Exhibit 4.3


 


 


CIT GROUP INC.,

Issuer,


 


and


 


WILMINGTON TRUST, NATIONAL ASSOCIATION,

Trustee,


 


and


 


DEUTSCHE BANK TRUST COMPANY AMERICAS,

Paying Agent, Security Registrar and Authenticating Agent



 


 



 




INDENTURE

 


 



 

Dated as of March 9, 2018



Subordinated Debt Securities


 




    	 



    		 



    

Reconciliation and tie between

Trust Indenture Act of 1939 (the “Trust Indenture Act”)

and Indenture


 


	Trust Indenture Act

Section                      	 	Indenture

Section
	 	 	 
	§ 310(a)(1)	 	6.8
	(a)(2)	 	6.8
	(b)	 	6.8
	§ 311	 	6.7
	§ 312(a)	 	7.1
	(b)	 	7.2
	(c)	 	7.2
	§ 313(a)	 	7.3
	(c)	 	7.3
	(d)	 	7.3
	§ 314(a)	 	7.4
	(c)(1)	 	1.2
	(c)(2)	 	1.2
	(e)	 	1.2
	(f)	 	1.2
	§ 315(a)-(d)	 	3.3, 6.2
	(b)	 	6.3
	(c)	 	6.1(2)
	(d)	 	6.1(3)
	(e)	 	5.15
	§ 316(a)(last sentence)	 	1.1
	(a)(1)(A)	 	5.12
	(a)(1)(B)	 	5.13
	(b)	 	5.8
	§ 317(a)(1)	 	5.3
	(a)(2)	 	5.4
	(b)	 	10.3
	§ 318(c)	 	1.9


 


Note: This reconciliation and tie shall not, for any purpose, be
deemed to be part of the Indenture.




    	 



    		 



    

TABLE OF CONTENTS


 


Page


 


ARTICLE 1



DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION


 





	Section 1.1.	Definitions	1
	Section 1.2.	Compliance Certificates and Opinions	11
	Section 1.3.	Form of Documents Delivered to Trustee	11
	Section 1.4.	Paying Agent	12
	Section 1.5.	Acts of Holders	12
	Section 1.6.	Notices, Etc. to Trustee and Company	14
	Section 1.7.	Notice to Holders of Securities; Waiver	14
	Section 1.8.	Language of Notices	16
	Section 1.9.	Conflict with Trust Indenture Act	16
	Section 1.10.	Effect of Headings and Table of Contents	16
	Section 1.11.	Successors and Assigns	16
	Section 1.12.	Separability Clause	16
	Section 1.13.	Benefits of Indenture	16
	Section 1.14.	Governing Law	16
	Section 1.15.	Legal Holidays	16
	Section 1.16.	Counterparts	17
	Section 1.17.	Judgment Currency	17
	Section 1.18.	No Security Interest Created	17
	Section 1.19.	Limitation on Individual Liability	17
	Section 1.20.	Waiver of Jury Trial	18
	Section 1.21.	Force Majeure	18
	Section 1.22.	PATRIOT Act	18





 


ARTICLE 2



SECURITIES FORMS


 


	Section 2.1.	Forms Generally	18
	Section 2.2.	Form of Trustee’s Certificate of Authentication	19
	Section 2.3.	Securities in Global Form	19


 


ARTICLE 3



THE SECURITIES


 


	Section 3.1.	Amount Unlimited; Issuable in Series	20
	Section 3.2.	Currency; Denominations	22
	Section 3.3.	Execution, Authentication, Delivery and Dating	23
	Section 3.4.	Temporary Securities	24
	Section 3.5.	Registration, Transfer and Exchange	24
	Section 3.6.	Mutilated, Destroyed, Lost and Stolen Securities	27
	Section 3.7.	Payment of Interest; Rights to Interest Preserved	28




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	Section 3.8.	Persons Deemed Owners	30
	Section 3.9.	Cancellation	30
	Section 3.10.	Computation of Interest	31
	Section 3.11.	CUSIP Numbers	31
	Section 3.12.	Issuance of Additional Securities	31


 


ARTICLE 4



SATISFACTION AND DISCHARGE OF INDENTURE


 


	Section 4.1.	Satisfaction and Discharge	32
	Section 4.2.	[Reserved]	33
	Section 4.3.	Application of Trust Money	33


 


ARTICLE 5



REMEDIES


 


	Section 5.1.	Events of Default	33
	Section 5.2.	Effect of an Event of Default	34
	Section 5.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	34
	Section 5.4.	Trustee May File Proofs of Claim	35
	Section 5.5.	Trustee May Enforce Claims Without Possession of Securities or Coupons	35
	Section 5.6.	Application of Money Collected	35
	Section 5.7.	Limitations on Suits	36
	Section 5.8.	Unconditional Right of Holders to Receive Principal and any Premium and Interest	36
	Section 5.9.	Restoration of Rights and Remedies	36
	Section 5.10.	Rights and Remedies Cumulative	36
	Section 5.11.	Delay or Omission Not Waiver	37
	Section 5.12.	Control by Holders of Securities	37
	Section 5.13.	Waiver of Past Defaults	37
	Section 5.14.	Waiver of Usury, Stay or Extension Laws	37
	Section 5.15.	Undertaking for Costs	37


 


ARTICLE 6



THE TRUSTEE


 


	Section 6.1.	Certain Duties and Responsibilities	38
	Section 6.2.	Certain Rights of Trustee	39
	Section 6.3.	Notice of Defaults	40
	Section 6.4.	Not Responsible for Recitals or Issuance of Securities	40
	Section 6.5.	May Hold Securities	40
	Section 6.6.	Money Held in Trust	41
	Section 6.7.	Compensation and Reimbursement	41
	Section 6.8.	Corporate Trustee Required; Eligibility	41
	Section 6.9.	Resignation and Removal; Appointment of Successor	42
	Section 6.10.	Acceptance of Appointment by Successor	43
	Section 6.11.	Merger, Conversion, Consolidation or Succession to Business	44




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	Section 6.12.	Appointment of Authenticating Agent	44
	Section 6.13.	Appointment of Attorney-in-Fact	46


 


ARTICLE 7



HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY


 


	Section 7.1.	Names and Addresses of Holders	47
	Section 7.2.	Preservation of Information; Communications to Holders	47
	Section 7.3.	Reports by Trustee	47
	Section 7.4.	Reports by Company	48


 


ARTICLE 8



CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES


 


	Section 8.1.	Company May Consolidate, Etc., Only on Certain Terms	48
	Section 8.2.	Successor Person Substituted for Company	49


 


ARTICLE 9



SUPPLEMENTAL INDENTURES


 


	Section 9.1.	General	49
	Section 9.2.	Consent of Holders	49
	Section 9.3.	Without Consent of Holders	50
	Section 9.4.	Execution of Supplemental Indentures	51
	Section 9.5.	Effect of Supplemental Indentures	52
	Section 9.6.	Reference in Securities to Supplemental Indentures	52
	Section 9.7.	Conformity with Trust Indenture Act	52
	Section 9.8.	Notice of Supplemental Indenture	52
	Section 9.9.	Effect on Company Senior Indebtedness	52


 


ARTICLE 10



COVENANTS


 


	Section 10.1.	Payment of Principal, any Premium, Interest	52
	Section 10.2.	Maintenance of Office or Agency	52
	Section 10.3.	Money for Securities Payments to Be Held in Trust	53
	Section 10.4.	Corporate Existence	55
	Section 10.5.	Waiver of Certain Covenants	55
	Section 10.6.	Company Statement as to Compliance; Notice of Certain Defaults	55


 


ARTICLE 11



SUBORDINATION OF SECURITIES


 


	Section 11.1.	Securities Subordinate to Company Senior Indebtedness	56




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	Section 11.2.	Payment Over of Proceeds Upon Dissolution, Etc.	56
	Section 11.3.	Prior Payment to Company Senior Indebtedness Upon Acceleration of Securities	57
	Section 11.4.	No Payment When Company Senior Indebtedness in Default	57
	Section 11.5.	Payment Permitted If No Default	57
	Section 11.6.	Subrogation to Rights of Holders of Company Senior Indebtedness	57
	Section 11.7.	Provisions Solely to Define Relative Rights	58
	Section 11.8.	Trustee to Effectuate Subordination	58
	Section 11.9.	No Waiver of Subordination Provisions; Modifications of Terms of Company Senior Indebtedness	58
	Section 11.10.	Notice to Trustee	58
	Section 11.11.	Reliance on Judicial Order or Certificate of Liquidating Agent	59
	Section 11.12.	Trustee Not Fiduciary for Holders of Company Senior Indebtedness	59
	Section 11.13.	Rights of Trustee as Holder of Company Senior Indebtedness; Preservation of Trustee’s Rights	60
	Section 11.14.	Article Applicable to Paying Agents	60
	Section 11.15.	Redemption	60


 


ARTICLE 12



REDEMPTION OF SECURITIES


 


	Section 12.1.	Applicability of Article	60
	Section 12.2.	Election to Redeem; Notice to Trustee	60
	Section 12.3.	Selection by Security Registrar of Securities to be Redeemed	60
	Section 12.4.	Notice of Redemption	61
	Section 12.5.	Deposit of Redemption Price	62
	Section 12.6.	Securities Payable on Redemption Date	62
	Section 12.7.	Securities Redeemed in Part	63
	Section 12.8.	Cancellation and Destruction of Securities	63


 


ARTICLE 13



SINKING FUNDS


 


	Section 13.1.	Applicability of Article	63
	Section 13.2.	Satisfaction of Sinking Fund Payments with Securities	64
	Section 13.3.	Redemption of Securities for Sinking Fund	64


 


ARTICLE 14



REPAYMENT AT THE OPTION OF HOLDERS


 


	Section 14.1.	Applicability of Article	65


 


ARTICLE 15



SECURITIES IN FOREIGN CURRENCIES


 


	Section 15.1.	Applicability of Article	65




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ARTICLE 16



MEETINGS OF HOLDERS OF SECURITIES


 


	Section 16.1.	Purposes for Which Meetings May Be Called	65
	Section 16.2.	Call, Notice and Place of Meetings	65
	Section 16.3.	Persons Entitled to Vote at Meetings	66
	Section 16.4.	Quorum; Action	66
	Section 16.5.	Determination of Voting Rights; Conduct and Adjournment of Meetings	67
	Section 16.6.	Counting Votes and Recording Action of Meetings	67
	Section 16.7.	Preservation of Rights of Trustee and Holders	68




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INDENTURE, dated as of March 9, 2018,between
CIT Group Inc., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”),
Wilmington Trust, National Association, as trustee (the “Trustee”), and Deutsche Bank Trust Company Americas,
as paying agent, security registrar and authenticating agent (the “Agent”).


 


RECITALS


 


The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences
of indebtedness (the “Securities”), unlimited as to principal amount, to bear such rates of interest, to mature
at such time or times, to be issued in one or more series and to have such other provisions as shall be fixed as hereinafter provided.


 


The Company has duly authorized the execution
and delivery of this Indenture. All things necessary to make this Indenture a valid and legally binding agreement of the Company,
in accordance with its terms, have been done.


 


This Indenture is subject to the provisions of
the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated
thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions.


 


NOW, THEREFORE, THIS INDENTURE WITNESSETH:


 


For and in consideration of the premises and
the purchase of the Securities by the Holders (as herein defined) thereof, it is mutually covenanted, declared and agreed by and
between the parties hereto, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof and
any Coupons (as herein defined) as follows:


 


ARTICLE 1

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION


 


Section 1.1. Definitions. Except as otherwise specified with respect
to any Securities issued pursuant to Section 3.1, and except as otherwise expressly provided in or pursuant to this Indenture,
or unless the context otherwise requires, for all purposes of this Indenture:


 


(1) the terms defined in this Article have
the meanings assigned to them in this Article, and include the plural as well as the singular;


 


(2) all other terms used herein which are
defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;


 


(3) all accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States of America
and, except as otherwise herein expressly provided, the terms “generally accepted accounting principles” or “GAAP”
with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted
in the United States of America at the date or time of such computation;


 


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



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(5) unless the context otherwise requires,
the word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or both,”
not “either A or B but not both”).


 


Certain terms used principally in certain Articles
hereof are defined in those Articles.


 


“Act” when used with respect
to any Holders, has the meaning specified in Section 1.5.


 


“Additional Securities” has
the meaning specified in Section 3.12.


 


“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 purposes of this definition, “control,” as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through
the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” have correlative meanings. In no event shall
any Person acquired or formed in connection with a workout, restructuring or foreclosure in the ordinary course of business be
considered an “Affiliate” of the Company or any of its subsidiaries.


 


“Authenticating Agent” means
any Person authorized by the Trustee pursuant to Section 6.12 to act on behalf of the Trustee to authenticate Securities of one
or more series.


 


“Authorized Newspaper” means
a newspaper, in an official language of the place of publication or in the English language, customarily published on each day
that is a Business Day in the place of publication, whether or not published on days that are legal holidays in the place of publication,
and of general circulation in each place in connection with which the term is used or in the financial community of each such place.
Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the
same or in different newspapers in the same city meeting the foregoing requirements and in each case on any day that is a Business
Day in the place of publication.


 


“Authorized Officer” means,
when used with respect to the Company, the Chairman of the Board of Directors, a Vice Chairman, the President, the Chief Executive
Officer, the Chief Financial Officer, any Vice President, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company.


 


“Bankruptcy Custodian” has
the meaning specified in Section 5.1(1)(c).


 


“Bankruptcy Law” has the meaning
specified in Section 5.1(1)(c).


 


“Bankruptcy Proceeding” means
(i) any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar case or proceeding pursuant to any Bankruptcy
Law, or any proceeding in connection therewith, relative to the Company or to its assets, (ii) any liquidation, dissolution or
other winding up of the Company, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (iii)
any assignment for the benefit of creditors or any other marshalling of assets or liabilities of the Company.


 


“Bearer Security” means any
Security in the form established pursuant to Section 2.1 which is payable to bearer.


 


“Board of Directors” means
the board of directors of the Company or any committee thereof duly authorized to act on behalf of such board.



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“Board Resolution” means a
copy of one or more resolutions, certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted
by the Board of Directors and to be in full force and effect on the date of such certification, delivered to the Trustee.


 


“Business Day,” with respect
to any Place of Payment or other location, means any day other than a Saturday, Sunday or other day on which banking institutions
in such Place of Payment or other location are authorized or obligated by law, regulation or executive order to close.


 


“Capital Stock” of any Person
means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests
in (however designated) equity of such Person, including Preferred Stock, but excluding any debt securities convertible into such
equity.


 


“Cash” means money, currency
or a credit balance in any demand or deposit account.


 


“Commission” means the Securities
and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, as amended, or, if
at any time after the execution of this Indenture 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.


 


“Common Stock” in respect
of any Corporation means Capital Stock of any class or classes (however designated) which has no preference as to the payment of
dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation,
and which is not subject to redemption by such Corporation.


 


“Company” means the Person
named as the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person, and any
other obligor upon the Securities.


 


“Company Request” and “Company
Order” mean, respectively, a written request or order, as the case may be, signed in the name of the Company by an Authorized
Officer, and delivered to the Trustee.


 


“Company Senior Indebtedness”
means the principal of, premium, if any, and interest (including interest accruing on or after the filing of any petition in bankruptcy
or for reorganization relating to the Company) on and any other payment due pursuant to any of the following, whether incurred
on or prior to the date hereof or hereafter incurred:


 


(a) all obligations of the Company
(other than obligations pursuant to the Securities of any series and obligations pursuant to this Indenture with respect thereto)
for money borrowed;


 


(b) all obligations of the Company
evidenced by securities, notes, debentures, bonds or other similar instruments (other than the Securities of any series), including
obligations incurred in connection with the acquisition of property, assets or businesses;


 


(c) all capital lease obligations
of the Company;


 


(d) all obligations arising from
off-balance sheet guarantees and direct credit substitutes, including obligations in respect of any letters of credit, banker’s
acceptance, security purchase facilities, and similar credit transactions;



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(e) all obligations of the Company
issued or assumed as the deferred purchase price of property or services, including all obligations under master lease transactions
pursuant to which the Company or any of its Subsidiaries has agreed to be treated as owner of the subject property for U.S. federal
income tax purposes;


 


(f) all obligations associated with
derivative products including but not limited to securities contracts, foreign currency exchange contracts, swap agreements (including
interest rate and foreign exchange rate swap agreements), cap agreements, floor agreements, collar agreements, interest rate agreements,
foreign exchange rate agreements, options, commodity futures contracts, commodity option contracts, and similar financial instruments;
and


 


(g) all obligations of the type referred
to in clauses (a) through (f) above of another Person the payment of which, in either case, the Company has assumed or guaranteed
or for which the Company is responsible or liable, directly or indirectly, jointly or severally, as obligor, guarantor or otherwise;


 


provided that “Company Senior Indebtedness” shall
not include (i) all Capital Stock of the Company, (ii) all obligations to trade creditors created or assumed by the Company in
the ordinary course of business, (iii) any obligation of the Company to any Subsidiary of the Company or to any Person with respect
to which the Company is a Subsidiary and (iv) all indebtedness that (x) expressly states that it is junior to or ranks equally
in right of payment with the Securities or (y) is identified as junior to, or equal in right of payment with, the Securities in
any board resolution establishing such series of Securities or in any supplemental indenture.


 


“Corporate Trust Office” means
the principal corporate trust office of the Trustee at which at any particular time its corporate trust business shall be administered,
which office at the date of original execution of this Indenture is located at 15950 N. Dallas Parkway, Suite 550, Dallas, TX 75248,
Attn: Global Capital Markets, CIT Group, Inc. Account Administrator, or such other address as the Trustee may designate from time
to time by notice to the Holders and the Company.


 


“Corporation” means corporations
and limited liability companies and, except for purposes of Article 8, associations, companies and business trusts.


 


“Coupon” means any interest
coupon appertaining to a Bearer Security.


 


“Currency,” with respect to
any payment, deposit or other transfer in respect of the principal of or any premium or interest on any Security, means Dollars
or the Foreign Currency, as the case may be, in which such payment, deposit or other transfer is required to be made by or pursuant
to the terms hereof or such Security and, with respect to any other payment, deposit or transfer pursuant to or contemplated by
the terms hereof or such Security, means Dollars.


 


“CUSIP number” means the alphanumeric
designation assigned to a Security by Standard & Poor’s Ratings Service, CUSIP Service Bureau.


 


“Default” means, with respect
to Securities of any series, any one of the following events (whatever the reason for such Default and whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body), unless such event is specifically deleted or modified in or pursuant
to the supplemental indenture with respect to such series of Securities or an amendment:



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(a) an Event of Default with respect
to any Securities of that series specified in Section 5.1,


 


(b) the events referred to in Section
5.3(1) and (2) with respect to any Securities of that series, or


 


(c) default in the performance, or
breach, of any covenant or warranty of the Company in this Indenture or any Security of that series (other than a covenant or warranty
a default in whose performance or whose breach is elsewhere in Section 5.3 specifically dealt with or which is expressly included
in this Indenture solely for the benefit of Securities other than Securities of such series; it being understood that to the
extent a covenant or warranty is applicable solely to Securities other than Securities of such series, a default in the performance,
or breach, of any such covenant or warranty shall not result in a Default with respect to Securities of such series), and continuance
of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by
the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities
of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice
is a “Notice of Default” hereunder, or


 


(d) any other Default provided with
respect to Securities of that series.


 


“Defaulted Interest” has the
meaning specified in Section 3.7.


 


“Dollars” or “$”
means a dollar or other equivalent unit of legal tender for payment of public or private debts in the United States of America.


 


“Event of Default” has the
meaning specified in Section 5.1.


 


“Foreign Currency” means any
currency, currency unit or composite currency, including, without limitation, the euro, issued by the government of one or more
countries other than the United States of America or by any recognized confederation or association of such governments.


