Exhibit
4.4


 


 



 


 


REV
GROUP, INC.


 


as the
Company


 


and


 


as Trustee


 


 


 








 


Subordinated
Indenture


 


Dated
as of           , 20


 


 





 



 


 


 





 



 













     



    


    

 


TABLE
OF CONTENTS


 








Page


 




	Article
    1 DEFINITIONS AND INCORPORATION BY REFERENCE
	Section
    1.01.  Definitions	1
	Section
    1.02.  Other Definitions	7
	Section
    1.03.  Incorporation by Reference of Trust Indenture Act	7
	Section
    1.04.  Rules of Construction	8
	Article
    2 THE SECURITIES
	Section
    2.01.  Form and Dating	8
	Section
    2.02.  Execution And Authentication	9
	Section
    2.03.  Amount Unlimited; Issuable in Series	10
	Section
    2.04.  Denomination and Date of Securities; Payments of Interest	13
	Section
    2.05.  Registrar and Paying Agent; Agents Generally	14
	Section
    2.06.  Paying Agent to Hold Money in Trust	14
	Section
    2.07.  Transfer and Exchange	15
	Section
    2.08.  Replacement Securities	18
	Section
    2.09.  Outstanding Securities	19
	Section
    2.10.  Temporary Securities	19
	Section
    2.11.  Cancellation	20
	Section
    2.12.  CUSIP Numbers	20
	Section
    2.13.  Defaulted Interest	20
	Section
    2.14.  Series May Include Tranches	20
	Article
    3 REDEMPTION
	Section
    3.01.  Applicability of Article	21
	Section
    3.02.  Notice of Redemption; Partial Redemptions	21
	Section
    3.03.  Payment Of Securities Called For Redemption	23
	Section
    3.04.  Exclusion of Certain Securities from Eligibility for Selection for Redemption	24
	Section
    3.05.  Mandatory and Optional Sinking Funds	24
	Article
    4 COVENANTS
	Section
    4.01.  Payment of Securities	26
	Section
    4.02.  Maintenance of Office or Agency	27
	Section
    4.03.  Securityholders’ Lists	28
	Section
    4.04.  Certificate to Trustee	28
	Section
    4.05.  Reports by the Company	28



 






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	Section
    4.06.  Additional Amounts	28
	Article
    5 SUCCESSOR CORPORATION
	Section
    5.01.  When Company May Merge, Etc	29
	Section
    5.02.  Successor Substituted	29
	Article
    6 DEFAULT AND REMEDIES
	Section
    6.01.  Events of Default	30
	Section
    6.02.  Acceleration	31
	Section
    6.03.  Other Remedies	32
	Section
    6.04.  Waiver of Past Defaults	32
	Section
    6.05.  Control by Majority	32
	Section
    6.06.  Limitation on Suits	33
	Section
    6.07.  Rights of Holders to Receive Payment	33
	Section
    6.08.  Collection Suit by Trustee	33
	Section
    6.09.  Trustee May File Proofs of Claim	34
	Section
    6.10.  Application of Proceeds	34
	Section
    6.11.  Restoration of Rights and Remedies	35
	Section
    6.12.  Undertaking for Costs	35
	Section
    6.13.  Rights and Remedies Cumulative	35
	Section
    6.14.  Delay or Omission not Waiver	36
	Article
    7 TRUSTEE
	Section
    7.01.  General	36
	Section
    7.02.  Certain Rights of Trustee	36
	Section
    7.03.  Individual Rights of Trustee	37
	Section
    7.04.  Trustee’s Disclaimer	38
	Section
    7.05.  Notice of Default	38
	Section
    7.06.  Reports by Trustee to Holders	38
	Section
    7.07.  Compensation and Indemnity	39
	Section
    7.08.  Replacement of Trustee	40
	Section
    7.09.  Acceptance of Appointment by Successor	40
	Section
    7.10.  Successor Trustee By Merger, Etc	41
	Section
    7.11.  Eligibility	42
	Section
    7.12.  Money Held in Trust	42
	Article
    8 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS
	Section
    8.01.  Satisfaction and Discharge of Indenture	42
	Section
    8.02.  Application by Trustee of Funds Deposited for Payment of Securities	43
	Section
    8.03.  Repayment of Moneys Held by Paying Agent	43



 






