Ready Capital Corporation S-3 Jul. 24, 2020 4:19 PM | #corporatesecurity |

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Exhibit 4.15


 



Click to enlarge

 

CLIFFORD CHANCE US LLP


 


Dated as of [•], 20[•]


 


 


READY CAPITAL CORPORATION,

as Issuer


 


and


 


U.S. BANK, NATIONAL ASSOCIATION,

as Trustee


 




 


INDENTURE



 




 








 



CROSS-REFERENCE TABLE


 










































Trust Indenture Act Section

 

 

Indenture Section

 

310 (a)(1)

 

 

7.10

 

(a)(2)

 

 

 

7.10

 

(a)(3)

 

 

 

N.A.

 

(a)(4)

 

 

 

N.A.

 

(a)(5)

 

 

 

7.10

 

(b)

 

 

 

7.08;7.10

311 (a)

 

 

7.11

 

(b)

 

 

 

7.11

 

(c)

 

 

 

N.A.

 

312 (a)

 

 

2.07

 

(b)

 

 

 

12.04

 

(c)

 

 

 

12.04

 

313 (a)

 

 

7.06

 

(b)

 

 

 

7.06

 

(c)

 

 

 

7.06;12.03

(d)

 

 

 

7.06

 

314 (a)

 

 

4.02;4.04

(b)

 

 

 

N.A.

 

(c)(1)

 

 

 

12.05

 

(c)(2)

 

 

 

12.05

 

(c)(3)

 

 

 

N.A.

 

(d)

 

 

 

N.A.

 

(e)

 

 

 

12.05

 

(f)

 

 

 

12.05

 

315 (a)

 

 

7.01(b)

(b)

 

 

 

7.05;12.03

(c)

 

 

 

7.01(a)

(d)

 

 

 

7.01(c)

(e)

 

 

 

6.13

 

316 (a) (last sentence)

 

 

 

12.06

 

(a)(1)(A)

 

 

 

6.05

 

(a)(1)(B)

 

 

 

6.04

 

(a)(2)

 

 

 

N.A.

 

(b)

 

 

 

6.08

 

(c)

 

 

 

12.03

 

317 (a)(1)

 

 

6.09

 

(a)(2)

 

 

 

6.10

 

(b)

 

 

 

2.06

 

318 (a)

 

 

12.03

 


 




N.A. means Not Applicable


 








 




Table of Contents

 

 

Page


 




































Article I DEFINITIONS AND INCORPORATION BY REFERENCE

1

 

 

 

Section 1.01.

Definitions

1

Section 1.02.

Incorporation by Reference of Trust Indenture Act

3

Section 1.03.

Rules of Construction

3

 

 

 

Article II THE SECURITIES

4

 

 

Section 2.01.

Form and Dating

4

Section 2.02.

Amount Unlimited; Issuable in Series

4

Section 2.03.

Denominations

5

Section 2.04.

Execution and Authentication

5

Section 2.05.

Registrar and Paying Agent

5

Section 2.06.

Paying Agent to Hold Money in Trust

5

Section 2.07.

Securityholder Lists

6

Section 2.08.

Transfer and Exchange

6

Section 2.09.

Replacement Securities

7

Section 2.10.

Outstanding Securities

7

Section 2.11.

Temporary Securities

7

Section 2.12.

Cancellation

7

Section 2.13.

Defaulted Interest

8

Section 2.14.

CUSIP Numbers

8

 

 

 

Article III REDEMPTION

8

 

 

 

Section 3.01.

Company’s Option to Redeem

8

Section 3.02.

Notices to Trustee

8

Section 3.03.

Selection of Securities to be Redeemed

8

Section 3.04.

Notice of Redemption at the Company’s Option

9

Section 3.05.

Effect of Notice of Redemption

9

Section 3.06.

Deposit of Redemption Price

10

Section 3.07.

Holder’s Right to Require Redemption

10

Section 3.08.

Procedure for Requiring Redemption

10

Section 3.09.

Securities Redeemed in Part

10


 




















































 

 

 

Article IV COVENANTS

11

 

 

 

Section 4.01.

Payment of Securities

11

Section 4.02.

Reporting

11

Section 4.03.

Corporate Existence

11

Section 4.04.

Compliance Certificate

12

Section 4.05.

Further Instruments and Acts

12

 

 

 

Article V SUCCESSOR CORPORATION

12

 

 

 

Section 5.01.

Company may Consolidate, etc., only on Certain Terms

12

Section 5.02.

Successor Corporation Substituted

12

 

 

 

Article VI DEFAULTS AND REMEDIES

13

 

 

 

Section 6.01.

Events of Default

13

Section 6.02.

Acceleration

14

Section 6.03.

Other Remedies

14

Section 6.04.

Waiver of Existing Defaults

15

Section 6.05.

Control by Majority

15

Section 6.06.

Payments of Securities on Default; Suit Therefor

15

Section 6.07.

Limitation on Suits

15

Section 6.08.

Rights of Holders to Receive Payment and to Demand Conversion

16

Section 6.09.

Collection Suit by Trustee

16

Section 6.10.

Trustee May File Proofs of Claim

16

Section 6.11.

Restoration of Positions

16

Section 6.12.

Priorities

17

Section 6.13.

Undertaking for Costs

17

Section 6.14.

Stay, Extension or Usury Laws

17

Section 6.15.

Liability of Stockholders, Officers, Directors and Incorporators

18

 

 

 

Article VII TRUSTEE

18

 

 

 

Section 7.02.

Rights of Trustee

19

Section 7.03.

Individual Rights of Trustee

20

Section 7.04.

Trustee’s Disclaimer

20

Section 7.05.

Notice of Defaults

20

Section 7.06.

Reports by Trustee

21

Section 7.07.

Compensation and Indemnity

21

Section 7.08.

Replacement of Trustee

22

Section 7.09.

Successor Trustee by Merger, Etc

23

Section 7.10.

Eligibility; Disqualification

23

Section 7.11.

Preferential Collection of Claims

23


 








 











































Article VIII DISCHARGE OF INDENTURE

23

 

 

 

Section 8.01.

Termination of the Company’s Obligations

23

Section 8.02.

Application of Trust Money

24

Section 8.03.

Repayment to the Company

24

 

 

 

Article IX AMENDMENTS, SUPPLEMENTS AND WAIVERS

25

 

 

 

Section 9.01.

Without Consent of Holders

25

Section 9.02.

With Consent of Holders

25

Section 9.03.

Compliance with Trust Indenture Act

26

Section 9.04.

Revocation and Effect of Consents

26

Section 9.05.

Notation on or Exchange of Securities

26

Section 9.06.

Trustee to Sign Amendments, Etc

27

 

 

 

Article X CONVERSION OR EXCHANGE OF SECURITIES

27

 

 

 

Section 10.01.

Provisions Relating to Conversion or Exchange of Securities

27

 

 

 

Article XI SINKING OR PURCHASE FUNDS

27

 

 

 

Section 11.01.

Provisions Relating to Sinking or Purchase Funds

27

 

 

 

Article XII MISCELLANEOUS

28

 

 

 

Section 12.01.

Trust Indenture Act Controls

28

Section 12.02.

Supplemental Indentures Contract

28

Section 12.03.

Notices

28

Section 12.04.

Communication by Holders with Other Holders

29

Section 12.05.

Certificate and Opinion as to Conditions Precedent

29

Section 12.06.

When Treasury Securities Disregarded

29

Section 12.07.

Rules by Trustee, Paying Agent, Registrar

30

Section 12.08.

Legal Holidays

30

Section 12.09.

Governing Law and Submission to Jurisdiction; Waiver of Jury Trial

30

Section 12.10.

Actions by the Company

30

Section 12.11.

No Adverse Interpretation of Other Agreements

30

Section 12.12.

Successors

30

Section 12.13.

Duplicate Originals

31

Section 12.14.

Table of Contents, Headings, etc

31

Section 12.15.

U.S.A. PATRIOT Act

31

Section 12.16.

Force Majeure

31


 








 


 



 



This INDENTURE, dated
as of [●], 20[●] between READY CAPITAL CORPORATION (the “Company“), a Maryland corporation having
its principal office at 1151 Avenue of the Americas, 50th Floor, New York, New York 10020, and U.S. BANK, NATIONAL ASSOCIATION
(the “Trustee“), a national banking association organized under the laws of the United States of America which
has its corporate trust office at 60 Livingston Avenue, St. Paul, MN, 55107.


 


Each party agrees as
follows for the benefit of each other party and for the equal and ratable benefit of the Holders of the Company’s debentures, notes
or other evidences of unsecured indebtedness to be issued in one or more series (“Securities“):


 


Article I


 


DEFINITIONS AND INCORPORATION BY REFERENCE


 


Section 1.01.      Definitions.


 


Board Resolution
means a resolution by the Board of Directors, or other body with analogous authority with respect to the Company or any duly authorized
Committee of the Board of Directors or such body, certified by its Secretary or an Assistant Secretary as being duly adopted and
in full force and effect.