 


“Government Obligations” means
securities which are (i) direct obligations of the United States of America or the other government or governments which issued
the Foreign Currency in which the principal of or any premium or interest on such Security shall be payable, in each case where
the payment or payments thereunder are supported by the full faith and credit of such government or governments or (ii) obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such other
government or governments, in each case where the timely payment or payments thereunder are unconditionally guaranteed as a full
faith and credit obligation by the United States of America or such other government or governments, and which, in the case of
(i) or (ii), are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depository
receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of
interest on or principal of or other amount with respect to any such 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 Government Obligation or the specific payment of interest on or principal of or other amount with respect to the Government
Obligation evidenced by such depository receipt.



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“Holder,” in the case of any
Registered Security, means the Person in whose name such Security is registered in the Security Register and, in the case of any
Bearer Security, means the bearer thereof and, in the case of any Coupon, means the bearer thereof.


 


“Indebtedness” means, with
respect to any Person, such Person’s (i) obligations for borrowed money, (ii) obligations representing the deferred purchase
price of property or services other than accounts payable arising in the ordinary course of such Person’s business, (iii)
obligations, whether or not assumed, secured by Liens on property now or hereafter owned or acquired by such Person (other than
obligations not for borrowed money and other than carriers’, warehousemen’s, mechanics’, repairmen’s or
other like nonconsensual statutory Liens arising in the ordinary course of business), (iv) obligations which are evidenced by notes,
acceptances, or other similar instruments, (v) that portion of capitalized lease obligations that is properly classified as a liability
on a balance sheet in conformity with generally accepted accounting principles, (vi) contingent obligations with respect to the
Indebtedness of another Person, including but not limited to the obligation or liability of another which such Person assumes,
guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes contingently liable
upon; provided that any Indebtedness owing by the Company to any of its Subsidiaries or by any Subsidiary to the Company
or by any Subsidiary to any other Subsidiary or any contingent obligation in respect thereof shall not constitute Indebtedness
for purposes of this Indenture, and (vii) obligations for which such Person is obligated in respect of a letter of credit.


 


For purposes of this Indenture, Indebtedness
shall not include (A) any indebtedness of such Person to the extent (I) such indebtedness does not appear on the financial statements
of such Person, (II) such indebtedness is recourse only to certain assets of such Person, and (III) the assets to which such indebtedness
is recourse only appear on the financial statements of such Person net of such indebtedness, or (B) any indebtedness or other obligations
issued by any Person (or by a trust or other entity established by such Person or any of its affiliates) to the extent (I) primarily
serviced by the cash flows of a discrete pool of receivables, leases or other financial or operating assets which have been sold
or transferred by the Company or any Subsidiary in securitization or secured financing transactions and (II) such sale or transfer
of receivables, leases or other financial or operating assets is treated as a true sale for legal purposes (irrespective of whether
such sale or transfer is accounted for as a sale under generally accepted accounting principles or for tax purposes). It is understood
and agreed that (1) the amount of any Indebtedness described in clause (iii) for which recourse is limited to certain property
of such Person shall be the lower of (x) the amount of the obligation and (y) the fair market value of the property of such Person
securing such obligation, and (2) the amount of any obligation described in clause (vi) shall be the lower of (x) the stated or
determinable amount of the primary obligation in respect of which such contingent obligation is made, and (y) the maximum amount
for which such Person may be liable pursuant to the terms of the agreement embodying such contingent obligation unless such primary
obligation and the maximum amount for which such Person may be liable are not stated or determinable, in which case the amount
of such contingent obligation shall be such Person’s maximum, reasonably anticipated liability in respect thereof as determined
by such Person in good faith.


 


“Indenture” means this instrument
as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions
of the Trust Indenture Act that are deemed to be a part of and govern this instrument, and, with respect to any Security, by the
terms and provisions of such Security and any Coupon appertaining thereto established pursuant to Section 3.1 (as such terms and
provisions may be amended pursuant to the applicable provisions hereof).


 


“Independent Public Accountants”
means accountants or a firm of accountants that, with respect to the Company and any other obligor under the Securities or the
Coupons, are independent public



    	-6-



    	



    



accountants within the meaning of the Securities
Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder, who may be the independent public
accountants regularly retained by the Company or who may be other independent public accountants. Such accountants or firm shall
be entitled to rely upon any Opinion of Counsel as to the interpretation of any legal matters relating to this Indenture or certificates
required to be provided hereunder.


 


“Indexed Security” means a
Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal
face amount thereof at original issuance.


 


“Interest” means interest
payable after Maturity with respect to any Original Issue Discount Security which, by its terms, bears interest only after Maturity.


 


“Interest Payment Date,” with
respect to any Security, means the Stated Maturity of an installment of interest on such Security.


 


“Judgment Currency” has the
meaning specified in Section 1.17.


 


“Lien” means any lien on the
Company’s property or assets to secure Indebtedness for money borrowed, incurred, issued, assumed or guaranteed by the Company.


 


“Maturity,” with respect to
any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as
provided in or pursuant to this Indenture, whether at the Stated Maturity or by acceleration, notice of redemption or repurchase,
notice of option to elect repayment or otherwise, and includes the Redemption Date.


 


“New York Banking Day” has
the meaning specified in Section 1.17.


 


“Office” or “Agency”
with respect to any Securities, means an office or agency of the Company maintained or designated in a Place of Payment for such
Securities pursuant to Section 10.2 or any other office or agency of the Company maintained or designated for such Securities pursuant
to Section 10.2 or, to the extent designated or required by Section 10.2 in lieu of such office or agency, the Paying Agent Office.


 


“Officers’ Certificate”
means a certificate signed by the Chairman, Vice Chairman, President, Chief Executive Officer or a Vice President and by the Chief
Financial Officer, Treasurer, an Assistant Treasurer, the Secretary, or an Assistant Secretary of the Corporation, and delivered
to the Trustee.


 


“Opinion of Counsel” means
a written opinion of counsel, reasonably acceptable to the Trustee, who may be an employee of or counsel for the Company or other
counsel, that, if required by the Trust Indenture Act, complies with the requirements of Section 314(e) of the Trust Indenture
Act.


 


“Original Issue Discount Security”
means a Security issued pursuant to this Indenture which provides for declaration of an amount less than the principal face amount
thereof to be due and payable upon acceleration pursuant to Section 5.2.


 


“Original Securities” has
the meaning specified in Section 3.12.


 


“Outstanding,” when used with
respect to any Securities, means, as of the date of determination, all such Securities theretofore authenticated and delivered
under this Indenture, except:



    	-7-



    	



    

(a) (any such Security theretofore
cancelled by the Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar for cancellation;


 


(b) any such Security for whose payment
at the Maturity thereof money in the necessary amount has been theretofore deposited pursuant hereto with the Trustee or any Paying
Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own
Paying Agent) for the Holders of such Securities and any Coupons appertaining thereto, provided that, if such Securities
are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor reasonably satisfactory
to the Trustee has been made;


 


(c) [reserved];


 


(d) any such Security which has been
paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant
to this Indenture, unless there shall have been presented to the Trustee proof reasonably satisfactory to it that such Security
is held by a bona fide purchaser in whose hands such Security is a valid obligation of the Company; and


 


(e) any such Security converted or
exchanged as contemplated by this Indenture into other securities or property of a Person (including the Company) if the terms
of such Security provide for such conversion or exchange pursuant to Section 3.1;


 


provided, however, that in determining whether the
Holders of the requisite principal amount of Outstanding Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder or are present at a meeting of Holders of Securities for quorum purposes, (i) the principal amount
of an Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be Outstanding
for such purposes shall be equal to the amount of the principal thereof that pursuant to the terms of such Original Issue Discount
Security would be declared (or shall have been declared to be) due and payable upon a declaration of acceleration thereof pursuant
to Section 5.2 at the time of such determination, and (ii) the principal amount of any Indexed Security that may be counted in
making such determination and that shall be deemed Outstanding for such purposes shall be equal to the principal face amount of
such Indexed Security at original issuance, unless otherwise provided in or pursuant to this Indenture, and (iii) the principal
amount of a Security denominated in a Foreign Currency shall be the Dollar equivalent, determined on the date of original issuance
of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent on the
date of original issuance of such Security of the amount determined as provided in (i) above) of such Security, and (iv) Securities
owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor, shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination
or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which shall have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A) the pledgee’s
right so to act with respect to such Securities and (B) that the pledgee is not the Company or any other obligor upon the Securities
or any Coupons appertaining thereto or an Affiliate of the Company or such other obligor.


 


“Paying Agent” when used with
respect to the Securities, Deutsche Bank Trust Company Americas or any other Person authorized by the Company to calculate and
pay the principal of, or any premium or interest on, any Security or any Coupon on behalf of the Company.



    	-8-



    	



    



“Paying Agent Office” means
the office of the applicable Paying Agent at which at any particular time its corporate agency business shall principally be administered
in a Place of Payment, which office at the date hereof in the case of Deutsche Bank Trust Company Americas, in its capacity as
Paying Agent with respect to this Indenture, is located at 60 Wall Street, 16th Floor, MS NYC60-1630, New York, New
York, 10005, Attn: Corporate Team, CIT Group Inc.


 


“Person” means any individual,
Corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability
company or government or other entity.


 


“Place of Payment,” with respect
to any Security, means the place or places where the principal of, or any premium or interest on, such Security is payable as provided
in or pursuant to this Indenture or such Security.


 


“Predecessor Security” of
any particular Security means every previous Security evidencing all or a portion of the same Indebtedness as that evidenced by
such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6
in exchange for or in lieu of a lost, destroyed, mutilated or stolen Security or any Security to which a mutilated, destroyed,
lost or stolen Coupon appertains shall be deemed to evidence the same Indebtedness as the lost, destroyed, mutilated or stolen
Security or the Security to which a mutilated, destroyed, lost or stolen Coupon appertains.


 


“Preferred Stock” in respect
of any Corporation means Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends,
or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation, over shares
of Capital Stock of any other class of such Corporation.


 


“Redemption Date” with respect
to any Security or portion thereof to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture or
such Security.


 


“Redemption Price” with respect
to any Security or portion thereof to be redeemed, means the price at which it is to be redeemed as determined by or pursuant to
this Indenture or such Security.


 


“Registered Security” means
any Security in the form established pursuant to Section 2.1 which is registered in a Security Register.


 


“Regular Record Date” for
the interest payable on any Registered Security on any Interest Payment Date therefor means the date, if any, specified in or pursuant
to this Indenture or such Security as the “Regular Record Date.”


 


“Required Currency” has the
meaning specified in Section 1.17.


 


“Responsible Officer” means
(i) when used with respect to Wilmington Trust, National Association, any officer within the Corporate Trust Office of the Trustee,
which may include every vice president or officer senior thereto, every assistant vice president, every trust officer, every assistant
trust officer, and every other officer and assistant officer of the Trustee customarily performing functions similar to those performed
by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because
of his or her knowledge of, and familiarity with, a particular subject and who shall have direct responsibility for the administration
of this Indenture; (ii) when used with respect to Deutsche Bank Trust Company Americas in its capacity as Paying Agent or Authenticating
Agent, any officer assigned to the Paying Agent, Security Registrar or Authenticating Agent offices of Deutsche Bank Trust Company
Americas, in its capacity as Paying Agent, Security



    	-9-



    	



    



Registrar or Authenticating Agent, who has direct
responsibility for the administration of the Paying Agent, Security Registrar or Authenticating Agent functions of this Indenture.


 


“Security” or “Securities”
means any note or notes, bond or bonds, debenture or debentures, or any other evidences of Indebtedness, as the case may be, authenticated
and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting
as Trustee under this Indenture, “Securities,” with respect to any such Person, shall mean Securities authenticated
and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.


 


“Security Register” and “Security
Registrar” have the respective meanings specified in Section 3.5.


 


“Special Record Date” for
the payment of any Defaulted Interest on any Registered Security means a date fixed by the Company pursuant to Section 3.7.


 


“Stated Maturity,” with respect
to any Security or any installment of principal thereof or interest thereon, means the date established by or pursuant to this
Indenture or such Security as the fixed date on which the principal of such Security or such installment of principal or interest
is, due and payable.


 


“Subsidiary” means, with respect
to any specified Person:


 


(a) any corporation, association
or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to
the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively
transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business
entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that
Person (or a combination thereof); and


 


(b) any partnership (a) the sole
general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general
partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).


 


“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended, and any reference herein to the Trust Indenture Act or a particular provision thereof
shall mean such Act or provision, as the case may be, as amended or replaced from time to time or as supplemented from time to
time by rules or regulations adopted by the Commission under or in furtherance of the purposes of such Act or provision, as the
case may be.


 


“Trustee” means the Person
named as the “Trustee” for any series of Securities pursuant to Section 3.1 of this Indenture until a successor Trustee
shall have become such with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture,
and thereafter “Trustee” shall mean each Person who is then a Trustee hereunder; provided, however, that
if at any time there is more than one such Person, “Trustee” shall mean each such Person and as used with respect to
the Securities of any series shall mean the Trustee with respect to the Securities of such series.


 


“United States,” except as
otherwise provided in or pursuant to this Indenture or any Security, means the United States of America (including the states thereof
and the District of Columbia), its territories and possessions and other areas subject to its jurisdiction.



    	-10-



    	



    



“U.S. Depository” or “Depository”
means, with respect to any Security issuable or issued in the form of one or more global Securities, the Person designated as U.S.
Depository or Depository by the Company in or pursuant to this Indenture, which Person must be, to the extent required by applicable
law or regulation, a clearing agency registered under the Securities Exchange Act of 1934, as amended, and, if so provided with
respect to any Security, any successor to such Person. If at any time there is more than one such Person, “U.S. Depository”
or “Depository” shall mean, with respect to any Securities, the qualifying entity that has been appointed with respect
to such Securities.


 


“Vice President” when used
with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words
added before or after the title “Vice President.”


 


Section 1.2. Compliance Certificates and
Opinions. Upon any application or request by the Company
to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any,
have been complied with.


 


Except as otherwise expressly provided in the
Indenture, every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture
shall include:


 


(1) a statement that the individual signing
such certificate or opinion has read, or has caused to be read under his or her supervision, such condition or covenant and the
definitions herein relating thereto;


 


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


 


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


 


(4) a statement as to whether, in the opinion
of such individual, such condition or covenant has been complied with.


 


Section 1.3. Form of Documents Delivered
to Trustee. In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.


 


Any certificate or opinion of an officer of the
Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, provided that such officer, after
reasonable inquiry, has no reason to believe and does not believe that the Opinion of Counsel with respect to the matters upon
which his or her certificate or opinion is based is erroneous. Any such Opinion of Counsel may be based, insofar as it relates
to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company, stating that
the information with respect to such factual matters is in the possession of the Company, provided that such counsel, after
reasonable inquiry, has no reason to believe and does not believe that the certificate or opinion or representations with respect
to such matters are erroneous.



    	-11-



    	



    



Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture
or any Security, they may, but need not, be consolidated and form one instrument.


 


Section 1.4. Paying Agent.


 


(1) The Company appoints Deutsche Bank Trust
Company Americas as Paying Agent with respect to the Securities.


 


(2) In case at any time any Paying Agent,
Authenticating Agent or Security Registrar other than the Trustee shall have been appointed by the Company and be then acting hereunder,
the term “Trustee” as used in Sections 6.2, 6.7 and 6.9 of this Indenture shall in such case (unless the context otherwise
requires) be construed as extending to and including such Paying Agent, Authenticating Agent, Security Registrar or any other agent
appointed by the Company or the Trustee within its meaning as fully for all intents and purposes as if such Paying Agent, Authenticating
Agent or Security Registrar or any other agent were named in this Indenture in addition to or in place of the Trustee in such Sections
6.2, 6.7 and 6.9.


 


Section 1.5. Acts of Holders.


 


(1) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by or pursuant to this Indenture to be given or taken by Holders may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing. If, but only if, Securities of a series are issuable as Bearer Securities, any request, demand, authorization,
direction, notice, consent, waiver or other action provided in or pursuant to this Indenture to be given or taken by Holders of
Securities of such series may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series
voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such
series duly called and held in accordance with the provisions of Article 15, or a combination of such instruments and any such
record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or
record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments
and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument
or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of
this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee, the Company and any
agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities
shall be proved in the manner provided in Section 16.6.


 


Without limiting the generality of this Section
1.5, unless otherwise provided in or pursuant to this Indenture, a Holder, including a U.S. Depository that is a Holder of a global
Security, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction,
notice, consent, waiver or other Act provided in or pursuant to this Indenture to be made, given or taken by Holders, and a U.S.
Depository that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners of interests in any
such global Security through such U.S. Depository’s standing instructions and customary practices.


 


The Company shall fix a record date for the purpose
of determining the Persons who are beneficial owners of interest in any permanent global Security held by a U.S. Depository entitled
under the procedures of such U.S. Depository to make, give or take, by a proxy or proxies duly appointed in



    	-12-



    	



    

writing, any request, demand, authorization, direction,
notice, consent, waiver or other Act provided in or pursuant to this Indenture to be made, given or taken by Holders. If such a
record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be
entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other Act, whether or
not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver
or other Act shall be valid or effective if made, given or taken more than 90 days after such record date.


 


(2) The fact and date of the execution by
any Person of any such instrument or writing referred to in this Section 1.5 may be proved in any reasonable manner; and the Trustee
may in any instance require further proof with respect to any of the matters referred to in this Section.


 


(3) The ownership, principal amount and serial
numbers of Registered Securities held by any Person, and the date of the commencement and the date of the termination of holding
the same, shall be proved by the Security Register.


 


(4) The ownership, principal amount and serial
numbers of Bearer Securities held by any Person, and the date of the commencement and the date of the termination of holding the
same, may be proved by the production of such Bearer Securities or by a certificate executed, as depository, by any trust company,
bank, banker or other depository reasonably acceptable to the Company, wherever situated, if such certificate shall be deemed by
the Company and the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such
depository, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit
of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by the Company and the Trustee to be satisfactory.
The Trustee and the Company may assume that such ownership of any Bearer Security continues until (i) another certificate or affidavit
bearing a later date issued in respect of the same Bearer Security is produced, or (ii) such Bearer Security is produced to the
Trustee by some other Person, or (iii) such Bearer Security is surrendered in exchange for a Registered Security, or (iv) such
Bearer Security is no longer Outstanding. The ownership, principal amount and serial numbers of Bearer Securities held by the Person
so executing such instrument or writing and the date of the commencement and the date of the termination of holding the same may
also be proved in any other manner, which the Company and the Trustee deem sufficient.


 


(5) If the Company shall solicit from the
Holders of any Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company
may at its option (but is not obligated to), by Board Resolution, fix in advance a record date for the determination of Holders
of Registered Securities entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act.
If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given
before or after such record date, but only the Holders of Registered Securities of record at the close of business on such record
date shall be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Outstanding Securities
have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act,
and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization,
agreement or consent by the Holders of Registered Securities shall be deemed effective unless it shall become effective pursuant
to the provisions of this Indenture not later than six months after the record date.


 


(6) Any request, demand, authorization, direction,
notice, consent, waiver or other Act by the Holder of any Security shall bind every future Holder of the same Security and the
Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in



    	-13-



    	



    

respect of anything done or suffered to be done
by the Trustee, any Security Registrar, any Paying Agent or the Company in reliance thereon, whether or not notation of such Act
is made upon such Security.


 


Section 1.6. Notices, Etc. to Trustee and
Company. Any request, demand, authorization, direction,
notice, consent, waiver or other Act of Holders or other document provided or permitted by this Indenture to be made upon, given
or furnished to, or filed with:


 


(1) the Trustee by any Holder or the Company
shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate
Trust Office; or


 


(2) the Company, by the Trustee or any Holder
shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to the Company, addressed to the attention of its Treasurer, with a copy to the attention of its General Counsel,
at the address of its principal office specified herein or at any other address previously furnished in writing to the Trustee
by the Company.


