Common use of Description of the Notes Clause in Contracts

Description of the Notes. We will issue the notes offered by this prospectus supplement (the “notes”) under an indenture, which we refer to as the base indenture, dated as of August 9, 2017, between us and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as trustee, which we refer to as the trustee, as supplemented by a supplemental indenture establishing the terms of the notes, which we refer to as the supplemental indenture. We refer to the base indenture and the supplemental indenture, collectively, as the indenture. The terms of the notes include those expressly set forth in the indenture and those made part of the indenture by reference to the Trust Indenture Act. You may request a copy of the indenture from us as described below under “Where You Can Find More Information and Incorporation by Reference.” The following description is a summary of the material provisions of the notes and (solely as it applies to the notes) the indenture and does not purport to be complete. This summary is subject to, and is qualified by reference to, all the provisions of the notes and the indenture, including the definitions of certain terms used in the indenture. We urge you to read these documents because they, and not this description, define your rights as a holder of the notes. This description of the notes supplements and, to the extent it is inconsistent with, replaces the description of the general provisions of the debt securities and the base indenture in the accompanying prospectus. For purposes of this description, references to “Ready Capital Corporation,” “our company,” “we,” “our” and “us” refer solely to Ready Capital Corporation and not to its subsidiaries.

Description of the Notes. We will issue have summarized below certain material terms and provisions of the notes. This summary is not a complete description of all of the terms and provisions of the notes. You should read carefully the section entitled “Description of Debt Securities” in the prospectus which is included in our Registration Statement on Form S-3 (Registration No. 333-123150) for a description of other material terms of the notes, the Guarantee and the indenture. For more information, we refer you to the notes, the indenture and the supplemental indenture, forms of which are available from us. We urge you to read the indenture and supplemental indenture because they, and not this description, define your rights as an owner of the notes. The notes offered by this prospectus supplement (the “notes”) are being issued under an indenture, which we refer to as the base indenture, Indenture dated as of August 9October 4, 20172004 among Enterprise Products Operating L.P., between us as issuer, Enterprise Products Partners L.P., as parent guarantor, any subsidiary guarantors party thereto, and U.S. Bank Trust CompanyWxxxx Fargo Bank, National Association (as successor to U.S. Bank National Association), as trustee, which we refer to as the trustee, as supplemented by a an amended and restated supplemental indenture establishing the terms of the notes, which we refer to collectively as the supplemental “indenture.” References in this section to “Enterprise” and the terms “we”, “us”, “our” and like phrases refer solely to Enterprise Products Operating L.P. and do not include our parent, Enterprise Products Partners L.P., or any of our subsidiaries or unconsolidated affiliates. We References in this section to the “Parent Guarantor” refer solely to Enterprise Products Partners L.P. and not its subsidiaries or unconsolidated affiliates. References in this section to the “Guarantee” refer to the base Parent Guarantor’s guarantee of payments on the notes. We may from time to time, without notice to or the consent of the holders of the notes, create and issue further notes having the same terms and conditions as, and ranking equally and ratably with, the notes offered hereby in all respects, except for issue date, issue price and, if applicable, first interest payment date. In addition to the notes offered by this document, as of June 30, 2006, there were outstanding under the above-referenced indenture $500 million in aggregate principal amount of 4.000% senior notes E due 2007, $500 million in aggregate principal amount of 4.625% senior notes F due 2009, $650 million in aggregate principal amount of 5.600% senior notes G due 2014, $350 million in aggregate principal amount of 6.650% senior notes H due 2034, $250 million in aggregate principal amount of 5.00% senior notes I due 2015, $250 million in aggregate principal amount of 5.75% senior notes J due 2035 and $500 million in aggregate principal amount of 4.950% senior notes K due 2010. In addition, the $300 million aggregate principal amount of notes that we issued on July 18, 2006 and the supplemental indenture$200 million aggregate principal amount of notes that we issued on August 25, collectively, as 2006 are outstanding under the indenture. General The terms notes: • will be issued in an aggregate principal amount of $50,000,000; • will be issued in denominations of $1,000 and integral multiples thereof; • are general unsecured junior subordinated obligations of Enterprise; • will bear interest from July 18, 2006 to August 1, 2016 at an annual rate of 8.375%, payable semi-annually in arrears on February 1 and August 1 of each year, commencing February 1, 2007, and thereafter, at an annual rate equal to the notes include those expressly set forth 3-month LIBOR Rate for the related interest period plus 3.7075%, payable quarterly in the indenture arrears on February 1, May 1, August 1 and those made November 1 of each year, commencing November 1, 2016; • provide that we may elect to defer payment of all or part of the indenture by reference current and accrued interest otherwise due on the notes for multiple periods of up to the Trust Indenture Act. You may request a copy of the indenture from us ten consecutive years as described below under “Where You Can Find More Information — Optional Deferral of Interest”; • mature on August 1, 2066 and Incorporation are not redeemable by Reference.” The following description is us prior to August 1, 2016 without payment of a summary make-whole premium; • are subordinated in right of the material provisions of the notes and (solely as it applies to the notes) the indenture and does not purport to be complete. This summary is subject to, and is qualified by reference to, all the provisions of the notes and the indenture, including the definitions of certain terms used in the indenture. We urge you to read these documents because they, and not this description, define your rights as a holder of the notes. This description of the notes supplements andpayment, to the extent it is inconsistent with, replaces the description of the general provisions of the debt securities and the base indenture set forth in the accompanying prospectus. For purposes indenture, to all of this descriptionour existing and future senior indebtedness and senior obligations; and • are guaranteed on an unsecured and junior subordinated basis by the Parent Guarantor, references to “Ready Capital Corporation,” “our company,” “we,” “our” and “us” refer solely to Ready Capital Corporation and the extent described below under “— Parent Guarantee”. The indenture does not limit our incurrence or issuance of other senior, pari passu or subordinated debt, whether under the indenture relating to its subsidiariesthe notes or any existing or other indenture or agreement that we may enter into in the future or otherwise. As of June 30, 2006, the direct indebtedness of Enterprise that is senior to the notes totaled approximately $4.8 billion.

