Exhibit 4.6


 


GATOS SILVER,
INC.


 


as the Company


 


and


 


[_____]


 


as Trustee


 


Subordinated
Indenture


 


Dated as of [_____]


 







     



     


    

TABLE OF CONTENTS


 


Page


 


	Article 1
	Definitions And Incorporation By Reference
	Section 1.01.	Definitions	4
	Section 1.02.	Other Definitions	8
	Section 1.03.	Incorporation by Reference of Trust Indenture Act	9
	Section 1.04.	Rules of Construction	9
	 	 	 
	Article 2
	The Securities
	Section 2.01.	Form and Dating	9
	Section 2.02.	Execution and Authentication	9
	Section 2.03.	Amount Unlimited; Issuable in Series	11
	Section 2.04.	Denomination and Date of Securities; Payments of Interest	12
	Section 2.05.	Registrar and Paying Agent; Agents Generally	13
	Section 2.06.	Paying Agent to Hold Money in Trust	13
	Section 2.07.	Transfer and Exchange	14
	Section 2.08.	Replacement Securities	15
	Section 2.09.	Outstanding Securities	16
	Section 2.10.	Temporary Securities	17
	Section 2.11.	Cancellation	17
	Section 2.12.	CUSIP Numbers	17
	Section 2.13.	Defaulted Interest	17
	Section 2.14.	Series May Include Tranches	17
	 	 	 
	Article 3
	Redemption
	Section 3.01.	Applicability of Article	18
	Section 3.02.	Notice of Redemption; Partial Redemptions	18
	Section 3.03.	Payment of Securities Called for Redemption	19
	Section 3.04.	Exclusion of Certain Securities from Eligibility for
    Selection for Redemption	19
	Section 3.05.	Mandatory and Optional Sinking Funds	20
	 	 	 
	Article 4
	Covenants
	Section 4.01.	Payment of Securities	21
	Section 4.02.	Maintenance of Office or Agency	22
	Section 4.03.	Securityholders’ Lists	22
	Section 4.04.	Certificate to Trustee	22
	Section 4.05.	Reports by the Company	22
	Section 4.06.	Additional Amounts	23
	 	 	 
	Article 5
	SUCCESSOR CORPORATION
	Section 5.01.	When Company May Merge, Etc	23
	Section 5.02.	Successor Substituted	23
	 	 	 
	Article 6
	Default And Remedies
	Section 6.01.	Events of Default	24
	Section 6.02.	Acceleration	24
	Section 6.03.	Other Remedies	25



 


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	Section 6.04.	Waiver of Past Defaults	25
	Section 6.05.	Control by Majority	25
	Section 6.06.	Limitation on Suits	26
	Section 6.07.	Rights of Holders to Receive Payment	26
	Section 6.08.	Collection Suit by Trustee	26
	Section 6.09.	Trustee May File Proofs of Claim	26
	Section 6.10.	Application of Proceeds	26
	Section 6.11.	Restoration of Rights and Remedies	27
	Section 6.12.	Undertaking for Costs	27
	Section 6.13.	Rights and Remedies Cumulative	27
	Section 6.14.	Delay or Omission not Waiver	28
	 	 	 
	Article 7
	Trustee
	Section 7.01.	General	28
	Section 7.02.	Certain Rights of Trustee	28
	Section 7.03.	Individual Rights of Trustee	29
	Section 7.04.	Trustee’s Disclaimer	29
	Section 7.05.	Notice of Default	29
	Section 7.06.	Reports by Trustee to Holders	29
	Section 7.07.	Compensation and Indemnity	30
	Section 7.08.	Replacement of Trustee	30
	Section 7.09.	Acceptance of Appointment by Successor	31
	Section 7.10.	Successor Trustee By Merger, Etc	31
	Section 7.11.	Eligibility	32
	Section 7.12.	Money Held in Trust	32
	 	 	 
	Article 8
	Satisfaction And Discharge Of Indenture;
    Unclaimed Moneys
	Section 8.01.	Satisfaction and Discharge of Indenture	32
	Section 8.02.	Application by Trustee of Funds Deposited for Payment
    of Securities	32
	Section 8.03.	Repayment of Moneys Held by Paying Agent	33
	Section 8.04.	Return of Moneys Held by Trustee and Paying Agent
    Unclaimed for Two Years	33
	Section 8.05.	Defeasance and Discharge of Indenture	33
	Section 8.06.	Defeasance of Certain Obligations	34
	Section 8.07.	Reinstatement	35
	Section 8.08.	Indemnity	35
	Section 8.09.	Excess Funds	35
	Section 8.10.	Qualifying Trustee	35
	 	 	 
	Article 9
	Amendments, Supplements And Waivers
	Section 9.01.	Without Consent of Holders	35
	Section 9.02.	With Consent of Holders	36
	Section 9.03.	Revocation and Effect of Consent	36
	Section 9.04.	Notation on or Exchange of Securities	37
	Section 9.05.	Trustee to Sign Amendments, Etc	37
	Section 9.06.	Conformity with Trust Indenture Act	37
	 	 	 
	Article 10
	Miscellaneous
	Section 10.01.	Trust Indenture Act of 1939	37
	Section 10.02.	Notices	37
	Section 10.03.	Certificate and Opinion as to Conditions Precedent	38
	Section 10.04.	Statements Required in Certificate or Opinion	38



 


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	Section 10.05.	Evidence of Ownership	39
	Section 10.06.	Rules by Trustee, Paying Agent or Registrar	39
	Section 10.07.	Payment Date Other Than a Business Day	39
	Section 10.08.	Governing Law	39
	Section 10.09.	No Adverse Interpretation of Other Agreements	39
	Section 10.10.	Successors	39
	Section 10.11.	Duplicate Originals	39
	Section 10.12.	Separability	40
	Section 10.13.	Table of Contents, Headings, Etc	40
	Section 10.14.	Incorporators, Stockholders, Officers and Directors
    of Company Exempt from Individual Liability	40
	Section 10.15.	Judgment Currency	40
	 	 	 
	Article 11
	Subordination Of Securities
	Section 11.01.	Agreement to Subordinate	40



 


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SUBORDINATED INDENTURE,
dated as of [_____], between Gatos Silver, Inc., a Delaware corporation, as the Company, and [_____], as Trustee.


 


RECITALS OF
THE COMPANY


 


WHEREAS, the Company
has duly authorized the issue from time to time of its subordinated debentures, notes or other evidences of indebtedness to be issued
in one or more series (the “Securities”) up to such principal amount or amounts as may from time to time be authorized
in accordance with the terms of this Indenture and to provide, among other things, for the authentication, delivery and administration
thereof, the Company has duly authorized the execution and delivery of this Indenture; and


 


WHEREAS, all things
necessary to make this Indenture a valid indenture and agreement according to its terms have been done;


 


NOW, THEREFORE:


 


In consideration
of the premises and the purchases of the Securities by the holders thereof, the Company and the Trustee mutually covenant and agree for
the equal and proportionate benefit of the respective holders from time to time of the Securities or of any and all series thereof and
of the coupons, if any, appertaining thereto as follows:


 


Article
1

Definitions And Incorporation By Reference


 


Section 1.01.        Definitions.


 


“Affiliate”
of any Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”,
“controlled by” and “under common control with”) when used with respect to any Person means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership
of voting securities, by contract or otherwise.


 


“Agent”
means any Registrar, Paying Agent, transfer agent or Authenticating Agent.


 


“Authorized
Newspaper” means a newspaper (which, in the case of The City of New York, will, if practicable, be The Wall Street Journal
(Eastern Edition) and in the case of London, will, if practicable, be the Financial Times (London Edition) and published in an official
language of the country of publication customarily published at least once a day for at least five days in each calendar week and of
general circulation in The City of New York or London, as applicable. If it shall be impractical in the opinion of the Trustee to make
any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof which is made
or given with the approval of the Trustee shall constitute a sufficient publication of such notice.


 


“Bank Credit
Agreement” means the Credit Agreement, as such Agreement has been and may be amended, restated, supplemented or otherwise
modified from time to time, and includes any agreement extending the maturity of, or restructuring (including, but not limited to, the
inclusion of additional borrowers thereunder that are Subsidiaries of the Company and whose obligations are guaranteed by the Company
thereunder) all or any portion of, the Debt under such Agreement or any successor agreements and includes any agreement with one or more
banks or other lending institutions refinancing all or any portion of the Debt under such Agreement or any successor agreements.


 


“Board
Resolution” means one or more resolutions of the board of directors of the Company or any authorized committee thereof, certified
by the secretary or an assistant secretary to have been duly adopted and to be in full force and effect on the date of certification,
and delivered to the Trustee.


 


“Business
Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in The City of New York, with respect to any Security the interest on which
is based on the offered quotations in the interbank Eurodollar market






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for dollar deposits in London, or with respect to Securities denominated
in a specified currency other than United States dollars, in the principal financial center of the country of the specified currency.


 


“Capital
Lease” means, with respect to any Person, any lease of any property which, in conformity with GAAP, is required to be capitalized
on the balance sheet of such Person.


 


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


 


“Company”
means the party named as such in the first paragraph of this Indenture until a successor replaces it pursuant to ‎Article
5 of this Indenture and thereafter means the successor.


 


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


 


“Credit
Agreement” means the [_____].


 


“Currency
Agreement” means, with respect to any Person, any foreign exchange contract, currency swap agreement or other similar agreement
or arrangement designed to protect such Person or any of its Subsidiaries against fluctuations in currency values to or under which such
Person or any of its Subsidiaries is a party or a beneficiary on the date hereof or becomes a party or a beneficiary thereafter.


 


“Debt”
means, with respect to any Person at any date of determination (without duplication), (i) all indebtedness of such Person for borrowed
money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations
of such Person in respect of letters of credit or bankers’ acceptance or other similar instruments (or reimbursement obligations
with respect thereto), (iv) all obligations of such Person to pay the deferred purchase price of property or services, except Trade
Payables, (v) all obligations of such Person as lessee under Capital Leases, (vi) all Debt of others secured by a Lien on any
asset of such Person, whether or not such Debt is assumed by such Person; provided that, for purposes of determining the amount
of any Debt of the type described in this clause, if recourse with respect to such Debt is limited to such asset, the amount of such
Debt shall be limited to the lesser of the fair market value of such asset or the amount of such Debt, (vii) all Debt of others
Guaranteed by such Person to the extent such Debt is Guaranteed by such Person, (viii) all redeemable stock valued at the greater
of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends and (ix) to the extent not otherwise included
in this definition, all obligations of such Person under Currency Agreements and Interest Rate Agreements.


 


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


 


“Depositary”
means, with respect to the Securities of any series issuable or issued in the form of one or more Registered Global Securities, the Person
designated as Depositary by the Company pursuant to ‎Section 2.03
until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary”
shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary”
as used with respect to the Securities of any such series shall mean the Depositary with respect to the Registered Global Securities
of that series.


 


“Designated
Senior Indebtedness” means (i) Debt under the Bank Credit Agreements and (ii) Debt constituting Senior Indebtedness
which, at the time of its determination, (A) has an aggregate principal amount of at least $ million and (B) is specifically
designated in the instrument evidencing such Senior Indebtedness as “Designated Senior Indebtedness” by the Company.


 


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


 


“GAAP”
means generally accepted accounting principles in the U.S. as in effect as of the date hereof applied on a basis consistent with the
principles, methods, procedures and practices employed in the preparation of






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the Company’s audited financial statements, including,
without limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements
by such other entity as is approved by a significant segment of the accounting profession.


 


“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt or other obligation of any
other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such
Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation of such
other Person (whether arising by virtue of partnership arrangements, or by agreement to keepwell, to purchase assets, goods, securities
or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for purposes of assuring
in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect
thereof (in whole or in part); provided that the term “Guarantee” shall not include endorsements for collection
or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning.


 


“Holder”
or “Securityholder” means the registered holder of any Security with respect to Registered Securities and the bearer
of any Unregistered Security or any coupon appertaining thereto, as the case may be.


 


“Indenture”
means this Indenture as originally executed and delivered or as it may be amended or supplemented from time to time by one or more indentures
supplemental to this Indenture entered into pursuant to the applicable provisions of this Indenture and shall include the forms and terms
of the Securities of each series established as contemplated pursuant to Sections ‎2.01
and ‎2.03.


 


“Interest
Rate Agreement” means, with respect to any Person, any interest rate protection agreement, interest rate future agreement,
interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate
hedge agreement or other similar agreement or arrangement designed to protect such Person or any of its Subsidiaries against fluctuations
in interest rates to or under which such Person or any of its Subsidiaries is a party or a beneficiary on the date hereof or becomes
a party or a beneficiary thereafter.


 


“Lien”
means, with respect to any property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such
property. For purposes of this Indenture, the Company shall be deemed to own subject to a Lien any property which it has acquired or
holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement
relating to such property.


 


“Officer”
means, with respect to the Company, the chairman of the board of directors, the president or chief executive officer, any executive vice
president, any senior vice president, any vice president, the chief financial officer, the treasurer or any assistant treasurer, or the
secretary or any assistant secretary.


 


“Officers’
Certificate” means a certificate signed in the name of the Company (i) by the chairman of the board of directors, the
president or chief executive officer, an executive vice president, a senior vice president or a vice president and (ii) by the chief
financial officer, the treasurer or any assistant treasurer, or the secretary or any assistant secretary, and delivered to the Trustee.
Each such certificate shall comply with Section 314 of the Trust Indenture Act, if applicable, and include (except as otherwise
expressly provided in this Indenture) the statements provided in ‎Section
10.04, if applicable.


 


“Opinion
of Counsel” means a written opinion signed by legal counsel, who may be an employee of or counsel to the Company, satisfactory
to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act, if applicable, and include the statements
provided in ‎Section 10.04, if and to the extent required thereby.


 


“original
issue date” of any Security (or portion thereof) means the earlier of (a) the date of authentication of such Security
or (b) the date of any Security (or portion thereof) for which such Security was issued (directly or indirectly) on registration
of transfer, exchange or substitution.


 



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“Original
Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof to be due and
payable upon a declaration of acceleration of the maturity thereof pursuant to ‎Section
6.02.


 


“Periodic
Offering” means an offering of Securities of a series from time to time, the specific terms of which Securities, including,
without limitation, the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions,
if any, with respect thereto, are to be determined by the Company or its agents upon the issuance of such Securities.


 


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


 


“Principal”
of a Security means the principal amount of, and, unless the context indicates otherwise, includes any premium payable on, the Security.


 


“Registered
Global Security” means a Security evidencing all or a part of a series of Registered Securities, issued to the Depositary for
such series in accordance with ‎Section 2.02, and bearing the legend
prescribed in ‎Section 2.02.


 


“Registered
Security” means any Security registered on the Security Register (as defined in ‎Section
2.05).


 


“Responsible
Officer” when used with respect to the Trustee, shall mean an officer of the Trustee in the Corporate Trust Office, having
direct responsibility for the administration of this Indenture, and also, with respect to a particular matter, any other officer to whom
such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.


 


“Securities”
means any of the securities, as defined in the first paragraph of the recitals hereof, that are authenticated and delivered under this
Indenture and, unless the context indicates otherwise, shall include any coupon appertaining thereto.