 


Section 1.7. Notice to Holders of Securities;
Waiver. Except as otherwise expressly provided in or pursuant to this Indenture, where this Indenture provides for notice
to Holders of Securities of any event:


 


(1) such notice shall be sufficiently given
to Holders of Registered Securities if in writing and delivered to each Holder of a Registered Security affected by such event,
as set forth in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice; and


 


(2) such notice shall be sufficiently given
to Holders of Bearer Securities, if any, if published in an Authorized Newspaper in The City of New York and, if such Securities
are then listed on any stock exchange outside the United States, in an Authorized Newspaper in such city as the Company shall advise
the Trustee that such stock exchange so requires, on a Business Day at least twice, the first such publication to be not earlier
than the earliest date and the second such publication not later than the latest date prescribed for the giving of such notice.


 


In any case where notice to Holders of Registered
Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders of Registered Securities
or the sufficiency of any notice to Holders of Bearer Securities given as provided herein. Any notice that is mailed in the manner
herein provided, shall be conclusively presumed to have been duly given or provided. In the case by reason of the suspension of
regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.


 


In case by reason of the suspension of publication
of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be impracticable to publish any notice
to Holders of Bearers Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with
the approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. Neither failure to
give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published, shall
affect the sufficiency of any notice mailed to Holders of Registered Securities as provided above.






    	-14-



    	



    

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 of Securities 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.


 


All communications hereunder will be in writing
and will be mailed, delivered or sent via facsimile and confirmed to the party receiving such communication at its address or facsimile
number indicated below:


 


If to the Company:


 


CIT Group Inc.

1 CIT Drive

Livingston, New Jersey 07039

Facsimile: (973) 740-5750

Attention: Treasurer


 


With a mandatory copy to:


 


CIT Group Inc.

1 CIT Drive

Livingston, New Jersey 07039

Facsimile: (973) 740-5264

Attention: General Counsel


 


If to the Trustee:


 


Wilmington Trust, National Association

15950 N. Dallas Parkway, Suite 550

Dallas, TX 75248

Facsimile: (888) 316-6238

Attention: Global Capital Markets, CIT Group, Inc. Account Administrator


 


If to the Paying Agent, Security Registrar
or Authenticating Agent:


 


Deutsche Bank Trust Company Americas

Trust and Agency Services

60 Wall Street, 16th Floor

Mail Stop: NYC 60-1630

New York, New York 10005

Facsimile: (732) 578-4635

Attention: Corporate Team CIT Group



    	-15-



    	



    



With a copy to:


 


Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust and Agency Services

100 Plaza One – 8th Floor

Mail Stop: JCY 03-0801

Jersey City, New Jersey 07311-3901

Facsimile: (732) 578-4635

Attention: Corporate Team, CIT Group Inc.


 


In each case, with a copy to:


 


Sullivan & Cromwell LLP

125 Broad Street

New York, NY 10004

Attention: John E. Estes

Fax: (212) 558-3588

E-mail: estesj@sullcrom.com


 


Section 1.8. Language of Notices. Any request, demand, authorization, direction,
notice, consent, election or waiver required or permitted under this Indenture shall be in the English language, except that, if
the Company so elects, any published notice may be in an official language of the country of publication.


 


Section 1.9. Conflict with Trust Indenture
Act. If any provision hereof limits, qualifies or
conflicts with any duties under any required provision of the Trust Indenture Act imposed hereon by Section 318(c) thereof, such
required provision shall control.


 


Section 1.10. Effect of Headings and Table
of Contents. The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the construction hereof.


 


Section 1.11. Successors and Assigns. All covenants and agreements in this Indenture
by the Company shall bind its successors and assigns, whether so expressed or not.


 


Section 1.12. Separability Clause. In case any provision in this Indenture, any
Security or any Coupon 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 1.13. Benefits of Indenture. Nothing in this Indenture, any Security or
any Coupon, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the
Holders of Securities or Coupons, any benefit or any legal or equitable right, remedy or claim under this Indenture.


 


Section 1.14. Governing Law. This Indenture, the Securities and any Coupons
shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments
entered into and, in each case, performed in said state.


 


Section 1.15. Legal Holidays. Unless otherwise specified in or pursuant to
this Indenture or any Securities, in any case where any Interest Payment Date, Stated Maturity or Maturity of any Security, or
the last date on which a Holder has the right to convert or exchange Securities of a series that are



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convertible or exchangeable, shall not be a Business
Day at any Place of Payment, then (notwithstanding any other provision of this Indenture, any Security or any Coupon other than
a provision in any Security or Coupon that specifically states that such provision shall apply in lieu hereof) payment need not
be made at such Place of Payment on such date, and such Securities need not be converted or exchanged on such date, but such payment
may be made, and such Securities may be converted or exchanged, on the next succeeding day that is a Business Day at such Place
of Payment, and no interest shall accrue on the amount payable on such date or at such time for the period from and after such
Interest Payment Date, Stated Maturity, Maturity or last day for conversion or exchange, as the case may be, to such next succeeding
Business Day, except that if such next succeeding Business Day is in the next succeeding calendar year, such payment may be made,
and such Securities may be converted or exchanged, on the immediately preceding Business Day (in the case of each of the foregoing,
with the same force and effect as if made on such Interest Payment Date or at such Stated Maturity or Maturity or on such last
day for conversion or exchange, as the case may be). In any case where a document is to be delivered by the Company or an act is
to be performed by the Company, in each case pursuant to this Indenture, on a date that is not a Business Day, then such document
need not be delivered or such act need not be performed, as applicable, until the next succeeding day that is a Business Day.


 


Section 1.16. Counterparts. This Indenture may be executed in any number
of counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Delivery
of an executed counterpart of this Indenture by telefacsimile or by any electronic imaging, electronic mail or other similar means
shall be effective as delivery of a manually executed counterpart of this Indenture.


 


Section 1.17. 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 premium or interest, if any, payable on any Security (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, acting promptly
and in a commercially reasonable manner, in The City of New York the requisite amount of the Required Currency with the Judgment
Currency on the New York Banking Day preceding the day on which a final unappealable judgment is given 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 clause (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. For purposes of the foregoing, “New York Banking Day” means any
day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of
New York are authorized or obligated by law, regulation or executive order to be closed.


 


Section 1.18. No Security Interest Created. Nothing in this Indenture or in any Securities,
express or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation,
as now or hereafter enacted and in effect in any jurisdiction where property of the Company or its Subsidiaries is or may be located.


 


Section 1.19. Limitation on Individual
Liability. No recourse under or upon any obligation, covenant
or agreement contained in this Indenture or in any Security, or for any claim based thereon or



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otherwise in respect thereof, shall be had against
any incorporator, shareholder, employee, officer or director, as such, past, present or future, of the Company, either directly
or through the Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment
or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely obligations
of the Company, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators,
shareholders, employees, officers or directors, as such, of the Company, or any of them, because of the creation of the indebtedness
hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any Security
or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity
or by constitution or statute or otherwise, of, and any and all such rights and claims against, every such incorporator, shareholder,
employee, officer or director, as such, because of the creation of the indebtedness hereby authorized, or under or by reason of
the obligations, covenants or agreements contained in this Indenture or in any Security or implied therefrom, are hereby expressly
waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Security.


 


Section 1.20. Waiver of Jury Trial. EACH OF THE COMPANY, THE AGENT AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.


 


Section 1.21. Force Majeure. In no event shall the Trustee or the Agent
be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war
or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions
of utilities, communications or computer (software and hardware) services; it being understood that the Trustee or the Agent shall
use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances.


 


Section 1.22. PATRIOT Act. The parties hereto acknowledge that in order
to help the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations
that became effective on October 1, 2003, Section 326 of the USA PATRIOT Act requires all financial institutions to obtain, verify,
record and update information that identifies each person establishing a relationship or opening an account. The parties to this
Indenture agree that they will provide to the Trustee and the Agent such information as it may reasonably request, from time to
time, in order for the Trustee and the Agent to satisfy the requirements of the USA PATRIOT Act, including but not limited to the
name, address, tax identification number and other information that will allow it to identify the individual or entity who is establishing
the relationship or opening the account and may also ask for formation documents such as articles of incorporation or other identifying
documents to be provided.


 

ARTICLE 2


 


SECURITIES FORMS


 


Section 2.1. Forms Generally. The Securities and the Trustee’s certificate
of authentication are hereby incorporated in and expressly made a part of this Indenture. The Securities may have notations, legends
or endorsements required by law, stock exchange rule, agreements to which the Company is subject, if any, or depository procedure
or usage (provided that any such notation, legend or



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endorsement is in a form acceptable to the Company).
Each Security shall be dated the date of its authentication. The terms of the Securities are part of the terms of this Indenture.


 


Unless otherwise provided in or pursuant to this
Indenture or any Securities, the Securities shall be issuable in registered form without Coupons.


 


Definitive Securities and definitive Coupons
shall be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel
engraved borders or may be produced in any other manner, all as determined by the officers of the Company executing such Securities
or Coupons, as evidenced by their execution of such Securities or Coupons.


 


Section 2.2. Form of Trustee’s Certificate
of Authentication. The Securities and the Trustee’s certificate
of authentication are hereby incorporated in and expressly made a part of this Indenture.


 


Section 2.3. Securities in Global Form. Unless otherwise provided in or pursuant to
this Indenture or any Securities, the Securities shall not be issuable in temporary or permanent global form. If Securities of
a series shall be issuable in global form, as specified and contemplated by Section 3.1, any such Security may provide that it
or any number of such Securities shall represent the aggregate amount of all Outstanding Securities of such series (or such lesser
amount as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount
of Outstanding Securities represented thereby may from time to time be increased or reduced to reflect exchanges. Any endorsement
of any Security in global form to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders,
of Outstanding Securities represented thereby shall be made in such manner and by such Person or Persons as shall be specified
therein or in the Company Order to be delivered pursuant to Section 3.3 or 3.4 with respect thereto. Subject to the provisions
of Section 3.3 and, if applicable, Section 3.4, the Trustee shall deliver and redeliver, in each case at the Company’s expense,
any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in
the applicable Company Order. If a Company Order pursuant to Section 3.3 or 3.4 has been, or simultaneously is, delivered, any
instructions by the Company with respect to a Security in global form shall be in writing.


 


Notwithstanding the provisions of Section 3.7,
unless otherwise specified in or pursuant to this Indenture or any Securities, payment of principal of, any premium and interest
on, any Security (i) in temporary form shall be made to the Person or Persons specified therein, and (ii) in global form and registered
in the name of a Depository or its nominee shall be made to the Depository or its nominee as the Holder of such global Security.
Neither the Company, the Agent nor the Trustee shall have any responsibility or liability for any aspect of the records relating
to, or payments made on account of, beneficial ownership interests of a global Security, or for maintaining, supervising or reviewing
any records relating to beneficial ownership interests, and each of the Company and the Trustee may act or refrain from acting
without liability on any information provided by the Depository.


 


Notwithstanding the provisions of Section 3.8
and except as provided in the preceding paragraph, the Company, the Trustee, and any agent of the Company or the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities represented by a global Security (i) in the case of a global
Security in registered form, the Holder of such global Security in registered form, or (ii) in the case of a global Security in
bearer form, the Person or Persons specified pursuant to Section 3.1.



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ARTICLE 3


 

THE SECURITIES


 


Section 3.1. 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.


 


With respect to any Securities to be authenticated
and delivered hereunder, there shall be established in or pursuant to a Board Resolution and set forth in an Officers’ Certificate,
or established in one or more indentures supplemental hereto:


 


(1) the title and series of such Securities,
which may include medium-term notes;


 


(2) the total principal amount of the series
of such Securities and whether there shall be any limit upon the aggregate principal amount of such Securities that may be authenticated
and delivered under this Indenture (except for Securities authenticated and delivered upon registration or transfer of, or in exchange
for, or in lieu of, other Securities of such series pursuant to Section 3.4, 3.5, 3.6, 9.6 or 12.7);


 


(3) if such Securities are to be issuable
as Registered Securities, as Bearer Securities or alternatively as Bearer Securities and Registered Securities, and whether the
Bearer Securities are to be issuable with Coupons, without Coupons or both, and any restrictions applicable to the offer, sale
or delivery of the Bearer Securities and the terms, if any, upon which Bearer Securities may be exchanged for Registered Securities
and vice versa;


 


(4) if any of such Securities are to be issuable
in global form, when any of such Securities are to be issuable in global form and (i) whether such Securities are to be issued
in temporary or permanent global form or both, (ii) whether beneficial owners of interests in any such global Security may exchange
such interests for Securities of the same series and of like tenor and of any authorized form and denomination, and the circumstances
under which any such exchanges may occur, if other than in the manner specified in Section 3.5, and (iii) the name of the Depository
or the U.S. Depository, as the case may be, with respect to any such global Security;


 


(5) if any of such Securities are to be issuable
as Bearer Securities or in global form, the date as of which any such Bearer Security or global Security shall be dated (if other
than the date of original issuance of the first of such Securities to be issued);


 


(6) if any of such Securities are to be issuable
as Bearer Securities, whether interest in respect of any portion of a temporary Bearer Security in global form payable in respect
of an Interest Payment Date therefor prior to the exchange, if any, of such temporary Bearer Security for definitive Securities
shall be paid to any clearing organization with respect to the portion of such temporary Bearer Security held for its account and,
in such event, the terms and conditions (including any certification requirements) upon which any such interest payment received
by a clearing organization will be credited to the Persons entitled to interest payable on such Interest Payment Date;


 


(7) the date or dates, or the method or methods,
if any, by which such date or dates shall be determined, on which the principal of and premium, if any, on the Securities shall
be payable;


 


(8) the Person to whom any interest on a Security
shall be payable, if other than the Person in whose name that Security is registered at the close of business on the Regular Record
Date for such interest; the rate or rates at which such Securities shall bear interest, if any, which rate may be zero in the



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case of certain Securities issued at an issue
price representing a discount from the principal amount payable at Maturity, or the method by which such rate or rates will be
determined (including, if applicable, any remarketing option or similar method), and the date or dates from which such interest,
if any, will accrue or the method by which such date or dates will be determined, and the basis upon which interest shall be calculated
if other than that of a 360-day year of twelve 30-day months;


 


(9) the date or dates on which interest, if
any, on such Securities shall be payable and any Regular Record Dates applicable to the date or dates on which interest will be
so payable;


 


(10) if in addition to or other than the Borough
of Manhattan, The City of New York, the place or places where the principal of or any premium or interest on such Securities shall
be payable, where any of such Securities that are issued in registered form may be surrendered for registration of, transfer or
exchange, and where any such Securities may be surrendered for conversion or exchange and notices of demands to or upon the Company
in respect of such Securities and this Indenture may be served, the extent to which, and the manner in which, any interest payment
on a global Security on an Interest Payment Date, will be paid and the manner in which any principal of or premium, if any, on
any global Security will be paid;


 


(11) if such Securities are to be redeemable
at the Company’s option, the date or dates on which, the period or periods within which, the price or prices at which and
the other terms and conditions upon which such Securities may be redeemed, in whole or in part, at the Company’s option pursuant
to any sinking fund or otherwise;


 


(12) provisions specifying whether the Company
shall be obligated to redeem, purchase or repay any of such Securities pursuant to any sinking fund or analogous provision or at
the option of any Holder of such Securities and, if so, the date or dates on which, the period or periods within which, the price
or prices at which and the other terms and conditions upon which such Securities shall be redeemed, purchased or repaid, in whole
or in part, pursuant to such obligation, and any provisions for the remarketing of such Securities so redeemed or purchased;


 


(13) if other than denominations of $2,000,
and any integral multiple of $1,000 thereof, the denominations in which any Securities to be issued in registered form will be
issuable and, if other than a denomination of $5,000, the denominations in which any Securities to be issued in bearer form will
be issuable;


 


(14) provisions specifying whether the Securities
will be convertible into other securities or property of any Person (including the Company) and/or exchangeable for securities
or property of any Person (including the Company) and, if so, the terms and conditions upon which such Securities shall be so convertible
or exchangeable;


 


(15) if other than the principal amount, the
portion of the principal amount (or the method by which such portion will be determined) of such Securities that will be payable
upon declaration of acceleration of the Maturity thereof pursuant to the terms of this Indenture;


 


(16) whether the Securities of the series
to be issued will be Original Issue Discount Securities and the amount of discount with which such Securities may be issued;


 


(17) if other than Dollars, the Currency of
payment, including composite Currencies and Foreign Currencies, of the principal of, any premium or interest on any of such Securities;


 


(18) [reserved];



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(19) provisions specifying whether the principal
of, or any premium or interest on such Securities shall be payable, at the election of the Company or a Holder, in a Currency other
than that in which such Securities are stated to be payable and the date or dates on which, the period or periods within which,
and the other terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate;


 


(20) any index, formula or other method used
to determine the amount of payments of principal of, or any premium or interest on such Securities;


 


(21) provisions specifying whether such Securities
are to be issued in the form of one or more global Securities and, if so, the identity of the Depository for such global Security
or Securities;


 


(22) any deletions from, modifications of
or additions to the Defaults, Events of Default or covenants of the Company that are contained herein with respect to such Securities;


 


(23) [reserved];


 


(24) terms specifying whether any of such
Securities are to be issued upon the exercise of warrants, and the time, manner and place for such Securities to be authenticated
and delivered;


 


(25) any trustees, paying agents, transfer
agents or registrars with respect to such Securities; and


 


(26) any other terms of such Securities and
any other deletions from or modifications or additions to this Indenture in respect of such Securities.


 


All Securities of any one series and all Coupons,
if any, appertaining to Bearer Securities of such series shall be substantially identical except as to Currency of payments due
thereunder, denomination and the rate of interest thereon, or method of determining the rate of interest, if any, Maturity, and
the date from which interest, if any, shall accrue and except as may otherwise be provided by the Company in or pursuant to the
Board Resolution and set forth in the Officers’ Certificate or in any indenture or indentures supplemental hereto pertaining
to such series of Securities. The terms of the Securities of any series may provide, without limitation, that the Securities shall
be authenticated and delivered by the Trustee on original issue from time to time upon written order of persons designated in the
Officers’ Certificate or supplemental indenture and that such persons are authorized to determine, consistent with such Officers’
Certificate or any applicable supplemental indenture, such terms and conditions of the Securities of such series as are specified
in such Officers’ Certificate or supplemental indenture. All Securities of any one series need not be issued at the same
time and, unless otherwise so provided, a series may be reopened for issuances of Additional Securities of such series or to establish
additional terms of such series of Securities pursuant to Section 3.12. The Company also may issue, and the Trustee may authenticate,
Securities with the same terms as previously issued Securities.


 


If any of the terms of the Securities of any
series shall be established by action taken by or pursuant to a Board Resolution, the Board Resolution shall be delivered to the
Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of such series.


 


The Securities shall be subordinated in right
of payment to Company Senior Indebtedness as provided in Article 11.


 


Section 3.2. Currency; Denominations. Unless otherwise provided in or pursuant to
this Indenture, the principal of, and any premium and interest, if any, on, the Securities shall be payable in



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Dollars. Unless otherwise provided in or pursuant
to this Indenture, Registered Securities denominated in Dollars shall be issuable in registered form without Coupons in denominations
of $2,000, and any integral multiple of $1,000 in excess thereof, and the Bearer Securities denominated in Dollars shall be issuable
in denominations of $5,000. Securities not denominated in Dollars shall be issuable in such denominations as are established with
respect to such Securities in or pursuant to this Indenture.


 


Section 3.3. Execution, Authentication,
Delivery and Dating. Securities shall be executed on behalf of the
Company by its Chairman of the Board, a Vice Chairman, its President, its Chief Executive Officer, its Chief Financial Officer,
its Treasurer or a Vice President and attested by its Secretary or one of its Assistant Secretaries. Coupons shall be executed
on behalf of the Company by the Treasurer or any Assistant Treasurer of the Company. The signature of any of these officers on
the Securities or any Coupons appertaining thereto may be manual or facsimile.


 


Securities and any Coupons appertaining thereto
bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the
Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Securities and Coupons or did not hold such offices at the date of original issuance of such Securities or Coupons.


