (including any Exhibits), and (x) neither Party or its Affiliates shall be deemed to be acting “on behalf of” the other Party hereunder, except to the extent expressly otherwise provided.

  14.16	HSR Filings and Closing. 

  After the Execution Date, both Parties shall promptly, and in no less than [***] ([***]) [***], file the appropriate Notification and Report Forms for the consummation of this Agreement and the transactions contemplated hereby required under the Hart Scott Rodino Antitrust Improvements Act, as amended, and the rules and regulations promulgated thereunder (“HSR Act”). The Parties shall seek to obtain the expiration or early termination of the applicable waiting period under the HSR Act, and shall keep each other apprised of the status of any communications with, and any inquiries or requests for additional information from, the United States’ Federal Trade Commission (“FTC”) and Department of Justice (“DOJ”) and shall comply promptly with any such inquiry or request; provided, however, neither Party shall be required to consent to the divestiture or other disposition of any of its assets or the assets of its Affiliates or to consent to any other structural or conduct remedy, and each Party and its Affiliates shall have no obligation to contest, administratively or in court, any ruling, order or other action of the FTC or DOJ or any Third Party with respect to the transactions contemplated by this Agreement. Each Party shall be responsible for paying its own costs and expenses (including legal and consultants’ fees) incurred in connection with obtaining clearance of the transactions contemplated hereby from the FTC and the DOJ, and the Parties shall share the filing fees incurred in connection with the filings required pursuant to the HSR Act with GSK paying [***] ([***]) thereof and Alector paying [***] ([***]) thereof. Each of the Parties hereto will furnish to the other such necessary information and reasonable assistance as the other may request in connection with the preparation of any required filings or submissions and will cooperate in responding to any inquiry from the FTC or DOJ and to any requests for additional information at the earliest practicable date, including promptly informing the other Party of such inquiry, consulting in advance before making any presentations or submissions to the FTC or DOJ, and supplying each other with copies of all material correspondence, filings or communications between either party and either the FTC or DOJ with respect to this Agreement. Such information can be shared on an outside counsel basis or subject to other restrictions to the extent deemed necessary or advisable by counsel for the disclosing Party. To the extent practicable and as permitted by the FTC or DOJ, each Party hereto shall permit representatives of the other Party to participate in material substantive meetings (whether by 

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  telephone or in person) with the FTC or DOJ. Neither Party shall commit to or agree with the FTC or DOJ to withdraw its filing and refile under the HSR Act without the prior written consent of the other (such consent not to be unreasonably withheld, conditioned or delayed). Notwithstanding anything to the contrary in this Agreement, this Agreement is binding upon the Parties as of the Execution Date to the extent permitted by the HSR Act, but the provisions of ARTICLE II through ARTICLE VIII (other than Sections 3.5, 3.6, 3.7, and 8.1), ARTICLE XII and Sections 13.1, 13.2, and 13.3, shall not take effect until the Effective Date. Notwithstanding any other provisions of this Agreement to the contrary, if the HSR Clearance Date has not occurred on or before the date that is [***] ([***]) [***] after the Parties make their respective HSR filings, then either Party may terminate this Agreement at any time thereafter. “HSR Clearance Date” means the date upon which the applicable waiting period under the HSR Act shall have expired or been terminated early.

  [Remainder of this page intentionally blank.]

   

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  IN WITNESS WHEREOF, each Party has caused this Agreement to be duly executed by its authorized representative as of the Execution Date.

   

  ALECTOR, INC.

  By:	/s/ Arnon Rosenthal____________________

  Title:  Arnon Rosenthal

   

   

  GLAXO WELLCOME UK LIMITED

  By:	/s/ John Sadler____________________

  Title:  John Sadler

   

   

   

   

   

  [Signature Page to Collaboration and License Agreement]

   

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  ***	Certain information has been excluded from this agreement because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.EXHIBIT 4.1

	EXECUTION VERSION

 

 

CURO Group Holdings Corp.

as the Issuer

and the Guarantors party hereto

 

$750,000,000

aggregate principal amount of

 

7.500% SENIOR SECURED NOTES
DUE 2028

 

 

INDENTURE

Dated as of July 30, 2021

 

TMI Trust Company

 as Trustee and Collateral Agent

 

    	 		 

     

    

Table of Contents

Page

	ARTICLE 1 Definitions and Incorporation by Reference	1
	Section 1.01   Definitions	1
	Section 1.02   Other Definitions	33
	Section 1.03   Incorporation by Reference of Trust Indenture Act	34
	Section 1.04   Rules of Construction	34
	ARTICLE 2 The Notes	35
	Section 2.01   Form and Dating	35
	Section 2.02   Execution and Authentication	36
	Section 2.03   Registrar and Paying Agent	37
	Section 2.04   Paying Agent to Hold Money in Trust	37
	Section 2.05   Holder Lists	37
	Section 2.06   Transfer and Exchange	38
	Section 2.07   Replacement Notes	50
	Section 2.08   Outstanding Notes	50
	Section 2.09   Treasury Notes	50
	Section 2.10   Temporary Notes	51
	Section 2.11   Cancellation	51
	Section 2.12   Defaulted Interest	51
	Section 2.13   CUSIP Numbers	51
	Section 2.14   Issuance of Additional Notes	52
	ARTICLE 3 Redemption and Prepayment	52
	Section 3.01   Notices to Trustee	52
	Section 3.02   Selection of Notes to be Redeemed	52
	Section 3.03   Notice of Redemption	53
	Section 3.04   Effect of Notice of Redemption	54
	Section 3.05   Deposit of Redemption Price	54
	Section 3.06   Notes Redeemed in Part	55
	Section 3.07   Optional Redemption	55
	Section 3.08   Mandatory Redemption	56
	Section 3.09   Offer to Purchase by Application of Excess Proceeds.	56
	Section 3.10   [Reserved]	58
	Section 3.11   Company May Acquire Notes	58
	ARTICLE 4 Satisfaction and Discharge	58
	Section 4.01   Satisfaction and Discharge	58
	Section 4.02   Application of Trust Money	59
	ARTICLE 5 Covenants	59
	Section 5.01   Payment of Notes	59
	Section 5.02   Maintenance of Office or Agency	60
	Section 5.03   Reports	60
	Section 5.04   Compliance Certificate	61
	

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Table of Contents
(continued)

Page

	Section 5.05   Taxes	62
	Section 5.06   Stay, Extension and Usury Laws	62
	Section 5.07   Restricted Payments	62
	Section 5.08   Dividend and Other Payment Restrictions Affecting Subsidiaries	66
	Section 5.09   Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	68
	Section 5.10   Asset Sales	73
	Section 5.11   Transactions with Affiliates	76
	Section 5.12   Liens	77
	Section 5.13   Corporate Existence; Maintenance of Property and Insurance	77
	Section 5.14   Offer to Repurchase Upon Change of Control	78
	Section 5.15   Designation of Restricted and Unrestricted Subsidiaries	80
	Section 5.16   [Reserved]	80
	Section 5.17   Additional Subsidiary Guarantees	80
	Section 5.18   Business Activities	81
	Section 5.19   [Reserved]	81
	Section 5.20   [Reserved]	81
	Section 5.21   Mortgages	82
	Section 5.22   Further Assurances	82
	Section 5.23   Limited Condition Transaction	83
	Section 5.24   Covenant Suspension	83
	ARTICLE 6 Successors	85
	Section 6.01   Merger, Consolidation or Sale of Assets	85
	Section 6.02   Successor Entity Substituted	87
	ARTICLE 7 Defaults and Remedies	88
	Section 7.01   Events of Default	88
	Section 7.02   Acceleration	90
	Section 7.03   Other Remedies	90
	Section 7.04   Waiver of Past Defaults	91
	Section 7.05   Control by Majority	91
	Section 7.06   Limitation on Suits	91
	Section 7.07   Rights of Holders To Receive Payment	92
	Section 7.08   Collection Suit By Trustee	92
	Section 7.09   Trustee May File Proofs of Claim	92
	Section 7.10   Priorities	92
	Section 7.11   Undertaking For Costs	93
	Section 7.12   Rights and Remedies Cumulative	93
	Section 7.13   Delay or Omission Not Waiver	93
	ARTICLE 8 Trustee	94
	Section 8.01   Duties of Trustee	94
	Section 8.02   Rights of Trustee	95
	

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Table of Contents
(continued)

Page

	Section 8.03   Individual Rights of Trustee	97
	Section 8.04   Trustee’s Disclaimer	97
	Section 8.05   Notice of Defaults	97
	Section 8.06   Reports by Trustee to Holders	97
	Section 8.07   Compensation and Indemnity	97
	Section 8.08   Replacement of Trustee	99
	Section 8.09   Successor Trustee by Merger, Etc.	100
	Section 8.10   Eligibility, Disqualification	100
	Section 8.11   Preferential Collection of Claims Against Company	100
	ARTICLE 9 Legal Defeasance and Covenant Defeasance	100
	Section 9.01   Option to Effect Legal Defeasance or Covenant Defeasance	100
	Section 9.02   Legal Defeasance and Discharge	100
	Section 9.03   Covenant Defeasance	101
	Section 9.04   Conditions to Legal or Covenant Defeasance	101
	Section 9.05   Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	102
	Section 9.06   Repayment to Company	103
	Section 9.07   Reinstatement	103
	ARTICLE 10 Amendment, Supplement and Waiver	104
	Section 10.01   Without Consent of Holders	104
	Section 10.02   With Consent of Holders	105
	Section 10.03   Revocation and Effect of Consents	106
	Section 10.04   Notation On or Exchange of Notes	107
	Section 10.05   Trustee or Collateral Agent to Sign Amendments, Etc.	107
	ARTICLE 11 Guarantees	107
	Section 11.01   Guarantees	107
	Section 11.02   Additional Guarantors	108
	Section 11.03   Releases of Guarantees	109
	Section 11.04   Limitation on Guarantor Liability	110
	Section 11.05   “Trustee” to Include Paying Agent	110
	ARTICLE 12 Miscellaneous	111
	Section 12.01   Notices	111
	Section 12.02   Communication by Holders with Other Holders	113
	Section 12.03   Certificate and Opinion as to Conditions Precedent	113
	Section 12.04   Statements Required in Certificate or Opinion	113
	Section 12.05   Rules by Trustee and Agents	114
	Section 12.06   No Personal Liability of Directors, Officers, Employees and Stockholders	114
	Section 12.07   Governing Law	114
	Section 12.08   No Adverse Interpretation of Other Agreements	114
	Section 12.09   Successors	114
	

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Table of Contents
(continued)

Page

	Section 12.10   Severability	114
	Section 12.11   Counterpart Originals	115
	Section 12.12   Table of Contents, Headings, Etc.	115
	Section 12.13   Intercreditor Agreement	115
	Section 12.14   Payments Due on Non-Business Days	115
	Section 12.15   Waiver of Jury Trial	116
	ARTICLE 13 Collateral and Security	116
	Section 13.01   Collateral Documents	116
	Section 13.02   Recording and Opinions	116
	Section 13.03   Release of Collateral	117
	Section 13.04   Specified Releases of Collateral	117
	Section 13.05   Release upon Satisfaction or Defeasance of all Outstanding Obligations	118
	Section 13.06   Form and Sufficiency of Release and Subordination	118
	Section 13.07   Purchaser Protected	119
	Section 13.08   Authorization of Actions to be Taken by the Collateral Agent Under the Collateral Documents	119
	Section 13.09   Authorization of Receipt of Funds by the Trustee Under the Collateral Documents	121
	Section 13.10   Action by the Collateral Agent	121
	Section 13.11   Compensation and Indemnity	122
	Section 13.12   Co-Collateral Agent; Separate Collateral Agent	123

EXHIBITS

Exhibit A-Form of Note

Exhibit B-Form of Certificate of Transfer

Exhibit C-Form of Certificate of Exchange

Exhibit D-Form of Certificate from Acquiring Accredited Investor

Exhibit E-Form of Supplemental Indenture

 

    	 	iv	 

     

    

INDENTURE dated as of July 30, 2021, among CURO
Group Holdings Corp., a Delaware corporation (the “Company”), the Guarantors (as defined herein) from time to time
party hereto and TMI Trust Company, as trustee and collateral agent.

The Company, the Guarantors and the Trustee agree
as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the 7.500% Senior Secured Notes due 2028
(the “Notes”, including the $750,000,000 aggregate principal amount of Notes to be issued on the date hereof (the “Initial
Notes”) and any Additional Notes (as defined herein) that may be issued from time to time):

ARTICLE 1

Definitions and
Incorporation by Reference

Section 1.01      
Definitions.

“144A Global Note” means a
Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited
with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the
outstanding principal amount of the Notes sold in reliance on Rule 144A.

“Accession Agreement” means
an accession agreement, if any, to the Collateral Documents, in substantially the form provided therein, entered into by the Company,
the Guarantors, the agent, trustee or other representative for the holders of any Pari Passu Indebtedness and the Collateral Agent from
time to time.

“Accredited Investor” means
an “accredited investor” as defined in Rule 501(a) under the Securities Act, who is not also a QIB.

“Acquired Debt” means with
respect to any specified Person:

(1)       Indebtedness
of any other Person existing at the time such other Person was merged with or into or became a Subsidiary of such specified Person, including
Indebtedness Incurred in connection with, or in contemplation of, such other Person merging with or into or becoming a Subsidiary of such
specified Person; and

(2)       Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person at the time such asset is acquired by such specified Person.

“Additional Notes” means any
Notes issued after the Issue Date from time to time in accordance with the terms of this Indenture including the provisions of Sections
2.02, 2.14 and 5.09.

“Administrative Agent” means
Bay Coast Bank, as the administrative agent under the Credit Agreement, or any successor thereto.

“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 purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise. No Person (other than the Company or any Subsidiary of the Company) in whom
a Receivables Entity makes an Investment in connection with a Qualified Receivables Transaction will be deemed to be an Affiliate of the
Company or any of its Subsidiaries solely by reason of such Investment.

“Agent” means any Registrar,
Paying Agent, any co-Registrar or any additional Paying Agent.

“AI Global Note” means a Global
Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited
with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination equal to the outstanding
principal amount of the Notes sold to Accredited Investors.

“Applicable Premium” means
with respect to a Note at any redemption date, the greater of (i) 1.00% of the principal amount of such Note and (ii) the excess
of (A) the present value at such redemption date of (1) the redemption price of such Note on August 1, 2024 (such redemption
price being set forth in subsection (a) of Section 3.07 exclusive of any accrued interest) plus (2) all required remaining
scheduled interest payments due on such Note through August 1, 2024 (but excluding accrued and unpaid interest to the redemption
date), computed using a discount rate equal to the Treasury Rate plus 0.50%, over (B) the principal amount of such Note on such redemption
date.

“Applicable Procedures” means,
with respect to any tender, redemption, payment, transfer or exchange of beneficial interests in a Global Note, the rules and procedures
of the Depositary, Euroclear and Clearstream that are applicable to such tender, redemption, payment, transfer or exchange.

“Asset Sale” means:

(1)       the
sale, lease, transfer, conveyance or other disposition of any assets; provided that the sale, lease, transfer, conveyance or other disposition
of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole, or the Company and its Restricted
Subsidiaries, taken as a whole, as applicable, will be governed by the provisions of Section 5.14 and/or the provisions of Section
6.01 and not by the provisions of Section 5.10;

(2)       the
issue or sale by the Company or any of its Restricted Subsidiaries of Equity Interests of any of the Company’s Restricted Subsidiaries;
and

(3)       an
Event of Loss.

In the case of clause (1), (2) or (3), whether
in a single transaction or a series of related transactions:

    	 	2	 

     

    

(A) that have a Fair Market Value in excess
of the greater of (i) $10.0 million and (ii) 3.5% of Consolidated Cash Flow of the Company and its Restricted Subsidiaries for
the applicable Reference Period then most recently ended; or

(B) for Net Proceeds in excess of the greater
of (i) $10.0 million and (ii) 3.5% of Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the applicable Reference
Period then most recently ended.

Notwithstanding the foregoing, none of the following
will be deemed to be an Asset Sale:

(1)       a
transfer of assets to the Company or any Restricted Subsidiary of the Company (other than a Receivables Entity);

(2)       an
issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company or to a Restricted Subsidiary of the Company;

(3)       for
purposes of Section 5.10 only, a Restricted Payment that is permitted by Section 5.07 or a Permitted Investment;

(4)       the
Incurrence of Permitted Liens and the disposition of assets subject to such Liens by or on behalf of the Person holding such Liens;

(5)       
the sale, transfer or other disposition of accounts in accordance with industry practice in connection with the compromise or collection
thereof;

(6)       any
disposition of cash or Cash Equivalents;

(7)       the
lease, assignment or sub-lease of any property in the ordinary course of business;

(8)       any
surrender or waiver of contract rights or the settlement, release or surrender of contract rights or other litigation claims in the ordinary
course of business;

(9)       sales
of assets that have become worn out, obsolete or damaged or otherwise unsuitable for use in connection with the business of the Company
or any of its Restricted Subsidiaries;

(10)       the
license of patents, trademarks, copyrights, software applications and know-how to Restricted Subsidiaries of the Company and to third
Persons in the ordinary course of business;

(11)       the
sale, transfer or other disposition of precious metals in the ordinary course of business;

(12)       dispositions
of motor vehicles securing consumer loans made by the Company and its Restricted Subsidiaries in the ordinary course of business;

    	 	3	 

     

    

(13)        sales
of loans receivable and related assets of the type specified in the definition of “Qualified Receivables Transaction” to a
Receivables Entity;

(14)       transfers
of loans receivable and related assets of the type specified in the definition of “Qualified Receivables Transaction” by a
Receivables Entity in a Qualified Receivables Transaction; and

(15)       any
disposition of the equity of Katapult Holdings, Inc.

“Bankruptcy Law” means any
of Title 11 of the United States Code, 11 U.S.C. §§ 101, et seq., the Bankruptcy and Insolvency Act (Canada), the Companies’
Creditors Arrangement Act (Canada) and the Winding-Up and Restructuring Act (Canada), each as now and hereafter in effect, any successors
to such statutes and any other applicable bankruptcy, insolvency, winding-up, dissolution, restructuring, receivership, arrangement, liquidation,
reorganization or similar law of any jurisdiction providing relief from or otherwise affecting the rights of creditors.

“Board of Directors” means:

(1)       with
respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such
board;

(2)       with
respect to a partnership, the board of directors or other governing body of the general partner of the partnership;

(3)       with
respect to a limited liability company, the board of directors, managers or other governing body, and in the absence of the same, the
managing member or members or any controlling committee of managing members thereof; and

(4)       with
respect to any other Person, the board or committee of such Person or other individual or entity serving a similar function.

“Business Day” means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in the City of New York or in the city of the
Corporate Trust Office of the Trustee are authorized or obligated by law or executive order to close.

“Capital Lease Obligation”
of any Person means the obligations of such Person to pay rent or other amounts under a lease of (or other Indebtedness arrangements conveying
the right to use) real or personal property which are required to be classified and accounted for as a capital lease or capitalized on
a balance sheet of such Person determined in accordance with GAAP and the amount of such obligations shall be the capitalized amount thereof
in accordance with GAAP and the stated maturity thereof shall be the date of the last payment of rent or any other amount due under such
lease or other arrangement prior to the first date upon which such lease or other arrangement may be terminated by the lessee without
payment of a penalty; provided that any obligations of the Company and its Restricted Subsidiaries either existing on the Issue
Date or created prior to the recharacterization described below (i) that were not included on the consolidated balance sheet of the Company
as capital lease obligations and (ii) 

    	 	4	 

     

    

that are subsequently recharacterized as capital lease obligations due to a change in accounting
treatment or otherwise, shall for all purposes of this Indenture (including, without limitation, the calculation of Consolidated Net Income
and Consolidated Cash Flow) not be treated as Capital Lease Obligations or Indebtedness.

“Capital Stock” means:

(1)       in
the case of a corporation, corporate stock or shares;

(2)       in
the case of an association or business entity other than a corporation, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock;

(3)       in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

(4)       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;

but excluding from all of the foregoing any debt
securities convertible into Capital Stock, whether or not such debt securities include any right of participation with such Capital Stock.

“Cash Equivalents” means:

(1)       marketable
direct obligations issued by, or unconditionally Guaranteed by, the United States or issued by any agency thereof and backed by the full
faith and credit of the United States, in each case maturing within one year from the date of acquisition;

(2)       certificates
of deposit, time deposits, eurodollar time deposits, overnight bank deposits or banker’s acceptances having maturities of one year
or less from the date of acquisition issued by any lender to the Company or any of its Subsidiaries or by any commercial bank organized
under the laws of the United States or any state thereof having combined capital and surplus of not less than $250,000,000;

(3)       commercial
paper of an issuer rated at least A-1 by Standard & Poor’s Ratings Group (“S&P”) or P-1 by Moody’s
Investors Service, Inc. (“Moody’s”), or carrying an equivalent rating by a nationally recognized rating agency,
if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within one year
from the date of acquisition;

(4)       repurchase
obligations of any financial institution satisfying the requirements of clause (2) of this definition, having a term of not more
than 30 days, with respect to securities issued or fully Guaranteed or insured by the United States government;

(5)       securities
with maturities of one year or less from the date of acquisition issued or fully Guaranteed by any state of the United States, by any
political subdivision or taxing authority of any such state or by any foreign government, the securities of which state, 

    	 	5	 

     

    

political subdivision,
taxing authority or foreign government (as the case may be) have one of the two highest rating obtainable from either S&P or Moody’s;

(6)       securities
with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any financial institution
satisfying the requirements of clause (2) of this definition;

(7)       money
market, mutual or similar funds that invest at least 95% of their assets in assets satisfying the requirements of clauses (1) through
(6) of this definition;

(8)       money
market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are
rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $1,000,000,000; and

(9)       with
respect to Foreign Subsidiaries only, any Investments outside of the United States that are functional foreign equivalents in all material
respects to the Cash Equivalents described in clauses (1) through (5) above.

“Cash Management Obligations”
means, with respect to any Person, all obligations of such Person in respect of overdrafts and liabilities owed to any other Person that
arise from treasury, depositary or cash management services, including in connection with any automated clearing house transfers of funds,
or any similar transactions.

“CFC” means a controlled foreign
corporation within the meaning of Section 957(a) of the Code and any entity that wholly owns the stock of a CFC and which is disregarded
for United States federal income purposes as an entity that is separate from its owner.

“Change of Control” means the
occurrence of any of the following:

(1)       the
direct or indirect sale, conveyance, transfer, lease or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) other than the Permitted
Holders;

(2)       the
adoption of a plan relating to the liquidation or dissolution of the Company; or

(3)       the
consummation of any transaction (including any merger or consolidation) the result of which is that any “person” or “group”
(as defined above) other than the Permitted Holders, becomes the “beneficial owner” (as such term is defined in Rules 13d-3
and 13d-5 under the Exchange Act, except that for purposes of this clause (3) such “person” or “group” shall be
deemed to have “beneficial ownership” of all shares that such “person” or “group” has the right to
acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of
the voting stock of the Company.

    	 	6	 

     

    

“Clearstream” means Clearstream
Banking, societe anonyme, Luxembourg (or any successor thereto).

“Code” means the Internal Revenue
Code of 1986.

“Collateral” means the collateral
securing the Indenture Obligations.

“Collateral Agent” means TMI
Trust Company, in its capacity as Collateral Agent under the Collateral Documents, together with its successors in such capacity.

“Collateral Documents” means
the Security Agreement, the Pledge Agreement, the Mortgages and any other agreement, document or instrument pursuant to which a Lien is
granted by the Company or a Guarantor to secure any Indenture Obligations and any Pari Passu Payment Lien Obligations or under which rights
or remedies with respect to any such Lien are governed.

“Consolidated Cash Flow” means,
with respect to any Person for any period, the Consolidated Net Income of such Person and its Restricted Subsidiaries for such period
plus:

(1)       an
amount equal to any extraordinary or non-recurring loss, to the extent that such losses were deducted in computing such Consolidated Net
Income; plus

(2)       an
amount equal to any net loss realized in connection with an Asset Sale, the disposition of any securities by such Person or any of its
Restricted Subsidiaries or the extinguishment of any Indebtedness by such Person or its Restricted Subsidiaries, to the extent such losses
were deducted in computing such Consolidated Net Income; plus

(3)       provision
for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision
for taxes was deducted in computing such Consolidated Net Income; plus

(4)       Consolidated
Interest Expense of such Person and its Restricted Subsidiaries for such period; plus

(5)       depreciation,
amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses that were paid
in a prior period) to the extent deducted in computing such Consolidated Net Income; plus

(6)       without
duplication of the application of clause (4) of the definition of Consolidated Net Income, write offs, write downs or impairment of goodwill
or other intangible assets, unrealized mark-to-market losses, and other non-cash charges and expenses (excluding any such other non-cash
charge or expense to the extent that it represents an accrual of or reserve for cash charges in any future period or amortization of a
prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent deducted
in computing such Consolidated Net Income; plus

(7)       any
fees or expenses relating to a Qualified Receivables Transaction, to the extent such fees or expenses are deducted in computing Consolidated
Net Income; plus

    	 	7	 

     

    

(8)       any
one-time, non-recurring expenses or charges related to any Equity Offering, Permitted Investment, acquisition, recapitalization or Indebtedness
permitted to be incurred under this Indenture (including a refinancing thereof), whether or not successful, including (i) such fees, expenses
or charges related to the offering of the Notes and the Credit Agreement and (ii) any amendment or other modification of this Indenture,
in each case, deducted in computing Consolidated Net Income; plus

(9)       the
amount of any costs, charges, accruals, reserves or expenses attributable to the undertaking and/or implementation of cost savings initiatives,
operating expense reductions, operating improvements and other synergies and similar initiatives during such period; plus

(10)       the
amount of cost savings, operating expense reductions, other operating improvements and initiatives and synergies projected by the Company
in good faith to be reasonably anticipated to be realizable or for which a plan for realization shall have been established within 18
months of the date thereof (which will be added to Consolidated Cash Flow as so projected until fully realized and calculated on a pro
forma basis as though such cost savings, operating expense reductions, other operating improvements and initiatives and synergies had
been realized on the first day of such period); provided that all or substantially all steps have been taken for realizing such
cost savings and such cost savings are reasonably identifiable and factually supportable (in the good faith determination of the Company);
provided further that the aggregate amount of addbacks made pursuant to clause (9) and this clause (10) in any four fiscal quarter
period shall not exceed 20.0% of Consolidated Cash Flow (after giving effect to any such addbacks) for such four fiscal quarter period;
minus

(11)       all
non-cash items to the extent that such non-cash items increased Consolidated Net Income for such period (excluding the recognition of
deferred revenue or any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior
period and any items for which cash was received in a prior period).

Notwithstanding the foregoing, the provision for
taxes based on income or profits of, and the depreciation and amortization and other non-cash charges of, a Restricted Subsidiary of a
Person shall be added to Consolidated Net Income to compute Consolidated Cash Flow only to the extent (and in the same proportion) that
the Net Income of such Restricted Subsidiary was included in calculating the Consolidated Net Income of such Person.

“Consolidated Interest Expense”
means, with respect to any Person for any period, the sum of, without duplication:

(1)       the
consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued (including amortization
of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component
of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges Incurred in respect of letter
of credit or bankers’ acceptance financings, and net payments and receipts (if any) pursuant to interest rate Hedging Obligations);
provided that the amortization or write-off of capitalized financing or debt issuance costs shall be excluded; plus

    	 	8	 

     

    

(2)       the
consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus

(3)       any
interest expense on Indebtedness of another Person to the extent that such Indebtedness is Guaranteed by such Person or one of its Restricted
Subsidiaries or secured by a Lien on the assets of such Person or one of its Restricted Subsidiaries (whether or not such Guarantee or
Lien is called upon).

“Consolidated Net Income” means,
with respect to any Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period,
determined on a consolidated basis in accordance with GAAP; provided that:

(1)       solely
for the purpose of Section 5.07, the Net Income of any Person that is not a Restricted Subsidiary of such Person, or that is accounted
for by the equity method of accounting shall be included, but only to the extent of the amount of dividends or distributions that have
been distributed in cash (or to the extent converted into cash) to the referent Person or a Restricted Subsidiary thereof in respect of
such period;

(2)       the
Net Income of any Restricted Subsidiary shall be excluded to the extent that the declaration or payment of dividends or similar distributions
by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval
(that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule or governmental regulation applicable to that Subsidiary or its stockholders, unless such restriction has
been legally waived;

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

(4)       the
effect of any non-cash impairment charges or write-ups, write-downs or write-offs of assets or liabilities of Foreign Subsidiaries resulting
from the application of GAAP and the amortization of intangibles of Foreign Subsidiaries arising from the application of GAAP, including
pursuant to ASC 805, Business Combinations, ASC 350, Intangibles-Goodwill and Other, or ASC 360, Property, Plant and Equipment, as applicable,
shall be excluded; and

(5)       Consolidated
Net Income shall not be reduced by any fees and expenses paid or payable in respect of the offering contemplated hereby, the application
of the use of proceeds therefrom and related transactions.

“Consolidated Tangible Assets”
means with respect to the Company as of any date, the aggregate of the assets of the Company and its Restricted Subsidiaries, excluding
goodwill and any other assets properly classified as intangible assets in accordance with GAAP, shown on the balance sheet for the most
recently ended fiscal quarter for which financial statements are available, determined on a consolidated basis in accordance with GAAP.

“Consolidated Total Debt” means,
as of any date of determination, an amount equal to the aggregate principal amount of Indebtedness of the Company and its Restricted Subsidiaries
outstanding on such date, determined on a consolidated basis in accordance with 

    	 	9	 

     

    

GAAP (but excluding the effects of any discounting of
Indebtedness resulting from the application of purchase accounting in connection with any acquisition permitted under this Indenture),
with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in
the definition of the term “Consolidated Total Leverage Ratio.”

“Consolidated Total Leverage Ratio”
means, with respect to any specified Person, as of any date of determination, the ratio of (i) (x) the Consolidated Total Debt
minus (y) the amount of cash and Cash Equivalents of the Company and its Restricted Subsidiaries (other than Receivables Entities)
that is not Restricted, in each case, as of such date of determination, to (ii) Consolidated Cash Flow of such Person for the most
recently ended four fiscal quarters for which internal financial statements are available. In the event that the Company or any of its
Restricted Subsidiaries Incurs or redeems any Indebtedness (other than revolving credit borrowings) or issues or redeems Preferred Stock
subsequent to the commencement of the period for which the Consolidated Total Leverage Ratio is being calculated but prior to the date
on which the event for which the calculation of the Consolidated Total Leverage Ratio is made (the “Calculation Date”),
the Consolidated Total Leverage Ratio shall be calculated giving pro forma effect to such Incurrence or redemption of Indebtedness,
or such issuance or redemption of Preferred Stock (including the application of any proceeds therefrom), as if the same had occurred at
the beginning of the applicable four-quarter reference period. In addition, for purposes of making the computation referred to above:

(1)       acquisitions
that have been made by the Company or any of its Restricted Subsidiaries, including through mergers or consolidations and including any
related financing transactions, during the four-quarter reference period or subsequent to such reference period and on or prior to the
Calculation Date shall be deemed to have occurred on the first day of the four-quarter reference period and Consolidated Cash Flow for
such reference period shall be calculated to include the Consolidated Cash Flow of the acquired entities (adjusted to exclude (A) the
cost of any compensation, remuneration or other benefit paid or provided to any employee, consultant, Affiliate or equity owner of the
acquired entities to the extent such costs are eliminated and not replaced and (B) the amount of any reduction in general, administrative
or overhead costs of the acquired entities, in each case, as determined in good faith by an officer of the Company);

(2)       the
Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed
of prior to the Calculation Date, shall be excluded;

(3)       any
Person that is a Restricted Subsidiary of the Company on the Calculation Date will be deemed to have been a Restricted Subsidiary of the
Company at all times during such four-quarter period;

(4)       any
Person that is not a Restricted Subsidiary of the Company on the Calculation Date will be deemed not to have been a Restricted Subsidiary
of the Company at any time during such four-quarter period; and

    	 	10	 

     

    

(5)       if
any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if the rate in effect
on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to such
Indebtedness if such Hedging Obligation has a remaining term as at the Calculation Date in excess of 12 months).

“Corporate Trust Office of the Trustee”
shall be the address of the Trustee specified in Section 12.01 or such other address as to which the Trustee may give notice to
the Company.

“Credit Agreement” means the
Revolving Loan Agreement, dated as of September 1, 2017, by and among CURO Financial Technologies Corp. and CURO Intermediate Holdings
Corp., as borrowers, certain subsidiaries of CURO Intermediate Holdings Corp., as guarantors, the lenders from time to time parties thereto
and the Administrative Agent, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection
therewith, as amended or supplemented from time to time in accordance with its terms.

“Credit Facility” means one
or more debt facilities, including the Credit Agreement, or other financing arrangements (including commercial paper facilities or indentures)
providing for revolving credit loans, term loans, letters of credit, bankers acceptances or other indebtedness, including any notes, Guarantees,
collateral documents, instruments and agreements executed in connection therewith, and in each case, as amended, extended, renewed, restated,
supplemented, replaced (whether or not upon termination and whether with the original lenders, institutional investors or otherwise),
refinanced (including through the issuance of debt securities), restructured or otherwise modified (in whole or in part, and without limitation
as to amount, terms, conditions, covenants and other provisions) from time to time, and any agreement (and related document) governing
Indebtedness incurred to refinance, in whole or in part, the borrowings and commitments then outstanding or permitted to be outstanding
under such Credit Facility or a successor Credit Facility, whether by the same or any other agent, lender or group of lenders (or institutional
investors).

“CSO Obligations” means obligations
to purchase, or other Guarantees of, consumer loans the making of which were facilitated by the Company or a Restricted Subsidiary of
the Company acting as a credit services organization or other similar service provider.

“Default” means any event that
is or with the passage of time or the giving of notice or both would be an Event of Default; provided that any Default that results
solely from the taking of an action that would have been permitted but for the continuation of a previous Default shall be deemed to be
cured if such previous Default is cured prior to becoming an Event of Default.

“Definitive Note” means a certificated
Note registered in the name of the Holder thereof and issued in accordance with Section 2.06, substantially in the form of Exhibit
A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests
in the Global Note” attached thereto.

    	 	11	 

     

    

“Depositary” means a clearing
agency registered under the Exchange Act that is designated to act as Depositary for the Notes until a successor Depositary shall have
been appointed and become such pursuant to the applicable provisions of this Indenture, and, thereafter, “Depositary” shall
mean or include such successor Depositary. The Depositary initially is DTC.