 


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


 


“Senior
Indebtedness” means the principal of (and premium, if any) and interest on all Debt of the Company whether created, incurred
or assumed before, on or after the date of this Indenture; provided that such Senior Indebtedness shall not include (i) Debt
of the Company that, when incurred and without respect to any election under Section 1111(b) of Title 11, U.S. Code, was without
recourse, (ii) any other Debt of the Company which by the terms of the instrument creating or evidencing the same are specifically
designated as not being senior in right of payment to the Securities, and in particular the Securities shall rank pari passu with all
other debt securities and guarantees issued to any trust, partnership or other entity affiliated with the Company which is a financing
vehicle of the Company in connection with an issuance of preferred securities by such financing entity and (iii) redeemable stock
of the Company.


 


“Subsidiary”
means, with respect to any Person, any corporation, association or other business entity of which a majority of the capital stock or
other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar
functions are at the time directly or indirectly owned by such Person.


 


“Trade
Payables” means, with respect to any Person, any accounts payable or any other indebtedness or monetary obligation to trade
creditors created, assumed or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business in connection
with the acquisition of goods or services.


 


“Trustee”
means the party named as such in the first paragraph of this Indenture until a successor replaces it in accordance with the provisions
of ‎Article 7 and thereafter shall mean or include each Person who
is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the
Securities of any series shall mean the Trustee with respect to Securities of that series.


 



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“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb), as it may be amended
from time to time.


 


“Unregistered
Security” means any Security other than a Registered Security.


 


“U.S. Government
Obligations” means securities that are (i) direct obligations of the United States of America for the payment of which
its full faith and credit is pledged or (ii) obligations of an agency or instrumentality of the United States of America the payment
of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, and shall also include
a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific
payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a
depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the
amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation
or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt.


 


“Yield
to Maturity” means, as the context may require, the yield to maturity (i) on a series of Securities or (ii) if the
Securities of a series are issuable from time to time, on a Security of such series, calculated at the time of issuance of such series
in the case of clause (i) or at the time of issuance of such Security of such series in the case of clause (ii), or, if applicable,
at the most recent redetermination of interest on such series or on such Security, and calculated in accordance with the constant interest
method or such other accepted financial practice as is specified in the terms of such Security.


 


Section 1.02.        Other
Definitions. Each of the following terms is defined in the section set forth opposite such term:


 


	Term	Section
	Authenticating Agent        	‎2.02
	Cash Transaction        	‎7.03
	Dollars        	‎4.02
	Event of Default        	‎6.01
	Judgment Currency        	‎10.15(a)
	mandatory sinking fund payment        	‎3.05
	optional sinking fund payment        	‎3.05
	Paying Agent        	‎2.05
	Payment Blockage Period           	‎11.02
	record date          	‎2.04
	Registrar           	‎2.05
	Required Currency          	‎10.15(a)
	Security Register          	‎2.05
	self-liquidating paper           	‎7.03
	sinking fund payment date           	‎3.05
	tranche           	‎2.14


 


Section 1.03.        Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision
is incorporated by reference in and made a part of this Indenture. The following terms used in this Indenture that are defined by the
Trust Indenture Act have the following meanings:


 


“indenture
securities” means the Securities;


 


“indenture
security holder” means a Holder or a Securityholder;


 


“indenture
to be qualified” means this Indenture;


 


“indenture
trustee” or “institutional trustee” means the Trustee; and


 



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“obligor”
on the indenture securities means the Company or any other obligor on the Securities.


 


All other terms
used in this Indenture that are defined by the Trust Indenture Act, defined by reference in the Trust Indenture Act to another statute
or defined by a rule of the Commission and not otherwise defined herein have the meanings assigned to them therein.


 


Section 1.04.        Rules
of Construction. Unless the context otherwise requires:


 


(a)        an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;


 


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


 


(c)        “herein,”
“hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section
or other subdivision;


 


(d)        all
references to Sections or Articles refer to Sections or Articles of this Indenture unless otherwise indicated; and


 


(e)        use
of masculine, feminine or neuter pronouns should not be deemed a limitation, and the use of any such pronouns should be construed to
include, where appropriate, the other pronouns.


 


Article
2

The Securities


 


Section 2.01.        Form
and Dating. The Securities of each series shall be substantially in such form or forms (not inconsistent with this Indenture)
as shall be established by or pursuant to one or more Board Resolutions or in one or more indentures supplemental hereto, in each case
with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may
have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this Indenture,
as may be required to comply with any law, or with any rules of any securities exchange or usage, all as may be determined by the officers
executing such Securities as evidenced by their execution of the Securities. Unless otherwise so established, Unregistered Securities
shall have coupons attached.


 


Section 2.02.        Execution
and Authentication. Two Officers shall execute the Securities and one Officer shall execute the coupons appertaining thereto
for the Company by facsimile or manual signature in the name and on behalf of the Company. The seal of the Company, if any, shall be
reproduced on the Securities. If an Officer whose signature is on a Security or coupon appertaining thereto no longer holds that office
at the time the Security is authenticated, the Security and such coupon shall nevertheless be valid.


 


The Trustee, at
the expense of the Company, may appoint an authenticating agent (the “Authenticating Agent”) to authenticate Securities.
The Authenticating Agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication
by the Trustee includes authentication by such Authenticating Agent.


 


A Security and the
coupons appertaining thereto shall not be valid until the Trustee or Authenticating Agent manually signs the certificate of authentication
on the Security or on the Security to which such coupon appertains by an authorized officer. The signature shall be conclusive evidence
that the Security or the Security to which the coupon appertains has been authenticated under this Indenture.


 


At any time and
from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series having attached
thereto appropriate coupons, if any, executed by the Company to the Trustee for authentication together with the applicable documents
referred to below in this Section, and the Trustee shall thereupon authenticate and deliver such Securities to or upon the written order
of the Company. In authenticating any Securities of a series, the Trustee shall be entitled to receive prior to the authentication of
any Securities of such series, and (subject to ‎Article 7) shall
be fully protected in relying upon, unless and until such documents have been superseded or revoked:


 



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(a)        any
Board Resolution and/or executed supplemental indenture referred to in Sections ‎2.01
and ‎2.03 by or pursuant to which the forms and terms of the
Securities of that series were established;


 


(b)        an
Officers’ Certificate setting forth the form or forms and terms of the Securities, stating that the form or forms and terms of
the Securities of such series have been, or, in the case of a Periodic Offering, will be when established in accordance with such procedures
as shall be referred to therein, established in compliance with this Indenture; and


 


(c)        an
Opinion of Counsel substantially to the effect that the form or forms and terms of the Securities of such series have been, or, in the
case of a Periodic Offering, will be when established in accordance with such procedures as shall be referred to therein, established
in compliance with this Indenture and that the supplemental indenture, to the extent applicable, and Securities have been duly authorized
and, if executed and authenticated in accordance with the provisions of the Indenture and delivered to and duly paid for by the purchasers
thereof on the date of such opinion, would be entitled to the benefits of the Indenture and would be valid and binding obligations of
the Company, enforceable against the Company in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization,
receivership, moratorium and other similar laws affecting creditors’ rights generally, general principles of equity, and covering
such other matters as shall be specified therein and as shall be reasonably requested by the Trustee.


 


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


 


Notwithstanding
the provisions of Sections ‎2.01 and ‎2.02,
if, in connection with a Periodic Offering, all Securities of a series are not to be originally issued at one time, it shall not be necessary
to deliver the Board Resolution otherwise required pursuant to ‎Section
2.01 or the written order, Officers’ Certificate and Opinion of Counsel otherwise required pursuant to ‎Section
2.02 at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication
upon original issuance of the first Security of such series to be issued.


 


With respect to
Securities of a series offered in a Periodic Offering, the Trustee may rely, as to the authorization by the Company of any of such Securities,
the forms and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the
other documents delivered pursuant to Sections ‎2.01 and ‎2.02,
as applicable, in connection with the first authentication of Securities of such series.


 


If the Company shall
establish pursuant to ‎Section 2.03 that the Securities of a series
or a portion thereof are to be issued in the form of one or more Registered Global Securities, then the Company shall execute and the
Trustee shall authenticate and deliver one or more Registered Global Securities that (i) shall represent and shall be denominated
in an amount equal to the aggregate principal amount of all of the Securities of such series issued in such form and not yet cancelled,
(ii) shall be registered in the name of the Depositary for such Registered Global Security or Securities or the nominee of such
Depositary, (iii) shall be delivered by the Trustee to such Depositary or its custodian or pursuant to such Depositary’s instructions
and (iv) shall bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part
for Securities in definitive registered form, this Security may not be transferred except as a whole by the Depositary to the nominee
of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary.”


 


Section 2.03.        Amount
Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered under this
Indenture is unlimited.


 


The Securities may
be issued in one or more series and shall be subordinated to the Senior Indebtedness pursuant to the provisions of ‎Article
11 hereof. There shall be established in or pursuant to Board Resolution or one or more indentures supplemental hereto, prior to the
initial issuance of Securities of any series, subject to the last sentence of this ‎Section
2.03,


 


(a)        the
designation of the Securities of the series, which shall distinguish the Securities of the series from the Securities of all other series;


 



    10 



     


    




(b)        any
limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture
and any limitation on the ability of the Company to increase such aggregate principal amount after the initial issuance of the Securities
of that series (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
or upon redemption of, other Securities of the series pursuant hereto);


 


(c)        the
date or dates on which the principal of the Securities of the series is payable (which date or dates may be fixed or extendible);


 


(d)        the
rate or rates (which may be fixed or variable) per annum at which the Securities of the series shall bear interest, if any, the date
or dates from which such interest shall accrue, on which such interest shall be payable and (in the case of Registered Securities) on
which a record shall be taken for the determination of Holders to whom interest is payable and/or the method by which such rate or rates
or date or dates shall be determined;


 


(e)        if
other than as provided in ‎Section 4.02, the place or places
where the principal of and any interest on Securities of the series shall be payable, any Registered Securities of the series may be
surrendered for exchange, notices, demands to or upon the Company in respect of the Securities of the series and this Indenture may be
served and notice to Holders may be published;


 


(f)        the
right, if any, of the Company to redeem Securities of the series, in whole or in part, at its option and the period or periods within
which, the price or prices at which and any terms and conditions upon which Securities of the series may be so redeemed, pursuant to
any sinking fund or otherwise;


 


(g)        the
obligation, if any, of the Company to redeem, purchase or repay Securities of the series pursuant to any mandatory redemption, sinking
fund or analogous provisions or at the option of a Holder thereof and the price or prices at which and the period or periods within which
and any of the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole or in part,
pursuant to such obligation;


 


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


 


(i)        if
other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon
declaration of acceleration of the maturity thereof;


 


(j)        if
other than the coin or currency in which the Securities of the series are denominated, the coin or currency in which payment of the principal
of or interest on the Securities of the series shall be payable or if the amount of payments of principal of and/or interest on the Securities
of the series may be determined with reference to an index based on a coin or currency other than that in which the Securities of the
series are denominated, the manner in which such amounts shall be determined;


 


(k)        if
other than the currency of the United States of America, the currency or currencies, including composite currencies, in which payment
of the Principal of and interest on the Securities of the series shall be payable, and the manner in which any such currencies shall
be valued against other currencies in which any other Securities shall be payable;


 


(l)        whether
the Securities of the series or any portion thereof will be issuable as Registered Securities (and if so, whether such Securities will
be issuable as Registered Global Securities) or Unregistered Securities (with or without coupons) (and if so, whether such Securities
will be issued in temporary or permanent global form), or any combination of the foregoing, any restrictions applicable to the offer,
sale or delivery of Unregistered Securities or the payment of interest thereon and, if other than as provided herein, the terms upon
which Unregistered Securities of any series may be exchanged for Registered Securities of such series and vice versa;


 


(m)        whether
the Securities of the series may be exchangeable for and/or convertible into the common stock of the Company or any other security;


 


(n)        whether
and under what circumstances the Company will pay additional amounts on the Securities of the series held by a person who is not a U.S.
person in respect of any tax, assessment or governmental charge






    11 



     


    

withheld or deducted and, if so, whether the Company will have the option
to redeem such Securities rather than pay such additional amounts;


 


(o)        if
the Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security
of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms
of such certificates, documents or conditions;


 


(p)        any
trustees, depositaries, authenticating or paying agents, transfer agents or the registrar or any other agents with respect to the Securities
of the series;


 


(q)        provisions,
if any, for the defeasance of the Securities of the series (including provisions permitting defeasance of less than all Securities of
the series), which provisions may be in addition to, in substitution for, or in modification of (or any combination of the foregoing)
the provisions of ‎Article 8;


 


(r)        if
the Securities of the series are issuable in whole or in part as one or more Registered Global Securities or Unregistered Securities
in global form, the identity of the Depositary or common Depositary for such Registered Global Security or Securities or Unregistered
Securities in global form;


 


(s)        any
other Events of Default or covenants with respect to the Securities of the series; and


 


(t)        any
other terms of the Securities of the series (which terms shall not be inconsistent with the provisions of this Indenture).


 


All Securities of
any one series and coupons, if any, appertaining thereto shall be substantially identical, except in the case of Registered Securities
as to date and denomination, except in the case of any Periodic Offering and except as may otherwise be provided by or pursuant to the
Board Resolution referred to above or as set forth in any such indenture supplemental hereto. All Securities of any one series need not
be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant
to such Board Resolution or in any such indenture supplemental hereto and any forms and terms of Securities to be issued from time to
time may be completed and established from time to time prior to the issuance thereof by procedures described in such Board Resolution
or supplemental indenture.


 


Unless otherwise
expressly provided with respect to a series of Securities, the aggregate principal amount of a series of Securities may be increased
and additional Securities of such series may be issued up to the maximum aggregate principal amount authorized with respect to such series
as increased.


 


Section 2.04.        Denomination
and Date of Securities; Payments of Interest. The Securities of each series shall be issuable as Registered Securities or Unregistered
Securities in denominations established as contemplated by ‎Section
2.03 or, if not so established with respect to Securities of any series, in denominations of $1,000 and any integral multiple thereof.
The Securities of each series shall be numbered, lettered or otherwise distinguished in such manner or in accordance with such plan as
the Officers of the Company executing the same may determine, as evidenced by their execution thereof.


 


Unless otherwise
specified with respect to a series of Securities, each Security shall be dated the date of its authentication. The Securities of each
series shall bear interest, if any, from the date, and such interest and shall be payable on the dates, established as contemplated by
‎Section 2.03.


 


The person in whose
name any Registered Security of any series is registered at the close of business on any record date applicable to a particular series
with respect to any interest payment date for such series shall be entitled to receive the interest, if any, payable on such interest
payment date notwithstanding any transfer or exchange of such Registered Security subsequent to the record date and prior to such interest
payment date, except if and to the extent the Company shall default in the payment of the interest due on such interest payment date
for such series, in which case the provisions of ‎Section 2.13 shall
apply. The term “record date” as used with respect to any interest payment date (except a date for payment of defaulted
interest) for the Securities of any series shall mean the date specified as such in the terms of the Registered Securities of such series
established as contemplated by ‎Section 2.03, or, if no such date
is so established, the fifteenth day next preceding such interest payment date, whether or not such record date is a Business Day.


