Common use of Form of Senior Note Clause in Contracts

Form of Senior Note. Any Senior Note issued hereunder shall be in substantially the following form: ANTHRACITE CAPITAL, INC. Senior Note due 2016 No. $ ANTHRACITE CAPITAL, INC., a corporation organized and existing under the laws of Maryland (hereinafter called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [ ], or registered assigns, the principal sum of [PRINCIPAL AMOUNT] ($[ ]) [IF THE SENIOR NOTE IS A GLOBAL SENIOR NOTE, THEN INSERT: or such other principal amount represented hereby as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Indenture] on December 30, 2016. The Company further promises to pay interest on said principal sum from and including June 30, 2009 (the “Initial Payment Date”) to but excluding September 30, 2009, on the date hereof, and from and including September 30, 2009 or the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears to but excluding and on March 30, June 30, September 30 and December 30 of each year, commencing December 30, 2009, or if any such day is not a Business Day, on the next succeeding Business Day (and no interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after such Interest Payment Date until such next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on the Interest Payment Date, (i) at the initial rate of 1.25% per annum (the “Initial Rate”) from and including the Initial Payment Date until but excluding the earlier of (A) October 30, 2013 and (B) the first date on which the aggregate outstanding principal amount of the Senior Secured Debt is less than or equal to $4,000,000 (such earlier date, the “Final Modification Date”; the period commencing on the date of the Indenture and ending on the Final Modification Date, the “Modification Period”) and (ii) at the rate of 7.20% per annum (the “Final Rate”) from and including the Final Modification Date until the principal amount hereof is paid or duly provided for or made available for payment; provided that any overdue principal, premium, if any, and any overdue installment of interest shall bear Additional Interest at the same rate per annum as in effect from time to time per the terms of the Indenture (to the extent that the payment of such interest shall be legally enforceable), compounded quarterly, from and including the dates such amounts are due to but excluding the dates such amounts are paid or made available for payment, and such interest shall be payable on demand. The Company shall, within five (5) Business Days of the occurrence of the Final Modification Date, provide notice thereof to the Trustee in the form of an Officers’ Certificate. The amount of interest payable for any interest period shall be computed on the basis of a three hundred sixty (360)-day year of twelve (12) thirty (30)-day months and the amount payable for any partial period shall be computed on the basis of the actual number of days elapsed in a three hundred sixty (360)-day year of twelve (12) thirty (30)-day months. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on the Regular Record Date for such interest installment. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Senior Notes may be listed, traded or quoted and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided in the Indenture. Payment of principal of, premium, if any, and interest on this Senior Note shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal, premium, if any, and interest due at the Maturity of this Senior Note shall be made at the Place of Payment upon surrender of such Senior Notes to the Paying Agent, and payments of interest shall be made, subject to such surrender where applicable, by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Paying Agent at least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Senior Note Register. Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. [FORM OF REVERSE OF SECURITY] This Senior Note is one of a duly authorized issue of senior notes of the Company (the “Senior Notes”) issued under the Indenture, dated as of October 30, 2009 (the “Indenture”), between the Company and Xxxxx Fargo Bank, N.A., as Trustee (in such capacity, the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Notes, and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered. All terms used in this Senior Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Company may, on any date, at its option, upon not less than thirty (30) days’ nor more than sixty (60) days’ written notice to the Holders of the Senior Notes (unless a shorter notice period shall be satisfactory to the Trustee) subject to the terms and conditions of Article XI of the Indenture, redeem this Senior Note in whole at any time or in part from time to time at an Optional Redemption Price in an amount equal to (i) prior to December 30, 2012, the sum of the present values, discounted to the date fixed as the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve thirty (30) day months), at a rate equal to the sum of the applicable Treasury Rate plus fifty (50) basis points, of (A) the outstanding principal amount of the Senior Notes and (B) the interest payments which would become due after such Redemption Date but for such redemption until the Stated Maturity, it being understood that if the interest rate in effect on the Redemption Date is the Initial Rate, then the interest rate at which the interest payments that would have become due from on or after the Redemption Date until, and excluding, December 30, 2013, shall be considered to be the Initial Rate, and (ii) on or after December 30, 2012, the lesser of (A) the amount calculated pursuant to clause (i) of this definition and (B) the following dollar price values for each $1,000 of principal amount of Senior Notes: from December 30, 2012 to December 29, 2013, $1040; from December 30, 2013 to December 29, 2014, $1030; from December 30, 2014 to December 29, 2015, $1020; from December 30, 2015 to December 29, 2016, $1010; together, in the case of both clauses (i) and (ii), with accrued and unpaid interest, including any Additional Interest, to but excluding the date fixed as the Redemption Date. In the event of redemption of this Senior Note in part only, a new Senior Note or Senior Notes for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. If less than all the Senior Notes are to be redeemed, the particular Senior Notes to be redeemed shall be selected not more than sixty (60) days prior to the Redemption Date by the Trustee from the Outstanding Senior Notes not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Senior Note. The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Senior Notes, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Senior Notes. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Senior Notes, on behalf of the Holders of all Senior Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any Senior Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Senior Note. No reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium, if any, and interest, including any Additional Interest (to the extent legally enforceable), on this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Senior Note is restricted to transfers to “Qualified Purchasers” (as such term is defined in the Investment Company Act of 1940, as amended) and is registrable in the Securities Register, upon surrender of this Senior Note for registration of transfer at the office or agency of the Company maintained for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar and duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Senior Notes, of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. The Senior Notes are issuable only in registered form without coupons in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Senior Note is registered as the owner hereof for all purposes, whether or not this Senior Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. The Company and, by its acceptance of this Senior Note or a beneficial interest herein, the Holder of, and any Person that acquires a beneficial interest in, this Senior Note agree that, for United States federal, state and local tax purposes, it is intended that this Senior Note constitute indebtedness. This Senior Note shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than Section 5–1401 of the General Obligations Law).

Form of Senior Note. Any Senior Note issued hereunder shall be in substantially the following form: ANTHRACITE CAPITAL, INC. Senior Note due 2016 No. $ ANTHRACITE CAPITAL, INC., a corporation organized and existing under the laws of Maryland (hereinafter called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [ [_____________], or registered assigns, the principal sum of [PRINCIPAL AMOUNT] ($[ [____________]) [IF THE SENIOR NOTE IS A GLOBAL SENIOR NOTE, THEN INSERT: or such other principal amount represented hereby as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Indenture] on December October 30, 2016. The Company further promises to pay interest on said principal sum from and including June 30October 4, 2009 (the “Initial Payment Date”) to but excluding September 302006, 2009, on the date hereof, and or from and including September 30, 2009 or the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears to but excluding and on March January 30, June April 30, September July 30 and December October 30 of each year, commencing December October 30, 20092006, or if any such day is not a Business Day, on the next succeeding Business Day (and no interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after such Interest Payment Date until such next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on the Interest Payment Date, (i) at the initial a fixed rate of 1.25equal to 7.22% per annum (the “Initial Rate”) from and including the Initial Payment Date until but excluding the earlier of (A) October 30annum, 2013 and (B) the first date on which the aggregate outstanding principal amount of the Senior Secured Debt is less than or equal to $4,000,000 (such earlier date, the “Final Modification Date”; the period commencing on the date of the Indenture and ending on the Final Modification Date, the “Modification Period”) and (ii) at the rate of 7.20% per annum (the “Final Rate”) from and including the Final Modification Date until the principal amount hereof is paid or duly provided for or made available for payment; provided provided, that any overdue principal, premium, if any, and any overdue installment of interest shall bear Additional Interest at the same a fixed rate equal to 7.22% per annum as in effect from time to time per the terms of the Indenture (to the extent that the payment of such interest shall be legally enforceable), compounded quarterly, from and including the dates such amounts are due to but excluding the dates such amounts are paid or made available for payment, and such interest shall be payable on demand. The Company shall, within five (5) Business Days of the occurrence of the Final Modification Date, provide notice thereof to the Trustee in the form of an Officers’ Certificate. The amount of interest payable for any interest period shall be computed on the basis of a three hundred sixty (360)-day year of twelve (12) thirty (30)-day months and the amount payable for any partial period shall be computed on the basis of the actual number of days elapsed in a three hundred sixty (360)-day year of twelve (12) thirty (30)-day months. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on the Regular Record Date for such interest installment. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Senior Notes may be listed, traded or quoted and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided in the Indenture. During an Event of Default, the Company shall not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any Equity Interests of the Company, (ii) vote in favor of or permit or otherwise allow any of its Subsidiaries to declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to or otherwise retire, any preferred Equity Interests of such Subsidiaries or other Equity Interests entitling the holders thereof to a stated rate of return (for the avoidance of doubt, whether such preferred Equity Interests are perpetual or otherwise), or (iii) make any payment of principal of or any interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank pari passu in all respects with or junior in interest to the Senior Notes (other than (A) repurchases, redemptions or other acquisitions of Equity Interests of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors or consultants, in connection with a dividend reinvestment or Equity Interests purchase plan or in connection with the issuance of Equity Interests in the Company (or securities convertible into or exercisable for such Equity Interests) as consideration in an acquisition transaction entered into prior to the applicable Event of Default, (B) as a result of an exchange, conversion reclassification or combination of any class or series of the Company’s Equity Interests (or any Equity Interests in a Subsidiary of the Company) for any class or series of the Company’s Equity Interests or of any class or series of the Company’s indebtedness for any class or series of the Company’s Equity Interests, (C) the purchase of fractional interests in the Equity Interests of the Company pursuant to the conversion or exchange provisions of such Equity Interests or the security being converted or exchanged, (D) any declaration of a dividend in connection with any Rights Plan, the issuance of rights, Equity Interests or other property under any Rights Plan or the redemption or repurchase of rights pursuant thereto or (E) any dividend in the form of Equity Interests, warrants, options or other rights where the dividend Equity Interest or the Equity Interest issuable upon exercise of such warrants, options or other rights is the same Equity Interest as that on which the dividend is being paid or ranks pari passu with or junior to such Equity Interest). Payment of principal of, premium, if any, and interest on this Senior Note shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal, premium, if any, and interest due at the Maturity of this Senior Note shall be made at the Place of Payment upon surrender of such Senior Notes to the Paying Agent, and payments of interest shall be made, subject to such surrender where applicable, by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Paying Agent at least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Senior Note Register. Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. [FORM OF REVERSE OF SECURITY] This Senior Note is one of a duly authorized issue of senior notes of the Company (the “Senior Notes”) issued under the Indenture, dated as of October 304, 2009 2006 (the “Indenture”), between the Company and Xxxxx Fargo Bank, N.A., as Trustee (in such capacity, the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Notes, and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered. All terms used in this Senior Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Company may, on any date, at its option, upon not less than thirty (30) days’ nor more than sixty (60) days’ written notice to the Holders of the Senior Notes (unless a shorter notice period shall be satisfactory to the Trustee) subject to the terms and conditions of Article XI of the Indenture, redeem this Senior Note in whole at any time or in part from time to time at an Optional Redemption Price in an amount equal to (i) prior to December October 30, 2012, the sum of the present values, discounted to the date fixed as the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve thirty (30) day months), at a rate equal to the sum of the applicable Treasury Rate plus fifty (50) basis pointspoints , of (A) the outstanding principal amount of the Senior Notes and (B) the interest payments which would become due after such Redemption Date but for such redemption until the Stated Maturity, it being understood that if the interest rate in effect on the Redemption Date is the Initial Rate, then the interest rate at which the interest payments that would have become due from on or after the Redemption Date until, and excluding, December 30, 2013, shall be considered to be the Initial Rate, Maturity and (ii) on or after December October 30, 2012, the lesser of (A) the amount calculated pursuant to clause (i) of this definition and (B) the following dollar price values for each $1,000 of principal amount of Senior Notes: from December October 30, 2012 to December October 29, 2013, $1040; from December October 30, 2013 to December October 29, 2014, $1030; from December October 30, 2014 to December October 29, 2015, $1020; from December October 30, 2015 to December October 29, 2016, $1010; together, in the case of both clauses (i) and (ii), with accrued and unpaid interest, including any Additional Interest, to but excluding the date fixed as the Redemption Date. In the event of redemption of this Senior Note in part only, a new Senior Note or Senior Notes for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. If less than all the Senior Notes are to be redeemed, the particular Senior Notes to be redeemed shall be selected not more than sixty (60) days prior to the Redemption Date by the Trustee from the Outstanding Senior Notes not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Senior Note. The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Senior Notes, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Senior Notes. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Senior Notes, on behalf of the Holders of all Senior Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any Senior Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Senior Note. No reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium, if any, and interest, including any Additional Interest (to the extent legally enforceable), on this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Senior Note is restricted to transfers to “Qualified Purchasers” (as such term is defined in the Investment Company Act of 1940, as amended) and is registrable in the Securities Register, upon surrender of this Senior Note for registration of transfer at the office or agency of the Company maintained for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar and duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Senior Notes, of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. The Senior Notes are issuable only in registered form without coupons in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Senior Note is registered as the owner hereof for all purposes, whether or not this Senior Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. The Company and, by its acceptance of this Senior Note or a beneficial interest herein, the Holder of, and any Person that acquires a beneficial interest in, this Senior Note agree that, for United States federal, state and local tax purposes, it is intended that this Senior Note constitute indebtedness. This Senior Note shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than Section 5–1401 5-1401 of the General Obligations Law).

Form of Senior Note. Any Senior Note issued hereunder shall be in substantially the following form: ANTHRACITE CAPITALMPT Operating Partnership, INC. L.P. Senior Note due 2016 CUSIP No. $ ANTHRACITE CAPITAL___________ No. _____________ $__________ MPT Operating Partnership, INC.L.P., a corporation limited partnership organized and existing under the laws of Maryland Delaware (hereinafter called the “"Company,” " which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [ ]_______________, or registered assigns, the principal sum of $__________ DOLLARS [PRINCIPAL AMOUNT] ($[ ]) [IF THE SENIOR NOTE IS A GLOBAL SENIOR NOTEif the Senior Note is a Global Senior Note, THEN INSERT: then insert-- or such other principal amount represented hereby as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Indenture] on December July 30, 20162016 (the "Stated Maturity")]. The Company further promises to pay interest on said principal sum from and including June 30_______, 2009 (the “Initial Payment Date”) to but excluding September 30200__, 2009, on the date hereof, and or from and including September 30, 2009 or the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears arrears, to but excluding and on March 30January 30th, June 30April 30th, September 30 July 30th and December 30 October 30th of each year, commencing December 30on ________, 2009200__, or if any such day is not a Business Day, on the next succeeding Business Day (and no interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after such Interest Payment Date until such next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on the Interest Payment Date, (i) at the initial a fixed rate of 1.25% per annum (equal to 7.871% through the “Initial Rate”) from and including the Initial Interest Payment Date until but excluding the earlier of (A) October 30in July, 2013 2011, and (B) the first date on which the aggregate outstanding principal amount of the Senior Secured Debt is less than or a variable rate per annum, reset quarterly, equal to $4,000,000 (such earlier dateLIBOR plus 2.30% thereafter, the “Final Modification Date”; the period commencing on the date of the Indenture and ending on the Final Modification Date, the “Modification Period”) and (ii) at the rate of 7.20% per annum (the “Final Rate”) from and including the Final Modification Date until the principal amount hereof is paid or duly provided for or made available for payment; provided provided, that any overdue principal, premium, if any, and or any overdue installment of interest shall bear Additional Interest at the same rate per annum as in effect from time to time per the terms of the Indenture (to the extent that the payment of such interest shall be legally enforceable)) at a fixed rate per annum equal to 7.871% through the Interest Payment Date in July, 2011, and a variable rate per annum, reset quarterly, equal to LIBOR plus 2.30% thereafter, compounded quarterly, from and including the dates such amounts are due to but excluding the dates such amounts are paid or made available for payment, and such interest shall be payable on demand. The Company shall, within five (5) Business Days of the occurrence of the Final Modification Date, provide notice thereof to the Trustee in the form of an Officers’ Certificate. The amount of interest payable for any interest period shall be computed and paid on the basis of a three hundred sixty (360)-day 360-day year of twelve (12) thirty (30)-day months and the amount payable for any partial period shall be computed on the basis of the actual number of days elapsed in a three hundred sixty (360)-day year of twelve (12) thirty (30)-day monthsthe relevant interest period. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on the Regular Record Date for such interest installment. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Senior Notes may be listed, traded or quoted and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided in the Indenture. The Indenture provides that if an Event of Default shall have occurred and be continuing, neither the Guarantor nor the Company shall (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company's or the Gurantor's Equity Interests, (ii) vote in favor of or permit or otherwise allow any of its Subsidiaries to declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to or otherwise retire, any of such Subsidiary's Equity Interests entitling the holders thereof to a stated rate of return other than dividends or distributions on Equity Interests payable solely to the Company, the Guarantor or any Subsidiary thereof (for the avoidance of doubt, whether such Equity Interests are perpetual or otherwise), or (iii) make any payment of principal of or any interest or premium on or repay, repurchase or redeem any debt securities of the Company that rank pari passu in all respects with or junior in interest to the Senior Notes. Payment of principal of, premium, if any, and interest on this Senior Note shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal, premium, if any, and interest due at the Maturity of this Senior Note shall be made at the Place of Payment upon surrender of such Senior Notes to the Paying Agent, and payments of interest shall be made, subject to such surrender where applicable, by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Paying Agent at least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper written wire transfer instructions have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Security Register. This Senior Note Registershall be entitled to the benefit of the guarantee of Medical Properties Trust, Inc., the "Guarantor," which term includes any successor permitted under the Indenture, as specified in the Indenture (the "Guarantee"). Unless the certificate of authentication hereon has been executed by the Trustee by manual signaturesignature of one of its authorized signatories, this Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. [FORM OF REVERSE OF SECURITY] This Senior Note is one of a duly authorized issue of senior notes securities of the Company (the “"Senior Notes”") issued under the Indenture, dated as of October 30July 