“Designated Non-Cash Consideration”
means the Fair Market Value of non-cash consideration received by the Company or any of its Restricted Subsidiaries in connection with
an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s Certificate, setting forth the
basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent payment, redemption, retirement,
sale or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer
be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of
in compliance with Section 5.10.

“Disqualified Stock” means,
with respect to any Person, any Capital Stock which by its terms (or by the terms of any security into which it is convertible or for
which it is exchangeable at the option of the holder) or upon the happening of any event:

(1)       matures
or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise;

(2)       is
convertible or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock convertible or exchangeable solely at the
option of the Company or a Subsidiary of the Company; provided that any such conversion or exchange will be deemed an Incurrence
of Indebtedness or Disqualified Stock, as applicable); or

(3)       is
redeemable at the option of the holder thereof, in whole or in part,

in the case of each of clauses (1), (2) and (3), on or prior
to the 91st day after the Stated Maturity of the Notes; provided that any Capital Stock that would not constitute Disqualified
Stock but for provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon
the occurrence of an “asset sale” or “change of control” occurring on or prior to the 91st day after the Stated
Maturity of the Notes will not constitute Disqualified Stock if the terms of such Capital Stock provide that such Person may not repurchase
or redeem any such Capital Stock pursuant to such provisions prior to the Company’s purchase of the Notes as are required to be
purchased pursuant to Sections 5.10 and 5.14.

“Domestic Subsidiary” means
any Restricted Subsidiary other than a Foreign Subsidiary.

“DTC” means The Depository
Trust Company, a New York corporation.

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

    	 	12	 

     

    

“Equity Offering” means a sale
for cash of either common equity securities or units including or representing common equity securities of the Company (other than to
a Subsidiary of the Company).

“Euroclear” means Euroclear
Bank S.A./N.V., as operator of the Euroclear System (or any successor thereto).

“Event of Loss” means, with
respect to any property or asset, any (i) loss or destruction of, or damage to, such property or asset or (ii) any condemnation,
seizure or taking, by exercise of the power of eminent domain or otherwise, of such property or asset, or confiscation or requisition
of the use of such property or asset.

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

“Excluded Assets” means:

(1)       the
voting Capital Stock of any CFC in excess of 65% of all of the outstanding voting Capital Stock of such CFC;

(2)       motor
vehicles covered by certificates of title or ownership to the extent that a security interest cannot be perfected solely by filing a UCC-1
financing statement (or similar instrument);

(3)       (x)
real property owned by the Company or any of the Guarantors in fee simple that has a Fair Market Value of less than $20.0 million and
(y) leasehold interests in real property with respect to which the Company or any Guarantor is a tenant or subtenant;

(4)       rights
under any contracts that contain a valid and enforceable prohibition on assignment of such rights (other than to the extent that any such
prohibition would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code of any relevant
jurisdiction or any other applicable law or principles of equity), but only for so long as such prohibition exists and is effective and
valid;

(5)       property
and assets owned by the Company or any Guarantor that are the subject of Permitted Liens described in clause (7) of the definition
thereof for so long as such Permitted Liens are in effect and the Indebtedness secured thereby otherwise prohibits any other Liens thereon,
but only for so long as such prohibition exists and is effective and valid;

(6)       deposit
accounts of the Company or any Guarantor exclusively used for payroll, payroll taxes and other employee wage and benefit payments;

(7)       property
or assets owned by any Subsidiary of the Company that is not a Guarantor;

(8)       any
application for registration of a trademark filed with the United States Patent and Trademark Office on an intent-to-use basis until such
time (if any) as a statement of use or amendment to allege use is accepted by such office, at which time such trademark shall 

    	 	13	 

     

    

automatically
become part of the Collateral and subject to the security interest of the Indenture Documents;

(9)       letter
of credit rights in favor of the Company or any Guarantor that do not secure the Company’s or such Guarantor’s obligations
under any Credit Facility;

(10)       Equity
Interests in any joint venture only to the extent and for so long as a pledge thereof is not permitted by the terms of the joint venture
or other agreement under which such joint venture is organized;

(11)       any
segregated deposits that constitute Permitted Liens under clauses (5), (6), (9), (11), (12) and (19) of the definition of Permitted Liens,
in each case, that are prohibited from being subject to other Liens; and

(12)       proceeds
and products from any and all of the foregoing excluded assets described in clauses (1) through (11), unless such proceeds or products
would otherwise constitute Collateral securing the Notes.

Notwithstanding the foregoing, to the extent that the Company
or a Guarantor grants a Lien on any asset or right described in clause (1) through (12) above to secure any First Priority Claims or any
Pari Passu Payment Lien Obligations, such asset or right shall not constitute “Excluded Assets.”

“Excluded Contributions” means
the net cash proceeds and/or Cash Equivalents received by the Company after the Issue Date from:

(1)        contributions
to its common equity capital; and

(2)        the
sale (other than to the Company or to a Subsidiary of the Company or to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement of the Company or any Subsidiary of the Company) of Capital Stock (other than Disqualified Stock)
of the Company;

in each case designated as Excluded Contributions
pursuant to an Officer’s Certificate, the proceeds of which are excluded from the calculation set forth in Section 5.07(a)(iv)(C).

“Existing Indebtedness” means
any Indebtedness of the Company or any of its Restricted Subsidiaries outstanding on the Issue Date (other than the Existing U.S. SPV
Facility, the Existing Revolving Canada SPV Facility and the Existing Flexiti SPE Facility) until such Indebtedness is repaid.

“Existing Cash Money Revolving Credit
Facility” means the Cash Money Revolving Credit Facility, dated as of July 3, 2011, by and among Cash Money Cheque Cashing,
Inc., as borrower, and Royal Bank of Canada, as agent and lender, as amended or supplemented from time to time in accordance with its
terms.

    	 	14	 

     

    

“Existing Flexiti SPE Facility”
means the Non-Recourse U.S. SPE Facility, dated as of January 28, 2021, among Flexiti Financing SPE Corp., as borrower, Flexiti Financial
Inc., as seller and servicer, Credit Suisse AG, New York Branch, as facility agent, TSX Trust Company, as collateral agent and verification
agent, Credit Suisse AG, New York Branch, as syndication agent, documentation agent and the lead arranger and the lenders party thereto
from time to time, as amended or supplemented from time to time in accordance with its terms.

“Existing Revolving Canada SPV Facility”
means the Non-Recourse Canada SPV Facility, dated as of August 2, 2018, by and among CURO Canada Receivables Limited Partnership, by its
general partner, CURO Canada Receivables GP Inc., as borrower, WF Marlie 2018-1, Ltd., as lender, the other lenders party thereto from
time to time and Waterfall Asset Management, LLC, as administrative agent, as amended or supplemented from time to time in accordance
with its terms.

“Existing U.S. SPV Facility”
means the Non-Recourse U.S. SPV Facility, dated as of April 8, 2020, among CURO Receivables Finance II, LLC, Midtown Madison Management
LLC, as administrative agent, and Atalaya Asset Income Fund VI LP, as initial lender, and the other lenders party thereto from time to
time, as amended or supplemented from time to time in accordance with its terms.

“Fair Market Value” means the
value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of
either party, determined in good faith by the Board of Directors of the Company, as applicable; provided, however, that
with respect to any such value less than $15.0 million, only the good faith determination of the Company’s senior management shall
be required.

“FFL Group” means (i) FFL Partners,
LLC and its Affiliates and (ii) any investment vehicle that is managed (whether through ownership of securities having a majority of the
voting power or through management of investments) by any Person listed in clause (i), but excluding any portfolio companies (other than
the Company) of any such Person.

“First Priority Agent” means
the agent designated as such under the Intercreditor Agreement and shall initially be the Administrative Agent, together with its successors
and permitted assigns in such capacity.

“First Priority Cash Management Obligations”
means any Cash Management Obligations secured by any Collateral under the First Priority Collateral Documents.

“First Priority Claims” means
(a) Indebtedness under Credit Facilities permitted pursuant to clause (i) of the definition of the term “Permitted Debt,”
(b) First Priority Cash Management Obligations and First Priority Hedging Obligations and (c) all other Obligations of the Company and
the Guarantors under the documents relating to Indebtedness described in clauses (a) and (b) above.

“First Priority Collateral Documents”
means the First Priority Security Agreement, the First Priority Pledge Agreement, the First Priority Mortgages and any other agreement,
document or instrument pursuant to which a Lien is granted (or purported to be 

    	 	15	 

     

    

granted) securing any First Priority Claims or under which
rights or remedies with respect to such Liens are governed.

“First Priority Hedging Obligations”
means any Hedging Obligations that are permitted to be incurred under clause (vii) of the definition of the term “Permitted Debt”
and that are secured (or purported to be secured) by any collateral under the First Priority Collateral Documents.

“First Priority Mortgages”
means a collective reference to each mortgage, deed of trust, deed to secure debt and any other document or instrument under which any
Lien on real property owned by the Company or any Guarantor is granted to secure any First Priority Claims or under which rights or remedies
with respect to any such Liens are governed.

“First Priority Pledge Agreement”
means the Pledge Agreement, dated as of September 1, 2017, among CURO Financial Technologies Corp., CURO Intermediate Holdings Corp. and
certain subsidiaries of CURO Intermediate Holdings Corp., as guarantors, in favor of the First Priority Agent, as amended or supplemented
from time to time in accordance with its terms, and as supplemented by that certain Pledge Agreement Joinder, dated August 27, 2018,
by CURO Credit, LLC and CURO Group Holdings Corp., in favor of the First Priority Agent.

“First Priority Security Agreement”
means the Security Agreement, dated as of September 1, 2017, among CURO Financial Technologies Corp., CURO Intermediate Holdings Corp.
and certain subsidiaries of CURO Intermediate Holdings Corp., as guarantors, in favor of the First Priority Agent, as amended or supplemented
from time to time in accordance with its terms, and as supplemented by that certain Security Agreement Joinder, dated August 27,
2018, by CURO Credit, LLC and CURO Group Holdings Corp., in favor of the First Priority Agent.

“Foreign Subsidiary” means
any Restricted Subsidiary incorporated or organized in a jurisdiction other than the United States or any state thereof or the District
of Columbia and any Restricted Subsidiary that wholly owns the stock of a CFC and which is disregarded for United States federal income
tax purposes as an entity that is separate from its owner.

“Founders” means each of (i)
Doug Rippel, (ii) Chad Faulkner, (iii) Mike McKnight, (iv) Joseph Genova, (v) the J.P. Genova Family Trust and (vi) any (a) spouse or
lineal descendent (whether natural or adopted) of any Person listed in clauses (i) through (v) or (b) trust, corporation, partnership
or other entity, the beneficiaries, stockholders, partners, owners or persons beneficially holding an 80% or more controlling interest
of which consist of such Person and/or any of the Persons referred to in the immediately preceding clause (a).

“GAAP” means generally accepted
accounting principles in the United States of America, as in effect from time to time, including those set forth in:

(1)       the
opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants;

(2)       the
statements and pronouncements of the Financial Accounting Standards Board; and

    	 	16	 

     

    

(3)       such
other statements by such other entity as have been approved by a significant segment of the accounting profession.

“Global Notes” means, individually
and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered
in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend
and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section
2.01, 2.06(b) or 2.06(d).

“Global Note Legend”
means the legend set forth in Section 2.06(g)(2), which is required to be placed on all Global Notes issued under this Indenture.

“Guarantee” by any Person means
any obligation, contingent or otherwise, of such Person guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person to:

(1)       purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for
the purchase of) any security for the payment of such Indebtedness;

(2)       purchase
property, securities or services for the purposes of assuring the holder of such Indebtedness of the payment of such Indebtedness; or

(3)       maintain
working capital, equity capital or other financial statement condition or liquidity of the primary obligor so as to enable the primary
obligor to pay such Indebtedness;

provided, however, that the Guarantee
by any Person shall not include endorsements by such Person for collection or deposit, in either case, in the ordinary course of business.
The term “Guarantee” used as a verb has a corresponding meaning.

“Guarantors” means each Domestic
Subsidiary of the Company (other than any Receivables Entities or Immaterial Subsidiaries) and any other Restricted Subsidiary of the
Company, in each case, that executes a Notes Guarantee in accordance with the provisions of this Indenture.

“Holder” means a Person in
whose name a Note is registered.

“Immaterial Subsidiary” means
any Restricted Subsidiary of the Company that (i) has tangible assets together with all other Immaterial Subsidiaries (as determined in
accordance with GAAP) of less than 2.0% of the Company’s Consolidated Tangible Assets measured at the end of the most recent fiscal
period for which internal financial statements are available and on a pro forma basis giving effect to any acquisitions or dispositions
of companies, division or lines of business since such balance sheet date and on or prior to the date of acquisition of such Subsidiary
and (ii) has gross revenue together with all other Immaterial Subsidiaries (as determined in accordance with GAAP) for the period of four
consecutive fiscal quarters ending on such date of less than 2.0% of the consolidated revenue of the Company and its Restricted 

    	 	17	 

     

    

Subsidiaries
for such period (measured for the four quarters ended most recently for which internal financial statements are available and on a pro
forma basis giving effect to any acquisitions or dispositions of companies, division or lines of business since the start of such
four-quarter reference period); provided that (i) a Restricted Subsidiary of the Company that no longer meets the foregoing requirements
of this definition shall no longer constitute an Immaterial Subsidiary and (ii) any Restricted Subsidiary that incurs or Guarantees Indebtedness
incurred under a Credit Facility or any Pari Passu Payment Lien Document shall not constitute an Immaterial Subsidiary.

“Incur” means, with respect
to any Indebtedness or other obligation of any Person, to create, issue, incur (by conversion, exchange or otherwise), assume (pursuant
to a merger, consolidation, acquisition or other transaction), Guarantee or otherwise become liable in respect of such Indebtedness or
other obligation or the recording, as required pursuant to GAAP or otherwise, of any such Indebtedness or other obligation on the balance
sheet of such Person (and “Incurrence” and “Incurred” shall have meanings correlative to the foregoing); provided,
however, that a change in GAAP that results in an obligation of such Person that exists at such time becoming Indebtedness shall
not be deemed an Incurrence of such Indebtedness. Indebtedness otherwise Incurred by a Person before it becomes a Subsidiary of the Company
shall be deemed to have been Incurred at the time it becomes such a Subsidiary.

“Indebtedness” means (without
duplication), with respect to any Person, whether recourse is to all or a portion of the assets of such Person and whether or not contingent:

(1)       obligations
of such Person in respect of principal for money borrowed;

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

(3)       every
reimbursement obligation of such Person with respect to letters of credit, banker’s acceptances or similar facilities issued for
the account of such Person, other than obligations with respect to letters of credit securing obligations, other than obligations referred
to in clauses (1), (2) and (5) of this definition, entered into in the ordinary course of business of such Person to the extent such
letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the 10th day following
payment on the letter of credit;

(4)       every
obligation of such Person issued or assumed as the deferred purchase price of property or services (but excluding trade payables, credit
on open account, provisional credit, accrued liabilities or similar terms arising in the ordinary course of business which are not overdue
by more than 30 days or which are being contested in good faith);

(5)       every
Capital Lease Obligation of such Person;

(6)       the
maximum fixed redemption or repurchase price of Disqualified Stock of such Person at the time of determination plus accrued but unpaid
dividends;

    	 	18	 

     

    

(7)       every
net payment obligation of such Person under interest rate swap, cap, collar or similar agreements or foreign currency hedge, exchange
or similar agreements of such Person (collectively, “Hedging Obligations”); and

(8)       every
obligation of the type referred to in clauses (1) through (7) of this definition of another Person the payment of which, in
either case, such Person has Guaranteed or is liable, directly or indirectly, as obligor, guarantor or otherwise, to the extent of such
Guarantee or other liability.

Notwithstanding the foregoing, Indebtedness shall
not include CSO Obligations. The term “Indebtedness” shall not include any lease, concession or license of property (or guarantee
thereof) which would be considered an operating lease under GAAP as in effect on the Issue Date, any prepayments of deposits received
from clients or customers in the ordinary course of business, or obligations under any license, permit or other approval (or guarantees
given in respect of such obligations) incurred in the ordinary course of business.

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

“Indenture Documents” means
the Notes, this Indenture, the Notes Guarantees, the Collateral Documents and the Intercreditor Agreement.

“Indenture Obligations” means
all Obligations in respect of the Notes or arising under the Indenture Documents, including the fees and expenses (including, without
limitation, fees, expenses and disbursements of agents, counsel and professional advisors) of the Trustee and Collateral Agent. Indenture
Obligations shall include all interest accrued (or which would, absent the commencement of an insolvency or liquidation proceeding, accrue)
after the commencement of an insolvency or liquidation proceeding in accordance with and at the rate specified in the relevant Indenture
Document whether or not the claim for such interest is allowed as a claim in such insolvency or liquidation proceeding.

“Independent Financial Advisor”
means an accounting, appraisal or investment banking firm or consultant to Persons, in each case of nationally recognized standing that
is, in the good faith determination of the Company, qualified to perform the task for which it has been engaged.

“Indirect Participant” means
a Person who holds a beneficial interest in a Global Note through a Participant.

“Initial Purchasers” means
Jefferies LLC, Credit Suisse Securities (USA) LLC and Stephens Inc.

“Intercreditor Agreement” means
the intercreditor agreement, dated as of the Issue Date, between the First Priority Agent and the Collateral Agent, as it may be amended,
restated, supplemented and/or otherwise modified from time to time.

“Investment Grade Rating” means
a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating
by any other Rating Agency.

    	 	19	 

     

    

“Investments” means, with respect
to any Person, all investments by such Person in other Persons (including Affiliates) in the form of direct or indirect loans (including
Guarantees of Indebtedness or other obligations), advances or capital contributions (excluding commissions, travel and similar advances
to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness,
Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared
in accordance with GAAP; provided that an acquisition of assets, Equity Interests or other securities by the Company or a Restricted
Subsidiary of the Company for consideration consisting of common equity securities of the Company or such Restricted Subsidiary shall
not be deemed to be an Investment. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity
Interests of any direct or indirect Restricted Subsidiary of the Company such that after giving effect to any such sale or disposition,
such Person is no longer a direct or indirect Restricted Subsidiary of the Company, the Company shall be deemed to have made an Investment
on the date of any such sale or disposition equal to the Fair Market Value of the Equity Interests of such Restricted Subsidiary not sold
or disposed of. For purposes of the definition of “Unrestricted Subsidiary” and Section 5.07:

(1)       Investments
shall include the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net
assets of a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided that
upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue to have a permanent “Investment”
in an Unrestricted Subsidiary in an amount (if positive) equal to:

(a)       the
Company’s “Investment” in such Subsidiary at the time of such redesignation; less

(b)       the
portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary
at the time of such redesignation; and

(2)       any
property transferred to or from an Unrestricted Subsidiary of the Company shall be valued at its Fair Market Value at the time of such
transfer.

The amount of any Investment outstanding at any
time shall be the original cost of such Investment, reduced by any dividend, distribution, interest payment, return of capital, repayment
or other amount received in cash by the Company or a Restricted Subsidiary of the Company in respect of such Investment.

“Issue Date”
means the date on which the Notes were initially issued.

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest, encumbrance or hypothecation of any kind in respect
of that asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title
retention agreement, any lease in the nature thereof, any other agreement to give a 

    	 	20	 

     

    

security interest in and any filing of any financing
statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction).

“Limited Condition Transaction”
means (a) any acquisition by the Company or one or more of its Restricted Subsidiaries whose consummation is not conditioned on the availability
of, or on obtaining, third party financing and/or (b) any redemption or repayment of Indebtedness requiring irrevocable notice in advance
of such redemption or repayment.

“Mortgages” means a collective
reference to each mortgage, deed of trust, deed to secure debt and any other document or instrument under which any Lien on real property
owned by the Company or any Guarantor is granted to secure any Indenture Obligations or under which rights or remedies with respect to
any such Liens are governed.

“Net Income” means, with respect
to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of Preferred
Stock dividends, excluding, however, (1) any gain (but not loss), together with any related provision for taxes on such gain (but not
loss), realized in connection with (A) any Asset Sale or (B) the disposition of any securities by such Person or any of its Restricted
Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Subsidiaries and (2) any extraordinary or nonrecurring
gain (but not loss), together with any related provision for taxes on such extraordinary or nonrecurring gain (but not loss).

“Net Proceeds” means the aggregate
cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including any cash received
upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of the direct costs relating to such
Asset Sale (including legal, accounting and investment banking fees and sales commissions) and any relocation expenses Incurred as a result
thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing
arrangements), amounts required to be applied to the repayment of Indebtedness (other than any Credit Facility or Pari Passu Indebtedness)
secured by a Lien on the asset or assets that were the subject of such Asset Sale and any reserve for adjustment in respect of the sale
price of such asset or assets established in accordance with GAAP.

“Non-Recourse Debt” means Indebtedness:

(1)       as
to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking,
agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable as a guarantor or otherwise;
and

(2)       no
default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against an
Unrestricted Subsidiary of the Company) would permit upon notice, lapse of time or both any holder of any other Indebtedness of the Company
or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the Indebtedness to be accelerated
or payable prior to its Stated Maturity.

“Non-U.S. Person” means a Person
who is not a U.S. Person.

    	 	21	 

     

    

“Note Custodian” means the
Trustee, as custodian for the Depositary with respect to the Notes in global form, or any successor entity thereto.

“Notes Guarantee” means, collectively,
the Guarantees of the Guarantors set forth in Article 11.

“Notes Secured Parties” means,
collectively, the Collateral Agent, the Trustee and the Holders.

“Obligations” means any principal,
interest (including, with respect to the Notes, interest that accrues after the commencement of an insolvency or bankruptcy case, regardless
of whether such interest is an allowed claim under such case), penalties, fees, indemnifications, reimbursements, damages and other liabilities
payable under the documentation governing any Indebtedness.

“Offering Memorandum” means
the Company’s offering memorandum, dated July 16, 2021, relating to the initial offering of the Notes.

“Officer” means, with respect
to any Person, the chairman of the board, chief executive officer, chief financial officer, president, any executive vice president, senior
vice president or vice president, the treasurer, principal accounting officer or the secretary of such Person.

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

“Opinion of Counsel” means
a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company.

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

“Pari Passu Indebtedness” means
any Indebtedness (other than any Indebtedness evidenced by an a Additional Note or related Notes Guarantee) (1) that is permitted to be
incurred under Section 5.09 and (2) that is secured on a pari passu basis with the Notes and the Notes Guarantees, as applicable,
by a Permitted Lien described in clause (16) of the definition thereof; provided that (i) such Indebtedness is so designated as
Pari Passu Indebtedness in an Officer’s Certificate delivered to the Collateral Agent and (ii) an authorized representative of the
holders of such Indebtedness shall have executed and delivered a supplement to the Intercreditor Agreement and an Accession Agreement.

“Pari Passu Indebtedness Secured Parties”
means, collectively, the agent, the trustee or other representative, if any, and the holders of Pari Passu Indebtedness identified in
a supplement to the Intercreditor Agreement and an Accession Agreement.

    	 	22	 

     

    

“Pari Passu Payment Lien Documents”
means any loan agreement, indenture or other instrument that evidences or governs any Pari Passu Indebtedness and all other related documents
identified in a supplement to the Intercreditor Agreement.

“Pari Passu Payment Lien Obligations”
means all Obligations (including interest that accrues after the commencement of an insolvency or bankruptcy case, regardless of whether
such interest is an allowed claim under such case) outstanding under the Pari Passu Payment Lien Documents.

“Permitted Holders” means the
Founders and the FFL Group.

“Permitted Investments”
means:

(1)       any
Investment in the Company or a Restricted Subsidiary of the Company (other than a Receivables Entity);

(2)       any
Investment in cash or Cash Equivalents or the Notes;

(3)       any
Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment (A) such Person becomes
a Restricted Subsidiary of the Company (other than a Receivables Entity) or (B) such Person is merged or consolidated with or into, or
transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company
(other than a Receivables Entity);

(4)       any
Investment existing on the Issue Date or made pursuant to binding commitments in effect on the Issue Date or an Investment consisting
of any extension, modification or renewal of any Investment existing on the Issue Date; provided that the amount of any such Investment
may be increased (x) as required by the terms of such Investment as in existence on the Issue Date or (y) as otherwise permitted
under this Indenture;

(5)       any
Restricted Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance
with Section 5.10;

(6)       Hedging
Obligations that are Incurred by the Company or any of its Restricted Subsidiaries for the purpose of fixing or hedging (A) interest rate
risk with respect to any floating rate Indebtedness that is permitted by the terms of this Indenture to be outstanding or (B) currency
exchange risk in connection with existing financial obligations and not for purposes of speculation;

(7)       Investments
in prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other
similar deposits;

(8)       loans
and advances to officers, directors and employees of the Company and its Restricted Subsidiaries in the ordinary course of business not
to exceed $5.0 million in the aggregate at any one time outstanding;

(9)       any
Investment consisting of a Guarantee permitted by Section 5.09;

    	 	23	 

     

    

(10)       Investments
consisting of non-cash consideration received in the form of securities, notes or similar obligations in connection with dispositions
of assets permitted pursuant to this Indenture;

(11)       Investments
received in settlement of bona fide disputes or as distributions in bankruptcy, insolvency, foreclosure or similar proceedings;

(12)       advances
to customers or suppliers in the ordinary course of business;

(13)       Investments
consisting of purchases and acquisitions of supplies, materials and equipment or purchases or contract rights or licenses of intellectual
property, in each case in the ordinary course of business;

(14)       receivables
owing to the Company or any of its Restricted Subsidiaries if created or acquired in the ordinary course of business and payable or dischargeable
in accordance with customary trade terms;

(15)       CSO
Obligations of the Company and its Restricted Subsidiaries;

(16)       Investments
consisting of obligations of officers and employees to the Company or its Restricted Subsidiaries in connection with such Officer’s
and employees’ acquisition of Equity Interests in the Company (other than Disqualified Stock) so long as no cash is actually advanced
by the Company or any of its Restricted Subsidiaries in connection with the acquisition of such obligations);

(17)       Investments
in a Receivables Entity, or any Investment by a Receivables Entity in any other Person, in each case, in connection with a Qualified Receivables
Transaction, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables
Transaction or any related Indebtedness; provided, however, that any Investment in a Receivables Entity is in the form of
a purchase money note, contribution of additional receivables or an equity interest;

(18)        [RESERVED];

(19)        Investments
in joint ventures and similar entities and Unrestricted Subsidiaries having an aggregate Fair Market Value (measured on the date each
such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made
pursuant to this clause (19) that are at the time outstanding, not to exceed the greater of (i) $40.0 million and (ii) 13.75%
of Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the applicable Reference Period then most recently ended;

(20)other Investments made after the Issue
Date, so long as (i) no Default or Event of Default shall have occurred or be continuing or would result therefrom and (ii) after
giving pro forma effect to the making of such Investment, the Consolidated Total Leverage Ratio, does not exceed 2.00 to 1.00; and

    	 	24	 

     

    

(21) other Investments in any Person having an
aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value),
when taken together with all other Investments made pursuant to this clause (21) that are at the time outstanding, not to exceed
the greater of (i) $50.0 million and (ii) 17.0% of Consolidated Cash Flow of the Company and its Restricted Subsidiaries for
the applicable Reference Period then most recently ended.

“Permitted Liens” means:

(1)       Liens
securing First Priority Claims;

(2)       Liens
in favor of the Company or a Guarantor;

(3)       Liens
on property of a Person existing at the time such Person is merged into or consolidated with the Company or a Restricted Subsidiary of
the Company, provided that such Liens were not created in connection with, or in contemplation of, such merger or consolidation
and do not extend to any assets other than those of the Person merged into or consolidated with the Company or a Restricted Subsidiary
of the Company;

(4)       Liens
on property existing at the time of acquisition thereof by the Company or any Restricted Subsidiary of the Company, provided that
such Liens were not created in connection with, or in contemplation of, such acquisition;

(5)       Liens
to secure the performance of statutory obligations, surety or appeal bonds, performance bonds, workmen’s compensation or unemployment
obligations or other obligations of a like nature, or to secure letters of credit issued with respect to such obligations, Incurred in
the ordinary course of business;

(6)       Liens
consisting of deposits in connection with leases or other similar obligations, or securing letters of credit issued in lieu of such deposits,
incurred in the ordinary course of business, and cash deposits in connection with acquisitions otherwise permitted under this Indenture;

(7)       Liens
securing Indebtedness (including Capital Lease Obligations) permitted by Section 5.09(b)(iii) covering only the assets acquired
with such Indebtedness and directly related assets such as proceeds (including insurance proceeds), products, replacements, substitutions
and accessions thereto;

(8)       Liens
existing on the Issue Date and replacement Liens that do not encumber additional assets, unless such encumbrance is otherwise permitted;

(9)       Liens
for taxes, assessments or governmental charges or claims that are not yet delinquent for more than 30 days or that are being contested
in good faith by appropriate proceedings promptly instituted and diligently conducted, provided that any reserve or other appropriate
provision as shall be required in conformity with GAAP shall have been made therefor;

    	 	25	 

     

    

(10)       Liens
securing Permitted Refinancing Debt, provided that the obligor under such Indebtedness was permitted to Incur such Liens with respect
to the Indebtedness so refinanced under this Indenture and:

(a)the new Lien is limited to all
or part of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose, could
secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and

(b)the Indebtedness secured by
the new Lien is not increased to any amount greater than the sum of (x) the outstanding principal amount, or, if greater, committed
amount, of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged with such Permitted Refinancing Debt; and
(y) an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement,
defeasance or discharge;

(11)       statutory
and common law Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen or other similar Liens arising in the ordinary
course of business with respect to amounts that are not yet delinquent for more than 30 days or that are being contested in good faith
by appropriate proceedings promptly instituted and diligently conducted, provided that any reserve or other appropriate provision
as shall be required in conformity with GAAP shall have been made therefor;

(12)       Liens
arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other
proceedings for review, provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall
have been made therefor;

(13)       Liens
arising from filings of Uniform Commercial Code financing statements or similar documents regarding leases or otherwise for precautionary
purposes relating to arrangements not constituting Indebtedness;

(14)       Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection with
the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Company or any of its Restricted Subsidiaries to
permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Company and its Restricted
Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Company or any of its Restricted
Subsidiaries in the ordinary course of business;

(15)       Liens
securing Indenture Obligations;

(16)       Liens
securing Pari Passu Indebtedness; provided that the holders of such Pari Passu Indebtedness (or their designated representative
or agent) shall have executed and delivered a supplement to the Intercreditor Agreement and an Accession Agreement to the Collateral Documents;

    	 	26	 

     

    

(17)       Liens
Incurred by the Company or any Restricted Subsidiary of the Company with respect to obligations in an aggregate principal amount that
does not exceed the greater of (i) $60.0 million and (ii) 20.5% of Consolidated Cash Flow of the Company and its Restricted
Subsidiaries for the applicable Reference Period then most recently ended at any one time outstanding;

(18)       encumbrances
or exceptions expressly permitted pursuant to the Mortgages;

(19)       Liens
incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and
other types of social security, including Liens securing letters of credit issued in the ordinary course of business in connection therewith;

(20)       pledges
of Equity Interests of an Unrestricted Subsidiary of the Company securing Non-Recourse Debt of such Unrestricted Subsidiary;

(21)       Liens
securing Indebtedness of Foreign Subsidiaries to the extent such Indebtedness is permitted under Section 5.09(b)(xi); provided,
however, that such Liens only extend to the assets of the Foreign Subsidiaries that are obligors with respect to such Indebtedness;
and

(22)       any
Lien on loans receivable and related assets of the types specified in the definition of “Qualified Receivables Transaction”
transferred to a Receivables Entity or on assets of a Receivables Entity, in each case, Incurred in connection with a Qualified Receivables
Transaction.

For purposes of this definition, the term “Indebtedness”
shall be deemed to include interest in connection with or in respect of any referenced Indebtedness.

“Permitted Refinancing Debt”
means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net cash proceeds of which
are used to extend, refinance (including through the issuance of debt securities), renew, replace (whether or not upon termination and
whether with the original lenders, institutional investors or otherwise), defease or refund other Indebtedness of the Company or any of
its Restricted Subsidiaries, in whole or in part; provided that:

(1)       the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Debt does not exceed the principal amount and premium,
if any, plus accrued interest (or accreted value, if applicable) of the Indebtedness so extended, refinanced, renewed, replaced, defeased
or refunded (plus the amount of any fees and expenses Incurred in connection therewith);

(2)       such
Permitted Refinancing Debt has a final scheduled maturity date later than the final scheduled maturity date of, and has a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed,
replaced, defeased or refunded;

    	 	27	 

     

    

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

(4)       such
Indebtedness is incurred either by the Company or by the Restricted Subsidiary of the Company that is the obligor on the Indebtedness
being extended, refinanced, renewed, replaced, defeased or refunded or would otherwise be permitted to Incur such Indebtedness.

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

“Pledge Agreement” means the
Pledge Agreement, dated as of the Issue Date, among the Company and the Guarantors in favor of the Collateral Agent, as amended or supplemented
from time to time in accordance with its terms.

“Preferred Stock” as applied
to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) which is preferred as to the payment
of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such
Person, over shares of Capital Stock of any other class of such Person.

“Private Placement Legend”
means the legend set forth in Section 2.06(g)(1).

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

“Qualified Receivables Transaction”
means any transaction or series of transactions that may be entered into by the Company or any of the Restricted Subsidiaries pursuant
to which the Company or any of the Restricted Subsidiaries may sell, convey or otherwise transfer to:

(1)       a
Receivables Entity (in the case of a transfer by the Company or any of the Restricted Subsidiaries); or

(2)       any
other Person (in the case of a transfer by a Receivables Entity),

or may grant a security interest in, any loans
receivable (whether now existing or arising in the future) of the Company or any of the Restricted Subsidiaries, and any assets related
thereto, including all collateral securing such loans receivable, all contracts and all Guarantees or other obligations in respect of
such loans receivable, proceeds of such loans receivable and other assets which are customarily transferred or in respect of which security
interests are customarily granted in connection with asset securitization transactions involving loans receivable or refinancings thereof;
provided, however, that the financing terms, covenants, termination events and other provisions thereof shall be market
terms (as determined in good faith by the chief financial officer of the Company).

    	 	28	 

     

    

“Rating Agencies” means Moody’s
and S&P or if Moody’s or S&P or both shall not make a rating on the notes publicly available, a nationally recognized statistical
rating agency or agencies, as the case may be, selected by the Company which shall be substituted for Moody’s or S&P or both,
as the case may be.