 



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Section 2.05.        Registrar
and Paying Agent; Agents Generally. The Company shall maintain an office or agency where Securities may be presented for registration,
registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities may be presented
for payment (the “Paying Agent”), which shall be in the Borough of Manhattan, The City of New York. The Company shall
cause the Registrar to keep a register of the Registered Securities and of their registration, transfer and exchange (the “Security
Register”). The Company may have one or more additional Paying Agents or transfer agents with respect to any series.


 


The Company shall
enter into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement shall implement the provisions
of this Indenture and the Trust Indenture Act that relate to such Agent. The Company shall give prompt written notice to the Trustee
of the name and address of any Agent and any change in the name or address of an Agent. If the Company fails to maintain a Registrar
or Paying Agent, the Trustee shall act as such. The Company may remove any Agent upon written notice to such Agent and the Trustee; provided that
no such removal shall become effective until (i) the acceptance of an appointment by a successor Agent to such Agent as evidenced
by an appropriate agency agreement entered into by the Company and such successor Agent and delivered to the Trustee or (ii) notification
to the Trustee that the Trustee shall serve as such Agent until the appointment of a successor Agent in accordance with clause ‎(i)
 of this proviso. The Company or any affiliate of the Company may act as Paying Agent or Registrar; provided that
neither the Company nor an affiliate of the Company shall act as Paying Agent in connection with the defeasance of the Securities or
the discharge of this Indenture under ‎Article 8.


 


The Company initially
appoints the Trustee as Registrar, Paying Agent and Authenticating Agent. If, at any time, the Trustee is not the Registrar, the Registrar
shall make available to the Trustee ten days prior to each interest payment date and at such other times as the Trustee may reasonably
request the names and addresses of the Holders as they appear in the Security Register.


 


Section 2.06.        Paying
Agent to Hold Money in Trust. Not later than 10:00 a.m. New York City time on each due date or, in the case of Unregistered
Securities, 10:00 a.m. New York City time on the Business Day prior to the due date, of any Principal or interest on any Securities,
the Company shall deposit with the Paying Agent money in immediately available funds sufficient to pay such Principal or interest. The
Company shall require each Paying Agent other than the Trustee to agree in writing that such Paying Agent shall hold in trust for the
benefit of the Holders of such Securities or the Trustee all money held by the Paying Agent for the payment of Principal of and interest
on such Securities and shall promptly notify the Trustee of any default by the Company in making any such payment. The Company at any
time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at
any time during the continuance of any payment default, upon written request to a Paying Agent, require such Paying Agent to pay all
money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent shall have no further liability
for the money so paid over to the Trustee. If the Company or any affiliate of the Company acts as Paying Agent, it will, on or before
each due date of any Principal of or interest on any Securities, segregate and hold in a separate trust fund for the benefit of the Holders
thereof a sum of money sufficient to pay such Principal or interest so becoming due until such sum of money shall be paid to such Holders
or otherwise disposed of as provided in this Indenture, and will promptly notify the Trustee in writing of its action or failure to act
as required by this Section.


 


Section 2.07.        Transfer
and Exchange. Unregistered Securities (except for any temporary global Unregistered Securities) and coupons (except for coupons
attached to any temporary global Unregistered Securities) shall be transferable by delivery.


 


At the option of
the Holder thereof, Registered Securities of any series (other than a Registered Global Security, except as set forth below) may be exchanged
for a Registered Security or Registered Securities of such series and tenor having authorized denominations and an equal aggregate principal
amount, upon surrender of such Registered Securities to be exchanged at the agency of the Company that shall be maintained for such purpose
in accordance with ‎Section 2.05 and upon payment, if the Company
shall so require, of the charges hereinafter provided. If the Securities of any series are issued in both registered and unregistered
form, except as otherwise established pursuant to ‎Section 2.03,
at the option of the Holder thereof, Unregistered Securities of any series may be exchanged for Registered Securities of such series
and tenor having authorized denominations and an equal aggregate principal amount, upon surrender of such Unregistered Securities to
be exchanged at the agency of the Company that shall be maintained for such purpose in accordance with ‎Section
4.02, with, in the case of






    13 



     


    

Unregistered Securities that have coupons attached, all unmatured coupons and all matured coupons in default
thereto appertaining, and upon payment, if the Company shall so require, of the charges hereinafter provided. At the option of the Holder
thereof, if Unregistered Securities of any series, maturity date, interest rate and original issue date are issued in more than one authorized
denomination, except as otherwise established pursuant to ‎Section
2.03, such Unregistered Securities may be exchanged for Unregistered Securities of such series and tenor having authorized denominations
and an equal aggregate principal amount, upon surrender of such Unregistered Securities to be exchanged at the agency of the Company
that shall be maintained for such purpose in accordance with ‎Section
4.02, with, in the case of Unregistered Securities that have coupons attached, all unmatured coupons and all matured coupons in default
thereto appertaining, and upon payment, if the Company shall so require, of the charges hereinafter provided. Registered Securities of
any series may not be exchanged for Unregistered Securities of such series. Whenever any Securities are so surrendered for exchange,
the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled
to receive.


 


Upon surrender for
registration of transfer of any Registered Security of a series at the agency of the Company that shall be maintained for that purpose
in accordance with ‎Section 2.05 and upon payment, if the Company
shall so require, of the charges hereinafter provided, the Company shall execute, and the Trustee shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Registered Securities of the same series, of any authorized denominations
and of like tenor and aggregate principal amount.


 


All Registered Securities
presented for registration of transfer, exchange, redemption or payment shall be duly endorsed by, or be accompanied by a written instrument
or instruments of transfer in form satisfactory to the Company and the Trustee duly executed by, the holder or his attorney duly authorized
in writing.


 


The Company may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange
or registration of transfer of Securities. No service charge shall be made for any such transaction.


 


Notwithstanding
any other provision of this ‎Section 2.07, unless and until it is
exchanged in whole or in part for Securities in definitive registered form, a Registered Global Security representing all or a portion
of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary
or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee
to a successor Depositary for such series or a nominee of such successor Depositary.


 


If at any time the
Depositary for any Registered Global Securities of any series notifies the Company that it is unwilling or unable to continue as Depositary
for such Registered Global Securities or if at any time the Depositary for such Registered Global Securities shall no longer be eligible
under applicable law, the Company shall appoint a successor Depositary eligible under applicable law with respect to such Registered
Global Securities. If a successor Depositary eligible under applicable law for such Registered Global Securities is not appointed by
the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company will execute, and
the Trustee, upon receipt of the Company’s order for the authentication and delivery of definitive Registered Securities of such
series and tenor, will authenticate and deliver Registered Securities of such series and tenor, in any authorized denominations, in an
aggregate principal amount equal to the principal amount of such Registered Global Securities, in exchange for such Registered Global
Securities.


 


The Company may
at any time and in its sole discretion and subject to the procedures of the Depositary determine that any Registered Global Securities
of any series shall no longer be maintained in global form. In such event the Company will execute, and the Trustee, upon receipt of
the Company’s order for the authentication and delivery of definitive Registered Securities of such series and tenor, will authenticate
and deliver, Registered Securities of such series and tenor in any authorized denominations, in an aggregate principal amount equal to
the principal amount of such Registered Global Securities, in exchange for such Registered Global Securities.


 


Any time the Registered
Securities of any series are not in the form of Registered Global Securities pursuant to the preceding two paragraphs, the Company agrees
to supply the Trustee with a reasonable supply of certificated Registered Securities without the legend required by ‎Section
2.02 and the Trustee agrees to hold such Registered Securities in safekeeping until authenticated and delivered pursuant to the terms
of this Indenture.


 



    14 



     


    




If established by
the Company pursuant to ‎Section 2.03 with respect to any Registered
Global Security, the Depositary for such Registered Global Security may surrender such Registered Global Security in exchange in whole
or in part for Registered Securities of the same series and tenor in definitive registered form on such terms as are acceptable to the
Company and such Depositary. Thereupon, the Company shall execute, and the Trustee shall authenticate and deliver, without service charge,


 


(a)        to
the Person specified by such Depositary new Registered Securities of the same series and tenor, of any authorized denominations as requested
by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Registered
Global Security; and


 


(b)        to
such Depositary a new Registered Global Security in a denomination equal to the difference, if any, between the principal amount of the
surrendered Registered Global Security and the aggregate principal amount of Registered Securities authenticated and delivered pursuant
to clause ‎(a) above.


 


Registered Securities
issued in exchange for a Registered Global Security pursuant to this ‎Section
2.07 shall be registered in such names and in such authorized denominations as the Depositary for such Registered Global Security, pursuant
to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or an agent of the Company or the Trustee.
The Trustee or such agent shall deliver such Securities to or as directed by the Persons in whose names such Securities are so registered.


 


All Securities issued
upon any transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange.


 


Notwithstanding
anything herein or in the forms or terms of any Securities to the contrary, none of the Company, the Trustee or any agent of the Company
or the Trustee shall be required to exchange any Unregistered Security for a Registered Security if such exchange would result in adverse
Federal income tax consequences to the Company (such as, for example, the inability of the Company to deduct from its income, as computed
for Federal income tax purposes, the interest payable on the Unregistered Securities) under then applicable United States Federal income
tax laws. The Trustee and any such agent shall be entitled to rely on an Officers’ Certificate or an Opinion of Counsel in determining
such result.


 


The Registrar shall
not be required (i) to issue, authenticate, register the transfer of or exchange Securities of any series for a period of 15 days
before a selection of such Securities to be redeemed or (ii) to register the transfer of or exchange any Security selected for redemption
in whole or in part.


 


Section 2.08.        Replacement
Securities. If any mutilated Security or a Security with a mutilated coupon appertaining to it is surrendered to the Trustee,
the Company shall execute and the Trustee shall authenticate and deliver, in exchange for such mutilated Security or in exchange for
the Security to which a mutilated coupon appertains, a new Security of the same series and of like tenor and principal amount and bearing
a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to such mutilated Security
or to the Security to which such mutilated coupon appertains.


 


If there shall be
delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or
coupon and (ii) such security or indemnity as may be required by them to save each of them and any agent of any of them harmless,
then, in the absence of notice to the Company or the Trustee that such Security or coupon has been acquired by a bona fide purchaser,
the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security or in
exchange for the Security to which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons not destroyed, lost or
stolen), a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding,
with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which
such destroyed, lost or stolen coupon appertains.


 


In case any such
mutilated, destroyed, lost or stolen Security or coupon has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a new Security, pay such Security or coupon (without surrender thereof except in the case of a mutilated Security
or coupon) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as may be required
by them to save each of 



    15 



     


    

them and any agent of any of them harmless, and in the case of destruction, loss or theft, evidence satisfactory
to the Company and the Trustee and any agent of them of the destruction, loss or theft of such Security and the ownership thereof; provided,
however, that the Principal of and any interest on Unregistered Securities shall, except as otherwise provided in ‎Section
4.02, be payable only at an office or agency located outside the United States of America.


 


Upon the issuance
of any new Security under this Section, the Company may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.


 


Every new Security
of any series, with its coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security or in exchange
for any mutilated Security, or in exchange for a Security to which a mutilated, destroyed, lost or stolen coupon appertains, shall constitute
an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security and its
coupons, if any, or the mutilated, destroyed, lost or stolen coupon shall be at any time enforceable by anyone, and any such new Security
and coupons, if any, shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of that series and their coupons, if any, duly issued hereunder.


 


The provisions of
this Section are exclusive and shall preclude (to the extent lawful) any other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities or coupons.


 


Section 2.09.        Outstanding
Securities. Securities outstanding at any time are all Securities that have been authenticated by the Trustee except for those
cancelled by it, those delivered to it for cancellation, those described in this Section as not outstanding and those that have been
defeased pursuant to ‎Section 8.05.


 


If a Security is
replaced pursuant to ‎Section 2.08, it ceases to be outstanding unless
and until the Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a holder in due course.


 


If the Paying Agent
(other than the Company or an affiliate of the Company) holds on the maturity date or any redemption date or date for repurchase of the
Securities money sufficient to pay Securities payable or to be redeemed or repurchased on that date, then on and after that date such
Securities cease to be outstanding and interest on them shall cease to accrue.


 


A Security does
not cease to be outstanding because the Company or one of its affiliates holds such Security, provided, however, that, in
determining whether the Holders of the requisite principal amount of the outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, Securities owned by the Company or any affiliate of the Company shall be disregarded
and deemed not to be outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Securities as to which a Responsible Officer of the Trustee has received
written notice to be so owned shall be so disregarded. Any Securities so owned which are pledged by the Company, or by any affiliate
of the Company, as security for loans or other obligations, otherwise than to another such affiliate of the Company, shall be deemed
to be outstanding, if the pledgee is entitled pursuant to the terms of its pledge agreement and is free to exercise in its or his discretion
the right to vote such securities, uncontrolled by the Company or by any such affiliate.


 


Section 2.10.        Temporary
Securities. Until definitive Securities of any series are ready for delivery, the Company may prepare and the Trustee shall
authenticate temporary Securities of such series. Temporary Securities of any series shall be substantially in the form of definitive
Securities of such series but may have insertions, substitutions, omissions and other variations determined to be appropriate by the
Officers executing the temporary Securities, as evidenced by their execution of such temporary Securities. If temporary Securities of
any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the
preparation of definitive Securities of any series, the temporary Securities of such series shall be exchangeable for definitive Securities
of such series and tenor upon surrender of such temporary Securities at the office or agency of the Company designated for such purpose
pursuant to ‎Section 4.02, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Securities of any series the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a like principal amount of definitive Securities of such series and






    16 



     


    

tenor and authorized denominations.
Until so exchanged, the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive
Securities of such series.


 


Section 2.11.        Cancellation. The
Company at any time may deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which
the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold. The Registrar, any transfer agent and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for transfer, exchange or payment. The Trustee shall cancel and dispose of in accordance with its
customary procedures all Securities surrendered for transfer, exchange, payment or cancellation and shall deliver a certificate of disposition
to the Company. The Company may not issue new Securities to replace Securities it has paid in full or delivered to the Trustee for cancellation.


 


Section 2.12.        CUSIP
Numbers. The Company in issuing the Securities may use “CUSIP” and “CINS” numbers (if then generally
in use), and the Trustee shall use CUSIP numbers or CINS numbers, as the case may be, in notices of redemption or exchange as a convenience
to Holders and no representation shall be made as to the correctness of such numbers either as printed on the Securities or as contained
in any notice of redemption or exchange.


 


Section 2.13.        Defaulted
Interest. If the Company defaults in a payment of interest on the Registered Securities, it shall pay, or shall deposit with
the Paying Agent money in immediately available funds sufficient to pay, the defaulted interest plus (to the extent lawful) any interest
payable on the defaulted interest (as may be specified in the terms thereof, established pursuant to ‎Section
2.03) to the Persons who are Holders on a subsequent special record date, which shall mean the 15th day next preceding the date fixed
by the Company for the payment of defaulted interest, whether or not such day is a Business Day. At least 15 days before such special
record date, the Company shall mail to each Holder of such Registered Securities and to the Trustee a notice that states the special
record date, the payment date and the amount of defaulted interest to be paid.