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	Section
    8.04.  Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	43
	Section
    8.05.  Defeasance and Discharge of Indenture	43
	Section
    8.06.  Defeasance of Certain Obligations	45
	Section
    8.07.  Reinstatement	46
	Section
    8.08.  Indemnity	47
	Section
    8.09.  Excess Funds	47
	Section
    8.10.  Qualifying Trustee	47
	Article
    9 AMENDMENTS, SUPPLEMENTS AND WAIVERS
	Section
    9.01.  Without Consent of Holders	47
	Section
    9.02.  With Consent of Holders	48
	Section
    9.03.  Revocation and Effect of Consent	49
	Section
    9.04.  Notation on or Exchange of Securities	49
	Section
    9.05.  Trustee to Sign Amendments, Etc	50
	Section
    9.06.  Conformity with Trust Indenture Act	50
	Article
    10 MISCELLANEOUS
	Section
    10.01.  Trust Indenture Act of 1939	50
	Section
    10.02.  Notices	50
	Section
    10.03.  Certificate and Opinion as to Conditions Precedent	51
	Section
    10.04.  Statements Required in Certificate or Opinion	51
	Section
    10.05.  Evidence of Ownership	52
	Section
    10.06.  Rules by Trustee, Paying Agent or Registrar	52
	Section
    10.07.  Payment Date Other Than a Business Day	53
	Section
    10.08.  Governing Law	53
	Section
    10.09.  No Adverse Interpretation of Other Agreements	53
	Section
    10.10.  Successors	53
	Section
    10.11.  Duplicate Originals	53
	Section
    10.12.  Separability	53
	Section
    10.13.  Table of Contents, Headings, Etc	53
	Section
    10.14.  Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability	53
	Section
    10.15.  Judgment Currency	54
	Article
    11 SUBORDINATION OF SECURITIES
	Section
    11.01.  Agreement to Subordinate	54
	Section
    11.02.  Payments to Securityholders	54
	Section
    11.03.  Subrogation of Securities	56
	Section
    11.04.  Authorization by Securityholders	57
	Section
    11.05.  Notice to Trustee	57



 






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	Section
    11.06.  Trustee’s Relation to Senior Indebtedness	58
	Section
    11.07.  No Impairment of Subordination	58


 


 


SIGNATURES


 




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SUBORDINATED
INDENTURE, dated as of , 20 , between REV Group, Inc., a Delaware corporation, as the Company, and , as Trustee.


 


RECITALS
OF THE COMPANY


 


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


 


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


 


NOW, THEREFORE:


 


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


 


Article
1

DEFINITIONS AND INCORPORATION BY REFERENCE


 


Section 1.01.     
Definitions.


 


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


 


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


 


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


 






     



    


    

 


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


 


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


 


“Business
Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in The City of New York, with respect to any Security the interest on
which is based on the offered quotations in the interbank Eurodollar market for dollar deposits in London, or with respect to
Securities denominated in a specified currency other than United States dollars, in the principal financial center of the country
of the specified currency.


 


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


 


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


 


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


 


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


 


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


 






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


 


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


 


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


 


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


 


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


 


“GAAP”
means generally accepted accounting principles in the U.S. as in effect as of the date hereof applied on a basis consistent with
the principles, methods, procedures and practices employed in the preparation of the Company’s audited financial statements,
including, without limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as is approved by a significant segment of the accounting profession.


 






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


 


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


 


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


 


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


 


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


 


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


 


“Officers’
Certificate” means a certificate signed in the name of the Company (i) by the chairman of the board of directors, the
president or chief executive officer, an executive vice president, a senior vice president or a vice president and (ii) by the
chief financial officer, the treasurer or any assistant treasurer, or the secretary or any assistant


 






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secretary,
and delivered to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act, if applicable, and
include (except as otherwise expressly provided in this Indenture) the statements provided in Section 10.04, if applicable.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


“Revolving
Credit Agreement” means the Revolving Credit and Guarantee Agreement, dated April 25, 2017, among the Company, certain
subsidiaries of the Company, Ally Bank, as administrative agent, Ally Bank and BMO Harris Bank N.A. as co-collateral agents, and
the lenders party thereto.


 






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


 


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


 


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


 


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


 


“Term
Loan Agreement” means the Term Loan and Guaranty Agreement, dated April 25, 2017, among the Company, certain subsidiaries
of the Company, Ally Bank, as administrative agent and collateral agents and the lenders party thereto.


 


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


 


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


 


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


 


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


 


“U.S.
Government Obligations” means securities that are (i) direct obligations of the United States of America for the payment
of which its full faith and credit is pledged or (ii) obligations of an agency or instrumentality of the United States of America
the payment of which is unconditionally guaranteed as a full faith and credit


 






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obligation
by the United States of America, and shall also include a depository receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation
held by such custodian for the account of the holder of a depository receipt; provided that (except as required by law) such custodian
is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received
by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S.
Government Obligation evidenced by such depository receipt.