14, 2009 2006 (the “"Indenture”"), between the Company Company, Guarantor and Xxxxx Fargo Bank, N.A.Wilmington Trust Company, as Trustee (in such capacity, the “"Trustee,” " which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Senior Notes, and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered. This Senior Note shall be part of a single series of notes known as the Company's Senior Notes due 2016. The aggregate principal amount of the Senior Notes to be issued under the Indenture after the execution and delivery of the Indenture until the Interest Payment Date in October, 2006, provided that no Event of Default has occurred and is continuing, is limited to $100,000,000 (except for Senior Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Senior Notes). All terms used in this Senior Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Company may, on any dateInterest Payment Date, at its option, upon not less than thirty (30) days’ ' nor more than sixty (60) days’ ' written notice to the Holders of the Senior Notes (unless a shorter notice period shall be satisfactory to the Trustee) on or after July 30, 2011 and subject to the terms and conditions of Article XI of the Indenture, redeem this Senior Note in whole at any time or in part from time to time at an Optional a Redemption Price in an amount equal to one hundred percent (i100%) prior to December 30, 2012, the sum of the present values, discounted to the date fixed as the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve thirty (30) day months), at a rate equal to the sum of the applicable Treasury Rate plus fifty (50) basis points, of (A) the outstanding principal amount of the Senior Notes and (B) the interest payments which would become due after such Redemption Date but for such redemption until the Stated Maturityhereof, it being understood that if the interest rate in effect on the Redemption Date is the Initial Rate, then the interest rate at which the interest payments that would have become due from on or after the Redemption Date until, and excluding, December 30, 2013, shall be considered to be the Initial Rate, and (ii) on or after December 30, 2012, the lesser of (A) the amount calculated pursuant to clause (i) of this definition and (B) the following dollar price values for each $1,000 of principal amount of Senior Notes: from December 30, 2012 to December 29, 2013, $1040; from December 30, 2013 to December 29, 2014, $1030; from December 30, 2014 to December 29, 2015, $1020; from December 30, 2015 to December 29, 2016, $1010; together, in the case of both clauses (i) and (ii)any such redemption, with accrued and unpaid interest, including any Additional Interest, and any premium to but excluding the date fixed as the Redemption Datefor redemption. In the event of redemption of this Senior Note in part only, a new Senior Note or Senior Notes for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. If less than all the Senior Notes are to be redeemed, the particular Senior Notes to be redeemed shall be selected not more than sixty (60) days prior to the Redemption Date by the Trustee from the Outstanding Senior Notes not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Senior Note. The Indenture permits, with certain exceptions as therein provided, the Company Company, the Guarantor and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company Company, the Guarantor and of the Holders of the Senior Notes, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Senior Notes. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Senior Notes, on behalf of the Holders of all Senior Notes, to waive compliance by the Company or the Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any Senior Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Senior Note. No reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium, if any, and interest, including any Additional Interest (to the extent legally enforceable)Interest, on this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Senior Note is restricted to transfers to “Qualified Purchasers” (as such term is defined in the Investment Company Act of 1940, as amended) and is registrable in the Securities Register, upon surrender of this Senior Note for registration of transfer at the office or agency of the Company maintained for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar and duly executed by, the Holder hereof or such Holder’s 's attorney duly authorized in writing, and thereupon one or more new Senior Notes, of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. The Senior Notes are issuable only in registered form without coupons in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Company, the Guarantor, the Trustee and any agent of the Company Company, the Guarantor or the Trustee may treat the Person in whose name this Senior Note is registered as the owner hereof for all purposes, whether or not this Senior Note be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. No recourse shall be had for the payment of principal of or the interest on this Senior Note, or for any claims based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplement thereto, against any past, present or future stockholder, member, partner, employee, officer or director, as such, of either the Company (except to the extent of the obligations of the Guarantor under the Guarantee) or the Guarantor or any successor, either directly or through the Company or the Guarantor or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. The Company and, by its acceptance of this Senior Note or a beneficial interest herein, the Holder of, and any Person that acquires a beneficial interest in, this Senior Note agree that, for United States federal, state and local tax purposes, it is intended that this Senior Note constitute indebtedness. This Senior Note shall be construed and enforced in accordance with and governed by the laws of the State of New York York, without reference to its conflict of laws provisions (other than Section 5–1401 5-1401 of the General Obligations Law).

Form of Senior Note. Any Senior Note issued hereunder shall be in substantially the following form: ANTHRACITE CAPITALXXXXXXXX HOMEBUILDING COMPANIES, INC. Senior Note due 2016 2013 No. $ ANTHRACITE CAPITALXxxxxxxx Homebuilding Companies, INC.Inc., a corporation organized and existing under the laws of Maryland Delaware (hereinafter called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [ ], or registered assigns, the principal sum of [PRINCIPAL AMOUNT] ($[ ]) [IF THE SENIOR NOTE SECURITY IS A GLOBAL SENIOR NOTESECURITY, THEN INSERT: or such other principal amount represented hereby as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Indenture] on December 30, 20162013 [insert fifth anniversary of the date of the Indenture]. The Company further promises to pay interest on said principal sum from and including June 30, 2009 (the “Initial Payment Date”) to but excluding September 30January 1, 2009, on the date hereof, and or from and including September 30, 2009 or the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears arrears, to but excluding and the succeeding Interest Payment Date, on March 30, June 30, September 30 and December 30 of each year, commencing December March 30, 2009, or if any such day is not a Business Day, on the next succeeding Business Day (and no interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after such Interest Payment Date until such next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on the Interest Payment Date, (i) at the initial a fixed rate of 1.25equal to 9.72% per annum (the “Initial Rate”) from and including the Initial Payment Date until but excluding the earlier through , 2010 [insert second anniversary of (A) October 30, 2013 and (B) the first date on which the aggregate outstanding principal amount of the Senior Secured Debt is less than or equal to $4,000,000 (such earlier date, the “Final Modification Date”; the period commencing on the date of the Indenture and ending on the Final Modification Date, the Indenture] (“Modification Fixed Rate Period”) and thereafter at a variable rate, reset quarterly, equal to LIBOR plus (i) 6.20% per annum, until , 2012 [insert fourth anniversary of the date of the Indenture], and (ii) at the rate of 7.208.20% per annum (the “Final Rate”) from and including the Final Modification Date thereafter until the principal amount hereof is paid or duly provided for or made available for payment; provided provided, that any overdue principal, premium, if any, and any overdue installment of interest shall bear Additional Interest at the same rate per annum as in effect from time to time per of interest then borne by the terms of the Indenture Senior Notes (to the extent that the payment of such interest shall be legally enforceable), compounded quarterly, from and including the dates such amounts are due to but excluding the dates such amounts are paid or made available for payment, and such interest shall be payable on demand. The Company shallDuring the Fixed Rate Period, within five (5) Business Days of the occurrence of the Final Modification Date, provide notice thereof to the Trustee in the form of an Officers’ Certificate. The amount of interest payable for any interest period shall be computed on the basis of a three hundred sixty (360)-day year of twelve (12) thirty (30)-day months and the amount payable for any partial period shall be computed on the basis of the actual number of days elapsed in a three hundred sixty (360)-day year of twelve (12) thirty (30)-day 3 0)-day months. Upon expiration of the Fixed Rate Period, the amount of interest payable for any interest period will be computed on the basis of a three hundred sixty (360)-day year and the actual number of days elapsed in the relevant interest period. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on the Regular Record Date for such interest installment. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Senior Notes may be listed, traded or quoted and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided in the Indenture. During an Event of Default, the Company shall not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any Equity Interests of the Company, (ii) vote in favor of or permit or otherwise allow any of its Subsidiaries to declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to or otherwise retire, any preferred Equity Interests of such Subsidiaries or other Equity Interests entitling the holders thereof to a stated rate of return (for the avoidance of doubt, whether such preferred Equity Interests are perpetual or otherwise) or (iii) make any payment of principal of or any interest or premium, if any, on or repay, repurchase or redeem any Debt of the Company other than Permitted Debt (other than (A) repurchases, redemptions or other acquisitions of Equity Interests of the Company in connection with (1) any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors or consultants, (2) a dividend reinvestment or Equity Interests purchase plan or (3) the issuance of Equity Interests in the Company (or securities convertible into or exercisable for such Equity Interests) as consideration in an acquisition transaction entered into prior to the applicable Event of Default, (B) as a result of an exchange, conversion reclassification or combination of any class or series of the Company’s Equity Interests (or any Equity Interests in a Subsidiary of the Company) for, of or with any class or series of the Company’s Equity Interests or of any class or series of the Company’s indebtedness for any class or series of the Company’s Equity Interests, (C) the purchase of fractional interests in the Equity Interests of the Company pursuant to the conversion or exchange provisions of such Equity Interests or the security being converted or exchanged, (D) any declaration of a dividend in connection with any Rights Plan, the issuance of rights, Equity Interests or other property under any Rights Plan or the redemption or repurchase of rights pursuant thereto or (E) any dividend in the form of Equity Interests, warrants, options or other rights where the dividend Equity Interest or the Equity Interest issuable upon exercise of such warrants, options or other rights is the same Equity Interest as that on which the dividend is being paid or ranks pari passu with or junior to such Equity Interest). Payment of principal of, premium, if any, and interest on this Senior Note shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal, premium, if any, and interest due at the Maturity of this Senior Note shall be made at the Place of Payment upon surrender of such Senior Notes to the Paying Agent, and payments of interest shall be made, subject to such surrender where applicable, by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Paying Agent at least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Security Register. The indebtedness evidenced by this Senior Note Registeris, to the extent provided in the Indenture, subordinate and junior in right of payment to the prior payment in full of all Permitted Debt, and this Senior Note is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Senior Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on his, her or its behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee his, her or its attorney-in-fact for any and all such purposes. Each Holder hereof, by his, her or its acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Permitted Debt, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions. Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. [FORM OF REVERSE OF SECURITY] This Senior Note is one of a duly authorized issue of senior notes securities of the Company (the “Senior Notes”) issued under the Amended and Restated Indenture, dated as of October 30, 2009 2008 (the “Indenture”), between the Company and Xxxxx Fargo Bank, N.A., as Trustee (in such capacity, the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Notes, and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered. All terms used in this Senior Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Company may, on any dateInterest Payment Date, at its option, upon not less than thirty (30) days’ nor more than sixty (60) days’ written notice to the Holders of the Senior Notes (unless a shorter notice period shall be satisfactory to the Trustee) Notes, subject to the terms and conditions of Article XI of the Indenture, redeem this Senior Note in whole at any time or or, subject to the consent of the Holders, in part from time to time in each case at an Optional a Redemption Price in an amount equal to one hundred percent (i100%) prior to December 30, 2012, the sum of the present valuesprincipal amount hereof (or of the redeemed portion hereof, discounted as applicable), together, in the case of any such redemption, with accrued and unpaid interest, including any Additional Interest, to but excluding the date fixed as the Redemption Date and plus all Breakage Costs. Further, the Company shall, upon receipt of a Change-of-Control Election after June 30, 2011, redeem the Senior Notes in whole on a semi-annual basis (assuming a 360-day year consisting of twelve date no more than thirty (30) day months)days after receipt of the Change-of-Control Election, at a rate Redemption Price equal to the sum one hundred percent (100%) of the applicable Treasury Rate plus fifty (50) basis points, of (A) the outstanding principal amount of the Senior Notes and (B) the interest payments which would become due after such Redemption Date but for such redemption until the Stated Maturitythereof, it being understood that if the interest rate in effect on the Redemption Date is the Initial Rate, then the interest rate at which the interest payments that would have become due from on or after the Redemption Date until, and excluding, December 30, 2013, shall be considered to be the Initial Rate, and (ii) on or after December 30, 2012, the lesser of (A) the amount calculated pursuant to clause (i) of this definition and (B) the following dollar price values for each $1,000 of principal amount of Senior Notes: from December 30, 2012 to December 29, 2013, $1040; from December 30, 2013 to December 29, 2014, $1030; from December 30, 2014 to December 29, 2015, $1020; from December 30, 2015 to December 29, 2016, $1010; together, in the case of both clauses any such redemption, with accrued and unpaid interest, including any Additional Interest, to hut excluding the date fixed as the Redemption Date. The Company shall in connection with an Acceptable Repurchase, redeem a portion of the Senior Notes at a Redemption Price equal to one hundred percent (i100%) and (ii)of the principal amount thereof, together, in the case of any such redemption, with accrued and unpaid interest, including any Additional Interest, to but excluding the date fixed as the Redemption Date, and plus all Breakage Costs. In the event of redemption of this Senior Note in part only, a new Senior Note or Senior Notes for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. If less than all the Senior Notes are to be redeemed, the particular Senior Notes to be redeemed shall be selected not more than sixty (60) days prior to the Redemption Date by the Trustee from the Outstanding Senior Notes not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Senior Note. The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Senior Notes, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Senior Notes. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Senior Notes, on behalf of the Holders of all Senior Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any Senior Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Senior Note. No reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium, if any, and interest, including any Additional Interest (to the extent legally enforceable), on this Senior Note at the times, place and rate, and in the coin or currency, . herein prescribed. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Senior Note is restricted to transfers to “Qualified Purchasers” (as such term is defined in the Investment Company Act of 1940, as amended) and is registrable in the Securities Senior Notes Register, upon surrender of this Senior Note for registration of transfer at the office or agency of the Company maintained for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar and duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Senior Notes, of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. The Senior Notes are issuable only in registered form without coupons in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof. thereof As provided in the Indenture and subject to certain limitations therein set forth, Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Senior Note is registered as the owner hereof for all purposes, whether or not this Senior Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. The Company and, by its acceptance of this Senior Note or a beneficial interest herein, the Holder of, and any Person that acquires a beneficial interest in, this Senior Note agree that, for United States federal, state and local tax purposes, it is intended that this Senior Note constitute indebtedness. This Senior Note shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than Section 5–1401 5-1401 of the General Obligations Law).

Form of Senior Note. Any Senior Note issued hereunder shall be in substantially the following form: ANTHRACITE CAPITAL, INC. Senior Note due 2016 2017 No. $ ANTHRACITE CAPITAL, INC., a Maryland corporation organized and existing under the laws of Maryland (hereinafter called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [ ]Cede & Co. (the “Holder”) as nominee on behalf of The Depository Trust Company, or registered assigns, the principal sum of [PRINCIPAL AMOUNT] THIRTY-SEVEN MILLION FIVE HUNDRED THOUSAND ($[ ]37,500,000) [IF DOLLARS[IF THE SENIOR NOTE IS A GLOBAL SENIOR NOTE, THEN INSERT: or such other principal amount represented hereby as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Indenture] on December July 30, 20162017. The Company further promises to pay interest on said principal sum from and including June 3015, 2009 (the “Initial Payment Date”) to but excluding September 302007, 2009, on the date hereof, and or from and including September 30, 2009 or the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears arrears, to but excluding and on March January 30, June April 30, September July 30 and December October 30 of each year, commencing December July 30, 20092007, or if any such day is not a Business Day, on the next succeeding Business Day (and no interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after such Interest Payment Date until such next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on the Interest Payment Date, (i) at the initial a fixed rate of 1.25equal to 8.1275% per annum (to, but excluding, the “Initial Rate”) from and including the Initial Interest Payment Date until but excluding the earlier of (A) October on July 30, 2013 2012 and (B) the first date on which the aggregate outstanding principal amount of the Senior Secured Debt is less than or thereafter at a variable rate equal to $4,000,000 (such earlier date, the “Final Modification Date”; the period commencing on the date of the Indenture and ending on the Final Modification Date, the “Modification Period”) and (ii) at the rate of 7.203-month LIBOR plus 2.55% per annum (the “Final Rate”) from and including the Final Modification Date annum, until the principal amount hereof is paid or duly provided for or made available for payment; provided provided, that any overdue principal, premium, if any, and any overdue installment of interest shall bear Additional Interest at the same a fixed rate equal to 8.1275% per annum as through the interest payment date in effect from time July 2012 to, but excluding, the Interest Payment Date on July 30, 2012 and thereafter at a variable rate equal to time 3-month LIBOR plus 2.55% per the terms of the Indenture annum (to the extent that the payment of such interest Additional Interest shall be legally enforceable), compounded quarterly, quarterly from and including the dates such amounts are due to but excluding the dates such amounts are paid or made available for payment, and such interest shall be payable on demand. The Company shall, within five (5) Business Days of the occurrence of the Final Modification Date, provide notice thereof to the Trustee in the form of an Officers’ Certificate. The amount of interest payable for any interest period periods (i) to but excluding the Interest Payment Date on July 30, 2012, shall be computed on the basis of a three hundred sixty (360)-day 360-day year of twelve (12) thirty (30)-day 30-day months and (ii) from and including the amount payable for any partial period Interest Payment Date on July 30, 2012 shall be computed on the basis of a 360-day year and the actual number of days elapsed in a three hundred sixty (360)-day year of twelve (12) thirty (30)-day monthsthe relevant interest period. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on the Regular Record Date for such interest installment. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Senior Notes may be listed, traded or quoted and upon such notice as may be required by such exchange or automated quotation systemexchange, all as more fully provided in the Indenture. During an Event of Default, the Company shall not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any Equity Interests of the Company, (ii) vote in favor of or permit or otherwise allow any of its Subsidiaries to declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to or otherwise retire, any preferred Equity Interests of such Subsidiaries or other Equity Interests entitling the holders thereof to a stated rate of return (for the avoidance of doubt, whether such preferred Equity Interests are perpetual or otherwise), or (iii) make any payment of principal of or any interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank pari passu in all respects with or junior in interest to the Senior Notes (other than (A) repurchases, redemptions or other acquisitions of Equity Interests of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors or consultants, in connection with a dividend reinvestment or Equity Interests purchase plan or in connection with the issuance of Equity Interests in the Company (or securities convertible into or exercisable for such Equity Interests) as consideration in an acquisition transaction entered into prior to the applicable Event of Default, (B) as a result of an exchange, conversion reclassification or combination of any class or series of the Company’s Equity Interests (or any Equity Interests in a Subsidiary of the Company) for any class or series of the Company’s Equity Interests or of any class or series of the Company’s indebtedness for any class or series of the Company’s Equity Interests, (C) the purchase of fractional interests in the Equity Interests of the Company pursuant to the conversion or exchange provisions of such Equity Interests or the security being converted or exchanged, (D) any declaration of a dividend in connection with any Rights Plan, the issuance of rights, Equity Interests or other property under any Rights Plan or the redemption or repurchase of rights pursuant thereto or (E) any dividend in the form of Equity Interests, warrants, options or other rights where the dividend Equity Interest or the Equity Interest issuable upon exercise of such warrants, options or other rights is the same Equity Interest as that on which the dividend is being paid or ranks pari passu with or junior to such Equity Interest). Payment of principal of, premium, if any, and interest on this Senior Note shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal, premium, if any, and interest due at the Maturity of this Senior Note shall be made at the Place of Payment upon surrender of such Senior Notes to the Paying Agent, and payments of interest shall be made, subject to such surrender where applicable, by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Paying Agent at least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Senior Note Register. Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. [FORM OF REVERSE OF SECURITY] This Senior Note is one of a duly authorized issue of senior notes of the Company (the “Senior Notes”) issued under the Indenture, dated as of October 30, 2009 (the “Indenture”), between the Company and Xxxxx Fargo Bank, N.A., as Trustee (in such capacity, the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Notes, and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered. All terms used in this Senior Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Company may, on any date, at its option, upon not less than thirty (30) days’ nor more than sixty (60) days’ written notice to the Holders of the Senior Notes (unless a shorter notice period shall be satisfactory to the Trustee) subject to the terms and conditions of Article XI of the Indenture, redeem this Senior Note in whole at any time or in part from time to time at an Optional Redemption Price in an amount equal to (i) prior to December 30, 2012, the sum of the present values, discounted to the date fixed as the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve thirty (30) day months), at a rate equal to the sum of the applicable Treasury Rate plus fifty (50) basis points, of (A) the outstanding principal amount of the Senior Notes and (B) the interest payments which would become due after such Redemption Date but for such redemption until the Stated Maturity, it being understood that if the interest rate in effect on the Redemption Date is the Initial Rate, then the interest rate at which the interest payments that would have become due from on or after the Redemption Date until, and excluding, December 30, 2013, shall be considered to be the Initial Rate, and (ii) on or after December 30, 2012, the lesser of (A) the amount calculated pursuant to clause (i) of this definition and (B) the following dollar price values for each $1,000 of principal amount of Senior Notes: from December 30, 2012 to December 29, 2013, $1040; from December 30, 2013 to December 29, 2014, $1030; from December 30, 2014 to December 29, 2015, $1020; from December 30, 2015 to December 29, 2016, $1010; together, in the case of both clauses (i) and (ii), with accrued and unpaid interest, including any Additional Interest, to but excluding the date fixed as the Redemption Date. In the event of redemption of this Senior Note in part only, a new Senior Note or Senior Notes for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. If less than all the Senior Notes are to be redeemed, the particular Senior Notes to be redeemed shall be selected not more than sixty (60) days prior to the Redemption Date by the Trustee from the Outstanding Senior Notes not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Senior Note. The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Senior Notes, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Senior Notes. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Senior Notes, on behalf of the Holders of all Senior Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any Senior Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Senior Note. No reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium, if any, and interest, including any Additional Interest (to the extent legally enforceable), on this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Senior Note is restricted to transfers to “Qualified Purchasers” (as such term is defined in the Investment Company Act of 1940, as amended) and is registrable in the Securities Register, upon surrender of this Senior Note for registration of transfer at the office or agency of the Company maintained for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar and duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Senior Notes, of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. The Senior Notes are issuable only in registered form without coupons in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Senior Note is registered as the owner hereof for all purposes, whether or not this Senior Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. The Company and, by its acceptance of this Senior Note or a beneficial interest herein, the Holder of, and any Person that acquires a beneficial interest in, this Senior Note agree that, for United States federal, state and local tax purposes, it is intended that this Senior Note constitute indebtedness. This Senior Note shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than Section 5–1401 of the General Obligations Law).

Form of Senior Note. Any Senior Note issued hereunder shall be in substantially the following form: ANTHRACITE CAPITAL, INC. Senior Note due 2016 2017 No. $ ANTHRACITE CAPITAL, INC., a Maryland corporation organized and existing under the laws of Maryland (hereinafter called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [ ]Cede & Co. (the “Holder”) as nominee on behalf of The Depository Trust Company, or registered assigns, the principal sum of [PRINCIPAL AMOUNT] THIRTY-SEVEN MILLION FIVE HUNDRED THOUSAND ($[ ]37,500,000) DOLLARS [IF THE SENIOR NOTE IS A GLOBAL SENIOR NOTE, THEN INSERT: or such other principal amount represented hereby as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Indenture] on December July 30, 20162017. The Company further promises to pay interest on said principal sum from and including June 3015, 2009 (the “Initial Payment Date”) to but excluding September 302007, 2009, on the date hereof, and or from and including September 30, 2009 or the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears arrears, to but excluding and on March January 30, June April 30, September July 30 and December October 30 of each year, commencing December July 30, 20092007, or if any such day is not a Business Day, on the next succeeding Business Day (and no interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after such Interest Payment Date until such next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on the Interest Payment Date, (i) at the initial a fixed rate of 1.25equal to 8.1275% per annum (to, but excluding, the “Initial Rate”) from and including the Initial Interest Payment Date until but excluding the earlier of (A) October on July 30, 2013 2012 and (B) the first date on which the aggregate outstanding principal amount of the Senior Secured Debt is less than or thereafter at a variable rate equal to $4,000,000 (such earlier date, the “Final Modification Date”; the period commencing on the date of the Indenture and ending on the Final Modification Date, the “Modification Period”) and (ii) at the rate of 7.203-month LIBOR plus 2.55% per annum (the “Final Rate”) from and including the Final Modification Date annum, until the principal amount hereof is paid or duly provided for or made available for payment; provided provided, that any overdue principal, premium, if any, and any overdue installment of interest shall bear Additional Interest at the same a fixed rate equal to 8.1275% per annum as through the interest payment date in effect from time July 2012 to, but excluding, the Interest Payment Date on July 30, 2012 and thereafter at a variable rate equal to time 3-month LIBOR plus 2.55% per the terms of the Indenture annum (to the extent that the payment of such interest Additional Interest shall be legally enforceable), compounded quarterly, quarterly from and including the dates such amounts are due to but excluding the dates such amounts are paid or made available for payment, and such interest shall be payable on demand. The Company shall, within five (5) Business Days of the occurrence of the Final Modification Date, provide notice thereof to the Trustee in the form of an Officers’ Certificate. The amount of interest payable for any interest period periods (i) to but excluding the Interest Payment Date on July 30, 2012, shall be computed on the basis of a three hundred sixty (360)-day 360-day year of twelve (12) thirty (30)-day 30-day months and (ii) from and including the amount payable for any partial period Interest Payment Date on July 30, 2012 shall be computed on the basis of a 360-day year and the actual number of days elapsed in a three hundred sixty (360)-day year of twelve (12) thirty (30)-day monthsthe relevant interest period. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on the Regular Record Date for such interest installment. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Senior Notes may be listed, traded or quoted and upon such notice as may be required by such exchange or automated quotation systemexchange, all as more fully provided in the Indenture. During an Event of Default, the Company shall not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any Equity Interests of the Company, (ii) vote in favor of or permit or otherwise allow any of its Subsidiaries to declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to or otherwise retire, any preferred Equity Interests of such Subsidiaries or other Equity Interests entitling the holders thereof to a stated rate of return (for the avoidance of doubt, whether such preferred Equity Interests are perpetual or otherwise), or (iii) make any payment of principal of or any interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank pari passu in all respects with or junior in interest to the Senior Notes (other than (A) repurchases, redemptions or other acquisitions of Equity Interests of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors or consultants, in connection with a dividend reinvestment or Equity Interests purchase plan or in connection with the issuance of Equity Interests in the Company (or securities convertible into or exercisable for such Equity Interests) as consideration in an acquisition transaction entered into prior to the applicable Event of Default, (B) as a result of an exchange, conversion reclassification or combination of any class or series of the Company’s Equity Interests (or any Equity Interests in a Subsidiary of the Company) for any class or series of the Company’s Equity Interests or of any class or series of the Company’s indebtedness for any class or series of the Company’s Equity Interests, (C) the purchase of fractional interests in the Equity Interests of the Company pursuant to the conversion or exchange provisions of such Equity Interests or the security being converted or exchanged, (D) any declaration of a dividend in connection with any Rights Plan, the issuance of rights, Equity Interests or other property under any Rights Plan or the redemption or repurchase of rights pursuant thereto or (E) any dividend in the form of Equity Interests, warrants, options or other rights where the dividend Equity Interest or the Equity Interest issuable upon exercise of such warrants, options or other rights is the same Equity Interest as that on which the dividend is being paid or ranks pari passu with or junior to such Equity Interest). Payment of principal of, premium, if any, and interest on this Senior Note shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal, premium, if any, and interest due at the Maturity of this Senior Note shall be made at the Place of Payment upon surrender of such Senior Notes to the Paying Agent, and payments of interest shall be made, subject to such surrender where applicable, by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Paying Agent at least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Senior Note Register. Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. [FORM OF REVERSE OF SECURITY] This Senior Note is one of a duly authorized issue of senior notes of the Company (the “Senior Notes”) issued under the Indenture, dated as of October 30, 2009 (the “Indenture”), between the Company and Xxxxx Fargo Bank, N.A., as Trustee (in such capacity, the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Notes, and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered. All terms used in this Senior Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Company may, on any date, at its option, upon not less than thirty (30) days’ nor more than sixty (60) days’ written notice to the Holders of the Senior Notes (unless a shorter notice period shall be satisfactory to the Trustee) subject to the terms and conditions of Article XI of the Indenture, redeem this Senior Note in whole at any time or in part from time to time at an Optional Redemption Price in an amount equal to (i) prior to December 30, 2012, the sum of the present values, discounted to the date fixed as the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve thirty (30) day months), at a rate equal to the sum of the applicable Treasury Rate plus fifty (50) basis points, of (A) the outstanding principal amount of the Senior Notes and (B) the interest payments which would become due after such Redemption Date but for such redemption until the Stated Maturity, it being understood that if the interest rate in effect on the Redemption Date is the Initial Rate, then the interest rate at which the interest payments that would have become due from on or after the Redemption Date until, and excluding, December 30, 2013, shall be considered to be the Initial Rate, and (ii) on or after December 30, 2012, the lesser of (A) the amount calculated pursuant to clause (i) of this definition and (B) the following dollar price values for each $1,000 of principal amount of Senior Notes: from December 30, 2012 to December 29, 2013, $1040; from December 30, 2013 to December 29, 2014, $1030; from December 30, 2014 to December 29, 2015, $1020; from December 30, 2015 to December 29, 2016, $1010; together, in the case of both clauses (i) and (ii), with accrued and unpaid interest, including any Additional Interest, to but excluding the date fixed as the Redemption Date. In the event of redemption of this Senior Note in part only, a new Senior Note or Senior Notes for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. If less than all the Senior Notes are to be redeemed, the particular Senior Notes to be redeemed shall be selected not more than sixty (60) days prior to the Redemption Date by the Trustee from the Outstanding Senior Notes not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Senior Note. The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Senior Notes, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Senior Notes. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Senior Notes, on behalf of the Holders of all Senior Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any Senior Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Senior Note. No reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium, if any, and interest, including any Additional Interest (to the extent legally enforceable), on this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Senior Note is restricted to transfers to “Qualified Purchasers” (as such term is defined in the Investment Company Act of 1940, as amended) and is registrable in the Securities Register, upon surrender of this Senior Note for registration of transfer at the office or agency of the Company maintained for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar and duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Senior Notes, of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. The Senior Notes are issuable only in registered form without coupons in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Senior Note is registered as the owner hereof for all purposes, whether or not this Senior Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. The Company and, by its acceptance of this Senior Note or a beneficial interest herein, the Holder of, and any Person that acquires a beneficial interest in, this Senior Note agree that, for United States federal, state and local tax purposes, it is intended that this Senior Note constitute indebtedness. This Senior Note shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than Section 5–1401 of the General Obligations Law).

Form of Senior Note. Any Senior Note issued hereunder shall be in substantially the following form: ANTHRACITE CAPITAL, INC. Senior Note due 2016 No. $ ANTHRACITE CAPITAL, INC., a corporation organized and existing under the laws of Maryland (hereinafter called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [ ], or registered assigns, the principal sum of [PRINCIPAL AMOUNT] ($[ ]) [IF THE SENIOR NOTE IS A GLOBAL SENIOR NOTE, THEN INSERT: or such other principal amount represented hereby as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Indenture] on December October 30, 2016. The Company further promises to pay interest on said principal sum from and including June July 30, 2009 (the “Initial Payment Date”) to but excluding September 30), 2009, on the date hereof, and or from and including September 30, 2009 or the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears to but excluding and on March January 30, June April 30, September July 30 and December October 30 of each year, commencing December October 30, 2009, or if any such day is not a Business Day, on the next succeeding Business Day (and no interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after such Interest Payment Date until such next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on the Interest Payment Date, (i) at the initial rate of 1.25% per annum (the “Initial Rate”) from and including the Initial Payment Date until but excluding the earlier of (A) October 30, 2013 and (B) the first date on which the aggregate outstanding principal amount of the Senior Secured Debt is less than or equal to $4,000,000 (such earlier date, the “Final Modification Date”; the period commencing on the date of the Indenture and ending on the Final Modification Date, the “Modification Period”) and (ii) at the rate of 7.207.22% per annum (the “Final Rate”) from and including the Final Modification Date until the principal amount hereof is paid or duly provided for or made available for payment; provided that any overdue principal, premium, if any, and any overdue installment of interest shall bear Additional Interest at the same rate per annum as in effect from time to time per the terms of the Indenture (to the extent that the payment of such interest shall be legally enforceable), compounded quarterly, from and including the dates such amounts are due to but excluding the dates such amounts are paid or made available for payment, and such interest shall be payable on demand. The Company shall, within five (5) Business Days of the occurrence of the Final Modification Date, provide notice thereof to the Trustee in the form of an Officers’ Certificate. The amount of interest payable for any interest period shall be computed on the basis of a three hundred sixty (360)-day year of twelve (12) thirty (30)-day months and the amount payable for any partial period shall be computed on the basis of the actual number of days elapsed in a three hundred sixty (360)-day year of twelve (12) thirty (30)-day months. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on the Regular Record Date for such interest installment. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Senior Notes may be listed, traded or quoted and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided in the Indenture. Payment of principal of, premium, if any, and interest on this Senior Note shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal, premium, if any, and interest due at the Maturity of this Senior Note shall be made at the Place of Payment upon surrender of such Senior Notes to the Paying Agent, and payments of interest shall be made, subject to such surrender where applicable, by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Paying Agent at least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Senior Note Register. Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. [FORM OF REVERSE OF SECURITY] This Senior Note is one of a duly authorized issue of senior notes of the Company (the “Senior Notes”) issued under the Indenture, dated as of October 30, 2009 (the “Indenture”), between the Company and Xxxxx Fargo Bank, N.A., as Trustee (in such capacity, the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Notes, and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered. All terms used in this Senior Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Company may, on any date, at its option, upon not less than thirty (30) days’ nor more than sixty (60) days’ written notice to the Holders of the Senior Notes (unless a shorter notice period shall be satisfactory to the Trustee) subject to the terms and conditions of Article XI of the Indenture, redeem this Senior Note in whole at any time or in part from time to time at an Optional Redemption Price in an amount equal to (i) prior to December October 30, 2012, the sum of the present values, discounted to the date fixed as the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve thirty (30) day months), at a rate equal to the sum of the applicable Treasury Rate plus fifty (50) basis points, of (A) the outstanding principal amount of the Senior Notes and (B) the interest payments which would become due after such Redemption Date but for such redemption until the Stated Maturity, it being understood that if the interest rate in effect on the Redemption Date is the Initial Rate, then the interest rate at which the interest payments that would have become due from on or after the Redemption Date until, and excluding, December October 30, 2013, shall be considered to be the Initial Rate, and (ii) on or after December October 30, 2012, the lesser of (A) the amount calculated pursuant to clause (i) of this definition and (B) the following dollar price values for each $1,000 of principal amount of Senior Notes: from December October 30, 2012 to December October 29, 2013, $1040; from December October 30, 2013 to December October 29, 2014, $1030; from December October 30, 2014 to December October 29, 2015, $1020; from December October 30, 2015 to December October 29, 2016, $1010; together, in the case of both clauses (i) and (ii), with accrued and unpaid interest, including any Additional Interest, to but excluding the date fixed as the Redemption Date. In the event of redemption of this Senior Note in part only, a new Senior Note or Senior Notes for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. If less than all the Senior Notes are to be redeemed, the particular Senior Notes to be redeemed shall be selected not more than sixty (60) days prior to the Redemption Date by the Trustee from the Outstanding Senior Notes not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Senior Note. The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Senior Notes, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Senior Notes. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Senior Notes, on behalf of the Holders of all Senior Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any Senior Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Senior Note. No reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium, if any, and interest, including any Additional Interest (to the extent legally enforceable), on this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Senior Note is restricted to transfers to “Qualified Purchasers” (as such term is defined in the Investment Company Act of 1940, as amended) and is registrable in the Securities Register, upon surrender of this Senior Note for registration of transfer at the office or agency of the Company maintained for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar and duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Senior Notes, of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. The Senior Notes are issuable only in registered form without coupons in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Senior Note is registered as the owner hereof for all purposes, whether or not this Senior Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. The Company and, by its acceptance of this Senior Note or a beneficial interest herein, the Holder of, and any Person that acquires a beneficial interest in, this Senior Note agree that, for United States federal, state and local tax purposes, it is intended that this Senior Note constitute indebtedness. This Senior Note shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than Section 5–1401 of the General Obligations Law).