 


Section 2.14.        Series
May Include Tranches. A series of Securities may include one or more tranches (each a “tranche”) of Securities,
including Securities issued in a Periodic Offering. The Securities of different tranches may have one or more different terms, including
authentication dates and public offering prices, but all the Securities within each such tranche shall have identical terms, including
authentication date and public offering price. Notwithstanding any other provision of this Indenture, with respect to Sections ‎2.02
(other than the fourth, sixth and seventh paragraphs thereof) through ‎2.04,
‎2.07, ‎2.08,
‎2.10, ‎3.01
through ‎3.05, ‎4.02,
‎6.01 through ‎6.14,
‎8.011 through ‎8.07,
‎9.02 and ‎Section
10.07, if any series of Securities includes more than one tranche, all provisions of such sections applicable to any series of Securities
shall be deemed equally applicable to each tranche of any series of Securities in the same manner as though originally designated a series
unless otherwise provided with respect to such series or tranche pursuant to ‎Section
2.03. In particular, and without limiting the scope of the next preceding sentence, any of the provisions of such sections which provide
for or permit action to be taken with respect to a series of Securities shall also be deemed to provide for and permit such action to
be taken instead only with respect to Securities of one or more tranches within that series (and such provisions shall be deemed satisfied
thereby), even if no comparable action is taken with respect to Securities in the remaining tranches of that series.


 


Article
3

Redemption


 


Section 3.01.        Applicability
of Article. The provisions of this Article shall be applicable to the Securities of any series which are redeemable before their
maturity or to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by ‎Section
2.03 for Securities of such series.


 


Section 3.02.        Notice
of Redemption; Partial Redemptions. Notice of redemption to the Holders of Registered Securities of any series to be redeemed as
a whole or in part at the option of the Company shall be given by mailing notice of such redemption by first class mail, postage prepaid,
at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of Registered Securities of such series
at their last addresses as they shall appear upon the registry books. Notice of redemption to the Holders of Unregistered Securities
of any series to be redeemed as a whole or in part who have filed their names and addresses with the Trustee pursuant to Section 313(c)(2)
of the Trust Indenture Act, shall be given by mailing notice of such redemption, by first class mail, postage prepaid, at least 30 days
and not more than 60 days prior 



    17 



     


    

to the date fixed for redemption, to such Holders at such addresses as were so furnished to the Trustee
(and, in the case of any such notice given by the Company, the Trustee shall make such information available to the Company for such
purpose). Notice of redemption to all other Holders of Unregistered Securities of any series to be redeemed as a whole or in part shall
be published in an Authorized Newspaper in The City of New York or with respect to any Security the interest on which is based on the
offered quotations in the interbank Eurodollar market for dollar deposits in an Authorized Newspaper in London, in each case, once in
each of three successive calendar weeks, the first publication to be not less than 30 days nor more than 60 days prior to the date fixed
for redemption. Any notice which is mailed or published in the manner herein provided shall be conclusively presumed to have been duly
given, whether or not the Holder receives the notice. Failure to give notice by mail, or any defect in the notice to the Holder of any
Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption
of any other Security of such series.


 


The notice of redemption
to each such Holder shall specify the principal amount of each Security of such series held by such Holder to be redeemed, the CUSIP
numbers of the Securities to be redeemed, the date fixed for redemption, the redemption price, or if not then ascertainable, the manner
of calculation thereof, the place or places of payment, that payment will be made upon presentation and surrender of such Securities
and, in the case of Securities with coupons attached thereto, of all coupons appertaining thereto maturing after the date fixed for redemption,
that such redemption is pursuant to the mandatory or optional sinking fund, or both, if such be the case, that interest accrued to the
date fixed for redemption will be paid as specified in such notice and that on and after said date interest thereon or on the portions
thereof to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part only, the notice of redemption
shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption,
upon surrender of such Security, a new Security or Securities of such series and tenor in principal amount equal to the unredeemed portion
thereof will be issued.


 


The notice of redemption
of Securities of any series to be redeemed at the option of the Company shall be given by the Company or, at the Company’s request,
by the Trustee in the name and at the expense of the Company.


 


On or before 10:00
a.m. New York City time on the redemption date or, in the case of Unregistered Securities, on or before 10:00 a.m. New York City time
on the Business Day prior to the redemption date specified in the notice of redemption given as provided in this Section, the Company
will deposit with the Trustee or with one or more Paying Agents (or, if the Company is acting as its own Paying Agent, set aside, segregate
and hold in trust as provided in ‎Section 2.06) an amount of money
sufficient to redeem on the redemption date all the Securities of such series so called for redemption at the appropriate redemption
price, together with accrued interest to the date fixed for redemption. If all of the outstanding Securities of a series are to be redeemed,
the Company will deliver to the Trustee at least 10 days prior to the last date on which notice of redemption may be given to Holders
pursuant to the first paragraph of this ‎Section 3.02 (or such shorter
period as shall be acceptable to the Trustee) an Officers’ Certificate stating that all such Securities are to be redeemed. If
less than all the outstanding Securities of a series are to be redeemed, the Company will deliver to the Trustee at least 15 days prior
to the last date on which notice of redemption may be given to Holders pursuant to the first paragraph of this ‎Section
3.02 (or such shorter period as shall be acceptable to the Trustee) an Officers’ Certificate stating the aggregate principal amount
of such Securities to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on
such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election of the Company
which is subject to a condition specified in the terms of such Securities or elsewhere in this Indenture, the Company shall deliver to
the Trustee, prior to the giving of any notice of redemption to Holders pursuant to this Section, an Officers’ Certificate evidencing
compliance with such restriction or condition.


 


If less than all
the Securities of a series are to be redeemed, the Trustee shall select, pro rata, by lot or in such manner as it shall deem appropriate
and fair, Securities of such series to be redeemed in whole or in part. Securities may be redeemed in part in principal amounts equal
to authorized denominations for Securities of such series. The Trustee shall promptly notify the Company in writing of the Securities
of such series selected for redemption and, in the case of any Securities of such series selected for partial redemption, the principal
amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to
the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the
principal amount of such Security which has been or is to be redeemed.


 



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Section 3.03.        Payment
of Securities Called for Redemption. If notice of redemption has been given as above provided, the Securities or portions of
Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption, and on and after such date (unless the Company shall
default in the payment of such Securities at the redemption price, together with interest accrued to such date) interest on the Securities
or portions of Securities so called for redemption shall cease to accrue, and the unmatured coupons, if any, appertaining thereto shall
be void and, except as provided in Sections ‎7.12 and ‎8.02,
such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit under this Indenture, and the
Holders thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid
interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment specified in said notice,
together with all coupons, if any, appertaining thereto maturing after the date fixed for redemption, said Securities or the specified
portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together with interest accrued thereon
to the date fixed for redemption; provided that payment of interest becoming due on or prior to the date fixed for redemption
shall be payable in the case of Securities with coupons attached thereto, to the Holders of the coupons for such interest upon surrender
thereof, and in the case of Registered Securities, to the Holders of such Registered Securities registered as such on the relevant record
date subject to the terms and provisions of Sections ‎2.04
and ‎2.13 hereof.


 


If any Security
called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for,
bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount
Security) borne by such Security.


 


If any Security
with coupons attached thereto is surrendered for redemption and is not accompanied by all appurtenant coupons maturing after the date
fixed for redemption, the surrender of such missing coupon or coupons may be waived by the Company and the Trustee, if there be furnished
to each of them such security or indemnity as they may require to save each of them harmless.


 


Upon presentation
of any Security of any series redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver to or on
the order of the Holder thereof, at the expense of the Company, a new Security or Securities of such series and tenor (with any unmatured
coupons attached), of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented.


 


Section 3.04.        Exclusion
of Certain Securities from Eligibility for Selection for Redemption. Securities shall be excluded from eligibility for selection
for redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer of
the Company and delivered to the Trustee at least 40 days prior to the last date on which notice of redemption may be given as being
owned of record and beneficially by, and not pledged or hypothecated by, either (a) the Company or (b) an entity specifically
identified in such written statement as directly or indirectly controlling or controlled by or under direct or indirect common control
with the Company.


 


Section 3.05.        Mandatory
and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of Securities of any series
is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided
for by the terms of the Securities of any series is herein referred to as an “optional sinking fund payment”. The
date on which a sinking fund payment is to be made is herein referred to as the “sinking fund payment date”.


 


In lieu of making
all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, the Company may at its option
(a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except through a mandatory sinking
fund payment) by the Company or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise
acquired (except as aforesaid) by the Company and delivered to the Trustee for cancellation pursuant to ‎Section
2.11, (b) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this Section, or (c) receive
credit for Securities of such series (not previously so credited) redeemed by the Company at the option of the Company pursuant to the
terms of such Securities or through any optional sinking fund payment. Securities so delivered or credited shall be received or credited
by the Trustee at the sinking fund redemption price specified in such Securities.


 



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On or before the
sixtieth day next preceding each sinking fund payment date for any series, or such shorter period as shall be acceptable to the Trustee,
the Company will deliver to the Trustee an Officers’ Certificate (a) specifying the portion of the mandatory sinking fund
payment to be satisfied by payment of cash and the portion to be satisfied by credit of specified Securities of such series and the basis
for such credit, (b) stating that none of the specified Securities of such series has theretofore been so credited, (c) stating
that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived
or cured) and are continuing and (d) stating whether or not the Company intends to exercise its right to make an optional sinking
fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which the Company intends
to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered
to the Trustee in order for the Company to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the
Trustee shall be delivered for cancellation pursuant to ‎Section
2.11 to the Trustee with such Officers’ Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officers’
Certificate shall be irrevocable and upon its receipt by the Trustee the Company shall become unconditionally obligated to make all the
cash payments or delivery of Securities therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure
of the Company, on or before any such sixtieth day, to deliver such Officer’s Certificate and Securities specified in this paragraph,
if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of the Company (i) that
the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash
without the option to deliver or credit Securities of such series in respect thereof and (ii) that the Company will make no optional
sinking fund payment with respect to such series as provided in this Section.


 


If the sinking fund
payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused
balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or a lesser sum if the Company shall so request with
respect to the Securities of any series), such cash shall be applied on the next succeeding sinking fund payment date to the redemption
of Securities of such series at the sinking fund redemption price thereof together with accrued interest thereon to the date fixed for
redemption. If such amount shall be $50,000 (or such lesser sum) or less and the Company makes no such request then it shall be carried
over until a sum in excess of $50,000 (or such lesser sum) is available. The Trustee shall select, in the manner provided in ‎Section
3.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash,
as nearly as may be, and shall (if requested in writing by the Company) inform the Company of the serial numbers of the Securities of
such series (or portions thereof) so selected. Securities shall be excluded from eligibility for redemption under this Section if they
are identified by registration and certificate number in an Officers’ Certificate delivered to the Trustee at least 60 days prior
to the sinking fund payment date as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the
Company or (b) an entity specifically identified in such Officers’ Certificate as directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company. The Trustee, in the name and at the expense of the Company (or the Company,
if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially
the manner provided in ‎Section 3.02 (and with the effect provided
in ‎Section 3.03) for the redemption of Securities of such series
in part at the option of the Company. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities
of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied
in accordance with the provisions of this Section. Any and all sinking fund moneys held on the stated maturity date of the Securities
of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular
Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the
Principal of, and interest on, the Securities of such series at maturity.


 


On or before 10:00
a.m. New York City time on each sinking fund payment date or, in the case of Unregistered Securities, 10:00 a.m. New York City time on
the Business Day prior to the sinking fund payment date, the Company shall pay to the Trustee in cash or shall otherwise provide for
the payment of all interest accrued to the date fixed for redemption on Securities to be redeemed on the next following sinking fund
payment date.


 


The Trustee shall
not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or mail any notice of redemption of Securities
of such series by operation of the sinking fund during the continuance of a Default in payment of interest on such Securities or of any
Event of Default except that, where the mailing of 



    20 



     


    

notice of redemption of any Securities shall theretofore have been made, the Trustee
shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Company a sum sufficient for
such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such Default or Event of Default
shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such Default or Event of Default,
be deemed to have been collected under ‎Article 6 and held for the
payment of all such Securities. In case such Event of Default shall have been waived as provided in ‎Section
6.04 or the Default cured on or before the sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter
be applied on the next succeeding sinking fund payment date in accordance with this Section to the redemption of such Securities.


 


Article
4

Covenants


 


Section 4.01.        Payment
of Securities. The Company shall pay the Principal of and interest on the Securities on the dates and in the manner provided
in the Securities and this Indenture. The interest on Securities with coupons attached (together with any additional amounts payable
pursuant to the terms of such Securities) shall be payable only upon presentation and surrender of the several coupons for such interest
installments as are evidenced thereby as they severally mature. The interest on any temporary Unregistered Securities (together with
any additional amounts payable pursuant to the terms of such Securities) shall be paid, as to the installments of interest evidenced
by coupons attached thereto, if any, only upon presentation and surrender thereof, and, as to the other installments of interest, if
any, only upon presentation of such Unregistered Securities for notation thereon of the payment of such interest. The interest on Registered
Securities (together with any additional amounts payable pursuant to the terms of such Securities) shall be payable only to the Holders
thereof (subject to ‎Section 2.04) and at the option of the
Company may be paid by mailing checks for such interest payable to or upon the written order of such Holders at their last addresses
as they appear on the Security Register of the Company.


 


Notwithstanding
any provisions of this Indenture and the Securities of any series to the contrary, if the Company and a Holder of any Registered Security
so agree, payments of interest on, and any portion of the Principal of, such Holder’s Registered Security (other than interest
payable at maturity or on any redemption or repayment date or the final payment of Principal on such Security) shall be made by the Paying
Agent, upon receipt from the Company of immediately available funds by 11:00 A.M., New York City time (or such other time as may be agreed
to between the Company and the Paying Agent), directly to the Holder of such Security (by Federal funds wire transfer or otherwise) if
the Holder has delivered written instructions to the Trustee 15 days prior to such payment date requesting that such payment will be
so made and designating the bank account to which such payments shall be so made and in the case of payments of Principal, surrenders
the same to the Trustee in exchange for a Security or Securities aggregating the same principal amount as the unredeemed principal amount
of the Securities surrendered. The Trustee shall be entitled to rely on the last instruction delivered by the Holder pursuant to this
‎Section 4.01 unless a new instruction is delivered 15 days prior
to a payment date. The Company will indemnify and hold each of the Trustee and any Paying Agent harmless against any loss, liability
or expense (including attorneys’ fees) resulting from any act or omission to act on the part of the Company or any such Holder
in connection with any such agreement or from making any payment in accordance with any such agreement.


 


The Company shall
pay interest on overdue Principal, and interest on overdue installments of interest, to the extent lawful, at the rate per annum specified
in the Securities.


 


Section 4.02.        Maintenance
of Office or Agency. The Company will maintain in the United States of America an office or agency where Securities may be surrendered
for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company in respect
of the Securities and this Indenture may be served. The Company hereby initially designates the [_____], located in [_____], as such
office or agency of the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location,
of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the
Trustee set forth in ‎Section 10.02.