“Receivables Entity” means
(a) a Wholly-Owned Subsidiary of the Company or (b) another Person engaging in a Qualified Receivables Transaction with the Company, in
each case, that engages in no activities other than in connection with the financing of loans receivables and is designated by the Board
of Directors of the Company (as provided below) as a Receivables Entity, and in either of clause (a) or (b):

(1)       no
portion of the Indebtedness or any other obligations (contingent or otherwise) of such entity:

(A)       is
Guaranteed by the Company or any Subsidiary of the Company (excluding Guarantees of obligations (other than the principal of, and interest
on, Indebtedness) pursuant to Standard Securitization Undertakings),

(B)       is
recourse to or obligates the Company or any Subsidiary of the Company in any way (other than pursuant to Standard Securitization Undertakings),
or

(C)       subjects
any property or asset of the Company or any Subsidiary of the Company, directly or indirectly, contingently or otherwise, to the satisfaction
thereof (other than pursuant to Standard Securitization Undertakings);

(2)       the
entity is not an Affiliate of the Company or is an entity with which neither the Company nor any Subsidiary of the Company has any material
contract, agreement, arrangement or understanding other than on terms that the Company reasonably believes to be not materially less favorable
to the Company or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Company; and

(3)       is
an entity to which neither the Company nor any Subsidiary of the Company has any obligation to maintain or preserve such entity’s
financial condition or cause such entity to achieve certain levels of operating results.

Any such designation by the Board of Directors
of the Company shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors
giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing conditions.

Notwithstanding anything to the contrary contained
herein, solely for purposes of the calculation of “Consolidated Interest Expense,” “Consolidated Tangible Assets”
and “Consolidated Total Debt,” any Receivables Entity shall be deemed not to be a Restricted Subsidiary.

Each of CURO Receivables Finance I, LLC, CURO
Receivables Holdings I, LLC, CURO Receivables Finance II, LLC, CURO Receivables Holdings II, LLC, CURO Canada Receivables GP, Inc., CURO
Canada Receivables Limited Partnership, Flexiti Financing 

    	 	29	 

     

    

Corp. and Flexiti Financing SPE Corp. is deemed to have been designated as a
Receivables Entity as of the Issue Date.

“Reference Period” means the
period of four consecutive fiscal quarters ending with the last full fiscal quarter immediately preceding the date of a proposed Incurrence,
Restricted Payment or other transaction for which financial statements are available.

“Refinance ” means, in respect
of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, purchase, redeem, defease or retire, or to issue other Indebtedness
in exchange or replacement for, such Indebtedness (in each case, whether or not upon termination and whether with the original lenders,
institutional investors or otherwise, including through the issuance of debt securities). “Refinanced” and “refinancing”
shall have correlative meanings.

“Regulation S” means Regulation
S promulgated under the Securities Act.

“Regulation S Global Note”
means a Global Note in the form of Exhibit A bearing the Global Note Legend and the Restricted Security Legend and deposited with
or on behalf of the Depositary and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding
principal amount of the Notes initially sold in reliance on Rule 903.

“Responsible Officer” when
used with respect to the Trustee, means any officer or employee within the Corporate Trust Office of the Trustee (or any successor group
of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because
of his knowledge of and familiarity with the particular subject, and who shall, in each case, have direct responsibility for the administration
of this Indenture.

“Restricted” means, when referring
to cash or Cash Equivalents of the Company or any of its Restricted Subsidiaries, that such cash or Cash Equivalents appear (or would
be required to appear) as “restricted” on a consolidated balance sheet of the Company or such Restricted Subsidiary (unless
such appearance is related to the Indenture Documents or, to the extent subject to an Intercreditor Agreement, other Credit Facilities
permitted under the Indenture to be secured by a Lien on the Collateral).

“Restricted Definitive Note”
means a Definitive Note bearing the Private Placement Legend.

“Restricted Global Note” means
a Global Note bearing the Private Placement Legend.

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

“Restricted Period” means the
40-day distribution compliance period as defined in Regulation S.

    	 	30	 

     

    

“Restricted Subsidiary” means,
with respect to any Person, any Subsidiary of such Person that is not an Unrestricted Subsidiary.

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

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

“Rule 903” means Rule 903 promulgated
under the Securities Act.

“Rule 904” means Rule 904 promulgated
under the Securities Act.

“SEC” means the Securities
and Exchange Commission, or any successor agency thereto.

“Secured Parties” means, collectively,
the Notes Secured Parties and the Pari Passu Indebtedness Secured Parties, if any.

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

“Security Agreement” means
the Security Agreement, dated as of the Issue Date, among the Company and the Guarantors in favor of the Collateral Agent, as amended
or supplemented from time to time in accordance with its terms.

“Significant Subsidiary” means
any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
pursuant to the Securities Act, as such regulation is in effect on the Issue Date.

“Similar Business” means any
business conducted or proposed to be conducted by the Company and its Restricted Subsidiaries on the Issue Date or any business that is
similar, reasonably related, incidental, complementary or ancillary thereto, or a reasonable extension or expansion thereof.

“Standard Securitization Undertakings”
means representations, warranties, covenants and indemnities entered into by the Company or any Subsidiary of the Company that, taken
as a whole, are customary in a loans receivable transaction.

“Start Date” means July 1,
2018.

“Stated Maturity” when used
with respect to any security or any installment of interest thereon, means the date specified in such security as the fixed date on which
the principal of such security or such installment of interest is due and payable.

“Subsidiary” means, with respect
to any Person, (1) any corporation, association or other business entity of which more than 50% of the total voting power of shares
of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more Subsidiaries of such Person (or a combination
thereof) and (2) any partnership (A) the sole general partner or the managing general partner of which is such

    	 	31	 

     

    

 Person or a Subsidiary
of such Person or (B) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination
thereof).

“TIA” means the Trust Indenture
Act of 1939 (15 U.S.C §§ 77aaa-77bbbb), as in force on the Issue Date; provided, however, that in the event that
the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment,
the Trust Indenture Act of 1939 as so amended.

“Treasury Rate” means, at any
redemption date, the yield to maturity as of such redemption date of constant maturity United States Treasury securities (as compiled
and published in the most recent Federal Reserve Statistical Release H. 15 (519) that has become publicly available at least two
Business Days prior to such redemption date (or, if such statistical release is no longer published, any publicly available source of
similar market data)) most nearly equal to the period from such redemption date to August 1, 2024; provided, however, that
if no published maturity exactly corresponds with such date, then the Treasury Rate shall be interpolated or extrapolated on a straight-line
basis from the arithmetic mean of the yields for the next shortest and next longest published maturities; provided further, however,
that if the period from such redemption date to August 1, 2024, is less than one year, the weekly average yield on actually traded
United States Treasury securities adjusted to a constant maturity of one year will be used.

“Trustee” means TMI Trust Company,
in its capacity as Trustee, until a successor or assign replaces it in accordance with the applicable provisions of this Indenture and
thereafter means the successor or assign serving hereunder.

“Unrestricted Definitive Note”
means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.

“Unrestricted Global Note”
means a Global Note that does not bear and is not required to bear the Private Placement Legend.

“Unrestricted Subsidiary” means,
with respect to any Person, any Subsidiary of such Person that is designated by the Board of Directors of such Person as an Unrestricted
Subsidiary pursuant to a resolution of the Board of Directors of such Person, but only to the extent that such Subsidiary:

(1)       has
no Indebtedness other than Non-Recourse Debt;

(2)       except
as permitted by Section 5.11, is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted
Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the
Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company;

(3)       is
a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to
subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such
Person to achieve any specified levels of operating results; and

    	 	32	 

     

    

(4)       has
not guaranteed or otherwise directly provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries.

“U.S. Government Obligation”
means:

(1)       any
security which is: a direct obligation of the United States of America the payment of which the full faith and credit of the United States
of America is pledged or an obligation 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 of the United States of America,
which, in either case, is not callable or redeemable at the option of the issuer thereof; and

(2)       any
depository receipt issued by a bank (as defined in the Securities Act) as custodian with respect to any U.S. Government Obligation and
held by such bank for the account of the holder of such depository receipt, or with respect to any specific payment of principal of or
interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian
is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the
custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depository receipt.

“U.S. Person” means a U.S.
Person as defined in Rule 902(k) under the Securities Act.

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

(1)       the
sum of the products obtained by multiplying (A) the amount of each then remaining installment, sinking fund, serial maturity or other
required payments of principal, including payment at final maturity, in respect thereof, by (B) the number of years (calculated to
the nearest one-twelfth) that will elapse between such date and the making of such payment, by

(2)       the
then outstanding principal amount of such Indebtedness.

“Wholly-Owned Subsidiary” of
any Person means a Subsidiary of such Person all of the outstanding Capital Stock of which (other than directors’ qualifying shares
and nominal amounts required to be held by local nationals) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries
of such Person (or any combination thereof).

Section 1.02      
Other Definitions.

	Term	Defined in Section
	“Action”	13.10
	“Ad Astra”	5.11
	“Affiliate Transaction”	5.11
	“Asset Sale Offer”	5.10
	“Authentication Order”	2.02
	“Calculation Date”	Definition of Consolidated

                                                            

	

    	 	33	 

     

    

	 	Total Leverage Ratio
	“Change of Control Offer”	5.14
	“Change of Control Payment”	5.14
	“Change of Control Payment Date”	5.14
	“Company”	Recitals
	“Covenant Defeasance”	9.03
	“Custodian”	7.01
	“Event of Default”	7.01
	“Excess Proceeds”	5.10
	“Hedging Obligations”	Definition of Indebtedness
	“Initial Notes”	Recitals
	“Legal Defeasance”	9.02
	“Moody’s”	Definition of Cash Equivalents
	“New Guarantor”	11.02
	“Notes”	Recitals
	“Offer Amount”	3.09
	“Offer Period”	3.09
	“Paying Agent”	2.03
	“Payment Default”	7.01
	“Permitted Debt”	5.09
	“Premises”	5.21
	“Purchase Date”	3.09
	“Registrar”	2.03
	“Restricted Payments”	5.07
	“S&P”	Definition of Cash Equivalents
	 	 

Section 1.03      
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision
is incorporated by reference in and made a part of this Indenture. Except as expressly provided herein, the provisions of the TIA shall
not apply hereto. All other terms used in this Indenture that are defined by the TIA, defined by the TIA reference to another statute
or defined by SEC rule under the TIA have the meanings so assigned to them.

Section 1.04      
Rules of Construction. Unless the context otherwise requires:

(1)            
a term has the meaning assigned to it;

(2)            
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

(3)            
“or” is not exclusive;

    	 	34	 

     

    

(4)            
“including” means including without limitation;

(5)            
words in the singular include the plural, and in the plural include the singular;

(6)            
provisions apply to successive events and transactions;

(7)            
“will” shall be interpreted to express a command;

(8)            
references to sections of or rules under the Securities Act, Exchange Act or TIA shall be deemed to include substitute, replacement
or successor sections or rules adopted by the SEC from time to time;

(9)            
references to any statute, law or regulation shall be deemed to refer to the same as from time to time amended and in effect and
to any successor statute, law or regulation;

(10)        
references to the date the Notes were originally issued shall refer to the Issue Date;

(11)        
“herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision; and

(12)        
all references to Articles, Sections or subdivisions refer to Articles, Sections or subdivisions of this Indenture unless otherwise
indicated.

ARTICLE 2

The Notes

Section 2.01      
Form and Dating.

(a)            
General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit
A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated
the date of its authentication. The Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.
The Notes shall bear interest and be payable upon the terms as set forth in Exhibit A.

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

(b)            
Global Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global
Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive
form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend 

    	 	35	 

     

    

thereon and without the “Schedule
of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as
will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time
endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or
increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase
or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Note Custodian,
at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06.

(c)            
Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System”
and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking”
and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Regulation S Global
Note that are held by Participants through Euroclear or Clearstream.

Section 2.02      
Execution and Authentication.

At least one Officer of the Company must sign
the Notes for the Company by manual or facsimile signature.

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

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

The Trustee will, upon receipt of a written order
of the Company signed by an Officer of the Company (an “Authentication Order”), authenticate Notes for original issue
up to the aggregate principal amount of the Notes that may be validly issued under this Indenture including (i) Initial Notes for
original issuance in an aggregate principal amount of $750,000,000 and (ii) subject to compliance with Sections 2.14 and 5.09,
any Additional Notes for original issuance from time to time after the date hereof.

All Notes issued under this Indenture (including
Additional Notes) shall be treated as a single class of securities under this Indenture, including for purposes of any vote, consent,
waiver or other act of Holders.

The Trustee may appoint an authenticating agent
acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference
in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights
as an Agent to deal with Holders or an Affiliate of the Company.

    	 	36	 

     

    

Section 2.03      
Registrar and Paying Agent.

The Company will maintain an office or agency
where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where
Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer
and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar”
includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying
Agent or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not
a party to this Indenture. Until the Trustee receives notice of the Company’s appointment of another entity as Registrar or Paying
Agent, the Trustee will act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

The Company initially appoints DTC to act as Depositary
with respect to the Global Notes.

The Company initially appoints the Trustee to
act as the Registrar and Paying Agent and to act as Note Custodian.

Section 2.04      
Paying Agent to Hold Money in Trust.

The Company will require each Paying Agent other
than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held
by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default
by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over
to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) will have no further liability for the money.
If the Company or a Subsidiary of the Company acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit
of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee
will serve as Paying Agent for the Notes.

Section 2.05      
Holder Lists.

The Trustee will preserve in as current a form
as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply
with TIA § 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven Business Days before
each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of the Holders and the Company will otherwise comply with TIA § 312(a).

    	 	37	 

     

    

Section 2.06      
Transfer and Exchange.

(a)            
Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee
of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary. Any Global Note will be exchanged by the Company for
Definitive Notes if:

(1)            
the Depositary (a) notifies the Company that it is unwilling or unable to continue as depositary for the Global Note or (b) has
ceased to be a clearing agency registered under the Exchange Act and, in either case, the Company fails to appoint a successor depositary
within 90 days thereafter;

(2)            
the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes; or

(3)            
there has occurred and is continuing a Default or Event of Default with respect to the Notes and the Depositary has requested that
Definitive Notes be issued.

Upon the occurrence of any of the preceding events
described in subparagraphs (1), (2) or (3) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the
Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. Every
Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06
or Section 2.07 or 2.10, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note
may not be exchanged for another Note other than as provided in this Section 2.06(a); however, beneficial interests in a Global
Note may be transferred and exchanged as provided in Section 2.06(b) or (c).

(b)            
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in
the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures.
Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth herein to
the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either
subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

(1)            
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted
Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit
of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written 

    	 	38	 

     

    

orders or instructions shall
be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1).

(2)            
All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges
of beneficial interests that are not subject to Section 2.06(b)(1), the transferor of such beneficial interest must deliver to
the Registrar either:

(A)          
both:

(i)             
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial
interest to be transferred or exchanged; and

(ii)           
instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be
credited with such increase; or

(B)          
both:

(i)             
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged;
and

(ii)           
instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive
Note shall be registered to effect the transfer or exchange referred to in (i) above.

Upon satisfaction of all of the requirements for transfer or exchange
of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the
Trustee will adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h).

(3)            
Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note
may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the
transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

(A)          
if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;

(B)          
if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor
must deliver a 

    	 	39	 

     

    

certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and

(C)          
if the transferee will take delivery in the form of a beneficial interest in the AI Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item
(3) thereof, if applicable.

(4)            
Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global
Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
if the exchange or transfer complies with the requirements of Section 2.06(b)(2) and the Registrar receives the following:

(A)          
if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications
in item (1)(a) thereof; or

(B)          
if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person
who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in
the form of Exhibit B hereto, including the certifications in item (4) thereof;

and, if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange
or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities Act.

If any such transfer is effected pursuant to this
clause (4) at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication
Order in accordance with Section 2.02, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal
amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this clause (4).

Beneficial interests in an Unrestricted Global
Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted
Global Note.

(c)            
Transfer or Exchange of Beneficial Interests for Definitive Notes.

(1)            
Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in
a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such 

    	 	40	 

     

    

beneficial
interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the occurrence of any of the events
described in paragraph (1), (2) or (3) of Section 2.06(a) and receipt by the Registrar of the following documentation:

(A)          
if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof;

(B)          
if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (1) thereof;

(C)          
if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or
Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

(D)          
if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(a) thereof;

(E)           
if such beneficial interest is being transferred to an Accredited Investor in reliance on an exemption from the registration requirements
of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit
B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable;

(F)           
if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

(G)          
if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

the Trustee will cause the aggregate principal amount of the applicable
Global Note to be reduced accordingly pursuant to Section 2.06(h), and the Company will execute and the Trustee will, upon receipt
of an Authentication Order, authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section
2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial
interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee
will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange
for a beneficial interest in a Restricted Global Note pursuant 

    	 	41	 

     

    

to this Section 2.06(c)(1) shall bear the Private Placement Legend
and shall be subject to all restrictions on transfer contained therein.

(2)            
[Reserved].

(3)            
Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest
to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events described
in paragraph (1), (2) or (3) of Section 2.06(a) and only if the Registrar receives the following:

(A)          
if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted
Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof;
or

(B)          
if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person
who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit
B hereto, including the certifications in item (4) thereof;

and, if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange
or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities Act.

(4)            
Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest
in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events described in paragraph
(1), (2) or (3) of Section 2.06(a) and satisfaction of the conditions set forth in Section 2.06(b)(2), the Trustee will
cause the aggregate principal amount of the applicable Unrestricted Global Note to be reduced accordingly pursuant to Section 2.06(h),
and the Company will execute and the Trustee will, upon receipt of an Authentication Order, authenticate and deliver to the Person designated
in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(4) will be registered in such name or names and in such authorized denomination or denominations
as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant
or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any
Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) will not bear the Private Placement
Legend.

    	 	42	 

     

    

(d)            
Transfer and Exchange of Definitive Notes for Beneficial Interests.

(1)            
Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes
to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar
of the following documentation:

(A)          
if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global
Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;

(B)          
if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (1) thereof;

(C)          
if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule
903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

(D)          
if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(a) thereof;

(E)           
if such Restricted Definitive Note is being transferred to an Accredited Investor in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth
in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable;

(F)           
if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

(G)          
if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

the Trustee will cancel the Restricted Definitive
Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted
Global Note, in the case of clause (B) above, the 144A 

    	 	43	 

     

    

Global Note, in the case of clause (C) above, the Regulation S Global Note, and
in all other cases, the AI Global Note.

(2)            
Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note
may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person
who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following:

(A)          
if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or

(B)          
if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form
of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including
the certifications in item (4) thereof;

and, in each such case set forth in this clause
(2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the
Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

Upon satisfaction of the conditions in this
Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal
amount of the Unrestricted Global Note.

(3)            
Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for
such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased
the aggregate principal amount of one of the Unrestricted Global Notes.

If any such exchange or transfer from a
Definitive Note to a beneficial interest is effected pursuant to clause (2) above or this clause (3) at a time when an Unrestricted Global
Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02,
the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of
Definitive Notes so transferred.

(e)            
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes.
Prior to 

    	 	44	 

     

    

such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes
duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or
by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents
and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).

(1)            
Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered
in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:

(A)          
if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1) thereof;

(B)          
if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit
B hereto, including the certifications in item (2) thereof; and

(C)          
if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of
Counsel required by item (3) thereof, if applicable.

(2)            
Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder
thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted
Definitive Note if the Registrar receives the following:

(A)          
if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

(B)          
if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in
the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications
in item (4) thereof;

and, if the Registrar so requests, an Opinion
of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities
Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

(3)            
Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such
Notes to a Person who takes delivery 

    	 	45	 

     

    

thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such
a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.

(f)             
[Reserved]

(g)            
Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions of this Indenture.

(1)            
Private Placement Legend.

(A)          
Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor
or substitution thereof) shall bear the 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. NEITHER THIS SECURITY NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.

THE
HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION WITHIN THE
MEANING OF REGULATION S UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO SUCH PURCHASER IN THE JURISDICTION IN WHICH
SUCH PURCHASE IS MADE, OR (C) IT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT AND (2)
AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED
SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT, ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER
TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS
THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE
TO IT IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE, (D) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER
THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (E) 

    	 	46	 

     

    

PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S, OR REGISTRAR’S,
AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE
OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE OR REGISTRAR.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED
SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT.”

 

(B)          
Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(3),
(c)(4), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange
therefor or substitution thereof) will not bear the Private Placement Legend.

(2)            
Global Note Legend. Each Global Note will bear a legend in substantially the following form:

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE,
(3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED

    	 	47	 

     

    

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.”

(h)            
Cancellation or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been
exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11. At any time prior to such
cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in
the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global
Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction
of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and
an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

(i)             
General Provisions Relating to Transfers and Exchanges.

(1)            
To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and
Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request.

(2)            
No service charge will be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.10, 3.06, 3.09, 5.10, 5.14, and 10.04).

(3)            
Neither the Trustee nor the Registrar will be required to register the transfer of or exchange of any Note selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in part.

(4)            
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes
will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

(5)            
Neither the Registrar, the Trustee nor the Company will be required:

(A)          
to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 10 days before
the day of any selection of Notes for redemption under Section 3.02 and ending at the close of business on the day of selection;

    	 	48	 

     

    

(B)          
to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part; or

(C)          
to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.

(6)            
Prior to due presentment for the registration of a transfer of any Note, the Trustee, the Registrar, any Agent and the Company
may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment
of principal of and interest on such Notes and for all other purposes, and none of the Trustee, the Registrar, any Agent or the Company
will be affected by notice to the contrary.

(7)            
The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02.

(8)            
All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section
2.06 to effect a registration of transfer or exchange may be submitted by facsimile.

(9)            
The Trustee and the Registrar 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 Note (including any
transfers between or among Depositary participants, members or beneficial owners in any Global Note) other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the
terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

(10)       Neither
the Trustee nor any agent of the Trustee will have any responsibility for any actions taken or not taken by the Depositary.

(11)       The
Trustee will have no responsibility or obligation to any Participant or Indirect Participant or any other Person with respect to the accuracy
of the books or records, or the acts or omissions, of the Depositary or its nominee or of any participant or member thereof, with respect
to any ownership interest in the Notes or with respect to the delivery to any Participant or Indirect Participant or other Person (other
than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes.
All notices and communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made
only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note). The rights
of beneficial owners in any Global Note shall be exercised only through the Depositary subject to the Applicable Procedures. The Trustee
may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its Participants or Indirect
Participants.

    	 	49	 

     

    

Section 2.07      
Replacement Notes.

If any mutilated Note is surrendered to the Trustee
or the Company or if the Trustee receives credible evidence of the destruction, loss or theft of any Note, the Company will issue and
the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s standard requirements
are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment
of the Trustee determined for itself and the Company determined for itself to protect the Company, the Trustee, any Agent and any authenticating
agent from any loss that any of them may suffer if a Note is replaced. The Company may charge 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 Notes duly issued
hereunder.

Section 2.08      
Outstanding Notes.

The Notes outstanding at any time are all the
Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest
in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as
not outstanding. Except as set forth in Section 2.09, a Note does not cease to be outstanding because the Company or an Affiliate
of the Company holds the Note.

If a Note is replaced pursuant to Section 2.07,
it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser.

If the principal amount of any Note is considered
paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue.

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

Section 2.09      
Treasury Notes.

In determining whether the Holders of the required
principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common control with the Company, will be considered as though not
outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver
or consent, only Notes that a Responsible Officer of the Trustee knows are so owned will be so disregarded. Upon request of the Trustee,
the Company will furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes, if any, known by the
Company to be owned or held by or for the account of any of the above described Persons, and the Trustee will be entitled to accept and
rely upon such Officer’s Certificate as conclusive evidence of the 

    	 	50	 

     

    

facts therein set forth and of the fact that all Notes not listed
therein are outstanding for the purpose of any determination.

Section 2.10      
Temporary Notes.

Until certificates representing Notes are ready
for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary
Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary
Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will prepare and the Trustee will, upon
receipt of an Authentication Order, authenticate definitive Notes in exchange for temporary Notes.

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

Section 2.11      
Cancellation.

The Company at any time may deliver Notes to the
Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment,
replacement or cancellation and will dispose of canceled Notes in accordance with the Trustee’s standard procedures (subject to
the record retention requirement of the Exchange Act). Certification of such disposal of all canceled Notes will be delivered to the Company
upon request. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

Section 2.12      
Defaulted Interest.

If the Company defaults in a payment of interest
on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest,
to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 5.01.
The Company will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the
proposed payment. The Company will fix or cause to be fixed each such special record date and payment date; provided that no such
special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the
special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company)
will send or cause to be sent to Holders a notice prepared by the Company that states the special record date, the related payment date
and the amount of such interest to be paid.

Section 2.13      
CUSIP Numbers.

The Company in issuing the Notes may use CUSIP,
ISIN or other numbers, if then generally in use, and thereafter the Company and the Trustee may use such numbers in any notice issued
pursuant to this Indenture, including any notice of redemption, 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 or other notice and
that 

    	 	51	 

     

    

reliance may be placed only on the other identification numbers printed on the Notes, and any such notice or notice of 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, ISIN or other numbers.

Section 2.14      
Issuance of Additional Notes.

The Company will be entitled, from time to time,
subject to its compliance with Section 5.09, without consent of the Holders, to issue Additional Notes under this Indenture with
identical terms as the Initial Notes other than with respect to (i) the date of issuance, (ii) the issue price, (iii) the amount of interest
payable on the first interest payment date and (iv) any adjustments in order to conform to and ensure compliance with the Securities Act
(or other applicable securities laws) or to reflect differences with respect to original issue discount for U.S. federal income tax purposes.

With respect to any Additional Notes, the Company
will set forth in an Officer’s Certificate pursuant to a resolution of the Board of Directors of the Company, copies of which shall
be delivered to the Trustee, the following information:

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

(ii)           
the issue price, the issue date and the CUSIP number of such Additional Notes and the date on which interest on such Additional
Notes shall begin to accrue.

 

ARTICLE 3

Redemption and
Prepayment

Section 3.01      
Notices to Trustee. If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07,
it shall furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officer’s Certificate setting
forth (i) the subsection of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal
amount of Notes to be redeemed and (iv) the redemption price. If the redemption price is not known at the time such notice is to be given,
the actual redemption price, calculated as described in this Indenture or the terms of the Notes to be redeemed, will be set forth in
an additional Officer’s Certificate of the Company delivered to the Trustee no later than two Business Days prior to the redemption
date.

Section 3.02      
Selection of Notes to be Redeemed. If less than all of the Notes are to be redeemed at any time, selection of Notes for
redemption shall be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on
which the Notes are listed, or, if the Notes are not so listed, on a pro rata basis, by lot to the extent practicable or by such
other method in accordance with the Applicable Procedures of the Depositary; provided that no Notes of $2,000 or less shall be
redeemed in part. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided
herein, not less than 10 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called
for redemption.

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The Trustee will promptly notify the Company in
writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof
to be redeemed. Notes and portions of Notes selected shall be in minimum amounts of $2,000 or whole multiples of $1,000 in excess thereof;
except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not
a multiple of $1,000, shall be redeemed. A new Note in principal amount equal to the unredeemed portion thereof shall be issued (or book-entry
notation made) in the name of the Holder thereof upon cancellation of the original Note. On and after the redemption date, unless the
Company defaults in the payment of the redemption price, interest shall cease to accrue on the principal amount of the Notes or portions
thereof called for redemption and for which funds have been set aside for payment. Except as provided in this Section 3.02, provisions
of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.

Section 3.03      
Notice of Redemption. Subject to the provisions of Sections 3.09 and 5.14, at least 10 but not more than 60
days before the redemption date, the Company will send or caused to be sent, by first class mail or other electronic means reasonably
satisfactory to the Trustee, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that
redemption notices may be mailed or sent more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance
of the Notes or a satisfaction and discharge of this Indenture.

The notice shall be prepared by the Company, shall
identify the Notes to be redeemed and shall state:

(a)            
the redemption date;

(b)            
the redemption price;

(c)            
if any Note is to be redeemed in part only, the portion of the principal amount thereof to be redeemed and that, after the redemption
date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation
of the original Note;

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

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

(f)             
that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on
and after the redemption date;

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

(h)            
if such redemption is subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition,
and if applicable, such notice shall state that, in the Company’s discretion, the redemption date may be delayed until such time
as any or all such conditions shall be satisfied or waived, and shall state that such redemption may 

    	 	53	 

     

    

not occur and such notice may be
rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date
so delayed; and

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

At the Company’s written request, the Trustee
will give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company will
have delivered to the Trustee, at least 20 days prior to the redemption date, an Officer’s Certificate requesting that the Trustee
give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph (or such shorter
period reasonably acceptable to the Trustee).

If any of the Notes to be redeemed are in the
form of a Global Note, then the Company may modify such notice to the extent necessary to comply with the Applicable Procedures of the
Depositary.

Section 3.04      
Effect of Notice of Redemption. Once notice of redemption is sent in accordance with Section 3.03, Notes called for
redemption become irrevocably due and payable on the redemption date at the redemption price unless such redemption is subject to the
satisfaction of one or more conditions precedent as described in the immediately succeeding sentence. Notice of any redemption upon any
Equity Offering or other securities offering or financing, or in connection with a transaction (or series of related transactions) that
constitute a Change of Control, may, in the Company’s discretion, be given prior to the completion thereof and be subject to one
or more conditions precedent, including, but not limited to, completion of the related Equity Offering, securities offering, financing
or Change of Control. In addition, the Company may provide in such notice that payment of the redemption price and performance of the
Company’s obligations with respect to such redemption may be performed by another Person.

Section 3.05      
Deposit of Redemption Price. Prior to 10:00 a.m., New York City time, on the redemption date, the Company will deposit with
the Trustee or with the Paying Agent money sufficient to pay the redemption price and accrued interest on all Notes to be redeemed on
that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent
by the Company in excess of the amounts necessary to pay the redemption price and accrued interest on all Notes to be redeemed.

If the Company complies with the provisions of
the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called
for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any
accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record
date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply
with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption date until such principal is paid, and
to the extent lawful on 

    	 	54	 

     

    

any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section
5.01.

Section 3.06      
Notes Redeemed in Part. If any Note is to be redeemed in part only, the notice of redemption sent pursuant to Section
3.03 that relates to such Note shall state the portion of the principal amount of that Note to be redeemed. Upon receipt of an Authentication
Order, the Trustee will (i) cancel the original Note and (ii) authenticate for the Holder at the expense of the Company a new Note in
principal amount equal to the unredeemed portion of the original Note in the name of the Holder thereof, or in the case of a Global Note
make such notation on the schedule of exchanges to such Global Note.

Section 3.07      
Optional Redemption. (a) On and after August 1, 2024, the Company may on one or more occasions redeem the Notes, in
whole or in part, upon notice pursuant to Section 3.03, at the redemption prices (expressed as percentages of principal amount)
set forth below, plus accrued and unpaid interest to the redemption date (subject to the right of Holders on the relevant record date
to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period beginning on August 1
of each of the years set forth below.

	Year	 	Percentage
	2024	 	103.750%
	2025	 	101.875%
	2026 and thereafter	 	 100.000%

(b)            
Prior to August 1, 2024, the Company may, upon notice pursuant to Section 3.03, redeem up to 40% of the aggregate
principal amount of the Notes (including Additional Notes) issued under this Indenture at a redemption price of 107.500% of the principal
amount of the Notes redeemed, plus accrued and unpaid interest to the redemption date (subject to the right of Holders on the relevant
record date to receive interest due on the relevant interest payment date) if:

(1)            
such redemption is made with the proceeds of one or more Equity Offerings;

(2)            
at least 50% of the aggregate principal amount of the Notes (including Additional Notes) issued under this Indenture remain outstanding
immediately after the occurrence of such redemption (excluding Notes held by the Company or any of its Subsidiaries); and

(3)            
the redemption occurs within 180 days of such Equity Offering.

(c)            
Prior to August 1, 2024, the Company may, upon notice pursuant to Section 3.03, redeem up to 10% of the aggregate principal
amount of the Notes (including Additional Notes) issued under the Indenture during each 12-month period following the Issue Date at a
redemption price of 103% of the principal amount of the Notes redeemed, plus accrued and unpaid interest to the redemption date (subject
to the right of holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date).

    	 	55	 

     

    

(d)            
Prior to August 1, 2024, the Company may redeem the Notes, in whole or in part, upon notice pursuant to Section 3.03,
at a redemption price equal to 100% of the principal amount of the Notes plus the Applicable Premium as of, and accrued and unpaid interest
to, the redemption date (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest
payment date).

(e)            
Notwithstanding the foregoing, in connection with any tender offer for the Notes, including a Change of Control Offer or an Asset
Sale Offer, if Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw
such Notes in such tender offer and the Company, or any third party making such tender offer in lieu of the Company as described above,
repurchases all of the Notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right,
upon notice pursuant to Section 3.03 (provided that such notice is given not more than 30 days following such repurchase),
to redeem all notes that remain outstanding following such purchase at a price equal to the price paid to each other Holder in such tender
offer (which may be less than par) plus accrued and unpaid interest on the notes redeemed, to the applicable redemption date (subject
to the rights of Holders of Notes on any relevant record date to receive interest due on the relevant interest payment date).

(f)             
Any redemption pursuant to this Section 3.07 or the last paragraph of Section 5.14 shall be made pursuant to the
provisions of Section 3.01 through 3.06.

Section 3.08      
Mandatory Redemption. Except as set forth in Sections 5.10 and 5.14, the Company will not be required to make
mandatory redemption or sinking fund payments or offers to purchase with respect to the Notes.

Section 3.09      
Offer to Purchase by Application of Excess Proceeds. In the event that, pursuant to Section 5.10, the Company will
be required to commence an Asset Sale Offer, it shall follow the procedures specified in this Section 3.09.

The Asset Sale Offer shall remain open for a period
of 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law
(the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase
Date”), the Company will purchase the principal amount of Notes required to be purchased pursuant to Section 5.10 (the
“Offer Amount”). Payment for any Notes so purchased shall be made in the same manner as interest payments are made.

If the Purchase Date is on or after an interest
record date and on or before the related interest payment date, any accrued and unpaid interest shall be paid to the Person in whose name
a Note is registered at the close of business on such record date, and no additional interest shall be payable to Holders who tender Notes
pursuant to the Asset Sale Offer.