 


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


 


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


 


	Term
	Section

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


 


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


 


“indenture
securities” means the Securities;


 


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


 






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“indenture
to be qualified” means this Indenture;


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


Article
2

THE SECURITIES


 


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


 


Section 2.02.     
Execution And Authentication. Two Officers shall execute the Securities and one Officer shall execute the coupons
appertaining thereto for the Company by facsimile or manual signature in the name and on behalf of the Company.


 






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The
seal of the Company, if any, shall be reproduced on the Securities. If an Officer whose signature is on a Security or coupon appertaining
thereto no longer holds that office at the time the Security is authenticated, the Security and such coupon shall nevertheless
be valid.


 


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


 


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


 


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


 


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


 


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


 


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


 






    9


    


    

 


of
equity, and covering such other matters as shall be specified therein and as shall be reasonably requested by the Trustee.


 


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


 


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


 


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


 


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


 


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


 


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


 






    10


    


    

 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


(j)            
if other than the coin or currency in which the Securities of the series are denominated, the coin or currency in which
payment of the principal of or interest on the Securities of the series shall be payable or if the amount of payments of principal
of


 






    11


    


    

 


and/or
interest on the Securities of the series may be determined with reference to an index based on a coin or currency other than that
in which the Securities of the series are denominated, the manner in which such amounts shall be determined;


 


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


 


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


 


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


 


(n)            
whether and under what circumstances the Company will pay additional amounts on the Securities of the series held by a
person who is not a U.S. person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether
the Company will have the option to redeem such Securities rather than pay such additional amounts;


 


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


 


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


 


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


 


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


 


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


 






    12


    


    

 


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


 


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


 


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


 


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


 


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


 


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


 






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Section 2.05.     
Registrar and Paying Agent; Agents Generally. The Company shall maintain an office or agency where Securities may
be presented for registration, registration of transfer or for exchange (the “Registrar”) and an office or
agency where Securities may be presented for payment (the “Paying Agent”), which shall be in the Borough of
Manhattan, The City of New York.


 


The Company
shall cause the Registrar to keep a register of the Registered Securities and of their registration, transfer and exchange (the
“Security Register”). The Company may have one or more additional Paying Agents or transfer agents with respect
to any series.


 


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


 


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


 


Section 2.06.     
Paying Agent to Hold Money in Trust. Not later than 10:00 a.m. New York City time on each due date or, in the case
of Unregistered Securities, 10:00 a.m. New York City time on the Business Day prior to the due date, of any Principal or interest
on any Securities, the Company shall deposit with the Paying Agent money in immediately available funds sufficient to pay such
Principal or interest. The Company shall require each Paying Agent other than the Trustee to agree in writing that such Paying
Agent shall hold in trust for the benefit of the Holders of such Securities or the Trustee all money held by the Paying Agent
for the payment of Principal of and interest on such Securities and shall promptly notify the Trustee of any default by the Company
in making any such payment. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and
account for any funds disbursed, and the Trustee may at any time during the continuance of any payment default, upon written request
to a Paying Agent, require such Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed.
Upon doing so, the Paying Agent shall


 






    14


    


    

 


have
no further liability for the money so paid over to the Trustee. If the Company or any affiliate of the Company acts as Paying
Agent, it will, on or before each due date of any Principal of or interest on any Securities, segregate and hold in a separate
trust fund for the benefit of the Holders thereof a sum of money sufficient to pay such Principal or interest so becoming due
until such sum of money shall be paid to such Holders or otherwise disposed of as provided in this Indenture, and will promptly
notify the Trustee in writing of its action or failure to act as required by this Section.


 


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


 