 


The Company will
maintain one or more agencies in a city or cities located outside the United States of America (including any city in which such an agency
is required to be maintained under the rules of any stock exchange on which the Securities of any series are listed) where the Unregistered
Securities, if any, of each series 



    21 



     


    

and coupons, if any, appertaining thereto may be presented for payment. No payment on any Unregistered
Security or coupon will be made upon presentation of such Unregistered Security or coupon at an agency of the Company within the United
States of America nor will any payment be made by transfer to an account in, or by mail to an address in, the United States of America
unless, pursuant to applicable United States laws and regulations then in effect, such payment can be made without adverse tax consequences
to the Company. Notwithstanding the foregoing, if full payment in United States Dollars (“Dollars”) at each agency
maintained by the Company outside the United States of America for payment on such Unregistered Securities or coupons appertaining thereto
is illegal or effectively precluded by exchange controls or other similar restrictions, payments in Dollars of Unregistered Securities
of any series and coupons appertaining thereto which are payable in Dollars may be made at an agency of the Company maintained in the
United States of America.


 


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


 


Section 4.03.        Securityholders’
Lists. The Company will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require
of the names and addresses of the holders of the Securities pursuant to Section 312 of the Trust Indenture Act of 1939 (a) semi-annually
not more than 15 days after each record date for the payment of semi-annual interest on the Securities, as hereinabove specified, as
of such record date, and (b) at such other times as the Trustee may request in writing, within thirty days after receipt by the
Company of any such request as of a date not more than 15 days prior to the time such information is furnished.


 


Section 4.04.        Certificate
to Trustee. The Company will furnish to the Trustee annually, on or before a date not more than four months after the end of
its fiscal year (which, on the date hereof, is a calendar year), a brief certificate (which need not contain the statements required
by ‎Section 10.04) from its principal executive, financial
or accounting officer as to his or her knowledge of the compliance of the Company with all conditions and covenants under this Indenture
(such compliance to be determined without regard to any period of grace or requirement of notice provided under this Indenture) which
certificate shall comply with the requirements of the Trust Indenture Act.


 


Section 4.05.        Reports
by the Company. The Company covenants to file with the Trustee, within 15 days after the Company files the same with the Commission,
copies of the annual reports and of the information, documents, and other reports which the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Exchange Act.


 


Section 4.06.        Additional
Amounts. If the Securities of a series provide for the payment of additional amounts, at least 10 days prior to the first interest
payment date with respect to that series of Securities and at least 10 days prior to each date of payment of Principal of or interest
on the Securities of that series if there has been a change with respect to the matters set forth in the below-mentioned Officers’
Certificate, the Company shall furnish to the Trustee and the principal paying agent, if other than the Trustee, an Officers’ Certificate
instructing the Trustee and such paying agent whether such payment of Principal of or interest on the Securities of that series shall
be made to Holders of the Securities of that series without withholding or deduction for or on account of any tax, assessment or other
governmental charge described in the Securities of that series. If any such withholding or deduction shall be required, then such Officers’
Certificate shall specify by country the amount, if any, required to be withheld or deducted on such payments to such Holders and shall
certify the fact that additional amounts will be payable and the amounts so payable to each Holder, and the Company shall pay to the
Trustee or such paying agent the additional amounts required to be paid by this Section. The Company covenants to indemnify the Trustee
and any paying agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or
bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’
Certificate furnished pursuant to this Section.


 


Whenever in this
Indenture there is mentioned, in any context, the payment of the Principal of or interest or any other amounts on, or in respect of,
any Security of any series, such mention shall be deemed to include mention of the payment of additional amounts provided by the terms
of such series established hereby or pursuant hereto to 



    22 



     


    

the extent that, in such context, additional amounts are, were or would be payable
in respect thereof pursuant to such terms, and express mention of the payment of additional amounts (if applicable) in any provision
hereof shall not be construed as excluding the payment of additional amounts in those provisions hereof where such express mention is
not made.


 


Article
5

SUCCESSOR CORPORATION


 


Section 5.01.        When
Company May Merge, Etc. The Company shall not consolidate with, merge with or into, or sell, convey, transfer, lease or otherwise
dispose of all or substantially all of its property and assets (in one transaction or a series of related transactions) to, any Person
unless either (x) the Company shall be the continuing Person or (y) the Person (if other than the Company) formed by such consolidation
or into which the Company is merged or to which properties and assets of the Company shall be sold, conveyed, transferred or leased shall
be a Person organized and validly existing under the laws of the United States of America or any jurisdiction thereof and shall expressly
assume, by a supplemental indenture, executed and delivered to the Trustee, all of the obligations of the Company on all of the Securities
and under this Indenture and the Company in the case of clauses (x) and (y) shall have delivered to the Trustee (A) an
Opinion of Counsel stating that such consolidation, merger or sale, conveyance, transfer or lease and such supplemental indenture (if
any) complies with this provision and that all conditions precedent provided for herein relating to such transaction have been complied
with and that such supplemental indenture (if any) constitutes the legal, valid and binding obligation of the Company and such successor
enforceable against such entity in accordance with its terms, subject to customary exceptions and (B) an Officers’ Certificate
to the effect that immediately after giving effect to such transaction, no Default shall have occurred and be continuing.


 


Section 5.02.        Successor
Substituted. Upon any consolidation or merger, or any sale, conveyance, transfer, lease or other disposition of all or substantially
all of the property and assets of the Company in accordance with ‎Section
5.01 of this Indenture, the successor Person formed by such consolidation or into which the Company is merged or to which such sale,
conveyance, transfer, lease or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein and thereafter
the predecessor Person, except in the case of a lease, shall be relieved of all obligations and covenants under this Indenture and the
Securities.


 


Article
6

Default And Remedies


 


Section 6.01.        Events
of Default. An “Event of Default” shall occur with respect to the Securities of any series if:


 


(a)        the
Company defaults in the payment of the Principal of any Security of such series when the same becomes due and payable at maturity, upon
acceleration, redemption or mandatory repurchase, including as a sinking fund installment, or otherwise;


 


(b)        the
Company defaults in the payment of interest on any Security of such series when the same becomes due and payable, and such default continues
for a period of 30 days;


 


(c)        the
Company defaults in the performance of or breaches any other covenant or agreement of the Company in this Indenture with respect to any
Security of such series or in the Securities of such series and such default or breach continues for a period of 30 consecutive days
after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of 25% or more in aggregate principal
amount of the Securities of all series affected thereby specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder;


 


(d)        a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of the Company or for any substantial part of its property or ordering the winding
up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days;


 



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(e)        the
Company (i) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
or consents to the entry of an order for relief in an involuntary case under any such law, (ii) consents to the appointment of or
taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or for all
or substantially all of the property and assets of the Company or (iii) effects any general assignment for the benefit of creditors;
or


 


(f)        any
other Event of Default established pursuant to ‎Section 2.03
with respect to the Securities of such series occurs.


 


Section 6.02.        Acceleration. (a) If
an Event of Default other than as described in clauses ‎(d)
or ‎(e) of ‎Section
6.01 with respect to the Securities of any series then outstanding occurs and is continuing, then, and in each and every such case, except
for any series of Securities the principal of which shall have already become due and payable, either the Trustee or the Holders of not
less than 25% in aggregate principal amount of the Securities of any such series then outstanding hereunder (all such series voting together
as a single class) by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare the entire principal
(or, if the Securities of any such series are Original Issue Discount Securities, such portion of the principal amount as may be specified
in the terms of such series established pursuant to ‎Section
2.03) of all Securities of such series, and the interest accrued thereon, if any, to be due and payable immediately, and upon any such
declaration the same shall become immediately due and payable.


 


(a)        If
an Event of Default described in clause ‎(d) or ‎(e) of
‎Section 6.01 occurs and is continuing, then the principal
amount (or, if any Securities are Original Issue Discount Securities, such portion of the principal as may be specified in the terms
thereof established pursuant to ‎Section 2.03) of all the
Securities then outstanding and interest accrued thereon, if any, shall be and become immediately due and payable, without any notice
or other action by any Holder or the Trustee, to the full extent permitted by applicable law.


 


The foregoing provisions,
however, are subject to the condition that if, at any time after the principal (or, if the Securities are Original Issue Discount Securities,
such portion of the principal as may be specified in the terms thereof established pursuant to ‎Section
2.03) of the Securities of any series (or of all the Securities, as the case may be) shall have been so declared or become due and payable,
and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the
Company shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities
of each such series (or of all the Securities, as the case may be) and the principal of any and all Securities of each such series (or
of all the Securities, as the case may be) which shall have become due otherwise than by acceleration (with interest upon such principal
and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest, at the same
rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of
each such series to the date of such payment or deposit) and such amount as shall be sufficient to cover all amounts owing the Trustee
under ‎Section 7.07, and if any and all Events of Default under the
Indenture, other than the non-payment of the principal of Securities which shall have become due by acceleration, shall have been cured,
waived or otherwise remedied as provided herein, then and in every such case the Holders of a majority in aggregate principal amount
of all the then outstanding Securities of all such series that have been accelerated (voting as a single class), by written notice to
the Company and to the Trustee, may waive all defaults with respect to all such series (or with respect to all the Securities, as the
case may be) and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend
to or shall affect any subsequent default or shall impair any right consequent thereon.


 


For all purposes
under this Indenture, if a portion of the principal of any Original Issue Discount Securities shall have been accelerated and declared
or become due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been
rescinded and annulled, the principal amount of such Original Issue Discount Securities shall be deemed, for all purposes hereunder,
to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion
of the principal thereof as shall be due and payable as a result of such acceleration, together with interest, if any, thereon and all
other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities.


 


Section 6.03.        Other
Remedies. If a payment default or an Event of Default with respect to the Securities of any series occurs and is continuing,
the Trustee may pursue, in its own name or as trustee of an express trust, any available remedy by proceeding at law or in equity to
collect the payment of Principal of and interest on the 



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Securities of such series or to enforce the performance of any provision of the
Securities of such series or this Indenture.


 


The Trustee may
maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding.


 


Section 6.04.        Waiver
of Past Defaults. Subject to Sections ‎6.02, ‎6.07
and ‎9.02, the Holders of at least a majority in principal
amount (or, if the Securities are Original Issue Discount Securities, such portion of the principal as is then accelerable under ‎Section
6.02) of the outstanding Securities of all series affected (voting as a single class), by notice to the Trustee, may waive an existing
Default or Event of Default with respect to the Securities of such series and its consequences, except a Default in the payment of Principal
of or interest on any Security as specified in clauses ‎(a) or
‎(b) of ‎Section
6.01 or in respect of a covenant or provision of this Indenture which cannot be modified or amended without the consent of the Holder
of each outstanding Security affected. Upon any such waiver, such Default shall cease to exist, and any Event of Default with respect
to the Securities of such series arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.


 


Section 6.05.        Control
by Majority. Subject to Sections ‎7.01 and ‎7.02(e),
the Holders of at least a majority in aggregate principal amount (or, if any Securities are Original Issue Discount Securities, such
portion of the principal as is then accelerable under ‎Section
6.02) of the outstanding Securities of all series affected (voting as a single class) may direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the
Securities of such series by this Indenture; provided, that the Trustee may refuse to follow any direction that conflicts with law or
this Indenture, that may involve the Trustee in personal liability or that the Trustee determines in good faith may be unduly prejudicial
to the rights of Holders not joining in the giving of such direction; and provided further, that the Trustee may take any other action
it deems proper that is not inconsistent with any directions received from Holders of Securities pursuant to this ‎Section
6.05.


 


Section 6.06.        Limitation
on Suits. No Holder of any Security of any series may institute any proceeding, judicial or otherwise, with respect to this
Indenture or the Securities of such series, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:


 


(a)        such
Holder has previously given to the Trustee written notice of a continuing Event of Default with respect to the Securities of such series;


 


(b)        the
Holders of at least 25% in aggregate principal amount of outstanding Securities of all such series affected shall have made written request
to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;


 


(c)        such
Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against any costs, liabilities or expenses
to be incurred in compliance with such request;


 


(d)        the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and


 


(e)        during
such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Securities of all such affected series
have not given the Trustee a direction that is inconsistent with such written request.


 


A Holder may not
use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over such other Holder.


 


Section 6.07.        Rights
of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder of a Security
to receive payment of Principal of or interest, if any, on such Holder’s Security on or after the respective due dates expressed
on such Security, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or
affected without the consent of such Holder.


 



    25 



     


    




Section 6.08.        Collection
Suit by Trustee. If an Event of Default with respect to the Securities of any series in payment of Principal or interest specified
in clause ‎(a) or ‎(b) of
‎Section 6.01 occurs and is continuing, the Trustee may recover
judgment in its own name and as trustee of an express trust against the Company for the whole amount (or such portion thereof as specified
in the terms established pursuant to ‎Section 2.03 of Original
Issue Discount Securities) of Principal of, and accrued interest remaining unpaid on, together with interest on overdue Principal of,
and, to the extent that payment of such interest is lawful, interest on overdue installments of interest on, the Securities of such series,
in each case at the rate or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities, and such
further amount as shall be sufficient to cover all amounts owing the Trustee under ‎Section
7.07.


 


Section 6.09.        Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee (including any claim for amounts due the Trustee under ‎Section
7.07) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor on the Securities), its creditors
or its property and shall be entitled and empowered to collect and receive any moneys, securities or other property payable or deliverable
upon conversion or exchange of the Securities or upon any such claims and to distribute the same, and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make
such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due to it under ‎Section
7.07. Nothing herein contained shall be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any
Holder, any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof,
or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.


 


Section 6.10.        Application
of Proceeds. Any moneys collected by the Trustee pursuant to this Article in respect of the Securities of any series shall be
applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of
Principal or interest, upon presentation of the several Securities and coupons appertaining to such Securities in respect of which moneys
have been collected and noting thereon the payment, or issuing Securities of such series and tenor in reduced principal amounts in exchange
for the presented Securities of such series and tenor if only partially paid, or upon surrender thereof if fully paid:


 


FIRST: To the payment of all
amounts due the Trustee under ‎Section 7.07 applicable to the Securities
of such series in respect of which moneys have been collected;


 


SECOND: Subject to ‎Article
11, in case the principal of the Securities of such series in respect of which moneys have been collected shall not have become and be
then due and payable, to the payment of interest on the Securities of such series in default in the order of the maturity of the installments
of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of
interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified
in such Securities, such payments to be made ratably to the persons entitled thereto, without discrimination or preference;


 


THIRD: Subject to ‎Article
11, in case the principal of the Securities of such series in respect of which moneys have been collected shall have become and shall
be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such series for Principal
and interest, with interest upon the overdue Principal, and (to the extent that such interest has been collected by the Trustee) upon
overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) specified in the Securities of such series; and in case such moneys shall be insufficient to pay in full the whole amount
so due and unpaid upon the Securities of such series, then to the payment of such Principal and interest or Yield to Maturity, without
preference or priority of Principal over interest or Yield to Maturity, or of interest or Yield to Maturity over Principal, or of any
installment of interest over any other installment of interest, or of any Security of such series over any other Security of such series,
ratably to the aggregate of such Principal and accrued and unpaid interest or Yield to Maturity; and


 


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


 



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Section 6.11.        Restoration
of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then, and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders
shall be restored to their former positions hereunder and thereafter all rights and remedies of the Company, Trustee and the Holders
shall continue as though no such proceeding had been instituted.