Description of the Notes. We You can find the definitions of certain terms used in this description under “— Description of the Entergy Notes — Certain Definitions Under the Entergy Indenture” and “— Description of the Enexus Notes — Certain Definitions Under the Enexus Indenture.” In this description, “Entergy” refers only to Entergy Corporation and not to any of its subsidiaries and “Enexus” refers only to Enexus Energy Corporation and not to any of its subsidiaries. Entergy’s % Senior Notes due 20 (the “20 Entergy notes”) and % Senior Notes due 20 (the “20 Entergy notes”) are referred to collectively as the “Entergy notes.” Enexus’ % Senior Notes due (the “20 Enexus notes”) and % Senior Notes due 20 (the “20 Enexus notes”) are referred collectively to as the “Enexus notes.” Description of the Entergy Notes Entergy will issue the 20 Entergy notes offered by this prospectus supplement (and the “notes”) 20 Entergy notes under an indenturea second supplemental indenture to the indenture between itself and Deutsche Bank Trust Company Americas, which we refer to as the base indenturetrustee, dated as of August 9December 1, 20172002, as supplemented by the first supplemental indenture between us itself and U.S. Deutsche Bank Trust Company, National Association (as successor to U.S. Bank National Association)Company Americas, as trustee, dated as of December 20, 2005, which we refer are collectively referred to herein as the trustee, as supplemented by a supplemental indenture establishing the terms of the notes, which we refer to as the supplemental “Entergy indenture. We refer to the base indenture and the supplemental indenture, collectively, as the indenture. .” The terms of the Entergy notes include those expressly set forth stated in the Entergy indenture and those made part of the Entergy indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). You may request a copy of the indenture from us as described below under “Where You Can Find More Information and Incorporation by Reference.” The following description is a summary of the material provisions of the notes and (solely as it applies to the notes) the indenture and does not purport to be complete. This summary is subject to, and is qualified by reference to, all the provisions of the Entergy notes and the indenture, including the definitions of certain terms used in the Entergy indenture. We urge you It does not restate the Entergy notes and the Entergy indenture in their entirety. You are urged to read these documents the Entergy notes and the Entergy indenture because they, and not this description, define your rights as a holders of the Entergy notes. Copies of the proposed form of the Entergy indenture are available as described under “Where You Can Find More Information.” Certain defined terms used in this description but not defined below under “— Certain Definitions Under the Entergy Indenture” have the meanings assigned to them in the Entergy indenture. The registered holder of an Entergy note is treated as the notesowner of it for all purposes. This description of Only registered holders have rights under the notes supplements and, to the extent it is inconsistent with, replaces the description of the general provisions of the debt securities and the base indenture in the accompanying prospectus. For purposes of this description, references to “Ready Capital Corporation,” “our company,” “we,” “our” and “us” refer solely to Ready Capital Corporation and not to its subsidiariesEntergy indenture.

Description of the Notes. We will issue the notes offered by this prospectus supplement In July 2022, we issued $80.0 million aggregate principal amount of 7.375% Senior Notes due 2027 (the “existing notes”) under pursuant to an indenture, which we refer to as the base indenture, dated as of August 9, 2017, between us and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as trustee, which we refer to as the trustee, as supplemented by a the third supplemental indenture indenture, dated February 26, 2019, and the eighth supplemental indenture, dated July 25, 2022, establishing the terms of the notes, which we refer to as the supplemental indenture. We refer to the base indenture and the third and eighth supplemental indentureindentures, collectively, as the indenture. The terms of the notes include those expressly set forth in the indenture and those made part of the indenture by reference to the Trust Indenture Act. The indenture was filed as an exhibit to our Current Report on Form 8-K filed with the SEC on July 25, 2022. You may request a copy of the indenture from us as described below under “Where You Can Find More Information and Incorporation by Reference.” The $20.0 million aggregate principal amount of new notes offered hereby will be issued pursuant to the same indenture as the existing notes. The new notes will be fully fungible for U.S. federal income tax purposes with the existing notes, will be treated as a single series of debt securities with the existing notes for all purposes under the indenture (including, without limitation, waivers, amendments and offers to purchase) and will be issued under the same CUSIP and ISIN numbers as the existing notes. Holders of the existing notes, the new notes offered hereby and any additional notes of the same series that we issue in the future pursuant to the indenture will vote as one class under the indenture. The following description is a summary of the material provisions of the notes and (solely as it applies to the notes) the indenture and does not purport to be complete. This summary is subject to, and is qualified by reference to, all the provisions of the notes and the indenture, including the definitions of certain terms used in the indenture. We urge you to read these documents because they, and not this description, define your rights as a holder of the notes. This description of the notes supplements and, to the extent it is inconsistent with, replaces the description of the general provisions of the debt securities and the base indenture in the accompanying prospectus. For purposes of this description, references to “Ready Capital Corporation,” “our company,” “we,” “our” and “us” refer solely to Ready Capital Corporation and not to its subsidiaries.