At the option
of the Holder thereof, Registered Securities of any series (other than a Registered Global Security, except as set forth below)
may be exchanged for a Registered Security or Registered Securities of such series and tenor having authorized denominations and
an equal aggregate principal amount, upon surrender of such Registered Securities to be exchanged at the agency of the Company
that shall be maintained for such purpose in accordance with Section 2.05 and upon payment, if the Company shall so require, of
the charges hereinafter provided. If the Securities of any series are issued in both registered and unregistered form, except
as otherwise established pursuant to Section 2.03, at the option of the Holder thereof, Unregistered Securities of any series
may be exchanged for Registered Securities of such series and tenor having authorized denominations and an equal aggregate principal
amount, upon surrender of such Unregistered Securities to be exchanged at the agency of the Company that shall be maintained for
such purpose in accordance with Section 4.02, with, in the case of Unregistered Securities that have coupons attached, all unmatured
coupons and all matured coupons in default thereto appertaining, and upon payment, if the Company shall so require, of the charges
hereinafter provided. At the option of the Holder thereof, if Unregistered Securities of any series, maturity date, interest rate
and original issue date are issued in more than one authorized denomination, except as otherwise established pursuant to Section
2.03, such Unregistered Securities may be exchanged for Unregistered Securities of such series and tenor having authorized denominations
and an equal aggregate principal amount, upon surrender of such Unregistered Securities to be exchanged at the agency of the Company
that shall be maintained for such purpose in accordance with Section 4.02, with, in the case of Unregistered Securities that have
coupons attached, all unmatured coupons and all matured coupons in default thereto appertaining, and upon payment, if the Company
shall so require, of the charges hereinafter provided. Registered Securities of any series may not be exchanged for Unregistered
Securities of such series. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.


 


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


 






    15


    


    

 


Registered
Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.


 


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


 


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


 


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


 


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


 


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


 


Any time
the Registered Securities of any series are not in the form of Registered Global Securities pursuant to the preceding two paragraphs,
the Company agrees to supply the Trustee with a reasonable supply of certificated Registered Securities without


 






    16


    


    

 


the
legend required by Section 2.02 and the Trustee agrees to hold such Registered Securities in safekeeping until authenticated and
delivered pursuant to the terms of this Indenture.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 






    17


    


    

 


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


 


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


 


In case any
such mutilated, destroyed, lost or stolen Security or coupon has become or is about to become due and payable, the Company in
its discretion may, instead of issuing a new Security, pay such Security or coupon (without surrender thereof except in the case
of a mutilated Security or coupon) if the applicant for such payment shall furnish to the Company and the Trustee such security
or indemnity as may be required by them to save each of them and any agent of any of them harmless, and in the case of destruction,
loss or theft, evidence satisfactory to the Company and the Trustee and any agent of them of the destruction, loss or theft of
such Security and the ownership thereof; provided, however, that the Principal of and any interest on Unregistered
Securities shall, except as otherwise provided in Section 4.02, be payable only at an office or agency located outside the United
States of America.


 


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


 


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


 






    18


    


    

 


to
all the benefits of this Indenture equally and proportionately with any and all other Securities of that series and their coupons,
if any, duly issued hereunder.


 


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


 


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


 


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


 


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


 


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


 


Section 2.10.     
Temporary Securities. Until definitive Securities of any series are ready for delivery, the Company may prepare
and the Trustee shall authenticate temporary Securities of such series. Temporary Securities of any series shall be substantially
in the form of definitive Securities of such series but may have insertions, substitutions, omissions and other variations determined
to be appropriate by the Officers executing the temporary Securities, as evidenced by their execution of such temporary Securities.
If temporary Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without
unreasonable delay. After the preparation of definitive Securities of any series, the temporary Securities of such series shall
be exchangeable for definitive Securities of such series and tenor upon surrender of


 






    19


    


    

 


such
temporary Securities at the office or agency of the Company designated for such purpose pursuant to Section 4.02, without charge
to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of such series
and tenor and authorized denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the same
benefits under this Indenture as definitive Securities of such series.


 


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


 


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


 


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


 


Section 2.14.     
Series May Include Tranches. A series of Securities may include one or more tranches (each a “tranche”)
of Securities, including Securities issued in a Periodic Offering. The Securities of different tranches may have one or more different
terms, including authentication dates and public offering prices, but all the Securities within each such tranche shall have identical
terms, including authentication date and public offering price. Notwithstanding any other provision of this Indenture, with respect
to Sections 2.02 (other than the fourth, sixth and seventh paragraphs thereof) through 2.04, 2.07, 2.08, 2.10, 3.01 through 3.05,
4.02, 6.01 through 6.14, 8.01 through 8.07, 9.02 and Section 10.07, if any series of Securities includes more than one tranche,
all


 






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provisions
of such sections applicable to any series of Securities shall be deemed equally applicable to each tranche of any series of Securities
in the same manner as though originally designated a series unless otherwise provided with respect to such series or tranche pursuant
to Section 2.03. In particular, and without limiting the scope of the next preceding sentence, any of the provisions of such sections
which provide for or permit action to be taken with respect to a series of Securities shall also be deemed to provide for and
permit such action to be taken instead only with respect to Securities of one or more tranches within that series (and such provisions
shall be deemed satisfied thereby), even if no comparable action is taken with respect to Securities in the remaining tranches
of that series.