 


Section 6.12.        Undertaking
for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for
any action taken or omitted by it as Trustee, in either case in respect to the Securities of any series, a court may require any party
litigant in such suit (other than the Trustee) to file an undertaking to pay the costs of the suit, and the court may assess reasonable
costs, including reasonable attorneys’ fees, against any party litigant (other than the Trustee) in the suit having due regard
to the merits and good faith of the claims or defenses made by the party litigant. This ‎Section
6.12 does not apply to a suit by a Holder pursuant to ‎Section
6.07, a suit instituted by the Trustee or a suit by Holders of more than 10% in principal amount of the outstanding Securities of such
series.


 


Section 6.13.        Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost
or wrongfully taken Securities in ‎Section 2.08, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.


 


Section 6.14.        Delay
or Omission not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any
Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this ‎Article 6 or by law
to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the
Holders, as the case may be.


 


Article
7

Trustee


 


Section 7.01.        General. The
duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act and as set forth herein. Notwithstanding the
foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, unless it receives indemnity
satisfactory to it against any loss, liability or expense. Whether or not therein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this
‎Article 7.


 


Section 7.02.        Certain
Rights of Trustee. Subject to Trust Indenture Act Sections 315(a) through (d):


 


(a)        the
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, Officers’ Certificate,
Opinion of Counsel (or both), statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper
person or persons. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit;


 


(b)        before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate and/or an Opinion of Counsel, which shall conform
to ‎Section 10.04 and shall cover such other matters as the
Trustee may reasonably request. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on
such certificate or opinion. Subject to Sections ‎7.01 and
‎7.02, whenever in the administration of the trusts of this
Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting
any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of
negligence or bad faith on the part of the Trustee, be deemed to be 



    27 



     


    

conclusively proved and established by an Officers’ Certificate
delivered to the Trustee, and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant
to the Trustee for any action taken, suffered or omitted by it under the provisions of this Indenture upon the faith thereof;


 


(c)        the
Trustee may act through its attorneys and agents not regularly in its employ and shall not be responsible for the misconduct or negligence
of any agent or attorney appointed with due care;


 


(d)        any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee
by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;


 


(e)        the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or
direction of any of the Holders, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities that might be incurred by it in compliance with such request or direction;


 


(f)        the
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights
or powers or for any action it takes or omits to take in accordance with the direction of the Holders in accordance with ‎Section
6.05 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred upon the Trustee, under this Indenture;


 


(g)        the
Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; and


 


(h)        prior
to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, the Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, Officers’ Certificate, Opinion
of Counsel, Board Resolution, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture,
note, coupon, security, or other paper or document unless requested in writing so to do by the Holders of not less than a majority in
aggregate principal amount of the Securities of all series affected then outstanding; provided that, if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the
opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee
may require reasonable indemnity against such expenses or liabilities as a condition to proceeding.


 


Section 7.03.        Individual
Rights of Trustee. The Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and may
otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the
same with like rights. However, the Trustee is subject to Trust Indenture Act Sections 310(b) and 311. For purposes of Trust Indenture
Act Section 311(b)(4) and (6), the following terms shall mean:


 


(a)        “cash
transaction” means any transaction in which full payment for goods or securities sold is made within seven days after delivery
of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; and


 


(b)        “self-liquidating
paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated or incurred by the Company
for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which
is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or merchandise or the receivables or proceeds
arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security is received by the
Trustee simultaneously with the creation of the creditor relationship with the Company arising from the making, drawing, negotiating
or incurring of the draft, bill of exchange, acceptance or obligation.


 



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Section 7.04.        Trustee’s
Disclaimer. The recitals contained herein and in the Securities (except the Trustee’s certificate of authentication) shall
be taken as statements of the Company and not of the Trustee and the Trustee assumes no responsibility for the correctness of the same.
Neither the Trustee nor any of its agents (a) makes any representation as to the validity or adequacy of this Indenture or the Securities
and (b) shall be accountable for the Company’s use or application of the proceeds from the Securities.


 


Section 7.05.        Notice
of Default. If any Default with respect to the Securities of any series occurs and is continuing and if such Default is known to
the actual knowledge of a Responsible Officer with the Corporate Trust Department of the Trustee, the Trustee shall give to each Holder
of Securities of such series notice of such Default within 90 days after it occurs (a) if any Unregistered Securities of such series
are then outstanding, to the Holders thereof, by publication at least once in an Authorized Newspaper in the Borough of Manhattan, The
City of New York and at least once in an Authorized Newspaper in London and (b) to all Holders of Securities of such series in the
manner and to the extent provided in Section 313(c) of the Trust Indenture Act, unless such Default shall have been cured or waived
before the mailing or publication of such notice; provided, however, that, except in the case of a Default in the payment of the Principal
of or interest on any Security, the Trustee shall be protected in withholding such notice if the Trustee in good faith determines that
the withholding of such notice is in the interests of the Holders.


 


Section 7.06.        Reports
by Trustee to Holders. The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this
Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required
by Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15 following the date of this
Indenture, deliver to Holders a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a).


 


A copy of each such
report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities
are listed, with the Commission and with the Company. The Company will promptly notify the Trustee when any Securities are listed on
any stock exchange.


 


Section 7.07.        Compensation
and Indemnity. The Company shall pay to the Trustee such compensation as shall be agreed upon in writing from time to time for
its services. The compensation of the Trustee shall not be limited by any law on compensation of a Trustee of an express trust. The Company
shall reimburse the Trustee and any predecessor Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances
incurred or made by the Trustee or such predecessor Trustee. Such expenses shall include the reasonable compensation and expenses of
the Trustee’s or such predecessor Trustee’s agents, counsel and other persons not regularly in their employ.


 


The Company shall
indemnify the Trustee and any predecessor Trustee for, and hold them harmless against, any loss or liability or expense incurred by them
without negligence or bad faith on their part arising out of or in connection with the acceptance or administration of this Indenture
and the Securities or the issuance of the Securities or of series thereof or the trusts hereunder and the performance of duties under
this Indenture and the Securities, including the costs and expenses of defending themselves against or investigating any claim or liability
and of complying with any process served upon them or any of their officers in connection with the exercise or performance of any of
their powers or duties under this Indenture and the Securities.


 


To secure the Company’s
payment obligations in this ‎Section 7.07, the Trustee shall have
a lien prior to the Securities on all money or property held or collected by the Trustee, in its capacity as Trustee, except money or
property held in trust to pay Principal of, and interest on particular Securities.


 


The obligations
of the Company under this Section to compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee
and each predecessor Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive
the satisfaction and discharge of this Indenture or the rejection or termination of this Indenture under bankruptcy law. Such additional
indebtedness shall be a senior claim to that of the Securities upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the benefit of the Holders of particular Securities or coupons, and the Securities are hereby subordinated
to such senior claim. Without prejudice to any other rights available to the Trustee under applicable law, if the Trustee renders services
and incurs expenses following an Event of Default under ‎Section 



    29 



     


    

6.01(d) or ‎Section 6.01(e) hereof, the parties hereto and the
holders by their acceptance of the Securities hereby agree that such expenses are intended to constitute expenses of administration under
any bankruptcy law.


 


Section 7.08.        Replacement
of Trustee. A resignation or removal of the Trustee as Trustee with respect to the Securities of any series and appointment
of a successor Trustee as Trustee with respect to the Securities of any series shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this ‎Section 7.08.


 


The Trustee may
resign as Trustee with respect to the Securities of any series at any time by so notifying the Company in writing. The Holders of a majority
in principal amount of the outstanding Securities of any series may remove the Trustee as Trustee with respect to the Securities of such
series by so notifying the Trustee in writing and may appoint a successor Trustee with respect thereto with the consent of the Company.
The Company may remove the Trustee as Trustee with respect to the Securities of any series if: (i) the Trustee is no longer eligible
under ‎Section 7.11 of this Indenture; (ii) the Trustee is adjudged
a bankrupt or insolvent; (iii) a receiver or other public officer takes charge of the Trustee or its property; or (iv) the
Trustee becomes incapable of acting.


 


If the Trustee resigns
or is removed as Trustee with respect to the Securities of any series, or if a vacancy exists in the office of Trustee with respect to
the Securities of any series for any reason, the Company shall promptly appoint a successor Trustee with respect thereto. Within one
year after the successor Trustee takes office, the Holders of a majority in principal amount of the outstanding Securities of such series
may appoint a successor Trustee in respect of such Securities to replace the successor Trustee appointed by the Company. If the successor
Trustee with respect to the Securities of any series does not deliver its written acceptance required by ‎Section
7.09 within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority
in principal amount of the outstanding Securities of such series may petition any court of competent jurisdiction for the appointment
of a successor Trustee with respect thereto.


 


The Company shall
give notice of any resignation and any removal of the Trustee with respect to the Securities of any series and each appointment of a
successor Trustee in respect of the Securities of such series to all Holders of Securities of such series. Each notice shall include
the name of the successor Trustee and the address of its Corporate Trust Office.


 


Notwithstanding
replacement of the Trustee with respect to the Securities of any series pursuant to this ‎Section
7.08 and ‎Section 7.09, the Company’s obligations under ‎Section
7.07 shall continue for the benefit of the retiring Trustee.


 


Section 7.09.        Acceptance
of Appointment by Successor. In case of the appointment hereunder of a successor Trustee with respect to all Securities, every
such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee;
but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and subject to
the lien provided for in ‎Section 7.07, execute and deliver
an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.


 


In case of the appointment
hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee
and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if
the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series
as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees
of the same trust and that 



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each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation
or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company
or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates.


 


Upon request of
any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may
be.


 


No successor Trustee
shall accept its appointment unless at the time of such acceptance such successor Trustee shall be eligible under this Article and qualified
under Section 310(b) of the Trust Indenture Act.


 


Section 7.10.        Successor
Trustee By Merger, Etc. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of
its corporate trust business to, another corporation or national banking association, the resulting, surviving or transferee corporation
or national banking association without any further act shall be the successor Trustee with the same effect as if the successor Trustee
had been named as the Trustee herein.


 


Section 7.11.        Eligibility. This
Indenture shall always have a Trustee who satisfies the requirements of Trust Indenture Act Section 310(a). The Trustee shall have
a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition.


 


Section 7.12.        Money
Held in Trust. The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing
with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and
except for money held in trust under ‎Article 8 of this Indenture.


 


Article
8

Satisfaction And Discharge Of Indenture; Unclaimed Moneys


 


Section 8.01.        Satisfaction
and Discharge of Indenture. If at any time (a) the Company shall have paid or caused to be paid the Principal of and interest
on all the Securities of any series outstanding hereunder (other than Securities of such series which have been destroyed, lost or stolen
and which have been replaced or paid as provided in ‎Section
2.08) as and when the same shall have become due and payable, or (b) the Company shall have delivered to the Trustee for cancellation
all Securities of any series theretofore authenticated (other than any Securities of such series which shall have been destroyed, lost
or stolen and which shall have been replaced or paid as provided in ‎Section
2.08) or (c) (i) all the securities of such series not theretofore delivered to the Trustee for cancellation shall have become
due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption, and (ii) the Company shall have irrevocably deposited
or caused to be deposited with the Trustee as trust funds the entire amount in cash (other than moneys repaid by the Trustee or any paying
agent to the Company in accordance with ‎Section 8.04) or
U.S. Government Obligations, maturing as to principal and interest in such amounts and at such times as will insure (without consideration
of the reinvestment of such interest) the availability of cash, or a combination thereof, sufficient to pay at maturity or upon redemption
all Securities of such series (other than any Securities of such series which shall have been destroyed, lost or stolen and which shall
have been replaced or paid as provided in ‎Section 2.08) not
theretofore delivered to the Trustee for cancellation, including principal and interest due or to become due on or prior to such date
of maturity or redemption as the case may be, and if, in any such case, the Company is not prohibited from making payments in respect
of the Securities by ‎Article 11 hereof and shall also pay
or cause to be paid all other sums payable hereunder by the Company with respect to Securities of such series, then this Indenture shall
cease to be of further effect with respect to Securities of such series (except as to (i) rights of registration of transfer and
exchange of securities of such series, and the Company’s right of optional redemption, if any, (ii) substitution of mutilated,
defaced, destroyed, lost or stolen Securities, (iii) rights of holders to receive payments of principal thereof and interest thereon,
upon the original stated due dates therefor (but not upon 



    31 



     


    

acceleration) and remaining rights of the holders to receive mandatory sinking
fund payments, if any, (iv) the rights, obligations and immunities of the Trustee hereunder and (v) the rights of the Securityholders
of such series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them), and
the Trustee, on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense
of the Company, shall execute proper instruments acknowledging such satisfaction of and discharging this Indenture with respect to such
series; provided, that the rights of Holders of the Securities to receive amounts in respect of Principal of and interest on the Securities
held by them shall not be delayed longer than required by then-applicable mandatory rules or policies of any securities exchange upon
which the Securities are listed. The Company agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly
incurred and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with
this Indenture or the Securities of such series.


 


Section 8.02.        Application
by Trustee of Funds Deposited for Payment of Securities. Subject to ‎Section
8.04, all moneys (including U.S. Government Obligations and the proceeds thereof) deposited with the Trustee pursuant to ‎Section
8.01, ‎Section 8.05 or ‎Section
8.06 shall be held in trust and applied by it to the payment, either directly or through any paying agent to the Holders of the particular
Securities of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and
to become due thereon for Principal and interest; but such money need not be segregated from other funds except to the extent required
by law. Funds and U.S. Government Obligations held in trust under Section ‎8.01,
‎8.05 or ‎8.06,
shall not be subject to the claims of the holders of Senior Indebtedness under ‎Article
11.


 


Section 8.03.        Repayment
of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to Securities
of any series, all moneys then held by any paying agent under the provisions of this Indenture with respect to such series of Securities
shall, upon demand of the Company, be repaid to it or paid to the Trustee and thereupon such paying agent shall be released from all
further liability with respect to such moneys.


 


Section 8.04.        Return
of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years. Any moneys deposited with or paid to the Trustee or any
paying agent for the payment of the Principal of or interest on any Security of any series and not applied but remaining unclaimed for
two years after the date upon which such Principal or interest shall have become due and payable, shall, upon the written request of
the Company and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid
to the Company by the Trustee for such series or such paying agent, and the Holder of the Security of such series shall, unless otherwise
required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only to the Company for
any payment which such Holder may be entitled to collect, and all liability of the Trustee or any paying agent with respect to such moneys
shall thereupon cease.