 


Business Day
means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a Legal Holiday.


 


Common Stock
means the common stock, par value $.0001 per share, of the Company, as that stock may be reconstituted from time to time.


 


Company
means the Person named as such in this Indenture until a successor replaces it and after that means the successor.


 


Corporate
Trust Office
” means the principal office of the Trustee at which at any particular time its corporate trust business is
principally administered (which at the date of this Indenture is at the location set forth in the first paragraph of this Indenture).


 


Corporation
includes corporations, associations, companies and business trusts.


 


Custodian
has the meaning provided in Section 6.01.


 


Default
means any event which, upon the giving of notice or passage of time, or both, would be an Event of Default.


 


$
means the lawful currency of the United States.


 


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


 


Event of Default
has the meaning provided in Section 6.01.


 








 


Fiscal Year
means the period commencing on January 1 of a year and ending on the next December 31 or such other period (not to exceed
12 months or 53 weeks) as the Company may from time to time adopt as its fiscal year.


 


 


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


 


Indenture
means this Indenture as amended or supplemented from time to time and will include the form and terms of the Securities of each
series established as contemplated by Section 2.01.


 


Interest Payment
Date
” means the date on which an installment of interest on the Securities is due and payable.


 


Legal Holiday
has the meaning provided in Section 12.08.


 


Maturity Date
means the date the principal of Securities is due and payable.


 


Officer
means the Chairman of the Board, any Vice Chairman of the Board, the President, the Chief Executive Officer, the Chief Financial
Officer, any Vice President, the Treasurer, the Secretary, the Controller or any Assistant Secretary of a Person.


 


Officers’
Certificate
” when used with respect to the Company means a certificate signed by two Officers. Each such certificate will
comply with Section 314 of the TIA and include the statements described in Section 12.05.


 


Opinion of
Counsel
” means a written opinion from legal counsel which is reasonably acceptable to the Trustee. That counsel may be
an employee of or counsel to the Company. Each such opinion will include the statements described in Section 12.05 if and
to the extent required by that Section.


 


Paying Agent
has the meaning provided in Section 2.05.


 


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


 


Registrar
has the meaning provided in Section 2.05.


 


SEC
means the Securities and Exchange Commission.


 


Securities
has the meaning provided in the recitals to this Indenture.


 


State
means any state of the United States or the District of Columbia.


 


Subsidiary
means, with respect to the Company, any Person (other than an individual), a majority of the outstanding voting stock, partnership
interests, membership interests or other equity interest, as the case may be, of which is owned or controlled, directly or indirectly,
by the Company or one or more other Subsidiaries of the Company. For the purposes of this definition, “voting stock”
means stock having voting power for the election of directors, trustees or managers, as the case may be, whether at all times or
only so long as no senior class of stock has such voting power by reason of any contingency.


 








 


Supplemental
Indenture
” means an indenture between the Company and the Trustee which supplements this Indenture.


 


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


 


Trustee
means the Person named as such in this Indenture and, subject to the provisions of Article VII, any successor to that person.


 


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


 


United States
means the United States of America.


 


Section 1.02.      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. In addition, the provisions of Sections 310 to and including 317 of the TIA
that impose duties on any person are incorporated by reference in, and form a part of, this Indenture.


 


The following TIA terms
mean the following when used in this Indenture: “Commission” means the SEC; “indenture securities
means the Securities; “indenture security holder” means a Holder; “indenture to be qualified
means this Indenture; “indenture trustee” or “institutional trustee” means the Trustee; and “obligor
on the indenture securities means the Company.


 


All other TIA terms
used in this Indenture that are defined in the TIA, defined in the TIA by reference to another statute or defined by SEC rule have
the meanings assigned to them.


 


Section 1.03.      Rules of
Construction
. Unless the context otherwise requires:


 




 

(a)

a
term has the meaning assigned to it;


 




 

(b)

an
accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles
in the United States;


 




 

(c)

“or”
is not exclusive; and


 




 

(d)

words
in the singular include the plural, and in the plural include the singular.


 








 


Article II


 


THE SECURITIES


 


Section 2.01.         Form and Dating.


 


(a)          The Securities of each series will be substantially in the form established by a Supplemental Indenture relating to the Securities of that series. The Securities may have notations, legends or endorsements required by law, stock exchange rules or usage. The Company will approve the form of the Securities and any notation, legend or endorsement on them. Each Security will be dated the date of its authentication.


 


(b)          The Trustee’s certificate of authentication will
be substantially in the form of Exhibit A.


 


Section 2.02.         Amount
Unlimited; Issuable in Series
. The aggregate principal amount of the Securities which may be authenticated and delivered under
this Indenture is unlimited.


 


The Securities may
be issued in one or more series. Prior to the issuance of Securities of a series, the Company and the Trustee will execute a Supplemental
Indenture which will set forth as to the Securities of that series, to the extent applicable:


 


(a)          the title of the Securities;


 


(b)          any limit upon the aggregate principal amount of
Securities which may be issued;


 


(c)          the date or dates on which the Securities will mature
and the amounts to be paid upon maturity of the Securities;


 


(d)          the rate or rates (which may be fixed or variable)
at which the Securities will bear interest, if any, the dates from which interest will accrue, the dates on which interest will
be payable and the record date for the interest payable on any interest payment date;


 


(e)           the currency
or currencies in which principal, premium, if any, and interest, if any, will be payable;


 


(f)           the place
or places where principal of, premium, if any, and interest, if any, on the Securities will be payable;


 


(g)          any provisions regarding
the right of the Company to redeem Securities or of holders to require the Company to redeem Securities;


 


(h)          the right, if any, of holders of the Securities
to convert them into stock or other securities of the Company, including any provisions intended to prevent dilution of those
conversion rights;


 








 


(i)           any provisions by which the Company will be
required or permitted to make payments to a sinking fund which will be used to redeem Securities or a purchase fund which will
be used to purchase Securities;


 


(j)           the percentage of the principal amount of the Securities
which is payable if maturity of the Securities is accelerated because of a default; and


 


(k)          any other terms of the Securities.


 


Section 2.03.        Denominations.
Unless otherwise provided in the Supplemental Indenture relating to a series of Securities, the Securities of each series will
be issuable in registered form without coupons in denominations of $1,000 and any integral multiple thereof unless otherwise specified
as to any series in the applicable Supplemental Indenture.


 


Section 2.04.        Execution
and Authentication
. One Officer will sign the Securities of each series for the Company by manual or facsimile signature. If
an Officer whose signature is on a Security no longer holds office at the time the Trustee authenticates the Security, the Security
will be valid nonetheless.


 


A Security will not
be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Security. The signature
will be conclusive evidence that the Security has been authenticated under this Indenture.


 


Section 2.05.        Registrar
and Paying Agent
. The Company will maintain an office or agency where Securities of each series may be presented for conversion,
registration of transfer or for exchange (the “Registrar“) and an office or agency where Securities of each series
may be presented for payment (“Paying Agent“). The Registrar will keep a register of the Securities of each series
and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The
term “Paying Agent” includes any additional paying agent.


 


The Company will enter
into an appropriate agency agreement with any Registrar, Paying Agent or co-registrar not a party to this Indenture which will
incorporate the terms of the TIA. The agreement will implement the provisions of this Indenture that relate to that agent. The
Company will notify the Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar or Paying
Agent, the Trustee will act as such. The Company or any Subsidiary may act as Paying Agent, Registrar, co-registrar or transfer
agent.


 


The Company initially
appoints the Trustee to act as Registrar and Paying Agent in connection with the Securities of each series, except in instances
in which the Supplemental Indenture relating to a series of Securities appoints a different Registrar or Paying Agent.


 


Section 2.06.      Paying
Agent to Hold Money in Trust
. Prior to each due date of the principal of, premium, if any, or interest, if any, on any Security,
the Company will deposit with the Paying Agent a sum sufficient to pay that principal, premium or interest when due. The Paying
Agent will hold in trust for the benefit of the Holders of the Securities of a series, and if the Paying Agent is not the Trustee,
in trust for the benefit of the Trustee, all sums held by the Paying Agent for the payment of principal, premium or interest on
the Securities of that series and, in the case of a Paying Agent other than the Trustee, the Paying Agent will give the Trustee
notice of any default by the Company in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it will segregate
the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section,
the Paying Agent will have no further liability for the money.


 








 


Section 2.07.      Securityholder
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 the Holders of the Securities of each series. If the Trustee is not the Registrar, the Company will
furnish to the Trustee in writing (a) at least five Business Days before each Interest Payment Date and (b) at such other
times as the Trustee may request in writing, all information in the possession or control of the Company or its Paying Agent as
to the names and addresses of Holders of the Securities of a series; provided, however, that if the provisions
of (a) and (b) do not provide for the furnishing of such information at stated intervals of not more than six months,
at least as frequently as semiannually.