Form of Senior Note. Any The Senior Notes and the Trustee's Certificate of Authentication to be endorsed thereon are to be substantially in the following forms: If the Senior Note is to be a Global Note, Insert _ This Senior Note is a Global Note within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository Trust Company or a nominee of the Depository Trust Company. This Senior Note is exchangeable for Senior Notes registered in the name of a person other than the Depository Trust Company or its nominee only in the limited circumstances described in the Indenture, and no transfer of this Senior Note (other than a transfer of this Senior Note as a whole by the Depository Trust Company to a nominee of the Depository Trust Company or by a nominee of the Depository Trust Company to the Depository Trust Company or another nominee of the Depository Trust Company) may be registered except in limited circumstances. Unless this Senior Note is presented by an authorized representative of The Depository Trust Company (55 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx) to the issuer or its agent for registration of transfer, exchange or payment, and any Senior Note issued hereunder shall be is registered in substantially the following form: ANTHRACITE CAPITALname of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment hereon is made to Cede & Co., INCANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. Senior Note due 2016 No. $ ANTHRACITE CAPITAL___________________ $____________ CUSIP No. 000000XX0 CENDANT CORPORATION 6.75% SENIOR NOTE DUE AUGUST 17, INC.2006 CENDANT CORPORATION, a Delaware corporation organized and existing under (the laws of Maryland (hereinafter called the “"Company,” ", which term includes any successor Person corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to [ ], or registered assigns, the principal sum of [PRINCIPAL AMOUNT] ($[ ]______________) [IF THE SENIOR NOTE IS A GLOBAL SENIOR NOTEon August 17, THEN INSERT: or 2006 (such other principal amount represented hereby as may be set forth in the records of the Securities Registrar date is hereinafter referred to in accordance with as the Indenture] on December 30"Maturity Date"), 2016. The Company further promises and to pay interest on said principal sum from and including June 30July 27, 2009 2001, or from the next recent interest payment date (the “Initial each such date, an "Interest Payment Date”") to but excluding September 30, 2009, on the date hereof, and from and including September 30, 2009 or the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears to but excluding on February 17, May 17, August 17 and on March 30, June 30, September 30 and December 30 November 17 of each year, commencing December 30on November 17, 20092001, or initially at the rate of 6.75% per annum through and including the day immediately preceding the Reset Effective Date, and at the Reset Rate thereafter until the principal hereof shall have become due and payable and, to the extent permitted by law, to pay interest compounded quarterly, on any overdue principal and premium, if any, and on any such overdue installment of interest at the rate of 6.75% through and including the day immediately preceding the Reset Effective Date and at the Reset Rate thereafter. The amount of interest payable on any Interest Payment Date shall be computed on the basis of a 360_day year consisting of twelve 30_day months. In the event that any date on which interest is payable on this Senior Note is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day that is a Business Day (and no without any interest shall accrue or other payment in respect of the amounts whose payment is so delayed for the period from and after any such Interest Payment Date until such next succeeding Business Daydelay), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on the such Interest Payment Date, (i) at the initial rate of 1.25% per annum (the “Initial Rate”) from and including the Initial Payment Date until but excluding the earlier of (A) October 30, 2013 and (B) the first date on which the aggregate outstanding principal amount of the Senior Secured Debt is less than or equal to $4,000,000 (such earlier date, the “Final Modification Date”; the period commencing on the date of the Indenture and ending on the Final Modification Date, the “Modification Period”) and (ii) at the rate of 7.20% per annum (the “Final Rate”) from and including the Final Modification Date until the principal amount hereof is paid or duly provided for or made available for payment; provided that any overdue principal, premium, if any, and any overdue installment of interest shall bear Additional Interest at the same rate per annum as in effect from time to time per the terms of the Indenture (to the extent that the payment of such interest shall be legally enforceable), compounded quarterly, from and including the dates such amounts are due to but excluding the dates such amounts are paid or made available for payment, and such interest shall be payable on demand. The Company shall, within five (5) Business Days of the occurrence of the Final Modification Date, provide notice thereof to the Trustee in the form of an Officers’ Certificate. The amount of interest payable for any interest period shall be computed on the basis of a three hundred sixty (360)-day year of twelve (12) thirty (30)-day months and the amount payable for any partial period shall be computed on the basis of the actual number of days elapsed in a three hundred sixty (360)-day year of twelve (12) thirty (30)-day months. The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date shallwill, as provided in the Indenture, be paid to the person in whose name this Senior Note (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the regular record date for such interest installment which in the case of a Global Senior Note shall be the close of business on the first day of the month in which the Interest Payment Date falls. Any such interest installment not punctually paid or duly provided for on any Interest Payment Date shall forthwith cease to be payable to the registered Holders on such regular record date and may be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on the Regular Record Date for such interest installment. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior NotesSecurities) is registered at the close of business on a Special Record Date special record date to be fixed by the Trustee for the payment of such Defaulted Interest to be fixed by the Trusteedefaulted interest, notice whereof shall be given to the registered Holders of this series of Senior Notes not less than ten (10) 10 days prior to such Special Record Datespecial record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system exchange, if any, on which the Senior Notes may be listed, traded or quoted and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided in the Indenture. Payment The principal of principal of, (and premium, if any, ) and the interest on this Senior Note shall be made payable at the office or agency of the Trustee maintained for that purpose in such any coin or currency of the United States of America as that at the time of payment is legal tender for payment of public and private debts. Payments ; provided, however, that payment of principal, premium, if any, and interest due at the Maturity of this Senior Note shall may be made at the Place option of Payment upon surrender of such Senior Notes to the Paying Agent, and payments of interest shall be made, subject to such surrender where applicable, by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Paying Agent at least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made Company by check mailed to the address of such Person as registered Holder at such address as shall appear in the Security Register or by wire transfer to an account appropriately designated by the Holder entitled thereto. The indebtedness evidenced by this Senior Note Registeris, to the extent provided in the Indenture, senior and unsecured and will rank in right of payment on parity with all other senior unsecured obligations of the Company. Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this This Senior Note shall not be entitled to any benefit under the Indenture or hereinafter referred to, be valid or become obligatory for any purpose. [FORM OF REVERSE OF SECURITY] This Senior Note is one purpose until the Certificate of a duly authorized issue of senior notes Authentication hereon shall have been signed manually by or on behalf of the Company (the “Senior Notes”) issued under the Indenture, dated as of October 30, 2009 (the “Indenture”), between the Company and Xxxxx Fargo Bank, N.A., as Trustee (in such capacity, the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Notes, and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered. All terms used in this Senior Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Company may, on any date, at its option, upon not less than thirty (30) days’ nor more than sixty (60) days’ written notice to the Holders of the Senior Notes (unless a shorter notice period shall be satisfactory to the Trustee) subject to the terms and conditions of Article XI of the Indenture, redeem this Senior Note in whole at any time or in part from time to time at an Optional Redemption Price in an amount equal to (i) prior to December 30, 2012, the sum of the present values, discounted to the date fixed as the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve thirty (30) day months), at a rate equal to the sum of the applicable Treasury Rate plus fifty (50) basis points, of (A) the outstanding principal amount of the Senior Notes and (B) the interest payments which would become due after such Redemption Date but for such redemption until the Stated Maturity, it being understood that if the interest rate in effect on the Redemption Date is the Initial Rate, then the interest rate at which the interest payments that would have become due from on or after the Redemption Date until, and excluding, December 30, 2013, shall be considered to be the Initial Rate, and (ii) on or after December 30, 2012, the lesser of (A) the amount calculated pursuant to clause (i) of this definition and (B) the following dollar price values for each $1,000 of principal amount of Senior Notes: from December 30, 2012 to December 29, 2013, $1040; from December 30, 2013 to December 29, 2014, $1030; from December 30, 2014 to December 29, 2015, $1020; from December 30, 2015 to December 29, 2016, $1010; together, in the case of both clauses (i) and (ii), with accrued and unpaid interest, including any Additional Interest, to but excluding the date fixed as the Redemption Date. In the event of redemption provisions of this Senior Note in part only, a new Senior Note or Senior Notes are continued on the reverse side hereof and such continued provisions shall for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. If less than all the Senior Notes are to be redeemed, the particular Senior Notes to be redeemed shall be selected not more than sixty (60) days prior to the Redemption Date by the Trustee from the Outstanding Senior Notes not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Senior Note. The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Senior Notes, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Senior Notes. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Senior Notes, on behalf of the Holders of all Senior Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any Senior Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Senior Note. No reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium, if any, and interest, including any Additional Interest (to the extent legally enforceable), on this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Senior Note is restricted to transfers to “Qualified Purchasers” (as such term is defined in the Investment Company Act of 1940, as amended) and is registrable in the Securities Register, upon surrender of this Senior Note for registration of transfer at the office or agency of the Company maintained for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar and duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Senior Notes, of like tenor, of authorized denominations and for purposes have the same aggregate principal amount, will be issued to the designated transferee or transferees. The Senior Notes are issuable only in registered form without coupons in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein effect as though fully set forth, Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name forth at this Senior Note is registered as the owner hereof for all purposes, whether or not this Senior Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. The Company and, by its acceptance of this Senior Note or a beneficial interest herein, the Holder of, and any Person that acquires a beneficial interest in, this Senior Note agree that, for United States federal, state and local tax purposes, it is intended that this Senior Note constitute indebtedness. This Senior Note shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than Section 5–1401 of the General Obligations Law)place.