 


Section 8.05.        Defeasance
and Discharge of Indenture. The Company shall be deemed to have paid and shall be discharged from any and all obligations in
respect of the Securities of any series, on the 123rd day after the deposit referred to in clause ‎(i) hereof
has been made, and the provisions of this Indenture shall no longer be in effect with respect to the Securities of such series (and the
Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except as to: (a) rights of registration
of transfer and exchange, and the Company’s right of optional redemption, (b) substitution of apparently mutilated, defaced,
destroyed, lost or stolen Securities, (c) rights of holders to receive payments of principal thereof and interest thereon, upon
the original stated due dates therefor (but not upon acceleration), (d) the rights, obligations and immunities of the Trustee hereunder
and (e) the rights of the Securityholders of such series as beneficiaries hereof with respect to the property so deposited with
the Trustee payable to all or any of them; provided that the following conditions shall have been satisfied:


 


(i)        with
reference to this provision the Company has deposited or caused to be irrevocably deposited with the Trustee (or another qualifying trustee
satisfying the requirements of ‎Section 7.11) as trust
funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series,
(A) money in an amount, or (B) U.S. Government Obligations which through the payment of interest and principal in respect thereof
in accordance with their terms will provide not later than one day before the due date of any payment referred to in subclause (x) or
(y) of this clause ‎(i) money in an amount,
or (C) a combination thereof, sufficient, in the opinion of a nationally recognized 



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firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee, to pay and discharge without consideration of the reinvestment of such interest
and after payment of all federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee (x) the
principal of, premium, if any, and each installment of interest on the outstanding Securities of such series on the due dates thereof
and (y) any mandatory sinking fund payments or analogous payments applicable to the Securities of such series on the day on which
such payments are due and payable in accordance with the terms of Securities of such series and the Indenture with respect to the Securities
of such series;


 


(ii)        the
Company has delivered to the Trustee (A) either (x) an Opinion of Counsel to the effect that Holders of Securities of such
series will not recognize income, gain or loss for federal income tax purposes as a result of the Company’s exercise of its option
under this ‎Section 8.05 and will be subject to federal
income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and
discharge had not occurred, which Opinion of Counsel must be based upon a ruling of the Internal Revenue Service to the same effect or
a change in applicable federal income tax law or related treasury regulations after the date of this Indenture or (y) a ruling directed
to the Trustee received from the Internal Revenue Service to the same effect as the aforementioned Opinion of Counsel and (B) an
Opinion of Counsel to the effect that the creation of the defeasance trust does not violate the Investment Company Act of 1940 and after
the passage of 123 days following the deposit, the trust fund will not be subject to the effect of Section 547 of the U.S. Bankruptcy
Code or Section 15 of the New York Debtor and Creditor Law;


 


(iii)        immediately
after giving effect to such deposit on a pro forma basis, no Event of Default, or event that after the giving of notice or lapse of time
or both would become an Event of Default, shall have occurred and be continuing on the date of such deposit or during the period ending
on the 123rd day after the date of such deposit, and such deposit shall not result in a breach or violation of, or constitute a default
under, any other agreement or instrument to which the Company is a party or by which the Company is bound;


 


(iv)        if
at such time the Securities of such series are listed on a national securities exchange, the Company has delivered to the Trustee an
Opinion of Counsel to the effect that the Securities of such series will not be delisted as a result of such deposit, defeasance and
discharge;


 


(v)        the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance and discharge under this Section have been complied with; and


 


(vi)        if
the Securities of such series are to be redeemed prior to the final maturity thereof (other than from mandatory sinking fund payments
or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory
to the Trustee shall have been made.


 


Section 8.06.        Defeasance
of Certain Obligations. The Company may omit to comply with any term, provision or condition set forth in, and this Indenture will
no longer be in effect with respect to, any covenant established pursuant to ‎Section
2.03(r) and clause ‎(c) (with respect to any covenants
established pursuant to ‎Section 2.03(r)) and clause ‎(f) of
‎Section 6.01 shall be deemed not to be an Event of Default
with respect to Securities of any series, if


 


(a)        with
reference to this ‎Section 8.06, the Company has deposited
or caused to be irrevocably deposited with the Trustee (or another qualifying trustee satisfying the requirements of ‎Section
7.11) as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities
of such series and the Indenture with respect to the Securities of such series, (i) money in an amount or (ii) U.S. Government
Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide not later
than one day before the due dates thereof or earlier redemption (irrevocably provided for under agreements satisfactory to the Trustee),
as the case may be, of any payment referred to in subclause (x) or (y) of this clause ‎(a) money
in an amount, or (iii) a combination thereof, sufficient, in the opinion of 



    33 



     


    

a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge without consideration of the reinvestment
of such interest and after payment of all federal, state and local taxes or other charges and assessments in respect thereof payable
by the Trustee (x) the principal of, premium, if any, and each installment of interest on the outstanding Securities of such series
on the due date thereof or earlier redemption (irrevocably provided for under arrangements satisfactory to the Trustee), as the case
may be, and (y) any mandatory sinking fund payments or analogous payments applicable to the Securities of such series and the Indenture
with respect to the Securities of such series on the day on which such payments are due and payable in accordance with the terms of the
Indenture and of Securities of such series and the Indenture with respect to the Securities of such series;


 


(b)        the
Company has delivered to the Trustee (i) an Opinion of Counsel to the effect that Holders of Securities of such series will not
recognize income, gain or loss for federal income tax purposes as a result of the Company’s exercise of its option under this ‎Section
8.06 and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the
case if such deposit and defeasance had not occurred and (ii) an Opinion of Counsel to the effect that the creation of the defeasance
trust does not violate the Investment Company Act of 1940 and after the passage of 123 days following the deposit, the trust fund will
not be subject to the effect of Section 547 of the U.S. Bankruptcy Code or Section 15 of the New York Debtor and Creditor Law;


 


(c)        immediately
after giving effect to such deposit on a pro forma basis, no Event of Default, or event that after the giving of notice or lapse of time
or both would become an Event of Default, shall have occurred and be continuing on the date of such deposit or during the period ending
on the 123rd day after the date of such deposit, and such deposit shall not result in a breach or violation of, or constitute a default
under, any other agreement or instrument to which the Company is a party or by which the Company is bound;


 


(d)        if
at such time the Securities of such series are listed on a national securities exchange, the Company has delivered to the Trustee an
Opinion of Counsel to the effect that the Securities of such series will not be delisted as a result of such deposit, defeasance and
discharge; and


 


(e)        the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance under this Section have been complied with.


 


Section 8.07.        Reinstatement.
If the Trustee or paying agent is unable to apply any monies or U.S. Government Obligations in accordance with ‎Article
8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities shall be revived and
reinstated as though no deposit had occurred pursuant to this Article until such time as the Trustee or paying agent is permitted to
apply all such monies or U.S. Government Obligations in accordance with ‎Article
8; provided, however, that if the Company has made any payment of Principal of or interest on any Securities because of the
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment
from the monies or U.S. Government Obligations held by the Trustee or paying agent.


 


Section 8.08.        Indemnity. The
Company shall pay and indemnify the Trustee (or other qualifying trustee, collectively for purposes of this ‎Section
8.08 and ‎Section 8.02, the “Trustee”) against
any tax, fee or other charge, imposed on or assessed against the U.S. Government Obligations deposited pursuant to ‎Section
8.01, ‎8.05 or ‎8.06
or the principal or interest received in respect thereof other than any such tax, fee or other charge which by law is for the account
of the Holders of the Securities and any coupons appertaining thereto.


 


Section 8.09.        Excess
Funds. Anything in this ‎Article 8 to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon request of the Company, any money or U.S. Government
Obligations (or other property and any proceeds therefrom) held by it as provided in ‎Section
8.01, ‎8.05 or ‎8.06
which, in the opinion of a nationally recognized firm of Independent Public Accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a discharge or defeasance,
as applicable, in accordance with this ‎Article 8.


 


Section 8.10.        Qualifying
Trustee. Any trustee appointed pursuant to ‎Section
8.05 or ‎8.06 for the purpose of holding money or U.S. Government
Obligations deposited pursuant to such Sections shall be appointed 



    34 



     


    

under an agreement in form acceptable to the Trustee and shall provide
to the Trustee a certificate, upon which certificate the Trustee shall be entitled to conclusively rely, that all conditions precedent
provided for herein to the related defeasance have been complied with. In no event shall the Trustee be liable for any acts or omissions
of said trustee.


 


Article
9

Amendments, Supplements And Waivers


 


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


 


(a)        to
cure any ambiguity, defect or inconsistency in this Indenture; provided that such amendments or supplements shall not
materially and adversely affect the interests of the Holders;


 


(b)        to
comply with ‎Article 5;


 


(c)        to
comply with any requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act;


 


(d)        to
evidence and provide for the acceptance of appointment hereunder with respect to the Securities of any or all series by a successor Trustee
and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements of ‎Section
7.09;


 


(e)        to
establish the form or forms or terms of Securities of any series or of the coupons appertaining to such Securities as permitted by ‎Section
2.03;


 


(f)        to
provide for uncertificated or Unregistered Securities and to make all appropriate changes for such purpose; and


 


(g)        to
make any change that does not materially and adversely affect the rights of any Holder.


 


Section 9.02.        With
Consent of Holders. Subject to Sections ‎6.04 and ‎6.07,
without prior notice to any Holders, the Company and the Trustee may amend this Indenture and the Securities of any series with the written
consent of the Holders of a majority in principal amount of the outstanding Securities of all series affected by such amendment (all
such series voting together as a single class), and the Holders of a majority in principal amount of the outstanding Securities of all
series affected thereby (all such series voting together as a single class) by written notice to the Trustee may waive future compliance
by the Company with any provision of this Indenture or the Securities of such series.


 


Notwithstanding
the provisions of this ‎Section 9.02, without the consent of each
Holder affected thereby, an amendment or waiver, including a waiver pursuant to ‎Section
6.04, may not:


 


(a)        change
the stated maturity of the Principal of, or any sinking fund obligation or any installment of interest on, such Holder’s Security;


 


(b)        reduce
the Principal amount thereof or the rate of interest thereon (including any amount in respect of original issue discount);


 


(c)        reduce
the above stated percentage of outstanding Securities the consent of whose holders is necessary to modify or amend the Indenture with
respect to the Securities of the relevant series; and


 


(d)        reduce
the percentage in principal amount of outstanding Securities of the relevant series the consent of whose Holders is required for any
supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain Defaults and their consequences
provided for in this Indenture.


 


A supplemental indenture
which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit
of one or more particular series of Securities, or which 



    35 



     


    

modifies the rights of Holders of Securities of such series with respect to
such covenant or provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series
or of the coupons appertaining to such Securities.


 


It shall not be
necessary for the consent of any Holder under this ‎Section 9.02
to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the
substance thereof.


 


After an amendment,
supplement or waiver under this ‎Section 9.02 becomes effective,
the Company shall give to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. The Company will
mail supplemental indentures to Holders upon request. Any failure of the Company to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental indenture or waiver.


 


Section 9.03.        Revocation
and Effect of Consent. Until an amendment or waiver becomes effective, a consent to it by a Holder is a continuing consent by the
Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the Security of the consenting
Holder, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent
as to its Security or portion of its Security. Such revocation shall be effective only if the Trustee receives the notice of revocation
before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver shall become effective with
respect to any Securities affected thereby on receipt by the Trustee of written consents from the requisite Holders of outstanding Securities
affected thereby.


 


The Company may,
but shall not be obligated to, fix a record date (which may be not less than five nor more than 60 days prior to the solicitation of
consents) for the purpose of determining the Holders of the Securities of any series affected entitled to consent to any amendment, supplement
or waiver. If a record date is fixed, then, notwithstanding the immediately preceding paragraph, those Persons who were such Holders
at such record date (or their duly designated proxies) and only those Persons shall be entitled to consent to such amendment, supplement
or waiver or to revoke any consent previously given, whether or not such Persons continue to be such Holders after such record date.
No such consent shall be valid or effective for more than 90 days after such record date.


 


After an amendment,
supplement or waiver becomes effective with respect to the Securities of any series affected thereby, it shall bind every Holder of such
Securities unless it is of the type described in any of clauses ‎(a) through
‎(d) of ‎Section
9.02. In case of an amendment or waiver of the type described in clauses ‎(a) through
‎(d) of ‎Section
9.02, the amendment or waiver shall bind each such Holder who has consented to it and every subsequent Holder of a Security that evidences
the same indebtedness as the Security of the consenting Holder.


 


Section 9.04.        Notation
on or Exchange of Securities. If an amendment, supplement or waiver changes the terms of any Security, the Trustee may require the
Holder thereof to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security about the changed terms and
return it to the Holder and the Trustee may place an appropriate notation on any Security of such series thereafter authenticated. Alternatively,
if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate
a new Security of the same series and tenor that reflects the changed terms.


 


Section 9.05.        Trustee
to Sign Amendments, Etc. The Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of any amendment, supplement or waiver authorized pursuant to this ‎Article
9 is authorized or permitted by this Indenture, stating that all requisite consents have been obtained or that no consents are required
and stating that such supplemental indenture constitutes the legal, valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, subject to customary exceptions. The Trustee may, but shall not be obligated to, execute any
such amendment, supplement or waiver that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.


 


Section 9.06.        Conformity
with Trust Indenture Act. Every supplemental indenture executed pursuant to this ‎Article
9 shall conform to the requirements of the Trust Indenture Act as then in effect.


 



    36 



     


    




Article
10

Miscellaneous


 


Section 10.01.        Trust
Indenture Act of 1939. This Indenture shall incorporate and be governed by the provisions of the Trust Indenture Act that are required
to be part of and to govern indentures qualified under the Trust Indenture Act.


 


Section 10.02.        Notices.
Any notice or communication shall be sufficiently given if written and (a) if delivered in person when received or (b) if mailed
by first class mail 5 days after mailing, or (c) as between the Company and the Trustee if sent by facsimile transmission, when
transmission is confirmed, in each case addressed as follows:


 


if to the Company:


 


8400 E. Crescent Parkway,
Suite 600

Greenwood Village, CO 80111

Attention: Chief Financial Officer


 


With copies (which shall not
constitute notice):


 


8400 E. Crescent Parkway,
Suite 600

Greenwood Village, CO 80111

Attention: Chief Administrative Officer

Attention: General Counsel


 


if to the Trustee:


 


[_____]


 


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


 


Any notice or communication
shall be sufficiently given to Holders of any Unregistered Securities, by publication at least once in an Authorized Newspaper in The
City of New York, or with respect to any Security the interest on which is based on the offered quotations in the interbank Eurodollar
market for dollar deposits at least once in an Authorized Newspaper in London, and by mailing to the Holders thereof who have filed their
names and addresses with the Trustee pursuant to Section 313(c)(2) of the Trust Indenture Act at such addresses as were so furnished
to the Trustee and to Holders of Registered Securities by mailing to such Holders at their addresses as they shall appear on the Security
Register. Notice mailed shall be sufficiently given if so mailed within the time prescribed. Copies of any such communication or notice
to a Holder shall also be mailed to the Trustee and each Agent at the same time.


 


Failure to mail
a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. Except as otherwise
provided in this Indenture, if a notice or communication is mailed in the manner provided in this ‎Section
10.02, it is duly given, whether or not the addressee receives it.


 


Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee,
but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.


 


In case it shall
be impracticable to give notice as herein contemplated, then such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder.


 


Section 10.03.        Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee:


 



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


 


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


 


Section 10.04.        Statements
Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than the certificate required by ‎Section
4.04) shall include:


 


(a)        a
statement that each person signing such certificate or opinion has read such covenant or condition and the definitions herein relating
thereto;


 


(b)        a
brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in such
certificate or opinion is based;


 


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


 


(d)        a
statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied with; provided,
however, that, with respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or certificates
of public officials.