 


Section 2.08.      Transfer
and Exchange
. Unless otherwise provided in the Supplemental Indenture relating to Securities of a series, Securities which
are issued in registered form will be transferred only upon the surrender of the Securities for registration of transfer. When
a Security is presented to the Registrar or a co-registrar with a request to register a transfer, the Registrar will register the
transfer as requested if the requirements of Article VIII of the New York Uniform Commercial Code are met. When Securities
are presented to the Registrar or a co-registrar with a request to exchange them for an equal principal amount of Securities of
the same series of other denominations, the Registrar will make the exchange as requested if the same requirements are met. To
permit registration of transfers and exchanges, the Company will execute and the Trustee will authenticate Securities at the Registrar’s
or co-registrar’s request. The Company will not charge a fee for transfers or exchanges.


 


The Company will not
be required to make, and the Registrar need not register, transfers or exchanges of (i) Securities selected for redemption
(except, in the case of Securities to be redeemed in part, transfers or exchanges of the portion of the Securities not to be redeemed)
or (ii) any Securities of a series for a period of 15 days before the first mailing of a notice of the Securities of that
series which are to be redeemed.


 


Prior to the due presentation
for registration or transfer of any Security which was issued in registered form, the Company, the Trustee, the Paying Agent, the
Registrar or any co-registrar may deem and treat the person in whose name the Security is registered as the absolute owner of the
Security for all purposes, and none of the Company, the Trustee, the Paying Agent, the Registrar or any co-registrar will be affected
by notice to the contrary.


 


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


 








 


Section 2.09.      Replacement
Securities
. If a mutilated Security which had been issued in registered form is surrendered to the Registrar or if the Holder
presents evidence to the satisfaction of the Company and the Trustee that a Security which had been issued in registered form has
been lost or destroyed, the Company will issue and the Trustee will authenticate a replacement Security of the same series if the
requirements of Section 8-405 of the New York Uniform Commercial Code are met and the Holder satisfies any other reasonable
requirements of the Trustee. The replacement Security will not be issued until the Holder furnishes an indemnity bond sufficient
in the judgment of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent and the Registrar or any co-registrar
from any loss which any of them may suffer if the Security is replaced. The Company may charge the Holder for its expenses in replacing
a Security.


 


Every replacement Security
will be an obligation of the Company, even if the replaced Security is subsequently found.


 


Section 2.10.      Outstanding
Securities
. The Securities outstanding at any time will be all the Securities authenticated by the Trustee, except those cancelled
by it, those delivered to it for cancellation and those described in this Section as not outstanding. A Security does not
cease to be outstanding because the Company or its affiliate holds the Security.


 


If a Security is replaced
pursuant to Section 2.09, it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them
that the replaced Security is held by a protected purchaser (in which case the replaced Security will be treated as outstanding
to the extent permitted by Section 8-210 of the New York Uniform Commercial Code).


 


If the Paying Agent
(other than the Company or a Subsidiary) segregates and holds in trust, in accordance with this Indenture, on a redemption date
or Maturity Date money sufficient to pay all principal, premium, if any, and interest, if any, payable on that date with respect
to the Securities to be redeemed or maturing, as the case may be, then on that date those Securities will cease to be outstanding
and interest on them will cease to accrue.


 


Section 2.11.      Temporary
Securities
. Until definitive Securities of a series are ready for delivery, the Company may prepare and the Trustee will authenticate
temporary Securities of that series. Temporary Securities will be substantially in the form of definitive Securities but may have
variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company will prepare
and the Trustee will authenticate definitive Securities and deliver them in exchange for temporary Securities.


 


Section 2.12.      Cancellation.
The Company at any time may deliver Securities of a series to the Trustee for cancellation and the Trustee will reduce accordingly
the aggregate amount of the Securities of that series which are outstanding. The Registrar and the Paying Agent will forward to
the Trustee any Securities surrendered to them for registration of transfer, exchange, payment, or conversion. The Trustee and
no one else will cancel and dispose of (subject to the record retention requirements of the Exchange Act) all Securities surrendered
for registration of transfer, exchange, payment, conversion or cancellation and deliver evidence of such disposal to the Company.
Subject to Section 2.09, the Company may not issue new Securities of a series to replace Securities of the series it has redeemed,
paid, converted or delivered to the Trustee for cancellation.


 








 


Section 2.13.      Defaulted
Interest
. If the Company defaults in a payment of interest on the Securities of a series, it will pay defaulted interest (plus
interest on such defaulted interest to the extent lawful) to the persons who are Holders of the Securities of that series on a
subsequent special record date, which date will be at least five Business Days prior to the payment date. The Company will fix
the special record date and payment date, and, at least 15 days before the special record date, the Company will mail to each Holder
of Securities of that series a notice that states the special record date, the payment date and the amount of defaulted interest
and any interest on that defaulted interest which is to be paid. Notwithstanding the foregoing, the Company may pay defaulted interest
in any other lawful manner.


 


Section 2.14.      CUSIP
Numbers
. The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the
Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that the Trustee shall
have no liability for any defect in the “CUSIP” numbers as they appear on the any Security, notice or elsewhere, and,
provided further that any such notice may state that no representation is made as to the correctness of such numbers either as
printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.
The Company will promptly notify the Trustee in writing of any change in the “CUSIP” numbers.


 


Article III


 


REDEMPTION


 


Section 3.01.      Company’s
Option to Redeem
. The Company will have the option to redeem Securities of a series only to the extent, if any, and only on
the terms, set forth in the Supplemental Indenture relating to the Securities of that series. If the Company has the option to
redeem Securities of a series, unless otherwise provided in the Supplemental Indenture relating to the series, the terms of the
redemption will include those set forth in Sections 3.02 through 3.06.


 


Section 3.02.      Notices
to Trustee
. If the Company elects to redeem Securities of a series, it will notify the Trustee of the redemption date and the
principal amount and series of Securities to be redeemed. The Company will give each notice provided for in this Section at
least 45 days before the redemption date. If fewer than all the Securities of a series are to be redeemed, the record date for
determining which Securities of the series are to be redeemed will be selected by the Company, which will give notice of the record
date to the Trustee at least 15 days before the record date.


 


Section 3.03.      Selection
of Securities to be Redeemed
. If fewer than all the Securities of a series are to be redeemed at the Company’s option, the
Trustee will select the Securities of that series to be redeemed by lot or, in its sole discretion, pro-rata or in accordance with
the customary procedures of the depository. The Trustee will make the selection from outstanding Securities of that series not
previously called for redemption. The Trustee may select for redemption portions of the principal of Securities that have denominations
larger than the minimum denomination in which Securities of the applicable series may be issued. Securities and portions of Securities
the Trustee selects will be in amounts equal to the minimum denomination in which Securities of the applicable series may be issued
and multiples of that amount. Provisions of this Indenture that apply to Securities called for redemption also apply to portions
of Securities called for redemption. The Trustee will notify the Company promptly of the Securities or portions of Securities to
be redeemed.


 








 


Section 3.04.      Notice
of Redemption at the Company’s Option
. At least 30 days and not more than 60 days before a date set for redemption at the Company’s
option, the Company will mail a notice of redemption by first-class mail to each Holder of Securities to be redeemed in whole or
in part.


 


The notice will identify
the principal amount and series of each Security (including the CUSIP number) to be redeemed and will state:


 


(a)           the redemption date;


 


(b)          the redemption price plus accrued interest, if any;


 


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


 


(d)          that Securities called for
redemption in whole or in part must be surrendered to the Paying Agent to collect the redemption price plus accrued interest,
if any;


 


(e)          any conditions precedent to such redemption;


 


(f)           that, subject to any applicable conditions precedent, unless
the Company defaults in making the redemption payment, interest on Securities (or portions of Securities) called for redemption
will cease to accrue on the redemption date and, if applicable, that those Securities (or the portions of then called for redemption)
will cease on the redemption date (or such other date as is provided in the Supplemental Indenture relating to the Securities)
to be convertible into, or exchangeable for, other securities or assets;


 


(g)          if applicable, the current
conversion or exchange price; and


 


(h)          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 Securities.


 


At the Company’s request,
pursuant to an Officers’ Certificate delivered to the Trustee at least 37 days prior to the redemption date, the Trustee will give
the notice of redemption in the Company’s name and at the Company’s expense. In such event, the Company will provide the Trustee
with the information required by clauses (1) through (3) and (6).


 


Section 3.05.      Effect
of Notice of Redemption
. Once notice of redemption is mailed, Securities, or portions of Securities called for redemption will
become due and payable on the redemption date and at the redemption price. Notice of redemption may, at the Company’ option and
discretion, be subject to one or more conditions precedent. Subject to any such conditions precedent, (i) upon surrender to
the Paying Agent, those Securities will be paid at the redemption price, plus accrued and unpaid interest to the redemption date
and (ii) on and after the date fixed for redemption (unless the Company defaults in the payment of the redemption price, together
with interest accrued to the redemption date) interest on the Securities, or portions of them, which are redeemed will cease to
accrue and any right to convert those Securities into, or exchange them for, other securities or assets will terminate and those
Securities will cease to be convertible or exchangeable. Failure to give notice or any defect in the notice to any Holder will
not affect the validity of the notice to any other Holder.