Form of Senior Note. Any Senior Note issued hereunder shall be in substantially the following form: ANTHRACITE CAPITAL, INC. Senior Note due 2016 No. $ ANTHRACITE CAPITAL, INC., a corporation organized and existing under the laws of Maryland (hereinafter called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [ ]Cede & Co. (the “Holder”), or registered assigns, the principal sum of [PRINCIPAL AMOUNT] TWENTY-FIVE MILLION ($[ ]25,000,000) DOLLARS [IF THE SENIOR NOTE IS A GLOBAL SENIOR NOTE, THEN INSERT: or such other principal amount represented hereby as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Indenture] on December 30, 2016. The Company further promises to pay interest on said principal sum from and including June 30October 17, 2009 (the “Initial Payment Date”) to but excluding September 302006, 2009, on the date hereof, and or from and including September 30, 2009 or the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears to but excluding and on March 30, June 30, September 30 and December 30 of each year, commencing December 30, 20092006, or if any such day is not a Business Day, on the next succeeding Business Day (and no interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after such Interest Payment Date until such next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on the Interest Payment Date, (i) at the initial a fixed rate of 1.25% per annum (the “Initial Rate”) from and including the Initial Payment Date until but excluding the earlier of (A) October 30, 2013 and (B) the first date on which the aggregate outstanding principal amount of the Senior Secured Debt is less than or equal to $4,000,000 (such earlier date, the “Final Modification Date”; the period commencing on the date of the Indenture and ending on the Final Modification Date, the “Modification Period”) and (ii) at the rate of 7.20% per annum (the “Final Rate”) from and including the Final Modification Date annum, until the principal amount hereof is paid or duly provided for or made available for payment; provided provided, that any overdue principal, premium, if any, and any overdue installment of interest shall bear Additional Interest at the same a fixed rate equal to 7.20% per annum as in effect from time to time per the terms of the Indenture (to the extent that the payment of such interest shall be legally enforceable), compounded quarterly, from and including the dates such amounts are due to but excluding the dates such amounts are paid or made available for payment, and such interest shall be payable on demand. The Company shall, within five (5) Business Days of the occurrence of the Final Modification Date, provide notice thereof to the Trustee in the form of an Officers’ Certificate. The amount of interest payable for any interest period shall be computed on the basis of a three hundred sixty (360)-day year of twelve (12) thirty (30)-day months and the amount payable for any partial period shall be computed on the basis of the actual number of days elapsed in a three hundred sixty (360)-day year of twelve (12) thirty (30)-day months. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on the Regular Record Date for such interest installment. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Senior Notes may be listed, traded or quoted and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided in the Indenture. During an Event of Default, the Company shall not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any Equity Interests of the Company, (ii) vote in favor of or permit or otherwise allow any of its Subsidiaries to declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to or otherwise retire, any preferred Equity Interests of such Subsidiaries or other Equity Interests entitling the holders thereof to a stated rate of return (for the avoidance of doubt, whether such preferred Equity Interests are perpetual or otherwise), or (iii) make any payment of principal of or any interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank pari passu in all respects with or junior in interest to the Senior Notes (other than (A) repurchases, redemptions or other acquisitions of Equity Interests of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors or consultants, in connection with a dividend reinvestment or Equity Interests purchase plan or in connection with the issuance of Equity Interests in the Company (or securities convertible into or exercisable for such Equity Interests) as consideration in an acquisition transaction entered into prior to the applicable Event of Default, (B) as a result of an exchange, conversion reclassification or combination of any class or series of the Company’s Equity Interests (or any Equity Interests in a Subsidiary of the Company) for any class or series of the Company’s Equity Interests or of any class or series of the Company’s indebtedness for any class or series of the Company’s Equity Interests, (C) the purchase of fractional interests in the Equity Interests of the Company pursuant to the conversion or exchange provisions of such Equity Interests or the security being converted or exchanged, (D) any declaration of a dividend in connection with any Rights Plan, the issuance of rights, Equity Interests or other property under any Rights Plan or the redemption or repurchase of rights pursuant thereto or (E) any dividend in the form of Equity Interests, warrants, options or other rights where the dividend Equity Interest or the Equity Interest issuable upon exercise of such warrants, options or other rights is the same Equity Interest as that on which the dividend is being paid or ranks pari passu with or junior to such Equity Interest). Payment of principal of, premium, if any, and interest on this Senior Note shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal, premium, if any, and interest due at the Maturity of this Senior Note shall be made at the Place of Payment upon surrender of such Senior Notes to the Paying Agent, and payments of interest shall be made, subject to such surrender where applicable, by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Paying Agent at least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Senior Note Register. Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. [FORM OF REVERSE OF SECURITY] This Senior Note is one of a duly authorized issue of senior notes of the Company (the “Senior Notes”) issued under the Indenture, dated as of October 3017, 2009 2006 (the “Indenture”), between the Company and Xxxxx Fargo Bank, N.A., as Trustee (in such capacity, the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Notes, and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered. All terms used in this Senior Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Company may, on any date, at its option, upon not less than thirty (30) days’ nor more than sixty (60) days’ written notice to the Holders of the Senior Notes (unless a shorter notice period shall be satisfactory to the Trustee) subject to the terms and conditions of Article XI of the Indenture, redeem this Senior Note in whole at any time or in part from time to time at an Optional Redemption Price in an amount equal to (i) prior to December 30, 2012, the sum of the present values, discounted to the date fixed as the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve thirty (30) day months), at a rate equal to the sum of the applicable Treasury Rate plus fifty (50) basis pointspoints , of (A) the outstanding principal amount of the Senior Notes and (B) the interest payments which would become due after such Redemption Date but for such redemption until the Stated Maturity, it being understood that if the interest rate in effect on the Redemption Date is the Initial Rate, then the interest rate at which the interest payments that would have become due from on or after the Redemption Date until, and excluding, December 30, 2013, shall be considered to be the Initial Rate, Maturity and (ii) on or after December 30, 2012, the lesser of (A) the amount calculated pursuant to clause (i) of this definition and (B) the following dollar price values for each $1,000 of principal amount of Senior Notes: from December 30, 2012 to December 29, 2013, $1040; from December 30, 2013 to December 29, 2014, $1030; from December 30, 2014 to December 29, 2015, $1020; from December 30, 2015 to December 29, 2016, $1010; together, in the case of both clauses (i) and (ii), with accrued and unpaid interest, including any Additional Interest, to but excluding the date fixed as the Redemption Date. In the event of redemption of this Senior Note in part only, a new Senior Note or Senior Notes for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. If less than all the Senior Notes are to be redeemed, the particular Senior Notes to be redeemed shall be selected not more than sixty (60) days prior to the Redemption Date by the Trustee from the Outstanding Senior Notes not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Senior Note. The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Senior Notes, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Senior Notes. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Senior Notes, on behalf of the Holders of all Senior Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any Senior Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Senior Note. No reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium, if any, and interest, including any Additional Interest (to the extent legally enforceable), on this Senior Note at the times, place and rate, and in the coin or currency, herein prescribed. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Senior Note is restricted to transfers to “Qualified Purchasers” (as such term is defined in the Investment Company Act of 1940, as amended) and is registrable in the Securities Register, upon surrender of this Senior Note for registration of transfer at the office or agency of the Company maintained for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar and duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Senior Notes, of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. The Senior Notes are issuable only in registered form without coupons in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Senior Note is registered as the owner hereof for all purposes, whether or not this Senior Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. The Company and, by its acceptance of this Senior Note or a beneficial interest herein, the Holder of, and any Person that acquires a beneficial interest in, this Senior Note agree that, for United States federal, state and local tax purposes, it is intended that this Senior Note constitute indebtedness. This Senior Note shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than Section 5–1401 5-1401 of the General Obligations Law).