 


Section 10.05.        Evidence
of Ownership. The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the Holder of any Unregistered
Security and the Holder of any coupon as the absolute owner of such Unregistered Security or coupon (whether or not such Unregistered
Security or coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes, and
neither the Company, the Trustee, nor any agent of the Company or the Trustee shall be affected by any notice to the contrary. The fact
of the holding by any Holder of an Unregistered Security, and the identifying number of such Security and the date of his holding the
same, may be proved by the production of such Security or by a certificate executed by any trust company, bank, banker or recognized
securities dealer wherever situated satisfactory to the Trustee, if such certificate shall be deemed by the Trustee to be satisfactory.
Each such certificate shall be dated and shall state that on the date thereof a Security bearing a specified identifying number was deposited
with or exhibited to such trust company, bank, banker or recognized securities dealer by the person named in such certificate. Any such
certificate may be issued in respect of one or more Unregistered Securities specified therein. The holding by the person named in any
such certificate of any Unregistered Securities specified therein shall be presumed to continue for a period of one year from the date
of such certificate unless at the time of any determination of such holding (1) another certificate bearing a later date issued
in respect of the same Securities shall be produced or (2) the Security specified in such certificate shall be produced by some
other Person, or (3) the Security specified in such certificate shall have ceased to be outstanding. Subject to ‎Article
7, the fact and date of the execution of any such instrument and the amount and numbers of Securities held by the Person so executing
such instrument may also be proven in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in
any other manner which the Trustee may deem sufficient.


 


The Company, the
Trustee and any agent of the Company or the Trustee may deem and treat the person in whose name any Registered Security shall be registered
upon the Security Register for such series as the absolute owner of such Registered Security (whether or not such Registered Security
shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on
account of the Principal of and, subject to the provisions of this Indenture, interest on such Registered Security and for all other
purposes; and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice to the
contrary.


 


Section 10.06.        Rules
by Trustee, Paying Agent or Registrar. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Paying
Agent or Registrar may make reasonable rules for its functions.


 



    38 



     


    




Section 10.07.        Payment
Date Other Than a Business Day. Except as otherwise provided with respect to a series of Securities, if any date for payment of Principal
or interest on any Security shall not be a Business Day at any place of payment, then payment of Principal of or interest on such Security,
as the case may be, need not be made on such date, but may be made on the next succeeding Business Day at any place of payment with the
same force and effect as if made on such date and no interest shall accrue in respect of such payment for the period from and after such
date.


 


Section 10.08.        Governing
Law. The laws of the State of New York shall govern this Indenture and the Securities.


 


Section 10.09.        No
Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture or loan or debt agreement
of the Company or any Subsidiary of the Company. Any such indenture or agreement may not be used to interpret this Indenture.


 


Section 10.10.        Successors.
All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this Indenture
shall bind its successors.


 


Section 10.11.        Duplicate
Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement.


 


Section 10.12.        Separability.
In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.


 


Section 10.13.        Table
of Contents, Headings, Etc. The Table of Contents and headings of the Articles and Sections of this Indenture have been inserted
for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms and
provisions hereof.


 


Section 10.14.        Incorporators,
Stockholders, Officers and Directors of Company Exempt from Individual Liability. No recourse under or upon any obligation, covenant
or agreement contained in this Indenture or any indenture supplemental hereto, or in any Security or any coupons appertaining thereto,
or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present or future
stockholder, officer, director or employee, as such, of the Company or of any successor, either directly or through the Company or any
successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities and the coupons appertaining
thereto by the holders thereof and as part of the consideration for the issue of the Securities and the coupons appertaining thereto.


 


Section 10.15.        Judgment
Currency. The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the
purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the Principal of or interest on the Securities
of any series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could
purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is
entered, unless such day is not a Business Day, then, to the extent permitted by applicable law, the rate of exchange used shall be the
rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with
the Judgment Currency on the Business Day preceding the day on which final unappealable judgment is entered and (b) its obligations
under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery
pursuant to any judgment (whether or not entered in accordance with subsection ‎(a)),
in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt,
by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable
as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such
actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected
by judgment being obtained for any other sum due under this Indenture.


 



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Article
11

Subordination Of Securities


 


Section 11.01.        Agreement
to Subordinate. The Company covenants and agrees, and each Holder of Securities issued hereunder by his acceptance thereof likewise
covenants and agrees, that all Securities shall be issued subject to the provisions of this Article; and each person holding any Security,
whether upon original issue or upon transfer, assignment or exchange thereof accepts and agrees that the Principal of and interest on
all Securities issued hereunder shall, to the extent and in the manner herein set forth, be subordinated and subject in right of payment
to the prior payment in full of all Senior Indebtedness.


 


Section 11.02.        Payments
to Securityholders. No payments on account of Principal of or interest on the Securities shall be made if at the time of such payment
or immediately after giving effect thereto there shall exist a default in any payment with respect to any Senior Indebtedness, and such
default shall not have been cured or waived or shall not have ceased to exist. In addition, during the continuance of any default (other
than a payment default) with respect to Designated Senior Indebtedness pursuant to which the maturity thereof may be accelerated, from
and after the date of receipt by the Trustee of written notice from the holders of such Designated Senior Indebtedness or from an agent
of such holders, stating that such default has occurred and is continuing, no payments on account of Principal or interest in respect
of the Securities may be made by the Company for a period (“Payment Blockage Period”) commencing on the date of delivery
of such notice and ending 179 days thereafter (unless such Payment Blockage Period shall be terminated by written notice to the Trustee
from the holders of such Designated Senior Indebtedness or from an agent of such holders, or such default has been cured or waived or
has ceased to exist). Only one Payment Blockage Period may be commenced with respect to the Securities during any period of 360 consecutive
days. No Event of Default which existed or was continuing on the date of the commencement of any Payment Blockage Period with respect
to the Designated Senior Indebtedness initiating such Payment Blockage Period shall be or be made the basis for the commencement of any
subsequent Payment Blockage Period by the holders of such Designated Senior Indebtedness, unless such Event of Default shall have been
cured or waived for a period of not less than 90 consecutive days.


 


Upon any payment
or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon any liquidation,
dissolution, winding up, receivership, reorganization, assignment for the benefit of creditors, marshalling of assets and liabilities
or any bankruptcy, insolvency or similar proceedings of the Company, all amounts due or to become due upon all Senior Indebtedness shall
first be paid in full, in cash or cash equivalents, or payment thereof provided for in accordance with its terms, before any payment
is made on account of the Principal of, or interest on the indebtedness evidenced by the Securities, and upon any such liquidation, dissolution,
winding up, receivership, reorganization, assignment, marshalling or proceeding, any payment or distribution of assets of the Company
of any kind or character, whether in cash, property or securities, to which the Holders of the Securities or the Trustee under this Indenture
would be entitled, except for the provisions hereof, shall be paid by the Company or by any receiver, trustee in bankruptcy, liquidating
trustee, agent or other Person making such payment or distribution, directly to the holders of Senior Indebtedness (pro rata to such
holders on the basis of the respective amounts of Senior Indebtedness held by such holders) or their respective representatives, or to
the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness may have been
issued, as their respective interests may appear, to the extent necessary to pay all Senior Indebtedness in full (including, without
limitation, except to the extent, if any, prohibited by mandatory provisions of law, post-petition interest, in any such proceedings),
after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness, before any payment or distribution
is made to the holders of the indebtedness evidenced by the Securities or to the Trustee under this Indenture.


 


In the event that,
notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property
or securities, prohibited by the foregoing, shall be received by the Trustee under this Indenture or the Holders of the Securities before
all Senior Indebtedness is paid in full or provision is made for such payment in accordance with its terms, such payment or distribution
shall be held in trust for the benefit of and shall be paid over or delivered to the holders of such Senior Indebtedness or their respective
representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness
may have been issued, as their respective interests may appear, for application to the payment of all Senior Indebtedness remaining unpaid
until all such Senior Indebtedness shall have been paid in full 



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in accordance with its terms, after giving effect to any concurrent payment
or distribution to or for the holders of such Senior Indebtedness.


 


For purposes of
this Article, the words, “cash, property or securities” shall not be deemed to include shares of stock of the Company as
reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of arrangement, reorganization
or readjustment, the payment of which is subordinated (at least to the extent provided in this Article with respect to the Securities)
to the payment of all Senior Indebtedness which may at the time be outstanding; provided, that (i) the Senior Indebtedness
is assumed by the new corporation, if any, resulting from any such arrangement, reorganization or readjustment, and (ii) the rights
of the holders of the Senior Indebtedness are not, without the consent of such holders, altered by such arrangement, reorganization or
readjustment. The consolidation of the Company with, or the merger of the Company into, another corporation or the liquidation or dissolution
of the Company following the sale, conveyance or transfer of all or substantially all of its property and assets to another corporation
upon the terms and conditions provided in Article 5 shall not be deemed a dissolution, winding-up, liquidation or reorganization for
the purposes of this Section if such other corporation shall, as a part of such consolidation, merger, sale, conveyance or transfer,
comply with the conditions stated in ‎Article 5. Nothing in this
Section shall apply to claims of, or payments to, the Trustee under or pursuant to ‎Article
7. This Section shall be subject to the further provisions of ‎Section
11.05.


 


Section 11.03.        Subrogation
of Securities. Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated
to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company
applicable to the Senior Indebtedness until the principal of and interest on the Securities shall be paid in full; and, for the purposes
of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which
the Holders of the Securities or the Trustee on their behalf would be entitled except for the provisions of this Article, and no payment
over pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of the Securities or the Trustee on
their behalf shall, as between the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Securities,
be deemed to be a payment by the Company to or on account of the Senior Indebtedness; and no payments or distributions of cash, property
or securities to or for the benefit of the Securityholders pursuant to the subrogation provision of this Article, which would otherwise
have been paid to the holders of Senior Indebtedness shall be deemed to be a payment by the Company to or for the account of the Securities.
It is understood that the provisions of this Article are and are intended solely for the purpose of defining the relative rights of the
holders of the Securities, on the one hand, and the Holders of the Senior Indebtedness, on the other hand.


 


Nothing contained
in this Article or elsewhere in this Indenture or in the Securities is intended to or shall impair, as between the Company, its creditors
other than the holders of Senior Indebtedness, and the Holders of the Securities, the obligation of the Company, which is absolute and
unconditional, to pay to the Holders of the Securities the Principal of and interest on the Securities as and when the same shall become
due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders of the Securities
and creditors of the Company other than the holders of the Senior Indebtedness, nor shall anything herein or therein prevent the Holder
of any Security or the Trustee on his behalf from exercising all remedies otherwise permitted by applicable law upon default under this
Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness in respect of cash, property or securities
of the Company received upon the exercise of any such remedy.


 


Upon any payment
or distribution of assets of the Company referred to in this Article, the Trustee, subject to the provisions of Sections ‎7.01
and ‎7.02, and the holders of the Securities shall be entitled to
rely upon any order or decree made by any court of competent jurisdiction in which such liquidation, dissolution, winding up, receivership,
reorganization, assignment or marshalling proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidating
trustee, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of the Securities, for
the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other
indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article.


 



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Section 11.04.        Authorization
by Securityholders. Each Holder of a Security by his acceptance thereof authorizes the Trustee in his behalf to take such action
as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact
for any and all such purposes.


 


Section 11.05.        Notice
to Trustee. The Company shall give prompt written notice to the Trustee and to any paying agent of any fact known to the Company
which would prohibit the making of any payment of moneys to or by the Trustee or any paying agent in respect of the Securities pursuant
to the provisions of this Article or would end such prohibition. Regardless of anything to the contrary contained in this Article or
elsewhere in this Indenture, the Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness or of any default
or event of default with respect to any Senior Indebtedness or of any other facts which would prohibit the making of any payment of moneys
to or by the Trustee or which would end such prohibition, unless and until the Trustee shall have received notice in writing at its principal
Corporate Trust Office to that effect signed by an officer of the Company, or by a holder or agent of a holder of Senior Indebtedness
or by the trustee under any indenture pursuant to which Senior Indebtedness shall be outstanding, who shall have been certified by the
Company or otherwise established to the reasonable satisfaction of the Trustee to be such holder or agent or trustee, and, prior to the
receipt of any such written notice, the Trustee shall, subject to Sections ‎7.01
and ‎7.02, be entitled to assume that no such facts exist;
provided that if on a date at least three Business Days prior to the date upon which by the terms hereof any such moneys shall become
payable for any purpose (including, without limitation, the payment of the Principal of, or interest on any Security) the Trustee shall
not have received with respect to such moneys the notice of prohibition provided for in this Section, then, regardless of anything herein
to the contrary, the Trustee shall have full power and authority to receive such moneys and to apply the same to the purpose for which
they were received, and shall not be affected by any notice to the contrary which may be received by it on or after such prior date.


 


Regardless of anything
to the contrary herein, nothing shall prevent (a) any payment by the Company or the Trustee to the Securityholders of amounts in
connection with a redemption of Securities if (i) notice of such redemption has been given pursuant to ‎Article
3 prior to the receipt by the Trustee of written notice of prohibition as aforesaid, and (ii) such notice of redemption is given
not earlier than 60 days before the redemption date, or (b) any payment by the Trustee to the Securityholders of amounts deposited
with it pursuant to Sections ‎8.01, ‎8.05
or ‎8.06.


 


The Trustee shall
be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness
(or a trustee or agent on behalf of such holder) to establish that such notice has been given by a holder of Senior Indebtedness or a
trustee or agent on behalf of any such holder. In the event that the Trustee determines in good faith that further evidence is required
with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to
this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount
of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution
and any other facts pertinent to the rights of such Person under this Article, and if such evidence is not furnished the Trustee may
defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.


 


Section 11.06.        Trustee’s
Relation to Senior Indebtedness. The Trustee and any agent of the Company or the Trustee shall be entitled to all the rights
set forth in this Article with respect to any Senior Indebtedness which may at any time be held by it in its individual or any other
capacity to the same extent as any other holder of Senior Indebtedness and nothing in this Indenture shall deprive the Trustee or any
such agent, of any of its rights as such holder. Nothing in this Article shall apply to claims of, or payments to, the Trustee under
or pursuant to ‎7.07.


 


With respect to
the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are
specifically set forth in this Article, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall
be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness
and, subject to the provisions of Sections ‎7.01 and ‎7.02,
the Trustee shall not be liable to any holder of Senior Indebtedness if it shall pay over or deliver to Holders of Securities, the Company
or any other Person moneys or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article or otherwise.


 


Section 11.07.        No
Impairment of Subordination. No right of any present or future holder of any Senior Indebtedness to enforce subordination as
herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by
any act or failure to act, in good faith, by any such holder, 



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or by any noncompliance by the Company with the terms, provisions and covenants
of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with.


 




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SIGNATURES


 


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


 


	(SEAL)

    

    Attest:	 	GATOS SILVER, INC.

    as the Company

     

	 	 	By:	 
	 	 	 	 	Name:        	 
	 	 	 	 	Title:        	 
	(SEAL)

    

    Attest:

     
	 	[_____]

     

    as the Trustee

     

	 	 	By:	 
	 	 	 	 	Name:        	 
	 	 	 	 	Title:        	 




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