 








 


Section 3.06.      Deposit
of Redemption Price
. No later than 10:00 a.m. Eastern Time on the redemption date specified in a notice of redemption,
the Company will deposit with the Paying Agent (or, if the Company or a Subsidiary is the Paying Agent, segregate and hold in trust)
money sufficient to redeem on the redemption date all the Securities called for redemption on that redemption date at the appropriate
redemption price, together with accrued interest to the redemption date, other than Securities or portions of Securities called
for redemption which have been delivered by the Company to the Trustee for cancellation or Securities which have been surrendered
for conversion or exchange. If any Securities called for redemption are converted or exchanged, any money deposited with the Paying
Agent for redemption of those Securities will be paid to the Company upon its request, or, if the money is held in trust by the
Company or a Subsidiary as Paying Agent, the money will be discharged from the trust.


 


Section 3.07.      Holder’s
Right to Require Redemption
. Holders of Securities of a series will have the right to require the Company to redeem those Securities
only to the extent, and only on the terms, set forth in the Supplemental Indenture relating to the Securities of that series. If
Holders of Securities of a series have the right to require the Company to redeem those Securities, unless otherwise provided in
the Supplemental Indenture relating to the Securities of that series, the terms of the redemption will include those set forth
in Section 3.08.


 


Section 3.08.      Procedure
for Requiring Redemption
. If a Holder has the right to require the Company to redeem Securities, to exercise that right, the
Holder must deliver the Securities to the Paying Agent, endorsed for transfer and with the form on the reverse side entitled “Option
to Require Redemption” completed. Delivery of Securities to the Paying Agent as provided in this Section will constitute
an irrevocable election to cause the specified principal amount of Securities to be redeemed. When Securities are delivered to
the Paying Agent as provided in this Section, unless the Company fails to make the payments due as a result of the redemption within
20 days after the Securities are delivered to the Paying Agent as provided in this Section interest on the Securities will
cease to accrue and, if the Securities are convertible or exchangeable, the Holder’s right to convert or exchange the Securities
will terminate.


 


The Company’s determination
of all questions regarding the validity, eligibility (including time of receipt) and acceptance of any Security for redemption
will be final and binding.


 


Section 3.09.      Securities
Redeemed in Part
. Upon surrender of a Security that is redeemed in part, the Company will execute and the Trustee will authenticate
and deliver to the Holder (at the Company’s expense) a new Security equal of the same series in principal amount equal to the unredeemed
portion of the Security which was surrendered.


 








 


Article IV


 


COVENANTS


 


Section 4.01.      Payment
of Securities
. The Company will promptly pay or cause to be paid the principal of, premium, if any, and interest, if any, on
each of the Securities of a series at the places and time and in the manner provided in the Securities and in the Supplemental
Indenture relating to the series. An installment of principal, premium or interest will be considered paid on the date it is due
if the Trustee or Paying Agent holds on that date in accordance with this Indenture or the applicable Supplemental Indenture money
designated for and sufficient to pay the installment then due.


 


The Company will pay
or cause to be paid interest on overdue principal at the rate specified in the Securities; it will also pay interest on overdue
installments of interest at the same rate (or such other rate as is provided in the applicable Supplemental Indenture), to the
extent lawful.


 


Section 4.02.      Reporting.


 


(a)            To
the extent any Securities of a series are outstanding, the Company shall deliver to the Trustee within 15 days after it files them
with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any
of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant
to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA Section 314(a).
Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee as of
the time of such filing via EDGAR for purposes of this Section 4.02, provided, however, that the Trustee shall have no obligation
whatsoever to determine whether or not such reports, information or documents have been filed pursuant to the “EDGAR”
system.


 


(b)            The
Trustee shall not be under a duty to review or evaluate any report or information delivered to the Trustee pursuant to the provisions
of this Section 4.02 for the purposes of making such reports available to it and to the Holders of Securities of any Series who
may request such information. Delivery of such reports, information and documents to the Trustee as may be required under this
Section 4.02 is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Company’s compliance with
any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).


 


Section 4.03.      Corporate
Existence
. Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in
full force and effect its corporate existence, rights (charter and statutory) and franchises; provided, however,
that the Company will not be required to preserve any such right or franchise if the Board of Directors determines that
the preservation of the right or franchise is no longer desirable in the conduct of the business of the Company and that its loss
will not be disadvantageous in any material respect to the Holders of Securities of any series.


 








 


Section 4.04.      Compliance
Certificate
. The Company will deliver to the Trustee within 120 days after the end of each fiscal year of the Company (which
fiscal year ends on December 31) an Officers’ Certificate stating that in the course of the performance by the signers of
their duties as Officers of the Company they would normally have knowledge of any default by the Company and whether or not the
signers know of any default that occurred during the fiscal year. If they do, the certificate will describe the default, its status
and what action the Company is taking or proposes to take with respect thereto. The Company also will comply with TIA Section 314(a)(4).


 


Section 4.05.      Further
Instruments and Acts
. Upon request of the Trustee, the Company will execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.


 


Article V


 


SUCCESSOR CORPORATION


 


Section 5.01.      Company
May Consolidate, Etc., Only on Certain Terms
. The Company will not consolidate with or merge into any other corporation
or convey, transfer or lease its properties and assets substantially as an entirety to any person, unless:


 


(a)            the
corporation formed by the consolidation or into which the Company is merged or the person which acquires by conveyance or transfer,
or which leases, the properties and assets of the Company substantially as an entirety will be a corporation organized and existing
under the laws of the United States of America, a State of the United States of America or the District of Columbia and expressly
assumes, by a one or more supplemental indentures, executed and delivered to the Trustee, in form satisfactory to the Trustee,
the due and punctual payment of the principal of, premium, if any, and interest, if any, on all the Securities of each series and
the performance of every covenant of this Indenture and of all Supplemental Indentures to be performed or observed by the Company;


 


(b)            immediately
after giving effect to the transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become
an Event of Default, will have occurred and be continuing; and


 


(c)            the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the consolidation, merger,
conveyance, transfer or lease and the supplemental indenture (or the supplemental indentures together) comply with this Article and
that all the conditions precedent relating to the transaction set forth in this Section have been fulfilled.


 


Section 5.02.      Successor
Corporation Substituted
. Upon any event described in Section 5.01, the successor corporation will succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture and all the Supplemental Indentures relating to
outstanding series of Securities, and the predecessor corporation will be relieved of all obligations and covenants under this
Indenture and each of those Supplemental Indentures.


 








 


Article VI


 


DEFAULTS AND REMEDIES


 


Section 6.01.      Events
of Default
. An “Event of Default” occurs if:


 


(a)          The
Company defaults in the payment of interest on any Security of any series when it becomes due and payable and the default continues
for a period of 30 days (or such other period, which may be no period) as is specified in the Supplemental Indenture relating to
the series;


 


(b)          The
Company defaults in the payment of the principal of, or premium, if any, on any Security of any series as and when it becomes due
and payable at its stated maturity or upon redemption, acceleration or otherwise and, if provided in the Supplemental Indenture
relating to a series, the default continues for a period specified in the Supplemental Indenture;


 


(c)          The
Company fails to comply with any of its other covenants or agreements with regard to Securities of a series or this Indenture (other
than a covenant or agreement, a default in whose performance or whose breach is dealt with specifically elsewhere in this Section)
and that failure continues for a period of 60 days after the date of the notice specified below;


 


(d)           the
Company, pursuant to any Bankruptcy Law applicable to the Company:


 


(i)           commences a voluntary case;


 


(ii)          consents to the entry of an order for relief against
it in an involuntary case;


 


(iii)         consents to the appointment of a Custodian of
it or for any substantial part of its property; or


 


(iv)         makes a general assignment for the benefit of its
creditors; or


 


(e)           a court of competent jurisdiction enters an order
or decree under any applicable Bankruptcy Law:


 


(i)           for relief
in an involuntary case;


 


(ii)          appointing a Custodian of the Company or
for any substantial part of its property; or


 


(iii)         ordering its winding
up or liquidation; and the order or decree remains unstayed and in effect for 90 days.


 


Each of the occurrences
described in clauses (a) through (e) will constitute an Event of Default whatever the reason for the occurrence and whether
it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body.


 








 


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


 


 


A Default under clause
(c) of this Section is not an Event of Default until the Trustee notifies the Company, or the Holders of at least 25%
in principal amount of the then outstanding Securities of a series with regard to which the Company has failed to comply with a
covenant or agreement notify the Company and the Trustee, of the Default and the Company does not cure the Default within 60 days
after the giving of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a
Notice of Default.”


 


A Default under clause
(a), (b) or (c) with regard to Securities of a series will not constitute a Default with regard to Securities of any
other series except to the extent, if any, provided in the Supplemental Indenture relating to the other series.