 


Article
3

REDEMPTION


 


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


 


Section 3.02.     
Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Registered Securities of any series
to be redeemed as a whole or in part at the option of the Company shall be given by mailing notice of such redemption by first
class mail, postage prepaid, at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders
of Registered Securities of such series at their last addresses as they shall appear upon the registry books. Notice of redemption
to the Holders of Unregistered Securities of any series to be redeemed as a whole or in part who have filed their names and addresses
with the Trustee pursuant to Section 313(c)(2) of the Trust Indenture Act, shall be given by mailing notice of such redemption,
by first class mail, postage prepaid, at least 30 days and not more than 60 days prior to the date fixed for redemption, to such
Holders at such addresses as were so furnished to the Trustee (and, in the case of any such notice given by the Company, the Trustee
shall make such information available to the Company for such purpose). Notice of redemption to all other Holders of Unregistered
Securities of any series to be redeemed as a whole or in part shall be published in an Authorized Newspaper in The City of New
York, or with respect to any Security the interest on which is based on the offered quotations in the interbank Eurodollar market
for dollar deposits in an Authorized Newspaper in London, in each case, once in each of three successive calendar weeks, the first
publication to be not less than 30 days nor more than 60 days prior to the date fixed for redemption. Any notice which is mailed
or published in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives
the notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a series designated for
redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security of
such series.


 


The notice
of redemption to each such Holder shall specify the principal amount of each Security of such series held by such Holder to be
redeemed, the CUSIP numbers of the Securities to be redeemed, the date fixed for redemption, the redemption price, or if


 






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


 


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


 


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


 


If less than
all the Securities of a series are to be redeemed, the Trustee shall select, pro rata, by lot or in such manner as it shall deem
appropriate and fair, Securities of such series to be redeemed in whole or in part. Securities may be redeemed in part in principal
amounts equal to authorized denominations for Securities of such series. The Trustee shall promptly notify the Company in writing
of the Securities of such series selected for redemption and, in the case of any Securities of such series


 






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selected
for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed.


 


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


 


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


 


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


 


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


 






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


 


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


 


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


 


On or before
the sixtieth day next preceding each sinking fund payment date for any series, or such shorter period as shall be acceptable to
the Trustee, the Company will deliver to the Trustee an Officers’ Certificate (a) specifying the portion of the mandatory
sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of specified Securities of such
series and the basis for such credit, (b) stating that none of the specified Securities of such series has theretofore been so
credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred
(which have not been waived or cured) and are continuing and (d) stating whether or not the Company intends to exercise its right
to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking
fund payment which the Company intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such
series to be credited and required to be delivered to the Trustee in order for the Company to be entitled to credit therefor as
aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.11
to the Trustee with such Officers’ Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officers’
Certificate shall be irrevocable and upon its receipt by the Trustee the Company shall become unconditionally obligated to make
all the cash payments or delivery of


 






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Securities
therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure of the Company, on or before
any such sixtieth day, to deliver such Officer’s Certificate and Securities specified in this paragraph, if any, shall not
constitute a default but shall constitute, on and as of such date, the irrevocable election of the Company (i) that the mandatory
sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without
the option to deliver or credit Securities of such series in respect thereof and (ii) that the Company will make no optional sinking
fund payment with respect to such series as provided in this Section.


 


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


 


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


 






    25


    


    

 


redemption
on Securities to be redeemed on the next following sinking fund payment date.


 


The Trustee
shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or mail any notice of redemption
of Securities of such series by operation of the sinking fund during the continuance of a Default in payment of interest on such
Securities or of any Event of Default except that, where the mailing of notice of redemption of any Securities shall theretofore
have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the
Company a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time
when any such Default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the
continuance of such Default or Event of Default, be deemed to have been collected under Article 6 and held for the payment of
all such Securities. In case such Event of Default shall have been waived as provided in Section 6.04 or the Default cured on
or before the sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the
next succeeding sinking fund payment date in accordance with this Section to the redemption of such Securities.