    	 	56	 

     

    

Upon the commencement of an Asset Sale Offer,
the Company will send, by first class mail or other electronic means reasonably satisfactory to the Trustee, a notice to each of the Holders,
with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant
to the Asset Sale Offer. The notice, which shall govern the terms of the Asset Sale Offer, shall state:

(a)            
that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 5.10 and the length of time the
Asset Sale Offer shall remain open;

(b)            
the Offer Amount, the purchase price and the Purchase Date;

(c)            
that any Note not tendered or accepted for payment shall continue to accrue interest;

(d)            
that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall
cease to accrue interest after the Purchase Date;

(e)            
that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may only elect to have Notes in minimum denominations
of $2,000, or integral multiples of $1,000 in excess thereof (unless such amount represents the entire principal amount of Notes held
by such Holder), purchased;

(f)             
that Holders electing to have any Notes purchased pursuant to any Asset Sale Offer shall be required to surrender the Notes, with
the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent or the Depositary,
as applicable, at the address specified in the notice prior to the close of business on the third Business Day preceding the Purchase
Date, subject to the Applicable Procedures;

(g)            
that Holders shall be entitled to withdraw their election if the Paying Agent or the Depositary, as applicable, receives, not later
than the close of business on the third Business Day preceding the Purchase Date, a telegram, telex, facsimile transmission or letter
setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder
is withdrawing its election to have such Note purchased, subject to the Applicable Procedures;

(h)            
that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Trustee will select the Notes
to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Company so that only Notes in minimum
denominations of $2,000, or integral multiples of $1,000 in excess thereof, shall be purchased), subject to the Applicable Procedures;
and

(i)             
that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered (or transferred by book-entry transfer).

    	 	57	 

     

    

If any of the Notes subject to the Asset Sale
Offer are in the form of a Global Note, then the Company may modify such notice to the extent necessary to comply with the Applicable
Procedures of the Depositary.

On or before the Purchase Date, subject to the
Applicable Procedures, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary,
the Offer Amount of Notes or portions thereof validly tendered pursuant to the Asset Sale Offer (and not withdrawn), or, if less than
the Offer Amount has been validly tendered, all Notes tendered (and not withdrawn), and shall deliver to the Trustee an Officer’s
Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this
Section 3.09. The Paying Agent shall promptly (but in any case not later than five Business Days after the Purchase Date) send
or deliver to each tendering Holder an amount received from the Company equal to the purchase price of the Notes validly tendered by such
Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon receipt of an Authentication
Order, shall authenticate and send (or cause to be transferred by book-entry) such new Note to such Holder, in a principal amount equal
to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly sent (or caused to be transferred by book-entry)
by the Company to the Holder thereof. The Company will publicly announce the results of the Asset Sale Offer promptly after the Purchase
Date.

Other than as specifically provided in this Section
3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06.

Section 3.10      
[Reserved]  

Section 3.11      
Company May Acquire Notes. The Company or its Affiliates (or any Person acting on behalf of the Company or its Affiliates)
may at any time and from time to time acquire the Notes by means other than redemption, including by tender offer, open market purchases,
negotiated transactions or otherwise, so long as such acquisition is not prohibited by applicable securities laws or regulations or the
terms of this Indenture. In accordance with, and subject to, Section 2.11, the Company may deliver such acquired Notes to the Trustee
for cancellation.

ARTICLE 4

Satisfaction
and Discharge

Section 4.01      
Satisfaction and Discharge. This Indenture will be discharged and will cease to be of further effect as to all outstanding
Notes issued hereunder (except Sections 2.06, 2.07, 2.08, 8.01, 8.02, 8.07, 12.07, 12.15
and 13.11), and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture if:

(a)            
either:

(i)             
the Company will have paid or caused to be paid the principal of, premium, if any, and interest as and when the same shall have
become due and payable;

    	 	58	 

     

    

(ii)           
all outstanding Notes (other than Notes which have been lost, stolen or destroyed and which have been replaced or paid as provided
in Section 2.07) have been delivered to the Trustee for cancellation; or

(iii)         
all Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable by reason of the sending
of a notice of redemption or (ii) (A) shall become due and payable at their Stated Maturity within one (1) year or (B) are
to be called for redemption within one (1) year under arrangements reasonably satisfactory to the Trustee, and the Company has irrevocably
deposited or caused to be deposited with the Trustee funds in trust of cash in U.S. dollars, non-callable U.S. Government Obligations,
or a combination thereof in an amount sufficient to pay and discharge the principal, premium, if any, and interest on the Notes to the
date of Stated Maturity or such redemption, as the case may be;

(b)            
 the Company has paid all other sums payable by it under the Indenture Documents; and

(c)            
the Company has delivered an Officer’s Certificate and an Opinion of Counsel stating that all conditions for the satisfaction
and discharge have been met.

Section 4.02      
Application of Trust Money. Subject to the provisions of the last paragraph of Section 9.05, all money deposited
with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes
and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent),
to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with
the Trustee; but such funds need not be segregated from other funds except to the extent required by law.

ARTICLE 5

Covenants

Section 5.01      
Payment of Notes. The Company will pay or cause to be paid the principal of, premium, if any, and interest on the Notes
on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due
if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. New York City time on the due date money
deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest
then due.

The Company will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal and installments of interest (without regard to any applicable
grace period) at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful.

The Company will be responsible for making calculations
called for under the Notes, including, but not limited to, determination of redemption price, premium, if any, and other amounts payable
on the Notes, if any. The Company will make the calculations in good faith and, absent manifest error, its calculations will be final
and binding on the Holders. The Company will provide a schedule of its calculations to the Trustee when applicable, and the 

    	 	59	 

     

    

Trustee is
entitled to rely conclusively on the accuracy of the Company’s calculations without independent verification.

Section 5.02      
Maintenance of Office or Agency. The Company will maintain an office or agency (which may be an office of the Trustee or
an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and
where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt
written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company will
fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.

The Company may also from time to time designate
one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to
time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency 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.

The Company hereby designates the Corporate Trust
Office of the Trustee one such office or agency of the Company.

Section 5.03      
Reports. So long as any Notes are outstanding, the Company will furnish to the Holders or cause the Trustee to furnish to
the Holders:

(1)            
within 90 days after the end of each fiscal year of the Company, all annual financial statements of the Company for such fiscal
year that would be required to be contained in a filing with the SEC on Form 10 K if the Company were required to file such Form, including
a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that describes the financial
condition and results of operations of the Company and its consolidated Subsidiaries (showing in reasonable detail, either on the face
of the financial statements or in the footnotes thereto and in Management’s Discussion and Analysis of Financial Condition and Results
of Operations the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial
condition and results of operations of the Unrestricted Subsidiaries of the Company) and a report on the annual financial statements by
the Company’s certified independent accountants;

(2)            
within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Company, all quarterly financial
statements that would be required to be contained in a filing with the SEC on Form 10 Q if the Company were required to file such Form,
including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that describes the
financial condition and results of operations of the Company and its consolidated Subsidiaries (showing in reasonable detail, either on
the face of the financial statements or in the footnotes thereto and in 

    	 	60	 

     

    

Management’s Discussion and Analysis of Financial Condition
and Results of Operations the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from
the financial condition and results of operations of the Unrestricted Subsidiaries of the Company); and

(3)            
within the time periods required for filing such current reports and form as specified in the SEC’s rules and regulations,
all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.

Documents filed by the Company with the SEC via
the EDGAR system will be deemed to be furnished to the registered holders at the time such documents are filed.

In addition, the Company agrees that, for so long
as any Notes remain outstanding, it will use commercially reasonable efforts to hold and participate in quarterly conference calls with
holders of Notes, beneficial owners of the Notes and securities analysts to discuss such financial information no later than ten business
days after distribution of such financial information (it being understood that such quarterly conference calls may be the same conference
calls as with the Company’s equity investors and analysts).

Furthermore, the Company agrees that, at any time
it is not subject to Section 13 or Section 15(d) of the Exchange Act, for so long as any Notes remain outstanding, it will furnish to
the holders of Notes, any beneficial owner of the Notes, securities analysts and prospective investors, upon their request, the information
and reports described above and any other information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

Section 5.04      
Compliance Certificate. (a) The Company will deliver to the Trustee, within 120 days after the end of each fiscal year commencing
with the fiscal year ending December 31, 2021, an Officer’s Certificate that need not comply with Section 12.03 or 12.04,
one signer of which shall be the principal executive officer, principal financial officer, or principal accounting officer of the Company,
stating that a review of the activities of the Company and its Affiliates during the preceding fiscal year has been made under the supervision
of the signing Officers with a view to determining whether the Company and the Guarantors have kept, observed, performed and fulfilled
their obligations under the Indenture Documents, and further stating, as to each such Officer signing such certificate, that to the best
of his or her knowledge each of the Company and each Guarantor during the preceding fiscal year has kept, observed, performed and fulfilled
each and every covenant contained in the Indenture Documents and is not in Default at the date of such certificate in the performance
or observance of any of the terms, provisions and conditions of the Indenture Documents (or, if a Default or Event of Default shall have
occurred and is continuing, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the
Company or Guarantor is taking or proposes to take with respect thereto).

(b)            
The Company will, so long as any of the Notes are outstanding, deliver to the Trustee, within ten Business Days of any Officer
becoming aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what
action the Company is taking or proposes to take with respect thereto.

    	 	61	 

     

    

Section 5.05      
Taxes. The Company will pay, and will cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material
taxes, assessments and governmental levies, except such as are contested in good faith and by appropriate proceedings or where the failure
to effect such payment is not adverse in any material respect to the Holders.

Section 5.06      
Stay, Extension and Usury Laws. Each of the Company and the Guarantors covenants (to the extent that it may lawfully do
so) that it shall not at any time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and each of the Company and the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.

Section 5.07      
Restricted Payments. (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

(i)             
declare or pay any dividend on, or make any other payment or distribution in respect of, its Equity Interests (including any dividend
or distribution payable in connection with any merger or consolidation involving the Company) or similar payment to the direct or indirect
holders thereof in their capacity as such (other than any dividends or distributions payable solely in its Equity Interests (other than
Disqualified Stock) and dividends or distributions payable to the Company or any of its Restricted Subsidiaries (and, if such Restricted
Subsidiary has stockholders other than the Company or other Restricted Subsidiaries, to its other stockholders on no more than a pro
rata basis));

(ii)           
purchase, redeem or otherwise acquire or retire for value any Equity Interests of the Company held by any Person or any Equity
Interests of any Restricted Subsidiary of the Company held by any Affiliate of the Company (in each case other than held by the Company
or a Restricted Subsidiary of the Company), including in connection with any merger or consolidation and including the exercise of any
option to exchange any Equity Interests (other than into Equity Interests of the Company that are not Disqualified Stock);

(iii)         
make any purchase, repurchase, redemption, defeasance or other acquisition or retirement for value, prior to the scheduled maturity,
scheduled repayment or scheduled sinking fund payment of any Indebtedness that is contractually subordinated in right of payment to the
Notes or any Notes Guarantee thereof (other than the payment of interest and other than the purchase, repurchase or other acquisition
of such Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each
case due within one year of the date of such purchase, repurchase or other acquisition); or

(iv)          
make any Restricted Investment.

    	 	62	 

     

    

(all such payments and other actions set forth
in clauses (i) through (iv) above being collectively referred to as “Restricted Payments”),

unless, at the time of and after giving effect
to such Restricted Payment:

(A)          
no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof;

(B)          
the Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted
Payment had been made at the beginning of the applicable four-quarter period, have been permitted to Incur at least $1.00 of additional
Indebtedness pursuant to the Consolidated Total Leverage Ratio test set forth in Section 5.09(a); and

(C)          
such Restricted Payment, together with the aggregate of all other Restricted Payments made by the Company and its Restricted Subsidiaries
after the Start Date (excluding Restricted Payments permitted by clauses (ii) through (xii) of subsection (b) below), is, at the time
of determination, less than the sum of:

(1)       50%
of the Consolidated Net Income of the Company for the period (taken as one accounting period) beginning on the Start Date and ending on
the last day of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time
of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit), plus

(2)       100%
of the aggregate net cash proceeds received by the Company from a contribution to its common equity capital or from the issuance or sale
of its Equity Interests (other than Disqualified Stock) subsequent to the Start Date (other than an issuance or sale to a Subsidiary of
the Company) and 100% of any cash capital contribution received by the Company from its shareholders subsequent to the Start Date, plus

(3)       the
amount by which the principal amount of any Indebtedness of the Company or a Restricted Subsidiary of the Company is reduced upon the
conversion or exchange (other than by a Restricted Subsidiary of the Company) subsequent to the Start Date of any Indebtedness of the
Company or a Restricted Subsidiary of the Company convertible or exchangeable for Equity Interests (other than Disqualified Stock) of
the Company (less the amount of any cash, or the fair value of any other property, distributed by the Company or a Restricted Subsidiary
of the Company upon such conversion or exchange); provided, however, that the foregoing amount shall not exceed the net
cash proceeds received by the Company or any Restricted Subsidiary of the Company from the sale of such Indebtedness (excluding net cash
proceeds from sales to a Restricted Subsidiary of the Company), plus

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(4)       the
amount equal to the sum of (x) the net reduction in the Restricted Investments made by the Company or any Restricted Subsidiary of the
Company in any Person resulting from repurchases, repayments or redemptions of such Investments by such Person, proceeds realized on the
sale or other disposition of such Investment and proceeds representing the return of capital (excluding dividends and distributions to
the extent included in Consolidated Net Income), in each case realized by the Company or any Restricted Subsidiary of the Company, and
(y) in the event that any Unrestricted Subsidiary of the Company is re-designated as a Restricted Subsidiary, the portion (proportionate
to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Unrestricted Subsidiary
at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary, that in each case have occurred subsequent to the Start
Date; provided, however, that the foregoing sum will not exceed, in the case of any such Person, the amount of Restricted
Investments previously made (and treated as a Restricted Payment) by the Company or any Restricted Subsidiary of the Company in such Person
or Unrestricted Subsidiary, plus

(5)       100%
of any dividends received by the Company or a Guarantor after the Start Date from an Unrestricted Subsidiary of the Company, to the extent
such dividends were not otherwise included in the Consolidated Net Income of the Company for such period.

(b)            
The foregoing provisions will not prohibit:

(i)             
the payment of any dividend or other distribution or the consummation of any irrevocable redemption within 60 days after the date
of declaration of the dividend or other distribution or giving of the irrevocable redemption notice, if at said date of declaration or
notice, such payment would have complied with the provisions of this Indenture;

(ii)           
any Restricted Payment made in exchange for, or with the net cash proceeds from, the substantially concurrent sale of Equity Interests
of the Company (other than any Disqualified Stock and other than Equity Interests issued or sold to a Subsidiary of the Company) or a
substantially concurrent cash capital contribution received by the Company from its shareholders; provided that the net cash proceeds
from such sale or such cash capital contribution (to the extent so used for such Restricted Payment) shall be excluded from clause (C)(2)
of subsection (a) above;

(iii)         
the defeasance, redemption, repurchase, retirement or other acquisition of Indebtedness of the Company or any Guarantor that is
contractually subordinated in right of payment to the Notes or to any Notes Guarantee in exchange for, or with the net cash proceeds from,
an Incurrence of Permitted Refinancing Debt;

(iv)          
the redemption, repurchase, retirement or other acquisition for value of any Equity Interests of the Company or any Restricted
Subsidiary of the Company held 

    	 	64	 

     

    

by employees, former employees, directors, former directors, consultants or former consultants of the Company
(or any of its Subsidiaries); provided that the aggregate amount of such repurchases and other acquisitions (excluding amounts
representing cancellation of Indebtedness) shall not exceed the greater of (i) $10.0 million and (ii) 3.5% of Consolidated
Cash Flow of the Company and its Restricted Subsidiaries for the applicable Reference Period then most recently ended in any fiscal year
(with unused amounts in any fiscal year being carried over to succeeding fiscal years; provided that the aggregate amount of such
repurchases and other acquisitions (excluding amounts representing cancellation of Indebtedness) shall not exceed the greater of (i) $15.0 million
and (ii) 5.25% of Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the applicable Reference Period then
most recently ended in any fiscal year) (plus the amount of net cash and proceeds received by the Company and its Restricted Subsidiaries
(a) in respect of “key man” life insurance and (b) from the issuance of Equity Interests by the Company to members of management
of the Company and its Subsidiaries, to the extent that those amounts did not provide the basis for any previous Restricted Payment);

(v)            
payments of dividends on Disqualified Stock issued pursuant to Section 5.09;

(vi)          
repurchases of Capital Stock deemed to occur upon exercise of stock options if such Capital Stock represents a portion of the exercise
price of such options;

(vii)        
cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities
convertible into or exchangeable for Capital Stock of the Company; provided, however, that any such cash payment shall not
be for the purpose of evading the limitation of this Section 5.07;

(viii)      
so long as no Default or Event of Default has occurred and is continuing or would be caused thereby, payments of intercompany subordinated
Indebtedness, the Incurrence of which was permitted under clause (v) of Section 5.09(b);

(ix)          
the repurchase, redemption or other acquisition or retirement for value of any Indebtedness of the Company or any Guarantor that
is contractually subordinated in right of payment to the Notes or to any Notes Guarantee (i) pursuant to provisions similar to those set
forth in Section 5.14; provided that all Notes tendered by holders in connection with a Change of Control Offer have been
repurchased, redeemed or acquired for value and (ii) pursuant to provisions similar to those set forth in Section 5.10; provided
that all Notes tendered by holders in connection with an Asset Sale Offer have been repurchased, redeemed or acquired for value;

(x)            
Restricted Payments that are made with Excluded Contributions;

(xi)          
the making of any Restricted Payment so long as the Consolidated Total Leverage Ratio is less than or equal to 1.50 to 1.00 after
giving pro forma effect to such Restricted Payment; or

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(xii)        
Restricted Payments in an amount that, when taken together with all Restricted Payments previously made pursuant to this clause
(xii) and then outstanding, does not exceed the greater of (i) $40.0 million and (ii) 13.75% of Consolidated Cash Flow of the
Company and its Restricted Subsidiaries for the applicable Reference Period then most recently ended.

The amount of all Restricted Payments (other than
cash) shall be the Fair Market Value on the date of the Restricted Payment of the assets proposed to be transferred by the Company or
such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.

As of the Issue Date, all of the Subsidiaries
of the Company will be Restricted Subsidiaries. The Company will not permit any Unrestricted Subsidiary of the Company to become a Restricted
Subsidiary of the Company except pursuant to the last sentence of the second paragraph under Section 5.15. For purposes of designating
any Restricted Subsidiary of the Company as an Unrestricted Subsidiary, all outstanding Investments by the Company and its Restricted
Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments in an amount determined
as set forth in the last sentence of the definition of “Investment.” Such designation will be permitted only if a Restricted
Payment in such amount would be permitted at such time pursuant to Section 5.07 or pursuant to the definition of “Permitted
Investments,” and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

Section 5.08      
Dividend and Other Payment Restrictions Affecting Subsidiaries. (a) The Company will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance
or consensual restriction on the ability of any Restricted Subsidiary of the Company to:

(i)             
pay dividends or make any other distributions to the Company or any of its Restricted Subsidiaries with respect to its Capital
Stock or any other interest or participation in, or measured by, its profits;

(ii)           
pay any Indebtedness owed to the Company or any of its Restricted Subsidiaries;

(iii)         
make any loans or advances to the Company or any of its Restricted Subsidiaries; or

(iv)          
sell, lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.

(b)            
However, the foregoing restrictions will not apply to encumbrances or restrictions existing under or by reason of:

(i)             
any agreements in effect or entered into on the Issue Date, including agreements governing Existing Indebtedness as in effect on
the Issue Date, and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings
thereof (in each case, regardless of whether such 

    	 	66	 

     

    

replacement or refinancing is consummated at the same time or later than the termination
or repayment of the Indebtedness being refinanced or replaced), in whole or in part; provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as
a whole, with respect to such dividend and other payment restrictions than those contained in the agreements governing such Indebtedness
as in effect on the Issue Date;

(ii)           
the Credit Agreement and the Existing Cash Money Revolving Credit Facility, in each case, in effect as of the Issue Date, and any
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof (in each case,
regardless of whether such replacement or refinancing is consummated at the same time or later than the termination or repayment of the
Indebtedness being refinanced or replaced) and any additional Credit Facilities permitted under this Indenture; provided that such
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements, refinancings or additional facilities
are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained
in the Credit Agreement as in effect on the Issue Date;

(iii)         
the Indenture Documents;

(iv)          
applicable law and any applicable rule, regulation or order;

(v)            
customary non-assignment provisions in leases, licenses or other agreements entered into in the ordinary course of business;

(vi)          
purchase money obligations and Capital Lease Obligations that impose restrictions of the nature described in clause (iv) of
Section 5.08(a) on the property so acquired;

(vii)        
any agreement for the sale or other disposition of all or substantially all of the Capital Stock or assets of a Restricted Subsidiary
of the Company that restricts distributions by that Restricted Subsidiary pending its sale or other disposition thereof;

(viii)      
any agreement or other instrument of a Person acquired by the Company or any Restricted Subsidiary of the Company in existence
at the time of such acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any
Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person
and its Subsidiaries, so acquired;

(ix)          
Liens that limit the right of the Company or any of its Restricted Subsidiaries to dispose of the asset or assets subject to such
Lien;

(x)            
customary provisions limiting the disposition or distribution of assets or property in partnership, joint venture, asset sale agreements,
stock sale agreements and other similar agreements, which limitation is applicable only to the assets that are the subject of such agreements;

    	 	67	 

     

    

(xi)          
Permitted Refinancing Debt, provided that the restrictions contained in the agreements governing such Permitted Refinancing
Debt are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced;

(xii)        
any such encumbrance or restriction with respect to any Foreign Subsidiary of the Company pursuant to an agreement governing Indebtedness
incurred by such Foreign Subsidiary, (a) if the encumbrances and restrictions contained in any such agreement or instrument taken as a
whole are not materially more restrictive to the holders of the Notes than the encumbrances and restrictions contained in the agreements
described in clauses (i) and (ii) above (as determined in good faith by the Company), or (b) if such encumbrance or restriction is not
materially more restrictive to the holders of the Notes than is customary in comparable financings (as determined in good faith by the
Company) and either (x) the Company determines in good faith that such encumbrance or restriction will not materially affect the Company’s
ability to make the principal or interest payments on the Notes or (y) such encumbrance or restriction applies only if a default occurs
in respect of a payment or financial covenant relating to such Indebtedness;

(xiii)      
any encumbrance or restriction existing under or by reason of contractual requirements of a Receivables Entity in connection with
a Qualified Receivables Transaction; provided that such restrictions apply only to such Receivables Entity; and

(xiv)      
restrictions on cash or other deposits or net worth imposed by landlords, suppliers and customers under contracts entered into
in the ordinary course of business.

Section 5.09      
Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. (a) The Company will not, and will not
permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including Acquired Debt) and the Company
will not issue any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares of Preferred Stock; provided,
however, that the Company and any Restricted Subsidiary (other than a Receivables Entity) may Incur Indebtedness (including Acquired
Debt) and the Company may issue shares of Disqualified Stock, if the Consolidated Total Leverage Ratio for the Company’s most recently
ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional
Indebtedness is Incurred or such Disqualified Stock is issued would have been no greater than 4.0 to 1.0, determined on a pro forma
basis (including a pro forma application of the net cash proceeds therefrom, including the effect of acquisitions or repayments
or redemptions of Indebtedness to be funded by such proceeds), as if the additional Indebtedness had been Incurred, or the Disqualified
Stock had been issued, as the case may be, at the beginning of such four-quarter period; provided that Restricted Subsidiaries
(other than Receivables Entities) that are not Guarantors may only incur Indebtedness or issue any Disqualified Stock or Preferred Stock
to the extent such Indebtedness, Disqualified Stock or Preferred Stock incurred and outstanding under this paragraph by such Restricted
Subsidiaries (other than Receivables Entities) that are not Guarantors does not exceed (when taken together with Indebtedness incurred
and outstanding by such Restricted Subsidiaries (other than Receivables Entities) that are not Guarantors under clause (xv) below), in
the aggregate at any time outstanding, the greater of (i) $100.0 million and 

    	 	68	 

     

    

(ii) 34.0% of Consolidated Cash Flow of the Company and its
Restricted Subsidiaries for the applicable Reference Period then most recently ended.

(b)            
The foregoing provisions will not prohibit the Incurrence of any of the following items of Indebtedness (collectively, “Permitted
Debt”):

(i)             
the Incurrence by the Company or any Guarantor (including any Guarantees thereof) of Indebtedness pursuant to Credit Facilities
in an aggregate principal amount not to exceed as of any date of Incurrence the sum of (A) the greater of (i) $75.0 million and (ii)
25.75% of Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the applicable Reference Period then most recently
ended, plus (B) in the event of any refinancing of any such Indebtedness, the aggregate amount of fees, underwriting discounts, premiums
and other costs and expenses incurred in connection with such refinancing;

(ii)           
the Incurrence by the Company and the Guarantors of Indebtedness represented by the Notes (other than Additional Notes) and the
related Notes Guarantees;

(iii)         
the Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness (including Capital Lease Obligations, mortgage
financings or purchase money obligations) for the purpose of financing (or refinancing) all or any part of the purchase price or cost
of construction or improvement of property (real or personal), plant or equipment used in the business of the Company or such Restricted
Subsidiary that, added to all other Indebtedness Incurred pursuant to this clause (iii) and then outstanding, will not exceed the
greater of (i) $20.0 million and (ii) 7.0% of Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the applicable
Reference Period then most recently ended;

(iv)          
the Incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Debt in exchange for, or the net cash
proceeds of which are used to extend, refinance, renew, replace, defease or refund (in each case, whether or not upon termination and
whether with the original lenders, institutional investors or otherwise, including through the issuance of debt securities), in whole
or in part, Indebtedness that was Incurred pursuant to subsection (a) above or pursuant to clauses (ii), (iv), (viii) or (xv) of
this Section 5.09(b);

(v)            
the Incurrence of (a) intercompany Indebtedness of the Company, a Guarantor or any Restricted Subsidiary of the Company (other
than a Receivables Entity) for so long as such Indebtedness is held by the Company or a Guarantor; provided that (i) such Indebtedness
shall be unsecured and if owing by the Company or any Guarantor, contractually subordinated in all respects (other than with respect to
the maturity thereof) to the obligations of the Company under the Notes or such Guarantor under its Notes Guarantee, as the case may be
and (ii) if as of any date any Person other than the Company or a Guarantor owns or holds any such Indebtedness or holds a Lien in respect
of such Indebtedness (other than Permitted Liens of the type described in clause (1) of the definition thereof that secure First Priority
Claims that are permitted under this Indenture or a Permitted Lien of the type described in clause (15) of the definition thereof), such

    	 	69	 

     

    

date shall be deemed the incurrence of Indebtedness not permitted under this clause (v) by the issuer of such Indebtedness and (b) intercompany
Indebtedness of the Company, any Guarantor or any Foreign Subsidiary of the Company for so long as such Indebtedness is held by a Foreign
Subsidiary of the Company; provided that (i) if such Indebtedness is owing by the Company or any Guarantor, such Indebtedness shall
be unsecured and contractually subordinated in all respects (other than with respect to the maturity thereof) to the obligations of the
Company under the Notes or such Guarantor under its Notes Guarantee, as the case may be and (ii) if as of any date any Person other than
such other Foreign Subsidiary owns or holds any such Indebtedness or holds a Lien in respect of such Indebtedness (other than Permitted
Liens of the type described in clause (20) of the definition thereof), such date shall be deemed the incurrence of Indebtedness not constituting
Indebtedness permitted under this clause (v) by the issuer of such Indebtedness;

(vi)          
Guarantees by the Company or any Restricted Subsidiary of the Company of Indebtedness of the Company or any Restricted Subsidiary
of the Company (other than a Receivables Entity) otherwise permitted hereunder so long as the Person giving such Guarantee could have
Incurred the Indebtedness that is being Guaranteed; provided that if the Indebtedness being guaranteed (x) is subordinated to the
Notes or a Notes Guarantee, then the Guarantee must be subordinated to the same extent as the Indebtedness being guaranteed or (y) is
owed by any Restricted Subsidiary of the Company that is not a Guarantor, such Guarantee shall be subordinated to the prior payment in
full of the Notes in the case of the Company or the Notes Guarantees in the case of a Guarantor;

(vii)        
the Incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations that are Incurred for the purpose of
fixing or hedging (A) interest rate risk with respect to any floating rate Indebtedness that is permitted by the terms of this Indenture
to be outstanding or (B) currency exchange risk in connection with existing financial obligations in the ordinary course of business and
not for purposes of speculation;

(viii)      
the Incurrence of Existing Indebtedness (other than Indebtedness described in clauses (i), (ii) or (v) of this Section
5.09(b));

(ix)          
the Incurrence of obligations in respect of letters of credit, bank guarantees, performance, bid and surety bonds and completion
guarantees provided by the Company or any of its Restricted Subsidiaries in the ordinary course of business;

(x)            
the Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against
insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within
four Business Days of its Incurrence;

(xi)          
Indebtedness of Foreign Subsidiaries that, when added together with any other Indebtedness incurred under this clause (xi) and
then outstanding, will not exceed the greater of (i) $40.0 million and (ii) 13.75% of Consolidated Cash Flow of the 

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Company
and its Restricted Subsidiaries for the applicable Reference Period then most recently ended;

(xii)        
Indebtedness of the Company or any Restricted Subsidiary of the Company consisting of the financing of insurance premiums in the
ordinary course of business;

(xiii)      
Indebtedness consisting of promissory notes or similar Indebtedness issued by the Company or any Restricted Subsidiary of the Company
to current, future or former officers, directors and employees thereof, or to their respective estates, spouses or former spouses, in
each case to finance the purchase or redemption of Equity Interests of the Company or a Restricted Subsidiary of the Company to the extent
described in clause (iv) of Section 5.07(b);

(xiv)      
Indebtedness arising from agreements of the Company or any of its Restricted Subsidiaries providing for indemnification, adjustment
of purchase price or similar obligations, in each case, incurred in connection with the disposition of any business, assets or Subsidiary,
other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the
purpose of financing such acquisition; provided that the maximum aggregate liability in respect of all such Indebtedness shall
at no time exceed the gross proceeds actually received by the Company or such Restricted Subsidiary in connection with such disposition;

(xv)        
the Incurrence by the Company or any of its Restricted Subsidiaries of (i) Acquired Debt outstanding on the date on which such
Person became a Restricted Subsidiary or was acquired by, or merged into, the Company or any Restricted Subsidiary or (ii) Indebtedness
to finance all or a portion of any such transaction; provided, however, with respect to this clause (xv), that at the time
of the acquisition or other transaction pursuant to which such Indebtedness was deemed to be Incurred either (x) the Company would have
been able to Incur $1.00 of additional Indebtedness pursuant to the Consolidated Total Leverage Ratio test set forth in Section 5.09(a)
after giving pro forma effect to such acquisition or merger and the Incurrence of such Indebtedness pursuant to this clause (xv)
or (y) the Consolidated Total Leverage Ratio of the Company would not be greater than it was immediately prior to giving pro forma
effect to such acquisition or merger and the Incurrence of such Indebtedness pursuant to this clause (xv);

(xvi)      
Indebtedness Incurred by a Receivables Entity in a Qualified Receivables Transaction; and

(xvii)    
the Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness, or issuance of Disqualified Stock by the Company
(in addition to Indebtedness or Disqualified Stock permitted by any other clause of this paragraph) in an aggregate principal amount (or
accreted value, as applicable) that, when added to all other Indebtedness Incurred pursuant to this clause (xvii) and then outstanding,
will not exceed the greater of (i) $60.0 million and (ii) 20.5% of Consolidated Cash Flow of the Company and its Restricted Subsidiaries
for the applicable Reference Period then most recently ended.

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(c)            
For purposes of determining compliance with this Section 5.09, in the event that an item of Indebtedness meets the criteria
of more than one of the categories of Indebtedness described in clauses (i) through (xvii) of paragraph (b) above or under paragraph
(a) above, the Company will, in its sole discretion, divide and classify such item of Indebtedness in any manner that complies with
this Section 5.09 and will only be required to include the amount and type of such Indebtedness in one of such clauses or pursuant
to Section 5.09(a), and may re-classify any such item of Indebtedness from time to time among such clauses or Section 5.09(a),
so long as such item meets the applicable criteria for such category. For the avoidance of doubt, Indebtedness may be classified as Incurred
in part pursuant to one of the clauses (i) through (xvii) above, and in part under one or more other clauses or under Section 5.09(a).
Indebtedness outstanding on the Issue Date under the Credit Agreement shall be treated as Incurred pursuant to clause (i) of paragraph
(b) above. Indebtedness outstanding on the Issue Date under the Existing Cash Money Facility Agreement shall be treated as Incurred pursuant
to clause (xi) of paragraph (b) above. Indebtedness outstanding on the Issue Date under each of the Existing U.S. SPV Facility, the Existing
Revolving Canada SPV Facility and the Existing Flexiti SPE Facility shall be treated as Incurred pursuant to clause (xvi) of paragraph
(b) above.

(d)            
For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency
exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving
credit debt; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency,
and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency
exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded
so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced.

(e)            
The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the
Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective
Indebtedness is denominated that is in effect on the date of such refinancing.

(f)             
Accrual of interest and dividends, accretion of accreted value, issuance of securities paid-in-kind, amortization of original issue
discount, changes to amounts outstanding in respect of Hedging Obligations solely as a result of fluctuations in foreign currency exchange
rates or interest rates or by reason of fees, indemnities and compensation payable thereunder shall not be deemed to be an Incurrence
of Indebtedness for purposes of this Section 5.09.

(g)       The
Company will not incur, and will not permit any other Guarantor to incur, any Indebtedness that is contractually subordinated in right
of payment to any other Indebtedness of the Company or such other Guarantor unless such Indebtedness is also contractually subordinated
in right of payment to the Notes and the applicable Notes Guarantee on substantially identical terms; provided, however,
that no Indebtedness will be deemed to be 

    	 	72	 

     

    

contractually subordinated in right of payment to any other Indebtedness solely by virtue of
being unsecured or by virtue of being secured on junior Lien or priority basis.