 


The Company will deliver
to the Trustee, within 20 days after it occurs, written notice in the form of an Officers’ Certificate of any event of which the
Company is aware which with the giving of notice and the lapse of time would become an Event of Default under clause (3), its status
and what action the Company is taking or proposes to take with respect to it.


 


Section 6.02.      Acceleration.
If an Event of Default as to the Securities of a series occurs and is continuing, unless the principal of all of the Securities
of the series has already become due and payable, the Trustee by notice to the Company, or the Holders of at least 25% in aggregate
principal amount of the Securities of the series then outstanding by notice to the Company and the Trustee, may declare the principal
of and accrued interest, if any, on all the Securities of the series to be due and payable. Upon such a declaration, that principal
and interest will be due and payable immediately. If an Event of Default specified in Section 6.01(d) or (e) occurs,
the principal of, premium, if any, and accrued interest, if any, on all the Securities will automatically become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Securityholders. The Holders of a majority
in principal amount of the Securities of a series then outstanding, on behalf of the Holders of all the Securities of the series,
by written notice to the Trustee may rescind an acceleration and its consequences if all existing Events of Default have been cured
or waived except nonpayment of principal, premium, if any, or interest, if any, that has become due solely because of acceleration,
and if the rescission would not conflict with any judgment or decree. No such rescission will affect any subsequent default or
impair any consequent right.


 


Section 6.03.      Other
Remedies
. If an Event of Default as to a series occurs and is continuing, the Trustee may pursue any available remedy to collect
the payment of principal of, premium, if any, and interest, if any, on the Securities of the series or to enforce the performance
of any provision under this Indenture or any applicable Supplemental Indenture.


 


The Trustee may maintain
a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default will not impair the right
or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available
remedies are cumulative.


 








 


Section 6.04.      Waiver
of Existing Defaults
. The Holders of a majority in aggregate principal amount of the Securities of a series then outstanding,
on behalf of the Holders of all the Securities of that series, by written notice to the Trustee may consent to the waiver of any
past Default with regard to Securities of the series and its consequences except (i) a default in the payment of interest
or premium, if any, on, or the principal of, Securities of the series, or (ii) a default in respect of a covenant or a provision
that under Section 9.02 cannot be modified or amended without the consent of the Holders of all Securities of the series then
outstanding. The defaults described in clauses (i) and (ii) in the previous sentence may be waived with the consent of
the Holders of all Securities of the series then outstanding. When a Default or Event of Default is waived, it is deemed cured
and not continuing, but no waiver will extend to any subsequent or other Default or impair any consequent right.


 


Section 6.05.      Control
by Majority
. The Holders of a majority in principal amount of the Securities of a series then outstanding may direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee with regard to the Securities of that series
or of exercising any trust or power conferred on the Trustee with regard to the Securities of that series. However, the Trustee
may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee
determines is unduly prejudicial to the rights of other Securityholders or that would involve the Trustee in personal liability;
provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent
with such direction. Prior to taking any action as a result of a direction given under this Section, the Trustee will be entitled
to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking that
action.


 


Section 6.06.      Payments
of Securities on Default; Suit Therefor
. The Company covenants that upon the occurrence of an Event of Default described in
Section 6.01(a) or (b), then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the
holders of the Securities in all series, the whole amount that will then have become due and payable on all such Securities for
principal, premium, if any, and interest, with interest on the overdue principal and premium, if any, and (to the extent that payment
of such interest is enforceable under applicable law) on the overdue installments of interest at the rate borne by the Securities
in all series; and, in addition, such further amount as will be sufficient to cover the costs and expenses of collection, including
a reasonable compensation to the Trustee, its agents, attorneys and counsel, and any expenses or liabilities incurred by the Trustee
hereunder other than through its negligence or willful misconduct. Until such demand by the Trustee, the Company may pay the principal
of and premium, if any, and interest on the Securities of all series to the registered Holders, whether or not the Securities in
that series are overdue.


 


Section 6.07.      Limitation
on Suits
. A Securityholder may not pursue any remedy with respect to this Indenture unless:


 


(a)            the
Holder gives to the Trustee written notice stating that an Event of Default as to a series is continuing;


 


(b)            the
Holders of at least 25% in principal amount of the Securities of the series then outstanding make a written request to the Trustee
to pursue the remedy;


 








 



 


(c)            such
Holder or Holders offer 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 of security or indemnity, and
the Event of Default has not been waived; and


 


(e)            the
Trustee has received no contrary direction from the Holders of a majority in principal amount of the Securities of the series then
outstanding during such 60-day period.


 


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


 


Section 6.08.           Rights
of Holders to Receive Payment and to Demand Conversion
. Notwithstanding any other provision of this Indenture, the right of
any Holder of a Security of any series to receive payment of principal of, premium, if any, and interest, if any, on the Security
(and interest on overdue principal and interest on overdue installments of interest, if any, as provided in Section 4.01),
on or after the respective due dates expressed in the Security or, in the case of redemption, on or after the redemption date,
or in the case of conversion or exchange, to receive the security issuable upon conversion or exchange or to institute suit for
the enforcement of any such payment, conversion or exchange on or after the applicable due date, redemption date or conversion
or exchange date, as the case may be, against the Company, will not be impaired or affected without the consent of the Holder.


 


Section 6.09.           Collection
Suit by Trustee
. If an Event of Default in payment of principal, premium, if any, or interest, if any, specified in clause
(1) or (2) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee
of an express trust against the Company for the whole amount of principal, premium, if any, and interest remaining unpaid (together
with interest on that unpaid interest to the extent lawful) and the amounts provided for in Section 7.07.


 


Section 6.10.           Trustee
May File Proofs of Claim
. The Trustee may file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee and the Holders of the Securities of any or all series allowed in any
judicial proceedings relative to the Company, its creditors or its property and, unless prohibited by law or applicable regulations,
may vote on behalf of the Holders in any election of a trustee in bankruptcy or other person performing similar functions, and
any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, if the
Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee
under Section 7.07.


 


Section 6.11.           Restoration
of Positions
. If a judicial proceeding by the Trustee or a Securityholder to enforce any right or remedy under this Indenture
or any Supplemental Indenture is dismissed or decided favorably to the Company, except as otherwise provided in the judicial proceeding,
the Company, the Trustee and the Securityholders will be restored to the positions they would have been in if the judicial proceeding
had not been instituted.


 








 


Section 6.12.           Priorities.
If the Trustee collects any money pursuant to this Article VI with respect to Securities of a series, subject to Article XI,
it will pay out the money or property in the following order:


 


FIRST: to the
Trustee and its attorneys and agents for amounts due under Section 7.07;


 


SECOND: to Securityholders
for amounts due and unpaid on the Securities of the series for principal and interest, ratably, without preference or priority
of any kind, according to the amounts due and payable on the Securities of the series for principal and interest, respectively;
and


 


THIRD: to the
Company.


 


The Trustee may fix
a record date and payment date for any payment to Holders of Securities of a series pursuant to this Section. At least 15 days
before the record date, the Company will mail to each Holder of Securities of the series and the Trustee a notice that states the
record date, the payment date and the amount to be paid.


 


Section 6.13.          Undertaking
for Costs
. In any suit for the enforcement of any right or remedy under this Indenture or any Supplemental Indenture, or in
any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing
by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits
and good faith of the claims or defenses made by the party litigant. This Section 6.13 does not apply to a suit by the Trustee,
a suit by a Holder pursuant to Section 6.07, or a suit by Holders of in aggregate more than 10% in principal amount of the
Securities of a series then outstanding, or to any suit instituted by any Holder for the enforcement of the payment of the principal
of, premium, if any, or interest on any Security held by that Holder on or after the due date provided in the Security or to any
suit for the enforcement of the right to convert or exchange any Security in accordance with the provisions of a Supplemental
Indenture applicable to that Security.


 


Section 6.14.          Stay,
Extension or Usury Laws
. The Company agrees (to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead, or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage
of, any stay or extension law or any usury or other law, wherever enacted, now or at any subsequent time in force, which would
prohibit or forgive the Company from paying all or any portion of the principal of, premium, if any, and/or interest on any of
the Securities as contemplated in this Indenture or a Supplemental Indenture, or which may affect the covenants or performance
of this Indenture, and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage
of any such law and agrees that it will not hinder, delay or impede the execution of any power granted to the Trustee in this Indenture
or any Supplemental Indenture, but (to the extent that it may lawfully do so) will suffer and permit the execution of any such
power as though no such law had been enacted.


 








 


Section 6.15.           Liability
of Stockholders, Officers, Directors and Incorporators
. No stockholder, officer, director or incorporator, as such, past, present
or future, of the Company, or any of its successor corporations, will have any personal liability in respect of the Company’s obligations
under this Indenture or any Securities by reason of his or its status as such stockholder, officer, director or incorporator; provided,
however, that nothing in this Indenture or in the Securities will prevent recourse to and enforcement of the liability
of any stockholder or subscriber to capital stock in respect of shares of capital stock which have not been fully paid up.