 


At any time and from time to time on and/or after
the execution and delivery of this Indenture, the Company may deliver Securities, together with any Coupons appertaining thereto,
executed by the Company, to the Trustee for authentication and, provided that the Board Resolution and Officers’ Certificate
or supplemental indenture or indentures with respect to such Securities referred to in Section 3.1 and a Company Order for the
authentication and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the Company Order
and subject to the provisions hereof and of such Securities shall authenticate or cause to be authenticated and deliver such Securities.
In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities
and any Coupons appertaining thereto, the Trustee shall be entitled to receive, and (subject to Sections 315(a) through 315(d)
of the Trust Indenture Act) shall be fully protected in relying upon,


 


(1) an Opinion of Counsel to the effect that:


 


(a) the form or forms and the terms
of such Securities and any Coupons have been established in conformity with the provisions of this Indenture; and


 


(b) such Securities, together with
any Coupons appertaining thereto, when completed by appropriate insertions and executed and delivered by the Company to the Trustee
for authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture
and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legal,
valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency,
reorganization and other similar laws of general applicability relating to or affecting the enforcement of creditors’ rights,
to general equitable principles and to such other qualifications as such counsel shall conclude do not materially affect the rights
of Holders of such Securities and any Coupons; and


 


(2) an Officers’ Certificate stating
that, to the best knowledge of the Persons executing such certificate, all conditions precedent to the execution, authentication
and delivery of such Securities and Coupons, if any, appertaining thereto, have been complied with, and no event which is, or after
notice or



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lapse of time would become, an Event of Default
with respect to any of the Securities shall have occurred and be continuing.


 


The Trustee shall not be required to authenticate
or to cause an Authenticating Agent to authenticate any 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 or if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken.


 


Each Registered Security shall be dated the date
of its authentication. Each Bearer Security and any Bearer Security in global form shall also be dated the date of its authentication.


 


No Security or Coupon appertaining thereto shall
be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security
a certificate of authentication substantially in the form contemplated under Section 2.2 or 6.12 executed by or on behalf of the
Trustee or by the Authenticating Agent by the manual signature of one of its authorized officers. Such certificate upon any Security
shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Except
as permitted by Section 3.6, the Trustee shall not authenticate and deliver any Bearer Security unless all Coupons appertaining
thereto then matured have been detached and cancelled.


 


Section 3.4. Temporary Securities. Pending the preparation of definitive Securities,
the Company may execute and deliver to the Trustee and, upon Company Order, the Trustee shall authenticate and deliver, in the
manner provided in Section 3.3, temporary Securities in lieu thereof which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which
they are issued, in registered form or, if authorized in or pursuant to this Indenture, in bearer form with one or more Coupons
or without Coupons and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company
executing such Securities may determine, as conclusively evidenced by their execution of such Securities. Such temporary Securities
may be in global form.


 


Except in the case of temporary Securities in
global form, which shall be exchanged in accordance with the provisions thereof, if temporary Securities are issued, the Company
shall cause definitive Securities to be prepared without unreasonable delay. After the preparation of definitive Securities of
the same series and containing terms and provisions that are identical to those of any temporary Securities, such temporary Securities
shall be exchangeable for such definitive Securities upon surrender of such temporary Securities at an Office or Agency for such
Securities, without charge to any Holder thereof. Upon surrender for cancellation of any one or more temporary Securities (accompanied
by any unmatured Coupons appertaining thereto), the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor an equal aggregate principal amount of definitive Securities of authorized denominations of the same series and containing
identical terms and provisions; provided, however, that no definitive Bearer Security, except as provided in or pursuant
to this Indenture, shall be delivered in exchange for a temporary Registered Security; and provided, further, that
a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions
set forth in or pursuant to this Indenture. Unless otherwise provided in or pursuant to this Indenture with respect to a temporary
global Security, until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series.


 


Section 3.5. Registration, Transfer and
Exchange. With respect to the Registered Securities of
each series, if any, the Company shall cause to be kept a register (each such register being herein



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sometimes referred to as the “Security
Register”) at an Office or Agency for such series in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of the Registered Securities of such series and of transfers of the Registered Securities
of such series. Such Office or Agency shall be the “Security Registrar” for that series of Securities. Deutsche
Bank Trust Company Americas shall be the initial Security Registrar for each series of Securities. The Company shall have the right
to remove and replace from time to time the Security Registrar for any series of Securities; provided that no such removal
or replacement shall be effective until a successor Security Registrar with respect to such series of Securities shall have been
appointed by the Company and shall have accepted such appointment by the Company. The Trustee shall have the right to examine the
Security Register for any series of Securities at all reasonable times. The Company shall be required to maintain a Security Registrar
in each place where the principal of and premium or interest on any Security is payable. There shall be only one Security Register
for each series of Securities.


 


Upon surrender for registration of transfer of
any Registered Security of any series at any Office or Agency for such series, the Company shall execute, and the Trustee shall
authenticate or cause to be authenticated and deliver, in the name of the designated transferee or transferees, one or more new
Registered Securities of the same series denominated as authorized in or pursuant to this Indenture, of a like aggregate principal
amount bearing a number not contemporaneously outstanding and containing identical terms and provisions.


 


At the option of the Holder, certificated Securities
(including Bearer Securities) and the right to receive the principal, premium and interest, if any, on any certificated Security
may be transferred by a Holder by surrendering such certificate representing the certificated Securities at the Corporate Trust
Office of the Security Registrar. Such certificate representing the certificated Securities may be reissued by the Company or the
Trustee to a new Holder or a new certificate representing the certificated Securities may be issued by the Company or the Trustee
to a new Holder.


 


At the option of the Holder, Registered Securities
of any series may be exchanged for other Registered Securities of the same series containing identical terms and provisions, in
any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at any
Office or Agency for such series. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute,
and the Trustee shall authenticate or cause to be authenticated and deliver, the Registered Securities that the Holder making the
exchange is entitled to receive.


 


If provided in or pursuant to this Indenture,
with respect to Securities of any series, at the option of the Holder, Bearer Securities of such series may be exchanged for Registered
Securities of such series containing identical terms, denominated as authorized in or pursuant to this Indenture and in the same
aggregate principal amount, upon surrender of the Bearer Securities to be exchanged at any Office or Agency for such series, with
all unmatured Coupons and all matured Coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to
produce any such unmatured Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be effected if the Bearer
Securities are accompanied by payment in funds acceptable to the Company and the Trustee in an amount equal to the face amount
of such missing Coupon or Coupons, or the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee
if there is furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless.
If thereafter the Holder of such Bearer Security shall surrender to any Paying Agent any such missing Coupon in respect of which
such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment; provided, however,
that, except as otherwise provided in Section 10.2, interest represented by Coupons shall be payable only upon presentation and
surrender of those Coupons at an Office or Agency for such series located outside the United States. Notwithstanding the foregoing,
in case a Bearer



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Security of any series is surrendered at any such
Office or Agency for such series in exchange for a Registered Security of such series and like tenor after the close of business
at such Office or Agency on (i) any Regular Record Date and before the opening of business at such Office or Agency on the next
succeeding Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such Office or Agency on
the related date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the Coupon relating to such
Interest Payment Date or proposed date of payment, as the case may be (or, if such Coupon is so surrendered with such Bearer Security,
such Coupon shall be returned to the Person so surrendering the Bearer Security), and interest or Defaulted Interest, as the case
may be, shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the
Registered Security issued in exchange for such Bearer Security, but shall be payable only to the Holder of such Coupon when due
in accordance with the provisions of this Indenture.


 


If provided in or pursuant to this Indenture
with respect to Securities of any series, at the option of the Holder, Registered Securities of such series may be exchanged for
Bearer Securities upon such terms and conditions as may be provided in or pursuant to this Indenture with respect to such series.


 


Whenever any Securities are surrendered for exchange
as contemplated by the immediately preceding two paragraphs, the Company shall execute, and the Trustee shall authenticate or cause
to be authenticated and deliver, the Securities that the Holder making the exchange is entitled to receive.


 


Notwithstanding the foregoing, except as otherwise
provided in or pursuant to this Indenture, any global Security shall be exchangeable for certificated Securities only if (i) the
Depository is at any time unwilling, unable or ineligible to continue as Depository and a successor depository is not appointed
by the Company within 90 days of the date the Company is so informed in writing, (ii) the Company, in its discretion, determines
not to require all of the Securities of a series to be represented by a global Security and notifies the Trustee of its decision
by executing and delivering to the Trustee a Company Order to the effect that such global Security shall be so exchangeable or
(iii) an Event of Default has occurred and is continuing, and the Company, the Trustee, the Security Registrar and the Paying Agent
shall have notified the Depository that the global Security shall be exchangeable for certificated Securities. If the beneficial
owners of interests in a global Security are entitled to exchange such interests for definitive Securities as the result of an
event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later
than the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive Securities
in such form and denominations as are required by or pursuant to this Indenture, and of the same series, containing identical terms
and in aggregate principal amount equal to the principal amount of such global Security, executed by the Company. On or after the
earliest date on which such interests may be so exchanged, such global Security shall be surrendered from time to time by the U.S.
Depository or such other Depository as shall be specified in the Company Order with respect thereto, and in accordance with instructions
given to the Trustee and the U.S. Depository or such other Depository, as the case may be (which instructions shall be in writing),
as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such purpose,
to be exchanged, in whole or in part, for definitive Securities as described above without charge. The Trustee shall authenticate
and make available for delivery, in exchange for each portion of such surrendered global Security, a like aggregate principal amount
of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such global Security
to be exchanged, which (unless such Securities are not issuable both as Bearer Securities and as Registered Securities, in which
case the definitive Securities exchanged for the global Security shall be issuable only in the form in which the Securities are
issuable, as provided in or pursuant to this Indenture) shall be in the form of Bearer Securities or Registered Securities, or
any combination thereof, as shall be specified by the beneficial owner thereof, but subject to the satisfaction of any certification
or other requirements to the issuance of Bearer Securities; provided, however, that (unless otherwise provided in
or pursuant to this Indenture) no Bearer Security delivered in exchange for a



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portion of a global Security shall be mailed or
otherwise delivered to any location in the United States. Promptly following any such exchange in part, such global Security shall
be returned by the Trustee to such Depository or the U.S. Depository, as the case may be, or such other Depository or U.S. Depository
referred to above in accordance with the instructions of the Company referred to above. If a Registered Security is issued in exchange
for any portion of a global Security after the close of business at the Office or Agency for such Security where such exchange
occurs on or after (i) any Regular Record Date for such Security and before the opening of business at such Office or Agency on
the next succeeding Interest Payment Date, or (ii) any Special Record Date for such Security and before the opening of business
at such Office or Agency on the related proposed date for payment of interest or Defaulted Interest, as the case may be, interest
shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered
Security, but shall be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person
to whom interest in respect of such portion of such global Security shall be payable in accordance with the provisions of this
Indenture.


 


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


 


Every Registered Security presented or surrendered
for registration of transfer or for exchange or redemption shall (if so required by the Company or the Security Registrar for such
Security) be duly endorsed, or be accompanied by a written instrument of transfer in a form satisfactory to the Company and the
Security Registrar for such Security duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing.


 


No service charge shall be made for any registration
of transfer or exchange, or redemption of Securities, but the Company may require payment of a sum sufficient to cover any stamp
tax or other governmental charge and any other reasonable expenses (including fees and expenses of the Trustee, the Paying Agent,
and the Security Registrar) that may be imposed in connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 3.4, 3.6, 9.6 or 12.7 not involving any transfer.


 


Except as otherwise provided in or pursuant to
this Indenture, the Company shall not be required (i) to register the transfer of or exchange Securities of any series during a
period beginning at the opening of business 15 days before the day the Company transmits a notice of redemption of Securities of
the series selected for redemption and ending at the close of business on the day of the transmission, (ii) to register the transfer
of or exchange any Security selected for redemption in whole or in part, except in the case of any Security to be redeemed in part,
the portion thereof not to be redeemed, (iii) to exchange any Bearer Security selected for redemption except, to the extent provided
with respect to such Bearer Security, that such Bearer Security may be exchanged for a Registered Security of like tenor and the
same series, provided that such Registered Security shall be immediately surrendered for redemption with written instruction
for payment consistent with the provisions of this Indenture or (iv) to issue, register the transfer of or exchange any Security
which, in accordance with its terms, has been surrendered for repayment at the option of the Holder, except the portion, if any,
of such Security not to be so repaid.


 


Section 3.6. Mutilated, Destroyed, Lost
and Stolen Securities. If any mutilated Security or a Security with
a mutilated Coupon appertaining to it is surrendered to the Security Registrar, subject to the provisions of this Section 3.6,
the Company shall execute and the Trustee shall authenticate or cause to be authenticated and deliver in exchange therefor a new
Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously
outstanding, with Coupons appertaining thereto corresponding to the Coupons, if any, appertaining to the surrendered Security.



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If there be delivered to the Company, the Security
Registrar 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 either of them harmless, then, in the
absence of notice to the Company, the Security Registrar or the Trustee that such Security or Coupon has been acquired by a bona
fide purchaser, the Company shall execute and, upon the Company’s request, the Trustee shall authenticate or cause to be
authenticated and deliver, in exchange for or in lieu of any such mutilated, 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 containing identical terms and of like principal amount and bearing a number not contemporaneously
outstanding, with Coupons appertaining thereto 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.


 


Notwithstanding the foregoing provisions of this
Section 3.6, in case any 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; provided, however,
that payment of principal of, and any premium or interest, if any, on any Bearer Securities shall, except as otherwise provided
in Section 10.2, be payable only at an Office or Agency for such Securities located outside the United States.


 


Upon the issuance of any new Security under this
Section 3.6, the Company may require the payment of a sum sufficient to cover any stamp 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, with any Coupons appertaining
thereto issued pursuant to this Section 3.6 in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to
which a destroyed, lost or stolen Coupon appertains, shall constitute a separate obligation of the Company, whether or not the
destroyed, lost or stolen Security and Coupons appertaining thereto or the destroyed, lost or stolen Coupon shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all
other Securities of such series and any Coupons, if any, duly issued hereunder.


 


The provisions of this Section 3.6, as amended
or supplemented pursuant to this Indenture with respect to particular Securities or generally, shall be exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Securities or Coupons.


 


Section 3.7. Payment of Interest; Rights
to Interest Preserved. Unless otherwise provided in or pursuant to
this Indenture, any interest on any Registered Security which shall be payable, and is punctually paid or duly provided for, on
any Interest Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered
as of the close of business on the Regular Record Date for such interest.


 


Unless otherwise provided in or pursuant to this
Indenture, any interest on any Registered Security which shall be payable, but shall not be punctually paid or duly provided for,
on any Interest Payment Date for such Registered Security (herein called “Defaulted Interest”) shall forthwith
cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted
Interest may be paid by the Company as provided in clause (1) or (2) below:



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(1) The Company may elect to make payment
of any Defaulted Interest to the Person in whose name such Registered Security (or a Predecessor Security thereof) shall be registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed by the Company
in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid
on such Registered Security, the Special Record Date therefor and the date of the proposed payment, and at the same time, the Company
shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements reasonably satisfactory to the Trustee for such deposit on or prior to the date of the proposed
payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted Interest as
in this clause provided. The Special Record Date for the payment of such Defaulted Interest shall be not more than 15 days and
not less than 10 days prior to the date of the proposed payment and not less than 10 days after notification to the Trustee of
the proposed payment. The Trustee shall, in the name and at the expense of the Company, cause notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the Holder of such Registered
Security (or a Predecessor Security thereof) at such Holder’s address as it appears in the Security Register not less than
10 days prior to such Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company, cause
a similar notice to be published at least once in an Authorized Newspaper of general circulation in the Borough of Manhattan, The
City of New York, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice
of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted
Interest shall be paid to the Person in whose name such Registered Security (or a Predecessor Security thereof) shall be registered
at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).


 


(2) The Company may make payment of any Defaulted
Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Security may
be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the
proposed payment pursuant to this clause, such payment shall be deemed practicable by the Trustee.


 


Unless otherwise provided in or pursuant to this
Indenture or the Securities of any particular series pursuant to the provisions of this Indenture, at the option of the Company,
interest on Registered Securities that bear interest may be paid at the office or agency of the Company maintained for such purposes
in the Borough of Manhattan, City of New York, or by mailing a check to the address of the Person entitled thereto as such address
shall appear in the Security Register or by transfer to an account maintained by the payee with a bank located in the United States.


 


Notwithstanding the foregoing, a Holder of $1,000,000
or more in aggregate principal amount of Securities of any series of global Securities (or its equivalent in a Foreign Currency,
if the currency unit is a Foreign Currency), whether having identical or different terms and provisions, having the same interest
payment dates will be entitled to receive interest payments, other than at Maturity, by wire transfer of immediately available
funds if appropriate wire transfer instructions have been received in writing by the Trustee for the Securities of such series
at least 15 days prior to the applicable Interest Payment Date. In addition to the foregoing, a Holder of $1,000,000 or more in
aggregate principal amount of Securities of any series of global Securities (or its equivalent in a Foreign Currency, if the currency
unit is a Foreign Currency), whether having identical or different terms and provisions, having the same Maturity will be entitled
to receive payment at Maturity by wire transfer of immediately available funds if appropriate wire transfer instructions have been
received in writing by the Trustee for the Securities of such series at least 15 days prior to Maturity; provided, however,
that such payments shall be made subject to applicable laws and regulations and only after surrender of the global Securities to
the Company, the Corporate Trust



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Office or the Paying Agent, for such global Securities
not later than one Business Day prior to Maturity. Any wire instructions received by the Trustee for the Securities of such series
shall remain in effect until revoked by the Holder.


 


Subject to the foregoing provisions of this Section
3.7 and Section 3.5, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu
of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.


 


In the case of any Registered Security of any
series that is convertible into other securities or property of any Person (including the Company) or exchangeable for securities
or property of any Person (including the Company), which Registered Security is converted or exchanged after any Regular Record
Date and on or prior to the next succeeding Interest Payment Date (other than any Registered Security with respect to which the
Stated Maturity is prior to such Interest Payment Date), interest with respect to which the Stated Maturity is on such Interest
Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion or exchange, and such interest (whether
or not punctually paid or duly provided for) shall be paid to the Person in whose name that Registered Security (or one or more
predecessor Registered Securities) is registered at the close of business on such Regular Record Date. Except as otherwise expressly
provided in the immediately preceding sentence, in the case of any Registered Security which is converted or exchanged, interest
with respect to which the Stated Maturity is after the date of conversion or exchange of such Registered Security shall not be
payable.


 


Section 3.8. Persons Deemed Owners. Prior to due presentment of a Registered Security
for registration of transfer, the Company, the Trustee, the Paying Agent and any agent of the Company or the Trustee may treat
the Person in whose name such Registered Security is registered in the Security Register as the owner of such Registered Security
for the purpose of receiving payment of principal of, and any premium or (subject to Sections 3.5 and 3.7) interest, if any, on
such Registered Security and for all other purposes whatsoever, whether or not any payment with respect to such Registered Security
shall be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to
the contrary.


 


The Company, the Trustee, the Paying Agent and
any agent of the Company or the Trustee may treat the bearer of any Bearer Security or the bearer of any Coupon as the absolute
owner of such Security or Coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes
whatsoever, whether or not any payment with respect to such Security or Coupon shall be overdue, and none of the Company, the Trustee
or any agent of the Company or the Trustee shall be affected by notice to the contrary.


 


No Holder of any beneficial interest in any global
Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such global Security, and
such Depository may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such global
Security for all purposes whatsoever. None of the Company, the Trustee, the Paying Agent or the Security Registrar will have any
responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests
of a global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.


 


Section 3.9. Cancellation. All Securities and Coupons surrendered for
payment, redemption, registration of transfer, exchange or conversion or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and Coupons, as well as
Securities and Coupons surrendered directly to the Trustee for any such purpose, shall be cancelled promptly by the Trustee. The
Company may at any time deliver to the Trustee for



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cancellation any Securities previously authenticated
and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be
cancelled promptly by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled
as provided in this Section 3.9, except as expressly permitted by or pursuant to this Indenture. All cancelled Securities and Coupons
held by the Trustee shall be disposed of by the Trustee in its customary manner, unless by a Company Order, the Company directs
their return to it.