 


Article
4

COVENANTS


 


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


 


Notwithstanding
any provisions of this Indenture and the Securities of any series to the contrary, if the Company and a Holder of any Registered
Security so agree, payments of interest on, and any portion of the Principal of, such Holder’s Registered Security (other
than interest payable at maturity or on any redemption or repayment date or the final payment of Principal on such Security) shall
be made by the Paying Agent, upon receipt from the Company of immediately available funds by 11:00 A.M., New York City time (or
such other time as may be agreed to between the Company and the Paying Agent), directly to the Holder of such Security (by Federal
funds wire transfer or


 






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otherwise)
if the Holder has delivered written instructions to the Trustee 15 days prior to such payment date requesting that such payment
will be so made and designating the bank account to which such payments shall be so made and in the case of payments of Principal,
surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same principal amount as the unredeemed
principal amount of the Securities surrendered. The Trustee shall be entitled to rely on the last instruction delivered by the
Holder pursuant to this Section 4.01 unless a new instruction is delivered 15 days prior to a payment date. The Company will indemnify
and hold each of the Trustee and any Paying Agent harmless against any loss, liability or expense (including attorneys’
fees) resulting from any act or omission to act on the part of the Company or any such Holder in connection with any such agreement
or from making any payment in accordance with any such agreement.


 


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


 


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


 






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


 


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


 


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


 


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


 


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


 


Section 4.06.     
Additional Amounts. If the Securities of a series provide for the payment of additional amounts, at least 10 days
prior to the first interest payment date with respect to that series of Securities and at least 10 days prior to each date of
payment of Principal of or interest on the Securities of that series if there has been a change with respect to the matters set
forth in the below-mentioned Officers’ Certificate, the Company shall furnish to the Trustee and the principal paying agent,
if other than the Trustee, an Officers’ Certificate instructing the Trustee and such paying agent whether such payment of
Principal of or interest on the Securities of that series shall be made to Holders of the Securities of that series without withholding
or deduction for or on account of any tax, assessment or other governmental charge described in the Securities of that series.
If any such withholding or deduction shall be required, then such Officers’ Certificate shall specify by country the amount,
if any, required to be withheld or deducted on such payments to such Holders and shall certify the fact that additional amounts
will be payable and the amounts so payable to each Holder, and the Company shall pay to the Trustee or such paying agent the additional
amounts required to be paid


 






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by
this Section. The Company covenants to indemnify the Trustee and any paying agent for, and to hold them harmless against, any
loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with
actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished pursuant to this Section.


 


Whenever
in this Indenture there is mentioned, in any context, the payment of the Principal of or interest or any other amounts on, or
in respect of, any Security of any series, such mention shall be deemed to include mention of the payment of additional amounts
provided by the terms of such series established hereby or pursuant hereto to the extent that, in such context, additional amounts
are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of additional amounts
(if applicable) in any provision hereof shall not be construed as excluding the payment of additional amounts in those provisions
hereof where such express mention is not made.


 


Article
5

SUCCESSOR CORPORATION


 


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


 


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


 






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Company
herein and thereafter the predecessor Person, except in the case of a lease, shall be relieved of all obligations and covenants
under this Indenture and the Securities.


 


Article
6

DEFAULT AND REMEDIES


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


Section 6.02.     
Acceleration. (a) If an Event of Default other than as described in clauses (d) or (e) of Section 6.01 with respect
to the Securities of any series then


 






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


 


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


 


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


 






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


 


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


 


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


 


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


 


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


 






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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


Section 6.09.     
Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may
be necessary or advisable in order


 






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


 


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


 


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


 


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


 


THIRD:
Subject to Article 11, in case the principal of the Securities of such series in respect of which moneys have been collected shall
have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities
of such series for Principal and interest, with interest upon the overdue Principal, and (to the extent that such interest has
been collected by the Trustee) upon overdue installments of interest at the same rate as the rate of interest or Yield to Maturity
(in the case of Original Issue Discount Securities) specified in the Securities of such series; and in case such moneys shall
be insufficient to pay in full the whole amount so due and unpaid


 






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upon
the Securities of such series, then to the payment of such Principal and interest or Yield to Maturity, without preference or
priority of Principal over interest or Yield to Maturity, or of interest or Yield to Maturity over Principal, or of any installment
of interest over any other installment of interest, or of any Security of such series over any other Security of such series,
ratably to the aggregate of such Principal and accrued and unpaid interest or Yield to Maturity; and


 


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


 


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


 


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


 


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


 


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


 






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Article
7

TRUSTEE


 


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


 


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


 


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


 


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


 


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


 


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


 






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evidenced
to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;


 


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


 


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


 


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


 


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


 


Section 7.03.     
Individual Rights of Trustee. The Trustee, in its individual or any other capacity, may become the owner or pledgee
of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the
Trustee. Any Agent may do the same with like rights.