(h)       For
purposes of calculating the Consolidated Total Leverage Ratio in connection with the incurrence of any Indebtedness pursuant to the first
paragraph above or the creation or incurrence of any Lien pursuant to the definition of “Permitted Liens,” the Company may
elect, at its option, to treat all or any portion of the committed amount of any Indebtedness (and the issuance and creation of letters
of credit and bankers’ acceptances thereunder) which is to be incurred (or any commitment in respect thereof) or secured by such
Lien, as the case may be (any such committed amount elected until revoked as described below, the “Reserved Indebtedness Amount”),
as being incurred as of such election date, and, if such Consolidated Total Leverage Ratio is satisfied with respect thereto on such election
date, any subsequent borrowing or reborrowing thereunder (and the issuance and creation of letters of credit and bankers’ acceptances
thereunder) will be deemed to be permitted under this covenant or the definition of “Permitted Liens,” as applicable, whether
or not such ratio, at the actual time of any subsequent borrowing or reborrowing (or issuance or creation of letters of credit or bankers’
acceptances thereunder) is met; provided that for purposes of subsequent calculations of such ratios, the Reserved Indebtedness
Amount shall be deemed to be outstanding, whether or not such amount is actually outstanding, for so long as such commitments are outstanding
or until the Company revokes an election of a Reserved Indebtedness Amount.

(i)       With
respect to any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this Indenture that does not
require compliance with a financial ratio or test (including, without limitation, the Consolidated Total Leverage Ratio) (any such amounts
(but excluding any amounts incurred under any revolving facility unless such Indebtedness has been permanently repaid and has not been
replaced), the “Fixed Amounts”) substantially concurrently with any amounts incurred or transactions entered into (or
consummated) in reliance on a provision of this Indenture that requires compliance with a financial ratio or test (including a test based
on the Consolidated Total Leverage Ratio) (any such amounts, the “Incurrence-Based Amounts”), it is understood and
agreed that (i) the Fixed Amounts shall be disregarded in the calculation of the financial ratio or test applicable to the Incurrence-Based
Amounts, and (ii) except as provided in clause (i), pro forma effect shall be given to all applicable and related transactions (including
the use of proceeds of all applicable Indebtedness incurred and any repayments, repurchases and redemptions of Indebtedness) and all other
adjustments as to which pro forma effect may be given under this Indenture.

Section 5.10      
Asset Sales. (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, make any Asset Sale (except
with respect to an Event of Loss) unless:

(i)             
the Company or the Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal
to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and

(ii)           
at least 75% of the consideration therefor received by the Company or such Restricted Subsidiary is in the form of cash or Cash
Equivalents;

    	 	73	 

     

    

provided that the amount of:

(1)            
any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company
or any Restricted Subsidiary of the Company (other than contingent liabilities and liabilities that are by their terms subordinated to
the Notes or any Notes Guarantee thereof) that are assumed by the transferee of any such assets and with respect to which the Company
or such Restricted Subsidiary is unconditionally released from further liability;

(2)            
(A) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that
are converted within 90 days by the Company or such Restricted Subsidiary into cash or Cash Equivalents (to the extent of the cash or
Cash Equivalents received in that conversion) and (B) accounts receivable of a business retained by the Company or any of its Restricted
Subsidiaries, as the case may be, following the sale of such business that (i) are not past due more than 30 days and (ii) do not have
a payment date greater than 90 days from the date of the invoices creating such accounts receivable; and

(3)       any
Designated Non-Cash Consideration received by the Company or any such Restricted Subsidiary in such Asset Sale; provided that at
the time of receipt of such Designated Non-Cash Consideration, the aggregate Fair Market Value of all Designated Non-Cash Consideration
(with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect
to subsequent changes in value), less the amount of Net Proceeds previously realized in cash or Cash Equivalents from the sale of previously
received Designated Non-Cash Consideration is less than the greater of (i) $40.0 million and (ii) 13.75% of Consolidated Cash Flow of
the Company and its Restricted Subsidiaries for the applicable Reference Period then most recently ended at the time of such Asset Sale,

will be deemed to be cash for purposes of this
Section 5.10.

(b)            
Within 365 days after the receipt of any Net Proceeds from an Asset Sale by the Company or a Restricted Subsidiary of the Company,
the Company or such Restricted Subsidiary may apply such Net Proceeds at its option:

(i)             
to permanently reduce Indebtedness under the Credit Facilities (and to correspondingly reduce commitments with respect thereto);

(ii)           
with respect to Asset Sales of assets of a Restricted Subsidiary of the Company that is not a Guarantor, to permanently reduce
Indebtedness of a Restricted Subsidiary of the Company that is not a Guarantor (and to correspondingly reduce commitments with respect
thereto), other than Indebtedness owed to the Company or another Subsidiary of the Company;

(iii)         
to the extent the Asset Sale constituted the sale of consumer loans, or other loans generated through the conduct of Similar Businesses,
to the making of advances and the extension of credit to customers in the ordinary course of business consistent with past practice that
are either (A) recorded as accounts receivable or consumer loans on the 

    	 	74	 

     

    

consolidated balance sheet of the Company or (B) consumer loans
the making of which are facilitated by the Company or a Restricted Subsidiary acting as a credit services organization or similar services
provider in an amount no greater than the cash used to cash collateralize or repurchase such loans; and/or

(iv)          
to the making of a capital expenditure or the acquisition of a controlling interest in another business or other assets, in each
case, that are used or useful in a Similar Business or that replace the assets that are the subject of such Asset Sale;

provided, however, that if the Company
or any Restricted Subsidiary contractually commits within such 365-day period to apply such Net Proceeds within 180 days of such contractual
commitment in accordance with any of the above clauses (i) through (iv), and such Net Proceeds are subsequently applied as contemplated
in such contractual commitment, then the requirement for application of Net Proceeds set forth in this clause (b) shall be considered
satisfied.

(c)            
Pending the final application of any such Net Proceeds, the Company or a Restricted Subsidiary of the Company may temporarily reduce
Indebtedness under the Credit Facilities or otherwise invest such Net Proceeds in any manner that is not prohibited by this Indenture.

(d)            
Any Net Proceeds from Asset Sales that are not applied or invested (by election or as a result of the passage of time) as provided
in the first sentence of the preceding paragraph will be deemed to constitute “Excess Proceeds.” When the aggregate
amount of Excess Proceeds exceeds $20.0 million, the Company will be required to make an offer (an “Asset Sale Offer”)
to all holders of Notes and all holders of Pari Passu Indebtedness evidenced or governed by Pari Passu Payment Lien Documents containing
provisions similar to those set forth in this Indenture to purchase from such holders on a ratable basis the maximum principal amount
of Notes and such Pari Passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price for such Asset Sale Offer
shall be an amount in cash equal to 100% of the principal amount of the Notes and such Pari Passu Indebtedness (or, in the case of Pari
Passu Indebtedness issued with original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest to the date
of purchase, in accordance with the procedures set forth in this Indenture. To the extent that the aggregate amount of Notes and Pari
Passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company and its Restricted Subsidiaries
may use any remaining Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of
Notes and Pari Passu Indebtedness surrendered by holders thereof exceeds the amount of the Excess Proceeds, the Trustee will select the
Notes and the applicable agent or representative of the holders of such Pari Passu Indebtedness or the Company will select such Pari Passu
Indebtedness to be purchased on a pro rata basis based upon the principal amount of Notes tendered and the principal amount or
accreted value, as applicable, of such Pari Passu Indebtedness tendered (subject to adjustments so that no Notes in an unauthorized denomination
are repurchased in part). Upon completion of such offer to purchase, the amount of Excess Proceeds shall be reset at zero. Notes (or portions
thereof) purchased pursuant to an Asset Sale Offer will be cancelled and may not be reissued.

    	 	75	 

     

    

(e)            
The Company will comply, to the extent applicable, with the requirements of Section 14(e) of, and Rule 14e-1 under, the Exchange
Act and any other securities laws and regulations thereunder in connection with the repurchase of the Notes as a result of an Asset Sale.
To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture (including Section
3.09), the Company will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations
under this Indenture by virtue of its compliance with such securities laws or regulations.

Section 5.11      
Transactions with Affiliates. The Company will not, and will not permit any of its Restricted Subsidiaries to, directly
or indirectly, make any payment to, or sell, lease, exchange, transfer or otherwise dispose of any of its properties or assets to, or
purchase any property or assets from, or enter into or make or amend any contract, agreement, understanding, loan, advance or Guarantee
with, or for the benefit of, any Affiliate (each of the foregoing, an “Affiliate Transaction”) involving aggregate
consideration in excess of $15.0 million, unless:

(a)            
such Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those
that would have been obtained in a comparable transaction at the time in an arm’s-length transaction with a person who was not an
Affiliate; and

(b)            
if such Affiliate Transaction involves an amount in excess of $30.0 million, the terms of the Affiliate Transaction are set forth
in writing and a majority of the non-employee directors of the Company disinterested with respect to such Affiliate Transaction has determined
in good faith that the criteria set forth in clause (a) of this Section 5.11 are satisfied and has approved the relevant Affiliate
Transaction as evidenced by a resolution of the Board of Directors of the Company set forth in an Officer’s Certificate.

The foregoing provisions will not apply to
the following:

(i)             
any employment agreement or compensation plan or arrangement and other benefits (including retirement, health, stock option and
other benefit plans) entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business of the Company
or such Restricted Subsidiary;

(ii)           
transactions exclusively between or among the Company and/or its Restricted Subsidiaries (other than a Receivables Entity); provided
that such transactions are not otherwise prohibited by this Indenture;

(iii)         
any agreement existing on the Issue Date, as in effect on the Issue Date, or as modified, amended or amended and restated by any
modification, amendment or amendment and restatement (x) that, taken as a whole, is not more disadvantageous to the holders of the Notes
in any material respect than such agreement as it was in effect on the Issue Date or (y) made in compliance with the applicable provisions
of clauses (a) and (b) of this Section 5.11;

    	 	76	 

     

    

(iv)          
reasonable compensation of, and indemnity arrangements in favor of, directors of the Company and its Subsidiaries;

(v)            
the issuance or sale of any Equity Interests (other than Disqualified Stock) of the Company and any contribution to the common
equity of the Company;

(vi)       transactions
in which the Company or any of its Restricted Subsidiaries, as the case may be, deliver to the Trustee a letter from an Independent Financial
Advisor stating that such transaction (i) is fair to the Company or such Restricted Subsidiary from a financial point of view or (ii)
meets the requirements of Section 5.11(a);

(vii)       transactions
with Unrestricted Subsidiaries, customers, clients, lessors, landlords, suppliers, contractors, or purchasers or sellers of goods or services
that are Affiliates, in each case, in the ordinary course of business and otherwise in compliance with the terms of this Indenture that
are fair to the Company and its Restricted Subsidiaries, in the reasonable determination of the Board of Directors of the Company;

(viii)       sales
or other transfers or dispositions of accounts receivable and other related assets customarily transferred in an asset securitization
transaction involving accounts receivable to a Receivables Entity in a Qualified Receivables Transaction, and acquisitions of Permitted
Investments in connection with, and any other customary transactions effected as a part of, a Qualified Receivables Transaction; and

(ix)          
Restricted Payments that are permitted by Section 5.07 and Permitted Investments.

Section 5.12      
Liens. The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create,
incur, assume or suffer to exist any Lien of any kind on any asset now owned or hereafter acquired, except Permitted Liens.

Section 5.13      
Corporate Existence; Maintenance of Property and Insurance. Subject to Section 5.10, Article 6 and Article
11, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect (i) its corporate existence
and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary and (ii) the material rights
(charter and statutory), licenses and franchises of the Company and each of its Restricted Subsidiaries; provided, however,
that the Company will not be required to preserve any such material right, license or franchise, or the corporate, partnership or other
existence of a Restricted Subsidiary of the Company, if the preservation thereof is no longer desirable in the conduct of the business
of the Company and its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to
the Holders.

    	 	77	 

     

    

The Company will, and will cause each of its Restricted
Subsidiaries to, keep all property material to the operation of the business of the Company and its Restricted Subsidiaries, taken as
a whole, in good working order and condition in all material respects, ordinary wear and tear and casualty loss excepted; provided,
that the Company will not be obligated to comply with this paragraph to the extent that the failure to do so is not adverse in any material
respect to the Holders.

The Company will, and will cause each of its Restricted
Subsidiaries to, maintain with one or more insurance companies of national standing insurance on all property material to the operation
of the business of the Company and its Restricted Subsidiaries, taken as a whole, in at least such amounts and against at least such risks
as are determined by the Company in good faith to be reasonable and prudent, taking into account the risks that are usually insured against
in the same general area by companies engaged in the same or a similar business (in each case, after giving effect to any self-insurance
determined by the Company to be reasonable and prudent, taking into account the practices of similarly situated Persons engaged in the
same or similar businesses as the Company and the Company’s Restricted Subsidiaries).

Section 5.14      
Offer to Repurchase Upon Change of Control. (a) Upon the occurrence of a Change of Control, unless the Company has previously
or concurrently sent a redemption notice with respect to all of the outstanding Notes as provided by Section 3.07, each Holder
shall have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of such Holder’s Notes pursuant to the offer described below at a purchase price in cash equal to 101% of the aggregate
principal amount thereof, plus accrued and unpaid interest to the date of purchase (the “Change of Control Payment”).
Within 30 days following any Change of Control, unless the Company has previously or concurrently sent a redemption notice with respect
to all of the outstanding Notes as provided by Section 3.07, the Company will send a notice to each Holder with a copy to the Trustee
(the “Change of Control Offer”) stating:

(i)             
that a Change of Control has occurred and that such holder has the right to require the Company to purchase such holder’s
Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase, plus accrued and unpaid interest
to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant
interest payment date);

(ii)           
the circumstances and relevant facts regarding such Change of Control;

(iii)         
the purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is sent);

(iv)          
that any Notes not tendered or accepted for payment shall continue to accrue interest;

(v)            
that, unless the Company defaults in making the Change of Control Payment, all Notes accepted for payment pursuant to the Change
of Control Offer shall cease to accrue interest after the Change of Control Payment Date;

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(vi)          
that Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender the Notes,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent or
Depositary, as applicable, at the address specified in the notice prior to the close of business on the third Business Day preceding the
Change of Control Payment Date, subject to the Applicable Procedures;

(vii)        
that Holders shall be entitled to withdraw their election if the Paying Agent or Depositary, as applicable, receives, not later
than the close of business on the third Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission
or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder
is withdrawing its election to have the Notes purchased, subject to the Applicable Procedures;

(viii)      
that Holders whose Notes are being purchased only in part shall be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (or transferred by book-entry transfer), which unpurchased portion must be equal to $2,000 in principal
amount or an integral multiple of $1,000 in excess thereof; and

(ix)          
the instructions, as determined by the Company, consistent with this Section 5.14, that a Holder must follow in order to
have its Notes purchased.

(b)            
On a date that is at least 30 but no more than 60 days from the date on which the Company sends notice of the Change of Control
(the “Change of Control Payment Date”), the Company will, to the extent lawful, (i) accept for payment all Notes or
portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent an amount equal to the
Change of Control Payment in respect of all Notes or portions thereof so tendered, and (iii) deliver or cause to be delivered to the Trustee
the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof
being purchased by the Company. The Paying Agent shall promptly send to each Holder of Notes so tendered the Change of Control Payment
for such Notes, and the Trustee will, upon receipt of an Authentication Order, promptly authenticate and send (or cause to be transferred
by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided
that each such new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company will
publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. Notes
(or portions thereof) purchased pursuant to a Change of Control Offer will be cancelled and may not be reissued. A Change of Control Offer
may be made at the same time as consents are solicited with respect to an amendment, supplement or waiver of the provisions of this Indenture,
the Notes and/or the Guarantees; provided that such Change of Control Offer shall not include the delivery of such consents as
a condition precedent.

(c)            
The Company will not be required to make a Change of Control Offer upon a Change of Control if a third-party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to
a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control
Offer.

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A Change of Control Offer may be made in advance
of a Change of Control, and conditioned upon such Change of Control occurring, if a definitive agreement is in place for the Change of
Control at the time of making the Change of Control Offer.

The Company will comply, to the extent applicable,
with the requirements of Section 14(e) of, and Rule 14e-1 under, the Exchange Act and any other securities laws and regulations thereunder
in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities
laws or regulations conflict with the provisions of this Indenture, the Company will comply with the applicable securities laws and regulations
and shall not be deemed to have breached its obligations under this Indenture by virtue of its compliance with such securities laws or
regulations.

Section 5.15      
Designation of Restricted and Unrestricted Subsidiaries. The Board of Directors of the Company may designate any Restricted
Subsidiary of the Company to be an Unrestricted Subsidiary if that designation would not cause a Default. If a Restricted Subsidiary of
the Company is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company
and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as
of the time of the designation and will reduce the amount available for Restricted Payments under Section 5.07 or under one or
more clauses of the definition of Permitted Investments, as determined by the Company. That designation will only be permitted if the
Restricted Payment or Investment would be permitted at that time and if the Restricted Subsidiary of the Company otherwise meets the definition
of an Unrestricted Subsidiary.

Any designation of a Subsidiary of the Company
as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of a resolution of the Board
of Directors of the Company giving effect to such designation and an Officer’s Certificate certifying that such designation complied
with the preceding conditions and was permitted by Section 5.07. If, at any time, any Unrestricted Subsidiary of the Company fails
to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes
of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of
such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 5.09, the Company will be in
default of such covenant. The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted
Subsidiary of the Company; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary
of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary, and such designation will only be permitted if (1) such
Indebtedness is permitted under Section 5.09, calculated on a pro forma basis as if such designation had occurred at the
beginning of the four-quarter reference period; and (2) no Default or Event of Default would be in existence following such designation.

Section 5.16      
[Reserved].

Section 5.17      
Additional Subsidiary Guarantees. If (i) the Company or any of its Restricted Subsidiaries shall acquire or create another
Domestic Subsidiary after the Issue Date (other than an Immaterial Subsidiary or a Subsidiary that has been designated as an Unrestricted

    	 	80	 

     

    

Subsidiary or a Receivables Entity) or (ii) any Foreign Subsidiary or Immaterial Subsidiary of the Company Guarantees (or otherwise becomes
liable for) Indebtedness of the Company or a Guarantor, then the Company will cause such Restricted Subsidiary to become a Guarantor and:

(1)       execute
a supplemental indenture substantially in the form of Exhibit E attached hereto, in accordance with the terms of this Indenture,
pursuant to which such Restricted Subsidiary shall unconditionally guarantee, on a senior secured basis, all of the Company’s Obligations
under the Indenture Documents on the terms set forth in this Indenture;

(2)       execute
and deliver to the Collateral Agent such amendments or supplements to the Collateral Documents necessary in order to grant to the Collateral
Agent, for the benefit of the Notes Secured Parties, a perfected security interest in the Equity Interests of such Restricted Subsidiary,
subject to Permitted Liens and the Intercreditor Agreement, which are owned by the Company or a Guarantor and are required to be pledged
pursuant to the Collateral Documents;

(3)       take
such actions as are necessary to grant to the Collateral Agent for the benefit of the Notes Secured Parties a perfected security interest
in the assets of such Restricted Subsidiary, other than Excluded Assets and subject to Permitted Liens and the Intercreditor Agreement,
including the filing of Uniform Commercial Code financing statements, in each case as may be required by the Collateral Documents;

(4)        take
such further action and execute and deliver such other documents specified in the Indenture Documents or as otherwise may be reasonably
requested by the Trustee or Collateral Agent to give effect to the foregoing; and

(5)       deliver
to the Trustee and the Collateral Agent an Opinion of Counsel that (i) such supplemental indenture and any other documents required to
be delivered have been duly authorized, executed and delivered by such Restricted Subsidiary and constitute legal, valid, binding and
enforceable obligations of such Restricted Subsidiary and (ii) the Collateral Documents to which such Restricted Subsidiary is a party
create a valid perfected Lien on the Collateral covered thereby.

Section 5.18      
Business Activities. The Company will not, and will not permit any of its Restricted Subsidiaries to, engage in any business
other than Similar Businesses, except to such extent as would not be material to the Company and its Restricted Subsidiaries taken as
a whole.

Section 5.19      
[Reserved].

Section 5.20      
[Reserved].

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Section 5.21      
Mortgages. With respect to any fee interest in any real property that is acquired by the Company or a Guarantor after the
Issue Date that does not constitute an Excluded Asset set forth in clause (3) of the definition thereof (such real property referred to
individually and collectively as the “Premises”), within 90 days of such acquisition, the Company will or will cause
the applicable Guarantor, as the case may be, to:

(1)       deliver
to the Collateral Agent, as mortgagee, for the benefit of the Notes Secured Parties, fully executed Mortgages, duly executed by the Company
or the applicable Guarantor, as the case may be, together with evidence of the completion (or satisfactory arrangements for the completion),
or all recordings and filings of such Mortgage as may be necessary to create a valid, perfected Lien, subject to Permitted Liens and the
Intercreditor Agreement, against the Premises purported to be covered thereby;

(2)       deliver
to the Collateral Agent, a mortgagee’s title insurance policy in favor of the Collateral Agent in an amount equal to 100% of the
Fair Market Value of the Premises purported to be covered by the related Mortgage, insuring that the interests created by the Mortgage
constitute valid Liens thereon free and clear of all Liens, defects and encumbrances other than Permitted Liens and any other exceptions
disclosed in such policy, and such policy shall also include, to the extent available and issued at ordinary rates, customary endorsements
and shall be accompanied by evidence of the payment in full (or satisfactory arrangements for the payment) of all premiums thereon;

(3)       deliver
to the Collateral Agent, the most recent survey of such Premises, together with either (i) an updated survey certification in favor of
the Collateral Agent from the applicable surveyor stating that, based on a visual inspection of the property and the knowledge of the
surveyor, there has been no change in the facts depicted in the survey or (ii) an affidavit and/or indemnity from the Company or the applicable
Guarantor, as the case may be, stating that to its knowledge there has been no change in the facts depicted in the survey, other than,
in each case, changes that do not materially adversely affect the use by the Company or Guarantor, as applicable, of such Premises for
the Company or such Guarantor’s business as so conducted, or intended to be conducted, at such Premises and in each case, in form
sufficient for the title insurer issuing the title policy to remove the standard survey exception from such policy and issue a survey
endorsement to such policy; and

(4)       deliver
an Opinion of Counsel to the Collateral Agent that such Mortgage has been duly authorized, executed and delivered by the Company or such
Guarantor, constitutes a legal, valid, binding and enforceable obligation of the Company or such Guarantor and creates a valid perfected
Lien in the Premises purported to be covered thereby.

Section 5.22      
Further Assurances. The Company will, and will cause each Guarantor to, at their sole cost and expense, (i) execute and
deliver all such agreements and instruments as may be necessary and as the Collateral Agent shall reasonably request to more fully or
accurately describe the property intended to be Collateral or the obligations intended to be secured by the Collateral Documents and (ii)
file any such notice filings or other agreements or instruments as may be reasonably necessary under applicable law to perfect (and maintain
the perfection and priority of) the Liens created by the Collateral Documents, subject to Permitted 

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Liens, at such times and at such places
as the Collateral Agent may reasonably request, in each case subject to the terms of the Collateral Documents.

Section 5.23      
Limited Condition Transaction. In connection with any action being taken in connection with a Limited Condition Transaction,
for purposes of determining compliance with any provision of this Indenture which is subject to a Default or an Devent of Default qualifier
or requires the calculation of any financial ratio or test, in each case, at the option of the Company (the Company’s election to
exercise such option in connection with any Limited Condition Transaction, an “LCT Election”), the date of determination
of whether any such action is permitted under this Indenture (or any such requirement or condition therefor is complied with or satisfied
(including as to the absence of any continuing Default or Event of Default (other than with respect to any Event of Default described
in clause (a), (b) or (i) in the definition thereof)) will be deemed to be the date the definitive agreements or the date of delivery
of the notice of redemption, as the case may be, for such Limited Condition Transaction are entered into or delivered, as the case may
be (the “LCT Test Date”), and if, after giving pro forma effect to the Limited Condition Transaction (and the other
transactions to be entered into in connection therewith), the Company or any of its Restricted Subsidiaries would have been permitted
to take such action on the relevant LCT Test Date in compliance with such ratio or test (and any related requirements and conditions),
such ratio or test (and any related requirements and conditions) will be deemed to have been complied with (or satisfied). Upon making
an LCT Election, the Company will deliver an Officer’s Certificate to the Trustee demonstrating compliance on a pro forma basis
after giving effect to such Limited Condition Transaction on such LCT Test Date with any relevant ratios or tests. For the avoidance of
doubt, if the Company has made an LCT Election and any of the ratios or tests for which compliance was determined or tested as of the
LCT Test Date would have failed to have been complied with as a result of fluctuations in any such ratio or test, at or prior to the consummation
of the relevant Limited Condition Transaction, such tests or ratios will not be deemed to have failed to have been complied with as a
result of such fluctuations. If the Company has made an LCT Election for any Limited Condition Transaction, then in connection with any
calculation of any ratio or test with respect to the incurrence of Indebtedness or Liens, the making of Restricted Payments, the making
of any Permitted Investment, the making of any Asset Sale, or the designation of an Unrestricted Subsidiary (each, a “Subsequent
Transaction”) following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction
is consummated or the date that the definitive agreement or irrevocable notice for such Limited Condition Transaction is terminated or
expires without consummation of such Limited Condition Transaction, for purposes of determining whether such Subsequent Transaction is
permitted under this Indenture, any such ratio or test shall be required to be satisfied on a pro forma basis (i) assuming such Limited
Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds
thereof) have been consummated and (ii) in the case of a Restricted Payment, assuming such Limited Condition Transaction and other
transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have not been consummated.

Section 5.24      
Covenant Suspension. If on any date following the Issue Date (i) the Notes have Investment Grade Ratings from both
Rating Agencies and (ii) no Default has occurred and is continuing under this Indenture (the occurrence of the events described in
the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), 

    	 	83	 

    

    

    the Company and
its Restricted Subsidiaries will not be subject to the following covenants (collectively, the “Suspended Covenants”):

		(1)	Section 5.07;

		(2)	Section 5.08;

		(3)	Section 5.09;

		(4)	Section 5.10;

		(5)	Section 5.11;

		(6)	Section 5.13 (except as such Section relates to the Company maintaining its corporate existence);

		(7)	Section 5.14;

		(8)	Section 5.17;

		(9)	Section 5.18;

		(10)	Section 5.21;

		(11)	Section 5.22; and

		(12)	clause (a)(iii) of Section 6.01

In the event that the Company
and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period of time as a result of
the foregoing, and on any subsequent date (the “Reversion Date”) both of the Rating Agencies (a) withdraw their Investment
Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating and/or (b) the Company or any of its Affiliates
enter into an agreement to effect a transaction that would result in a Change of Control and one or more of the Rating Agencies indicate
that if consummated, such transaction (alone or together with any related recapitalization or refinancing transactions) would cause such
Rating Agency to withdraw its Investment Grade Rating or downgrade the ratings assigned to the Notes below an Investment Grade Rating,
then the Company and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with
respect to future events, including, without limitation, a proposed transaction described in clause (b) above.

The period of time between the
occurrence of a Covenant Suspension Event and the Reversion Date is referred to in this description as the “Suspension Period.”
Additionally, upon the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds from Net Cash Proceeds shall be reset
at zero. In the event of any such reinstatement, no action taken or omitted to be taken by the Company or any of its Restricted Subsidiaries
prior to such reinstatement will give rise to a Default or Event of Default under this Indenture with respect to the Notes; provided
that (1) with respect to Restricted Payments made after any such 

    	 	84	 

     

    

reinstatement, the amount of Restricted Payments made will be calculated
as though the provisions of Section 5.07 had been in effect prior to, but not during the Suspension Period, provided that
any Subsidiaries designated as Unrestricted Subsidiaries during the Suspension Period shall automatically become Restricted Subsidiaries
on the Reversion Date (subject to the Company’s right to subsequently designate them as Unrestricted Subsidiaries in compliance
with the covenants set forth under Article 5) and (2) all Indebtedness incurred, or Disqualified Stock or Preferred Stock issued,
during the Suspension Period will be classified as having been incurred or issued pursuant to Section 5.09(b)(8).

The Company shall provide a
written notice to the Trustee upon the occurrence of a Covenant Suspension Event or a Reversion Date.

There can be no assurance that
the Notes will ever achieve or maintain Investment Grade Ratings.

ARTICLE 6

Successors

Section 6.01      
Merger, Consolidation or Sale of Assets.

(a)            
The Company. The Company may not, in any transaction or series of related transactions, consolidate or amalgamate with or
merge with or into (whether or not the Company survives), or sell, assign, convey, transfer, lease or otherwise dispose of (or cause or
permit any Restricted Subsidiary of the Company to sell, assign, transfer, lease, convey or otherwise dispose of) all or substantially
all of its property and assets whether as an entirety or substantially as an entirety, to any Person, unless:

(i)             
either:

(A)          
if the transaction or series of transactions is a consolidation of the Company with or a merger of the Company with or into any
other Person, the Company will be the surviving Person of such merger or consolidation; or

(B)          
the Person formed by any consolidation or merger with or into the Company or to which all or substantially all of the properties
and assets of the Company and its Restricted Subsidiaries, taken as a whole, are sold, assigned, conveyed, transferred, leased or otherwise
disposed of shall be a corporation organized and existing under the laws of the United States, any state thereof or the District of Columbia,
and such Person shall expressly assume by (i) a supplemental indenture executed and delivered to the Trustee, all of the obligations of
the Company under the Notes and this Indenture, and this Indenture, as so supplemented, shall remain in full force and effect and (ii)
an amendment, supplement or other instrument, executed and delivered to the Trustee, all obligations of the Company under the Collateral
Documents, and in connection therewith will cause such instruments to be filed and recorded in such jurisdictions and take such other
actions as may be required by applicable law to perfect or continue the perfection of the Lien created under the Collateral Documents
on the Collateral owned by or transferred to the surviving entity;

    	 	85	 

     

    

(ii)           
immediately before and after giving effect to such transaction or series of transactions on a pro forma basis (including
any Indebtedness Incurred or anticipated to be Incurred in connection with or in respect of such transaction or series of transactions),
no Default or Event of Default shall have occurred and be continuing; and

(iii)         
at the time of such transaction and after giving pro forma effect thereto as if such transaction had occurred at the beginning
of the applicable period (but without giving effect to the costs and expenses of such transaction), the Company or the successor entity
to the Company, either (x) would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Total Leverage
Ratio test set forth in Section 5.09(a) or (y) would have a Consolidated Total Leverage Ratio that is less than or equal to the
Consolidated Total Leverage Ratio calculated immediately prior to such transaction.

The foregoing requirements shall not apply to
any transaction or series of transactions involving the sale, assignment, conveyance, transfer, lease or other disposition of any properties
or assets by any Subsidiary of the Company to the Company or any Guarantor, the consolidation or merger of any Subsidiary of the Company
with or into any Guarantor or the Company or, for the avoidance of doubt, the consolidation or merger of any Subsidiary of the Company
that is not a Guarantor with or into any other Subsidiary of the Company that is not a Guarantor.

In connection with any consolidation, merger,
sale, assignment, conveyance, transfer, lease or other disposition contemplated by the foregoing provisions, the Company will deliver,
or cause to be delivered, to the Trustee an Officer’s Certificate stating that such consolidation, merger, sale, assignment, conveyance,
transfer, lease or other disposition and the supplemental indenture in respect thereof comply with the requirements of this Indenture
and an Opinion of Counsel. Each such Officer’s Certificate shall set forth the manner of determination of the Company’s compliance
with clause (iii) of this subsection (a).

(b)            
The Guarantors. Subject to Section 11.03, each Restricted Subsidiary of the Company that is a Guarantor will not,
in any transaction or series of related transactions merge or consolidate or amalgamate with or into (whether or not such Guarantor survives),
or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets to, any Person,
unless either:

(i)             
either:

(A)          
if the transaction or series of transactions is a consolidation of such Guarantor with or a merger of such Guarantor with or into
any other Person, such Guarantor shall be the surviving Person of such consolidation or merger; or

(B)          
the Person formed by any consolidation or merger with or into such Guarantor, or to which all or substantially all of the properties
and assets of such Guarantor and its Subsidiaries, taken as a whole, as the case may be, are sold, assigned, conveyed, transferred, leased
or otherwise disposed of shall be a corporation, partnership, limited liability company or trust organized and existing 

    	 	86	 

     

    

under the laws
of the United States, any state thereof or the District of Columbia, and shall expressly assume by (i) a supplemental indenture executed
and delivered to the Trustee, all of the obligations of such Guarantor under its Notes Guarantee and this Indenture, and this Indenture,
as so supplemented, shall remain in full force and effect and (ii) an amendment, supplement or other instrument, executed and delivered
to the Trustee, all obligations of such Guarantor under the Collateral Documents, and in connection therewith will cause such instruments
to be filed and recorded in such jurisdictions and take such other actions as may be required by applicable law to perfect or continue
the perfection of the Lien created under the Collateral Documents on the Collateral owned by or transferred to the surviving entity; or

(ii)           
the transaction is made in compliance with Section 5.10.

The foregoing requirements shall not apply to
any transaction or series of transactions involving the sale, assignment, conveyance, transfer, lease or other disposition of any properties
or assets by any Subsidiary of the Company to the Company or any Guarantor, or the consolidation or merger of any Subsidiary of the Company
with or into the Company or any Guarantor, or, for the avoidance of doubt, the consolidation or merger of any Subsidiary of the Company
that is not a Guarantor with or into any other Subsidiary of the Company that is not a Guarantor.

In connection with any consolidation, merger,
sale, assignment, conveyance, transfer, lease or other disposition contemplated by Section 6.01(b)(i), such Guarantor shall deliver,
or cause to be delivered, to the Trustee an Officer’s Certificate stating that such consolidation, merger, sale, assignment, conveyance,
transfer, lease or other disposition and the supplemental indenture in respect thereof comply with the requirements of this Indenture
and an Opinion of Counsel.

Section 6.02      
Successor Entity Substituted. Upon any consolidation or merger of the Company or any Guarantor, or any sale, assignment,
conveyance, transfer or other disposition of all or substantially all of the assets of the Company or such Guarantor in accordance with
the foregoing, in which the Company or such Guarantor is not the continuing obligor under the Notes or its Notes Guarantee, the surviving
entity formed by such consolidation or into which the Company or such Guarantor is merged or to which the sale, assignment, conveyance,
transfer or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company
or such Guarantor under the Indenture Documents with the same effect as if such surviving entity had been named herein and therein as
the Company or such Guarantor and, except in the case of a lease, the Company or such Guarantor, as the case may be, shall be released
from the obligation to pay the principal of, premium, if any, and interest on the Notes or in respect of its Notes Guarantee, as the case
may be, and all of the Company’s or such Guarantor’s other obligations and covenants under the Indenture Documents, if applicable.

    	 	87	 

     

    

ARTICLE 7

Defaults and
Remedies

Section 7.01      
Events of Default. Each of the following shall be an “Event of Default”:

(a)            
default for 30 days in the payment when due of interest on the Notes;

(b)            
default in payment when due of the principal, or premium, if any, of any Note when due at maturity, upon optional redemption, upon
required purchase, upon acceleration or otherwise;

(c)            
(i) failure by the Company or any of its Restricted Subsidiaries to comply with its obligations under Section 5.10, 5.14
or Article 6;

(d)            
failure to perform any other covenant or agreement of the Company or any of its Restricted Subsidiaries under the Indenture Documents
for 60 days after written notice to the Company by the Trustee or the Holders of at least 30% in aggregate principal amount of the Notes
then outstanding voting as a single class;

(e)            
default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the
Company or any of its Restricted Subsidiaries) whether such Indebtedness or Guarantee now exists, or is created after the Issue Date,
which default (A) is caused by a failure to pay principal at final stated maturity (after giving effect to all applicable grace periods
provided in such Indebtedness) (a “Payment Default”) or (B) results in the acceleration of such Indebtedness prior
to its final stated maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any
other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates in excess
of $20.0 million (or its foreign currency equivalent);

(f)             
failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable aggregating in excess
of $20.0 million (or its foreign currency equivalent) (not covered by independent third-party insurance as to which liability has not
been denied by such insurance carrier), which judgments are not paid, discharged or stayed for a period of 60 days following such judgment
becoming final, and in the event such judgment is covered by insurance, any enforcement proceeding has been commenced by any creditor
upon such judgment or decree which is not promptly stayed;

(g)            
(i) any security interest created by any Collateral Document ceases to be in full force and effect (except as permitted by the
terms of this Indenture or the Collateral Documents) or (ii) the breach or repudiation by the Company or any of its Restricted Subsidiaries
of any of their obligations under any Collateral Document; provided that, in the case of clauses (i) and (ii), such cessation,
breach or repudiation, individually or in the 

    	 	88	 

     

    

aggregate, results in Collateral having a Fair Market Value in excess of $20.0 million not
being subject to a valid, perfected security interest;

(h)            
except as permitted by this Indenture, any Notes Guarantee shall be held in any judicial proceeding to be unenforceable or invalid
or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall
deny or disaffirm its obligations under its Notes Guarantee;

(i)             
the Company, or any Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken as
a whole, would constitute a Significant Subsidiary of the Company, pursuant to or within the meaning of Bankruptcy Law:

(i)             
commences a voluntary case or proceeding,

(ii)           
consents to the entry of an order for relief against it in an involuntary case or proceeding,

(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; and

(j)             
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

(i)             
is for relief against the Company, or any Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the
Company that, taken as a whole, would constitute a Significant Subsidiary of the Company, in an involuntary case;

(ii)           
appoints a Custodian of the Company, or any Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the
Company that, taken as a whole, would constitute a Significant Subsidiary of the Company, or for all or substantially all of the property
of the Company, or any Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken as a whole,
would constitute a Significant Subsidiary of the Company; or

(iii)         
orders the liquidation of the Company, or any Significant Subsidiary of the Company or any group of Restricted Subsidiaries of
the Company that, taken as a whole, would constitute a Significant Subsidiary of the Company;

and the order or decree remains unstayed and in
effect for 60 consecutive days.

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

    	 	89	 

     

    

In the event of any Event of Default specified
under subsection (e) above, such Event of Default and all consequences thereof (excluding any resulting payment default, other than as
a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or
the holders of Notes, if within 20 days after such Event of Default arose the Company delivers an Officer’s Certificate to the Trustee
stating that:

(a)       the
Indebtedness or guarantee that is the basis for such Event of Default has been discharged; or

(b)       holders
thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default;

(c)       the
annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction; and

(d)       
all existing Events of Default, except nonpayment of principal, premium or interest on the Notes that became due solely because of the
acceleration of the Notes, have been cured or waived.

Section 7.02      
Acceleration. If any Event of Default (other than an Event of Default specified in subsection (i) or (j) of Section 7.01)
occurs and is continuing and has not been waived by the Holders, the Trustee or the Holders of at least 30% in aggregate principal amount
of the then outstanding Notes may declare all the Notes to be due and payable immediately. Upon any such declaration, the Notes shall
become due and payable immediately. Notwithstanding the foregoing, if an Event of Default specified in subsection (i) or (j) of Section
7.01 occurs, all outstanding Notes shall be due and payable immediately without further action or notice. The Holders of at least
a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all of the Holders
rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events
of Default (except nonpayment of principal, premium, if any, or interest that has become due solely because of the acceleration) have
been cured or waived and all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements,
and advances of the Trustee and its agents and counsel have been paid or deposited with the Trustee or provision therefor satisfactory
to the Trustee has been made.

Section 7.03      
Other Remedies. If an Event of Default occurs and is continuing, if directed pursuant to Section 7.05, the Trustee
may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance
of any provision of the Indenture Documents.

If directed pursuant to Section 7.05, the
Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right
or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.

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Section 7.04      
Waiver of Past Defaults. The Holders of at least a majority in aggregate principal amount of the Notes then outstanding
by notice to the Trustee may on behalf of the Holders of all of the Notes waive (including in connection with a purchase of, or tender
offer or exchange offer for, Notes) any existing Default or Event of Default and its consequences under this Indenture (including any
acceleration of the Notes), except a continuing Default or Event of Default in the payment of principal of, premium, if any, or interest
on the Notes (including in connection with an offer to purchase); provided, however, that the Holders of at least a majority
in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration and its consequences if the rescission would not conflict with any judgment or decree and
if all existing Events of Default (except nonpayment of principal, premium, if any, or interest that has become due solely because of
the acceleration) have been cured or waived. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon.

Section 7.05      
Control by Majority. Holders of at least a majority in aggregate principal amount of the then outstanding Notes may direct
the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or
power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee
determines is unduly prejudicial to the rights of other Holders (it being understood that the Trustee will have no duty to ascertain whether
such actions or forbearances are unduly prejudicial to such other Holders) or that would involve the Trustee in personal liability. The
Trustee will be entitled to indemnification satisfactory to it prior to taking any action. The Trustee may take any other action deemed
proper by the Trustee which is not inconsistent with such direction.

Section 7.06      
Limitation on Suits. A Holder may pursue a remedy with respect to this Indenture or the Notes only if:

(a)            
the Holder gives to the Trustee written notice of a continuing Event of Default;

(b)            
the Holders of at least 30% in principal amount of the then outstanding Notes make a written request to the Trustee to pursue the
remedy;

(c)            
such Holder or Holders offer and, if requested, provide to the Trustee security or indemnity satisfactory to the Trustee against
any loss, liability or expense;

(d)            
the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision
of security or indemnity; and

(e)            
during such 60-day period the Holders of a majority in principal amount of the then outstanding Notes do not give the Trustee a
direction inconsistent with the request.

A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustee does 

    	 	91	 

     

    

not
have an affirmative duty to ascertain whether or not any uses are unduly prejudicial to such Holders) or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. The Trustee will send to
all Holders any notice it receives from Holders under this Section 7.06.

Section 7.07      
Rights of Holders To Receive Payment. Notwithstanding any other provision of this Indenture, the contractual right of any
Holder to receive payment of principal, premium, if any, or interest on any Note, on or after the respective due dates expressed in any
such Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such Holder.

Section 7.08      
Collection Suit By Trustee. If an Event of Default specified in Section 7.01(a) or (b) occurs and is continuing,
the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount
of principal of, premium, if any, or interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful,
interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

Section 7.09      
Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents as
may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the
Company or any of the Guarantors (or any other obligor upon the Notes) or their respective creditors or property and shall be entitled
and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any Custodian
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee
will consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 8.07.
To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 8.07 out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and
other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization
or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of
any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however,
that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of
a creditors’ or other similar committee.

Section 7.10      
Priorities. Subject to the terms of the Intercreditor Agreement, any money collected by the Trustee pursuant to this Article
7 or by the Collateral Agent pursuant to 

    	 	92	 

     

    

the Collateral Documents, or any money or other property distributable in respect of the
Company’s or the Guarantors’ obligations under the Indenture Documents after an Event of Default, shall be applied in the
following order:

First: to the Trustee, the Collateral Agent
and their respective agents, reasonably retained professional advisors, and attorneys for amounts due or reasonably anticipated to become
due under Section 8.07, including payment of all reasonable compensation, expense and liabilities incurred, and all advances made,
by the Trustee and the Collateral Agent and the costs and expenses of collection;

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

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

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

The Trustee may fix a record date and payment
date for any payment to Holders pursuant to this Section 7.10.

Section 7.11      
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 a Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees, 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 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 7.07 or
a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.

Section 7.12      
Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and remedy are, to the extent permitted by law, cumulative and
in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

Section 7.13      
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing
upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

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ARTICLE 8

Trustee

Section 8.01      
Duties of Trustee. (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights
and powers vested in it by this Indenture, and use the same degree of care and skill, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.

(b)            
Prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Defaults that may have occurred:

(i)             
the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only
those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into
this Indenture against the Trustee; and

(ii)           
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture.
However, the Trustee will examine the certificates and opinions to determine whether or not they are in a form that conforms to the requirements
of this Indenture (but need not confirm or investigate, and may rely exclusively upon, the accuracy of mathematical calculations or other
facts, statements, opinions or conclusions stated therein).

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

(i)             
this paragraph does not limit the effect of subsection (b) of this Section 8.01;

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

(iii)         
the Trustee will not be liable, in any event, 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 7.05, or a direction from the Holders of a majority in principal amount of
the outstanding Notes concerning the exercise of any right, trust or power conferred upon the Trustee; and

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

(d)            
Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject
to subsections (a), (b), and (c) of this Section 8.01.

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(e)            
The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request or direction
of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability
or expense.

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

(g)            
The Trustee is hereby authorized and directed to execute and deliver each Indenture Document or Collateral Document to which it
is a party.

Section 8.02      
Rights of Trustee. (a) In the absence of bad faith on its part, the Trustee may conclusively rely upon 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 Officer’s Certificate or an Opinion of Counsel or both.
The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate
or Opinion of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon. The Trustee may act and rely and shall be protected in acting and relying in good faith on the opinion or advice
of, or information obtained from, any accountant, appraiser or other expert or adviser, whether retained or employed by the Company or
by the Trustee, in relation to any matter arising in the administration of the trusts hereof.

(c)            
The Trustee may employ or retain such counsel, accountants, appraisers or other experts or advisers as it may reasonably require
for the purpose of determining and discharging its rights and duties hereunder and shall not be responsible for any misconduct on the
part of any of them. The Trustee may act through its attorneys and agents and shall not be responsible for the acts or omissions of any
agent or attorney appointed with due care, and the Trustee will not be responsible for the supervision of officers and employees of such
agents or attorneys or the application of any money by any Agent other than the Trustee.

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

(e)            
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient
if signed by an Officer of the Company.

(f)             
The rights, privileges, protections, immunities and benefits given to the Trustee, including, its right to be compensated,
reimbursed, provided security and indemnified, and its right to resign, are extended to, and shall be enforceable by, the Trustee
in each of its capacities hereunder or in any Indenture Document or Collateral Document, including but not 

    	 	95	 

     

    

limited to its capacities as
Collateral Agent, Note Custodian, Paying Agent and Registrar, and to each agent, custodian and other Person employed to act hereunder
or in any Indenture Document or Collateral Document.

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

(h)            
The Trustee will not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee with
responsibility over matters concerning the Notes and this Indenture has actual knowledge thereof or unless written notice of any event
which is in fact such a Default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such
notice references the Notes and this Indenture and is provided by the Company or any Holder of the Notes.

(i)             
The Trustee need not investigate any fact or matter stated in any document delivered to it, but the Trustee, in its discretion
or if directed to do so, may make such further inquiry or investigation into such facts or matters, and, if the Trustee will determine
in good faith or if directed to do so to make such further inquiry or investigation, it shall be entitled upon reasonable notice during
normal business hours to examine the books, records and premises of the Company and the Guarantors, personally or by agent or attorney
at the sole cost of the Company and the Guarantors and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation.

(j)             
In no event shall the Trustee be responsible or liable for special, indirect, exemplary, 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.

(k)            
The Trustee may, from time to time, request that the Company and the Guarantors deliver an Officer’s Certificate setting
forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to the Indenture Documents,
which Officer’s Certificate may be signed by any Person authorized to sign an Officer’s Certificate, including any Person
specified as so authorized in any such certificate previously delivered and not superseded.

(l)             
No permissive or discretionary power or authority available to the Trustee will be construed to be a duty of the Trustee.

(m)       The
Company will provide prompt written notice to the Trustee of any change to its fiscal year.

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Section 8.03      
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 any Affiliate of the Company with the same rights it would have if it were not Trustee and
nothing in this Indenture shall deprive the Trustee of any rights as a holder or pledge of Notes. However, in the event that the Trustee
acquires any conflicting interest as defined by the TIA it must eliminate such conflict within 90 days or resign. Any Agent may do the
same with like rights and duties. The Trustee is also subject to Sections 8.10 and 8.11.

Section 8.04      
Trustee’s Disclaimer. The Trustee will not be responsible for and makes no representation as to the validity or adequacy
of any of the Indenture Documents or the Collateral. The Trustee will not be accountable for the Company’s use of the proceeds from
the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be
responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible
for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant
to this Indenture other than its certificate of authentication.

Section 8.05      
Notice of Defaults. If a Default or Event of Default occurs and is continuing and if it is actually known to a Responsible
Officer of the Trustee, the Trustee will send to Holders, with a copy to the Company, a notice of the Default or Event of Default within
90 days after it occurs or if known to the Trustee later than 90 days after it occurs, as soon as practicable, unless such Default or
Event of Default shall have been cured or waived before the giving of such notice. Except in the case of a Default or Event of Default
in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as the Trustee
in good faith determines that withholding the notice is in the interests of the Holders.

Section 8.06      
Reports by Trustee to Holders. Within 60 days after each August 1 beginning August 1, 2022, and for so long as
Notes remain outstanding, the Trustee will send to the Holders a brief report dated as of such reporting date that complies with TIA §
313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need
be transmitted). The Trustee also shall comply with TIA § 313(b)(2). The Trustee will also transmit by send all reports as required
by TIA § 313(c).

A copy of each report at the time of its sending
to the Holders shall be sent to the Company and filed with each stock exchange on which the Notes are listed. The Company will promptly
notify the Trustee, in writing, each time the Notes are listed on any stock exchange.

Section 8.07      
Compensation and Indemnity. The Company will pay to the Trustee from time to time compensation for its acceptance of this
Indenture and services hereunder as the Trustee and the Company will have agreed in writing. The Trustee’s compensation shall not
be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for
all reasonable disbursements, advances and out-of-pocket expenses incurred or made by it in connection with the Trustee’s duties
under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents, reasonably retained
professional advisors, and counsel, 

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except any disbursement, advance or expenses as may be attributable to the Trustee’s willful
misconduct, bad faith or gross negligence.

The Company will indemnify and hold harmless the
Trustee against any and all claims, demands, causes of action, losses, liabilities, damages, fines, penalties, costs, fees, charges or
expenses including taxes (other than taxes based upon, measured by or determined by income of the Trustee) incurred by it arising out
of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing
this Indenture against the Company (including this Section 8.07) and defending itself against any claim (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, except to the extent any such loss, liability or expense may be attributable to its gross negligence, bad faith or willful
misconduct. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Company will not relieve the Company of its obligations hereunder, except to the extent the Company is materially prejudiced thereby.
The Company will defend the claim and the Trustee will cooperate in the defense. In the event the Trustee is advised by counsel that a
conflict of interest exists, the Trustee may have its own separate counsel, which, so long as no Default or Event of Default has occurred,
shall be reasonably satisfactory to the Company, and the Company will pay the reasonable fees and expenses of such counsel. The Company
need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.

Notwithstanding anything to the contrary herein,
the Company need not reimburse the Trustee for any cost or expense or indemnify it against any loss or liability incurred by the Trustee
through its own gross negligence or willful misconduct.

The obligations of the Company under this Section
8.07 shall survive the satisfaction and discharge of the Notes, the termination for any reason of this Indenture and the resignation
or removal of the Trustee.

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

When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 7.01(i) or (j) occurs, the expenses and the compensation for the services
(including the reasonable fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.

The Trustee will comply with the provisions of
TIA § 313(b)(2) to the extent applicable.

At all times, there shall be only one Trustee
hereunder.

The rights, privileges, protections, immunities
and benefits given to the Trustee, including, without limitation, its rights to be secured and indemnified, are extended to, and shall

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be enforceable by, the Trustee in each of its capacities hereunder and under the Indenture Documents and each agent, custodian or other
Person employed to act hereunder.

Section 8.08      
Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee will become effective
only upon the successor Trustee’s acceptance of appointment as provided in this Section.

The Trustee may resign in writing at any time
and be discharged from the trust hereby created by so notifying the Company in writing no later than 30 days prior to the date of the
proposed resignation. The Holders of at least a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee
by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if:

(a)            
the Trustee fails to comply with Section 8.10;

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

(c)            
a Custodian or public officer takes charge of the Trustee or its property; or

(d)            
the Trustee becomes incapable of acting.

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

If a successor Trustee does not take office within
60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in aggregate
principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.

If the Trustee, after written request by any Holder
who has been a Holder for at least six months, fails to comply with Section 8.10, such Holder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

A successor Trustee will deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will become
effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture other than those
designated as continuing notwithstanding the Trustee’s resignation or removal and those that otherwise are personal to the Trustee
in its individual capacity. The successor Trustee will send a notice of its succession to Holders. The retiring Trustee will promptly
transfer all property held by it as Trustee to the successor Trustee; provided that all sums owing to the Trustee hereunder have
been paid and subject to the Lien provided for in Section 8.07. Notwithstanding replacement of the Trustee pursuant to this Section
8.08, the Company’s obligations and the Trustee’s rights and remedies under Section 8.07 shall continue for
the benefit of the retiring Trustee.

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Section 8.09      
Successor Trustee by Merger, Etc. If the Trustee consolidates, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another entity, the successor entity without any further act or filings of any papers shall be
the successor Trustee; provided such successor entity shall be otherwise qualified and eligible under this Article 8.

Section 8.10      
Eligibility, Disqualification. There shall at all times be a Trustee hereunder that is 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 and that has trust assets under administration
of not less than $100,000,000.

This Indenture shall always have a Trustee who
satisfies the requirements of TIA §§ 310(a)(1),(2) and (5). The Trustee is subject to TIA § 310(b).

No provision of this Indenture shall be deemed
to impose any duty or obligation on the Trustee to perform any act or acts, receive or obtain any interest in property or exercise any
interest in property, or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall
be illegal, or in which the Trustee will be unqualified or incompetent in accordance with applicable law, to perform any such act or acts,
to receive or obtain any such interest in property or to exercise any such right, power, duty or obligation; and no permissive or discretionary
power or authority available to the Trustee will be construed to be a duty.

Section 8.11      
Preferential Collection of Claims Against Company. The Trustee is subject to TIA § 311(a), excluding any creditor relationship
listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated
therein.

ARTICLE 9

Legal Defeasance
and Covenant Defeasance

Section 9.01      
Option to Effect Legal Defeasance or Covenant Defeasance. The Company may, at its option, elect to have either Section
9.02 or 9.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 9.

Section 9.02      
Legal Defeasance and Discharge. Upon the Company’s exercise under Section 9.01 of the option applicable to
this Section 9.02, the Company and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 9.04,
be deemed to have been discharged from their respective obligations under the Indenture Documents with respect to all outstanding Notes
on and after the date all the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this
purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the entire Indebtedness represented by the
outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 9.05 and the
other Sections of this Indenture referred to in subsections (a) and (b) of this Section 9.02 below, and the Company and the Guarantors
to have satisfied all their other obligations under such Notes and the Indenture Documents (and the Trustee, on demand of and 

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at the expense
of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until
otherwise terminated or discharged hereunder:

(a)            
the rights of Holders of outstanding Notes to receive solely from the trust fund described in Section 9.04, and as more
fully set forth in such Section, payments in respect of the principal of, premium, if any, and interest on such Notes when such payments
are due;

(b)            
the Company’s obligations with respect to such Notes under Article 2;

(c)            
the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;
and

(d)            
this Article 9.

Subject to compliance with this Article 9,
the Company may exercise its option under this Section 9.02 notwithstanding the prior exercise of its option under Section 9.03.

Section 9.03      
Covenant Defeasance. Upon the Company’s exercise under Section 9.01 of the option applicable to this Section
9.03, the Company and the Company’s Restricted Subsidiaries shall, subject to the satisfaction of the conditions set forth in
Section 9.04, be released from the obligations under the covenants contained in Sections 5.03, 5.04, 5.07,
5.08, 5.09, 5.10, 5.11, 5.12, 5.13 (except as such Section relates to the Company preserving
its corporate existence), 5.14, 5.15, 5.17, 5.18, 5.21 and 5.22 with respect to the outstanding
Notes on and after the date all the conditions set forth in Section 9.04 are satisfied (hereinafter, “Covenant Defeasance”),
and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration
or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding”
for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company and its Restricted Subsidiaries may omit to
comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly
or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to
any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default
under Section 7.01, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby.
In addition, upon the Company’s exercise under Section 9.01 of the option applicable to this Section 9.03, subject
to the satisfaction of the conditions set forth in Section 9.04, Sections 7.01(c) through Section 7.01(h) shall not
constitute Events of Default.

Section 9.04      
Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of either Section
9.02 or 9.03 to the outstanding Notes:

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In order to exercise either Legal Defeasance or
Covenant Defeasance:

(a)            
the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in United States dollars,
non-callable U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent certified public accountants, to pay the principal of, premium, if any, and interest on the outstanding
Notes on the Stated Maturity or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes
are being defeased to Stated Maturity or to a particular redemption date.

(b)            
in the case of an election under Section 9.02, the Company will have delivered to the Trustee an Opinion of Counsel confirming
that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the Issue Date,
there has been a change in the applicable United States federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for United States
federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

(c)            
in the case of an election under Section 9.03, the Company will have delivered to the Trustee an Opinion of Counsel in the
United States reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain
or loss for United States federal income tax purposes as a result of such Covenant Defeasance and will be subject to United States federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not
occurred;

(d)            
no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event
of Default resulting from the borrowing of funds to be applied to such deposit and the granting of Liens with respect thereto);

(e)            
such deposit, defeasance and discharge or deposit and defeasance will not result in a breach or violation of, or constitute a default
under, any material agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or
by which the Company or any of its Subsidiaries is bound;

(f)             
the Company will have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company
with the intent of preferring the holders of the Notes over the other creditors of the Company or with the intent of defeating, hindering,
delaying or defrauding creditors of the Company or others; and

(g)            
the Company will have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent contained in this Indenture relating to the Legal Defeasance or the Covenant Defeasance have been satisfied.

Section 9.05      
Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. Subject to Section
9.06, all money and non-callable U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other

    	 	102	 

     

    

qualifying trustee, collectively for purposes of this Section 9.05, the “Trustee”) pursuant to Section 9.04
in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes
and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium,
if any, and interest, but such money need not be segregated from other funds except to the extent required by law.

The Company will pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant
to Section 9.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by
law is for the account of the Holders of the outstanding Notes.

Anything in this Article 9 to the contrary
notwithstanding, the Trustee will deliver or pay to the Company from time to time upon the written request of the Company and within five
Business Days following the receipt of such request any money or non-callable U.S. Government Obligations held by it as provided in Section
9.04 which, in the opinion of a nationally recognized firm of independent certified public accountants selected by the Trustee expressed
in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 9.04(a)), are in
excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

Section 9.06      
Repayment to Company. Subject to Section 8.07, any money deposited with the Trustee or any Paying Agent, or then
held by the Company, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for
two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its request or
(if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured creditor,
look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New
York Times or The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining
shall be repaid to the Company or as required by applicable abandoned property law.

Section 9.07      
Reinstatement. If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable U.S. Government
Obligations in accordance with Section 9.02 or 9.03, as the case may be, by reason of any order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s and the Guarantors’
obligations under the Indenture Documents shall be revived and reinstated as though no deposit had occurred pursuant to Section 9.02
or 9.03 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 9.02
or 9.03, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium,
if any, or interest on any Note following the reinstatement of its 

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obligations, the Company will be subrogated to the rights of the Holders
of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

ARTICLE 10

Amendment, Supplement
and Waiver

Section 10.01   
Without Consent of Holders. Notwithstanding Section 10.02, the Company, the Trustee and the Collateral Agent may
amend, supplement or waive any provision of the Indenture Documents without the consent of any Holder to:

(a)            
cure any ambiguity, defect, mistake or inconsistency or to make a modification of a formal, minor or technical nature or to correct
a manifest error;

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

(c)            
comply with Article 6;

(d)            
provide for the assumption of the Company’s or any Guarantor’s obligations to Holders in the case of a merger or consolidation
or sale of all or substantially all of the Company’s or such Guarantor’s assets;

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

(f)             
add to the covenants of the Company or any Guarantor for the benefit of the holders of the Notes or surrender any right or power
conferred upon the Company or any Guarantor;

(g)            
make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal
rights under the Indenture Documents of any such Holder;

(h)            
if it becomes necessary to qualify this Indenture under the TIA, comply with requirements of the SEC in order to effect or maintain
the qualification of this Indenture under the TIA;

(i)             
(i) enter into additional or supplemental Collateral Documents, (ii) release Collateral or Guarantors in accordance with the terms
of this Indenture and the Collateral Documents or (iii) enter into any replacement intercreditor agreement substantially in the form of
the Intercreditor Agreement entered into on the Issue Date;

(j)             
evidence and provide for the acceptance and appointment under this Indenture of a successor trustee pursuant to the requirements
hereof;

(k)            
make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture,
including to facilitate the issuance and administration of the Notes or to comply with the rules of any applicable securities depository;
provided, however, that (i) compliance with this Indenture as so amended would not 

    	 	104	 

     

    

result in Notes being transferred in
violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the
rights of Holders to transfer Notes;

(l)             
conform the text of the Indenture Documents to any provision of the “Description of Notes” section of the Offering
Memorandum to the extent that such provision of the “Description of Notes” was intended to be a verbatim recitation of a provision
of the Indenture Documents, which intent shall be evidenced by an Officer’s Certificate of the Company to that effect;

(m)          
provide for or confirm the issuance of Additional Notes in accordance with the terms of this Indenture; or

(n)            
subject the security interests in the Collateral in respect of Pari Passu Payment Lien Obligations to the terms of the Collateral
Documents and Intercreditor Agreement, to the extent the incurrence of such Pari Passu Indebtedness and the grant of all Liens on Collateral
held for the benefit of such Pari Passu Indebtedness was permitted under this Indenture.

After an amendment, supplement or waiver under
this Section 10.01 becomes effective, the Company will send to Holders a notice briefly describing such amendment, supplement or
waiver. However, the failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of the
amendment, supplement or waiver.

Section 10.02   
With Consent of Holders. Except as provided below in this Section 10.02, the Indenture Documents may be amended or
supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding (including
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and any existing Default or Event of
Default or compliance with any provision of the Indenture Documents may be waived with the consent of the Holders of at least a majority
in aggregate principal amount of the then outstanding Notes (including consents obtained in connection with purchase of, or tender offer
or exchange offer for, the Notes), in each case without notice to any other Holder, but subject to Section 5.20.

It shall not be necessary for the consent of the
Holders under this Section 10.02 to approve the particular form of any proposed amendment, supplement or waiver, but it shall
be sufficient if such consent approves the substance thereof.

After an amendment, supplement or waiver under
this Section 10.02 becomes effective, the Company will send to the Holders affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to send such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 7.04 and 7.07, the Holders
of at least a majority in aggregate principal amount of the Notes then outstanding may waive compliance in a particular instance by the
Company and the Company’s Subsidiaries with any provision of any Indenture Document. However, without the consent (including consents
obtained in connection with a purchase of, or tender offer or exchange offer for, Notes) of each Holder affected, an 

    	 	105	 

     

    

amendment, supplement
or waiver may not (with respect to any Notes held by a non-consenting Holder):

(a)            
reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

(b)            
reduce the principal of, premium, if any, or extend the fixed maturity of any Note or alter the provisions with respect to the
redemption of the Notes (other than the provisions of Sections 3.09, 5.10 and 5.14 prior to the time at which an
obligation to make such an offer has arisen);

(c)            
reduce the rate of or extend the time for payment of interest, including default interest, on any Note;

(d)            
waive a Default in the payment of principal of, premium, if any, or interest on the Notes (except a rescission of acceleration
of the Notes by the holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment
default that resulted from such acceleration);

(e)            
make any Note payable in money other than that stated in the Notes;

(f)             
make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of holders of Notes to receive
payments of principal of, premium, if any, or interest on the Notes;

(g)            
release any Guarantor from any of its obligations under its Notes Guarantee or this Indenture, except in accordance with the terms
of this Indenture; or

(h)            
make any change to Sections 10.01 or 10.02.

No amendment, supplement or waiver shall, without
the consent of Holders of not less than 66 2/3% in aggregate principal amount of the then outstanding Notes issued under this Indenture,
release (or have the effect of releasing) all or substantially all of the Collateral from the Liens securing the Indenture Obligations.

Section 10.03   
Revocation and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder
is a continuing consent by the Holder and every subsequent Holder or portion of a Note that evidences the same debt as the consenting
Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke
the consent as to its Note if the Trustee and the Company receive written notice of revocation before the date the waiver, supplement
or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds
every Holder.

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, supplement or waiver, which record
date shall be, at the Company’s election, either (a) at least 30 days prior to the first solicitation of such consent or (b) the
date of the most recent list furnished to the Trustee under 

    	 	106	 

     

    

Section 2.05. If a record date is fixed, then notwithstanding the second
to last sentence of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated
proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or not such Persons continue to be
Holders after such record date.

A consent to any amendment, supplement or waiver
under any Indenture Document by any Holder given in connection with a purchase of, or tender offer or exchange offer for, such Holder’s
Notes shall not be rendered invalid by such purchase, tender or exchange.

After an amendment, supplement or waiver becomes
effective, it shall bind every Holder unless it makes a change described in Section 10.02 which cannot be made without the consent
of each Holder affected, in which case, the amendment, supplement or waiver shall bind only each Holder who has consented to it and every
subsequent Holder or portion of a Note that evidences the same debt as the consenting Holder’s Note; provided that any such
waiver shall not impair or affect the right of any Holder to receive payment of principal of, premium, if any, and interest on a Note,
on or after the respective due dates expressed in such Note, or to bring suit for the enforcement of any such payment on or after such
respective dates without the consent of such Holder.

Section 10.04   
Notation On or Exchange of Notes. The Trustee may place an appropriate notation about an amendment, supplement or waiver
on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee will authenticate new Notes that
reflect any amendment, supplement or waiver.

Failure to make the appropriate notation or issue
a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

Section 10.05   
Trustee or Collateral Agent to Sign Amendments, Etc.. The Trustee or the Collateral Agent, as the case may be, shall sign
any amendment, supplement or waiver authorized pursuant to this Article 10 if the amendment, supplement or waiver does not affect
the rights, duties, liabilities, indemnities or immunities of the Trustee or the Collateral Agent, as the case may be. The Company may
not sign an amendment or supplemental indenture until its Board of Directors approves it. In executing any amendment, supplement or waiver,
the Trustee and the Collateral Agent shall be entitled to receive and (subject to Section 8.01) shall be fully protected in relying
upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amendment, supplement or waiver is authorized
or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Company
and any Guarantors party thereto, enforceable against them in accordance with its terms, subject to customary exceptions, and complies
with the provisions hereof.

ARTICLE 11

Guarantees

Section 11.01   
Guarantees. Subject to the limitations set forth in Section 11.04, the Guarantors hereby, jointly and severally, unconditionally
Guarantee to each Holder of Notes 

    	 	107	 

     

    

and to the Trustee and their respective successors and assigns, irrespective of the validity and enforceability
of this Indenture, the Notes or the Obligations of the Company hereunder or thereunder, that: (a) the principal of, premium, if any, and
interest on the Notes shall be promptly paid in full when due, subject to any applicable grace period, whether at Stated Maturity, by
acceleration, redemption, required purchase or repurchase or otherwise, and interest on the overdue principal of and interest on premium,
if any, and interest, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall
be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of
payment or renewal of any Notes or any of such other obligations, that the same shall be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at Stated Maturity, by acceleration,
redemption, required purchase or repurchase or otherwise. In the event the Company fails to make payment when due, subject to any applicable
grace period, of any amount so Guaranteed or any performance so Guaranteed for whatever reason, the Guarantors shall be jointly and severally
obligated to pay the same immediately. The Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective
of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver
or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Company or any Guarantor,
any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of
a guarantor (other than the payment in full of the amounts Guaranteed). Each Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first
against the Company or another Guarantor, protest, notice and all demands whatsoever and covenant that the Notes Guarantees shall not
be discharged except by complete performance of the obligations contained in the Indenture Documents. If any Holder or the Trustee is
required by any court or otherwise to return to the Company or any of the Guarantors, or any Custodian or other similar official acting
in relation to either the Company or any of the Guarantors, any amount paid either to the Trustee or to such Holder, the Notes Guarantees,
to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor agrees that it shall not be entitled
to any right of subrogation in relation to the Holders in respect of any obligations Guaranteed hereby until payment in full of all obligations
Guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (x) the maturity of the obligations Guaranteed hereby may be accelerated as provided in Article 7 for the purposes
of the Notes Guarantees, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations
Guaranteed hereby and (y) in the event of any declaration of acceleration of such obligations as provided in Article 7, such
obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of the Notes Guarantees.
The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not
impair the rights of the Trustee or the Holders under the Notes Guarantees.

Section 11.02   
Additional Guarantors. To the extent not a party to this Indenture on the date hereof, each Guarantor shall execute and
deliver to the Trustee a supplemental indenture substantially in the form of Exhibit E hereto, pursuant to which it shall become
a Guarantor under this Article 11 (a “New Guarantor”) and shall Guarantee the obligations of the Company under
this Indenture and the Notes. Concurrently with the execution and delivery of 

    	 	108	 

     

    

such supplemental indenture, such New Guarantor shall deliver
to the Trustee an Opinion of Counsel that the foregoing have been duly authorized, executed and delivered by such New Guarantor and that
such New Guarantor’s Guarantee is a valid and legally binding obligation of such New Guarantor, enforceable against such New Guarantor
in accordance with its terms, subject to customary limitations, qualifications, exceptions and assumptions.

The Notes Guarantee of any Guarantor shall be
evidenced solely by its execution and delivery of this Indenture (or, in the case of any New Guarantor, a supplemental indenture thereto)
and not by an endorsement on, or attachment to, any Note of any Notes Guarantee or notation thereof.

Each Guarantor hereby agrees that its Notes Guarantee
set forth in Section 11.01 shall be and remain in full force and effect notwithstanding any failure to endorse on any Note a notation
of such Notes Guarantee.

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

If an Officer whose signature is on this Indenture
no longer holds that office at the time the Trustee authenticates the Note, the Notes Guarantee shall be valid nevertheless.

Section 11.03   
Releases of Guarantees. In the event of:

(a)            
the Company exercising its Legal Defeasance or Covenant Defeasance option with respect to the Notes in accordance with Article
9 or the satisfaction and discharge of this Indenture in accordance with Section 4.01;

(b)            
a sale or other disposition of all or substantially all of the assets of a Guarantor (including by way of merger or consolidation)
to a Person that is not (either before or after giving effect to such transaction) a Restricted Subsidiary of the Company, if the sale
or other disposition complies with Section 5.10;

(c)            
a sale, issuance or other disposition of Capital Stock of a Guarantor to a Person that is not (either before or after giving effect
to such transaction) a Restricted Subsidiary of the Company, if the sale, issuance or other disposition complies with Section 5.10
and the Guarantor ceases to be a Restricted Subsidiary of the Company as a result of such sale, issuance or other disposition;

(d)            
the designation by the Company of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in accordance with
the terms of this Indenture; or

(e)            
a Guarantor that was required to become a Guarantor pursuant to clause (ii) of Section 5.17 ceasing to Guarantee (or otherwise
be liable for) any Indebtedness of the Company or any other Guarantor (other than as a result of such Guarantor making a payment on such
Guarantee);

    	 	109	 

     

    

such Guarantor (and any of its Subsidiaries that
are Guarantors) shall be automatically and unconditionally released and relieved of any obligations under its Notes Guarantee and the
Indenture Documents. Upon delivery by the Company to the Trustee of an Officer’s Certificate and an Opinion of Counsel to the effect
that (i) in the case of clauses (a) through (d) above, such defeasance, discharge, sale, issuance, disposition or designation was made
by the Company in accordance with the provisions of this Indenture, including, in the case of clauses (b) and (c), Section 5.10
or (ii) in the case of clause (e) above, such Guarantor has ceased to Guarantee (or otherwise be liable for) any Indebtedness of the Company
or any other Guarantor (other than as a result of such Guarantor making a payment on such Guarantee), then in each case, the Trustee or
the Collateral Agent, as applicable, shall execute any documents reasonably required in order to evidence the release of any Guarantor
from its obligations under its Notes Guarantee and the Indenture Documents.

Any Guarantor not released from its obligations
under its Notes Guarantee shall remain liable for the full amount of principal of, premium, if any, and interest on the Notes and for
the other obligations of any Guarantor under the Indenture Documents as provided in this Article 11.

Section 11.04   
Limitation on Guarantor Liability. For purposes hereof, each Guarantor’s liability shall be that amount from time
to time equal to the aggregate liability of such Guarantor under its Notes Guarantee, but shall be limited to the lesser of (a) the aggregate
amount of the obligations of the Company under the Indenture Documents and (b) the amount, if any, which would not have (A) rendered such
Guarantor “insolvent” (as such term is defined in the federal Bankruptcy Law and in the Debtor and Creditor Law of the State
of New York), (B) left it with unreasonably small capital at the time its Notes Guarantee was entered into, or at the time such Guarantor
Incurred liability thereunder, after giving effect to the Incurrence of Existing Indebtedness immediately prior to such time or (C) left
such Guarantor with debts beyond such Guarantor’s ability to pay as such debts mature; provided that, it shall be a presumption
in any lawsuit or other proceeding in which such Guarantor is a party that the amount Guaranteed pursuant to its Notes Guarantee is the
amount set forth in subsection (a) above unless any creditor, or representative of creditors of such Guarantor, or debtor in possession
or trustee in bankruptcy of such Guarantor, otherwise proves in such a lawsuit or other proceeding that the aggregate liability of such
Guarantor is limited to the amount set forth in subsection (b). In making any determination as to the solvency or sufficiency of capital
of a Guarantor in accordance with the previous sentence, the right of such Guarantor to contribution from other Guarantors and any other
rights such Guarantor may have, contractual or otherwise, shall be taken into account.

Section 11.05   
“Trustee” to Include Paying Agent. In case at any time any Paying Agent other than the Trustee will have been
appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article 11 shall
in such case (unless the context shall otherwise require) be construed as extending to and including such Paying Agent within its meaning
as fully and for all intents and purposes as if such Paying Agent were named in this Article 11 in place of the Trustee.

    	 	110	 

     

    

ARTICLE 12

Miscellaneous

Section 12.01   
Notices. Any notice or communication by the Company, the Trustee or the Collateral Agent to the others is duly given if
in writing and delivered in person or sent by first class mail (registered or certified, return receipt requested), telex, telecopier,
overnight air courier guaranteeing next day delivery or other electronic means, to the others’ addresses:

If to the Company:

 

CURO Group Holdings Corp.

3527 North Ridge Road

Wichita, Kansas 67205

Fax: (316) 722-7751

Attn: Vin Thomas, Chief Legal Officer

 

With a copy to (which shall not constitute
notice):

 

King & Spalding LLP

1180 Peachtree Street, NE, Suite 1600

Atlanta, Georgia 30309

Attn: Cal Smith

 

If to the Trustee:

 

TMI Trust Company

1100 Abernathy Road NE, Suite 480

Atlanta, Georgia 30328

Phone: (678) 221-5898

Attn: Debra Schachel, Vice President

 

If to the Collateral Agent:

 

TMI Trust Company

1100 Abernathy Road NE, Suite 480

Atlanta, Georgia 30328

Phone: (678) 221-5898

Attn: Debra Schachel, Vice President

 

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

    	 	111	 

     

    

Any notice to any Guarantor may be sent to the
Guarantor in care of the Company as set forth above.

All notices and communications (other than those
sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after
being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; the
next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; and at the time
sent, if sent by e-mail, provided that notice to the Trustee will be effective only upon receipt.

Any notice or communication to a Holder shall
be sent by first class mail, certified or registered, return receipt requested, by overnight air courier guaranteeing next day delivery
or other electronic means reasonably satisfactory to the Trustee to its address shown on the register kept by the Registrar. Any notice
or communication shall also be so sent to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to send
a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.

If a notice or communication is sent in the manner
provided above within the time prescribed, it is duly given, whether or not the addressee receives it, provided that notice to the Trustee
will be effective only upon receipt.

If the Company sends a notice or communication
to Holders, it shall send a copy to the Trustee and each Agent at the same time.

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.

The Trustee will have the right, but shall not
be required, to rely upon and comply with instructions and directions sent by e-mail, facsimile and other similar unsecured electronic
methods by persons believed by the Trustee to be authorized to give instructions and directions on behalf of the Company or any Person.
The Trustee will have no duty or obligation to verify or confirm that the Person who sent such instructions or directions is, in fact,
a Person authorized to give instructions or directions on behalf of the Company or Guarantors; and the Trustee will have no liability
for any losses, liabilities, costs or expenses incurred or sustained by the Company or Guarantors as a result of such reliance upon or
compliance with such instructions or directions. The Company or Guarantors agree to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized
instructions, and the risk of interception and misuse by third parties.

Where this Indenture provides for notice of any
event to a Holder of a Global Note, such notice shall be sufficiently given if given to the Depositary for such Note (or its 

    	 	112	 

     

    

designee),
pursuant to its Applicable Procedures, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed
for the giving of such notice.

Section 12.02   
Communication by Holders with Other Holders. Holders may communicate pursuant to TIA § 312(b) with other Holders with
respect to their rights under this Indenture or the Notes. The Company, the Guarantors, the Trustee, the Collateral Agent, the Registrar
and anyone else shall have the protection of TIA § 312(c).

Section 12.03   
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company or any Guarantor to the
Trustee or the Collateral Agent, as the case may be, to take any action under the Indenture Documents, the Company will furnish to the
Trustee:

(a)            
an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee or the Collateral Agent, as the case
may be, (which shall include the statements set forth in Section 12.04) stating that, in the opinion of the signers, all conditions
precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; and

(b)            
an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee or the Collateral Agent, as the case may be,
(which shall include the statements set forth in Section 12.04) stating that, in the opinion of such counsel, all such conditions
precedent and covenants have been complied with.

Section 12.04   
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions
of TIA § 314(e) and shall include:

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

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

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

(d)            
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

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 

    	 	113	 

     

    

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 any
Person 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 certificate or opinion of, or representation by,
counsel or any Opinion of Counsel may be based, insofar as it relates to factual matters, upon certificates of public officials or upon
a certificate or opinion of, or representations by, an officer or officers of the Company or any Guarantor (including an Officer’s
Certificate) stating that the information with respect to such factual matters is in the possession of the Company or such Guarantor 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.

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

Section 12.05   
Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

Section 12.06   
No Personal Liability of Directors, Officers, Employees and Stockholders. No director, officer, employee or stockholder
of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or any Guarantor under the Indenture
Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may
not be effective to waive liabilities under the United States federal securities laws or other corporate laws, and it is the view of the
SEC that such a waiver is against public policy.

Section 12.07   
Governing Law. THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF SHALL GOVERN
AND BE USED TO CONSTRUE THIS INDENTURE.

Section 12.08   
No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret any other indenture, loan or
debt agreement of the Company or the Company’s Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may
not be used to interpret this Indenture and the Notes Guarantees.

Section 12.09   
Successors. All agreements of the Company and each Guarantor in the Indenture Documents shall bind its successors. All agreements
of the Trustee and the Collateral Agent in this Indenture shall bind their respective successors.

Section 12.10   
Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

    	 	114	 

     

    

Section 12.11   
Counterpart Originals. The parties may sign any number of copies of this Indenture (including by electronic transmission).
Each signed copy shall be an original, but all of them together represent the same agreement. Facsimile, documents executed, scanned and
transmitted electronically and electronic signatures, including those created or transmitted through a software platform or application,
shall be deemed original signatures for purposes of this Indenture and all matters and agreements related thereto, with such facsimile,
scanned and electronic signatures having the same legal effect as original signatures. The parties agree that this Indenture or any instrument,
agreement or document necessary for the consummation of the transactions contemplated by this Indenture or related hereto or thereto (including,
without limitation, addendums, amendments, notices, instructions, communications with respect to the delivery of securities or the wire
transfer of funds or other communications) (the “Executed Documentation”) may be accepted, executed or agreed to through the
use of an electronic signature in accordance with applicable laws, rules and regulations in effect from time to time applicable to the
effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted, executed or agreed to in conformity with
such laws, rules and regulations will be binding on all parties hereto to the same extent as if it were physically executed and each party
hereby consents to the use of any third party electronic signature capture service providers as may be reasonably chosen by a signatory
hereto or thereto. When the Trustee acts on any Executed Documentation sent by electronic transmission, the Trustee will not be responsible
or liable for any losses, costs or expenses arising directly or indirectly from its reliance upon and compliance with such Executed Documentation,
notwithstanding that such Executed Documentation (a) may not be an authorized or authentic communication of the party involved or in the
form such party sent or intended to send (whether due to fraud, distortion or otherwise) or (b) may conflict with, or be inconsistent
with, a subsequent written instruction or communication; it being understood and agreed that the Trustee shall conclusively presume that
Executed Documentation that purports to have been sent by an authorized officer of a Person has been sent by an authorized officer of
such Person. The party providing Executed Documentation through electronic transmission or otherwise with electronic signatures agrees
to assume all risks arising out of such electronic methods, including, without limitation, the risk of the Trustee acting on unauthorized
instructions and the risk of interception and misuse by third parties.

Section 12.12   
Table of Contents, Headings, Etc.. The table of contents, cross-reference table and headings of the Articles and Sections
of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in
no way modify or restrict any of the terms or provisions hereof.

Section 12.13   
Intercreditor Agreement. Notwithstanding anything herein to the contrary, the lien and security interest granted pursuant
to the Indenture Documents and the exercise of any right or remedy thereunder are subject to the provisions of the Intercreditor Agreement.
In the event of any conflict between the terms of the Intercreditor Agreement and the other Indenture Documents, the terms of the Intercreditor
Agreement shall govern and control. If any conflict or inconsistency exists between this Indenture and any Collateral Document (other
than the Intercreditor Agreement), this Indenture shall govern.

Section 12.14   
Payments Due on Non-Business Days. In any case where any interest payment date, redemption date, Purchase Date, Stated Maturity
of the Notes or any other date upon which any payment is due on the Notes shall not be a Business Day, then 

    	 	115	 

     

    

(notwithstanding any other
provision of this Indenture or of the Notes) payment of interest or principal (and premium, if any) need not be made on such date, but
may be made on the next succeeding Business Day with the same force and effect as if made on the interest payment date, redemption date,
Purchase Date, at the Stated Maturity or any other date upon which any payment is due on the Notes, provided that no interest will accrue
for the period from and after such interest payment date, redemption date, Purchase Date, Stated Maturity or other payment date, as the
case may be.

Section 12.15   
Waiver of Jury Trial. THE COMPANY, EACH GUARANTOR, THE TRUSTEE AND THE COLLATERAL AGENT HEREBY IRREVOCABLY WAIVE, 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, ANY OTHER INDENTURE DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

ARTICLE 13

Collateral and
Security

Section 13.01   
Collateral Documents. The due and punctual payment of the principal of, premium, if any, and interest on the Notes and amounts
due hereunder and under the Notes Guarantees when and as the same shall be due and payable, subject to any applicable grace period, whether
on an interest payment date, by acceleration, purchase, repurchase, redemption or otherwise, and interest on the overdue principal of,
premium, if any, and interest to the extent permitted by law, on the Notes and the performance of all other Obligations of the Company
and the Guarantors to the Holders, the Collateral Agent or the Trustee under the Indenture Documents are and shall be secured by the Collateral
Documents. The Collateral Documents shall provide for the grant by the Company and the Guarantors party thereto to the Collateral Agent
of security interests in the Collateral subject to Permitted Liens and the terms of the Intercreditor Agreement.

Section 13.02   
Recording and Opinions.

(a)            
The Company will, and will cause each of the Guarantors to, at their sole cost and expense, take or cause to be taken such actions
as may be required by the Collateral Documents, to perfect, maintain (with the priority required under the Collateral Documents and Intercreditor
Agreement), preserve and protect the valid and enforceable, perfected (except as expressly provided to the contrary herein or therein)
security interests in and on all the Collateral granted by the Collateral Documents in favor of the Collateral Agent as security for the
Obligations contained in this Indenture, the Notes, the Notes Guarantees and the Collateral Documents, superior to and prior to the rights
of all third Persons (other than as set forth in the Intercreditor Agreement), and subject to no other Liens (other than Permitted Liens),
including, without limitation, (i) the preparation and filing of financing statements, amendments and continuation statements, collateral
assignments and any instruments of further assurance, in such manner and in such places as may be required by law to preserve and protect
fully the rights of the Holders, the Collateral Agent, and the Trustee under this Indenture and the Collateral Documents to all property
comprising the Collateral, and (ii) subject to the Intercreditor Agreement, the delivery of the certificates evidencing the securities
pledged under the Collateral 

    	 	116	 

     

    

Documents, duly endorsed in blank or accompanied by undated stock powers or other instruments of transfer
executed in blank, it being understood that concurrently with the execution of this Indenture, the Company and the Guarantors have submitted
duly prepared financing statements to a reputable filing service for prompt filing in the appropriate filing offices. The Company will
from time to time promptly pay all financing and continuation statement recording and/or filing fees, charges and recording, stamp, intangibles
and similar taxes relating to this Indenture, the Collateral Documents and any amendments hereto or thereto and any other instruments
of further assurance required pursuant hereto or thereto.

(b)            
The Company will furnish to the Trustee and the Collateral Agent (if other than the Trustee), upon or promptly after the execution
and delivery of this Indenture, an Opinion of Counsel in compliance with TIA §314(b)(1), and on or within one month following August 1
of each year, commencing August 1, 2022, an Opinion of Counsel in compliance with TIA §314(b)(2).

Section 13.03   
Release of Collateral.

(a)            
The Collateral Agent shall not at any time release all or any portion of the Collateral from the Liens created by the Collateral
Documents unless such release is in accordance with the provisions of this Indenture and the applicable Collateral Documents.

(b)            
The release of any Collateral from the Liens created by the Collateral Documents shall not be deemed to impair the security under
this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to this Indenture and
the Collateral Documents.

Section 13.04   
Specified Releases of Collateral.

(a)            
Collateral shall be released from the Liens created by the Collateral Documents at any time or from time to time in accordance
with the provisions of the Collateral Documents or as provided in this Indenture. The Liens securing the Collateral shall be automatically
released without the need for any further action by any Person under any one or more of the following circumstances:

(i)             
to enable the Company or a Guarantor to consummate asset dispositions permitted or not prohibited under Section 5.10;

(ii)           
if any Guarantor is released from its Notes Guarantee in accordance with the terms of this Indenture (including by virtue of such
Guarantor ceasing to be a Restricted Subsidiary of the Company), that Guarantor’s assets will also be released from the Liens securing
its Notes Guarantee and the other Indenture Obligations;

(iii)         
if required in accordance with the terms of the Intercreditor Agreement;

(iv)          
as described under Section 13.05; or

(v)            
with the consent of the Holders of the Notes in accordance with Section 10.02.

    	 	117	 

     

    

(b)            
Upon the written request of the Company accompanied by an Officer’s Certificate and Opinion of Counsel confirming that all
conditions precedent hereunder and under the Collateral Documents and Intercreditor Agreement have been met, and any necessary or proper
instruments of termination, satisfaction or release prepared by the Company or the Guarantors, as the case may be, the Collateral Agent,
without the consent of any Holder or the Trustee and at the expense of the Company or the Guarantors, shall execute, deliver or acknowledge
such instruments or releases to evidence the release from the Liens created by the Collateral Documents of any Collateral permitted to
be released pursuant to this Indenture or the Collateral Documents.

Section 13.05   
Release upon Satisfaction or Defeasance of all Outstanding Obligations.

(a)            
The Liens on all Collateral that secure the Notes and the Notes Guarantees shall be automatically terminated and released without
the need for further action by any Person:

(i)             
if the Company exercise Legal Defeasance or Covenant Defeasance as described under Article 9;

(ii)           
upon satisfaction and discharge of this Indenture as described under Section 4.01; or

(iii)         
upon payment in full in immediately available funds of the principal of, premium, if any, and accrued and unpaid interest on the
Notes and all other Obligations under this Indenture and the Collateral Documents that are then due and payable (other than contingent
indemnification obligations for which no claim has been asserted).

(b)            
Upon receipt of an Officer’s Certificate and Opinion of Counsel confirming that all conditions precedent hereunder and under
the Collateral Documents have been satisfied and any necessary or proper instruments of termination, satisfaction or release prepared
by the Company or the Guarantors, as the case may be, the Collateral Agent, without the consent of any Holder or the Trustee and at the
expense of the Company or the Guarantors, shall execute, deliver or acknowledge such instruments or releases to evidence the release from
the Liens created by the Collateral Documents of any Collateral permitted to be released pursuant to this Indenture and the Collateral
Documents.

Section 13.06   
Form and Sufficiency of Release and Subordination. In the event that the Company or any Guarantor has sold, exchanged, or
otherwise disposed of or proposes to sell, exchange or otherwise dispose of any portion of the Collateral that may be sold, exchanged
or otherwise disposed of by the Company or such Guarantor to any Person other than the Company or a Guarantor, and the Company or such
Guarantor requests that the Trustee or Collateral Agent furnish a written disclaimer, release or quit-claim of any interest in such property
under this Indenture and the Collateral Documents, or, to the extent applicable to such Collateral, take all action that is necessary
or reasonably requested by the Company (in each case at the expense of the Company) to release and reconvey to the Company or such Guarantor,
without recourse, such Collateral or deliver such Collateral in its possession to the Company or such Guarantor, the Trustee and the Collateral
Agent, as applicable, shall execute, acknowledge 

    	 	118	 

     

    

(without any recourse, representation and warranty) and deliver to the Company or such
Guarantor (in the form prepared by the Company at the Company’s sole expense) such an instrument promptly or take such other action
so requested after satisfaction of the conditions set forth herein for delivery of any such release. Notwithstanding the preceding sentence,
all purchasers and grantees of any property or rights purporting to be released herefrom shall be entitled to rely upon any release executed
by the Trustee or the Collateral Agent, as applicable, as sufficient for the purpose of this Indenture and as constituting a good and
valid release of the property therein described from the Lien of this Indenture or of the Collateral Documents but shall have no recourse
or claims against the Trustee or the Collateral Agent in respect of any such release. In addition to the foregoing, in the event that
the Company or any Guarantor has any Collateral or intends to have any Collateral subject to a Permitted Lien of the type described in
clause (7) of the definition thereof, and the Company or such Guarantor requests that the Trustee or Collateral Agent enter into a subordination
agreement with the holder of such Permitted Lien in order to subordinate the Lien of the Collateral Agent in such Collateral to the Lien
of such holder in such Collateral, the Trustee and the Collateral Agent, as applicable, shall execute, acknowledge and deliver to the
Company or such Guarantor or the holder of such Permitted Lien such an instrument (in the form prepared by the Company, or the holder
of such Permitted Lien, at the Company’s sole expense) promptly after such request.

Section 13.07   
Purchaser Protected. No purchaser or grantee of any property or rights purported to have been released from the Lien of
this Indenture or of the Collateral Documents shall be bound to ascertain the authority of the Trustee or the Collateral Agent, as applicable,
to execute the release or to inquire as to the existence of any conditions herein prescribed for the exercise of such authority; nor shall
any purchaser or grantee of any property or rights permitted by this Indenture to be sold or otherwise disposed of by the Company be under
any obligation to ascertain or inquire into the authority of the Company to make such sale or other disposition.

Section 13.08   
Authorization of Actions to be Taken by the Collateral Agent Under the Collateral Documents.

(a)            
Each Holder, by acceptance of the Notes, consents to the terms of, directs and agrees that the Collateral Agent shall execute and
deliver the Intercreditor Agreement and Collateral Documents to which it is a party, and all agreements, documents and instruments incidental
thereto, and act in accordance with the terms thereof. For the avoidance of doubt, the Collateral Agent shall have no discretion under
this Indenture, the Intercreditor Agreement or the Collateral Documents and shall not be required to make or give any determination, consent,
approval, request or direction without the written direction of the Holders of a majority in aggregate principal amount of the then outstanding
Notes, the Trustee or the Company, as applicable. The provisions of this Section 13.08 are solely for the benefit of the Collateral
Agent and none of the Trustee, any of the Holders nor the Company or any of the Guarantors shall have any rights as a third party beneficiary
of any of the provisions contained herein other than as expressly provided herein. Each Holder agrees that any action taken by the Collateral
Agent in accordance with the provision of this Indenture, the Intercreditor Agreement and the Collateral Documents, and the exercise by
the Collateral Agent of any rights or remedies set forth herein and therein shall be authorized and binding upon all Holders. Notwithstanding
any provision to the contrary contained elsewhere in this Indenture, the Collateral Documents and the Intercreditor Agreement, the duties
of the Collateral Agent shall be ministerial and administrative in nature, and the Collateral Agent shall not have any duties or responsibilities,
except those expressly set forth herein and in the other documents to which the Collateral Agent is a party, nor shall the Collateral
Agent have or be deemed to have any trust or other fiduciary relationship with the Trustee, any Holder, the Company or any Guarantor,
and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture, the Collateral
Documents and the 

    	 	119	 

     

    

Intercreditor Agreement or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing
sentence, the use of the term “agent” in this Indenture with reference to the Collateral Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used
merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting
parties.

(b)            
So long as an Event of Default is not continuing, the Company may direct the Collateral Agent in connection with any action required
or permitted by this Indenture, the Collateral Documents or the Intercreditor Agreement. During the continuance of an Event of Default,
the Trustee may direct the Collateral Agent in connection with any action required or permitted by this Indenture, the Collateral Documents
or the Intercreditor Agreement.

(c)            
No provision of this Indenture, the Intercreditor Agreement or any Collateral Document shall require the Collateral Agent (or the
Trustee) to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder
or thereunder or exercise any of its rights and powers at the request or direction of Holders (or the Trustee in the case of the Collateral
Agent) if it shall not have received security or indemnity satisfactory to the Collateral Agent against potential costs and liabilities
incurred by the Collateral Agent relating thereto. Notwithstanding anything to the contrary contained in this Indenture, the Intercreditor
Agreement or the Collateral Documents, in the event the Collateral Agent is entitled or required to commence an action to foreclose or
otherwise exercise its remedies to acquire control or possession of the Collateral, the Collateral Agent shall not be required to commence
any such action or exercise any remedy or to inspect or conduct any studies of any property under the mortgages or take any such other
action if the Collateral Agent has determined that the Collateral Agent may incur personal liability as a result of the presence at, or
release on or from, the Collateral or such property, of any hazardous substances unless the Collateral Agent has received security or
indemnity from the Holders in an amount and in a form all satisfactory to the Collateral Agent in its sole discretion, protecting the
Collateral Agent from all such liability. The Collateral Agent shall at any time be entitled to cease taking any action described above
if it no longer reasonably deems any indemnity, security or undertaking from the Company or the Holders to be sufficient.

(d)            
The Collateral Agent (i) shall not be liable for any action taken or omitted to be taken by it in connection with this Indenture,
the Intercreditor Agreement and the Collateral Documents or instrument referred to herein or therein, except to the extent that any of
the foregoing result from its own gross negligence, bad faith or willful misconduct, (ii) shall not be liable for interest on any money
received by it except as the Collateral Agent may agree in writing with the Company (and money held in trust by the Collateral Agent need
not be segregated from other funds except to the extent required by law) and (iii) may consult with counsel of its selection and the advice
or opinion of such counsel as to matters of law shall be 

    	 	120	 

     

    

full and complete authorization and protection from liability in respect of any
action taken, omitted or suffered by it in good faith and in accordance with the advice or opinion of such counsel. The grant of permissive
rights or powers to the Collateral Agent shall not be construed to impose duties to act.

(e)            
The Collateral Agent may perform any of its duties under this Indenture, the Collateral Documents or the Intercreditor Agreement
by or through receivers, agents, employees, attorneys-in-fact or through its affiliates and shall be entitled to advice of counsel concerning
all matters pertaining to such duties, and shall be entitled to act upon, and shall be fully protected in taking action in reliance upon
any advice or opinion given by legal counsel. The Collateral Agent shall not be responsible for the negligence or willful misconduct of
any receiver, agent, employee, attorney-in-fact or affiliates that it selects as long as such selection was made in good faith and with
due care.

Section 13.09   
Authorization of Receipt of Funds by the Trustee Under the Collateral Documents.

The Collateral Agent is authorized to receive
any funds for the benefit of itself, the Trustee and the Holders distributed under the Collateral Documents or the Intercreditor Agreement
and, to the extent not prohibited under the Intercreditor Agreement, to make further distributions of such funds to itself, the Trustee
and the Holders in accordance with the provisions of Section 7.10 and the other provisions of this Indenture. Such funds shall
be held on deposit by the Trustee without investment, and the Trustee will have no liability for interest or other compensation thereon.

Section 13.10   
Action by the Collateral Agent.

In each case that the Collateral
Agent may or is required hereunder or under any Collateral Document to take any action (an “Action”), including to
make any determination, to give consents, to exercise rights, powers or remedies, to release or sell Collateral or otherwise to act hereunder
or under any Collateral Document, the Collateral Agent may seek direction from the Holders of a majority in aggregate principal amount
of the then outstanding Notes; provided that all Actions so taken shall, at all times, be in compliance with the requirements of the Intercreditor
Agreement. The Collateral Agent shall not be liable with respect to any Action taken or omitted to be taken by it in accordance with the
direction from the Holders of a majority in aggregate principal amount of the then outstanding Notes. If the Collateral Agent shall request
direction from the Holders of a majority in aggregate principal amount of the then outstanding Notes with respect to any Action, the Collateral
Agent shall be entitled to refrain from such Action unless and until the Collateral Agent shall have received direction from the Holders
of a majority in aggregate principal amount of the then outstanding Notes and security or an indemnification satisfactory to the Collateral
Agent, and the Collateral Agent shall not incur liability to any Person by reason of so refraining.

Notwithstanding anything to
the contrary in this Indenture or any Collateral Document, in no event shall the Collateral Agent be responsible for, or have any duty
or obligation with respect to, the recording, filing, registering, perfection, protection or maintenance of the security interests or
Liens intended to be created by this Indenture or the Collateral 

    	 	121	 

     

    

Documents (including the preparation, filing or continuation of any Uniform
Commercial Code financing or continuation statements or similar documents or instruments), nor shall the Collateral Agent be responsible
for, and the Collateral Agent makes no representation regarding, the validity, enforceability, effectiveness or priority of any of the
Collateral Documents or the security interests or Liens intended to be created thereby.

Section 13.11   
Compensation and Indemnity.

(a)            
The Company will pay to the Collateral Agent from time to time compensation as shall be agreed to in writing by the Company and
the Collateral Agent for its acceptance of this Indenture, the Intercreditor Agreement, the Collateral Documents and services hereunder.
The Company will reimburse the Collateral Agent promptly upon request for all reasonable disbursements, advances and out-of-pocket expenses
incurred or made by it in connection with the Collateral Agent’s duties under the Indenture Documents, including the reasonable
compensation, disbursements and expenses of the Collateral Agent’s agents, reasonably retained professional advisors, and counsel,
except any disbursement, advance or expense as may be attributable to the Collateral Agent’s willful misconduct, bad faith or gross
negligence.

(b)            
The Company and the Guarantors shall, jointly and severally, indemnify the Collateral Agent against any and all claims, demands,
causes of action, losses, liabilities, damages, fines, penalties, costs, fees, charges or expenses including taxes (other than taxes based
on, measured by or determined by income of the Collateral Agent) incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture, the Intercreditor Agreement and the Collateral Documents, including (i) any claim relating
to the grant to the Collateral Agent of any Lien in any property or assets of the Company or the Guarantors and (ii) the costs and expenses
of enforcing this Indenture, the Intercreditor Agreement and the Collateral Documents against the Company and the Guarantors (including
this Section 13.11) and defending itself against any claim (whether asserted by the Company, the Guarantors, any Holder or any
other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder or thereunder, except
to the extent any such loss, liability or expense may be attributable to its gross negligence, willful misconduct or bad faith. The Collateral
Agent shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Collateral Agent to so notify the
Company will not relieve the Company or the Guarantors of their obligations hereunder, except to the extent the Company is materially
prejudiced thereby. The Company or such Guarantor shall defend such claim and the Collateral Agent shall cooperate in the defense. In
the event the Collateral Agent is advised by counsel that a conflict of interest exists, the Collateral Agent may have its own separate
counsel, which, so long as no Default or Event of Default has occurred, shall be reasonably satisfactory to the Company, and the Company
will pay the reasonable fees and expenses of such counsel. Neither the Company nor any Guarantor need pay for any settlement made without
its consent, which consent shall not be unreasonably withheld. Notwithstanding anything to the contrary herein, the Company need not reimburse
the Collateral Agent for any cost or expense or indemnify it against any loss or liability incurred by the Collateral Agent through its
own gross negligence, bad faith or willful misconduct.

    	 	122	 

     

    

(c)            
The obligations of the Company and the Guarantors under this Section 13.11 shall survive the satisfaction and discharge
of this Indenture and the resignation, removal or replacement of the Collateral Agent.

Section 13.12   
Co-Collateral Agent; Separate Collateral Agent.

(a)            
If at any time or times it shall be necessary in order to conform to any applicable law of any jurisdiction in which any of the
Collateral shall be located, or to avoid any violation of applicable law or imposition on the Collateral Agent of taxes by such jurisdiction
not otherwise imposed on the Collateral Agent, or the Collateral Agent shall be advised by counsel, satisfactory to it, that it is necessary
in the interests of the Notes Secured Parties, or the Collateral Agent shall deem it desirable for its own protection in the performance
of its duties hereunder or under any Collateral Document, the Collateral Agent and the Company and the Guarantors may (and in the case
of conforming to any applicable law or avoiding the violation of any applicable law, shall) execute and deliver all instruments and agreements
necessary or proper to constitute another bank or trust company, or one or more persons approved by the Collateral Agent and the Company,
either to act as co-collateral agent or co-collateral agents of all or any of the Collateral under this Indenture or under any of the
Collateral Documents, jointly with the Collateral Agent originally named herein or therein or any successor Collateral Agent, or to act
as separate agent or agents of any of the Collateral. If (x) the Company and the Guarantors shall not have joined in the execution of
such instruments and agreements within 10 days after they receive a written request from the Collateral Agent to do so, and (y) the execution
of such instruments and agreements is being undertaken in order to conform to any applicable law of any jurisdiction in which any of the
Collateral shall be located, or to avoid any violation of applicable law, then the Collateral Agent acting as directed by a majority of
Holders shall act under the foregoing provisions of this Section 13.12 without the concurrence of the Company and the Guarantors
and execute and deliver such instruments and agreements on behalf of the Company and the Guarantors and any such act shall be binding
on the Company and the Guarantors as if executed by the Company and the Guarantors. Each of the Company and each Guarantor hereby appoint
the Collateral Agent as its agent and attorney to act for it under the foregoing provisions of this Section 13.12 in either of
such contingencies.

(b)            
Every separate collateral agent and every co-collateral agent, other than any successor Collateral Agent appointed pursuant to
this Article, shall, to the extent permitted by law, be appointed and act and be such, subject to the following provisions and conditions:

(1)            
all rights, powers, duties and obligations conferred upon the Collateral Agent in respect of the custody, control and management
of moneys, papers or securities shall be exercised solely by the Collateral Agent or any agent appointed by the Collateral Agent;

(2)            
all rights, powers, duties and obligations conferred or imposed upon the Collateral Agent hereunder and under the relevant Collateral
Documents shall be conferred or imposed and exercised or performed by the Collateral Agent and such separate collateral agent or separate
collateral agents or co-collateral agent or co-collateral agents, jointly, as shall be provided in the instrument appointing such separate
collateral agents or co-collateral agent or co-collateral 

    	 	123	 

     

    

agents, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed the Collateral Agent shall be incompetent or unqualified to perform such act or acts, or
unless the performance of such act or acts would result in the imposition of any tax on the Collateral Agent which would not be imposed
absent such joint act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such separate
collateral agent or collateral agents or co-collateral agent or co-collateral agents;

(3)            
no power given hereby or by the relevant Collateral Documents to, or which it is provided herein or therein may be exercised by,
any such co-collateral agent or co-collateral agents or separate collateral agent or collateral agents shall be exercised hereunder or
thereunder by such co-collateral agent or co-collateral agents or separate collateral agent or collateral agents except jointly with,
or with the consent in writing of, the Collateral Agent, anything contained herein to the contrary notwithstanding; and

(4)            
no collateral agent hereunder shall be personally liable by reason of any act or omission of any other collateral agent hereunder.

[Signatures on following pages]

 

    	 	124	 

     

    

SIGNATURES

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

	 	CURO GROUP HOLDINGS CORP.

		By:	/s/ Donald F. Gayhardt Jr. 
	 	 	Name: Donald F. Gayhardt Jr. 
	 	 	Title: Chief
    Executive Officer and President

 

   

	 	 GUARANTORS:
	 	 
	 	 	

A SPEEDY CASH CAR TITLE LOANS, LLC

AD ASTRA RECOVERY SERVICES, INC.

ADVANCE GROUP, INC.

ATTAIN FINANCE, LLC

AVIO CREDIT, INC.

CASH COLORADO, LLC

CONCORD FINANCE, INC.

CURO COLLATERAL SUB, LLC

CURO CREDIT, LLC

CURO FINANCIAL TECHNOLOGIES CORP.

CURO INTERMEDIATE HOLDINGS CORP.

CURO MANAGEMENT LLC

ENNOBLE FINANCE, LLC

EVERGREEN FINANCIAL INVESTMENTS, INC.

FMMR INVESTMENTS, INC.

GALT VENTURES, LLC

PRINCIPAL INVESTMENTS, INC.

SC AURUM, LLC

SC TEXAS MB, INC.

SCIL, INC.

SCIL TEXAS, LLC

SPEEDY CASH

SPEEDY CASH ILLINOIS, INC.

THE MONEY STORE, L.P.

TODD CAR TITLE, INC.

TODD FINANCIAL, INC.

 

 

	 	 	 

	 	 	By:	/s/ Donald F. Gayhardt Jr. 
	 	 	 	Name: Donald F. Gayhardt Jr. 
	 	 	 	Title: Chief Executive Officer and President

 

    	 		 

     

    

 

		TMI TRUST COMPANY,
                                            AS TRUSTEE AND

                                                                     COLLATERAL AGENT

	 	 	 
	 	By:	/s/
Debra Schachel
	 	 	Name: Debra Schachel
	 	 	Title: Vice President

 

 

    	 		 

     

    

EXHIBIT
A

[Form of Face of Note]

 

[Insert the Global Note Legend, if applicable
pursuant to the provisions of the Indenture]

[Insert the Private Placement Legend, if applicable
pursuant to the provisions of the Indenture]

 

    	 	A-1	 

     

    

CURO
group Holdings CORP.

7.500% SENIOR SECURED NOTE DUE 2028

	CUSIP [__________]	 
	No. [__________]	$[__________]

 

CURO Group Holdings Corp.,
a Delaware corporation (the “Company,” which term includes any successor entity), for value received promises to pay
to [_______________] or its registered assigns, the principal sum of [_____________________] (or such principal amount as may be set forth
in the records of the Trustee hereinafter referred to in accordance with the Indenture) on August 1, 2028, and to pay interest thereon
as hereinafter set forth.

Interest Payment Dates: February 1 and
August 1, commencing [_________]

Record Dates: January 15 and July 15

Dated: [_________]

 

Reference is made to the further provisions of this
Note contained on the reverse side of this Note, which shall for all purposes have the same effect as if set forth at this place.

    	 	A-2	 

     

    

IN WITNESS HEREOF, the Company has caused this
instrument to be duly executed.

 

	 	CURO GROUP HOLDINGS CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    	 	A-3	 

     

    

Trustee
Certificate of Authentication

This Note is one of the
7.500% Senior Secured Notes due 2028 referred to in the within-mentioned Indenture.

 

		TMI TRUST COMPANY,
AS Trustee

                                                                     

	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

Dated: ___________

    	 	A-4	 

     

    

[Form of Back
of Note]

7.500% Senior Secured Notes due 2028

Capitalized terms used
herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

1.              
Interest. CURO Group Holdings Corp., a Delaware corporation (the “Company”),
promises to pay interest on the principal amount of this Note at 7.500% per annum from [___________] until maturity. The Company will
pay interest semi-annually in arrears every February 1 and August 1 of each year, or if any such day is not a Business Day,
on the next succeeding Business Day and no interest shall accrue for the intervening period (each, an “Interest Payment Date”).
Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the
date of issuance; provided, that if there is no existing Default in the payment of interest, and if this Note is authenticated
between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be [___________]. The Company
will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal
to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period)
at such increased rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

2.              
Method of Payment. The Company will pay interest on the Notes (except defaulted interest)
to the Persons who are registered Holders at the close of business on January 15 or July 15 (whether or not a Business Day),
as the case may be, immediately preceding the Interest Payment Date, even if such Notes are cancelled after such record date and on or
before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes shall
be payable as to principal, premium, if any, and interest at the office or agency of the Company maintained for such purpose, or, at the
option of the Company, by check mailed to the Holders at their respective addresses set forth in the register of Holders; provided
that payment by wire transfer of immediately available funds will be required with respect to principal of, premium, if any, and interest
on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company. Such payment
shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts. Holders must surrender the Notes to the Company, the Registrar or the Paying Agent to collect payments of principal
on the Notes.

3.              
Paying Agent and Registrar. Initially, TMI Trust Company, as the Trustee under the Indenture,
will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company
or any of its Subsidiaries may act in any such capacity.

4.              
Indenture. The Company issued the Notes under an Indenture, dated as of July 30, 2021 (as
amended, supplemented or otherwise modified from time to time, the “Indenture”), 

    	 	A-5	 

     

    

among the Company, the Guarantors,
the Trustee and the Collateral Agent. This Note is one of a duly authorized issue of notes of the Company designated as its 7.500% Senior
Secured Notes due 2028. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by express reference
to the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb) (the “TIA”). The Notes are subject
to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any provision of
this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

5.              
Optional Redemption.

(a)            
On and after August 1, 2024, the Company may on one or more occasions redeem the Notes, in whole or in part, upon notice pursuant
to Section 7, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid
interest to the redemption date (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest
payment date), if redeemed during the twelve-month period beginning on August 1 of each of the years set forth below.

	Year	 	Percentage
	2024	 	 103.750%
	2025	 	 101.875%
	2026 and thereafter	 	 100.000%

 

(b)            
Prior to August 1, 2024, the Company may, upon notice pursuant to Section 7, redeem up to 40% of the aggregate principal
amount of the Notes (including Additional Notes) issued under the Indenture at a redemption price of 107.500% of the principal amount
of the Notes redeemed, plus accrued and unpaid interest to the redemption date (subject to the right of Holders on the relevant record
date to receive interest due on the relevant interest payment date) if:

(1)            
such redemption is made with the proceeds of one or more Equity Offerings;

(2)            
at least 50% of the aggregate principal amount of the Notes (including any Additional Notes) issued under the Indenture remain
outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company or any of its Subsidiaries); and

(3)            
the redemption occurs within 180 days of such Equity Offering.

(c)            
Prior to August 1, 2024, upon notice pursuant to Section 7, the Company may redeem up to 10% of the aggregate principal
amount of the Notes (including Additional Notes) issued under the Indenture during each 12-month period following the Issue Date at a
redemption price of 103% of the principal amount of the Notes redeemed, plus accrued and unpaid interest to the redemption date (subject
to the right of holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date).

    	 	A-6	 

     

    

(d)            
Prior to August 1, 2024, the Company may redeem the Notes, in whole or in part, upon notice pursuant to Section 7,
at a redemption price equal to 100% of the principal amount of the Notes plus the Applicable Premium as of, and accrued and unpaid interest
to, the redemption date (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest
payment date).

(e)            
Notwithstanding the foregoing, in connection with any tender offer for the Notes, including a Change of Control Offer or an Asset
Sale Offer, if holders of not less than 90% in aggregate principal amount of the then outstanding Notes validly tender and do not withdraw
such Notes in such tender offer and the Company (or any third party making such tender offer in lieu of the Company as described above)
purchases all of the Notes held by such holders, the Company will have the right, upon not less than 10 nor more than 60 days’ prior
notice, given not more than 30 days following the purchase pursuant to the tender offer described above, to redeem all of the Notes that
remain outstanding following such purchase at a redemption price equal to the price paid to each other holder in such tender offer (which
may be less than par) plus accrued and unpaid interest, if any, on the Notes that remain outstanding, to the applicable date of redemption,
subject to the rights of holders on the relevant regular record date to receive interest due on the relevant interest payment date that
is on or prior to the applicable redemption date.

(f)             
Any redemption pursuant to this Section 5 shall be made pursuant to the provisions of Section 3.01 through 3.06 of the Indenture.

6.              
Mandatory Redemption. Except as set forth in Sections 5.10 and 5.14 of the Indenture, the
Company is not required to make mandatory redemption or sinking fund payments or offers to purchase with respect to the Notes.

7.              
Notice of Redemption. Notice of redemption will be sent by first-class mail or other electronic
means reasonably satisfactory to the Trustee at least 10 days but not more than 60 days before the redemption date to each Holder whose
Notes are to be redeemed at its registered address, except that redemption notices may be sent more than 60 days prior to a redemption
date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture. Notes in
denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess thereof, unless all of the Notes
held by a Holder are to be redeemed. Notice of any redemption upon any Equity Offering or other securities offering or financing, or in
connection with a transaction (or series of related transactions) that constitute a Change of Control, may, in the Company’s discretion,
be given prior to the completion thereof and be subject to one or more conditions precedent, including, but not limited to, completion
of the related Equity Offering, securities offering, financing or Change of Control. If such redemption is so subject to satisfaction
of one or more conditions precedent, such notice shall describe each such condition, and if applicable, such notice shall state that,
in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied
or waived, and shall state that such redemption may not occur and such notice may be rescinded in the event that any or all such conditions
shall not have been satisfied by the redemption date, or by the redemption date so delayed. In addition, the Company may provide in such
notice that payment of the redemption price and performance of the Company’s obligations with respect to such redemption may be
performed by another Person. 

    	 	A-7	 

     

    

On and after the redemption date, unless the Company defaults in the payment of the redemption price, interest
will cease to accrue on the principal amount of the Notes or portions thereof called for redemption, and for which funds have been set
aside for payment.

8.              
Offer to Purchase. Sections 5.10 and 5.14 of the Indenture provide that after certain Asset
Sales or upon the occurrence of a Change of Control, subject to further limitations contained therein, the Company will make an offer
to purchase Notes in accordance with the procedures set forth in the Indenture.

9.              
Denominations, Transfer, Exchange. The Notes are in registered form without coupons in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged
as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. None
of the Trustee, the Registrar or the Company is required to transfer or exchange any Note selected for redemption, except for the unredeemed
portion of the Note being redeemed in part. Also, none of the Registrar, the Trustee or the Company is required to transfer or exchange
any Note for a period of 15 days before a selection of Notes to be redeemed. 

10.           
Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all
purposes. Only registered Holders shall have rights under the Indenture, the Intercreditor Agreement and the Collateral Documents.

11.           
Unclaimed Money. If any money deposited with the Trustee or any Paying Agent, or then held
by the Company, in trust for the payment of the principal of, premium, if any, or interest on any Note remains unclaimed for two years,
the Trustee or Paying Agent will pay the money back to the Company at its request or, if then held by the Company, will be discharged
from such trust. After any such payment, any Holder of a Note entitled to the money must look, as an unsecured creditor, only to the Company
and not the Trustee or Paying Agent for payment, and all liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, will thereupon cease.

12.           
Discharge and Defeasance. Subject to the conditions set forth in the Indenture, the Company
and the Guarantors at any time shall be entitled to terminate some or all of their obligations under the Indenture and the Notes or the
Notes Guarantees, as applicable, if the Company deposits with the Trustee cash in U.S. dollars or non-callable U.S. Government Obligations
for the payment of the principal of, premium, if any, and interest on the Notes to redemption or Stated Maturity, as the case may be.

13.           
Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture Documents may
be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding
(including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), and any existing Default
or Event of Default or compliance with any provision of the Indenture Documents may be waived with the consent of the Holders of at least
a majority in aggregate principal amount of the then outstanding Notes (including consents obtained in connection with 

    	 	A-8	 

     

    

the purchase of,
or tender offer or exchange offer for, the Notes), in each case without notice to any other Holder, but subject to Section 5.20 of the
Indenture. Without the consent of each Holder affected, an amendment, supplement or waiver may not (with respect to any Notes held by
a non-consenting Holder): (1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; (2)
reduce the principal of, premium, if any, or extend the fixed maturity of any Note or alter the provisions with respect to the redemption
of the Notes (other than the provisions of Sections 3.09, 5.10 and 5.14 of the Indenture prior to the time at which an obligation to make
such an offer has arisen); (3) reduce the rate of or extend the time for payment of interest, including default interest, on any Note;
(4) waive a Default in the payment of principal of, premium, if any, or interest on the Notes (except a rescission of acceleration of
the Notes by the holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment
default that resulted from such acceleration); (5) make any Note payable in money other than that stated in the Notes; (6) make any change
in the provisions of the Indenture relating to waivers of past Defaults or the rights of Holders to receive payments of principal of,
premium, if any, or interest on the Notes; (7) release any Guarantor from any of its obligations under its Notes Guarantee or the Indenture,
except in accordance with the terms of the Indenture; or (8) make any change to Sections 10.01 or 10.02 of the Indenture. No amendment,
supplement or waiver shall, without the consent of Holders of not less than 66 2/3% in aggregate principal amount of the then outstanding
Notes issued under the Indenture, release (or have the effect of releasing) all or substantially all of the Collateral from the Liens
securing the Indenture Obligations. Notwithstanding the foregoing, without the consent of any Holder, the Company, the Trustee and the
Collateral Agent may amend, supplement or waive any provision of the Indenture Documents to: (1) cure any ambiguity, defect, mistake or
inconsistency or to make a modification of a formal, minor or technical nature or to correct a manifest error, (2) provide for uncertificated
Notes in addition to or in place of certificated Notes, (3) comply with the covenant relating to mergers, consolidations and sales of
assets; (4) provide for the assumption of the Company’s or any Guarantor’s obligations to Holders in the case of a merger
or consolidation or sale of all or substantially all of the Company’s or such Guarantor’s assets, (5) add Guarantees with
respect to the Notes or to secure the Notes, (6) add to the covenants of the Company or any Guarantor for the benefit of the Holders or
surrender any right or power conferred upon the Company or any Guarantor, (7) make any change that would provide any additional rights
or benefits to the Holders or that does not adversely affect the legal rights under the Indenture Documents of any such Holder, (8) if
it becomes necessary to qualify the Indenture under the TIA, comply with requirements of the SEC in order to effect or maintain the qualification
of the Indenture under the TIA, (9) (i) enter into additional or supplemental Collateral Documents, (ii) release Collateral or Guarantors
in accordance with the terms of the Indenture and the Collateral Documents or (iii) enter into any replacement intercreditor agreement
substantially in the form of the Intercreditor Agreement entered into on the Issue Date, (10) evidence and provide for the acceptance
and appointment under the Indenture of a successor trustee pursuant to the requirements thereof, (11) make any amendment to the provisions
of the Indenture relating to the transfer and legending of Notes as permitted by the Indenture, including to facilitate the issuance and
administration of the Notes or to comply with the rules of any applicable securities depository; provided, however, that
(i) compliance with the Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any
applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Notes, (12)
conform the text of 

    	 	A-9	 

     

    

the Indenture Documents to any provision of the “Description of Notes” section of the Offering Memorandum
to the extent that such provision of the “Description of Notes” was intended to be a verbatim recitation of a provision of
the Indenture Documents, which intent shall be evidenced by an Officer’s Certificate of the Company to that effect, (13) provide
for or confirm the issuance of Additional Notes in accordance with the terms of the Indenture or (14) subject the security interests in
the Collateral in respect of Pari Passu Payment Lien Obligations to the terms of the Collateral Documents and Intercreditor Agreement,
to the extent the incurrence of such Pari Passu Indebtedness and the grant of all Liens on Collateral held for the benefit of such Pari
Passu Indebtedness was permitted under the Indenture. The consent of Holders is not necessary under the Indenture to approve the particular
form of any proposed amendment, supplement or waiver. It is sufficient if such consent approves the substance thereof. After an amendment,
supplement or waiver under the Indenture becomes effective, the Company is required to send to Holders a notice briefly describing such
amendment, supplement or waiver. However, the failure to give such notice to all Holders, or any defect therein, shall not impair or affect
the validity of the amendment, supplement or waiver.

14.           
Defaults and Remedies.

(a)            
Under the Indenture, “Events of Default” include: (i) default for 30 days in the payment when due of interest on the
Notes; (ii) default in payment when due of the principal, or premium, if any, of any Note when due at maturity, upon optional redemption,
upon required purchase, upon acceleration or otherwise; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with
its obligations under Section 5.10, 5.14 or Article 6 of the Indenture; (iv) failure to perform any other covenant or agreement of the
Company or any of its Restricted Subsidiaries under the Indenture Documents for 60 days after written notice to the Company by the Trustee
or the Holders of at least 30% in aggregate principal amount of the Notes then outstanding voting as a single class; (v) default under
any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for
money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Company or any of its
Restricted Subsidiaries) whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, which default (A) is caused
by a failure to pay principal at final stated maturity (after giving effect to all applicable grace periods provided in such Indebtedness)
(a “Payment Default”) or (B) results in the acceleration of such Indebtedness prior to its final stated maturity and,
in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which
there has been a Payment Default or the maturity of which has been so accelerated, aggregates in excess of $20.0 million (or its foreign
currency equivalent); (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments which are non-appealable
aggregating in excess of $20.0 million (or its foreign currency equivalent) (not covered by independent third-party insurance as to which
liability has not been denied by such insurance carrier), which judgments are not paid, discharged or stayed for a period of 60 days following
such judgment becoming final, and in the event such judgment is covered by insurance, any enforcement proceeding has been commenced by
any creditor upon such judgment or decree which is not promptly stayed; (vii) (A) any security interest created by any Collateral Document
ceases to be in full force and effect (except as permitted by the terms of the Indenture or the Collateral Documents) or (B) the breach
or repudiation by the Company or any of its Restricted Subsidiaries of any of their obligations under any Collateral Document;

    	 	A-10	 

     

    

 provided
that, in the case of clauses (A) and (B), such cessation, breach or repudiation, individually or in the aggregate, results in Collateral
having a Fair Market Value in excess of $20.0 million not being subject to a valid, perfected security interest; (viii) except as
permitted by the Indenture, any Notes Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease
for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm
its obligations under its Notes Guarantee; and (ix) certain events of bankruptcy or insolvency with respect to the Company, or any Significant
Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken as a whole, would constitute a Significant
Subsidiary of the Company.

(b)            
If any Event of Default (other than an Event of Default specified in subsection (i) or (j) of Section 7.01 of the Indenture occurs
and is continuing and has not been waived by the Holders, the Trustee or the Holders of at least 30% in aggregate principal amount of
the then outstanding Notes may declare all the Notes to be due and payable immediately. Upon any such declaration, the Notes shall become
due and payable immediately. Notwithstanding the foregoing, if an Event of Default specified in subsection (i) or (j) of Section 7.01
of the Indenture occurs, all outstanding Notes shall be due and payable immediately without further action or notice. The Holders of at
least a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all of
the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing
Events of Default (except nonpayment of principal, premium, if any, or interest that has become due solely because of the acceleration)
have been cured or waived and all sums paid or advanced by the Trustee under the Indenture and the reasonable compensation, expenses,
disbursements, and advances of the Trustee and its agents and counsel have been paid or deposited with the Trustee or provision therefor
reasonably satisfactory to the Trustee has been made. Holders may not enforce the Indenture or the Notes except as provided in the Indenture.
Subject to certain limitations, Holders of at least a majority in aggregate principal amount of the then outstanding Notes may direct
the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of
Default (except a Default or Event of Default relating to the payment of principal, premium, if any, or interest) if it determines that
withholding notice is in their interest.

(c)            
The Holders of at least a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on
behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except
a continuing Default or Event of Default in the payment of principal, premium, if any, or interest on the Notes (except a rescission of
acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver
of the payment default that resulted from such acceleration).

    	 	A-11	 

     

    

(d)            
In the event of any Event of Default specified in clause (a)(v) above, such Event of Default and all consequences thereof (excluding
any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically
and without any action by the Trustee or the Holders, if within 20 days after such Event of Default arose the Company delivers an Officer’s
Certificate to the Trustee stating that:

(i)        the
Indebtedness or guarantee that is the basis for such Event of Default has been discharged; or

(ii)       holders
thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default;

(iii)       the
annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction; and

(iv)       all
existing Events of Default, except nonpayment of principal, premium or interest on the Notes that became due solely because of the acceleration
of the Notes, have been cured or waived.

(e)            
The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture and the Company
is required, upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or
Event of Default and what action the Company is taking or proposes to take with respect thereto.

15.           
No Recourse Against Others. No past, present or future director, officer, employee or stockholder
of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or any Guarantor under the Indenture
Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may
not be effective to waive liabilities under the United States federal securities laws or other corporate laws, and it is the view of the
SEC that such a waiver is against public policy.

16.           
Authentication. This Note will not be valid until authenticated by the manual signature of
the Trustee or an authenticating agent.

17.           
Trustee Dealings with the Company. 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 any Affiliate of the Company with the same rights it would
have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest as defined by the TIA it must eliminate
such conflict within 90 days or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections
8.10 and 8.11 of the Indenture.

18.           
Governing Law. THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES
THEREOF SHALL GOVERN AND BE USED TO CONSTRUE THIS NOTE AND THE INDENTURE.

    	 	A-12	 

     

    

19.           
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee,
such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and
not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

20.           
CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices
of redemption as a convenience to Holders. No representation is made as to the correctness or accuracy of such numbers either as printed
on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

21.           
Guarantees. The payment of the principal of, premium, if any, and interest on the Notes, is
unconditionally guaranteed, jointly and severally, by the Guarantors to the extent set forth in and subject to the provisions of the Indenture.

22.           
Security. Subject to the terms of the Intercreditor Agreement, the Obligations of the Company
and the Guarantors under the Notes and the Notes Guarantees are secured by Liens on the Collateral pursuant to the terms of the Collateral
Documents. The actions of the Trustee, the Collateral Agent and the Holders and the application of proceeds from the enforcement of any
remedies with respect to such Collateral are limited pursuant to the terms of the Collateral Documents and the Intercreditor Agreement.

The Company will furnish
to any Holder upon written request and without charge a copy of the Indenture, the Collateral Documents and the Intercreditor Agreement.
Requests may be made to the Company at the following address:

CURO Group Holdings Corp.

3527 North Ridge Road

Wichita, Kansas 67205

Attention: Chief Legal Officer

    	 	A-13	 

     

    

Assignment
Form

 

To assign this Note, fill in the form below:

(I) or (we) assign and
transfer this Note to: _____________________________________________

(Insert assignee’s legal name)

 

(Insert assignee’s soc.
sec. or tax I.D. no.)

 

 

 

(Print or type assignee’s
name, address and zip code)

and irrevocably appoint ____________________________________________________________

to transfer this Note on the books of the Company. The agent may substitute another to act for it.

	Date: ____________________	 	 
	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Note)

 

 

 

Signature Guarantee*: ____________________

* Participant in a recognized
Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

    	 	A-14	 

     

    

Option
of Holder to Elect Purchase

If you want to elect to
have this Note purchased by the Company pursuant to Section 5.10 or 5.14 of the Indenture, check the appropriate box below:

☐ Section 5.10
☐ Section 5.14

If you want to elect to
have only part of this Note purchased by the Company pursuant to Section 5.10 or 5.14 of the Indenture, state the amount you elect to
have purchased:

	 	$		 

	Date: ____________________	 	 
	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Note)
	 	Tax Identification No.	 

 

 

Signature Guarantee*: ____________________

* Participant in a
recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

    	 	A-15	 

     

    

Schedule of
Exchanges of Interests 

in the
Global Note*

The initial outstanding
principal amount of this Global Note is $____________. The following exchanges of a part of this Global Note for an interest in another
Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global
Note, have been made:

	
    Date of Exchange
	
    Amount of Decrease
    in Principal Amount of this Global Note
	
    Amount of Increase
    in Principal Amount of this Global Note
	
    Principal Amount
    of this Global Note Following such Decrease or Increase
	
    Signature of Authorized
    Signatory of Trustee or Custodian

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

* This schedule should
be included only if the Note is issued in global form.

 

    	 	A-16	 

     

    

EXHIBIT
B 

Form
of Certificate of Transfer

CURO Group Holdings Corp.

3527 North Ridge Road

Wichita, Kansas 67205

Attention: Chief Legal Officer

 

TMI Trust Company, as Trustee and Registrar

1100 Abernathy Road NE, Suite 480

Atlanta, GA 30328

Attention: Debra Schachel

Telephone No.: 678.221.5898

 

Re: 7.500% Senior
Secured Notes due 2028

Reference is hereby made
to the Indenture, dated as of July 30, 2021 (the “Indenture”), among CURO Group Holdings Corp., a Delaware corporation
(the “Company”), the Guarantors and TMI Trust Company, as Trustee and as Collateral Agent. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.

___________________ (the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $_________
in such Note[s] or interests (the “Transfer”), to _________________ (the “Transferee”), as further
specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

[CHECK ALL THAT APPLY]

1.   ☐ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or
a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under
the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies
that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing
the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities
laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

    	 	B-1	 

     

    

2.   ☐ Check if Transferee will take delivery of a beneficial interest in the Regulation S Global
Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule
903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being
made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or
such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States
or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor
nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii)
the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed
Transfer is being made prior to the expiration of the Restricted Period, the Transfer is not being made to a U.S. Person or for the account
or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the
Securities Act.

3.   ☐ Check
and complete if Transferee will take delivery of a beneficial interest in the AI Global Note or a Restricted Definitive Note pursuant
to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the
transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and
in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly
the Transferor hereby further certifies that (check one):

(a)   ☐
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or

(b)   
☐ such Transfer is being effected to the Company or a Subsidiary thereof;

or

(c)  
 ☐ such Transfer is being effected pursuant to an effective registration statement
under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; 

or

(d)   
☐ such Transfer is being effected to an Accredited Investor and pursuant to an exemption
from the registration requirements of the Securities Act other 

    	 	B-2	 

     

    

than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further
certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer
complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes
and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the
form of Exhibit D to the Indenture and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor
has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the AI Global Note and/or the Restricted Definitive
Notes and in the Indenture and the Securities Act.

4.   ☐
Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive
Note.

(a)  
☐ Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected
pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities
Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

(b)   ☐ Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant
to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation
of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no
longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

(c)   ☐  Check
if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption
from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, 

    	 	B-3	 

     

    

the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

    	 	B-4	 

     

    

This certificate and the
statements contained herein are made for your benefit and the benefit of the Company.

[Insert Name of Transferor]

 

		By:	
	 	 	Name:
	 	 	Title:

 

Dated: _________________

    	 	B-5	 

     

    

Annex
A to Certificate of Transfer

 

1.              
The Transferor owns and proposes to transfer the following:

[CHECK ONE OF (a) OR (b)]

(a)   ☐ a beneficial interest in the:

(i)   
☐ 144A Global Note (CUSIP _________), or

(ii)   ☐ Regulation S Global Note (CUSIP _________), or

(iii)  
☐ AI Global Note (CUSIP _________); or

(b)   
☐ a Restricted Definitive Note.

2.              
After the Transfer the Transferee will hold:

[CHECK ONE]

(a)   ☐
a beneficial interest in the:

(i)   ☐
144A Global Note (CUSIP _________), or

(ii)  ☐
Regulation S Global Note (CUSIP _________), or

(iii)  ☐
AI Global Note (CUSIP _________), or

(iv)  ☐
Unrestricted Global Note (CUSIP _________); or

(b)   ☐
Restricted Definitive Note; or

(c)   ☐
an Unrestricted Definitive Note, 

in accordance with the terms of the Indenture.

    	 		 

     

    

EXHIBIT
C 

Form
of Certificate of Exchange

CURO Group Holdings Corp.

3527 North Ridge Road

Wichita, Kansas 67205

Attention: Chief Legal Officer

 

TMI Trust Company, as Trustee and Registrar

1100 Abernathy Road NE, Suite 480

Atlanta, GA 30328

Attention: Debra Schachel

Telephone No.: 678.221.5898

 

Re: 7.500% Senior
Secured Notes due 2028

Reference is hereby made
to the Indenture, dated as of July 30, 2021 (the “Indenture”), among CURO Group Holdings Corp., a Delaware corporation
(the “Company”), the Guarantors and TMI Trust Company, as Trustee and as Collateral Agent. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.

________________ (the “Owner”)
owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $_________ in such
Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

1.   ☐ Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial
Interests in an Unrestricted Global Note

(a)   ☐ Check
if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In
connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the
“Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global
Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

(b)   ☐
 Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted
Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own 

    	 	C-1	 

     

    

account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

(c)   
☐ Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In
connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note,
the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii)
such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being
acquired in compliance with any applicable blue sky securities laws of any state of the United States.

(d)   ☐
Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note.
In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies
(i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States.

2.   ☐
Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for
Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes

(a)   ☐
Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive
Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive
Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s
own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted
Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed
on the Restricted Definitive Note and in the Indenture and the Securities Act.

(b)   ☐
Check if Exchange is from Restricted Definitive Note
to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note
for a beneficial interest in the [CHECK ONE] ☐144A
Global Note, ☐Regulation
S Global Note, ☐AI
Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the 

    	 	C-2	 

     

    

Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with
any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with
the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

This certificate and the
statements contained herein are made for your benefit and the benefit of the Company.

[Insert Name of Owner]

 

		By:	
	 	 	Name:
	 	 	Title:

Dated: _______________

 

 

 

    	 	C-3	 

     

    

EXHIBIT
D 

Form
of Certificate From

Acquiring Accredited Investor

CURO Group Holdings Corp.

3527 North Ridge Road

Wichita, Kansas 67205

Attention: Chief Legal Officer

 

TMI Trust Company, as Trustee and Registrar

1100 Abernathy Road NE, Suite 480

Atlanta, GA 30328

Attention: Debra Schachel

Telephone No.: 678.221.5898

 

Re: 7.500% Senior
Secured Notes due 2028

Reference is hereby made
to the Indenture, dated as of July 30, 2021 (the “Indenture”), among CURO Group Holdings Corp., a Delaware corporation
(the “Company”), the Guarantors and TMI Trust Company, as Trustee and as Collateral Agent. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.

In connection with our proposed
purchase of $_______________ aggregate principal amount of:

(a)   ☐ a beneficial interest in a Global Note, or

(b)   ☐
a Definitive Note,

we confirm that:

1. We understand that any
subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture
and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in
compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”).

2. We understand that the
offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be
offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we
are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (A) to the Company or any
subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined
therein), (C) to an “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on
its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and an Opinion
of Counsel in form reasonably 

    	 	D-1	 

     

    

acceptable to the Company to the effect that such transfer is in compliance with the Securities Act, (D)
outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule
144 under the Securities Act or (F) pursuant to an effective registration statement under the Securities Act, and we further agree to
provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements
of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein.

3. We understand that, on
any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such certifications,
legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the
foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect.

4. We are an “accredited
investor” (as defined in Rule 501(a) of Regulation D under the Securities Act) and have such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which
we are acting are each able to bear the economic risk of our or its investment.

5. We are acquiring the Notes
or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an “accredited
investor”) as to each of which we exercise sole investment discretion.

You and the Company are entitled
to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative
or legal proceedings or official inquiry with respect to the matters covered hereby.

[Insert Name of Accredited
Investor]

By:____________________________________

Name:

Title:

Dated:_____________

 

 

 

 

    	 	D-2	 

     

    

EXHIBIT
E 

 

 

[Form
of Supplemental Indenture]

SUPPLEMENTAL INDENTURE (this
“Supplemental Indenture”), dated as of [_________], among CURO Group Holdings Corp. (the “Company”),
[_________] (the “New Guarantor”) and TMI Trust Company, as Trustee (the “Trustee”).

W I T N E S E T H

WHEREAS, the Company and
the Guarantors have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of July
30, 2021, providing for the issuance of 7.500% Senior Secured Notes due 2028 (the “Notes”).

WHEREAS, Section 5.17 of
the Indenture provides that under certain circumstances the Company is required to cause the New Guarantor to execute and deliver to the
Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all of the Company’s obligations
under the Indenture Documents pursuant to a Notes Guarantee on the terms and conditions set forth herein;

WHEREAS, Section 10.01(e)
of the Indenture provides, among other things, that the Company and the Trustee may amend or supplement the Indenture Documents without
the consent of any Holder to add Guarantees with respect to the Notes; and

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

1.       CAPITALIZED
TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

2.       AGREEMENT
TO GUARANTEE. The New Guarantor hereby agrees, jointly and severally with all other Guarantors, to Guarantee the Company’s obligations
under the Notes and the Indenture on the terms and subject to the conditions set forth in Article 11 of the Indenture and to be bound
by all other applicable provisions of the Indenture.

3.       EFFECTIVENESS.
This Supplemental Indenture shall be effective upon execution by the parties hereto.

4.       RECITALS.
The recitals contained herein shall be taken as the statements of the Company and the New Guarantor and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture.

    	 	E-1	 

     

    

5.       GOVERNING
LAW. THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF SHALL GOVERN AND BE USED TO CONSTRUE
THIS SUPPLEMENTAL INDENTURE.

6.       COUNTERPART
ORIGINALS. The parties may sign any number of copies of this Supplemental Indenture (including by electronic transmission). Each signed
copy shall be an original, but all of them together represent the same agreement.

7.       EFFECT
OF HEADINGS. The section headings in this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered
a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

[Signatures on following pages]

 

    	 	E-2	 

     

    

SIGNATURES

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

	 	 CURO
GROUP HOLDINGS CORP.

         

	 	

 

  

	 	By:	
	 	 	Name: 
	 	 	Title: 

  

  

		[NEW GUARANTOR]

                                                                     

	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title: 

 

    

    

    

 

		TMI TRUST COMPANY,
as Trustee

                                                                     

	 	 	 
	 	By:	
	 	 	Name: 
	 	 	Title:

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