 


Section 3.10. Computation of Interest. Except as otherwise provided in or pursuant
to this Indenture or in any Security, interest on the Securities shall be computed on the basis of a 360-day year of twelve 30-day
months.


 


To the extent that a calculation agent is not
appointed by the Company, interest shall be calculated by the Paying Agent. The Paying Agent will provide to the Company the calculation
of interest payable on an Interest Payment Date at least five Business Days prior to such Interest Payment Date.


 


Section 3.11. CUSIP Numbers. The Company in issuing the Securities may use
“CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices
of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the “CUSIP”
numbers.


 


Section 3.12. Issuance of Additional Securities. The Company shall be entitled to issue Securities
under this Indenture which shall have identical terms as Securities of a series previously issued under this Indenture (the “Original
Securities”), other than with respect to the date of issuance, and in some cases, the issue price and the first interest
payment date, either of which may differ from the respective terms of the Original Securities (“Additional Securities”).
The Additional Securities will bear any legend required by applicable law. Such Original Securities and any Additional Securities
shall be treated as a single series for all purposes under this Indenture. Notwithstanding anything to the contrary in this Indenture,
any issuance of Additional Securities after the date hereof shall be in a principal amount of at least $2,000 and integral multiples
of $1,000 in excess of $2,000.


 


With respect to any Additional Securities, the
Company shall set forth in a resolution of the Board of Directors and an Officers’ Certificate, a copy of each which shall
be delivered to the Trustee or established in one or more indentures supplemental thereto, the following information:


 


(1) the aggregate principal amount of such
Additional Securities to be authenticated and delivered pursuant to this Indenture; and


 


(2) the issue price, the issue date and the
CUSIP number of such Additional Securities.



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ARTICLE 4


 


SATISFACTION AND DISCHARGE OF INDENTURE


 


Section 4.1. Satisfaction and Discharge. This Indenture shall be discharged and shall
cease to be of further effect as to all Securities of any series issued hereunder, when:


 


(1) either:


 


(a) all Securities of such series
that have been authenticated, except lost, stolen or destroyed Securities that have been replaced or paid and Securities for whose
payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation;
or


 


(b) all Securities of such series
that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice of
redemption or otherwise or shall become due and payable within one year and the Company has irrevocably deposited or caused to
be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of Securities of such series, Cash
in U.S. dollars, non-callable Government Obligations, or a combination of Cash in U.S. dollars and non-callable Government Obligations,
in amounts as shall be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness
on the Securities of such series not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest,
to the date of maturity or redemption;


 


(2) with respect to such series of Securities,
no Default has occurred and is continuing on the date of the deposit (other than a Default resulting from the borrowing of funds
to be applied to such deposit and the grant of any Lien securing such borrowing) and the deposit shall not result in a breach or
violation of, or constitute a default under, any other material agreement or instrument to which the Company is a party or by which
the Company is bound;


 


(3) the Company has paid or caused to be paid
all sums payable by it under this Indenture with respect to the Securities of such series;


 


(4) the Company has delivered irrevocable
instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Securities of such series
at maturity or on the redemption date, as the case may be; and


 


(5) the Company has delivered an Officers’
Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been
satisfied.


 


Notwithstanding the satisfaction and discharge
of this Indenture with respect to any series of Securities, the obligations of the Company to the Trustee under Section 6.7 and,
if money shall have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section 4.1, the obligations
of the Company and the Trustee with respect to the Securities of each series under Sections 3.5, 3.6, 4.3, 10.2 and 10.3, and with
respect to any rights to convert or exchange such Securities into securities of the Company or another issuer, shall survive such
satisfaction and discharge.



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Section 4.2. [Reserved].


 


Section 4.3. Application of Trust Money. Subject to the provisions of the last paragraph
of Section 10.3, all money and Government Obligations (or other property as may be provided pursuant to Section 3.1) (including
the proceeds thereof) deposited with the Trustee pursuant to Section 4.1 in respect of any Outstanding Securities of any series
and any Coupons appertaining thereto shall be held in trust and applied by the Trustee, in accordance with the provisions of such
Securities and any Coupons appertaining thereto and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities and any
Coupons appertaining thereto of all sums due and to become due thereon in respect of principal (and premium, if any) and interest;
but such money and Government Obligations need not be segregated from other funds except to the extent required by law.


 


ARTICLE 5


 

REMEDIES


 


Section 5.1. Events of Default. “Event of Default,” wherever
used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body), unless such event is specifically
deleted or modified in or pursuant to the supplemental indenture with respect to such series of Securities or an amendment:


 


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


 


(a) is for relief against the Company
in an involuntary case; or


 


(b) appoints a Bankruptcy Custodian
of the Company or for all or substantially all of the property of the Company; or


 


(c) orders the liquidation of the
Company, and the order or decree remains unstayed and in effect for 60 consecutive days. The term “Bankruptcy Law”
means title 11, U.S. Code or any similar federal or state law for the relief of debtors. The term “Bankruptcy Custodian”
means any receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law; or


 


(2) the commencement by the Company of a voluntary
proceeding under any applicable bankruptcy, insolvency, reorganization (other than a reorganization under a foreign law that does
not relate to insolvency) or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent
by the Company to the entry of a decree or order for relief in an involuntary proceeding under any applicable bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any insolvency proceedings against it, or the filing by the Company
of a petition or answer or consent seeking reorganization, arrangement, adjustment or composition of the Company under any such
applicable law, or the consent by the Company to the filing of such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, assignee, trustee or similar official of the Company or any substantial part of the property of
the Company or the making by the Company of an assignment for the benefit of creditors, or the taking of corporate action by the
Company in furtherance of any such action or the admitting in writing by the Company of its inability to pay its debts generally
as they become due.



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Section 5.2. Effect of an Event of Default. In the case of an Event of Default, all Outstanding
Securities shall become due and payable immediately without further action or notice.


 


Subject to the provisions of this Indenture relating
to the duties of the Trustee, in case an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of the rights or powers under this Indenture at the request or direction of any Holders of Securities of such series
unless such Holders have offered to the Trustee reasonable indemnity or security against any loss, liability or expense.


 


The Holders of a majority in aggregate principal
amount of the then Outstanding Securities of any series by notice to the Trustee may, on behalf of the Holders of all of the Securities
of such series, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Indenture
except a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Securities
of such series.


 


Section 5.3. Collection of Indebtedness
and Suits for Enforcement by Trustee. The Company covenants that if a


 


(1) default is made in the payment of any
installment of interest on any Security or any Coupon appertaining thereto when such interest shall have become due and payable
and such default continues for a period of 30 days, or


 


(2) default is made in the payment of the
principal of or any premium on any Security at its Maturity or upon any redemption or by declaration or otherwise,


 


the Company shall, upon demand of the Trustee, pay to the Trustee,
for the benefit of the Holders of such Securities and any Coupons appertaining thereto, the whole amount of money then due and
payable with respect to such Securities and any Coupons appertaining thereto, with interest upon the overdue principal, any premium
and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest, and in
addition thereto, such further amount of money as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts
due to the Trustee under Section 6.7.


 


If the Company shall fail to pay the money it
is required to pay the Trustee pursuant to the preceding paragraph forthwith upon the demand of the Trustee, the Trustee, in its
own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so due and unpaid,
and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor
upon such Securities and any Coupons appertaining thereto and collect the monies adjudged or decreed to be payable in the manner
provided by law out of the property of the Company or any other obligor upon such Securities and any Coupons appertaining thereto,
wherever situated. Every recovery of judgment in any such action or other proceeding subject to the payment of the reasonable expenses,
disbursements and compensation of the Trustee, its agents and attorneys, shall be for the ratable benefit of the Holders of such
Securities that shall be the subject of such action or proceeding.


 


If a Default with respect to Securities of any
series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of
the Holders of Securities of such series and any Coupons appertaining thereto by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or such Securities or in aid of the exercise of any power granted herein or therein, or to enforce any other
proper remedy.



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Section 5.4. Trustee May File Proofs of
Claim. In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative
to the Company or any other obligor upon the Securities of any series or the property of the Company or such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment
of any overdue principal, premium or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,


 


(1) to file and prove a claim for the whole
amount, or such lesser amount as may be provided for in the Securities of any applicable series, of the principal and any premium
and interest in respect of the Securities and any Coupons appertaining thereto and to file such other papers or documents as may
be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents or counsel) and of the Holders of Securities or any Coupons appertaining
thereto allowed in such judicial proceeding, and


 


(2) to collect and receive any monies or other
property payable or deliverable on 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 of Securities
or any Coupons 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 of Securities or any Coupons, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section
6.7.


 


Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security or any Coupon any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or Coupons or the rights of any Holder thereof, or to authorize
the Trustee to vote in respect of the claim of any Holder of a Security or any Coupon in any such proceeding.


 


Section 5.5. Trustee May Enforce Claims
Without Possession of Securities or Coupons. All rights of action and claims under this
Indenture or any of the Securities or Coupons may be prosecuted and enforced by the Trustee without the possession of any of the
Securities or Coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery or judgment, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be for the ratable
benefit of each and every Holder of the Securities or Coupons in respect of which such judgment has been recovered.


 


Section 5.6. Application of Money Collected. Any money collected by the Trustee pursuant
to this Article or, after a Default, any money or other property distributable in respect of the Company’s obligations under
this Indenture with respect to a series of Securities (other than sums held in trust for the benefit of the Holders of particular
Securities), shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal or any premium or interest, upon presentation of the Securities or Coupons, or both, as the
case may be, and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:


 


(1) to the payment of all amounts due the
Trustee and any predecessor Trustee under Section 6.7;



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(2) subject to Article 11, to the payment
of the amounts then due and unpaid upon the Securities and any Coupons for principal and any premium and interest, ratably, without
preference or priority of any kind, according to the aggregate amounts due and payable on such Securities and Coupons for principal
and any premium and interest, respectively;


 


(3) the balance, if any, to the Company or
as a court of competent jurisdiction shall direct in writing.


 


Section 5.7. Limitations on Suits. Except to enforce the right to receive payment
of principal, premium, if any, or interest, when due, no Holder of Securities of such series may pursue any remedy with respect
to this Indenture or such Securities unless:


 


(1) with respect to such series, such Holder
has previously given the Trustee notice that a Default or Event of Default is continuing;


 


(2) Holders of at least 25% in aggregate principal
amount of the then Outstanding Securities of such series have requested the Trustee to pursue the remedy;


 


(3) such Holders of Securities have offered
the Trustee reasonable security or indemnity against any loss, liability or expense;


 


(4) the Trustee has not complied with such
request within 60 days after the receipt of the request and the offer of security or indemnity; and


 


(5) Holders of a majority in aggregate principal
amount of the then Outstanding Securities of such series have not given the Trustee a direction inconsistent with such request
within such 60 day period.


 


Section 5.8. Unconditional Right of Holders
to Receive Principal and any Premium and Interest. Notwithstanding any other provision in this
Indenture, the Holder of any Security or Coupon shall have the right, which is absolute and unconditional, to receive payment of
the principal of, any premium and (subject to Sections 3.7 and 3.10) interest on such Security or payment of such Coupon, as the
case may be, when due and to institute suit for the enforcement of any such payment, and such right shall not be impaired without
the consent of such Holder.


 


Section 5.9. Restoration of Rights and
Remedies. If the Trustee or any Holder of a Security
or a Coupon 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, the
Company, the Trustee and each such Holder shall, subject to any determination in such proceeding, be restored severally and respectively
to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall continue
as though no such proceeding had been instituted.


 


Section 5.10. Rights and Remedies Cumulative. Except as otherwise provided with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons in the last paragraph of Section 3.6,
no right or remedy herein conferred upon or reserved to the Trustee or to each and every Holder of a Security or a Coupon is intended
to be exclusive of any other right or remedy, and every right and remedy, to the extent permitted by law, shall 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, to the extent permitted by law, prevent the
concurrent assertion or employment of any other appropriate right or remedy.



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Section 5.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any
Holder of any Security or Coupon to exercise any right or remedy accruing upon any Default shall impair any such right or remedy
or constitute a waiver of any such Default or an acquiescence therein. Every right and remedy given by this Article or by law to
the Trustee or to any Holder of a Security or a Coupon may be exercised from time to time, and as often as may be deemed expedient,
by the Trustee or by such Holder, as the case may be.


 


Section 5.12. Control by Holders of Securities. The Holders of a majority in principal amount
of the Outstanding Securities of any series shall have the right to 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 and any Coupons appertaining thereto, provided that


 


(1) such direction shall not be in conflict
with any rule of law or with this Indenture or with the Securities of such series;


 


(2) the Trustee may take any other action
deemed proper by the Trustee which is not inconsistent with such direction; and


 


(3) such direction is not unduly prejudicial
to the rights of the other Holders of Securities of such series not joining in such action.


 


Section 5.13. Waiver of Past Defaults. The Holders of not less than a majority in
principal amount of the Outstanding Securities of any series on behalf of the Holders of all the Securities of such series and
any Coupons appertaining thereto may waive any past default hereunder with respect to such series and its consequences, except
a default


 


(1) in the payment of the principal of, any
premium or interest on, any Security of such series or any Coupons appertaining thereto; or


 


(2) in respect of a covenant or provision
hereof which under Article 9 cannot be modified or amended without the consent of the Holder of each Outstanding Security of such
series affected.


 


Upon any such waiver, such default shall cease
to exist, and any Default or Event of Default arising therefrom shall be deemed not to have occurred, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.


 


Section 5.14. Waiver of Usury, Stay or
Extension Laws. The Company covenants that (to the extent that
it may lawfully do so), it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any usury, stay or extension of law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company expressly waives (to the extent that it may lawfully do so) all
benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted
to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.


 


Section 5.15. Undertaking for Costs. All parties to this Indenture agree, and each
Holder of any Security by its acceptance thereof shall be deemed to have agreed, that any court may in its discretion require,
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, the filing by any party litigant in such suit of any undertaking to pay the costs of such suit,
and that such court may in its discretion assess reasonable



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costs, including reasonable attorneys’ fees
and expenses, against any party litigant in such suit having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by the Trustee, to
any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of Outstanding
Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium,
if any) or interest, if any, on any Security on or after the respective Stated Maturities expressed in such Security (or, in the
case of redemption, on or after the Redemption Date, and, in the case of repayment at the option of such Holder if provided in
or pursuant to this Indenture, on or after the date for repayment) or for the enforcement of the right, if any, to convert or exchange
any Security into other securities in accordance with its terms.


 


ARTICLE 6


 

THE TRUSTEE


 


Section 6.1. Certain Duties and
Responsibilities.


 


(1) Except during the continuance of a Default,


 


(a) the Trustee undertakes to perform
such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall
be read into this Indenture against the Trustee; and


 


(b) in the absence of bad faith on
its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture.


 


(2) In case a Default has occurred and is
continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of
care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her
own affairs.


 


(3) No provision of this Indenture shall be
construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:


 


(a) this Subsection shall not be
construed to limit the effect of Subsection (1) of this Section 6.1;


 


(b) the Trustee shall not be liable
for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent
in ascertaining the pertinent facts; and


 


(c) the Trustee shall not be liable
with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of
a majority in principal amount of the Outstanding Securities of any series, 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 with respect to the Securities of such series.



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(4) 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 Section 6.1.


 


Section 6.2. Certain Rights of Trustee. Subject to
Sections 315(a) through 315(d) of the Trust Indenture Act:


 


(1) The Trustee may conclusively rely and
shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties.


 


(2) Any request or direction of the Company
mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution.


 


(3) Whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence shall be herein specifically prescribed) may, in the absence of bad faith
on its part, rely upon a Board Resolution, an Opinion of Counsel or an Officers’ Certificate.


 


(4) The Trustee may consult with counsel of
its selection and the 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.


 


(5) The Trustee shall be under no obligation
to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities
of any series or any related Coupons pursuant to this Indenture, unless such Holders shall have offered to the Trustee security
or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction.


 


(6) The Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, coupon or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine
to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney.


 


(7) The Trustee may execute any of the trusts
or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall
not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.


 


(8) The Trustee shall not be liable for any
action taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or
powers conferred upon it by this Indenture.


 


(9) The Trustee shall not be charged with
knowledge of any Default or Event of Default with respect to the Securities of any series unless either (1) such Default or Event
of Default is actually known by a Responsible Officer of the Trustee or (2) written notice of such Default or Event of Default
which is



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in fact such a Default or Event of Default is
received by the Trustee at the Corporate Trust Office of the Trustee and such notice references the Securities and this Indenture.


 


(10) The Trustee shall not be required 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, if it shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it.


 


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


 


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


 


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


 


Section 6.3. Notice of Defaults. Within 90 days after the occurrence of any
default hereunder with respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of Securities
of such series entitled to receive reports pursuant to Section 7.3(3), notice of such default hereunder actually known to a Responsible
Officer of the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the
case of a default in the payment of the principal of (or premium, if any), or interest, if any, on, or any sinking fund or purchase
fund installment with respect to, any Security of such series, the Trustee shall be protected in withholding such notice if and
so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the
Trustee in good faith determine that the withholding of such notice is in the best interest of the Holders of Securities and Coupons
of such series.


 


Section 6.4. Not Responsible for Recitals
or Issuance of Securities. The recitals contained herein and in the Securities,
except the Authenticating Agent’s certificate of authentication, and in any Coupons shall be taken as the statements of the
Company, and none of the Trustee, Paying Agent, Security Registrar nor any Authenticating Agent assumes any responsibility for
their correctness. None of the Trustee, Paying Agent, Security Registrar or Authenticating Agent makes any representations as to
the validity or sufficiency of this Indenture or of the Securities or Coupons, except that each represents that it is duly authorized
to execute and deliver this Indenture and perform its obligations hereunder and the Trustee represents that the statements made
by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set
forth therein and the Authenticating Agent is duly authorized to authenticate the Securities. None of the Trustee, any Authenticating
Agent, Paying Agent or Security Registrar shall be accountable for the use or application by the Company of Securities or the proceeds
thereof.


 


Section 6.5. May Hold Securities. The Trustee, any Paying Agent, Security Registrar,
Authenticating Agent or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee
of Securities and Coupons and, subject to Trust Indenture Act Sections 310(b) and 311, may otherwise deal with the Company with
the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other agent.



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Section 6.6. Money Held in Trust. Except as provided in Section 4.3 and Section
10.3, money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law
and shall be held uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder except
as otherwise agreed to in writing with the Company.


 


Section 6.7. Compensation and
Reimbursement. The Company agrees:


 


(1) to pay to the Trustee from time to time
such compensation for all services rendered by it hereunder as the Company and the Trustee shall from time to time agree in writing
(which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);


 


(2) except as otherwise expressly provided
herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including reasonable compensation and the expenses, advances and disbursements
of its agents and counsel), except any such expense, disbursement or advance as shall be determined to have been caused by its
own negligence or willful misconduct; and


 


(3) to indemnify each of the Trustee and any
predecessor Trustee for, and to hold it harmless against, any loss, claim, damage, liability or expense, including taxes, incurred
without negligence or willful misconduct on its own part, arising out of or in connection with the acceptance or administration
of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder, except to the extent that any such loss, liability,
claim, damage or expense shall be determined to have been caused by the Trustee’s own negligence or willful misconduct.


 


As security for the performance of the obligations
of the Company under this Section 6.7, the Trustee for the Securities of any series shall have a claim prior to the Securities
of such series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment
of principal of (or premium, if any) or interest, if any, on Securities or any Coupons of such series.


 


To the extent permitted by law, any compensation
or expense incurred by the Trustee in connection with a default specified in or pursuant to Section 5.1 or 5.3 is intended to constitute
an expense of administration under any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this
Section 6.7 shall include any predecessor Trustee but the negligence or bad faith of any Trustee shall not affect the rights of
any other Trustee under this Section 6.7.


 


The provisions of this Section 6.7 shall survive
the satisfaction, termination or discharge of this Indenture or the earlier resignation or removal of the Trustee and shall apply
with equal force and effect to the Authenticating Agent, Paying Agent or Security Registrar in its capacity as such.


 


Section 6.8. Corporate Trustee Required;
Eligibility. There shall at all times be a Trustee hereunder
that is a Corporation organized and doing business under the laws of the United States of America, any state thereof or the District
of Columbia, that is eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified
under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the
Trust Indenture Act) of at least $50,000,000, and that is subject to supervision or examination by Federal or state authority.
If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.8, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article. Also, if the Trustee has or shall acquire a conflicting
interest within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign,
to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. If



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Section 310(b) of the Trust Indenture Act is amended
any time after the date of this Indenture to change the circumstances under which a Trustee shall be deemed to have a conflicting
interest with respect to the Securities of any series or to change any of the definitions in connection therewith, this Section
6.8 shall be automatically amended to incorporate such changes.


 


Section 6.9. Resignation and
Removal; Appointment of Successor.


 


(1) No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by
the successor Trustee pursuant to Section 6.10.


 


(2) The Trustee may resign at any time with
respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance
by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may petition at the expense of the Company any court of competent jurisdiction
for the appointment of a successor Trustee with respect to such series.


 


(3) The Trustee may be removed at any time
with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities
of such series, delivered to the Trustee and the Company. If the instrument of acceptance by a successor Trustee required by Section
6.10 shall not have been delivered to the Trustee within 30 days after the Act of the Holders removing the Trustee, the removed
Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee
with respect to such series.


 


(4) If at any time:


 


(a) the Trustee shall fail to comply
with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act with respect to Securities of any series after
written request therefor by the Company or any Holder of a Security of such series who has been a bona fide Holder of a Security
of such series for at least six months; or


 


(b) the Trustee shall cease to be
eligible under Section 6.8 and shall fail to resign after written request therefor by the Company or any such Holder; or


 


(c) the Trustee shall become incapable
of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any
public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation
or liquidation, then, in any such case, (i) the Company, by or pursuant to a Board Resolution, may remove the Trustee with respect
to all Securities or the Securities of such series, or subject to Section 315(e) of the Trust Indenture Act, any Holder of a Security
who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities of such series
and the appointment of a successor Trustee or Trustees.


 


(5) If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of such series (it being understood that any such successor Trustee may be appointed with respect
to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the
Securities of any particular series) and shall comply with the



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applicable requirements of Section 6.10. If, within
one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Trustee with respect to
the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities
of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment in accordance with the applicable requirements of Section 6.10, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor
Trustee with respect to the Securities of any series shall have been so appointed within three months after such appointment might
have been made hereunder by the Company or the Holders of Securities and accepted appointment in the manner required by Section
6.10, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.


 


(6) The Company shall give notice of each
resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee
with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the
Holders of Registered Securities, if any, of such series as their names and addresses appear in the Security Register and, if Securities
of such series are issued as Bearer Securities, by publishing notice of such event once in an Authorized Newspaper in each Place
of Payment located outside the United States. Each notice shall include the name of the successor Trustee with respect to the Securities
of such series and the address of its Corporate Trust Office.


 


(7) In no event shall any retiring Trustee
be liable for the acts or omissions of any successor Trustee hereunder.


 


Section 6.10. Acceptance of Appointment
by Successor.


 


(1) Upon the appointment hereunder of any
successor Trustee with respect to all Securities, such successor Trustee so appointed shall execute, acknowledge and deliver to
the Company and 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 hereunder of the retiring Trustee; but, on the request of the Company or such successor
Trustee or the Holders of at least 10% in principal amount of the applicable series of Securities then Outstanding, such retiring
Trustee, upon payment of its charges, shall execute and deliver an instrument transferring to such successor Trustee all the rights,
powers and trusts of the retiring Trustee and, subject to Section 10.3, shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for
in Section 6.7.


 


(2) Upon the appointment hereunder of any
successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and such
successor Trustee 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, such
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



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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, that 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 that no Trustee shall be responsible for any notice given to, or received by, or any
act or failure to act on the part of any other Trustee hereunder, 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, such retiring Trustee
shall have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations
vested in the Trustee under this Indenture with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates other than as hereinafter expressly set forth, 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 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 such successor
Trustee, such retiring Trustee, upon payment of its charges with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates and subject to Section 10.3 shall duly assign, transfer and deliver to such successor
Trustee, to the extent contemplated by such supplemental indenture, the 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, subject to its
claim, if any, provided for in Section 6.7.


 


(3) Upon request of any Person appointed hereunder
as a 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 paragraph (1) or (2) of this Section 6.10, as the case
may be.


 


(4) No Person shall accept its appointment
hereunder as a successor Trustee unless at the time of such acceptance such successor Person shall be qualified and eligible under
this Article.


 


Section 6.11. Merger, Conversion, Consolidation
or Succession to Business. Any Corporation into which the Trustee may
be merged or converted or with which it may be consolidated, or any Corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, shall be the successor of the Trustee hereunder, without the execution or filing of any
paper or any further act on the part of any of the parties hereto, provided, that such Corporation shall be otherwise qualified
and eligible under this Section 6.11. In case any Securities shall have been authenticated but not delivered by the Trustee then
in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and
deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.


 


Section 6.12. Appointment of Authenticating
Agent. The Trustee may appoint one or more Authenticating
Agents acceptable to the Company with respect to one or more series of Securities, and which shall be authorized to act on behalf
of the Trustee to authenticate Securities of that or those series issued upon original issue, exchange, registration of transfer,
partial redemption or partial repayment or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits
of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. The Trustee
hereby appoints Deutsche Bank Trust Company Americas the initial Authenticating Agent for each series of Securities. Wherever reference
is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of
authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating
Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.



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Each Authenticating Agent must be acceptable
to the Company and, except as provided in or pursuant to this Indenture, shall at all times be a Corporation that would be permitted
by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable
law and by its charter to act as an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section
310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 6.12, it shall resign immediately in the manner and with the effect specified
in this Section 6.12.


 


Any Corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any Corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any Corporation succeeding to all or substantially all
of the corporate agency or corporate trust business of an Authenticating Agent, shall be the successor of such Authenticating Agent
hereunder, provided such Corporation shall be otherwise eligible under this Section 6.12, without the execution or filing
of any paper or any further act on the part of the Trustee or the Authenticating Agent.


 


An Authenticating Agent may resign at any time
by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation
or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 6.12, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company
and shall (i) mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered Securities,
if any, of the series with respect to which such Authenticating Agent shall serve, as their names and addresses appear in the Security
Register, and (ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment at the expense
of the Company at least once in an Authorized Newspaper in the place where such successor Authenticating Agent has its principal
office if such office is located outside the United States. Any successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of
this Section 6.12.


 


The Company agrees to pay each Authenticating
Agent from time to time reasonable compensation for its services under this Section 6.12. If the Trustee makes such payments, it
shall be entitled to be reimbursed for such payments, subject to the provisions of Section 6.7.


 


If an Authenticating Agent is appointed with
respect to one or more series of Securities pursuant to this Section 6.12, the Securities of such series may have endorsed thereon,
in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially
the following form:


 


This is one of the Securities of the series designated
herein referred to in the within-mentioned Indenture.



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	 	[                                                                                ]
	 	     ,






 






	Date:	 	 	By:	 
	 	 	 	 	as Authenticating Agent







 


If all of the Securities of any series may not
be originally issued at one time, and if the Trustee does not have an office capable of authenticating Securities upon original
issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance,
the Trustee, if so requested in writing (which writing need not be accompanied by or contained in an Officers’ Certificate
by the Company or Opinion of Counsel), shall appoint in accordance with this Section 6.12 an Authenticating Agent having an office
in a Place of Payment designated by the Company with respect to such series of Securities.


 


Section 6.13. Appointment of Attorney-in-Fact. The Trustee for each series of Securities is
hereby appointed, and each and every Holder of Securities of such series, by receiving and holding the same, shall be conclusively
deemed to have appointed such Trustee, the true and lawful attorney-in-fact of such Holder, with authority to make or file (whether
or not the Company shall be in default in respect of the payment of the principal of, or premium or interest, if any, on any of
the Securities of such series), in its own name as trustee of an express trust or otherwise as it shall deem advisable, in any
receivership, insolvency, liquidation, bankruptcy, reorganization, or other judicial proceedings relative to the Company or any
other obligor upon such Securities or to their respective creditors or property, any and all claims, proofs of claim, proofs of
debt, petitions, consents, other papers and documents, and amendments of any thereof, as may be necessary or advisable in order
to have the claims of the Trustee and of the Holders of such Securities allowed in any such proceeding and to collect and receive
any moneys or other property payable or deliverable on any such claim, and to execute and deliver any and all other papers and
documents and to do and perform any and all other acts and things, as it may deem necessary or advisable in order to enforce in
any such proceedings any of the claims of such Trustee and of any of such Holders in respect of any of the Securities of such series;
and any receiver, assignee, custodian, trustee, or debtor in any such proceedings is hereby authorized, and each and every Holder
of the Securities of such series, by receiving and holding the same, shall be conclusively deemed to have authorized any such receiver,
assignee, custodian, trustee, or debtor, to make any such payment or delivery to or on the order of such Trustee, and, in the event
that such Trustee shall consent to the making of such payments or deliveries directly to the Holders of the Securities of such
series, to pay to such Trustee any amount due it for compensation and expenses, including counsel fees and expenses, incurred by
it down to the date of such payment or delivery; provided, however, that nothing herein contained shall be deemed
to authorize or empower such Trustee to consent to or accept or adopt, on behalf of any Holder of Securities of such series, any
plan of reorganization or readjustment of the Company affecting the Securities of such series or the rights of any Holder thereof,
or to authorize or empower such Trustee to vote in respect of the claim of any Holder of any Securities of such series in any such
proceedings.



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ARTICLE 7


 


HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY


 


Section 7.1. Names and Addresses of Holders. In accordance with Section 312(a) of the Trust
Indenture Act, the Company shall furnish or cause to be furnished to the Trustee


 


(1) semi-annually with respect to Securities
of each series not later than May 1 and November 1 of the year or upon such other dates as are set forth in or pursuant to the
Board Resolution or indenture supplemental hereto authorizing such series, a list, in each case in such form as the Trustee may
reasonably require, of the names and addresses of Holders as of the applicable date, and


 


(2) at such other times as the Trustee may
request in writing to the Company and the Security Registrar within 30 days after the receipt by the Company and the Security Registrar
of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished,


 


provided, however, that so long as the Trustee is
the Security Registrar no such list shall be required to be furnished.


 


The Security Registrar hereby agrees to provide
the list described in clauses (1) and (2) of this Section 7.1 to the Company and the Trustee no later than the dates prescribed
therein. Delivery by the Security Registrar to the Trustee of such list in such manner shall satisfy the Company’s obligations
pursuant to clauses (1) and (2) of this Section 7.1.


 


Section 7.2. Preservation of Information;
Communications to Holders. The Trustee shall comply with the obligations
imposed upon it pursuant to Section 312 of the Trust Indenture Act.


 


Every Holder of Securities or Coupons, by receiving
and holding the same, agrees with the Company and the Trustee that none of the Company, the Trustee, any Paying Agent or any Security
Registrar shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders
of Securities in accordance with Section 312(c) of the Trust Indenture Act, regardless of the source from which such information
was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under
Section 312(b) of the Trust Indenture Act.


 


Section 7.3. Reports by Trustee.


 


(1) Within 60 days after September 15 of each
year commencing with the first September 15 following the first issuance of Securities pursuant to Section 3.1, if required by
Section 313(a) of the Trust Indenture Act, the Trustee shall transmit, pursuant to Section 313(c) of the Trust Indenture Act, a
brief report dated as of such September 15 with respect to any of the events specified in said Section 313(a) which may have occurred
since the later of the immediately preceding September 15 and the date of this Indenture.


 


(2) The Trustee shall transmit the reports
required by Section 313(a) of the Trust Indenture Act at the times specified therein.


 


(3) Reports pursuant to this Section 7.3 shall
be transmitted in the manner and to the Persons required by Sections 313(c) and 313(d) of the Trust Indenture Act.



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Section 7.4. Reports by Company. The Company, pursuant to Section 314(a) of
the Trust Indenture Act, shall:


 


(1) file with the Trustee, within 30 days
after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations
prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934, as amended; or, if the Company is not required to file information, documents or reports pursuant to either
of said Sections, then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from
time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required
pursuant to Section 13 of the Securities Exchange Act of 1934, as amended, in respect of a security listed and registered on a
national securities exchange as may be prescribed from time to time in such rules and regulations;


 


(2) file with the Trustee and the Commission,
in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents
and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from
time to time by such rules and regulations; and


 


(3) transmit to the Holders of Securities
within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of the Trust
Indenture Act, such summaries of any information, documents and reports required to be filed by the Company, pursuant to paragraphs
(1) and (2) of this Section 7.4 as may be required by rules and regulations prescribed from time to time by the Commission.


 


Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee’s receipt thereof shall not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).


 


ARTICLE 8


 

CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES


 


Section 8.1. Company May Consolidate, Etc.,
Only on Certain Terms.


 


(1) The Company will not, directly or indirectly:
(1) consolidate or merge with or into another Person (whether or not the Company is the surviving corporation); or (2) sell, assign,
transfer, convey, lease or otherwise dispose of all or substantially all of the properties or assets of the Company and its Subsidiaries,
taken as a whole, in one or more related transactions, to another Person, unless:


 


(a) either: (a) the Company is the
surviving corporation; or (b) the Person formed by or surviving any such consolidation or merger (if other than the Company) or
to which such sale, assignment, transfer, conveyance or other disposition has been made is a Person organized or existing under
the laws of the United States, any state of the United States or the District of Columbia;


 


(b) the Person formed by or surviving
any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment, transfer, conveyance
or other



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disposition has been made assumes by
contract or operation of law all the obligations of the Company under the Securities and this Indenture, pursuant to agreements
reasonably satisfactory to the Trustee; and


 


(c) immediately after, and upon giving
effect to, such transaction, no Default exists. 


 


(2) This Section 8.1 shall not apply to:


 


(a) a merger of the Company with
an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction; or


 


(b) any consolidation or merger,
or any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the Company and its Subsidiaries.


 


Section 8.2. Successor Person Substituted
for Company. Upon any consolidation or amalgamation by the
Company with or merger of the Company into any other Person or any conveyance, transfer or lease of the properties and assets of
the Company as an entirety or substantially as an entirety to any Person in accordance with Section 8.1, the successor Person formed
by such consolidation or amalgamation or into which the Company is merged or to which such conveyance, transfer or lease 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, except in the case of a lease, the
predecessor Person shall be released from all obligations and covenants under this Indenture, the Securities and the Coupons.


 


ARTICLE 9


 

SUPPLEMENTAL INDENTURES


 


Section 9.1. General. Except as provided in Sections 9.2 through
9.3 hereof, this Indenture and the Securities may be amended or supplemented as they relate to any series of Securities with the
consent of the Holders of at least a majority in aggregate principal amount of the Securities of such series then Outstanding (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities), and
any existing Default or Event of Default or compliance with any provision of this Indenture or the Securities with respect to any
series may be waived with the consent of the Holders of a majority in aggregate principal amount of the then Outstanding Securities
of such series (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Securities).


 


Section 9.2. Consent of Holders. Without the consent of each Holder of Securities
affected, an amendment, supplement or waiver may not (with respect to any Securities held by a non-consenting Holder):


 


(1) reduce the principal amount of Securities
whose Holders must consent to an amendment, supplement or waiver; or


 


(2) reduce the principal of or change the
fixed maturity of any Securities or reduce the Redemption Price of any Securities; or


 


(3) reduce the rate of or change the time
for payment of interest, including default interest, on any Security; or



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(4) waive a Default in the payment of principal
of, interest on, or premium, if any, on, the Securities; or


 


(5) make any Securities payable in money other
than U.S. dollars; or


 


(6) make any change in the provisions of this
Indenture relating to waivers of past Defaults or Events of Default, except to increase the percentage of Holders required to consent
to such waiver or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of
the Holder of each Security affected thereby; or


 


(7) make any change in the provisions of this
Indenture relating to the rights of Holders of Securities to receive payments of principal of, or interest, premium, if any, on,
the Securities; or


 


(8) waive a redemption payment with respect
to any Security; or


 


(9) modify the provisions of Article 11 of
this Indenture with respect to the subordination of Securities of any series in a manner adverse to the holders thereof; or


 


(10) make any change in this Section 9.2.


 


It shall not be necessary for any Act of Holders
of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient
if such Act shall approve the substance thereof.


 


Any consent given by any Holder of a Security
under this Section 9.2 shall be irrevocable for a period of six months after the day of execution thereof, but may be revoked at
any time thereafter by such Holder or by such Holder’s successor in title by filing written notice of such revocation with
the Trustee at its Corporate Trust Office; provided, however, that such consent shall not be revocable after the
holders of not less than a majority in aggregate principal amount of the Securities of the series of which such Security is a part
at the time Outstanding shall have consented to such supplemental indenture. No notation on any Security of the fact of such consent
shall be necessary, but any such written consent by the Holder of any Security shall be conclusive and binding on all future Holders
and owners of the same Security and of all Securities delivered in exchange therefor, unless revoked in the manner and during the
period provided in this Section 9.2.


 


Section 9.3. Without Consent of Holders. Notwithstanding Sections 9.1 and 9.2, without
the consent of any Holder of the Securities, the Company and the Trustee may amend or supplement the Indenture or the Securities:


 


(1) to cure any ambiguity, defect or inconsistency;
or


 


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


 


(3) to provide for the assumption of the Company’s
obligations to Holders of Securities in the case of a merger or consolidation or sale of all or substantially all of the Company’s
assets; or


 


(4) to make any change that would provide
any additional rights or benefits to the Holders of such Securities, increase the interest rate applicable to any series of Securities
or that does not adversely affect the legal rights under this Indenture of any such Holder; or



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(5) to comply with requirements of the Commission
in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act; or


 


(6) to conform the text of this Indenture,
any supplemental indenture, if applicable, or the Securities to any provision of the Company’s Registration Statement (No.
333- 221965) on Form S-3 set forth under the heading “Description of Debt Securities”
thereunder or “Description of Notes” in a prospectus supplement applicable to any series of Securities; or


 


(7) to provide for the issuance of Additional
Securities in accordance with the limitations set forth in this Indenture as of the date of this Indenture; or


 


(8) to establish the form or terms of Securities
of any series and any related Coupons as permitted by Sections 2.1 and 3.1, including the provisions and procedures relating to
Securities convertible into or exchangeable for any securities of any Person (including the Company); or


 


(9) to add any additional Defaults or Events
of Default with respect to all or any series of Securities (as shall be specified in such supplemental indenture); or


 


(10) to supplement any of the provisions of
this Indenture to such extent as shall be necessary to permit or facilitate the discharge of any series of Securities pursuant
to Article 4, provided that any such action shall not adversely affect the interests of any Holder of an Outstanding Security
of such series and any Coupons appertaining thereto or any other Outstanding Security or Coupon in any material respect; or


 


(11) to secure payment on the Securities;
or


 


(12) to amend or supplement any provision
contained herein or in any supplemental indenture, provided that no such amendment or supplement shall materially adversely
affect the interests of the Holders of any Securities then Outstanding.


 


In computing whether the Holders of the requisite
principal amount of Outstanding Securities have taken action under this Indenture or under a supplemental indenture hereto, the
Company shall use: (i) for an Original Issue Discount Security, the amount of the principal that would be due and payable as of
that date, as if the Maturity of such Security had been accelerated due to a default; and for a Security denominated in a Foreign
Currency or Currencies, the Dollar equivalent of the outstanding principal amount as of that date, using the exchange rate in effect
on the date of original issuance of such Security.


 


A supplemental indenture which changes or eliminates
any covenant or other provision of this Indenture, which shall have been included expressly and solely for the benefit of one or
more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to
such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of
any other series.


 


Section 9.4. Execution of Supplemental
Indentures. As a condition to executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trust created
by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 315 of the Trust Indenture Act) shall be fully
protected in relying upon, an Opinion of Counsel and Officers’ Certificate stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise is not reasonably
acceptable to the Trustee.



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Section 9.5. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part
of this Indenture for all purposes; and, to the extent that such is or is made applicable thereto, every Holder of a Security theretofore
or thereafter authenticated and delivered hereunder and of any Coupon appertaining thereto shall be bound thereby.


 


Section 9.6. Reference in Securities to
Supplemental Indentures. Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for
Outstanding Securities of such series in equal aggregate principal amounts, and such exchange shall be made without cost to the
Holders.


 


Section 9.7. Conformity with Trust Indenture
Act. Every supplemental indenture executed pursuant
to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.


 


Section 9.8. Notice of Supplemental Indenture. Promptly after the execution by the Company
and the Trustee of any supplemental indenture pursuant to Section 9.3, the Company shall transmit to the Holders of Outstanding
Securities of any series affected thereby a notice setting forth in general terms the substance of such supplemental indenture.
Failure to send such notice will not impair the validity of such supplemental indenture.


 


Section 9.9. Effect on Company Senior Indebtedness. No supplemental indenture shall amend Article
11 in a manner that adversely affects the rights of the holders of any series or issuance of Company Senior Indebtedness without
the consent of such holders (or their representative).


 


ARTICLE 10


 

COVENANTS


 


Section 10.1. Payment of Principal, any
Premium, Interest. The Company covenants and agrees for the benefit
of the Holders of the Securities of each series that it will duly and punctually pay the principal of, and any premium or interest,
if any, on the Securities of such series in accordance with the terms thereof, any Coupons appertaining thereto and this Indenture.
Any interest due on any Bearer Security on or before the Maturity thereof, shall be payable only upon presentation and surrender
of the Coupons appertaining thereto for such interest as they severally mature. When and as paid, all Securities of such series
shall be cancelled and destroyed in accordance with Section 3.9 hereof.


 


Section 10.2. Maintenance of Office or
Agency. The Company shall maintain in each Place of
Payment for any series of Securities an Office or Agency where Securities of such series (but not Bearer Securities, except as
otherwise provided below, unless such Place of Payment is located outside the United States) may be presented or surrendered for
payment, where Securities of such series may be surrendered for registration of transfer or exchange, where Securities of such
series that are convertible or exchangeable may be surrendered for conversion or exchange, and where notices and demands to or
upon the Company in respect of the Securities of such series relating thereto and this Indenture may be served. If Securities of
a series are issuable as Bearer Securities, the Company shall maintain, subject to any laws or regulations applicable thereto,
an Office or Agency in a Place of Payment for such series which is located outside the United States where Securities of such series
and any Coupons appertaining thereto may be presented and surrendered for payment; provided, however, that if the
Securities of such series are



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listed on The Stock Exchange of the United Kingdom
and the Republic of Ireland or the Luxembourg Stock Exchange or any other stock exchange located outside the United States and
such stock exchange shall so require, the Company shall maintain a Paying Agent in London, Luxembourg or any other required city
located outside the United States, as the case may be, so long as the Securities of such series are listed on such exchange. 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 Corporate Trust Office of
the Trustee, except that Bearer Securities of such series and any Coupons appertaining thereto may be presented and surrendered
for payment at the place specified for the purpose with respect to such Securities as provided in or pursuant to this Indenture,
and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.


 


Except as otherwise provided in or pursuant to
this Indenture, no payment of principal, premium or interest with respect to Bearer Securities shall be made at any Office or Agency
in the United States or by check mailed to any address in the United States or by transfer to an account maintained with a bank
located in the United States; provided, however, if amounts owing with respect to any Bearer Securities shall be
payable in Dollars, payment of principal of, any premium or interest on, any such Security may be made at the Corporate Trust Office
of the Trustee or any Office or Agency designated by the Company in the Borough of Manhattan, The City of New York, if (but only
if) payment of the full amount of such principal, premium or interest at all offices outside the United States maintained for such
purpose by the Company in accordance with this Indenture is illegal or effectively precluded by exchange controls or other similar
restrictions, and the Company has delivered to the Trustee an Opinion of Counsel to that effect.


 


The Company may also from time to time designate
one or more other Offices or Agencies where the Securities of one or more series may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an Office or Agency in each Place of Payment for
Securities of any series for such purposes. The Company shall 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. Unless otherwise provided in or pursuant to
this Indenture, the Company hereby designates as the Place of Payment for each series of Securities the Borough of Manhattan, The
City of New York, and initially appoints the Corporate Trust Office of the Trustee as the Office or Agency of the Company in the
Borough of Manhattan, The City of New York for such purpose. The Company may subsequently appoint a different Office or Agency
in the Borough of Manhattan, The City of New York for the Securities of any series.


 


Unless otherwise specified with respect to any
Securities pursuant to Section 3.1, if and so long as the Securities of any series are denominated in a Foreign Currency or may
be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture, then the Company will
maintain with respect to each such series of Securities, or as so required, at least one exchange rate agent.


 


Section 10.3. Money for Securities Payments
to Be Held in Trust. If the Company shall at any time act as its
own Paying Agent, with respect to any series of Securities, it shall, on or before each due date of the principal of, any premium
or interest on, any of the Securities of such series segregate and hold in trust for the benefit of the Persons entitled thereto
a sum in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such
series are payable (except as otherwise specified pursuant to Section 3.1 for the Securities of such series) sufficient to pay
the principal or any premium or interest so becoming due until such sums shall be paid to such Persons or



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otherwise disposed of as herein provided, and
shall promptly notify the Trustee of its action or failure so to act.


 


Whenever the Company shall have one or more Paying
Agents for any series of Securities, it shall, no later than 11:00 am on the Business Day prior to each due date of the principal
of, any premium or interest on, any Securities of such series, deposit with any Paying Agent a sum (in the currency or currencies,
currency unit or units or composite currency or currencies described in the preceding paragraph) sufficient to pay the principal
or any premium or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless
such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.


 


The Company shall cause each Paying Agent for
any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section 10.3, that such Paying Agent shall:


 


(1) hold all sums held by it for the payment
of the principal of, any premium or interest on, Securities of such series in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this Indenture;


 


(2) give the Trustee notice of any default
by the Company (or any other obligor upon the Securities of such series) in the making of any payment of principal, any premium
or interest on, Securities of such series; and


 


(3) at any time during the continuance of
any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying
Agent.


 


The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same terms as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.


 


Except as otherwise provided herein or pursuant
hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company in trust for the payment of the principal
of, any premium or interest on, any Security of any series or any Coupon appertaining thereto and remaining unclaimed for two years
after such principal or any such premium or interest shall have become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company), unless otherwise required by mandatory provisions of applicable escheat or abandoned
or unclaimed property laws, shall be discharged from such trust; and the Holder of such Security or any Coupon appertaining thereto
shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at
the expense of the Company cause to be published once, in an Authorized Newspaper in each Place of Payment for such series or to
be mailed to Holders of Registered Securities of such series, or both, notice that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of such publication or mailing nor shall it be later
than two years after such principal and any premium or interest shall have become due and payable, any unclaimed balance of such
money then remaining will be repaid to the Company.



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Section 10.4. Corporate Existence. Subject to Article 8, the Company shall do
or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and do or cause
to be done all things necessary to preserve and keep in full force and effect the corporate existence of each of its Subsidiaries
and its and their rights (charter and statutory) and franchises; provided, however, that the foregoing shall not
obligate the Company or any of its Subsidiaries to preserve any such right or franchise if the Company or any such Subsidiary shall
determine that the preservation thereof is no longer desirable in the conduct of its business or the business of such Subsidiary
and that the loss thereof is not disadvantageous in any material respect to any Holder.


 


Section 10.5. Waiver of Certain Covenants. Anything in this Indenture to the contrary
notwithstanding, the Company may fail or omit in any particular instance to comply with a covenant or condition set forth herein
with respect to the Securities of any series if, prior to the time of such failure or omission, the Holders of at least a majority
in principal amount of the Outstanding Securities of such series, by Act of such Holders, either shall waive such compliance in
such instance or generally shall have waived compliance with such term, provision or condition, but no such waiver shall extend
to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in
full force and effect. The Company shall obtain and file with the Trustee, before or after the time for such compliance, evidence
of the consent of such Holders.


 


Section 10.6. Company Statement
as to Compliance; Notice of Certain Defaults.


 


(1) The Company shall deliver to the Trustee,
within 120 days after the end of each fiscal year, a written statement (which need not be contained in or accompanied by an Officers’
Certificate) signed by the principal executive officer, the principal financial officer or the principal accounting officer of
the Company, stating that:


 


(a) a review of the activities of
the Company during such year and of its performance under this Indenture has been made under his or her supervision; and


 


(b) to the best of his or her knowledge,
based on such review, (i) the Company has complied in all material respects with all the conditions and covenants imposed on it
under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such condition or covenant,
specifying each such default known to him or her and the nature and status thereof, and (ii) no event has occurred and is continuing
which is, or after notice or lapse of time or both would become, an Event of Default under Section 5.1 or a Default under Section
5.3 or, if such an event has occurred and is continuing, specifying each such event known to him and the nature and status thereof.


 


(2) The Company shall deliver to the Trustee,
within 30 days after the occurrence thereof, written notice of any Default or Event of Default or any event which after notice
or lapse of time or both would become a Default or Event of Default.


 


(3) The Trustee shall have no duty to monitor
the Company’s compliance with the covenants contained in this Article 10 other than as specifically set forth in this Section
10.6.



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ARTICLE 11


 

SUBORDINATION OF SECURITIES


 


Section 11.1. Securities Subordinate to
Company Senior Indebtedness.


 


(1) The Company covenants and agrees, and
each Holder of a Security, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter
set forth in this Article 11, the payment of the principal of (and premium, if any) and interest on each and all of the Securities
are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Company Senior Indebtedness.


 


(2) This Article 11 shall constitute a continuing
offer to all Persons who become holders of, or continue to hold, Company Senior Indebtedness, and such provisions are made for
the benefit of the holders of Company Senior Indebtedness and such holders are made obligees hereunder and any one or more of them
may enforce such provisions. Holders of Company Senior Indebtedness need not prove reliance on the subordination provisions hereof.


 


(3) Notwithstanding anything to the contrary
in this Article 11, if a deposit referred to in Section 4.1 is made with respect to any Securities (and provided all conditions
set out in Section 4.1 shall have been satisfied with respect to such Securities), then, following the 90th day after
such deposit, no money or Government Obligations so deposited, and no proceeds thereon, will be subject to any rights of holders
of Company Senior Indebtedness, including any such rights arising under this Article 11.


 


Section 11.2. Payment Over of Proceeds
Upon Dissolution, Etc.


 


(1) In the event of a Bankruptcy Proceeding,
then and in any such event the holders of Company Senior Indebtedness shall be entitled to receive payment in full of all amounts
due on or to become due on or in respect of all Company Senior Indebtedness, before the Holders of the Securities are entitled
to receive any payment or distribution of any kind or character whether in cash, property or securities (including any payment
or distribution which may be payable or deliverable to Holders of the Securities made in respect of any other indebtedness of the
Company subordinated in right of payment to the Securities), on account of the Securities, and to that end holders of Company Senior
Indebtedness shall be entitled to receive, for application to the payment thereof, any payment or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, by set-off or otherwise, which may be payable or deliverable
in respect of the Securities in any such Bankruptcy Proceeding.


 


(2) In the event that, notwithstanding the
foregoing provisions of this Section 11.2, the Trustee or the Holder of any Security shall have received any payment or distribution
of any kind or character whether in cash, property or securities (including any payment or distribution which may be payable or
deliverable to Holders of the Securities made in respect of any other indebtedness of the Company subordinated in right of payment
to the Securities) before all Company Senior Indebtedness is paid in full or payment thereof provided for in cash, then and in
such event such payment or distribution shall be paid over or delivered forthwith to the Bankruptcy Custodian or other Person making
payment or distribution of assets of the Company for application to the payment of all Company Senior Indebtedness remaining unpaid,
to the extent necessary to pay all Company Senior Indebtedness in full in cash after giving effect to any concurrent payment to
or for the holders of Company Senior Indebtedness.


 


(3) The consolidation of the Company with,
or the merger of the Company into, another Person or the liquidation or dissolution of the Company following the conveyance or
transfer of all or substantially all of its properties and assets as an entirety to another Person upon the terms and conditions



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set forth in Article 8 shall not be deemed a insolvency,
case, proceeding, receivership, liquidation, reorganization, liquidation, dissolution, winding up or other similar case pursuant
to any Bankruptcy Law for the purposes of this Section 11.2 if the Person formed by such consolidation or into which the Company
is merged or the Person which acquires by conveyance or transfer such properties and assets as an entirety, as the case may be,
shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions set forth in Article 8.


 


Section 11.3. Prior Payment to Company
Senior Indebtedness Upon Acceleration of Securities.


 


(1) In the event that any Securities become
due and payable before their Stated Maturity, then and in such event the holders of Company Senior Indebtedness shall be entitled
to receive payment in full of all amounts due or to become due on or in respect of all Company Senior Indebtedness or provision
shall be made for such payment in cash, before the Holders of the Securities are entitled to receive any payment (including any
payment which may be payable by reason of the payment of any other indebtedness of the Company being subordinated in right of payment
to the Securities) by the Company on account of the Securities or on account of the purchase or other acquisition of Securities;
provided, however, that nothing in this Section 11.3 shall prevent the satisfaction of any sinking fund payment in
accordance with Article 13 by delivering and creating, pursuant to Section 13.2, Securities which have been acquired (upon redemption
or otherwise) prior to such acceleration.


 


(2) In the event that, notwithstanding the
foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the foregoing provisions
of this Section 11.3, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustee or,
as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the Company.


 


Section 11.4. No Payment When Company Senior
Indebtedness in Default. No payment on account of the Securities shall
be made by the Company unless full payment of amounts then due for principal (and premium, if any), sinking funds, and interest
on Company Senior Indebtedness has been made or duly provided for in money or Government Obligations in accordance with its terms.
No payment on account of the Securities shall be made by the Company if, at the time of such payment or immediately after giving
effect thereto, there shall have occurred an event of default with respect to any Company Senior Indebtedness or in any instrument
under which the same is outstanding, permitting the holders thereof (or a trustee on behalf of the holders thereof) to accelerate
the maturity thereof, or an event that, with the giving of notice or the passage of time or both, would constitute such event of
default, and such event of default shall not have been cured or waived.


 


Section 11.5. Payment Permitted If No Default. Nothing contained in this Article or elsewhere
in this Indenture, or in any of the Securities or any series, shall prevent (a) the Company, at any time except during any Bankruptcy
Proceeding, or under the conditions described in Section 11.3 or 11.4, from making payments at any time of principal of (or premium,
if any) or interest on the Securities of any series or (b) the application by the Trustee or any Paying Agent of any moneys deposited
with it hereunder to the payment of (or premium, if any) or on account of the principal of or interest on Securities, if, at the
time of such application, the Trustee or such Paying Agent, as the case may be, did not have the written notice provided for in
Section 11.10 or 11.14, as applicable, of any event prohibiting the making of such deposit or if, at the time of such deposit (whether
or not in trust) by the Company with the Trustee or any Paying Agent (other than the Company), such payment would not have been
prohibited by the provisions of this Article.


 


Section 11.6. Subrogation to Rights of
Holders of Company Senior Indebtedness. Subject to the payment in full of all Company
Senior Indebtedness, the Holders of the Securities shall be subrogated



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(equally and ratably with the holders of all Indebtedness
of the Company which by its express terms is subordinated in right of payment to Company Senior Indebtedness to substantially the
same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of such
Company Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Company Senior
Indebtedness until the principal of, premium (if any) and interest on the Securities shall be paid in full. For purposes of such
subrogation, no payments or distributions to the holders of the Company Senior Indebtedness of any cash, property or securities
to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article 11, and no payments
over pursuant to the provisions of this Article 11 to the holders of Company Senior Indebtedness by Holders of the Securities or
the Trustee, shall, as among the Company, its creditors other than holders of Company Senior Indebtedness and the Holders of the
Securities, be deemed to be a payment or distribution by the Company to or on account of the Company Senior Indebtedness.


 


Section 11.7. Provisions Solely to Define
Relative Rights. The provisions of this Article 11 are and are
intended solely for the purpose of defining the relative rights of the Holders on the one hand and the holders of Company Senior
Indebtedness on the other hand. Nothing contained in this Article 11 or elsewhere in this Indenture or in the Securities is intended
to or shall (a) impair, as among the Company, its creditors other than holders of Company Senior Indebtedness and the Holders of
the Securities, the obligation of the Company, which is absolute and unconditional (and which, subject to the rights under this
Article 11 of the holders of Company Senior Indebtedness, is intended to rank equally in right of payment with all other general
obligations of the Company), to pay to the Holders of the Securities the principal of, premium (if any) and interest on the Securities
as and when the same shall become due and payable in accordance with their terms; or (b) affect the relative rights against the
Company of the Holders of the Securities and creditors of the Company other than the holders of Company Senior Indebtedness; or
(c) prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default
under this Indenture, subject to the rights, if any, under this Article 11 of the holders of Company Senior Indebtedness to receive
cash, property and securities otherwise payable or deliverable to the Trustee or such Holder.


 


Section 11.8. Trustee to Effectuate Subordination. Each Holder of a Security by its acceptance
thereof authorizes and directs the Trustee on its behalf to take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article 11 and appoints the Trustee its attorney-in-fact for any and all such purposes. If the Trustee
does not file a proper claim at least 30 days before the expiration of the time to file such claim, then any holders of the Company
Senior Indebtedness and their agents, trustees or other representatives are authorized to do so (but shall in no event be liable
for any failure to do so) for and on behalf of the Holders of the Securities.


 


Section 11.9. No Waiver of Subordination
Provisions; Modifications of Terms of Company Senior Indebtedness. No right of any present or future holder of
any Company Senior Indebtedness to enforce subordination as provided in this Article 11 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, or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge
thereof any such holder may have or be otherwise charged with.


 


Section 11.10. Notice to Trustee.


 


(1) The Company shall give prompt written
notice to the Trustee of any fact known to the Company which would prohibit the making of any payment to or by the Trustee in respect
of the Securities or that would end such prohibition. Notwithstanding the provisions of this Article 11 or any other provision
of this Indenture, the Trustee shall not be charged with knowledge of the existence of any



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facts which would prohibit the making of any payment
to or by the Trustee in respect of the Securities or that would end such prohibition, unless and until a Responsible Officer of
the Trustee shall have received written notice thereof from the Company, any holder of Company Senior Indebtedness or from any
trustee, fiduciary or agent therefor; and, prior to the receipt of any such written notice, the Trustee, subject to the provisions
of Section 6.1 hereof, shall be entitled in all respects to assume that no such facts exist; provided, however, that
if the Trustee shall not have received the notice of any prohibition provided for in this Section 11.10 at least three Business
Days prior to the date upon which by the terms hereof any money may become payable for any purpose (including, without limitation,
the payment of the principal of, premium (if any) or interest on any Security), then, anything herein contained to the contrary
notwithstanding, but without limiting the rights and remedies of the holders of Company Senior Indebtedness or any trustee, fiduciary
or agent therefor, the Trustee shall have full power and authority to receive such money and to apply the same to the purpose for
which such money was received and shall not be affected by any notice to the contrary which may be received by it within two Business
Days prior to such date. Any notice required or permitted to be given to the Trustee by a holder of Company Senior Indebtedness
or by any agent, trustee or representative thereof shall be in writing and shall be sufficient for every purpose hereunder if in
writing and either (i) sent via facsimile to the Trustee, the receipt of which shall be confirmed via telephone, or (ii) mailed,
first class postage prepaid, or sent by overnight carrier, to the Trustee addressed to its Corporate Trust Office or to any other
address furnished in writing to such holder of Company Senior Indebtedness by the Trustee.


 


(2) Subject to the provisions of Section 6.1
hereof, 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 Company Senior Indebtedness (or a trustee, fiduciary or agent therefor) to establish that such notice has been given
by a holder of Company Senior Indebtedness or a trustee, fiduciary or agent therefor. 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 Company Senior Indebtedness
to participate in any payment or distribution pursuant to this Article 11, the Trustee may request such Person to furnish evidence
to the reasonable satisfaction of the Trustee as to the amount of Company 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 11, 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.


 


(3) Notwithstanding anything else contained
herein, no notice, request or other communication to or with the Trustee shall be deemed given unless received by a Responsible
Officer at the Corporate Trust Office.


 


Section 11.11. Reliance on Judicial Order
or Certificate of Liquidating Agent. Upon any payment or distribution of assets
of the Company referred to in this Article 11, the Trustee, subject to the provisions of Section 6.1 hereof, and the Holders of
the Securities shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which such
Bankruptcy Proceeding is pending, or a certificate of any Bankruptcy Custodian, agent or other Person making such payment or distribution,
delivered to the Trustee or to the Holders of Securities, for the purpose of ascertaining the Persons entitled to participate in
such payment or distribution, the holders of the Company 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 11, provided that the foregoing shall apply only if such court has been apprised of the provisions of this Article
11.


 


Section 11.12. Trustee Not Fiduciary for
Holders of Company Senior Indebtedness. The Trustee shall not be deemed to owe any
fiduciary duty to the holders of Company Senior Indebtedness and shall not be liable to any such holders if it shall in good faith
mistakenly pay over or distribute to



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Holders of Securities or to the Company or to
any other Person cash, property or securities to which any holders of Company Senior Indebtedness shall be entitled by virtue of
this Article 11 or otherwise. With respect to the holders of Company Senior Indebtedness, the Trustee undertakes to perform or
to observe only such of its covenants or obligations as are specifically set forth in this Article 11 and no implied covenants
or obligations with respect to holders of Company Senior Indebtedness shall be read into this Indenture against the Trustee.


 


Section 11.13. Rights of Trustee as Holder
of Company Senior Indebtedness; Preservation of Trustee’s Rights.


 


(1) The Trustee in its individual capacity
shall be entitled to all the rights set forth in this Article 11 with respect to any Company Senior Indebtedness which may at any
time be held by it, to the same extent as any other holder of Company Senior Indebtedness, and nothing in this Indenture shall
deprive the Trustee of any of its rights as such holder.


 


(2) Nothing in this Article 11 shall apply
to claims of, or payments to, the Trustee under or pursuant to Section 6.7 hereof.


 


Section 11.14. Article Applicable to Paying
Agents. In case at any time any Paying Agent other
than the Trustee shall be then acting hereunder, the term “Trustee” as used in this Article 11 shall in such case (unless
the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as fully for all
intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee; provided,
however, that Section 11.12 hereof shall not apply to the Company or any Affiliate of the Company if it or such Affiliate
acts as Paying Agent.


 


Section 11.15. Redemption. Amounts deposited in trust with the Trustee
pursuant to and in accordance with Article 12 and not prohibited to be deposited under Section 11.2 or 11.4 when deposited shall
not be subject to this Article 11.


 


ARTICLE 12


 

REDEMPTION OF SECURITIES


 


Section 12.1. Applicability of Article. Redemption of Securities of any series at the
option of the Company as permitted or required by the terms of such Securities shall be made in accordance with the terms of such
Securities and (except as otherwise provided herein or pursuant hereto) this Article 12.


 


Section 12.2. Election to Redeem; Notice
to Trustee. The election of the Company to redeem any Securities
shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company of (a) less than
all of the Securities of any series or (b) all of the Securities of any series, with the same issue date, interest rate or formula,
Stated Maturity and other terms, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless
a shorter notice shall be reasonably satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal
amount of Securities of such series to be redeemed.


 


Section 12.3. Selection by Security Registrar
of Securities to be Redeemed. If less than all of the Securities of any series
with the same issue date, interest rate or formula, Stated Maturity and other terms are to be redeemed, the Outstanding Securities
shall be redeemed by lot or in accordance with the procedures of the Depository and which may provide for the selection for redemption
of a portion of the principal amount of any Security of such series; provided, however, that no such partial redemption
shall



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reduce the portion of the principal amount of
a Registered Security of such series not redeemed to less than the minimum denomination for a Security of such series established
herein or pursuant hereto.


 


The Security Registrar shall promptly notify
the Company and the Trustee (if other than itself) in writing of the Securities selected for redemption and, in the case of any
Securities 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 Securities
redeemed or to be redeemed only in part, to the portion of the principal of such Securities which has been or is to be redeemed.


 


Unless otherwise specified in or pursuant to
this Indenture or the Securities of any series, if any Security selected for partial redemption is converted into other securities
of the Company or exchanged for securities of another issuer in part before termination of the conversion or exchange right with
respect to the portion of the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to
be the portion selected for redemption. Securities which have been converted or exchanged during a selection of Securities to be
redeemed shall be treated by the Security Registrar as Outstanding for the purpose of such selection.


 


Section 12.4. Notice of Redemption. Notice of redemption will be mailed by first
class mail to each Holder of Registered Securities to be redeemed at its registered address at least 30 but not more than 60 days
prior to the Redemption Date, unless a shorter period is specified in the Securities to be redeemed; provided that
redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a satisfaction
and discharge of the Indenture. Failure to give notice by mailing in the manner herein provided to the Holder of any Registered
Securities designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the
validity of the proceedings for the redemption of any other Securities or portion thereof.


 


Any notice that is mailed to the Holder of any
Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not such
Holder receives the notice.


 


All notices of redemption shall state:


 


(1) the Redemption Date;


 


(2) the Redemption Price;


 


(3) if less than all Outstanding Securities
of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular
Security or Securities to be redeemed;


 


(4) in case any Security is to be redeemed
in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such
Security, the Holder of such Security will receive, without charge, a new Security or Securities of authorized denominations for
the principal amount thereof remaining unredeemed;


 


(5) that, on the Redemption Date, the Redemption
Price shall become due and payable upon each such Security or portion thereof to be redeemed, and, if applicable, that interest
thereon shall cease to accrue on and after said date;



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(6) the place or places where such Securities,
together (in the case of Bearer Securities) with all Coupons appertaining thereto, if any, maturing after the Redemption Date,
are to be surrendered for payment of the Redemption Price and any accrued interest;


 


(7) that the redemption is for a sinking fund,
if such is the case;


 


(8) that, unless otherwise specified in such
notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied by all Coupons maturing subsequent
to the date fixed for redemption or the amount of any such missing Coupon or Coupons will be deducted from the Redemption Price,
unless security or indemnity satisfactory to the Company, the Trustee and any Paying Agent is furnished;


 


(9) if Bearer Securities of any series are
to be redeemed and no Registered Securities of such series are to be redeemed, and if such Bearer Securities may be exchanged for
Registered Securities not subject to redemption on the Redemption Date pursuant to Section 3.5 or otherwise, the last date, as
determined by the Company, on which such exchanges may be made;


 


(10) in the case of Securities of any series
that are convertible into Common Stock of the Company or exchangeable for other securities, the conversion or exchange price or
rate, the date or dates on which the right to convert or exchange the principal of the Securities of such series to be redeemed
will commence or terminate and the place or places where such Securities may be surrendered for conversion or exchange; and


 


(11) the CUSIP number or the Euroclear or
Clearstream reference numbers of such Securities, if any (or any other numbers used by a Depository to identify such Securities).


 


A notice of redemption published as contemplated
by Section 1.7 need not identify particular Registered Securities to be redeemed.


 


Notice of redemption of Securities to be redeemed
at the election 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; provided, in the latter case, the Trustee shall be given at least 5 days prior notice of
the requested date of the giving of such notice of redemption.


 


Section 12.5. Deposit of Redemption Price. One Business Day prior to any Redemption Date,
the Company shall deposit, with respect to the Securities of any series called for redemption pursuant to Section 12.4, with the
Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.3) an
amount of money in the applicable Currency sufficient to pay the Redemption Price of, and (except if the Redemption Date shall
be an Interest Payment Date, unless otherwise specified pursuant to Section 3.1 or in the Securities of such series) any accrued
interest on, all such Securities or portions thereof which are to be redeemed on that date.


 


Section 12.6. Securities Payable on Redemption
Date. Notice of redemption having been given as aforesaid,
the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified,
and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest and the Coupons for such interest appertaining to any Bearer Securities so to be redeemed,
except to the extent provided below, shall be void. Upon surrender of any such Security for redemption in accordance with said
notice, together with all Coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid
by the Company at the Redemption Price, together with any accrued interest to the Redemption Date; provided, however,
that, except as otherwise provided in or



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pursuant to this Indenture or the Bearer Securities
of such series, installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall
be payable only upon presentation and surrender of Coupons for such interest (at an Office or Agency located outside the United
States except as otherwise provided in Section 10.2), and provided, further, that, except as otherwise specified
in or pursuant to this Indenture or the Registered Securities of such series, installments of interest on Registered Securities
whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the Regular Record Dates therefor according to their terms
and the provisions of Section 3.7.


 


If any Bearer Security surrendered for redemption
shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price an amount equal to the face amount of all such missing Coupons, or the surrender of such missing Coupon
or Coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require
to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Paying Agent
any such missing Coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder shall be entitled
to receive the amount so deducted; provided, however, that any interest represented by Coupons shall be payable only
upon presentation and surrender of those Coupons at an Office or Agency for such Security located outside of the United States
except as otherwise provided in Section 10.2.


 


If any Security called for redemption shall not
be so paid upon surrender thereof for redemption, the principal and any premium until paid, shall bear interest from the Redemption
Date at the rate prescribed therefor in the Security.


 


Section 12.7. Securities Redeemed in Part. Any Registered Security which is to be redeemed
only in part shall be surrendered at any Office or Agency for such Security (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or such Holder’s attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate
and deliver to the Holder of such Security without service charge, a new Registered Security or Securities of the same series,
containing identical terms and provisions, of any authorized denomination as requested by such Holder in aggregate principal amount
equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a Security in global form
is so surrendered, the Company shall execute, and the Trustee shall authenticate or cause to be authenticated and deliver to the
U.S. Depository or other Depository for such Security in global form as shall be specified in the Company Order with respect thereto
to the Trustee, without service charge, a new Security in global form in a denomination equal to and in exchange for the unredeemed
portion of the principal of the Security in global form so surrendered.


 


Section 12.8. Cancellation and Destruction
of Securities. All Securities redeemed and paid pursuant to
the provisions of this Article 12 shall be disposed of, as provided in Section 3.9, and, except in the case of partial redemption
of any Security, no Security shall be issued under this Indenture in lieu thereof.


 


ARTICLE 13


 

SINKING FUNDS


 


Section 13.1. Applicability of Article. The provisions of this Article shall be applicable
to any sinking fund for the retirement of Securities of a series, except as otherwise permitted or required in or pursuant to this
Indenture or any Security of such series issued pursuant to this Indenture.



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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 Securities of such series is herein referred to as
an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 13.2. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of Securities of such series and this Indenture.


 


Section 13.2. Satisfaction of Sinking Fund
Payments with Securities. The Company may, in satisfaction of all or
any part of any sinking fund payment with respect to the Securities of any series to be made pursuant to the terms of such Securities
(1) deliver Outstanding Securities of such series (other than any of such Securities previously called for redemption or any of
such Securities in respect of which cash shall have been released to the Company), together in the case of any Bearer Securities
of such series with all unmatured Coupons appertaining thereto, and (2) apply as a credit Securities of such series which have
been redeemed either at the election of the Company pursuant to the terms of such series of Securities or through the application
of permitted optional sinking fund payments pursuant to the terms of such Securities, provided that such series of Securities
have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption
Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment
shall be reduced accordingly. If, as a result of the delivery or credit of Securities of any series in lieu of cash payments pursuant
to this Section 13.2, the principal amount of Securities of such series to be redeemed in order to satisfy the remaining sinking
fund payment shall be less than $100,000, the Trustee need not call Securities of such series for redemption, except upon Company
Request, and such cash payment shall be held by the Paying Agent and applied to the next succeeding sinking fund payment, provided,
however, that such Paying Agent shall at the request of the Company from time to time pay over and deliver to the Company
any cash payment so being held by such Paying Agent upon delivery by the Company to the Trustee of Securities of that series purchased
by the Company having an unpaid principal amount equal to the cash payment requested to be released to the Company.


 


Section 13.3. Redemption of Securities
for Sinking Fund. Not less than 75 days prior to each sinking
fund payment date for any series of Securities, the Company shall deliver to the Trustee an Officers’ Certificate specifying
the amount of the next, ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering
and crediting of Securities of that series pursuant to Section 13.2, and the optional amount, if any, to be added in cash to the
next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so credited and not theretofore
delivered. If such Officers’ Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory
sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified. Not less than 60 days before
each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 12.3 and cause notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 12.4. Such notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in Sections 12.6 and 12.7.



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ARTICLE 14


 

REPAYMENT AT THE OPTION OF HOLDERS


 


Section 14.1. Applicability of Article. Securities of any series which are repayable
at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance with the terms of the Securities
of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment
of Securities before their Stated Maturity, for purposes of Section 3.9, shall not operate as a payment, redemption or satisfaction
of the Indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender the
same to the Trustee with a directive that such Securities be cancelled. Notwithstanding anything to the contrary contained in this
Section 14.1, in connection with any repayment of Securities, the Company may arrange for the purchase of any Securities by an
agreement with one or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of such
Securities on or before the close of business on the repayment date an amount not less than the repayment price payable by the
Company on repayment of such Securities, and the obligation of the Company to pay the repayment price of such Securities shall
be satisfied and discharged to the extent such payment is so paid by such purchasers.


 


ARTICLE 15


 

SECURITIES IN FOREIGN CURRENCIES


 


Section 15.1. Applicability of Article. Whenever this Indenture provides for any action
by, or the determination of any of the rights of, Holders of Securities of any series in which not all of such Securities are denominated
in the same Currency, or any distribution to Holders of Securities, in the absence of any provision to the contrary in the form
of Security of any particular series or pursuant to this Indenture or the Securities, any amount in respect of any Security denominated
in a Currency other than Dollars shall be treated for any such action or distribution as that amount of Dollars that could be obtained
for such amount on such reasonable basis of exchange and as of the record date with respect to Registered Securities of such series
(if any) for such action, determination of rights or distribution (or, if there shall be no applicable record date, such other
date reasonably proximate to the date of such action, determination of rights or distribution) as the Company may specify in a
written notice to the Trustee.


 


ARTICLE 16


 

MEETINGS OF HOLDERS OF SECURITIES


 


Section 16.1. Purposes for Which Meetings
May Be Called. A meeting of Holders of Securities of any series
may be called at any time and from time to time pursuant to this Article, to make, give or take any request, demand, authorization,
direction, notice, consent, waiver or other Act provided by this Indenture or under applicable law, to be made, given or taken
by Holders of Securities of such series.


 


Section 16.2. Call, Notice and
Place of Meetings.


 


(1) The Trustee may at any time call a meeting
of Holders of Securities of any series for any purpose specified in Section 16.1, to be held at such time and at such place in
the Borough of Manhattan, The City of New York, or, if Securities of such series have been issued in whole or in part as Bearer
Securities, in London or in such place outside the United States as the Trustee shall determine. Notice of every meeting of Holders
of Securities of any series, setting forth the time and the place of such meeting






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and in general terms the action proposed to be
taken at such meeting, shall be given, in the manner provided in Section 1.7, not less than 21 nor more than 180 days prior to
the date fixed for the meeting.


 


(2) In case at any time the Company (by or
pursuant to a Board Resolution) or the Holders of at least 10% in principal amount of the Outstanding Securities of any series
or all series shall have requested the Trustee to call a meeting of the Holders of Securities of such series or all series, respectively,
for any purpose specified in Section 16.1, by written request setting forth in reasonable detail the action proposed to be taken
at the meeting, and the Trustee shall not have delivered notice of or made the first publication of the notice of such meeting
within 21 days after receipt of such request (whichever shall be required pursuant to Section 1.7) or shall not thereafter proceed
to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount
above specified, as the case may be, may determine the time and the place in the Borough of Manhattan, The City of New York, or,
if Securities of such series are to be issued as Bearer Securities, in London for such meeting and may call such meeting for such
purposes by giving notice thereof as provided in clause (1) of this Section 16.2.


 


Section 16.3. Persons Entitled to Vote
at Meetings. To be entitled to vote at any meeting of Holders
of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person
appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series executed
by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities
of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its
counsel, and any representatives of the Company and its counsel.


 


Section 16.4. Quorum; Action. The Persons entitled to vote a majority in
aggregate principal amount of the Outstanding Securities of the relevant series shall constitute a quorum for any meeting of Holders
of Securities of such series. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting
shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned
for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In
the absence of a quorum at any reconvened meeting, such reconvened meeting may be further adjourned for a period of not less than
10 days as determined by the chairman of the meeting prior to the adjournment of such reconvened meeting. Notice of the reconvening
of any adjourned meeting shall be given as provided in Section 16.2(1), except that such notice need be given only once not less
than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned
meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Securities of such
series which shall constitute a quorum.


 


Except as limited by Section 9.2, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted only by the
affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series; provided,
however, that, except as limited by Section 9.2, any resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other Act which this Indenture expressly provides may be made, given or taken by the Holders of a specified
percentage, which is less than a majority in principal amount of the Outstanding Securities of a series, may be adopted at a meeting
or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of
such specified percentage in principal amount of the Outstanding Securities of such series.


 


Except as limited by Section 9.2, any resolution
passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section 16.4 shall
be binding on all






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the Holders of Securities of such series and the Coupons appertaining thereto, whether or not such Holders were
present or represented at the meeting.


 


Section 16.5. Determination of
Voting Rights; Conduct and Adjournment of Meetings.


 


(1) Notwithstanding any other provisions of
this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities
of such series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to
the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of
the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 1.5
and the appointment of any proxy shall be proved in the manner specified in Section 1.5 or by having the signature of the person
executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 1.5 to certify to the holding
of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed
valid and genuine without the proof specified in Section 1.5 or other proof.


 


(2) The Trustee shall, by an instrument in
writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of
Securities as provided in Section 16.2(2), in which case the Company or the Holders of Securities of the series calling the meeting,
as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting
shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series
represented at the meeting.


 


(3) At any meeting, each Holder of a Security
of such series or proxy shall be entitled to one vote for each $2,000 principal amount of Securities of such series held or represented
by him or such other amount established pursuant to Section 3.1; provided, however, that no vote shall be cast or
counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be
not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or representative
by proxy therefor.


 


(4) Any meeting of Holders of Securities of
any series duly called pursuant to Section 16.2 at which a quorum is present may be adjourned from time to time by Persons entitled
to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting; and the meeting
may be held as so adjourned without further notice.


 


Section 16.6. Counting Votes and Recording
Action of Meetings. The vote upon any resolution submitted to any
meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders
of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding
Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes
who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the
meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the
proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary of the meeting and there
shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits
by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice
was given as provided in Section 16.2 and, if applicable, Section 16.4. Each copy shall be signed and verified by the affidavits
of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another to the
Trustee to be preserved by the






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Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed
and verified shall be conclusive evidence of the matters therein stated.


 


Section 16.7. Preservation of Rights of
Trustee and Holders. Nothing contained in this Article 16 shall
be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders of any or all series or any rights
expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred
upon or reserved to the Trustee or to the Holders of any or all series under any of the provisions of this Indenture or of such
series of Securities.



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


 





	 	CIT GROUP INC.
	 	 	 
	 	By:	/s/ Michael J. McConnell
	 	 	Name:  Michael J. McConnell
	 	 	Title:    Director, Treasury
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	/s/ Shawn Goffinet
	 	 	Name:  Shawn Goffinet
	 	 	Title:   Assistant Vice President
	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	 	as Paying Agent, Security Registrar and Authenticating Agent
	 	 	 
	 	By: Deutsche Bank National Trust Company
	 	 	 
	 	By:	/s/ Kathryn Fischer
	 	 	Name:  Kathryn Fischer
	 	 	Title:    Assistant Vice President
	 	 	 
	 	By:	/s/ Jeffrey Schoenfeld
	 	 	Name:  Jeffrey Schoenfeld
	 	 	Title:    Vice President






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