 


However,
the Trustee is subject to Trust Indenture Act Sections 310(b) and 311. For purposes of Trust Indenture Act Section 311(b)(4) and
(6), the following terms shall mean:


 


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


 






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


 


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


 


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


 


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


 


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


 






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


 


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


 


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


 


The obligations
of the Company under this Section to compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse
the Trustee and each predecessor Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder
and shall survive the satisfaction and discharge of this Indenture or the rejection or termination of this Indenture under bankruptcy
law. Such additional indebtedness shall be a senior claim to that of the Securities upon all property and funds held or collected
by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Securities or coupons, and the
Securities are hereby subordinated to such senior claim. Without prejudice to any other rights available to the Trustee under
applicable law, if the Trustee renders services and incurs expenses following an Event of Default under Section 6.01(d) or Section
6.01(e) hereof, the parties hereto and the holders by their acceptance of the Securities hereby agree that such expenses are intended
to constitute expenses of administration under any bankruptcy law.


 


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


 


The Trustee
may resign as Trustee with respect to the Securities of any series at any time by so notifying the Company in writing. The Holders
of a majority in principal amount of the outstanding Securities of any series may remove the Trustee as Trustee


 






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


 


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


 


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


 


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


 


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


 


In case of
the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver
an indenture supplemental hereto wherein each successor Trustee shall accept


 






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such
appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring
with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the
retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by
more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from
any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates.


 


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


 


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


 


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


 


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


 


Section 7.12.     
Money Held in Trust. The Trustee shall not be liable for interest on any money received by it except as the Trustee
may agree in writing with the


 



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Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except for
money held in trust under Article 8 of this Indenture.


 


Article
8

SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS


 


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


 






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and
interest on the Securities held by them shall not be delayed longer than required by then-applicable mandatory rules or policies
of any securities exchange upon which the Securities are listed. The Company agrees to reimburse the Trustee for any costs or
expenses thereafter reasonably and properly incurred and to compensate the Trustee for any services thereafter reasonably and
properly rendered by the Trustee in connection with this Indenture or the Securities of such series.


 


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


 


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


 


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


 


Section 8.05.     
Defeasance and Discharge of Indenture. The Company shall be deemed to have paid and shall be discharged from any
and all obligations in respect of the Securities of any series, on the 123rd day after the deposit referred to in clause (i) hereof
has been made, and the provisions of this Indenture shall no longer be in effect with respect to the Securities of such series
(and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except as to: (a) rights
of registration of transfer and exchange, and the Company’s right of optional redemption, (b) substitution of apparently
mutilated, defaced, destroyed, lost or stolen Securities, (c) rights of holders to receive payments of principal thereof and interest


 






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thereon,
upon the original stated due dates therefor (but not upon acceleration), (d) the rights, obligations and immunities of the Trustee
hereunder and (e) the rights of the Securityholders of such series as beneficiaries hereof with respect to the property so deposited
with the Trustee payable to all or any of them; provided that the following conditions shall have been satisfied:


 


(i)           
with reference to this provision the Company has deposited or caused to be irrevocably deposited with the Trustee (or another
qualifying trustee satisfying the requirements of Section 7.11) as trust funds in trust, specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of the Securities of such series, (A) money in an amount, or (B) U.S. Government
Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide
not later than one day before the due date of any payment referred to in subclause (x) or (y) of this clause (i) money in an amount,
or (C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee, to pay and discharge without consideration of the reinvestment of
such interest and after payment of all federal, state and local taxes or other charges and assessments in respect thereof payable
by the Trustee (x) the principal of, premium, if any, and each installment of interest on the outstanding Securities of such series
on the due dates thereof and (y) any mandatory sinking fund payments or analogous payments applicable to the Securities of such
series on the day on which such payments are due and payable in accordance with the terms of Securities of such series and the
Indenture with respect to the Securities of such series;


 


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


 


(iii)           
immediately after giving effect to such deposit on a pro forma basis, no Event of Default, or event that after the giving
of notice or lapse of time or both would become an Event of Default, shall have occurred and be continuing on the date of such
deposit or during the period ending on the 123rd day after the date of such deposit, and such deposit shall not result in a breach
or violation of,


 






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or
constitute a default under, any other agreement or instrument to which the Company is a party or by which the Company is bound;


 


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


 


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


 


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


 


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


 