 


Article VII


 


TRUSTEE


 


Section 7.01.          Duties
of Trustee
.


 


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


 


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


 


(i)            the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and any Supplemental
Indentures and no implied covenants or obligations will be read into this Indenture or any Supplemental Indenture against the Trustee;
and


 


(ii)           the
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed in them, upon certificates
or opinions furnished to the Trustee and conforming to the requirements of this Indenture in the absence of willful misconduct
on the Trustee’s part; provided, however, that the Trustee will examine the certificates and opinions to determine
whether or not they substantially conform to the requirements of this Indenture (but need not confirm or investigate the accuracy
of mathematical calculations or other facts stated therein).


 


(c)            The
Trustee may not be relieved from liability 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 paragraph (b) of this Section 7.01;


 


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


 


(iii)          the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05; and


 








 


(iv)            the
Trustee will not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of
its duties under this Indenture or any Supplemental Indenture or in the exercise of any of its rights or powers, if it has reasonable
grounds to believe repayment of the funds or adequate indemnity against the risk or liability is not reasonably assured to it.


 


 


(d)            Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject
to the provisions of this Section 7.01 and to the provisions of the TIA.


 


(e)            The
Trustee may refuse to perform any duty or exercise any right or power unless it receives 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 and Government Obligations held in trust by the Trustee need not be segregated from other funds or items except to the extent
required by law.


 


(g)            The
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the holders of not less than a majority in principal amount of the Securities at the time outstanding given pursuant
to Section 6.05 of this Indenture, relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture or any Supplemental Indenture.


 


Section 7.02.          Rights
of Trustee
.


 


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


 


(b)            Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both which conforms
to Section 12.05. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such
an Officers’ Certificate or Opinion of Counsel.


 


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


 


(d)            The
Trustee will not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within
its rights or powers, except conduct which constitutes willful misconduct or negligence.


 


(e)            The
Trustee may consult with counsel of its selection, and the Trustee will not be liable for any action it takes or omits in reliance
on, and in accordance with, the advice of counsel and in good faith.


 








 


(f)            The
Trustee will not be required to investigate any facts or matters stated in any document, but if it decides to investigate any matters
or facts, the Trustee or its agents or attorneys will be entitled to examine the books, records and premises of the Company at
the expense of the Company, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.


 


(g)            The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Securities and this Indenture.


 


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


 


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


 


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


 


Section 7.03.           Individual
Rights of Trustee
. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may
otherwise deal with the Company or any of its affiliates with the same rights it would have if it were not Trustee. Any Paying
Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Sections
7.10 and 7.11.


 


Section 7.04.           Trustee’s
Disclaimer
. The Trustee (i) is not responsible for and makes no representation as to the validity or adequacy of this
Indenture, (ii) will not be responsible for and will not make any representation as to the validity or adequacy of any Supplemental
Indenture, (iii) will not be accountable for the Company’s use of the proceeds from the Securities of any series, and (iv) will
not be responsible for any statement of the Company in this Indenture or any Supplemental Indenture, other than the Trustee’s certificate
of authentication, or in any prospectus used in the sale of any of the Securities, other than statements, if any, provided in writing
by the Trustee for use in such a prospectus.


 


Section 7.05.           Notice
of Defaults
. The Trustee will give to the Holders of the Securities of a series notice of any Default with regard to the Securities
of that series actually known to a Trust Officer, within 90 days after receipt of such knowledge and in the manner and to the
extent provided in TIA Section 313(c), and otherwise as provided in Section 12.03 of this Indenture; provided,
however, that, except in the case of a Default in the payment of the principal of, or premium, if any, or interest
on any Security, the Trustee will be protected in withholding notice of the Default if and so long as it in good faith determines
that the withholding of the notice is in the interests of the Holders of the Securities of the series.


 








 


Section 7.06.           Reports
by Trustee
. Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, the
Trustee will mail to each Securityholder, if any, at the name and address which appears on the registration books of the Company,
and to each Securityholder who has, within the two years preceding the mailing, filed that person’s name and address with the Trustee
for that purpose and each Securityholder whose name and address have been furnished to the Trustee pursuant to Section 2.07,
a brief report dated as of that May 15 which complies with TIA Section 313(a) Reports to Securityholders pursuant
to this Section 7.06 shall be transmitted in the manner and to the extent provided in TIA Section 313(c) The Trustee
also will comply with TIA Section 313(b).


 


A copy of each report
will at the time of its mailing to Securityholders as required be filed with each stock exchange on which Securities are listed,
if any, and also with the SEC. The Company will promptly notify the Trustee in writing when the Securities of any series are listed
on any stock exchange and of any delisting of Securities of any series.


 


Section 7.07.          Compensation
and Indemnity
. The Company will pay to the Trustee from time to time such compensation for its services as mutually agreed
to in writing. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The
Company will reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs
of collection, in addition to the compensation for its services. Those expenses will include the reasonable compensation and expenses,
disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company will indemnify the Trustee against
any and all loss, liability, claims (whether asserted by the Company, a holder or any other person) or expense (including reasonable
attorneys’ fees and expenses) incurred by it in connection with the administration of the trust created by this Indenture or any
Supplemental Indenture and the performance of its duties under this Indenture or any Supplemental Indenture. 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 under this Section. The Company will defend the claim and the Trustee may have separate
counsel and the Company will pay the 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. The Company need not reimburse any expense or indemnify against
any loss, expense or liability incurred by the Trustee to the extent it is due to the Trustee’s own willful misconduct or negligence.


 


To secure the Company’s
obligation to make payments to the Trustee under this Section 7.07, the Trustee will have a lien prior to the Securities on
all money or property held or collected by the Trustee, other than money or property held in trust to pay principal or interest
on particular Securities. Those obligations of the Company will 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 clause (d) or (e) of Section 6.01 occurs, the
expenses and the compensation for the services of the Trustee are intended to constitute expenses of administration under any Bankruptcy
Law.


 








 


For purposes of this
Section 7.07, “Trustee” will include any predecessor Trustee, but the willful misconduct, negligence or bad faith
of any Trustee will not affect the rights of any other Trustee under this Section 7.07.


 


Section 7.08.          Replacement
of Trustee
. The Trustee may resign at any time by so notifying the Company. The Holders of a majority in aggregate principal
amount of the Securities of all series then outstanding may remove the Trustee by so notifying the Trustee and the Company and
may appoint a successor Trustee. The Company may remove the Trustee if:


 


(a)            the
Trustee fails to comply with Section 7.10;


 


(b)            the
Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any bankruptcy law;


 


(c)            a
receiver or other 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 a majority in aggregate principal amount of Securities
of all series then outstanding may appoint a successor Trustee to replace the successor Trustee appointed by the Company.


 


No removal or appointment
of a Trustee will be valid if that removal or appointment would conflict with any law applicable to the Company.


 


A successor Trustee
will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring
Trustee will, subject to the lien provided for in Section 7.07, transfer all property held by it as a Trustee to the successor
Trustee, 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 and all Supplemental Indentures. A successor Trustee will mail notice
of its succession to each Securityholder.


 


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 a majority in aggregate principal amount of Securities of all series then outstanding may petition any court of competent
jurisdiction, at the expense of the Company, for the appointment of a successor Trustee.


 


If the Trustee fails
to comply with Section 7.10, any Securityholder may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.


 


Notwithstanding the
replacement of the Trustee pursuant to this Section, the Company’s obligations under Section 7.07 will continue for the benefit
of the retiring Trustee.


 








 


Section 7.09.          Successor
Trustee by Merger, Etc
. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of
its corporate trust assets to, another Person, the resulting, surviving or transferee Person will, without any further act, be
the successor Trustee.


 


If at the time a successor
by merger, conversion or consolidation to the Trustee succeeds to the trusts created by this Indenture any of the Securities have
been authenticated but not delivered, the successor to the Trustee may adopt the certificate of authentication of the predecessor
Trustee, and deliver the Securities which were authenticated by the predecessor Trustee; and if at that time any of the Securities
have not been authenticated, the successor to the Trustee may authenticate those Securities in its own name as the successor to
the Trustee; and in either case the certificates of authentication will have the full force provided in this Indenture for certificates
of authentication.


 


Section 7.10.           Eligibility;
Disqualification
. The Trustee will at all times satisfy the requirements of TIA Section 310(a). The Trustee will at all
times have (or shall be a member of a bank holding company system whose parent corporation has) a combined capital and surplus
of at least $50,000,000 as set forth in its most recently published annual report of condition, which will be deemed for this paragraph
to be its combined capital and surplus. The Trustee will comply with TIA Section 310(b).


 


Section 7.11.           Preferential
Collection of Claims
. The Trustee will comply with TIA Section 311(a), excluding any creditor relationship listed in
TIA Section 311(b). A Trustee who has resigned or been removed will be subject to TIA Section 311(a) to the extent
indicated.


 


Article VIII


 


DISCHARGE OF INDENTURE


 


Section 8.01.           Termination
of the Company’s Obligations
. When (i) the Company delivers to the Trustee all outstanding Securities of all series (other
than Securities replaced pursuant to Section 2.09) for cancellation or (ii) all outstanding Securities of all series
have become due and payable, or are due and payable within one year or are to be called for redemption within one year, under arrangements
satisfactory to the Trustee for giving the notice of redemption, and the Company irrevocably deposits in trust with the Trustee
(subject to Article XI) money or U.S. Government Obligations sufficient to pay the principal, premium, if any, and interest,
if any, on the Securities of all series to maturity or redemption, as the case may be, and if, in the case of either (i) or
(ii) above the Company also pays or causes to be paid all other sums payable by the Company under this Indenture, then this
Indenture will cease to be of further effect.


 


Notwithstanding the
foregoing, the Company’s obligations to pay principal, premium, if any, and interest, if any, on the Securities and the Company’s
obligations in Sections 2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08 and in Article X will survive until all the Securities of
all series are no longer outstanding. Thereafter, the Company’s obligations in Section 7.07 will survive.


 








 


Before or after a deposit
the Company may make arrangements satisfactory to the Trustee for the redemption of Securities of a series at a future date to
the extent the Securities are redeemable in accordance with Article III and the applicable Supplemental Indenture.


 


After a deposit pursuant
to this Section 8.01 or after all outstanding Securities of all series have been delivered to the Trustee for cancellation,
the Trustee upon written request from the Company, accompanied by an Officers’ Certificate and an Opinion of Counsel which complies
with Section 12.05, and at the cost of the Company, will acknowledge in writing the satisfaction and discharge of the Company’s
obligations under the Securities of all series and this Indenture except for those surviving obligations specified above.


 


In order to have money
available on payment dates to pay principal, premium, if any, or interest, if any, on the Securities of a series, the U.S. Government
Obligations will be payable as to principal, premium, if any, or interest on or before those payment dates in amounts sufficient
to provide the necessary money. U.S. Government Obligations used for this purpose may not be callable at the issuer’s option.


 


U.S. Government
Obligations
” means:


 


(a)            direct
obligations of the United States for the payment of which its full faith and credit is pledged;


 


or


 


(b)            obligations
of a person controlled or supervised by and acting as an agency or instrumentality of the United States the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States.


 


Section 8.02.          Application
of Trust Money
. Subject to Article XI and Section 8.03, the Trustee will hold in trust money or U.S. Government
Obligations deposited with it pursuant to Section 8.01. It will apply the deposited money and the money from the U.S. Government
Obligations through the Paying Agent and in accordance with this Indenture and any applicable Supplemental Indentures to the payment
of principal of, premium, if any, and interest, if any, on the Securities with regard to which the money or U.S. Government Obligations
were deposited.


 


Section 8.03.          Repayment
to the Company
. The Trustee and the Paying Agent will promptly pay to the Company upon written request any excess money or
securities held by them at any time. The Trustee and the Paying Agent will, subject to applicable escheatment laws, pay to the
Company upon written request any money held by them for the payment of principal, premium or interest that remains unclaimed for
two years. After such payment, the Holder of any Securities shall thereafter look to the Company for any payment which such Holder
may be entitled to collect, and all liability of the Trustee and the Paying Agent with respect to that money will cease.


 








 


Article IX


 


AMENDMENTS, SUPPLEMENTS AND WAIVERS


 


Section 9.01.           Without
Consent of Holders
. The Company and the Trustee may amend or supplement this Indenture or the Securities without notice to
or consent of any Securityholder:


 


(a)            to
cure any ambiguity, defect or inconsistency, or to conform any provision hereof to any provision under the heading “Description
of Debt Securities” in the applicable prospectus, in each case as evidenced in an Officers’ Certificate;


 


(b)            to
comply with Article V;


 


(c)            to
establish the form and terms of the Securities of any series as contemplated in Article II of this Indenture;


 


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


 


(e)            to
make any change that does not materially adversely affect the rights of any Securityholder.


 


After an amendment
under this Section becomes effective, the Company will mail to the Securityholders a notice briefly describing the amendment.
The failure to give such notice to all Securityholders, or any defect in a notice, will not impair or affect the validity of an
amendment under this Section.


 


Section 9.02.          With
Consent of Holders
. The Company and the Trustee may (i) amend or supplement this Indenture or the Securities without notice
to any Securityholder but with the written consent of the Holders of a majority in aggregate principal amount of the Securities
of all series then outstanding or (ii) supplement this Indenture with regard to a series of Securities, amend or supplement
a Supplemental Indenture relating to a series of Securities, or amend the Securities of a series, without notice to any Securityholder
but with the written consent of the Holders of a majority in aggregate principal amount of the Securities of that series then outstanding.
The Holders of a majority in principal amount of the Securities of all series then outstanding may waive compliance by the Company
with any provision of this Indenture or the Securities without notice to any Securityholder. The Holders of a majority in principal
amount of the Securities of any series then outstanding may waive compliance with any provision of this Indenture, any Supplemental
Indenture or the Securities of that series with regard to the Securities of that series without notice to any Securityholder. However,
without the consent of the Holder so affected, no amendment, supplement or waiver, including a waiver pursuant to Section 6.04,
may:


 


(a)            extend
the fixed maturity of any Security, reduce the rate or extend the time for payment of interest on any Security, reduce the principal
amount of any Security or premium, if any, on any Security;


 


(b)            impair
or affect the right of a Holder to institute suit for the payment of interest, if any, principal or premium, if any, on the Securities;


 








 


(c)            change
the currency in which the Securities are payable from that specified in the Securities or in a Supplemental Indenture applicable
to the Securities;


 


(d)            impair
the right, if any, to convert the Securities into, or exchange the Securities for, other securities or assets;


 


(e)            reduce
the percentage of Securities required to consent to an amendment, supplement or waiver;


 


(f)             reduce
the amount payable upon the redemption of any Security or change the time at which any Security may or will be redeemed;


 


(g)            modify
the provisions of any Supplemental Indenture with respect to subordination of the Securities of a series in a manner adverse to
the Securityholders; or


 


(h)            make
any change in Section 6.04 or 6.08 or the fourth sentence of this Section.


 


It will not be necessary
for the consent of the Holders under this Section to approve the particular form of any proposed amendment, supplement or
waiver, but it will be sufficient if the consent approves the substance of the amendment, supplement or waiver.


 


Section 9.03.          Compliance
with Trust Indenture Act
. Every amendment or supplement to this Indenture, any Supplemental Indenture or the Securities will
comply with the TIA as then in effect.


 


Section 9.04.          Revocation
and Effect of Consents
. A consent to an amendment, supplement or waiver by a Holder of a Security will bind the Holder and
every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security,
even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent
as to the Holder’s Security or portion of a Security. For a revocation to be effective, the Trustee must receive written notice
of the revocation before the date the amendment, supplement or waiver becomes effective. After an amendment, supplement or waiver
becomes effective in accordance with its terms, it will bind every Holder of every Security of every series to which it applies.


 


Section 9.05.           Notation
on or Exchange of Securities
. If an amendment changes the terms of a series of Securities, the Trustee may require the Holder
of a Security of the series to deliver the Holder’s Security to the Trustee, who will place an appropriate notation about the
amendment, supplement or waiver on the Security and will return it to the Holder. Alternatively, the Company may, in exchange
for the Security, issue, and the Trustee will authenticate, a new Security that reflects the amendment, supplement or waiver.


 








 


Section 9.06.           Trustee
to Sign Amendments, Etc
. The Trustee will sign any amendment, supplement or waiver authorized pursuant to Article II
or this Article IX if the amendment, supplement or waiver does not adversely affect the rights, liabilities or immunities
of the Trustee. If it does adversely affect those rights, liabilities or immunities, the Trustee may but need not sign it. The
Company may not sign an amendment or supplement until the amendment or supplement is approved by an appropriate Board Resolution.
A Board Resolution authorizing the creation of one or more series of Securities pursuant to Article II may provide that,
prior to the issuance of any such series, any or all terms of such series may be set forth in or determined in the manner provided
in an Officers’ Certificate. In executing any Supplemental Indenture permitted by this Article the Trustee shall receive,
and shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of
such Supplemental Indenture is authorized or permitted by this Indenture and that such Supplemental Indenture is the legal, valid
and binding obligation of the Company, enforceable against the Company in accordance with its terms.


 


Article X


 


CONVERSION OR EXCHANGE OF SECURITIES


 


Section 10.01.         Provisions
Relating to Conversion or Exchange of Securities
. Any rights which Holders of Securities of a series will have to convert
those Securities into other securities of the Company or to exchange those Securities for securities of other Persons or other
assets, including but not limited to the terms of the conversion or exchange and the circumstances, if any, under which those
terms will be adjusted to prevent dilution or otherwise, will be set forth in a Supplemental Indenture relating to the series
of Securities. In the absence of provisions in a Supplemental Indenture relating to a series of Securities setting forth rights
to convert or exchange the Securities of that series into or for other securities or assets, Holders of the Securities of that
series will not have any such rights.


 


Article XI


 


SINKING OR PURCHASE FUNDS


 


Section 11.01.         Provisions
Relating to Sinking or Purchase Funds
. Any requirements that the Company make, or rights of the Company to make at its option,
payments prior to maturity of the Securities of a series which will be used as a fund with which to redeem or to purchase Securities
of that series, including but not limited to provisions regarding the amount of the payments, when the Company will be required,
or will have the option, to make the payments and when the payments will be applied, will be set forth in a Supplemental Indenture
relating to the series of Securities. In the absence of provisions in a Supplemental Indenture relating to a series of Securities
setting forth requirements that the Company make, or rights of the Company to make at its option, payments to be used as a fund
with which to redeem or purchase Securities of the series, the Company will not be subject to any such requirements and will not
have any such rights. However, unless otherwise specifically provided in a Supplemental Indenture relating to a series of Securities,
the Company will at all times have the right to purchase Securities from Holders in market transactions or otherwise.


 








 


Article XII


 


MISCELLANEOUS


 


Section 12.01.         Trust
Indenture Act Controls
. If any provision of this Indenture or any Supplemental Indenture limits, qualifies or conflicts with
the duties imposed by Sections 310 through 317 of the TIA, the imposed duties will control.


 


Section 12.02.        Supplemental
Indentures Contract
. If any provision of a Supplemental Indenture relating to a series of Securities is inconsistent with
any provision of this Indenture, the provision of the Supplemental Indenture will control with regard to the Securities of the
series to which it relates.


 


Section 12.03.         Notices.
Any notice or communication under or relating to this Indenture or any Supplemental Indenture will be sufficiently given if in
writing and delivered in person, emailed to the address that follows or mailed by first-class mail, certified or registered, overnight
delivery return receipt requested, addressed as follows:


 












if to the Company:

Ready Capital Corporation

 

1151 Avenue of the Americas, 50th Floor

 

New York, New York 10020

 

Attention: Chief Financial Officer

 

 

 

Email: AAhlborn@waterfallam.com

 

 

if to the Trustee:

U.S. Bank, National Association,

 

60 Livingston Avenue St. Paul, MN 55107

 

Attention: Global Corporate Trust Services


 


Either the Company
or the Trustee by a notice to the other may designate additional or different addresses for subsequent notices or communications.


 


Any notice or communication
mailed to a Securityholder will be mailed to the Securityholder at the Securityholder’s address as it appears on the registration
books of the Registrar and will be sufficiently given to the Securityholder if so mailed within the time prescribed.


 


Failure to mail a notice
or communication to a Securityholder or any defect in it will not affect its sufficiency with respect to other Securityholders.
If a notice or communication is emailed or mailed in the manner provided above, it is duly given, whether or not the addressee
receives it.


 


If by reason of the
suspension of regular mail service, or by reason of any other cause, it is impossible to mail any notice as required by this Indenture
or any Supplemental Indenture, then any method of notification which is approved by the Trustee will constitute a sufficient mailing
of the notice.


 


The Company may set
a record date for purposes of determining the identity of Securityholders entitled to vote or consent to any action by vote or
consent authorized or permitted by Sections 6.04 and 6.05. The record date will be the later of 30 days prior to the first solicitation
of consents or the date of the most recent list of Holders furnished to the Trustee pursuant to Section 2.07 prior to the
solicitation.


 








 


Section 12.04.        Communication
by Holders with Other Holders
. Securityholders may communicate pursuant to TIA Section 312(b) with other Securityholders
with respect to their rights under this Indenture or the Securities. Each of the Company, the Trustee, the Registrar and anyone
else will have the protection of TIA Section 312(c).


 


Section 12.05.        Certificate
and Opinion as to Conditions Precedent
. Upon any request or application by the Company to the Trustee to take any action under
this Indenture or any Supplemental Indenture, the Company will furnish to the Trustee:


 


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


 


(b)            an
Opinion of Counsel stating that, in the opinion of such counsel, all those conditions precedent have been complied with; and


 


(c)            such
other opinions and certificates as may be required by applicable provisions of this Indenture or the Supplemental Indenture.


 


Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture or a Supplemental Indenture will
include (i) a statement that the person making the certificate or opinion has read the covenant or condition; (ii) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in the certificate or opinion are based; (iii) a statement that, in the opinion of the person giving the certificate or opinion,
that person has made such examination or investigation as is necessary to enable that person to express an informed opinion as
to whether or not the covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion
of that person, the condition or covenant has been complied with. Nothing in this Section 12.05 will be construed as requiring
that the Company furnish to the Trustee any evidence of compliance with the conditions and covenants provided for in this Indenture
or any Supplemental Indenture other than the evidence specified in this Section 12.05.


 


Section 12.06.        When
Treasury Securities Disregarded
. In determining whether the Holders of the required principal amount of Securities have concurred
in any direction, waiver or consent, Securities owned by the Company, or anyone under direct or indirect control or under direct
or indirect common control with the Company will be disregarded and deemed not to be outstanding, except that for the purposes
of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Securities which
a Trust Officer of the Trustee actually knows are so owned will be so disregarded. Securities so owned which have been pledged
in good faith will not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act
with respect to the Securities and that the pledgee is not the Company or a person directly or indirectly controlling or controlled
by, or under common control with, the Company. Nothing in this Section 12.06 will be construed as requiring that the Company
furnish to the Trustee any evidence of compliance with the conditions and covenants provided for in the Indenture other than the
evidence specified in this Section 12.06.


 








 


Section 12.07.        Rules by
Trustee, Paying Agent, Registrar
. The Trustee may make reasonable rules for action by or at a meeting of Securityholders.
The Paying Agent or Registrar may make reasonable rules for its functions.


 


Section 12.08.         Legal
Holidays
. A “Legal Holiday” is a Saturday, a Sunday, or a day on which banking institutions are not required
to be open in the State of New York. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place
on the next succeeding day that is not a Legal Holiday, and no interest on the sum being paid will accrue for the intervening period.


 


Section 12.09.        Governing
Law and Submission to Jurisdiction; Waiver of Jury Trial
. The laws of the State of New York will govern this Indenture, each
Supplemental Indenture and the Securities. The Company submits to the jurisdiction of the courts of the State of New York sitting
in the Borough of Manhattan, City of New York, and of the United States District Court for the Southern District of New York,
in any action or proceeding to enforce any of its obligations under this Indenture or any Supplemental Indenture or with regard
to the Securities, and agrees not to seek a transfer of any such action or proceeding on the basis of inconvenience of the forum
or otherwise (but the Company will not be prevented from removing any such action or proceeding from a state court to the United
States District Court for the Southern District of New York). The Company agrees that process in any such action or proceeding
may be served upon it by registered mail or in any other manner permitted by the rules of the court in which the action or
proceeding is brought.


 


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


 


Section 12.10.         Actions
by the Company
. Any action or proceeding brought by the Company to enforce any right, assert any claim or obtain any relief
in connection with this Indenture, any Supplemental Indenture or the Securities will be brought by the Company exclusively in
the courts of the State of New York sitting in the Borough of Manhattan, City of New York or in the United States District Court
for the Southern District of New York.


 


Section 12.11.         No
Adverse Interpretation of Other Agreements
. Neither this Indenture nor any Supplemental Indenture may be used to interpret
another indenture, loan or debt agreement of the Company or any Subsidiary. No such indenture, loan or debt agreement may be used
to interpret this Indenture or any Supplemental Indenture.


 


Section 12.12.         Successors.
All agreements of the Company in this Indenture, any Supplemental Indentures and the Securities will bind its successors. All
agreements of the Trustee in this Indenture and any Supplemental Indentures will bind its successors.


 








 


Section 12.13.         Duplicate
Originals
. The parties may sign any number of copies of this Indenture or any Supplemental Indenture. Each signed copy will
be an original, but all of them together will represent the same agreement. The exchange of copies of this Indenture or any Supplemental
Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Indenture or any Supplemental Indenture as to the parties hereto and may be used in lieu of the original Indenture or any Supplemental
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes.


 


Section 12.14.         Table
of Contents, Headings, etc
. The table of contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only. They are not to be considered a part of this Indenture, and
will in no way modify or restrict any of the terms or provisions of this Indenture.


 


Section 12.15.         U.S.A.
PATRIOT Act.
The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request
in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act.


 


Section 12.16.        Force
Majeure.
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances.


 








 


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


 













 

READY CAPITAL CORPORATION

 

 

 

By:

 

 

 

Name: [●]

 

 

Title: [●]

 

 

 

U.S. BANK NATIONAL ASSOCIATION, as Trustee

 

 

 

By:

   

 

 

Name: [●]

 

 

Title: [●]


 








 


EXHIBIT A


 


FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


This is one of the
Securities of the series described in the within-mentioned Indenture and Supplemental Indenture.


 








 

U.S. Bank, National Association,
as Trustee

 

 

 

By:

 

 

 

Authorized Signatory

 

 

 

Dated:


 






 



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