(a)            
with reference to this Section 8.06, the Company has deposited or caused to be irrevocably deposited with the Trustee (or
another qualifying trustee satisfying the requirements of Section 7.11) as trust funds in trust, specifically pledged as security
for, and dedicated solely to, the benefit of the Holders of the Securities of such series and the Indenture with respect to the
Securities of such series, (i) money in an amount or (ii) U.S. Government Obligations which through the payment of interest and
principal in respect thereof in accordance with their terms will provide not later than one day before the due dates thereof or
earlier redemption (irrevocably provided for under agreements satisfactory to the Trustee), as the case may be, of any payment
referred to in subclause (x) or (y) of this clause (a) money in an amount, or (iii) a combination thereof, sufficient, in the
opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, to pay and discharge without consideration of the reinvestment of such interest and after payment of all federal,
state and local taxes or other charges and assessments in respect thereof payable by the Trustee (x) the principal of, premium,
if any, and each installment of interest on the outstanding Securities of such series on the due date thereof or earlier redemption
(irrevocably provided for under arrangements satisfactory to the Trustee), as the case may be, and (y) any mandatory sinking fund
payments or analogous payments applicable to the Securities of such series and the Indenture with respect to the Securities of
such series on the day on which such payments are due and payable in accordance with the terms of the Indenture and of Securities
of such series and the Indenture with respect to the Securities of such series;


 






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


 


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


 


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


 


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


 


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


 


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


 






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charge
which by law is for the account of the Holders of the Securities and any coupons appertaining thereto.


 


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


 


Section 8.10.     
Qualifying Trustee. Any trustee appointed pursuant to Section 8.05 or 8.06 for the purpose of holding money or U.S.
Government Obligations deposited pursuant to such Sections shall be appointed under an agreement in form acceptable to the Trustee
and shall provide to the Trustee a certificate, upon which certificate the Trustee shall be entitled to conclusively rely, that
all conditions precedent provided for herein to the related defeasance have been complied with. In no event shall the Trustee
be liable for any acts or omissions of said trustee


 


Article
9

AMENDMENTS, SUPPLEMENTS AND WAIVERS


 


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


 


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


 


(b)            
to comply with Article 5;


 


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


 


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


 


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


 


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


 






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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


After an
amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall give to the Holders affected thereby
a notice briefly describing the amendment, supplement or waiver. The Company will mail supplemental indentures to Holders upon
request. Any failure of the Company to mail such notice, or


 






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any
defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.


 


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


 


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


 


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


 


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


 


Section 9.05.     
Trustee to Sign Amendments, Etc. The Trustee shall be entitled to receive, and shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article
9 is authorized or permitted by this Indenture, stating that all requisite consents have been obtained or that no consents are
required and stating that such supplemental


 






    49


    


    

 


indenture
constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms,
subject to customary exceptions. The Trustee may, but shall not be obligated to, execute any such amendment, supplement or waiver
that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.


 


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


 


Article
10

MISCELLANEOUS


 


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


 


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


 


if to the Company:


 


REV Group, Inc.

1441 Brickell Avenue, Suite 1007

Miami, FL 33131

Attention: General Counsel


 


if to the Trustee:


 


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


 


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


 






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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


Section 10.05. 
Evidence of Ownership. The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the
Holder of any Unregistered


 






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


 


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


 


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


 


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


 






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


 


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


 


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


 


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


 


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


 


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


 


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


 


Section 10.15. 
Judgment Currency. The Company agrees, to the fullest extent that it may effectively do so under applicable law,
that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the Principal
of or interest on the Securities of any series (the “Required Currency”) into a currency in which a judgment will
be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal
banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the
day on which final unappealable judgment is entered, unless such day is


 






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


 


Article
11

SUBORDINATION OF SECURITIES


 


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


 


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


 






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Designated
Senior Indebtedness, unless such Event of Default shall have been cured or waived for a period of not less than 90 consecutive
days.


 


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


 


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


 


For purposes
of this Article, the words, “cash, property or securities” shall not be deemed to include shares of stock of the Company
as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of arrangement, reorganization
or readjustment, the payment of which is subordinated (at least to the extent provided in this Article with respect to the Securities)
to the payment of


 






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


 


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


 


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


 






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


 


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


 


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


 


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


 






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redemption
date, or (b) any payment by the Trustee to the Securityholders of amounts deposited with it pursuant to Sections 8.01, 8.05 or
8.06.


 


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


 


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


 


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


 


Section 11.07. 
No Impairment of Subordination. No right of any present or future holder of any Senior Indebtedness to enforce subordination
as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company
or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions
and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with.


 




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SIGNATURES


 


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


 


	(SEAL)

    

    Attest:	 	REV GROUP, INC.

    as the Company
	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:


 


	(SEAL)

    

    Attest:	 	

    as the Trustee
	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title: