Exhibit 4.1


 




 


 


 


SASOL FINANCING USA LLC


as Issuer


SASOL LIMITED


as Guarantor


 


 


 


WILMINGTON SAVINGS FUND SOCIETY, FSB


as Trustee


_______________________


Indenture


Dated as of [•]


_______________________


 







    	 	 	 



     


    

SASOL FINANCING USA LLC

as Issuer


AND


SASOL LIMITED

as Guarantor


Reconciliation and tie between Trust Indenture Act


of 1939 and Indenture, dated as of November
14, 2012


	Trust Indenture

Act Section	 	Indenture Section
	 	 	 
	§ 310(a)(1)		607(a)
	(a)(2)		607(a)
	(b)		608
	§ 312(c)		701
	§ 314(a)		703
	(a)(4)		1004
	(c)(1)		102
	(c)(2)		102
	(e)		102
	§ 315(b)		601
	§ 316(a)(last	 	 
	sentence)		101 (“Outstanding”)
	(a)(1)(A)		502, 512
	(a)(1)(B)		513
	(b)		508
	(c)		104(e)
	§ 317(a)(1)		503
	(a)(2)		504
	(b)		1003
	§ 318(a)		111


 


 


		___________________________	



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







    	 	 	 



     


    

TABLE OF CONTENTS


Page


	PARTIES	1
	RECITALS OF THE COMPANY	1
	Article One DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	SECTION 101. Definitions	1
	“Act”	2
	“Additional Amounts”	2
	“Affiliate”	2
	“Attributable Debt”	2
	“Authenticating Agent”	3
	“Authorized Newspaper”	3
	“Board of Directors”	3
	“Board Resolution”	3
	“Business Day”	3
	“Clearstream”	3
	“Commission”	3
	“Common Depositary”	3
	“Company”	3
	“Company Request” or “Company Order”	3
	“Consolidated Net Tangible Assets”	3
	“Conversion Date”	4
	“Conversion Event”	4
	“Corporate Trust Office”	4
	“corporation”	4
	“Currency”	4
	“Debt”	4
	“Default”	4
	“Defaulted Interest”	4
	“Depositary”	4
	“Dollar” or “$”	5
	“Dollar Equivalent of the Currency Unit”	5
	“Dollar Equivalent of the Foreign Currency”	5
	“Election Date”	5
	“Euro”	5
	“Euroclear”	5
	“Event of Default”	5



 


 







		Note:	This table of contents shall not, for any purpose, be deemed to be a part of the Indenture.



 



 



    	 	 	 



    ii 


    




	“Exchange Date”	5
	“Exchange Rate Agent”	5
	“Exchange Rate Officer’s Certificate”	5
	“Federal Bankruptcy Code”	5
	“Foreign Currency”	5
	“Government Obligations”	5
	“Guarantee”	6
	“Guarantor”	6
	“Guarantor Request” and “Guarantor Order”	6
	“Holder”	6
	“Indenture”	6
	“Indexed Security”	6
	“interest”	6
	“Interest Payment Date”	6
	“Lien”	7
	“Margin Stock”	7
	“Market Exchange Rate”	7
	“Maturity”	7
	“Officer’s Certificate”	7
	“Opinion of Counsel”	7
	“Original Issue Discount Security”	7
	“Outstanding”	8
	“Paying Agent”	9
	“Person”	9
	“Place of Payment”	9
	“Predecessor Security”	9
	“Principal Property”	9
	“Project Finance Indebtedness”	9
	“Redemption Date”	10
	“Redemption Price”	10
	“Regular Record Date”	10
	“Repayment Date”	10
	“Repayment Price”	10
	“Responsible Officer”	10
	“Restricted Securities”	10
	“Restricted Subsidiary”	10
	“Securities”	10
	“Security Register” and “Security Registrar”	11
	“Special Record Date”	11
	“Stated Maturity”	11
	“Subsidiary”	11
	“Taxing Jurisdiction”	11
	“Trust Indenture Act” or “TIA”	11
	“Trustee”	11
	“United States”	11
	“United States person”	11
	“Valuation Date”	11
	“Voting Stock”	11
	“Yield to Maturity”	12
	SECTION 102. Compliance Certificates and Opinions	12



 



    	 	 	 



    iii 


    




	SECTION 103. Form of Documents Delivered to Trustee	12
	SECTION 104. Acts of Holders	13
	SECTION 105. Notices, etc. to Trustee, the Company and the Guarantor	14
	SECTION 106. Notice to Holders; Waiver	15
	SECTION 107. Effect of Headings and Table of Contents	16
	SECTION 108. Successors and Assigns	16
	SECTION 109. Separability Clause	16
	SECTION 110. Benefits of Indenture	16
	SECTION 111. Governing Law	16
	SECTION 112. Legal Holidays	16
	SECTION 113. Submission to Jurisdiction; Appointment of Agent for Service of Process	16
	SECTION 114. Waiver of Jury Trial	17
	SECTION 115. Force Majeure	17
	SECTION 116. USA PATRIOT Act Section 326 Customer Identification Program	17
	Article Two SECURITY FORMS
	SECTION 201. Forms Generally	18
	SECTION 202. Form of Trustee’s Certificate of Authentication	19
	SECTION 203. Securities Issuable in Global Form	19
	SECTION 204. Form of Guarantee	20
	Article Three THE SECURITIES
	SECTION 301. Amount Unlimited; Issuable in Series	21
	SECTION 302. Denominations	25
	SECTION 303. Execution, Authentication, Delivery and Dating	25
	SECTION 304. Temporary Securities	27
	SECTION 305. Registration, Registration of Transfer and Exchange	28
	SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities	31
	SECTION 307. Payment of Interest; Interest Rights Preserved; Optional Interest Reset	31
	SECTION 308. [Intentionally Omitted]	34
	SECTION 309. Persons Deemed Owners	34
	SECTION 310. Cancellation	34
	SECTION 311. Computation of Interest	35
	SECTION 312. Currency and Manner of Payments in Respect of Securities	35
	SECTION 313. Appointment and Resignation of Successor Exchange Rate Agent	38
	SECTION 314. CUSIP Numbers	38
	Article Four SATISFACTION AND DISCHARGE
	SECTION 401. Satisfaction and Discharge of Indenture	39
	SECTION 402. Application of Trust Money	40
	Article Five REMEDIES
	SECTION 501. Events of Default	40
	SECTION 502. Acceleration of Maturity; Rescission and Annulment	42
	




    	 	 	 



    iv 


    


	SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee	43
	SECTION 504. Trustee May File Proofs of Claim	43
	SECTION 505. Trustee May Enforce Claims Without Possession of Securities	44
	SECTION 506. Application of Money Collected	44
	SECTION 507. Limitation on Suits	45
	SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and Interest	45
	SECTION 509. Restoration of Rights and Remedies	45
	SECTION 510. Rights and Remedies Cumulative	46
	SECTION 511. Delay or Omission Not Waiver	46
	SECTION 512. Control by Holders	46
	SECTION 513. Waiver of Past Defaults	46
	SECTION 514. Waiver of Stay or Extension Laws	47
	SECTION 515. Undertaking for Costs	47
	SECTION 516. Statement by Officer as to Default	47
	Article Six THE TRUSTEE
	SECTION 601. Notice of Defaults	47
	SECTION 602. Certain Rights of Trustee	48
	SECTION 603. Trustee Not Responsible for Recitals or Issuance of Securities	51
	SECTION 604. May Hold Securities	51
	SECTION 605. Money Held in Trust	51
	SECTION 606. Compensation and Reimbursement	51
	SECTION 607. Corporate Trustee Required; Eligibility	52
	SECTION 608. Resignation and Removal; Appointment of Successor	52
	SECTION 609. Acceptance of Appointment by Successor	54
	SECTION 610. Merger, Conversion, Consolidation or Succession to Business	55
	SECTION 611. Appointment of Authenticating Agent	55
	Article Seven HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	SECTION 701. Disclosure of Names and Addresses of Holders	57
	SECTION 702. Reports by Trustee	57
	SECTION 703. Reports by the Company and the Guarantor	57
	Article Eight CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER
	SECTION 801. Company or Guarantor May Consolidate, etc., Only on Certain Terms	58
	SECTION 802. Successor Person Substituted	59
	SECTION 803. [Intentionally Omitted]	59
	Article Nine SUPPLEMENTAL INDENTURES
	SECTION 901. Supplemental Indentures Without Consent of Holders	59
	SECTION 902. Supplemental Indentures With Consent of Holders	60
	SECTION 903. Execution of Supplemental Indentures	62
	SECTION 904. Effect of Supplemental Indentures	62
	SECTION 905. Conformity with Trust Indenture Act	62
	




    	 	 	 



    v 


    


	SECTION 906. Reference in Securities to Supplemental Indentures	62
	Article Ten COVENANTS
	SECTION 1001. Payment of Principal, Premium, if any, and Interest	62
	SECTION 1002. Maintenance of Office or Agency	63
	SECTION 1003. Money for Securities Payments to Be Held in Trust	64
	SECTION 1004. Statement as to Compliance	65
	SECTION 1005. Additional Amounts	65
	SECTION 1006. Limitation on Liens	67
	SECTION 1007. Limitation on Sale and Leaseback Transactions	69
	SECTION 1008. Waiver of Certain Covenants	71
	SECTION 1009. Calculation of Original Issue Discount	71
	Article Eleven REDEMPTION OF SECURITIES
	SECTION 1101. Applicability of Article	71
	SECTION 1102. Election to Redeem; Notice to Trustee	71
	SECTION 1103. Selection by Trustee of Securities to Be Redeemed	72
	SECTION 1104. Notice of Redemption	72
	SECTION 1105. Deposit of Redemption Price	73
	SECTION 1106. Securities Payable on Redemption Date	73
	SECTION 1107. Securities Redeemed in Part	74
	SECTION 1108. Optional Redemption Due to Changes in Tax Treatment	74
	Article Twelve SINKING FUNDS
	SECTION 1201. Applicability of Article	75
	SECTION 1202. Satisfaction of Sinking Fund Payments with Securities	75
	SECTION 1203. Redemption of Securities for Sinking Fund	75
	Article Thirteen REPAYMENT AT OPTION OF HOLDERS
	SECTION 1301. Applicability of Article	76
	SECTION 1302. Repayment of Securities	76
	SECTION 1303. Exercise of Option	76
	SECTION 1304. When Securities Presented for Repayment Become Due and Payable	77
	SECTION 1305. Securities Repaid in Part	77
	Article Fourteen DEFEASANCE AND COVENANT DEFEASANCE
	SECTION 1401. Applicability of Article; Company’s and Guarantor’s Option to Effect Defeasance or Covenant Defeasance	78
	SECTION 1402. Defeasance and Discharge	78
	SECTION 1403. Covenant Defeasance	78
	SECTION 1404. Conditions to Defeasance or Covenant Defeasance	79
	




    	 	 	 



    vi 


    


	SECTION 1405. Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	80
	Article Fifteen MEETINGS OF HOLDERS OF SECURITIES
	[Intentionally omitted]	81
	Article Sixteen GUARANTEE OF SECURITIES
	SECTION 1601. Guarantee	81
	SECTION 1602. Execution of Guarantee	83


 






    	 	 	 



    vii 


    




	TESTIMONIUM	1
	SIGNATURES AND SEALS	1
	 	 
	FORMS OF CERTIFICATION	EXHIBIT A












 






    	 	 	 



    1


    

INDENTURE, dated as of [•], among Sasol Financing
USA LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (herein called the “Company”),
having its principal office at 12120 Wickchester Lane, Houston, Texas 77079, USA, Sasol Limited, a public company with limited liability
duly incorporated and existing under the laws of the Republic of South Africa (herein called the “Guarantor”), having its
principal office at Sasol Place, 50 Katherine Street, Sandton 2196, South Africa, and Wilmington Savings Fund Society, FSB, as Trustee
hereunder (herein called the “Trustee”).


RECITALS OF THE COMPANY


The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of
indebtedness (herein called the “Securities”), which may or may not be exchangeable for the Guarantor’s ordinary shares,
to be issued in one or more series, unlimited as to principal amount, to bear such rates of interest, to mature at such times and to have
such other provisions as shall be fixed as hereinafter provided.


The Guarantor has duly authorized the execution
and delivery of this Indenture and deems it appropriate from time to time to issue its guaranty of the Securities on the terms herein
provided.


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


The guarantee provided pursuant to Sections 204
and 1601 of this Indenture is subject to South African Reserve Bank approval.


All things necessary to make this Indenture a
valid agreement of the parties hereto, in accordance with its terms, have been done.


NOW, THEREFORE, THIS INDENTURE WITNESSETH:


For and in consideration of the premises and the
purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows:


Article
One



DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION


SECTION
101. Definitions.


For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:


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






    	 	 	 



    2


    

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


(3)       all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with International Financial Reporting
Standards, and, except as otherwise herein expressly provided, the term “International Financial Reporting Standards” with
respect to any computation required or permitted hereunder shall mean such accounting standards as shall be applicable at the date of
such computation; and


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


Certain terms, used principally in Article Three,
are defined in that Article.


“Act”, when used with respect to any
Holder, has the meaning specified in Section 104.


“Additional Amounts” has the meaning
specified in Section 1005.


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


“Attributable Debt” means, as to any
particular lease in a sale and leaseback transaction (as defined in Section 1007), synthetic lease or other finance-type lease under
which any Person is at the time liable for a term of more than 12 months (but, for the sake of clarity, excluding any operating lease
and lease entered into for the bona fide purpose of conducting mining, exploration or other operations), at any date as of which the amount
thereof is to be determined, the total net amount of rent required to be paid by such Person under such lease during the remaining term
thereof (excluding any subsequent renewal or other extension options held by the lessee), discounted from the respective due dates thereof
to such date at the rate of interest per annum implicit in the terms of such lease (as determined by any two directors, or any director
and secretary, of the Guarantor), compounded monthly. The net amount of rent required to be paid under any such lease for any such period
shall be the aggregate amount of the rent payable by the lessee with respect to such period after excluding amounts required to be paid
on account of maintenance and repairs, services, insurance, taxes, assessments, water rates and similar charges and contingent rents (such
as those based on sales). In the case of any lease which is terminable by the lessee upon the payment of a penalty, such net amount of
rent shall include the lesser of (i) the total discounted net amount of rent required to be paid from the later of the first date
upon which such lease may be so terminated or the date of the determination of such net amount of rent, as the case may be, and (ii) the
amount of such penalty (in which event no rent shall be considered as required to be paid under such lease subsequent to the first date
upon which it may be so terminated).






    	 	 	 



    3


    

“Authenticating Agent” means any Person
appointed by the Trustee to act on behalf of the Trustee pursuant to Section 611 to authenticate Securities.


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


“Board of Directors” means, as the
context may require, (1) with respect to the Company, either the Board of Directors of the Company or any committee of such Board of Directors
duly authorized to act hereunder and (2) with respect to the Guarantor, either the Board of Directors of the Guarantor or any committee
of such Board of Directors duly authorized to act hereunder.


“Board Resolution” means a copy of
a resolution certified by any director of the Company, or any director of the Guarantor, as the case may be, to have been duly adopted
by its Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.


“Business Day”, when used with respect
to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, means, unless otherwise specified
with respect to any Securities pursuant to Section 301, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on
which the Corporate Trust Office or banking institutions in that Place of Payment or other location are authorized or obligated by law
or executive order to close.


“Clearstream” means Clearstream Banking,
société anonyme, its nominee or any successor.


“Commission” means the Securities
and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, as amended, or, if
at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such time.


“Common Depositary” has the meaning
specified in Section 304.


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


“Company Request” or “Company
Order” means a written request or order signed in the name of the Company by any director of the Company, and delivered to the Trustee.






    	 	 	 



    4


    

“Consolidated Net Tangible Assets”
means the total amount of assets (less applicable reserves and other properly deductible items) after deducting therefrom (i) all
current liabilities (excluding any current liabilities which are by their terms extendible or renewable at the option of the obligor thereon
to a time more than 12 months after the time as of which the amount thereof is being computed and excluding current maturities of long-term
indebtedness and capital lease obligations) and (ii) all goodwill, trade names, trademarks, patents, unamortized debt discount and
expense and other like intangibles, all as set forth on the most recent balance sheet of the Guarantor and its consolidated Subsidiaries
(but, in any event, as of a date within 150 days of the date of determination) prepared in accordance with International Financial Reporting
Standards and expressed in Dollars.


“Conversion Date” has the meaning
specified in Section 312(d).


“Conversion Event” means the cessation
of use of (i) a Foreign Currency both by the government of the country which issued such Currency and by a central bank or other
public institution of or within the international banking community for the settlement of transactions, (ii) the euro both within
the European Union and for the settlement of transactions by public institutions of or within the European Union or (iii) any currency
unit (or composite currency) other than the euro for the purposes for which it was established.


“Corporate Trust Office” means the
corporate trust office of the Trustee, at which at any particular time its corporate trust business shall be administered, which office
on the date of execution of this Indenture is located at Wilmington Savings Fund Society, FSB, 500 Delaware Avenue, Wilmington, Delaware
19801, United States, Attention: Global Capital Markets or such other address as the Trustee may designate from time to time by notice
to the Holders, the Company and the Guarantor, except that with respect to presentation of Securities for payment or for registration
of transfer or exchange, such term shall mean the office or agency of the Trustee at which, at any particular time, its corporate trust
business shall be conducted.


“corporation” includes corporations,
associations, companies and business trusts.


“Currency” means any currency or currencies,
composite currency or currency unit or currency units, including, without limitation, the euro, issued by the government of one or more
countries or by any recognized confederation or association of such governments.


“Debt” means notes, bonds, debentures
or other similar evidences of indebtedness for money borrowed.


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


“Defaulted Interest” has the meaning
specified in Section 307.


“Depositary” means the clearing agency
registered under the Securities Exchange Act of 1934, as amended, that is designated to act as the depositary with respect to any Securities
issued in global form, and unless otherwise provided in Section 301 with respect to any series of Securities, The Depository Trust Company
shall be the initial Depositary for any series of Securities, until a successor shall have been appointed and become such pursuant to
the applicable provisions of this Indenture and, thereafter, “Depositary” shall mean or include such successor.






    	 	 	 



    5


    

“Dollar” or “$” means
a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender for the
payment of public and private debts.


“Dollar Equivalent of the Currency Unit”
has the meaning specified in Section 312(g).


“Dollar Equivalent of the Foreign Currency”
has the meaning specified in Section 312(f).


“Election Date” has the meaning specified
in Section 312(h).


“Euro” means the lawful currency of
the member states of the European Union that adopt the single currency in accordance with the Treaty establishing the European Community,
as amended by the Treaty on European Union.


“Euroclear” means Euroclear Bank S.A./N.V.,
as operator of the Euroclear System (or any successor securities clearing system).


“Event of Default” has the meaning
specified in Section 501.


“Exchange Date” has the meaning specified
in Section 304.


“Exchange Rate Agent” means, with
respect to Securities of or within any series, unless otherwise specified with respect to any Securities pursuant to Section 301,
a New York Clearing House bank, designated pursuant to Section 301 or Section 313.


“Exchange Rate Officer’s Certificate”
means a certificate setting forth (i) the applicable Market Exchange Rate and (ii) the Dollar or Foreign Currency amounts of
principal (and premium, if any) and interest, if any (on an aggregate basis and on the basis of a Security having the lowest denomination
principal amount determined in accordance with Section 302 in the relevant Currency), payable with respect to a Security of any series
on the basis of such Market Exchange Rate, sent (in the case of a telex) or signed (in the case of a certificate) by any director of the
Company or any director of the Guarantor, as applicable.


“Federal Bankruptcy Code” means the
Bankruptcy Act of Title 11 of the United States Code, as amended from time to time.


“Foreign Currency” means any Currency
other than Currency of the United States.


“Government Obligations” means, unless
otherwise specified with respect to any series of Securities pursuant to Section 301, securities which are (i) direct obligations
of the government which issued the Currency in which the Securities of a particular series are payable or (ii) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of the government which issued the Currency in which the Securities
of such series are payable, the payment of which is unconditionally guaranteed by such government, which, in either case, are full faith
and credit obligations of such government payable in such Currency and are not callable or redeemable at the option of the issuer thereof
and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation
or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder
of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation
or the specific payment of interest or principal of the Government Obligation evidenced by such depository receipt.






    	 	 	 



    6


    

“Guarantee” means the unconditional
guarantee by the Guarantor of any Security of any series authenticated and delivered pursuant to this Indenture either (i) if specified,
as contemplated by Section 301, to be applicable to Securities of such series and not endorsed on such Securities pursuant to Article Sixteen
hereof, or (ii) in all other cases, endorsed on such Security.


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


“Guarantor Request” and “Guarantor
Order” mean, respectively, a written request or order signed in the name of the Guarantor by any director of the Guarantor, and
delivered to the Trustee.


“Holder” means the Person in whose
name a Security is registered in the Security Register.


“Indenture” means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established as contemplated
by Section 301; provided, however, that, if at any time more than one Person is acting as Trustee under this instrument,
“Indenture” shall mean, with respect to any one or more series of Securities for which such Person is Trustee, this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities for which such Person
is Trustee established as contemplated by Section 301, exclusive, however, of any provisions or terms which relate solely to other
series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted, and exclusive of
any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person had become
such Trustee but to which such Person, as such Trustee, was not a party.


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


“interest”, when used with respect
to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity at
the rate prescribed in such Original Issue Discount Security.


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






    	 	 	 



    7


    

“Lien” means any pledge, mortgage,
lien, charge, encumbrance or security interest.


“Margin Stock” has the meaning specified
in Regulation U of the Board of Governors of the U.S. Federal Reserve System.


“Market Exchange Rate” means, unless
otherwise specified with respect to any Securities pursuant to Section 301, (i) for any conversion involving a currency unit
on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency unit and Dollars or
such Foreign Currency calculated by the method specified pursuant to Section 301 for the Securities of the relevant series, (ii) for
any conversion of Dollars into any Foreign Currency, the noon (New York City time) buying rate for such Foreign Currency for cable transfers
quoted in New York City as certified for customs purposes by the Federal Reserve Bank of New York and (iii) for any conversion of
one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market at which, in accordance
with normal banking procedures, the Dollars or Foreign Currency into which conversion is being made could be purchased with the Foreign
Currency from which conversion is being made from major banks located in either New York City, London or any other principal market for
Dollars or such purchased Foreign Currency, in each case determined by the Exchange Rate Agent. Unless otherwise specified with respect
to any Securities pursuant to Section 301, in the event of the unavailability of any of the exchange rates provided for in the foregoing
clauses (i), (ii) and (iii), the Exchange Rate Agent shall use, in its sole discretion and without liability on its part, such quotation
of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in New York
City, London or another principal market for the Currency in question, or such other quotations as the Exchange Rate Agent shall deem
appropriate. Unless otherwise specified by the Exchange Rate Agent, if there is more than one market for dealing in any Currency by reason
of foreign exchange regulations or otherwise, the market to be used in respect of such Currency shall be that upon which a non-resident
issuer of securities designated in such Currency would purchase such Currency in order to make payments in respect of such securities.


“Maturity”, when used with respect
to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of option to elect
repayment or otherwise.


“Officer’s Certificate” means
a certificate signed by any director of the Company or by any director of the Guarantor, as applicable, that complies with the requirements
of Section 314(e) of the Trust Indenture Act and is delivered to the Trustee.


“Opinion of Counsel” means a written
opinion of counsel, who may be counsel for the Company or the Guarantor or who may be an employee of or other counsel for the Company
or the Guarantor.


“Original Issue Discount Security”
means any Security which 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 502.






    	 	 	 



    8


    

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


(i)       Securities
theretofore cancelled by the Trustee or Security Registrar or delivered to the Trustee or Security Registrar for cancellation;


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


(iii)       Securities,
except to the extent provided in Sections 1402 and 1403, with respect to which the Company or the Guarantor has effected defeasance and/or
covenant defeasance as provided in Article Fourteen; and


(iv)       Securities
which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee
proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of
the Company;


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 or are present at a meeting of Holders for quorum purposes, and for the purpose of making the calculations
required by TIA Section 313, (i) the principal amount of an Original Issue Discount Security that may be counted in making such
determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal to the amount of principal thereof
that would be (or shall have been declared to be) due and payable, at the time of such determination, upon a declaration of acceleration
of the maturity thereof pursuant to Section 502, (ii) the principal amount of any Security denominated in a Foreign Currency
that may be counted in making such determination or calculation and that shall be deemed Outstanding for such purpose shall be equal to
the Dollar equivalent, determined as of the date such Security is originally issued by the Company as set forth in an Exchange Rate Officer’s
Certificate delivered to the Trustee, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent
as of such date of original issuance of the amount determined as provided in clause (i) above) of such Security, (iii) the principal
amount of any Indexed Security that may be counted in making such determination or calculation and that shall be deemed outstanding for
such purpose shall be equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided with
respect to such Security pursuant to Section 301, and (iv) Securities owned by the Company or the Guarantor or any other obligor
upon the Securities or any Affiliate of the Company or the Guarantor or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee knows
to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the
pledgee is not the Company or the Guarantor or any other obligor upon the Securities or any Affiliate of the Company or the Guarantor
or such other obligor.






    	 	 	 



    9


    

“Paying Agent” means any Person (including
the Company acting as Paying Agent) authorized by the Company to pay the principal of (or premium, if any) or interest, if any, on any
Securities on behalf of the Company.


“Person” means any individual, corporation,
partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political
subdivision thereof.


“Place of Payment” means, when used
with respect to the Securities of or within any series, the place or places where the principal of (and premium, if any) and interest,
if any, on such Securities are payable as specified as contemplated by Sections 301 and 1002.


“Predecessor Security” of any particular
Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and,
for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.


“Principal Property” means (a) oil
or gas producing property (including leases, rights or other authorizations to conduct operations over any producing property), (b) any
refining or manufacturing plant, (c) any mine, mineral deposit or processing plant, or (d) any building, pipeline, structure, dam or other
facility, together with land upon which it is erected and fixtures comprising a part thereof, in each case the net book value of which
on the date as of which the determination is being made exceeds, with respect to a series of Securities, a certain percentage, set forth
in the Board Resolution, Officer’s Certificate or supplemental indenture establishing such series, of Consolidated Net Tangible
Assets; provided, that Principal Property shall not include (a) any property, mine, plant or facility which, in the opinion of the Board
of Directors of the Guarantor, is not of material importance to overall business conducted by the Guarantor and the Restricted Subsidiaries
as an entirety or (b) any portion of a particular property, mine, plant or facility which, in the opinion of the Board of Directors of
the Guarantor is not of material importance to the rest of such property, mine, plant or facility.


“Project Finance Indebtedness” means
any indebtedness incurred in relation to any asset for the purposes of financing the whole or any part of the acquisition, creation, construction,
expansion, operation, improvement or development of such asset where the financial institution(s) or other persons to whom such indebtedness
is owed (and any trustees or other agents therefor) has or have recourse to (i) the applicable project borrower (where such project borrower
is formed solely or principally for the purpose of the relevant project) and any or all of its rights and assets and/or (ii) such asset
(or any derivative asset thereof) but, in either case, does not or do not have recourse to the Guarantor or any Subsidiary other than
in respect of (a) the Guarantor or such Subsidiary’s interests in the equity or indebtedness of the applicable project borrower
or the interests of the Guarantor or any other Subsidiary in the equity or indebtedness of any Subsidiary that holds, directly or indirectly,
interests in the equity or indebtedness of the applicable project borrower, (b) the rights of the applicable project borrower under any
contract with the Guarantor or any other Subsidiary, (c) obligations of the Guarantor or such Subsidiary pursuant to completion or performance
guarantees or price support, cost overrun support or other support obligations, in each case, in connection with the relevant project
or (d) claims for indemnity or damages arising from breach of representations or covenants made by the Guarantor or such Subsidiary to
such financial institution or other person.






    	 	 	 



    10


    

“Redemption Date”, when used with
respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant to this Indenture.


“Redemption Price”, when used with
respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. The Trustee shall have
no responsibility to verify any calculation of the Redemption Price.


“Regular Record Date” for the interest
payable on any Interest Payment Date on the Securities of or within any series means the date specified for that purpose as contemplated
by Section 301.


“Repayment Date” means, when used
with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment pursuant to this Indenture.


“Repayment Price” means, when used
with respect to any Security to be repaid at the option of the Holder, the price at which it is to be repaid pursuant to this Indenture.


“Responsible Officer”, when used with
respect to the Trustee, means any officer of the Trustee with direct responsibility for the administration of this Indenture, and also
means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge
of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.


“Restricted Securities” has the meaning
specified in Section 1006.


“Restricted Subsidiary” means any
Subsidiary wholly owned by the Guarantor which owns a Principal Property and, with respect to a series of Securities, any other Subsidiary
designated as a “Restricted Subsidiary” in the Board Resolution, Officer’s Certificate or supplemental indenture establishing
such series; provided, that Restricted Subsidiary shall not include any Subsidiary the primary business of which consists of financing
operations in connection with leasing and conditional sales transactions on behalf of the Company, the Guarantor and their Subsidiaries,
and/or purchasing accounts receivable and/or making loans secured by accounts receivable or inventory, or which is otherwise primarily
engaged in the business of a finance company. In the event that there shall be at any time a question as to whether a Subsidiary is described
in the foregoing clause (a) or (b) or an exception described herein, such matter shall be determined for all purposes of this Indenture
by a Board Resolution.


“Securities” has the meaning stated
in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture; provided,
however, that if at any time there is more than one Person acting as Trustee under this Indenture, “Securities” with
respect to the Indenture as to which such Person is Trustee shall have the meaning stated in the first recital of this Indenture and shall
more particularly mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as
to which such Person is not Trustee.






    	 	 	 



    11


    

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 305.


“Special Record Date” for the payment
of any Defaulted Interest on the Securities of or within any series means a date fixed by the Trustee pursuant to Section 307.


“Stated Maturity”, when used with
respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the
fixed date on which the principal of such Security or such installment of principal or interest is due and payable.


“Subsidiary” means any corporation
of which at the time of determination the Guarantor, directly and/or indirectly through one or more Subsidiaries, owns more than 50% of
the shares of Voting Stock.


“Taxing Jurisdiction” means the Republic
of South Africa, the United States or any other jurisdiction where the Company or the Guarantor is organized or tax resident or in which
the Company is treated as being engaged in a trade or business, or a jurisdiction in which any successor to the Company or the Guarantor
is organized or tax resident.


“Trust Indenture Act” or “TIA”
means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed, except as provided in Section 905
provided, however, that in the event the Trust Indenture Act is amended after such date, “Trust Indenture Act”
or “TIA” means the Trust Indenture Act of 1939 as so amended.


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


“United States” means, unless otherwise
specified with respect to any Securities pursuant to Section 301, the United States of America (including the states and the District
of Columbia), its territories, its possessions and other areas subject to its jurisdiction.


“United States person” means, unless
otherwise specified with respect to any Securities pursuant to Section 301, an individual who is a citizen or resident of the United
States, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state thereof or
the District of Columbia or an estate or trust the income of which is subject to United States federal income taxation regardless of its
source.


“Valuation Date” has the meaning specified
in Section 312(c).


“Voting Stock” means stock of the
class or classes having general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers
or trustees of a corporation (irrespective of whether or not at the time stock of any other class or classes shall have or might have
voting power by reason of the happening of any contingency).






    	 	 	 



    12


    

“Yield to Maturity” means the yield
to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of interest on such
Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation principles.


SECTION
102. Compliance Certificates and Opinions.


Upon any application or request by the Company
or the Guarantor to the Trustee to take any action under any provision of this Indenture, the Company or the Guarantor, as the case may
be, shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture
(including any covenant compliance with which constitutes a condition precedent) relating to the proposed action have been complied with
and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with,
except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.


Every certificate or opinion with respect to compliance
with a covenant or condition provided for in this Indenture (other than pursuant to Section 1004) shall include:


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


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


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


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


SECTION
103. Form of Documents Delivered to Trustee.


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






    	 	 	 



    13


    

Any certificate or opinion of a director or an
officer of the Company or the Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such director or officer knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion
of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, a director
or officer of the Company or the Guarantor, as the case may be, stating that the information with respect to such factual matters is in
the possession of the Company or the Guarantor, as the case may be, unless such counsel knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to such matters are erroneous.


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


SECTION
104. Acts of Holders.


(a)       Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. Except as
herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered
to the Trustee and, where it is hereby expressly required, to the Company and the Guarantor. Such instrument or instruments and any such
record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing
any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and conclusive in
favor of the Trustee, the Company and the Guarantor and any agent of the Trustee, the Company or the Guarantor, if made in the manner
provided in this Section.


(b)       The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution
or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity
other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date
of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other
manner which the Trustee deems sufficient.


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


(d)       Intentionally
Omitted.






    	 	 	 



    14


    

(e)       If
the Company or the Guarantor shall solicit from the Holders of Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company or the Guarantor, as the case may be, may, at its option, by or pursuant to a Board Resolution, fix in
advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent,
waiver or other Act, but neither the Company nor the Guarantor shall have any obligation to do so. Notwithstanding TIA Section 316(c),
such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the
date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation
is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may
be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed
to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or
agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the
Outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement or consent by the
Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not
later than eleven months after the record date.


(f)       Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Company or the Guarantor in reliance
thereon, whether or not notation of such action is made upon such Security.


SECTION
105. Notices, etc. to Trustee, the Company and the Guarantor.


Any notice or communication shall be sufficiently
given to the Trustee, the Company or the Guarantor, as the case may be, if written in English and (a) if delivered in person, when received
or (b) if mailed by registered or overnight mail, the official postmark date or (c) as between the Company, the Guarantor or the Trustee,
if sent by facsimile transmission, when transmission is confirmed, in each case addressed as follows:


if to the Company:


Sasol Financing USA LLC


12120 Wickchester Lane


Houston, Texas 77079


United States


Telephone No.: [•]


 


if to the Guarantor:


Sasol Limited


Sasol Place


50 Katherine Street


Sandton 2196


South Africa


Telephone No.: +27 10 344 5000


Attention: Senior Vice President: Legal, Intellectual Property
& Regulatory Services


 


if to the Trustee:


Wilmington Savings Fund Society, FSB


500 Delaware Avenue


Wilmington, DE 19801


United States


Facsimile No.: [•]


Attention: Global Capital Markets


 






    	 	 	 



    15


    

The Trustee agrees to accept and act upon facsimile
or email transmission of written instructions pursuant to this Indenture; provided, however, that (a) the party providing such written
instructions, subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions
to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative
of the party providing such instructions or directions.


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


 


SECTION
106. Notice to Holders; Waiver.


Where this Indenture provides for notice of any
event to Holders of Securities by the Company, the Guarantor or the Trustee, such notice shall be sufficiently given (unless otherwise
herein expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder affected by such event, at his address
as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Holders of Securities is given by mail, neither the failure to mail such notice, nor any defect
in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders of Securities
given as provided. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by
such Holder, whether or not such Holder actually receives such notice.


In case, by reason of the suspension of or irregularities
in regular mail service or by reason of any other cause, it shall be impractical to mail notice of any event to Holders of Securities
when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be
satisfactory to the Trustee shall be deemed to be sufficient giving of such notice for every purpose hereunder.


Any request, demand, authorization, direction,
notice, consent or waiver required or permitted under this Indenture shall be in the English language.


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.


Notwithstanding any other provision of this Indenture
or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder
of a global Security (whether by mail or otherwise), such notice shall be sufficiently given when delivered to the Depositary for such
Security (or its designee) pursuant to the customary procedures of such Depositary.






    	 	 	 



    16


    

SECTION
107. Effect of Headings and Table of Contents.


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


SECTION
108. Successors and Assigns.


All covenants and agreements in this Indenture
by the Company or the Guarantor shall bind their successors and assigns, whether so expressed or not.


SECTION
109. Separability Clause.


In case any provision in this Indenture or in
any Security 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
110. Benefits of Indenture.


Nothing in this Indenture or in the Securities
or any Guarantee, express or implied, shall give to any Person, other than the parties hereto, any Authenticating Agent, any Paying Agent,
any Securities Registrar and their successors hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy
or claim under this Indenture.


SECTION
111. Governing Law.


This Indenture and the Securities shall be governed
by and construed in accordance with the law of the State of New York. This Indenture is subject to the provisions of the Trust Indenture
Act that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions.


SECTION
112. Legal Holidays.


In any case where any Interest Payment Date, Redemption
Date, sinking fund payment date or Stated Maturity or Maturity of any Security shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture or of any Security other than a provision in the Securities of any series which
specifically states that such provision shall apply in lieu of this Section), payment of principal (or premium, if any) or interest, if
any, need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment
with the same force and effect as if made on the Interest Payment Date or Redemption Date or sinking fund payment date, or at the Stated
Maturity or Maturity; provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption
Date, sinking fund payment date, Stated Maturity or Maturity, as the case may be.






    	 	 	 



    17


    

SECTION
113. Submission to Jurisdiction; Appointment of Agent for Service of Process.


The Guarantor hereby appoints CT Corporation System
acting through its office at 111 Eighth Avenue, New York, New York 10011 as its authorized agent (the “Authorized Agent”)
upon which process may be served in any legal action or proceeding against it with respect to its obligations under this Indenture, the
Securities of any series or the Guarantee, instituted in any federal or state court in the Borough of Manhattan, The City of New York
by the Holder of any Security and the Guarantor agrees that service of process upon such Authorized Agent, together with written notice
of said service to the Guarantor by the Person serving the same addressed as provided in Section 105, shall be deemed in every respect
effective service of process upon it in any such legal action or proceeding. Each of the Company and the Guarantor hereby irrevocably
submits to the non-exclusive jurisdiction of any such court in respect of any such legal action or proceeding and waives any objection
it may have to the laying of the venue of any such legal action or proceeding. Such designation shall be irrevocable until all amounts
in respect of the principal of and any premium and interest due and to become due on or in respect of all the Securities issued under
this Indenture have been paid by the Company or the Guarantor, as the case may be, to the Trustee pursuant to the terms hereof, the Securities
and the Guarantee. Notwithstanding the foregoing, the Guarantor reserves the right to appoint another Person, selected in its discretion,
as a successor Authorized Agent, and upon acceptance of such consent to service of process by such a successor, the designation of the
prior Authorized Agent shall terminate. The Guarantor shall give written notice to the Trustee and all Holders of the designation by it
of a successor Authorized Agent. If for any reason CT Corporation System ceases to be able to act as the Authorized Agent, the Guarantor
will appoint a successor Authorized Agent in accordance with the preceding sentence. The Guarantor further agrees to take any and all
action, including the filing of any and all documents and instruments as may be necessary to continue such designation of such agent in
full force and effect until this Indenture has been satisfied and discharged. Service of process upon the Authorized Agent addressed to
it at the address set forth above, as such address may be changed by notice given by the Authorized Agent to the Trustee, together with
written notice of such service mailed or delivered to the Guarantor shall be deemed, in every respect, effective service of process on
the Guarantor.


SECTION
114. Waiver of Jury Trial


EACH OF THE COMPANY, THE GUARANTOR AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.


SECTION
115. Force Majeure


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






    	 	 	 



    18


    

SECTION
116. USA PATRIOT Act Section 326 Customer Identification Program


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


Article
Two



SECURITY FORMS


SECTION
201. Forms Generally


The Securities of each series shall be in substantially
the forms as shall be established by or pursuant to a Board Resolution 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 such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply
with the rules of any securities exchange or as may, consistently herewith, be determined by the directors and officers executing such
Securities, as evidenced by their execution of the Securities. If the forms of Securities of any series are established by action taken
pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by any director or secretary of the
Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication
and delivery of such Securities. Any portion of the text of any Security may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Security.


If Article Sixteen is to be applicable to Securities
of any series, established as contemplated by Section 301, then Securities of each such series shall bear a Guarantee in substantially
the form set forth in Section 204. For any other series of Securities, the Guarantee shall be endorsed on the Securities and shall
be substantially in the form established by or pursuant to Board Resolutions of the Guarantor in accordance with Section 301 or one
or more indentures supplemental hereto. Notwithstanding the foregoing, the Guarantee or the Guarantees to be endorsed on the Securities
of any series may have such appropriate insertions, omissions, substitutions and other corrections from the forms thereof referred to
above as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith,
be determined by the directors or officers delivering the same, in each case as evidenced by such delivery.


The Trustee’s certificate of authentication
on all Securities shall be in substantially the form set forth in this Article.


The definitive Securities shall be printed, lithographed
or engraved on steel-engraved borders or may be produced in any other manner, all as determined by the officers executing such Securities,
as evidenced by their execution of such Securities.






    	 	 	 



    19


    

SECTION
202. Form of Trustee’s Certificate of Authentication.


Subject to Section 611, the Trustee’s
certificate of authentication shall be in substantially the following form:


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


Dated: ____________________


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


	 	WILMINGTON SAVINGS FUND SOCIETY, FSB
	 	 	 
	 	 	as Trustee
	 	 	 
	 	By	 
	 	 	Authorized Signatory







SECTION
203. Securities Issuable in Global Form.


If Securities of or within a series are issuable
in global form, as specified as contemplated by Section 301, then, notwithstanding clause (8) of Section 301, any such
Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall
represent the aggregate amount of Outstanding Securities of such series from time to time endorsed thereon and that the aggregate amount
of Outstanding Securities of such series represented thereby may from time to time be increased or decreased to reflect exchanges. Any
endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented
thereby shall be made by the Trustee in such manner and upon written instructions given by such Person or Persons as shall be specified
therein or in the Company Order to be delivered to the Trustee pursuant to Section 303 or Section 304. Subject to the provisions
of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in permanent global form
in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company
Order pursuant to Section 303 or Section 304 has been, or simultaneously is, delivered, any instructions by the Company with
respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not comply with Section 102
and need not be accompanied by an Opinion of Counsel.


The provisions of the last sentence of the penultimate
paragraph of Section 303 shall apply to any Security represented by a Security in global form if such Security was never issued and
sold by the Company and the Company delivers to the Trustee the Security in global form together with written instructions (which need
not comply with Section 102 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount
of Securities represented thereby, together with the written statement contemplated by the last sentence of the penultimate paragraph
of Section 303.


Notwithstanding the provisions of Section 307,
unless otherwise specified as contemplated by Section 301, payment of principal of (and premium, if any) and interest, if any, on
any Security in permanent global form shall be made to the Person or Persons specified therein.






    	 	 	 



    20


    

Notwithstanding the provisions of Section 309
and except as provided in the preceding paragraph, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor
and the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security,
the Holder of such permanent global Security in registered form.


SECTION
204. Form of Guarantee.


The Guarantee afforded by Article Sixteen shall
be endorsed on the Securities of any applicable series substantially as follows:


For value received, Sasol Limited, a corporation
duly organized and existing under the laws of the Republic of South Africa (herein called the “Guarantor”, which term includes
any successor Person under the Indenture (the “Indenture”) referred to in the Security on which this Guarantee is endorsed),
has unconditionally guaranteed, pursuant to the terms of the Guarantee contained in Article Sixteen of the Indenture, the due and punctual
payment of the principal (including any amount due in respect of original issue discount) of and any premium and interest on and Additional
Amounts with respect to such Security, and the due and punctual payment of any sinking fund payments provided for pursuant to the terms
of such Security, when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call
for redemption or otherwise, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder, in accordance
with the terms of such Security and the Indenture.


All payments pursuant to this Guarantee shall
be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges
of whatever nature imposed or levied by or on behalf of the Republic of South Africa, the United States or any other jurisdiction where
the Company or any Guarantor is organized or tax resident or is treated as being engaged in a trade or business, or the jurisdiction in
which any successor to the Company or the Guarantor is organized or tax resident, or any political subdivision or taxing authority thereof
or therein, unless such taxes, duties, assessments or governmental charges are required by the Republic of South Africa, the United States
or such other jurisdiction or any such subdivision or authority to be withheld or deducted. In that event, the Guarantor will pay such
Additional Amounts as will result (after deduction of such taxes, duties, assessments or governmental charges and any additional taxes,
duties, assessments or governmental charges payable in respect of such) in the payment to the Holder of the Security on which this Guarantee
is endorsed of the amounts which would have been payable in respect of the Guarantee thereof had no such withholding or deduction been
required, subject to certain exceptions as set forth in Article Ten of the Indenture.


The obligations of the Guarantor to the Holders
of the Securities and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article Sixteen of the Indenture,
and reference is hereby made to such Article and Indenture for the precise terms of the Guarantee.


The Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication on the Security upon which this Guarantee is endorsed shall have been executed
by the Trustee under the Indenture by the manual signature of one of its authorized signatories.






    	 	 	 



    21


    

Capitalized terms used herein and not otherwise
defined herein have the meanings specified in the Indenture.


IN WITNESS WHEREOF, the Guarantor has caused this
instrument to be duly executed.








	 	Dated:
	 	 
	 	 
	 	SASOL LIMITED
	 	 	 
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:







 


Article
Three



THE SECURITIES


SECTION
301. 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.
There shall be established in one or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject
to Section 303, set forth in, or determined in the manner provided in, an Officer’s Certificate, or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of any series, any or all of the following, as applicable (each of
which (except for the matters set forth in clauses (1), (2) and (17) below), if so provided, may be determined from time to time
by the Company with respect to unissued Securities of the series and set forth in such Securities of the series when issued from time
to time):


(1)       the
title of the Securities of the series (which shall distinguish the Securities of the series from all other series of Securities);


(2)       any
limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 304, 305, 306, 906, 1107 or 1305);


(3)       the
date or dates, or the method by which such date or dates will be determined or extended, on which the principal of the Securities of the
series is payable;






    	 	 	 



    22


    

(4)       the
rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall be determined,
the date or dates from which such interest shall accrue, or the method by which such date or dates shall be determined, the Interest Payment
Dates on which such interest shall be payable and the Regular Record Date, if any, for the interest payable on any Security on any Interest
Payment Date, or the method by which such date or dates shall be determined, and the basis upon which interest shall be calculated if
other than on the basis of a 360-day year of twelve 30-day months;


(5)       the
place or places, if any, other than or in addition to Wilmington, Delaware where the principal of (and premium, if any) and interest,
if any, on Securities of the series shall be payable, where any Securities of the series may be surrendered for registration of transfer,
where Securities of the series may be surrendered for exchange, where Securities of the series that are exchangeable may be surrendered
for exchange, as applicable and, if different than the location specified in Section 106, the place or places where notices or demands
to or upon the Company in respect of the Securities of the series and this Indenture may be served;


(6)       the
period or periods within which, the price or prices at which, the Currency in which, and other terms and conditions upon which Securities
of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have that option;


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


(8)       if
other than denominations of $200,000 and any integral multiple of $1,000 in excess thereof, the denomination or denominations in which
any Securities of the series shall be issuable;


(9)       if
other than the Trustee, the identity of each Security Registrar and/or Paying Agent;


(10)       if
other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to Section 502 or the method by which such portion shall be determined;


(11)       if
other than Dollars, the Currency in which payment of the principal of (or premium, if any) or interest, if any, on the Securities of the
series shall be payable or in which the Securities of the series shall be denominated and the particular provisions applicable thereto
in accordance with, in addition to or in lieu of any of the provisions of Section 312;


(12)       whether
the amount of payments of principal of (or premium, if any) or interest, if any, on the Securities of the series may be determined with
reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or more Currencies,
commodities, equity indices or other indices), and the manner in which such amounts shall be determined;






    	 	 	 



    23


    

(13)       whether
the principal of (or premium, if any) or interest, if any, on the Securities of the series are to be payable, at the election of the Company,
the Guarantor or a Holder thereof, in a Currency other than that in which such Securities are denominated or stated to be payable, the
period or periods within which (including the Election Date), and the terms and conditions upon which, such election may be made, and
the time and manner of determining the exchange rate between the Currency in which such Securities are denominated or stated to be payable
and the Currency in which such Securities are to be so payable, in each case in accordance with, in addition to or in lieu of any of the
provisions of Section 312;


(14)       the
designation of the initial Exchange Rate Agent, if any;


(15)       the
applicability, if any, of Sections 1402 and/or 1403 to the Securities of the series and any provisions in modification of, in addition
to or in lieu of any of the provisions of Article Fourteen that shall be applicable to the Securities of the series;


(16)       provisions,
if any, granting special rights to the Holders of Securities of the series, including any provisions requiring the Company to make offers
to repurchase Securities, upon the occurrence of such events as may be specified;


(17)       any
deletions from, modifications of or additions to the Events of Default or covenants (including any deletions from, modifications of or
additions to Section 1008) of the Company or the Guarantor, as the case may be, with respect to Securities of the series, whether
or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein;


(18)       whether
any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to be
issuable in permanent global form and, if so, whether beneficial owners of interests in any such permanent global Security may exchange
such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which
any such exchanges may occur, if other than in the manner provided in Section 305, and the circumstances under which and the place
or places where any such exchanges may be made and if Securities of the series are to be issuable in global form, the identity of any
initial depository therefor;


(19)       the
date as of which any temporary global Security representing Outstanding Securities of the series shall be dated if other than the date
of original issuance of the first Security of the series to be issued;


(20)       the
Person to whom any interest on any Security of the series shall be payable, if other than the Person in whose name that Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, the manner in which
any interest payable on a temporary global Security on an Interest Payment Date will be paid if other than in the manner provided in Section 304;






    	 	 	 



    24


    

(21)       if
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/or terms of
such certificates, documents or conditions;


(22)       if
the Securities of the series are to be issued upon the exercise of warrants, the time, manner and place for such Securities to be authenticated
and delivered;


(23)       whether,
under what circumstances and the Currency in which the Company or the Guarantor will pay Additional Amounts as contemplated by Section 1005
on the Securities of the series in respect of any tax, assessment or governmental charge and, if so, whether the Company or the Guarantor
will have the option to redeem such Securities rather than pay such Additional Amounts (and the terms of any such option);


(24)       if
the Securities of the series are to be exchangeable for any securities of any Person (including the Guarantor), the terms and conditions
upon which such Securities will be so exchangeable;


(25)       if
the Securities will be entitled to the benefit of the Guarantee afforded by Article Sixteen or, if not, the form of the Guarantee to be
endorsed on the Securities;


(26)       if
the Securities of the series or the Guarantee therefor are to be subordinated to any other Debt, the terms and conditions of such subordination;


(27)       the
percentages applicable to each of (i) the definition of Principal Property, (ii) Section 1006 and (iii) Section 1007(a) for
such Securities; and


(28)       any
other terms, conditions, rights and preferences (or limitations on such rights and preferences) relating to the series (which terms shall
not be inconsistent with the requirements of the Trust Indenture Act or the provisions of this Indenture).


All Securities of any one series shall be substantially
identical except as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution (subject to Section 303)
and set forth in such Officer’s Certificate or in any such indenture supplemental hereto. Not all Securities of any one series need
be issued at the same time, and, unless otherwise provided, a series may be reopened without the consent of the Holders for issuances
of additional Securities of such series; provided, however, that in the case that the outstanding or additional Securities
of a series were or are offered for sale in the United States, such additional Securities that have the same CUSIP, ISIN, common code
or other identifying numbers as the outstanding Securities of such series must be fungible with the outstanding Securities of such series
for U.S. federal income tax purposes.


If any of the terms of the series are established
by action taken pursuant to one or more Board Resolutions, such Board Resolutions shall be delivered to the Trustee at or prior to the
delivery of the Officer’s Certificate setting forth the terms of the series.






    	 	 	 



    25


    

SECTION
302. Denominations.


The Securities of each series shall be issuable
in such denominations as shall be specified as contemplated by Section 301. With respect to Securities of any series denominated
in Dollars, in the absence of any such provisions, the Securities of such series, other than Securities issued in global form (which may
be of any denomination), shall be issuable in denominations of $200,000 and any integral multiple of $1,000 in excess thereof.


SECTION
303. Execution, Authentication, Delivery and Dating.


The Securities and the Guarantees to be noted
or endorsed on the Securities shall be executed on behalf of the Company by any director of the Company, and on behalf of the Guarantor
by any director of the Guarantor. The signature of any of these persons on the Securities and the Guarantees, as the case may be, may
be the manual or facsimile signatures of the present or any future such director or officer and may be imprinted or otherwise reproduced
on the Securities. If Article Sixteen is to be applicable to the Securities of any series, established as contemplated by Section 301,
then the Guarantees noted or endorsed on the Securities of such series shall be executed as provided in Section 1602.


Securities or any Guarantee bearing the manual
or facsimile signatures of individuals who were at any time the proper directors or officers of the Company or the Guarantor, as the case
may be, shall bind the Company or the Guarantor, as the case may be, notwithstanding that such individuals or any of them have ceased
to hold such offices prior to the authentication and delivery of such Securities or Guarantee or did not hold such offices at the date
of such Securities or such Guarantee.


At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any series, executed by the Company, having Guarantees noted or
endorsed thereon executed by the Guarantor, to the Trustee for authentication, together with a Company Order for the authentication and
delivery of such Securities, and the Trustee in accordance with such Company Order shall authenticate and deliver such Securities. If
any Security shall be represented by a permanent global Security, then, for purposes of this Section and Section 304, the notation
of a beneficial owner’s interest therein upon original issuance of such Security or upon exchange of a portion of a temporary global
Security shall be deemed to be delivery in connection with its original issuance of such beneficial owner’s interest in such permanent
global Security. If not all the Securities of any series are to be issued at one time and if the Board Resolution, Officer’s Certificate
or supplemental indenture establishing such series shall so permit, such Company Order may set forth procedures acceptable to the Trustee
for the issuance of such Securities and determining terms of particular Securities of such series such as interest rate, stated maturity,
date of issuance and date from which interest shall accrue.


In authenticating such Securities, and accepting
the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be given, and (subject to TIA Sections 315(a)
through 315(d)) shall be fully protected in relying upon, an Opinion of Counsel stating:


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






    	 	 	 



    26


    

(b)       that
the terms of such Securities and Guarantee have been established in conformity with the provisions of this Indenture;


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


(d)       all
conditions precedent to be complied with on the part of the Company and the Guarantor in respect of the execution and delivery by the
Company and the Guarantor, as applicable, of such Securities and the authentication of the Securities by the Trustee have been complied
with.


Notwithstanding the provisions of Section 301
and of the preceding two paragraphs, if not all the Securities of any series are to be issued at one time, it shall not be necessary to
deliver the Officer’s Certificate otherwise required pursuant to Section 301 or the Company Order and Opinion of Counsel otherwise
required pursuant to the preceding two paragraphs prior to or at the time of issuance of each Security, but such documents shall be delivered
prior to or at the time of issuance of the first Security of such series.


The Trustee shall not be required to authenticate
and deliver any 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.


Each Security shall be dated the date of its authentication.


No Security or Guarantee shall be entitled to
any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein duly executed by the Trustee by manual signature of an authorized officer, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security and Guarantee have been duly authenticated and
delivered hereunder and are entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been
authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee
for cancellation as provided in Section 310 together with a written statement (which need not comply with Section 102 and need
not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes
of this Indenture such Security, and the related Guarantee, shall be deemed never to have been authenticated and delivered hereunder and
shall never be entitled to the benefits of this Indenture (including, if applicable, the Guarantee pursuant to Article Sixteen).






    	 	 	 



    27


    

The delivery of any Security by the Trustee, after
the authentication thereof hereunder, shall constitute delivery of the Guarantee endorsed or noted thereon on behalf of the Guarantor.
The Guarantor by its execution of this Indenture hereby authorizes the Company, in the name and on behalf of the Guarantor, to confirm
the applicable Guarantee to the Holder of each Security authenticated and delivered hereunder by its execution and delivery of each such
Security, with such Guarantee noted or endorsed thereon, authenticated and delivered by the Trustee. When delivered pursuant to the provisions
of Section 303 hereof, only Guarantees endorsed or noted on the Securities shall bind the Guarantor, notwithstanding the fact that the
Guarantee does not bear the signature of the Guarantor.


SECTION
304. Temporary Securities.


Pending the preparation of definitive Securities
of any series, the Company may execute, the Guarantor may execute its Guarantee to be noted or endorsed on, and upon Company Order the
Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced,
in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered
form, and with such appropriate insertions, omissions, substitutions and other variations as conclusively the directors or officers executing
such Securities, or Guarantees or notations of the Guarantee pursuant to Article Sixteen, as applicable, may determine, as conclusively
evidenced by their execution of such Securities or Guarantees or notations, as the case may be. Such temporary Securities may be in global
form.


Except in the case of temporary Securities in
global form (which shall be exchanged in accordance with the provisions of the following paragraphs), if temporary Securities of any series
are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation
of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such
series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that
series, 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 Guarantor shall execute the Guarantee noted or endorsed on, and the Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Securities of the same series of authorized denominations. Until so exchanged the temporary
Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such
series.


If temporary Securities of any series are issued
in global form, any such temporary global Security shall, unless otherwise provided therein, be delivered to the London office of a depositary
or common depositary (the “Common Depositary”), for the benefit of Euroclear and Clearstream, for credit to the respective
accounts of the beneficial owners of such Securities (or to such other accounts as they may direct).


Without unnecessary delay but in any event not
later than the date specified in, or determined pursuant to the terms of, any such temporary global Security (the “Exchange Date”),
the Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal amount of such temporary
global Security, executed by the Company and, as applicable, the Guarantor. On or after the Exchange Date such temporary global Security
shall be surrendered by the Common Depositary to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole
or from time to time in part, for definitive Securities without charge and the Trustee shall authenticate and deliver, in exchange for
each portion of such temporary global Security, an equal aggregate principal amount of definitive Securities of the same series of authorized
denominations and of like tenor as the portion of such temporary global Security to be exchanged. 



    	 	 	 



    28


    

The definitive Securities to be delivered
in exchange for any such temporary global Security shall be in registered form or permanent global registered form, or any combination
thereof, as specified as contemplated by Section 301, and, if any combination thereof is so specified, as requested by the beneficial
owner thereof; provided, however, that, unless otherwise specified in such temporary global Security, upon such presentation
by the Common Depositary, such temporary global Security is accompanied by a certificate dated the Exchange Date or a subsequent date
and signed by Euroclear as to the portion of such temporary global Security held for its account then to be exchanged and a certificate
dated the Exchange Date or a subsequent date and signed by Clearstream as to the portion of such temporary global Security held for its
account then to be exchanged, each in the form set forth in Exhibit A-2 to this Indenture (or in such other form as may be established
pursuant to Section 301).


SECTION
305. Registration, Registration of Transfer and Exchange.


The Company shall cause to be kept at the Corporate
Trust Office of the Trustee a register for each series of Securities (the registers maintained in the Corporate Trust Office of the Trustee
and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security
Register”) in which, subject to such reasonable regulations as it may prescribe, the Company or the Guarantor shall provide for
the registration of Securities and of transfers of Securities. The Security Register shall be in written form or any other form capable
of being converted into written form within a reasonable time. At all reasonable times, the Security Register shall be open to inspection
by the Trustee. The Trustee is hereby initially appointed as security registrar (the “Security Registrar”) for the purpose
of registering Securities and transfers of Securities as herein provided.


Upon surrender for registration of transfer of
any Security of any series at the office or agency in a Place of Payment for that series, the Company shall execute, and the Guarantor
shall execute the Guarantee noted or endorsed on, and the Trustee shall authenticate and deliver, in the name of the designated transferee,
one or more new Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor.


At the option of the Holder, Securities of any
series may be exchanged for other Securities of the same series, of any authorized denomination and of a like aggregate principal amount,
upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the
Company shall execute, and the Guarantor shall execute the Guarantee on, and the Trustee shall authenticate and deliver, the Securities
which the Holder making the exchange is entitled to receive.


Notwithstanding the foregoing, except as otherwise
specified as contemplated by Section 301, any permanent global Security shall be exchangeable only as provided in this paragraph.
If any beneficial owner of an interest in a permanent global Security is entitled to exchange such interest for Securities of such series
and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated by Section 301 and
provided that any applicable notice provided in the permanent global Security shall have been given, then without unnecessary delay but
in any event not later than the earliest date on which such interest may be so exchanged, the Company shall deliver to the Trustee definitive
Securities in aggregate principal amount equal to the principal amount of such beneficial owner’s interest in such permanent global
Security, executed by the Company and the Guarantor. 



    	 	 	 



    29


    

On or after the earliest date on which such interests may be so exchanged, such permanent
global Security shall be surrendered by the Common Depositary or such other depositary as shall be specified in the Company Order with
respect thereto to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or from time to time in part,
for definitive Securities without charge, and the Trustee shall authenticate and deliver, in exchange for each portion of such permanent
global Security, an equal aggregate principal amount of definitive Securities of the same series of authorized denominations and of like
tenor as the portion of such permanent global Security to be exchanged which shall be in the form of Securities, as shall be specified
by the beneficial owner thereof; provided, however, that no such exchanges may occur during a period beginning at the opening
of business 15 days before any selection of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which
exchange is requested may be among those selected for redemption. If a Security is issued in exchange for any portion of a permanent global
Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before
the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before
the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, interest or Defaulted
Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect
of such Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person
to whom interest in respect of such portion of such permanent global Security is payable in accordance with the provisions of this Indenture.


The provisions of clauses (1), (2), (3) and (4)
below shall apply only to global Securities:


(1)       Each
global Security authenticated under this Indenture shall be registered in the name of the depositary designated for such global Security
or a nominee thereof and delivered to such depositary or a nominee thereof or custodian therefor, and each such global Security shall
constitute a single Security for all purposes of this Indenture.


(2)       Notwithstanding
any other provision in this Indenture, no global Security may be exchanged for Securities registered, and no transfer of a global Security
in whole or in part may be registered, in the name of any Person other than the depositary for such global Security or a nominee thereof
unless (A) such depositary (i) has notified the Company that it is unwilling or unable to continue as depositary for such global Security
or (ii) has ceased to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and the Company does not
appoint another institution to act as depositary within 120 days after the date of the notice described in clause (i) or the cessation
described in clause (ii), as the case may be, (B) the Company notifies the Trustee that the Company desires to terminate such global Security,
(C) there shall have occurred and be continuing an Event of Default with respect to such global Security or (D) there shall exist such
other circumstances, if any, as have been specified for this purpose as contemplated by Section 301.


(3)       Subject
to clause (2) above, any exchange of a global Security for other Securities may be made in whole or in part, and all Securities issued
in exchange for a global Security or any portion thereof shall be registered in such names as the depositary for such global Security
shall direct.






    	 	 	 



    30


    

(4)       Every
Security authenticated and delivered upon registration or transfer of, or in exchange for or in lieu of, a global Security or any portion
thereof, whether pursuant to this Section, Section 304, 306, 906 or 1107 or otherwise, shall be authenticated and delivered in the
form of, and shall be a global Security, unless such Security is registered in the name of a Person other than the depositary for such
global Security or a nominee thereof.


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


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


Whenever authenticating a security, the Trustee
shall be entitled to request and rely upon a Company Order to authenticate such Security.


Notwithstanding anything contained herein to the
contrary, neither the Trustee nor the Security Registrar shall be responsible for ascertaining whether any transfer complies with the
registration provisions of or exemptions from the Securities Act or applicable state securities laws.


No service charge shall be made for any registration
of transfer or exchange of Securities, but the Company or the Guarantor, as the case may be, may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 304, 906, 1107 or 1305 not involving any transfer.


The Company shall not be required (i) to
issue, register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days before
the day of the selection for redemption of Securities of that series under Section 1103 or 1203 and ending at the close of business
on the day of the mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Security so selected
for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part; provided that such Security
shall be simultaneously surrendered for redemption, or (iv) to issue, register the transfer of or exchange any Security which has
been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid.


Neither the Trustee nor any Agent shall have any
responsibility for any actions taken or not taken by Euroclear, Clearstream or the Depositary.






    	 	 	 



    31


    

SECTION
306. Mutilated, Destroyed, Lost and Stolen Securities.


If any mutilated Security is surrendered to the
Trustee, together with, in proper cases, such security or indemnity as may be required by the Company, the Guarantor or the Trustee to
save each of them or any agent of each of them harmless, the Company shall execute, the Guarantor shall execute the Guarantee noted or
endorsed thereon, and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor
and principal amount and bearing a number not contemporaneously outstanding.


If there shall be delivered to the Company, the
Guarantor and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such
security or indemnity as may be required by them to save each of them and any agent of each of them harmless, then, in the absence of
notice to the Company, the Guarantor or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute,
the Guarantor shall execute the Guarantee noted or endorsed thereon, and upon Company Order or a Guarantor Order the Trustee shall authenticate
and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding.


Notwithstanding the provisions of the previous
two paragraphs, in case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company
in its discretion may, instead of issuing a new Security, appertaining to such mutilated, destroyed, lost or stolen Security, pay such
Security.


Upon the issuance of any new Security under this
Section, the Company may require the 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 issued pursuant
to this Section in lieu of any mutilated, destroyed, lost or stolen Security, and the Guarantee thereon, shall constitute an original
additional contractual obligation of the Company and the Guarantor, whether or not the mutilated, destroyed, lost or stolen Security shall
be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any
and all other Securities of that series, if any, and the Guarantees duly issued hereunder.


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


SECTION
307. Payment of Interest; Interest Rights Preserved; Optional Interest Reset.


(a)       Unless
otherwise provided as contemplated by Section 301 with respect to any series of Securities, interest, if any, on any Security which
is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest at the office
or agency of the Company maintained for such purpose pursuant to Section 1002; provided, however, that each installment
of interest, if any, on any Security may at the Company’s option be paid by (i) mailing a check for such interest, payable
to or upon the written order of the Person entitled thereto pursuant to Section 309, to the address of such Person as it appears
on the Security Register or (ii) on any global Security by wire transfer of immediately available funds to an account maintained
by such Person.






    	 	 	 



    32


    

Unless otherwise provided as contemplated by Section
301, every permanent Security of any series that is issued in global form will provide that interest, if any, payable on any Interest
Payment Date will be paid upon receipt of funds by the Trustee to each of (i) the Depositary and/or (ii) Euroclear and/or Clearstream
with respect to that portion of such permanent Security of any series that is issued in global form held for its account by the Common
Depositary, as the case may be, for the purpose of permitting each of the Depositary and/or Euroclear and Clearstream, as the case may
be, to credit the interest, if any, received by it in respect of such permanent Security of any series issued in global form, to the accounts
of the beneficial owners thereof.


Any interest on any Security of any series which
is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the Holder
on the relevant Regular Record Date by virtue of having been such Holder, and such defaulted interest and, if applicable, interest on
such defaulted interest (to the extent lawful) at the rate specified in the Securities of such series (such defaulted interest and, if
applicable, interest thereon herein collectively called “Defaulted Interest”) may be paid by the Company or the Guarantor,
at its election in each case, as provided in clause (1) or (2) below:


(1)       The
Company or the Guarantor may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series
(or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company or the Guarantor shall notify the Trustee in writing of
the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the
same time the Company or the Guarantor, as the case may be, shall deposit with the Trustee an amount of money in the Currency in which
the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series
and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of
the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest
as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall
be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt
by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company and the Guarantor, as the case may
be, of such Special Record Date and, in the name and at the expense of the Company or the Guarantor, as the case may be, shall cause notice
of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given in the manner provided in Section 106,
not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record
Date therefor having been so given, such Defaulted Interest shall be paid to the Persons in whose name the Securities of such series (or
their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (2).






    	 	 	 



    33


    

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


(b)       The
provisions of this Section 307(b) may be made applicable to any series of Securities pursuant to Section 301 (with such modifications,
additions or substitutions as may be specified pursuant to such Section 301). The interest rate (or the spread or spread multiplier
used to calculate such interest rate, if applicable) on any Security of such series may be reset by the Company or the Guarantor, as the
case may be, on the date or dates specified on the face of such Security (each an “Optional Reset Date”). The Company or the
Guarantor, as the case may be, may exercise such option with respect to such Security by notifying the Trustee of such exercise at least
50 but not more than 60 days prior to an Optional Reset Date for such Note. Not later than 40 days prior to each Optional Reset Date,
the Trustee at the written request of the Company shall transmit, in the manner provided for in Section 106, to the Holder of any
such Security a notice (the “Reset Notice”) indicating whether the Company or the Guarantor, as the case may be, has elected
to reset the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable), and if so (i) such
new interest rate (or such new spread or spread multiplier, if applicable) and (ii) the provisions, if any, for redemption during
the period from such Optional Reset Date to the next Optional Reset Date or if there is no such next Optional Reset Date, to the Stated
Maturity Date of such Security (each such period a “Subsequent Interest Period”), including the date or dates on which or
the period or periods during which and the price or prices at which such redemption may occur during the Subsequent Interest Period.


Notwithstanding the foregoing, not later than
20 days prior to the Optional Reset Date, the Company or the Guarantor, as the case may be, may, at its option, revoke the interest rate
(or the spread or spread multiplier used to calculate such interest rate, if applicable) provided for in the Reset Notice and establish
an interest rate (or a spread or spread multiplier used to calculate such interest rate, if applicable) that is higher than the interest
rate (or the spread or spread multiplier, if applicable) provided for in the Reset Notice, for the Subsequent Interest Period by causing
the Trustee to transmit, in the manner provided for in Section 106, notice of such higher interest rate (or such higher spread or
spread multiplier, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect to which
the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) is reset on an Optional Reset
Date, and with respect to which the Holders of such Securities have not tendered such Securities for repayment (or have validly revoked
any such tender) pursuant to the next succeeding paragraph, will bear such higher interest rate (or such higher spread or spread multiplier,
if applicable).






    	 	 	 



    34


    

The Holder of any such Security will have the
option to elect repayment by the Company of the principal of such Security on each Optional Reset Date at a price equal to the principal
amount thereof plus interest accrued to such Optional Reset Date. In order to obtain repayment on an Optional Reset Date, the Holder must
follow the procedures set forth in Article Thirteen for repayment at the option of Holders except that the period for delivery or
notification to the Trustee shall be at least 25 but not more than 35 days prior to such Optional Reset Date and except that, if the Holder
has tendered any Security for repayment pursuant to the Reset Notice, the Holder may, by written notice to the Trustee, revoke such tender
or repayment until the close of business on the tenth day before such Optional Reset Date.


Subject to the foregoing provisions of this Section
and Section 305, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any
other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.


SECTION
308. [Intentionally Omitted].


SECTION
309. Persons Deemed Owners.


Prior to due presentment of a Security for registration
of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in
whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium,
if any) and (subject to Sections 305 and 307) interest, if any, on such Security and for all other purposes whatsoever, whether or
not such Security be overdue, and none of the Company, the Guarantor, the Trustee or any agent of the Company, the Guarantor or the Trustee
shall be affected by notice to the contrary.


None of the Company, the Guarantor, the Trustee,
any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments
made on account of beneficial ownership interests of a Security in global form or for maintaining, supervising or reviewing any records
relating to such beneficial ownership interests.


Notwithstanding the foregoing, with respect to
any global Security, nothing herein shall prevent the Company, the Guarantor, the Trustee or any agent of the Company, the Guarantor or
the Trustee, from giving effect to any written certification, proxy or other authorization furnished by any depositary, as a Holder, with
respect to such global Security or impair, as between such depositary and owners of beneficial interests in such global Security, the
operation of customary practices governing the exercise of the rights of such depositary (or its nominee) as Holder of such global Security.


SECTION
310. Cancellation.


All Securities surrendered for payment, redemption,
repayment at the option of the Holder, registration of transfer or exchange or for credit against any current or future sinking fund payment
shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee. All Securities so delivered to the Trustee shall
be promptly cancelled by it. The Company or the Guarantor may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company or the Guarantor may have acquired in any manner whatsoever, and may deliver to
the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which
the Company or the Guarantor has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. 



    	 	 	 



    35


    

If the
Company or the Guarantor shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction
of the indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation. No Securities
shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted
by this Indenture. All cancelled Securities held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures
and, upon written request, certification of their cancellation delivered to the Company, unless by a Company Order or Guarantor Order
the Company or the Guarantor shall direct that cancelled Securities be returned to it.


SECTION
311. Computation of Interest.


Except as otherwise specified as contemplated
by Section 301 with respect to any Securities, interest, if any, on the Securities of each series shall be computed on the basis
of a 360-day year of twelve 30-day months.


SECTION
312. Currency and Manner of Payments in Respect of Securities.


(a)       Unless
otherwise specified with respect to any Securities pursuant to Section 301, with respect to Securities of any series not permitting the
election provided for in paragraph (b) below or the Holders of which have not made the election provided for in paragraph (b)
below, payment of the principal of (and premium, if any) and interest, if any, on any Security of such series will be made in the Currency
in which such Security is payable. The provisions of this Section 312 may be modified or superseded with respect to any Securities
pursuant to Section 301.


(b)       It
may be provided pursuant to Section 301 with respect to Securities of any series that Holders shall have the option, subject to paragraphs (d)
and (e) below, to receive payments of principal of (or premium, if any) or interest, if any, on such Securities in any of the Currencies
which may be designated for such election by delivering to the Trustee a written election with signature guarantees and in the applicable
form established pursuant to Section 301, not later than the close of business on the Election Date immediately preceding the applicable
payment date. Any Holder of any such Security who shall not have delivered any such election to the Trustee not later than the close of
business on the applicable Election Date will be paid the amount due on the applicable payment date in the relevant Currency as provided
in Section 312(a). The Trustee shall notify the Exchange Rate Agent as soon as practicable after the Election Date of the aggregate
principal amount of Securities for which Holders have made such written election.


(c)       Unless
otherwise specified pursuant to Section 301, if the election referred to in paragraph (b) above has been provided for pursuant
to Section 301, then, unless otherwise specified pursuant to Section 301, not later than the fourth Business Day after the Election
Date for each payment date for Securities of any series, the Exchange Rate Agent will deliver to the Company and the Guarantor a written
notice specifying, in the Currency in which Securities of such series are payable, the respective aggregate amounts of principal of (and
premium, if any) and interest, if any, on the Securities to be paid on such payment date, specifying the amounts in such Currency so payable
in respect of the Securities as to which the Holders of Securities of such series shall have elected to be paid in another Currency as
provided in paragraph (b) above. 



    	 	 	 



    36


    

If the election referred to in paragraph (b) above has been provided for pursuant to Section 301
and if at least one Holder has made such election, then, unless otherwise specified pursuant to Section 301, on the second Business
Day preceding such payment date the Company and the Guarantor will deliver to the Trustee for such series of Securities an Exchange Rate
Officer’s Certificate in respect of the Dollar or Foreign Currency payments to be made on such payment date. Unless otherwise specified
pursuant to Section 301, the Dollar or Foreign Currency amount receivable by Holders of Securities who have elected payment in a
Currency as provided in paragraph (b) above shall be determined by the Company or the Guarantor on the basis of the applicable Market
Exchange Rate in effect on the third Business Day (the “Valuation Date”) immediately preceding each payment date, and such
determination shall be conclusive and binding for all purposes, absent manifest error.


(d)       If
a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable other than pursuant
to an election provided for pursuant to paragraph (b) above, then with respect to each date for the payment of principal of (and
premium, if any) and interest, if any, on the applicable Securities denominated or payable in such Foreign Currency occurring after the
last date on which such Foreign Currency was used (the “Conversion Date”), the Dollar shall be the Currency of payment for
use on each such payment date. Unless otherwise specified pursuant to Section 301, the Dollar amount to be paid by the Company or
the Guarantor to the Trustee and by the Trustee or any Paying Agent to the Holders of such Securities with respect to such payment date
shall be, in the case of a Foreign Currency other than a currency unit, the Dollar Equivalent of the Foreign Currency or, in the case
of a currency unit, the Dollar Equivalent of the Currency Unit, in each case as determined by the Exchange Rate Agent in the manner provided
in paragraph (f) or (g) below.


(e)       Unless
otherwise specified pursuant to Section 301, if the Holder of a Security denominated in any Currency shall have elected to be paid
in another Currency as provided in paragraph (b) above, and a Conversion Event occurs with respect to such elected Currency, such
Holder shall receive payment in the Currency in which payment would have been made in the absence of such election; and if a Conversion
Event occurs with respect to the Currency in which payment would have been made in the absence of such election, such Holder shall receive
payment in Dollars as provided in paragraph (d) above.


(f)       The
“Dollar Equivalent of the Foreign Currency” shall be determined by the Exchange Rate Agent and shall be obtained for each
subsequent payment date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Conversion Date.


(g)       The
“Dollar Equivalent of the Currency Unit” shall be determined by the Exchange Rate Agent and subject to the provisions of paragraph (h)
below shall be the sum of each amount obtained by converting the Specified Amount of each Component Currency into Dollars at the Market
Exchange Rate for such Component Currency on the Valuation Date with respect to each payment.


(h)       For
purposes of this Section 312 the following terms shall have the following meanings:


A “Component Currency” shall
mean any Currency which, on the Conversion Date, was a component currency of the relevant currency unit, including, but not limited to,
the euro.






    	 	 	 



    37


    

A “Specified Amount” of a
Component Currency shall mean the number of units of such Component Currency or fractions thereof which were represented in the relevant
currency unit, including, but not limited to, the euro, on the Conversion Date. If after the Conversion Date the official unit of any
Component Currency is altered by way of combination or subdivision, the Specified Amount of such Component Currency shall be divided or
multiplied in the same proportion. If after the Conversion Date two or more Component Currencies are consolidated into a single currency,
the respective Specified Amounts of such Component Currencies shall be replaced by an amount in such single Currency equal to the sum
of the respective Specified Amounts of such consolidated Component Currencies expressed in such single Currency, and such amount shall
thereafter be a Specified Amount and such single Currency shall thereafter be a Component Currency. If after the Conversion Date any Component
Currency shall be divided into two or more Currencies, the Specified Amount of such Component Currency shall be replaced by amounts of
such two or more Currencies, having an aggregate Dollar Equivalent value at the Market Exchange Rate on the date of such replacement equal
to the Dollar Equivalent value of the Specified Amount of such former Component Currency at the Market Exchange Rate immediately before
such division and such amounts shall thereafter be Specified Amounts and such currencies shall thereafter be Component Currencies. If,
after the Conversion Date of the relevant currency unit, including, but not limited to, the euro, a Conversion Event (other than any event
referred to above in this definition of “Specified Amount”) occurs with respect to any Component Currency of such currency
unit and is continuing on the applicable Valuation Date, the Specified Amount of such Component Currency shall, for purposes of calculating
the Dollar Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange Rate in effect on the Conversion Date of
such Component Currency.


“Election Date” shall mean
the date for any series of Securities as specified pursuant to clause (13) of Section 301 by which the written election referred
to in paragraph (b) above may be made.


All decisions and determinations of the Exchange
Rate Agent regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market Exchange Rate
and changes in the Specified Amounts as specified above shall be in its sole discretion and shall, in the absence of manifest error, be
conclusive for all purposes and irrevocably binding upon the Company, the Guarantor, the Trustee and all Holders of such Securities denominated
or payable in the relevant Currency. The Exchange Rate Agent shall promptly give written notice to the Company, the Guarantor and the
Trustee of any such decision or determination.


In the event that the Company or the Guarantor
determines in good faith that a Conversion Event has occurred with respect to a Foreign Currency, the Company or the Guarantor, as applicable,
will immediately give written notice thereof to the Trustee and to the Exchange Rate Agent (and the Trustee will promptly thereafter give
notice in the manner provided for in Section 106 to the Holder of any Security that has made the election provided for in Section
312(b)) specifying the Conversion Date. In the event the Company or the Guarantor so determines that a Conversion Event has occurred with
respect to the euro or any other currency unit in which Securities are denominated or payable, the Company or the Guarantor, as applicable,
will immediately give written notice thereof to the Trustee and to the Exchange Rate Agent (and the Trustee will promptly thereafter give
notice in the manner provided for in Section 106 to the affected Holders) specifying the Conversion Date and the Specified Amount
of each Component Currency on the Conversion Date. In the event the Company or the Guarantor determines in good faith that any subsequent
change in any Component Currency as set forth in the definition of Specified Amount above has occurred, the Company or the Guarantor,
as applicable, will similarly give written notice to the Trustee and the Exchange Rate Agent.






    	 	 	 



    38


    

The Trustee shall be fully justified and protected
in relying and acting upon information received by it from the Company, the Guarantor and the Exchange Rate Agent and shall not otherwise
have any duty or obligation to determine the accuracy or validity of such information independent of the Company, the Guarantor or the
Exchange Rate Agent.


SECTION
313. Appointment and Resignation of Successor Exchange Rate Agent.


(a)       Unless
otherwise specified pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a Currency
other than Dollars or (ii) may be payable in a Currency other than Dollars, or so long as it is required under any other provision
of this Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one Exchange
Rate Agent. The Company will cause the Exchange Rate Agent to make the necessary foreign exchange determinations at the time and in the
manner specified pursuant to Section 301 for the purpose of determining the applicable rate of exchange and, if applicable, for the
purpose of converting the issued Currency into the applicable payment Currency for the payment of principal (and premium, if any) and
interest, if any, pursuant to Section 312.


(b)       No
resignation of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this Section shall become effective
until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a written instrument delivered to the Company,
the Guarantor and the Trustee.


(c)       If
the Exchange Rate Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Exchange
Rate Agent for any cause with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall
promptly appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to the Securities of that or those series (it being
understood that any such successor Exchange Rate Agent may be appointed with respect to the Securities of one or more or all of such series
and that, unless otherwise specified pursuant to Section 301, at any time there shall only be one Exchange Rate Agent with respect
to the Securities of any particular series that are originally issued by the Company on the same date and that are initially denominated
and/or payable in the same Currency).


SECTION
314. CUSIP Numbers.


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






    	 	 	 



    39


    

Article
Four



SATISFACTION AND DISCHARGE


SECTION
401. Satisfaction and Discharge of Indenture.


This Indenture shall upon Company Request or Guarantor
Request cease to be of further effect with respect to any series of Securities specified in such Company Request or Guarantor Request
(except as to any surviving rights of registration of transfer or exchange of Securities of such series expressly provided for herein
or pursuant hereto and any right to receive Additional Amounts as contemplated by Section 1005) and the Trustee, upon receipt of
a Company Order or Guarantor Order, and at the expense of the Company and the Guarantor, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to such series, when


(1)       either


(A)       all
Securities of such series theretofore authenticated and delivered (other than (i) Securities of such series which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities of such series for whose
payment money has theretofore been deposited in trust with the Trustee or any Paying Agent or segregated and held in trust by the Company
or the Guarantor and thereafter repaid to the Company or the Guarantor, as the case may be, or discharged from such trust, as provided
in Section 1003) have been delivered to the Trustee for cancellation; or


(B)       all
Securities of such series not theretofore delivered to the Trustee for cancellation


(i)       have
become due and payable, or


(ii)       will
become due and payable at their Stated Maturity within one year, or


(iii)       if
redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company and the Guarantor,


and the Company or the Guarantor, in the case of (i), (ii)
or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose an amount
in the Currency in which the Securities of such series are payable, sufficient to pay and discharge the entire indebtedness on such Securities
not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest and Additional Amounts, if
any, to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption
Date, as the case may be;






    	 	 	 



    40


    

(2)       the
Company or the Guarantor has paid or caused to be paid all other sums payable hereunder by the Company and the Guarantor; and


(3)       the
Company or the Guarantor, as the case may be, has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series
have been complied with.


Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company and the Guarantor to the Trustee and any predecessor Trustee under Section 606,
the obligations of the Company and the Guarantor to any Authenticating Agent under Section 611 and, if money shall have been deposited
with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 402,
any rights to Additional Amounts pursuant to Section 1005 and the last paragraph of Section 1003 shall survive.


SECTION
402. Application of Trust Money.


Subject to the provisions of the last paragraph
of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as its own, or authorizing the Guarantor to act as, Paying Agent) as the Trustee may determine, to the Persons entitled thereto,
of the principal (and premium, if any) and interest, if any, for whose payment such money has been deposited with or received by the Trustee;
but such money need not be segregated from other funds except to the extent required by law.


Article
Five



REMEDIES


SECTION
501. Events of Default.


“Event of Default”, wherever used
herein with respect to Securities of any particular series, means any one of the following events (whatever the reason for such Event
of Default and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body):


(1)       default
in the payment of any interest or any Additional Amounts upon on any Security of that series, when such interest or Additional Amount
becomes due and payable, and continuance of such default for a period of 30 days; or


(2)       default
in the payment of the principal of (or premium, if any, on) any Security of that series when it becomes due and payable at its Maturity;
or


(3)       failure
to pay when due, after the expiration of any applicable grace period, any portion of the principal of, or involuntary acceleration of
the maturity (which acceleration is not rescinded or annulled within 10 days) of, Debt of the Company or the Guarantor having an aggregate
principal amount outstanding in excess of the greater of (i) $100,000,000 and (ii) 5.0% of Consolidated Net Tangible Assets of the Guarantor;
or






    	 	 	 



    41


    

(4)       default
in the deposit of any sinking fund payment, when and as due by the terms of the Securities of that series and Article Twelve; or


(5)       default
in the performance, or breach, of any covenant or agreement of the Company or the Guarantor in this Indenture with respect to any Security
of that series or, as the case may require, the Guarantees (other than a covenant or agreement a default in whose performance or whose
breach is specifically dealt with elsewhere in this Section) and continuance of such default or breach for a period of 90 days after there
has been given, by registered or certified mail, to the Company and the Guarantor by the Trustee, or to the Company, the Guarantor and
the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series, a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or


(6)       the
Company or the Guarantor pursuant to or within the meaning of any Bankruptcy Law:


(a)       commences
a voluntary case,


(b)       consents
to the entry of an order for relief against it in an involuntary case,


(c)       consents
to the appointment of a Custodian of it or for all or substantially all of its property, or


(d)       makes
a general assignment for the benefit of its creditors; or


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


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


(b)       appoints
a Custodian of the Company or the Guarantor or for all or substantially all of either of their respective properties, or


(c)       orders
the liquidation of the Company or the Guarantor,


and, in the case of (a), (b) or (c), the order
or decree or other measures remain unstayed and in effect for 90 days; or


(8)       the
Guarantee of the Securities of that series ceases to be in full force and effect; or


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






    	 	 	 



    42


    

The term “Bankruptcy Law” means title 11, U.S. Code,
any similar Federal or State law for the relief of debtors, and any similar Republic of South Africa law for the relief of debtors. The
term “Custodian” means any receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law.


SECTION
502. Acceleration of Maturity; Rescission and Annulment.


If an Event of Default described in Section 501
with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal (or, if the Securities
of that series are Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be specified in the
terms of that series) of all of the Securities of that series to be due and payable immediately, by a notice in writing to the Company
and the Guarantor (and to the Trustee if given by Holders), and upon any such declaration such principal (or specified portion thereof)
shall become immediately due and payable.


At any time after such a declaration of acceleration
with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter provided in this Article, the Holders of a majority in principal amount of the Outstanding Securities of
that series, by written notice to the Company, the Guarantor and the Trustee, may rescind and annul such declaration and its consequences
if:


(1)       the
Company or the Guarantor has paid or deposited with the Trustee a sum sufficient to pay in the Currency in which the Securities of such
series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series and except, if applicable,
as provided in Sections 312(b), 312(d) and 312(e)):


(A)       all
overdue interest and Additional Amounts, if any, on all Outstanding Securities of that series (or of all series, as the case may be),


(B)       the
principal of (and premium, if any, on) Outstanding Securities of that series which have become due otherwise than by such declaration
of acceleration, and interest thereon at the rate or rates prescribed therefor in such Securities,


(C)       to
the extent that payment of such interest is lawful, interest on overdue interest at the rate or rates prescribed therefor in such Securities,
and


(D)       all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel; and


(2)       all
Events of Default with respect to Securities of that series, other than the non-payment of the principal of (or premium, if any) or interest
on Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in
Section 513.


No such rescission shall affect any subsequent default or impair
any right consequent thereon.






    	 	 	 



    43


    

SECTION
503. Collection of Indebtedness and Suits for Enforcement by Trustee.


The Company and the Guarantor covenant that if


(1)       default
is made in the payment of any installment of interest and Additional Amounts on any Security of any series when such interest becomes
due and payable and such default continues for a period of 30 days, or


(2)       default
is made in the payment of the principal of (or premium, if any, on) any Security of any series at its Maturity,


then the Company or the Guarantor will, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holders of Securities of such series, the whole amount then due and payable on such Securities
for principal (and premium, if any) and interest, if any, with interest on any overdue principal (and premium, if any) and, to the extent
that payment of such interest shall be legally enforceable, on any overdue interest, at the rate or rates prescribed therefor in such
Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.


If the Company or the Guarantor fails to pay such
amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company, the Guarantor or any other obligor upon Securities of such series and collect the moneys adjudged or decreed to be
payable in the manner provided by law out of the property of the Company, the Guarantor or any other obligor upon Securities of such series,
wherever situated.


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


SECTION
504. Trustee May File Proofs of Claim.


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






    	 	 	 



    44


    

(i)       to
file and prove a claim for the whole amount of principal (or in the case of Original Issue Discount Securities or Indexed Securities,
such portion of the principal as may be specified in the terms thereof) (and premium, if any) and interest, if any, owing and unpaid in
respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel)
and of the Holders allowed in such judicial proceeding, and


(ii)       to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;


and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Holder of Securities of such series 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 for the reasonable compensation, expenses, disbursements and advances of the Trustee and any predecessor
Trustee, their agents and counsel, and any other amounts due to the Trustee or any predecessor Trustee under Section 606.


Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security 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 of a security in any such proceeding.


SECTION
505. Trustee May Enforce Claims Without Possession of Securities.


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


SECTION
506. Application of Money Collected.


Any money collected by the Trustee pursuant to
this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal (or premium, if any) or interest, if any, upon presentation of the Securities, or both, as the case may
be, and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:


First: To the payment of all
amounts due to the Trustee and any predecessor Trustee under Section 606;


Second: To the payment of
the amounts then due and unpaid for principal of (and premium, if any) and interest, if any, on the Securities in respect of which or
for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate
amounts due and payable on such Securities for principal (and premium, if any) and interest, if any, respectively; and






    	 	 	 



    45


    

Third: To the payment of the
remainder, if any, to the Company or any other Persons entitled thereto.


SECTION
507. Limitation on Suits.


No Holder of any Security of any series shall
have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless:


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


(2)       the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series 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;


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


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


(5)       no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of that series;


it being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce
any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.


SECTION
508. Unconditional Right of Holders to Receive Principal, Premium and Interest.


Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium,
if any) and (subject to Section 307) interest, if any, on such Security on the respective due dates expressed in such Security (or,
in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder.






    	 	 	 



    46


    

SECTION
509. 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, the Company, the Guarantor, the Trustee
and the Holders of Securities shall, subject to any determination in such proceeding, be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding
had been instituted.


SECTION
510. Rights and Remedies Cumulative.


Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders of Securities 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
511. Delay or Omission Not Waiver.


No delay or omission of the Trustee or of any
Holder of any Security 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 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.


SECTION
512. Control by Holders.


With respect to the Securities of any series,
the Holders of not less than a majority in principal amount of the Outstanding Securities of such series shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
on the Trustee with respect to the Securities of such series, provided that:


(1)       such
direction shall not be in conflict with any rule of law or with this Indenture,






    	 	 	 



    47


    

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


(3)       the
Trustee need not take any action which might involve it in personal liability or be unjustly prejudicial to the Holders of Securities
of such series not consenting.


SECTION
513. Waiver of Past Defaults.


The Holders of not less than a majority in principal
amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default
hereunder with respect to such series and its consequences, except a default


(1)       in
respect of the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series, or


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


Upon any such waiver, such default shall cease
to exist, and any Event of Default 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 thereon.


SECTION
514. Waiver of Stay or Extension Laws.


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


SECTION
515. 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 a Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion
may assess reasonable costs, including reasonable attorney’s fees and expenses, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 515 does not apply to a suit by
the Trustee, or a suit by Holders of more than 10% in principal amount of the then Outstanding Securities.


SECTION
516. Statement by Officer as to Default.


The Company shall deliver to the Trustee, as soon
as possible after the Company becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of time
or both, would constitute an Event of Default, an Officer’s Certificate setting forth the details of such Event of Default or default
and the action which the Company proposes to take with respect thereto.









    	 	 	 



    48


    




Article
Six



THE TRUSTEE


SECTION
601. Notice of Defaults.


Within 90 days after the occurrence of any Default
hereunder with respect to the Securities of any series, the Trustee shall transmit in the manner and to the extent provided in TIA Section 313(c),
notice of such Default hereunder known to a Responsible Officer of the Trustee, unless such Default shall have been cured or waived;
provided, however, that, except in the case of a Default in the payment of the principal of (or premium, if any) or interest,
if any, on any Security of such series or, in the payment of any sinking or purchase fund installment with respect to Securities of such
series, the Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Trustee in good faith
determines that the withholding of such notice is in the interest of the Holders of Securities; and provided further that in the
case of any Default of the character specified in Section 501(5) with respect to Securities, no such notice to Holders shall be
given until at least 60 days after the occurrence thereof.


SECTION
602. Certain Rights of Trustee.


(A)       Subject
to the provisions of TIA Sections 315(a) through 315(d):


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


(2)       any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order or of the Guarantor
mentioned herein shall be sufficiently evidenced by a Guarantor Request or Guarantor Order (in each case, other than delivery of any Security
to the Trustee for authentication and delivery pursuant to Section 303 which shall be sufficiently evidenced as provided therein) and
any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;


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


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


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


(6)       the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company
and the Guarantor, personally or by agent or attorney and shall incur no liability or additional liability of any kind of reason of such
inquiry or investigation;






    	 	 	 



    49


    

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


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


(9)       the
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by a Responsible Officer of the Trustee at the
Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture and such notice states that it is
a notice of Default or Event of Default;


(10)       the
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Agent, custodian and other Person
employed to act hereunder; and


(11)       the
Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of directors
or officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed
by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate
previously delivered and not superseded;


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


(13)       any
action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or consent
of any person who, at the time of making such request or giving such authority or consent, is the Holder of any Security shall be conclusive
and binding upon future holders of Securities and upon Securities executed and delivered in exchange therefor or in place thereof;


(14)       the
Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under this Indenture;


(15)       any
permissive right of the Trustee to take or refrain from taking actions enumerated in this Indenture shall not be construed as a duty;






    	 	 	 



    50


    

(16)       neither
the Trustee nor any of its directors, officers, employees, agents or affiliates shall be responsible for nor have any duty to monitor
the performance or any action of the Company or any Guarantor, or any of their respective directors, members, officers, agents, affiliates
or employee, nor shall it have any liability in connection with the malfeasance or nonfeasance by such party. The Trustee shall not be
responsible for any inaccuracy in the information obtained from the Company or any Guarantor or for any inaccuracy or omission in the
records which may result from such information or any failure by the Trustee to perform its duties as set forth herein as a result of
any inaccuracy or incompleteness;


(17)       if
any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to
the Trustee, the Trustee may conclusively and without liability rely on its failure to receive such notice as reason to act as if no such
event occurred.


(B)       (1)Except during the continuance of an Event of
Default,


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


(b)       in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture;
but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but
need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).


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


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


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


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


(c)       the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the Holders of a majority in principal amount of the Outstanding Securities of any series, relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under
this Indenture with respect to the Securities of such series; and






    	 	 	 



    51


    

(4)       Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section.


The Trustee shall not be required to expend or
risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of
any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it.


SECTION
603. Trustee Not Responsible for Recitals or Issuance of Securities.


The recitals contained herein and in the Securities,
except for the Trustee’s certificates of authentication, shall be taken as the statements of the Company or the Guarantor, as the
case may be, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes
no representations as to the validity or sufficiency of this Indenture or of the Securities or the Guarantees, except that the Trustee
represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder
and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject
to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application
by the Company of Securities or the proceeds thereof.


SECTION
604. May Hold Securities.


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


SECTION
605. Money Held in Trust.


Money held by the Trustee in trust hereunder need
not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed with the Company or the Guarantor, as the case may be.


SECTION
606. Compensation and Reimbursement.


The Company agrees:


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






    	 	 	 



    52


    

(2)       except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses
and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its own negligence
or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction; and


(3)       to
indemnify the Trustee (including its officers, directors, employees and agents) for, and to hold it harmless against, any loss, damage,
claim, liability or expense incurred by it arising out of or in connection with this Indenture or the Securities, and the transactions
contemplated thereby, including the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of
defending itself against any claim (whether asserted by the Company, the Guarantor, or any Holder or any other Person) or liability in
connection with the exercise or performance of any of its powers or duties hereunder or thereunder (including with respect to enforcement
of its right to indemnity hereunder), except to the extent any such loss, damage, claim, liability or expense is determined by a court
of competent jurisdiction in an final, non-appealable judgment to have been caused by the Trustee’s own negligence or willful misconduct.


In the event the Company fails to make any such
payments or indemnify the Trustee the Guarantor hereby agrees to make such payments and/or indemnify the Trustee on its behalf. As security
for the performance of the obligations of the Company and the Guarantor under this Section, the Trustee shall have a claim prior to 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.


When the Trustee incurs expenses or renders services
after the occurrence of an Event of Default relating to insolvency or bankruptcy, the expenses (including the reasonable charges and expenses
of its counsel) and the compensation for such services are intended to constitute expenses of administration under any applicable Federal
or state bankruptcy, insolvency or other similar law.


The provisions of this Section 606 shall survive
the satisfaction, discharge and termination of this Indenture or the earlier resignation or removal of the Trustee.


SECTION
607. Corporate Trustee Required; Eligibility.


(a)       There
shall be at all times a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a
combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to
law or to the requirements of U.S. Federal, State, territorial or District of Columbia supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.


SECTION
608. Resignation and Removal; Appointment of Successor.


(a)       No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until
the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 609.






    	 	 	 



    53


    

(b)       The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company and
the Guarantor.


(c)       The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series, delivered to the Trustee and to the Company and the Guarantor.


(d)       If
at any time:


(1)       the
Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company, the Guarantor
or by any Holder who has been a bona fide Holder of a Security for at least six months, or


(2)       the
Trustee shall cease to be eligible under Section 607(a) and shall fail to resign after written request therefor by the Company, the
Guarantor or by any Holder who has been a bona fide Holder of a Security for at least six months, or


(3)       the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation,


then, in any such case, (i) the Company or the Guarantor, by
or pursuant to a Board Resolution, may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii) subject
to TIA Section 315(e), any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities
and the appointment of a successor Trustee or Trustees.


(e)       If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause
with respect to the Securities of one or more series, the Company and the Guarantor, by or pursuant to a Board Resolution, shall promptly
appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only
one Trustee with respect to the Securities of any particular series). If a successor Trustee does not take office within 30 days after
the retiring Trustee resigns or is removed, the retiring Trustee may, at the expense of the Company or the Guarantor, petition any court
of competent jurisdiction for the appointment of a successor Trustee. If, within one year after such resignation, removal or incapability,
or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders
of a majority in principal amount of the Outstanding Securities of such series delivered to the Company, the Guarantor and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company and the Guarantor.
If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company and the Guarantor or
the Holders and accepted appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.






    	 	 	 



    54


    

(f)       The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series in the manner provided for notices to the Holders of Securities of
such series in Section 106. Each notice shall include the name of the successor Trustee with respect to the Securities of such series
and the address of its Corporate Trust Office.


SECTION
609. Acceptance of Appointment by Successor.


(a)       In
case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee shall execute, acknowledge
and deliver to the Company, the Guarantor 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 request of the Company, the Guarantor or
the successor Trustee, such retiring Trustee shall, upon payment of its charges, 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.


(b)       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 Guarantor, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions
as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture
shall constitute such Trustees co-trustees of the same trust and that 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, the Guarantor or any successor Trustee, such retiring Trustee (subject to subsection (a) above) 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. Whenever there is a successor Trustee
with respect to one or more (but less than all) series of securities issued pursuant to this Indenture, the terms “Indenture”
and “Securities” shall have the meanings specified in the provisos to the respective definitions of those terms in Section 101
which contemplate such situation.






    	 	 	 



    55


    

(c)       Upon
request of any such successor Trustee, the Company and the Guarantor shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all rights, powers and trusts referred to in paragraph (a) or (b) of this Section,
as the case may be.


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


SECTION
610. Merger, Conversion, Consolidation or Succession to Business.


Any corporation or other entity into which the
Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially
all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise
qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties
hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such Securities. In case any of the Securities shall not have been
authenticated by such predecessor Trustee, any successor Trustee may authenticate and deliver such Securities either in the name of any
predecessor hereunder or in the name of the successor Trustee. In all such cases such certificates shall have the full force and effect
which this Indenture provides for the certificate of authentication of the Trustee; provided, however, that the right to
adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities in the name of any predecessor Trustee
shall apply only to its successor or successors by merger, conversion or consolidation.


SECTION
611. Appointment of Authenticating Agent.


At any time when any of the Securities remain
Outstanding, the Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, registration of transfer or
partial redemption thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in
writing signed by a Responsible Officer of the Trustee, and a copy of such instrument shall be promptly furnished to the Company and the
Guarantor. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating
Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. 



    	 	 	 



    56


    

Each Authenticating Agent shall
be acceptable to the Company and the Guarantor and, except as may otherwise be provided pursuant to Section 301, shall at all times
be a bank or trust company or corporation organized and doing business and in good standing under the laws of the United States of America,
any state thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and
surplus of not less than $50,000,000 and subject to supervision or examination by federal or state authority. If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in this Section.


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


An Authenticating Agent may resign at any time
by giving written notice thereof to the Trustee and to the Company and the Guarantor. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company and the Guarantor. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to
the Company and the Guarantor and shall give written notice of such appointment to all Holders of Securities of the series with respect
to which such Authenticating Agent will serve, in the manner provided for in Section 106. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with
like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under
the provisions of this Section.


The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section.


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


Dated: ____________________


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








	 	[NAME OF TRUSTEE],
	 	 	 
	 	 	as Trustee
	 	By	 
	 	 	as Authenticating Agent
	 	 	 
	 	By	 
	 	 	Authorized Officer








    	 	 	 



    57


    

Article
Seven



HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY


SECTION
701. Disclosure of Names and Addresses of Holders.


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


SECTION
702. Reports by Trustee.


Within 60 days after May 15 of each year
commencing with the first May 15 after the first issuance of Securities pursuant to this Indenture, the Trustee shall transmit to
the Holders of Securities, in the manner and to the extent provided in TIA Section 313(c), a brief report dated as of May 15
if required by TIA 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, if any, upon which the Securities are listed, with
the Commission and with the Company. The Company will promptly notify the Trustee of the listing or delisting of the Securities on any
stock exchange.


 


SECTION
703. Reports by the Company and the Guarantor.


The Company and the Guarantor shall:


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






    	 	 	 



    58


    

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


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


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


Article
Eight



CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER


SECTION
801. Company or Guarantor May Consolidate, etc., Only on Certain Terms.


Neither the Company nor the Guarantor shall consolidate
with or merge into any other corporation or convey or transfer its properties and assets substantially as an entirety to any Person, unless:


(1)       either
the Company or the Guarantor shall be the continuing corporation, or the corporation formed by such consolidation or into which the Company
or the Guarantor is merged or the Person which acquires by conveyance or transfer the properties and assets of the Company or the Guarantor
substantially as an entirety shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee acting reasonably, in the case of the Company, the due and punctual payment of the principal of (and premium,
if any) and interest, if any, on all the Securities and the performance of every covenant of this Indenture on the part of the Company
to be performed or observed, and, in the case of the Guarantor, the due and punctual performance of the Guarantees and the performance
or observance of every covenant of this Indenture on the part of the Guarantor to be performed or observed;


(2)       immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and


(3)       the
Company or such Person shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
such consolidation, merger, conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent
herein provided for relating to such transaction have been complied with and, with respect to such Opinion of Counsel, that such supplemental
indenture is the legal, valid and binding obligation of the Company or such Person.






    	 	 	 



    59


    

This Section shall only apply to a merger or consolidation
in which the Company or the Guarantor, as the case may be, is not the surviving corporation and to conveyances and transfers by the Company
or the Guarantor, as the case may be, as transferor.


SECTION
802. Successor Person Substituted.


Upon any consolidation or merger, or any conveyance
or transfer of the properties and assets of the Company or the Guarantor, as the case may be substantially as an entirety to any Person
in accordance with Section 801, the successor Person formed by such consolidation or into which the Company or the Guarantor is merged
or to which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the
Company or the Guarantor under this Indenture with the same effect as if such successor Person had been named as the Company or the Guarantor,
as the case may be, herein; and in the event of any such conveyance or transfer, the Company or the Guarantor, as the case may be, shall
be discharged from all obligations and covenants under this Indenture and the Securities, or the Guarantees, as the case may be, and may
be dissolved and liquidated.


SECTION
803. [Intentionally Omitted].


Article
Nine



SUPPLEMENTAL INDENTURES


SECTION
901. Supplemental Indentures Without Consent of Holders.


Without the consent of any Holders, the Company
and the Guarantor, when authorized by or pursuant to a Board Resolution of the Company and the Guarantor, as applicable, and the Trustee,
at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee acting
reasonably, for any of the following purposes:


(1)       to
evidence the succession of another Person to the Company or the Guarantor and the assumption by any such successor of the covenants of
the Company or the Guarantor contained herein and in the Securities; or


(2)       to
add to the covenants of the Company or the Guarantor for the benefit of the Holders of all or any series of Securities (and if such covenants
are to be for the benefit of less than all series of Securities, stating that such covenants are being included solely for the benefit
of such series) or to surrender any right or power herein conferred upon the Company or the Guarantor; or


(3)       to
add any additional Events of Default (and if such Events of Default are to be for the benefit of less than all series of Securities, stating
that such Events of Default are being included solely for the benefit of such series); provided, however, that in respect
of any such additional Events of Default such supplemental indenture may provide for a particular period of grace after default (which
period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such
default or may limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority in aggregate
principal amount of that or those series of Securities to which such additional Events of Default apply to waive such default; or






    	 	 	 



    60


    

(4)       [Intentionally
omitted]


(5)       to
change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall become effective
only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled
to the benefit of such provision; or


(6)       to
secure the Securities or the Guarantees pursuant to the requirements of Section 1006 or otherwise; or


(7)       to
establish the form or terms of Securities of any series or Guarantees as permitted by Sections 201 and 301; or


(8)       to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series 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; or


(9)       to
cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make
any other provisions with respect to matters or questions arising under this Indenture; provided any such action shall not adversely
affect the interests of the Holders of Securities of any series in any material respect; or


(10)       to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge
of any series of Securities pursuant to Sections 401, 1402 and 1403; provided that any such action shall not adversely affect
the interests of the Holders of Securities of such series or any other series of Securities in any material respect; or


(11)       to
conform the text of this Indenture or the Securities to any provision of sections entitled “Description of Notes”, “Description
of Debt Securities” or analogous sections as set forth in the offering document relating to the offering of the Securities.


SECTION
902. Supplemental Indentures With Consent of Holders.


With the consent of the Holders of not less than
a majority in principal amount of all Outstanding Securities affected by such supplemental indenture, by Act of said Holders delivered
to the Company, the Guarantor and the Trustee, the Company and the Guarantor, when authorized by or pursuant to a Board Resolution of
the Company and the Guarantor, as the case may be, and the Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture which affect such
series of Securities or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security of such series:






    	 	 	 



    61


    

(1)       change
the Stated Maturity of the principal of (or premium, if any) or any installment of interest on any Security of such series, or reduce
the principal amount thereof (or premium, if any) or the rate of interest, if any, thereon, or change any obligation of the Company or
the Guarantor to pay Additional Amounts contemplated by Section 1005 (except as contemplated by Section 801(1) and permitted
by Section 901(1)), or reduce the amount of the principal of an Original Issue Discount Security of such series that would be due
and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502 or the amount thereof provable in
bankruptcy pursuant to Section 504, or adversely affect any right of repayment at the option of any Holder of any Security of such
series, or change any Place of Payment where, or the Currency in which, any Security of such series or any premium or interest thereon
is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or,
in the case of redemption or repayment at the option of the Holder, on or after the Redemption Date or Repayment Date, as the case may
be), or adversely affect any right to convert or exchange any Security as may be provided pursuant to Section 301 herein, or


(2)       reduce
the percentage in principal amount of the Outstanding Securities of such series required for any such supplemental indenture, or the consent
of whose Holders is required for any waiver of compliance with certain provisions of this Indenture which affect such series or certain
defaults applicable to such series hereunder and their consequences provided for in this Indenture, or


(3)       modify
any of the provisions of this Section, Section 513 and Section 1008, except to increase any such percentage or to provide that
certain other provisions of this Indenture which affect such series cannot be modified or waived without the consent of the Holder of
each Outstanding Security of such series.


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


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


SECTION
903. Execution of Supplemental Indentures.


In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be given, and shall (subject to Section 315 of the Trust Indenture Act) be fully protected in relying upon, an
Opinion of Counsel and an Officer’s Certificate stating that the execution of such supplemental indenture is authorized or permitted
by this Indenture and, with respect to such Opinion of Counsel, that such supplemental indenture is the legal, valid and binding obligation
of the Company and the Guarantor, as applicable. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture
which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.






    	 	 	 



    62


    

SECTION
904. Effect of Supplemental Indentures.


Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby.


SECTION
905. Conformity with Trust Indenture Act.


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


SECTION
906. Reference in Securities to Supplemental Indentures.


Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation
in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company and the Guarantor shall so
determine, new Securities of any series so modified as to conform, in the opinion of the Trustee, the Company and the Guarantor, to any
such supplemental indenture may be prepared and executed by the Company, the Guarantees noted or endorsed thereon may be prepared and
executed by the Guarantor, and such Securities may be authenticated and delivered by the Trustee in exchange for Outstanding Securities
of such series.


Article
Ten



COVENANTS


SECTION
1001. Payment of Principal, Premium, if any, and Interest.


The Company covenants and agrees for the benefit
of the Holders of each series of Securities that it will duly and punctually pay the principal of (and premium, if any) and interest,
if any, by 2:00 p.m. New York time on the day prior to the date such principal of (and premium, if any) and interest is due on the Securities
of that series in accordance with the terms of such series of Securities and this Indenture. Unless otherwise specified with respect to
Securities of any series pursuant to Section 301, at the option of the Company, all payments of principal may be paid by check to the
registered Holder of the Security or other person entitled thereto against surrender of such Security.


SECTION
1002. Maintenance of Office or Agency.


The Company will maintain in each Place of Payment
for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities
of that series may be surrendered for registration of transfer or exchange, where Securities of that series that are exchangeable may
be surrendered for exchange, as applicable and where notices and demands to or upon the Company or the Guarantor, as the case may be,
in respect of the Securities of that series and this Indenture may be served.






    	 	 	 



    63


    

The Company will give prompt written notice to
the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain
any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the same as its agents
to receive such respective presentations, surrenders, notices and demands; provided, however, the Trustee shall not be deemed an agent
of the Company for service of process.


The Guarantor shall maintain in each Place of
Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment pursuant
to any Guarantee and where notices and demands to or upon the Guarantor in respect of any Guarantee and this Indenture may be served.
The Guarantor will give prompt written notice to the Trustee of the location, and any change in the location, of each such office or agency.
If at any time the Guarantor shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the
Guarantor hereby appoints the same as its agent to receive such respective presentations, surrenders, notices and demands, and the Guarantor
hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.


The Company or the Guarantor may also from time
to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for
any or all such purposes, and may from time to time rescind any such designation; provided, however, that no such designation
or rescission shall in any manner relieve the Company or the Guarantor of its obligation to maintain an office or agency in accordance
with the requirements set forth above for Securities of any series for such purposes. The Company or the Guarantor 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. Unless
otherwise specified with respect to any Securities as contemplated by Section 301 with respect to a series of Securities, the Company
and the Guarantor each hereby designate as a Place of Payment for each series of Securities the office or agency of the Company or the
Guarantor, as the case may be, in Wilmington, Delaware, and initially appoint the Trustee at its Corporate Trust Office as Paying Agent
in such city and as their agent to receive all such presentations, surrenders, notices and demands.


Unless otherwise specified with respect to any
Securities pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a Currency other than
Dollars or (ii) may be payable in a Currency other than Dollars, or so long as it is required under any other provision of the Indenture,
then the Company or the Guarantor, as the case may be, will maintain with respect to each such series of Securities, or as so required,
at least one Exchange Rate Agent.


SECTION
1003. Money for Securities Payments to Be Held in Trust.


If the Company shall at any time act as its own,
or authorize the Guarantor to act as, Paying Agent with respect to any series of Securities, it will, on or before each due date of the
principal of (or premium, if any) or interest, if any, on any of the Securities of that series, segregate and hold in trust for the benefit
of the Persons entitled thereto a sum in the Currency in which the Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d)
and 312(e)) sufficient to pay the principal of (or premium, if any) or interest, if any, on Securities of such series so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its
action or failure so to act.






    	 	 	 



    64


    

Whenever the Company shall have one or more Paying
Agents for any series of Securities, it will, prior to or on each due date of the principal of (or premium, if any) or interest, if any,
on any Securities of that series, deposit with a Paying Agent a sum (in the Currency described in the preceding paragraph) sufficient
to pay the principal (or premium, if any) or interest, if any, so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee
of its action or failure so to act.


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


Subject to applicable law, except as provided
in the Securities of any series, any money deposited with the Trustee or any Paying Agent, or then held by the Company or the Guarantor,
in trust for the payment of the principal of (or premium, if any) or interest, if any, on any Security of any series, and remaining unclaimed
for two years after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request (if
then held by the Company) or, if deposited by the Guarantor, paid to the Guarantor on Guarantor Request shall be discharged from such
trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company and the Guarantor
for payment thereof (without interest thereon), and all liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the expense of the Company or the Guarantor cause to be published
once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company
or the Guarantor, as the case may be.


SECTION
1004. Statement as to Compliance.


The Company and the Guarantor will each deliver
to the Trustee, within 120 days after the end of each fiscal year, a brief certificate from the principal executive officer, principal
financial officer or principal accounting officer as to his or her knowledge of the Company’s or the Guarantor’s, as the case
may be, compliance with all conditions and covenants under this Indenture, including specifying any Default hereunder. For purposes of
this Section 1004, such compliance shall be determined without regard to any period of grace or requirement of notice under this
Indenture.






    	 	 	 



    65


    

SECTION
1005. Additional Amounts.


All payments of, or in respect of, principal of
and any premium and interest on the Securities, and all payments pursuant to any Guarantee, shall be made without withholding or deduction
for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by
or on behalf of a Taxing Jurisdiction, unless such taxes, duties, assessments or governmental charges are required by such Taxing Jurisdiction
to be withheld or deducted. In that event, the Company or the Guarantor, as applicable, will pay such additional amounts of, or in respect
of, principal and any premium and interest (“Additional Amounts”) as will result (after deduction of such taxes, duties, assessments
or governmental charges and any additional taxes, duties, assessments or governmental charges payable in respect of such) in the payment
to each Holder of a Security of the amounts which would have been payable in respect of such Security or the Guarantee thereof, as the
case may be, had no such withholding or deduction been required, except that no Additional Amounts shall be so payable for or on account
of:


(1)       any
tax, duty, assessment or other governmental charge imposed by any government of any jurisdiction other than a Taxing Jurisdiction;


(2)       any
tax, duty, assessment or other governmental charge which would not have been imposed but for (A) the existence of any present or former
connection between such Holder, or a third party on behalf of such Holder, or beneficial owner of a Security by reason of its having some
present or former connection with a Taxing Jurisdiction other than as a result of holding a Security or enforcing its rights thereunder
(including, but not limited to, being or having been a citizen, resident or national of a Taxing Jurisdiction or being or having been
engaged in a trade or business or present therein or having or having had a permanent establishment therein, but not including the mere
holding or ownership of a debt security), or (B) the presentation of such Security for payment more than 30 days after the date on which
such payment became due or was provided for, whichever is later;


(3)       any
estate, inheritance, gift, sale, transfer, personal property, value added, excise or similar tax, duty, assessment or other governmental
charge;


(4)       any
tax, duty, assessment or other governmental charge which is payable otherwise than by withholding or deduction from payments of (or in
respect of) principal of or any premium or interest on the Securities or the Guarantee(s) thereof;


(5)       any
tax, duty, assessment or other governmental charge that is imposed or withheld by reason of the failure to accurately comply by the Holder
or the beneficial owner of a Security with a request of the Company or the Guarantor addressed to the Holder (A) to provide information
concerning the nationality, residence or identity of the Holder or such beneficial owner or (B) to make any claim or satisfy any information
or reporting requirement, which, in the case of (A) or (B), is required or imposed by statute, treaty, regulation or administrative practice
of the Taxing Jurisdiction as a precondition to exemption from all or part of such tax, assessment or other governmental charge;






    	 	 	 



    66


    

(6)       any
tax, assessment or other governmental charge imposed, deducted or withheld pursuant to section 1471(b) of the U.S. Internal Revenue Code
of 1986, as amended (the “Code”) or otherwise imposed pursuant to sections 1471 through 1474 of the Code, in each case, as
of the date of issuance any series of Security (and any amended or successor version that is substantially comparable), any current or
future regulations or agreements thereunder, official interpretations thereof or similar law or regulation implementing an intergovernmental
agreement relating thereto;


(7)       any
tax, assessment or other governmental charge imposed by reason of the Holder’s past or present status as a passive foreign investment
company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the United
States or as a corporation that accumulates earnings to avoid U.S. federal income tax;


(8)       any
tax, assessment or other governmental charge imposed on interest received by (1) a 10% shareholder (as defined in section 871(h)(3)(B)
of Code, and the regulations promulgated thereunder) of the Company or (2) a controlled foreign corporation that is related to the Company
within the meaning of section 864(d)(4) of the Code, or (3) a bank receiving interest described in section 881(c)(3)(A) of the Code, to
the extent such tax, assessment or other governmental charge would not have been imposed but for the holder’s status as described
in clauses (1) through (3) of this bullet;


(9)       in
the case of a holder that is a U.S. Person (as defined below), the amount of any withholding tax or deduction, or any similar tax, imposed
by the United States or a political subdivision thereof; or


(10)       any
combination of items (1), (2), (3), (4), (5), (6), (7), (8) and (9).


Additionally, Additional Amounts shall not be
paid with respect to any payment in respect of any Security to any Holder who is a fiduciary or partnership or any person other than the
sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership
or a beneficial owner of such payment would not have been entitled to such Additional Amounts had it been the Holder of such Security.


Whenever in this Indenture there is mentioned,
in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series (or any payments
pursuant to the Guarantee thereof) such mention shall be deemed to include mention of the payment of Additional Amounts provided for in
this Section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the
provisions of this Section and express mention of the payment of Additional Amounts in any provisions hereof shall not be construed as
excluding Additional Amounts in those provisions hereof where such express mention is not made.


As used in this Section 1005, “U.S. Person”
means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation created or
organized in or under the laws of the United States, any state of the United States or the District of Columbia, a partnership or other
entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia (other
than a partnership or other entity that is not treated as a United States person under any applicable U.S. Treasury regulations), or any
estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.






    	 	 	 



    67


    

The provisions of this Section 1005 shall apply
mutatis mutandis to any withholding or deduction for or on account of any present or future taxes, assessments or governmental charges
of whatever nature of any jurisdiction in which any successor Person to the Company or the Guarantor is organized or tax resident.


SECTION
1006. Limitation on Liens 


The Guarantor will not itself, and will not permit
any Restricted Subsidiary to, create, incur, issue, assume or guarantee any Debt secured by any Lien on any Principal Property owned by
the Guarantor or any Restricted Subsidiary, or upon any shares of stock of or Debt owed to any Restricted Subsidiary (such shares of stock
or Debt of any Restricted Subsidiary being called “Restricted Securities”), without in any such case effectively providing
that the Securities (together with, if the Guarantor shall so determine, any other Debt of the Guarantor or such Restricted Subsidiary
then existing or thereafter created which is not subordinate to the Securities) shall be secured equally and ratably with (or prior to)
such secured Debt, so long as such secured Debt shall be so secured, unless, after giving effect thereto, the aggregate principal amount
of all such secured Debt then outstanding plus the Attributable Debt of the Guarantor and its Restricted Subsidiaries in respect
of sale and leaseback transactions (as defined in Section 1007) involving Principal Properties entered into after the date of the
first issuance by the Company of Securities issued pursuant to this Indenture (other than sale and leaseback transactions permitted by
paragraph (b) of Section 1007) would not, with respect to a series of Securities, exceed an amount equal to a certain percentage,
set forth in the Board Resolution, Officer’s Certificate or supplemental indenture establishing such series, of Consolidated Net
Tangible Assets; provided, however, that nothing contained in this Section shall prevent, restrict or apply to, and there
shall be excluded from secured Debt in any computation under this Section, Debt secured by:


(a)       Liens
on any property, shares of stock or Debt of any corporation existing at the time such corporation becomes a Subsidiary of the Guarantor,
provided that any such Lien was not created in contemplation of such corporation’s becoming a Subsidiary of the Guarantor;


(b)       Liens
on any Principal Property or Restricted Securities of the Restricted Subsidiary or any Principal Property of the Guarantor existing at
the time of acquisition thereof (including acquisition through merger or consolidation) or securing the payment of all or any part of
the purchase price thereof or all or part of the cost of the improvement, construction, alteration or repair of any building, equipment
or facilities or of any other improvements on, all or any part of such Principal Property or to secure any Debt incurred prior to, at
the time of, or within 12 months after, in the case of Restricted Securities, the acquisition of such Restricted Securities and, in the
case of any Principal Property, the later of the acquisition, the completion of construction (including any improvements, alterations
or repairs on an existing Principal Property) or the commencement of commercial operation of such Principal Property, which Debt is incurred
for the purpose of financing all or any part of the purchase price thereof or all or part of the cost of improvement, construction, alteration
or repair thereon;






    	 	 	 



    68


    

(c)       Liens
on any Principal Property or Restricted Securities of any Restricted Subsidiary to secure all or any part of the cost of exploration,
drilling, development, improvement, construction, alteration or repair of any part of such Principal Property, or to secure any Debt incurred
to finance or refinance all or any part of such cost;


(d)       Liens
existing at the date of this Indenture;


(e)       Liens
that secure Debt owing by a Restricted Subsidiary to the Guarantor or any subsidiary of the Guarantor;


(f)       Liens
on property owned or held by any corporation or on shares of stock or indebtedness of any corporation, in either case existing at the
time such corporation is merged into or consolidated or amalgamated with the Guarantor or a Restricted Subsidiary, or at the time of a
sale, lease or other disposition of the properties of a corporation as an entirety or substantially as an entirety to the Guarantor or
a Restricted Subsidiary;


(g)       Liens
arising by operation of law (other than by reason of default);


(h)       Liens
to secure Debt incurred in the ordinary course of business and maturing not more than 12 months from the date incurred;


(i)       Liens
arising pursuant to the specific terms of any license, joint operating agreement, unitization agreement or other similar document evidencing
the interest of the Guarantor or a Restricted Subsidiary in any mine or any oil or gas producing property or related facilities (including
pipelines), provided that any such Lien is limited to such interest;


(j)       any
Lien on any Principal Property of the Guarantor or the Restricted Subsidiary or on the Restricted Securities of the Restricted Subsidiary
in relation to which Project Finance Indebtedness has been incurred to secure that Project Finance Indebtedness;


(k)       Liens
created in accordance with normal practice to secure Debt of the Guarantor, the main purpose of which is the raising of finances under
any options, futures, swaps, short sale contracts or similar or related instruments that relate to the purchase or sale of securities,
commodities or currencies; and


(l)       any
extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any Liens referred to
above, or of any Debt secured thereby; provided that the principal amount of Debt secured thereby shall not exceed the principal
amount of Debt so secured at the time of such extension, renewal or replacement, and that such extension, renewal or replacement Lien
shall be limited to all or any part of the same property, shares of stock or Debt that secured the Lien extended, renewed or replaced
(plus improvements on such property), or property received or shares of stock issued in substitution or exchange therefor.


For the purposes of this Section 1006 and
Section 1007, the giving of a guarantee which is secured by a Lien on a Principal Property or Restricted Securities, and the creation
of a Lien on a Principal Property or Restricted Securities to secure Debt which existed prior to the creation of such Lien, shall be deemed
to involve the creation of Debt in an amount equal to the principal amount guaranteed or secured by such Lien; but the amount of Debt
secured by Liens on Principal Properties and Restricted Securities shall be computed without cumulating the underlying indebtedness with
any guarantee thereof or Lien securing the same.






    	 	 	 



    69


    

For purposes of this Section 1006 and Section 1007,
the following shall not be deemed to create Debt secured by a Lien and, accordingly, nothing contained in this Section or Section 1007
shall prevent, restrict or apply to:


(A)       the
sale or other transfer, by way of security or otherwise, of (i) coal, oil, gas or other minerals in place or at the wellhead or a right
or license granted by any governmental authority to explore for, drill, mine, develop, recover or get such coal, oil, gas or other minerals
(whether such license or right is held with others or not) for a period of time until, or in an amount such that, the purchaser will realize
therefrom a specified amount of money (however determined) or a specified amount of such coal, oil, gas or other minerals, or (ii) any
other interest in property of the character commonly referred to as a “production payment”, “royalty” or “stream”;
and


(B)       Liens
on property in favor of the United States or any state thereof, or the Republic of South Africa, or any other country, or any political
subdivision of any of the foregoing, or any department, agency or instrumentality of the foregoing, to secure partial, progress, advance
or other payments pursuant to the provisions of any contract or statute, including, without limitation, Liens to secure indebtedness of
the pollution control or industrial revenue bond type, or to secure any Debt incurred for the purpose of financing all or any part of
the purchase price or cost of construction of the property or the acquisition of equipment subject to such Liens.


SECTION
1007. Limitation on Sale and Leaseback Transactions 


The Guarantor will not itself, and will not permit
any Restricted Subsidiary to, enter into any arrangement after the date of the first issuance by the Company of Securities issued pursuant
to this Indenture, with any bank, insurance company or other lender or investor (other than the Guarantor or another Restricted Subsidiary)
providing for the leasing by the Guarantor or any such Restricted Subsidiary of any Principal Property (except a lease for a temporary
period not to exceed three years by the end of which it is intended that the use of such Principal Property by the lessee will be discontinued),
which was or is owned or leased by the Guarantor or a Restricted Subsidiary and which has been or is to be sold or transferred more than
12 months after the acquisition thereof or after the completion of construction and commencement of full operation thereof by the Guarantor
or such Restricted Subsidiary to such lender or investor or to any Person to whom funds have been or are to be advanced by such lender
or investor on the security of such Principal Property (herein referred to as a “sale and leaseback transaction”), unless:


(a)       the
Attributable Debt of the Guarantor and its Restricted Subsidiaries in respect of such sale and leaseback transaction and all other sale
and leaseback transactions entered into after the date of the first issuance by the Company of Securities issued pursuant to this Indenture
(other than such sale and leaseback transactions as are permitted by paragraph (b) below), plus the aggregate principal amount of
Debt secured by Liens on Principal Properties and Restricted Securities then outstanding (excluding any such Debt secured by permitted
Liens covered in Section 1006) without equally and ratably securing the Securities, would not, with respect to a series of Securities,
exceed a certain percentage, set forth in the Board Resolution, Officer’s Certificate or supplemental indenture establishing such
series, of Consolidated Net Tangible Assets, or






    	 	 	 



    70


    

(b)       the
Guarantor, within 12 months after the sale or transfer, applies or causes a Restricted Subsidiary to apply an amount equal to the greater
of the net proceeds of such sale or transfer or fair market value of the Principal Property so sold and leased back at the time of entering
into such sale and leaseback transaction (in either case as determined by any two directors, or any director and secretary, of the Guarantor)
to the retirement of Securities of any series or other Debt of the Guarantor (other than Debt subordinated to the Securities) or Debt
of a Restricted Subsidiary, having a stated maturity more than 12 months from the date of such application or which is extendible at the
option of the obligor thereon to a date more than 12 months from the date of such application (and, unless otherwise expressly provided
with respect to any one or more series of Securities, any redemption of Securities pursuant to this provision shall not be deemed to constitute
a refunding operation or anticipated refunding operation for the purposes of any provision limiting the Company’s right to redeem
Securities of any one or more such series when such redemption involves a refunding operation or anticipated refunding operation); provided
that the amount to be so applied shall be reduced by (i) the principal amount of Securities delivered within 12 months after such
sale or transfer to the Trustee for retirement and cancellation, and (ii) the principal amount of any such Debt of the Guarantor
or a Restricted Subsidiary, other than Securities, voluntarily retired by the Guarantor or a Restricted Subsidiary within 12 months after
such sale or transfer. Notwithstanding the foregoing, no retirement referred to in this paragraph (b) may be effected by payment
at maturity or pursuant to any mandatory sinking fund payment or any mandatory prepayment provision, or


(c)       the
Guarantor or such Restricted Subsidiary would be entitled, pursuant to Section 1006, to incur Debt secured by a Lien on the Principal
Property to be leased without equally and ratably securing the Securities, or


(d)       the
Guarantor shall, at or prior to the time of entering into the sale and leaseback transaction, enter into a bona fide commitment or commitments
to expend for the acquisition or improvement of a Principal Property an amount at least equal to the fair value (as so determined) of
the property sold and leased back.


Notwithstanding the foregoing, where the Guarantor
or any Restricted Subsidiary is the lessee in any sale and leaseback transaction, Attributable Debt shall not include any Debt resulting
from the guarantee by the Guarantor or any other Restricted Subsidiary of the lessee’s obligation thereunder.






    	 	 	 



    71


    

SECTION
1008. Waiver of Certain Covenants.


The Company and the Guarantor, as the case may
be, may, with respect to any series of Securities, omit in any particular instance to comply with any term, provision or condition which
affects such series set forth in Sections 1006 and 1007, inclusive, or, as specified pursuant to Section 301(15) for Securities of
such series, in any covenants of the Company or the Guarantor added to Article Ten pursuant to Section 301(14) or Section 301(15)
in connection with Securities of such series, if before or after the time for such compliance the Holders of at least a majority in principal
amount of all Outstanding Securities of such series, by Act of such Holders, waive such compliance in such instance or generally waive
compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except
to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the Guarantor and
the duties of the Trustee to Holders of Securities of such series in respect of any such term, provision or condition shall remain in
full force and effect.


SECTION
1009. Calculation of Original Issue Discount


While any series of Original Issue Discount Security
is outstanding, the Company shall provide to the Holders, upon request, by December 31 of each year such information in the Company’s
possession as the Holder reasonably requires to enable the Holder to prepare and file any form required to be submitted to the Internal
Revenue Service and to the Holders of any series of Securities relating to original issue discount, including, without limitation, Form
1099-OID or any successor form.


 


Article
Eleven



REDEMPTION OF SECURITIES


SECTION
1101. Applicability of Article.


Securities of any series which are redeemable
before their Stated Maturity shall be redeemable in accordance with the terms of such Securities and (except as otherwise specified as
contemplated by Section 301 for Securities of any series) in accordance with this Article.


SECTION
1102. Election to Redeem; Notice to Trustee.


The election of the Company to redeem any Securities
shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company of less than all of
the Securities of a series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice
shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series
to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in
the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate
evidencing compliance with such restriction.


SECTION
1103. Selection by Trustee of Securities to Be Redeemed.


If less than all the Securities of any series
issued on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than
60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series issued on the same day with the same
terms not previously called for redemption, by lot or any other method as the Trustee shall deem fair and appropriate and which may provide
for the selection for redemption of portions of the principal of Securities of such series; provided, however, that no such partial redemption
shall reduce the portion of the principal amount of a Security not redeemed to less than the minimum authorized denomination for Securities
of such series established pursuant to Section 301.






    	 	 	 



    72


    

The Trustee shall promptly notify the Company
and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be redeemed.


For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any 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
1104. Notice of Redemption.


Except as otherwise specified as contemplated
by Section 301, notice of redemption shall be given in the manner provided for in Section 106 not less than 10 nor more than
60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, but failure to give such notice in the manner herein
provided to the Holder of any Security designated for redemption as a whole or in part, or any defect in the notice to any such Holder,
shall not affect the validity of the proceedings for the redemption of any other such Security or portion thereof.


All notices of redemption shall state:


(1)       the
Redemption Date,


(2)       the
Redemption Price and the amount of accrued interest to the Redemption Date payable as provided in Section 1106, if any,


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


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


(5)       that
on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 1106
will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon
will cease to accrue on and after said date,


(6)       the
Place or Places of Payment where such Securities, maturing after the Redemption Date, are to be surrendered for payment of the Redemption
Price and accrued interest, if any,


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






    	 	 	 



    73


    

(8)       the
CUSIP number, if any.


Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company’s request and provision of such notice information
to the Trustee at least 10 days prior to the date such notice of redemption is requested to be sent to the Holders, by the Trustee in
the name and at the expense of the Company.


SECTION
1105. Deposit of Redemption Price.


Prior to any Redemption Date, the Company shall
deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) no later than 2:00 p.m. (New York time) on the Business Day prior to such Redemption Date an amount of
money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for
the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay the
Redemption Price of, and accrued interest, if any, on, all the Securities which are to be redeemed on that date.


SECTION
1106. Securities Payable on Redemption Date.


Notice of redemption having been given as aforesaid,
the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified in the
Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities
of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) (together with accrued interest, if
any, to the Redemption Date), and from and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest, if any) such Securities shall be void. Upon surrender of any such Security for redemption in accordance with said notice,
such Security shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date; provided,
however, that installments of interest on Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable
to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant
Record Dates according to their terms and the provisions of Section 307.


SECTION
1107. Securities Redeemed in Part.


Any Security which is to be redeemed only in part
(pursuant to the provisions of this Article or of Article Twelve) shall be surrendered at a Place of Payment therefor (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Company shall execute,
the Guarantor shall execute the Guarantee noted or endorsed on, and the Trustee shall authenticate and deliver to the Holder of such Security
without service charge, a new Security or Securities of the same series, of any authorized denomination as requested by such Holder, in
aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. However,
if less than all the Securities of any series with differing issue dates, interest rates and stated maturities are to be redeemed, the
Company in its sole discretion shall select the particular Securities to be redeemed and shall notify the Trustee in writing thereof at
least 45 days prior to the relevant redemption date.






    	 	 	 



    74


    

SECTION
1108. Optional Redemption Due to Changes in Tax Treatment.


The Company or the Guarantor (or their successors)
may redeem each series of Securities at their option in whole but not in part at any time (except in the case of Securities that have
a variable rate of interest, which may be redeemed on any interest payment date), if: (i) the Company or the Guarantor would be required
to pay Additional Amounts, as a result of any change in the tax laws or treaties (including the official application or interpretation
thereof) of a Taxing Jurisdiction or, in the case of a treaty, to which a Taxing Jurisdiction is a party that, in the case of the Company
or the Guarantor, becomes effective on or after the date of issuance of that series (or, in the case of a successor, that becomes effective
after the date such successor becomes such), as explained in Section 1005, or (ii) there is a change in the official application or interpretation
of a treaty to which a Taxing Jurisdiction is a party, this change is proposed and becomes effective on or after a date on which one of
the affiliates of the Company borrows money from the Company, and because of the change this affiliate would be required to deduct or
withhold tax on payments to the Company to enable the Company to make any payment of principal, premium, if any, or interest.


In both of these cases, however, the Company will
not be permitted to redeem a series of Securities if the Company or the Guarantor can avoid either the payment of Additional Amounts,
or deductions or withholding, as the case may be, by using reasonable measures available to it. For the avoidance of doubt, reasonable
measures shall not include changing the jurisdiction of incorporation of the Company or the Guarantor.


Except in the case of outstanding original issue
discount Securities, which may be redeemed at the redemption price specified by the terms of that series of Securities, the redemption
price will be equal to the principal amount plus accrued interest to the date of redemption.


Article
Twelve



SINKING FUNDS


SECTION
1201. Applicability of Article.


Retirements of Securities of any series pursuant
to any sinking fund shall be made in accordance with the terms of such Securities and (except as otherwise specified as contemplated by
Section 301 for Securities of any series) in accordance with this Article.


The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment”, and any
payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional
sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any mandatory sinking fund payment
may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities
of any series as provided for by the terms of Securities of such series.






    	 	 	 



    75


    

SECTION
1202. Satisfaction of Sinking Fund Payments with Securities.


Subject to Section 1203, in lieu of making
all or any part of any mandatory sinking fund payment with respect to any Securities of a series in cash, the Company may at its option
(1) deliver to the Trustee Outstanding Securities of a series (other than any previously called for redemption) theretofore purchased
or otherwise acquired by the Company, and/or (2) receive credit for Securities of such series which have been previously delivered
to the Trustee by the Company or for Securities of such series which have been redeemed either at the election of the Company pursuant
to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
in each case in satisfaction of all or any part of any mandatory sinking fund payment with respect to the Securities of the same series
required to be made pursuant to the terms of such Securities as provided for by the terms of such series; provided, however,
that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee
at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such mandatory
sinking fund payment shall be reduced accordingly.


SECTION
1203. Redemption of Securities for Sinking Fund.


Not less than 60 days prior to each sinking fund
payment date for Securities of any series, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount
of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash in the Currency in which the Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e))
and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 1202,
and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the
Trustee any Securities to be so delivered and credited. If such Officer’s Certificate shall specify an optional amount to be added
in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified.
Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities
shall be made upon the terms and in the manner stated in Sections 1106 and 1107.


Article
Thirteen



REPAYMENT AT OPTION OF HOLDERS


SECTION
1301. Applicability of Article.


Repayment of Securities of any series before their
Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities and (except as otherwise
specified as contemplated by Section 301 for Securities of any series) in accordance with this Article.






    	 	 	 



    76


    

SECTION
1302. Repayment of Securities.


Securities of any series subject to repayment
in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid at
a price equal to the principal amount thereof, together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant
to the terms of such Securities. The Company and the Guarantor covenant that at least one Business Day prior to the Repayment Date the
Company or the Guarantor will deposit with the Trustee or with a Paying Agent (or, if the Company or the Guarantor is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 1003) no later than 2:00 p.m. (New York time) on the Business Day
prior to such Repayment Date an amount of money in the Currency in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in Sections 312(b),
312(d) and 312(e)) sufficient to pay the principal (or, if so provided by the terms of the Securities of any series, a percentage of the
principal) of and (except if the Repayment Date shall be an Interest Payment Date) accrued interest, if any, on, all the Securities or
portions thereof, as the case may be, to be repaid on such date.


SECTION
1303. Exercise of Option.


Securities of any series subject to repayment
at the option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse of such Securities. To
be repaid at the option of the Holder, any Security so providing for such repayment, with the “Option to Elect Repayment”
form on the reverse of such Security duly completed by the Holder (or by the Holder’s attorney duly authorized in writing), must
be received by the Company at the Place of Payment therefor specified in the terms of such Security (or at such other place or places
or which the Company shall from time to time notify the Holders of such Securities) not earlier than 45 days nor later than 30 days prior
to the Repayment Date. If less than the entire principal amount of such Security is to be repaid in accordance with the terms of such
Security, the principal amount of such Security to be repaid, in increments of the minimum denomination for Securities of such series,
and the denomination or denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount
of such Security surrendered that is not to be repaid, must be specified. The principal amount of any Security providing for repayment
at the option of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security
would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except
as otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise of the
repayment option by the Holder shall be irrevocable unless waived by the Company and the Guarantor.


SECTION
1304. When Securities Presented for Repayment Become Due and Payable.


If Securities of any series providing for repayment
at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided by or pursuant to the terms
of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and shall be
paid by the Company or the Guarantor on the Repayment Date therein specified, and on and after such Repayment Date (unless the Company
or the Guarantor shall default in the payment of such Securities on such Repayment Date) such Securities shall be void. Upon surrender
of any such Security for repayment in accordance with such provisions, the principal amount of such Security so to be repaid shall be
paid by the Company or the Guarantor, together with accrued interest, if any, to the Repayment Date; provided, however,
that installments of interest, if any, whose Stated Maturity is on or prior to the Repayment Date shall be payable (but without interest
thereon, unless the Company and the Guarantor shall default in the payment thereof) to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions
of Section 307.






    	 	 	 



    77


    

If the principal amount of any Security surrendered
for repayment shall not be so repaid upon surrender thereof, such principal amount (together with interest, if any, thereon accrued to
such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest set forth in such Security or Yield
to Maturity (in the case of Original Issue Discount Securities).


SECTION
1305. Securities Repaid in Part


Upon surrender of any Security which is to be
repaid in part only, the Company shall execute, the Guarantor shall execute the Guarantee noted or endorsed on, and the Trustee shall
authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company, a new Security or Securities
of the same series, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange
for the portion of the principal of such Security so surrendered which is not to be repaid.


Article
Fourteen



DEFEASANCE AND COVENANT DEFEASANCE


SECTION
1401. Applicability of Article; Company’s and Guarantor’s Option to Effect Defeasance or Covenant Defeasance.


Unless provided otherwise, pursuant to Section
301 the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article (with such modifications
thereto as may be specified pursuant to Section 301 with respect to any Securities), shall be applicable to such Securities, and the Company
and the Guarantor may at their option by Board Resolution, at any time, with respect to such Securities, elect to have Section 1402 (if
applicable) or Section 1403 (if applicable) be applied to such Outstanding Securities upon compliance with the conditions set forth below
in this Article.


SECTION
1402. Defeasance and Discharge.


Upon their exercise of the above option applicable
to this Section with respect to any Securities of or within a series, each of the Company and the Guarantor shall be deemed to have been
discharged from their respective obligations with respect to such Outstanding Securities and under the Guarantee in respect thereof on
the date the conditions set forth in Section 1404 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance
means that the Company and the Guarantor shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding
Securities and under the Guarantee in respect thereof which shall thereafter be deemed to be “Outstanding” only for the purposes
of Section 1405 and the other Sections of this Indenture referred to in clauses (A) and (B) of this Section, and to have satisfied all
its other obligations under such Securities and under the Guarantee in respect thereof and this Indenture insofar as such Securities and
the Guarantee in respect thereof are concerned (and the Trustee, at the expense of the Company and the Guarantor shall execute proper
instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder:




    	 	 	 



    78


    

(A) the rights of Holders of such Outstanding Securities to receive, solely from the trust fund described in Section 1405 and as more
fully set forth in such Section, payments in respect of the principal of (and premium, if any) and interest, if any, on such Securities
when such payments are due, (B) the Company’s and the Guarantor’s obligations to the Trustee under Section 606 with respect
to such Securities under Sections 305, 306, 1002 and 1003 and with respect to the payment of Additional Amounts, to the extent then unknown,
on such Securities as contemplated by Section 1005, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder and
(D) this Article Fourteen. Subject to compliance with this Article Fourteen, the Company or the Guarantor may exercise its option under
this Section notwithstanding the prior exercise of its option under Section 1403 with respect to such Securities.


SECTION
1403. Covenant Defeasance.


Upon the Company’s or the Guarantor’s
exercise of the above option applicable to this Section with respect to any Securities of or within a series, the Company and the Guarantor
shall be released from their respective obligations under Sections 1006 and 1007, and, if specified pursuant to Section 301, its obligations
under any other covenant, with respect to such Outstanding Securities and the Guarantee in respect thereof on and after the date the conditions
set forth in Section 1404 are satisfied (hereinafter, “covenant defeasance”), and such Securities shall thereafter be deemed
to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences
of any thereof) in connection with Sections 1006 and 1007, or such other covenant, but shall continue to be deemed “Outstanding”
for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities,
the Company and the Guarantor may omit to comply with and shall have no liability in respect of any term, condition or limitation set
forth in any such Section or such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in
any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 501(5) or 501(8) or
otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and the Guarantee in
respect thereof shall be unaffected thereby.


SECTION
1404. Conditions to Defeasance or Covenant Defeasance.


The following shall be the conditions to application
of Section 1402 or Section 1403 to any Outstanding Securities of or within a series and the Guarantee in respect thereof:


(a)       The
Company or the Guarantor shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the
requirements of Section 607 who shall agree to comply with the provisions of this Article Fourteen applicable to it) as trust funds in
trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of
the Holders of such Securities, (1) an amount (in such Currency in which such Securities are then specified as payable at Stated Maturity),
or 



    	 	 	 



    79


    

(2) Government Obligations applicable to such Securities (determined on the basis of the Currency in which such Securities are then
specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than one day before the due date of any payment of principal of (and premium, if any) and interest,
if any, on such Securities, money in an amount, or (3) a combination thereof in an amount, 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,
and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and premium, if any)
and interest, if any, and any Additional Amounts then known on such Outstanding Securities on the Stated Maturity of such principal or
installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable to such Outstanding
Securities on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities.
Before such a deposit, the Company or the Guarantor, as the case may be, may give to the Trustee, in accordance with Section 1102
hereof, a notice of its election to redeem all or any portion of such Outstanding Securities at a future date in accordance with the terms
of the Securities of such series and Article Eleven hereof, which notice shall be irrevocable. Such irrevocable redemption notice,
if given, shall be given effect in applying the foregoing.


(b)       Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other
material agreement or instrument to which the Company or the Guarantor is a party or by which it is bound.


(c)       No
Default or Event of Default with respect to such Securities shall have occurred and be continuing on the date of such deposit or, insofar
as Sections 501(6) and 501(7) are concerned, at any time during the period ending on the 91st day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until the expiration of such period).


(d)       In
the case of an election under Section 1402, the Company or the Guarantor shall have delivered to the Trustee an Opinion of Counsel stating
that (1) the Company or the Guarantor has received from, or there has been published by, the Internal Revenue Service a ruling, or (2)
since the date of execution of this Indenture, there has been a change in the applicable United States federal income tax law, in either
case to the effect that, and based thereon such opinion shall confirm that, the beneficial owners of such Outstanding Securities will
not recognize income, gain or loss for United States federal income tax purposes as a result of such defeasance and will be subject to
United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance
had not occurred.


(e)       In
the case of an election under Section 1403, the Company or the Guarantor shall have delivered to the Trustee Opinions of Counsel to the
effect that the beneficial owners of such Outstanding Securities will not recognize income, gain or loss for United States federal income
tax purposes as a result of such covenant defeasance and will be subject to United States federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such covenant defeasance had not occurred.






    	 	 	 



    80


    

(f)       The
Company or the Guarantor shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
all conditions precedent to the defeasance under Section 1402 or the covenant defeasance under Section 1403 (as the case may be) have
been complied with.


(g)       Notwithstanding
any other provisions of this Section, such defeasance or covenant defeasance shall be effected in compliance with any additional or substitute
terms, conditions or limitations which may be imposed on the Company or the Guarantor in connection therewith pursuant to Section 301.


SECTION
1405. Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.


Subject to the provisions of the last paragraph
of Section 1003, all money and Government Obligations (or other property as may be provided pursuant to Section 301) (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 1405, the “Trustee”)
pursuant to Section 1404 in respect of any Outstanding Securities of any series shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company or the Guarantor acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums
due and to become due thereon in respect of principal (and premium, if any) and interest and Additional Amounts, if any, but such money
need not be segregated from other funds except to the extent required by law.


Unless otherwise specified with respect to any
Security pursuant to Section 301, if, after a deposit referred to in Section 1404(a) has been made, (a) the Holder of a Security in respect
of which such deposit was made is entitled to, and does, elect pursuant to Section 312(b) or the terms of such Security to receive payment
in a Currency other than that in which the deposit pursuant to Section 1404(a) has been made in respect of such Security, or (b) a Conversion
Event occurs as contemplated in Section 312(d) or 312(e) or by the terms of any Security in respect of which the deposit pursuant to Section
1404(a) has been made, the indebtedness represented by such Security shall be deemed to have been, and will be, fully discharged and satisfied
through the payment of the principal of (and premium, if any) and interest and Additional Amounts, if any, on such Security as the same
becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount
or other property deposited in respect of such Security into the Currency in which such Security becomes payable as a result of such election
or Conversion Event based on the applicable Market Exchange Rate for such Currency in effect on the second Business Day prior to each
payment date, except, with respect to a Conversion Event, for such Currency in effect (as nearly as feasible) at the time of the Conversion
Event.


The Company or the Guarantor, as the case may
be, shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations
deposited pursuant to Section 1404 or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of such Outstanding Securities.






    	 	 	 



    81


    

Anything in this Article to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon the Company Request, or the Guarantor, as the case may be, upon
the Guarantor Request, any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in Section
1404 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 defeasance or covenant
defeasance, as applicable, in accordance with this Article.


Article
Fifteen



MEETINGS OF HOLDERS OF SECURITIES


[Intentionally omitted]


Article
Sixteen



GUARANTEE OF SECURITIES


SECTION
1601. Guarantee.


This Section 1601 and Section 1602 apply to the
Securities of any series to the extent that the form of the Guarantee to be endorsed on such Securities is not otherwise specifically
established as contemplated by Section 301.


The Guarantor hereby unconditionally guarantees
to each Holder of a Security of each series authenticated and delivered by the Trustee the due and punctual payment of the principal (including
any amount due in respect of original issue discount) of and any premium and interest on and Additional Amounts with respect to such Security,
and the due and punctual payment of any sinking fund payments provided for pursuant to the terms of such Security, when and as the same
shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, and all
other obligations of the Company to the Holders or the Trustee hereunder or thereunder, in accordance with the terms of such Security
and of this Indenture. The Guarantor hereby agrees that its obligations hereunder shall be as if it were a principal debtor and not merely
a surety, and shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability
of any Security of any series or this Indenture, any failure to enforce the provisions of any Security of any series or this Indenture,
any waiver, modification, consent or indulgence granted to the Company with respect thereto, by the Holder of any Security of any series
or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The
Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy
of the Company, any right to require a proceeding first against the Company, the benefit of discussion, protest or notice with respect
to any Security or the indebtedness evidenced thereby or with respect of any sinking fund payment required pursuant to the terms of a
Security issued under this Indenture and all demands whatsoever, and covenants that this Guarantee will not be discharged with respect
to any Security except by payment in full of the principal thereof and any premium and interest or Additional Amounts thereon or as provided
in Article Four, Section 802 or Article Fourteen. The Guarantor further agrees that, as between the Guarantor, on the one hand, and the
Holders and the Trustee, on the other hand, the Maturity of the obligations guaranteed hereby may be accelerated as provided in Article
Five hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby.






    	 	 	 



    82


    

This Guarantee shall continue to be effective
or be reinstated, as the case may be, if at any time payment on any Company Security, in whole or in part, is rescinded or must otherwise
be restored to the Company or the Guarantor upon the bankruptcy, liquidation or reorganization of the Company or otherwise.


The Guarantor hereby waives, in favor of the Holders
and the Trustee, any and all of its rights, protections, privileges and defenses provided by any applicable law to a guarantor and waives
any right of set-off which the Guarantor may have against the Holder of a Security in respect of any amounts which are or may become payable
by the Holder of a Security to the Company.


The Guarantor shall be subrogated to all rights
of each Holder of Securities against the Company in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions
of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or
based upon, such right of subrogation until the principal of and any premium and interest on all the Securities of the same series and
of like tenor shall have been paid in full.


The Guarantee shall be governed by and construed
in accordance with the laws of the State of New York. The Guarantor agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or any Holders in enforcing any rights under the Guarantee.


No past, present or future stockholder, officer,
director, employee or incorporator of the Guarantor shall have any personal liability under the Guarantee set forth in this Section 1601
by reason of his or its status as such stockholder, officer, director, employee or incorporator.


The Guarantee set forth in this Section 1601 shall
not be valid or become obligatory for any purpose with respect to a Security until the certificate of authentication on such Security
shall have been signed by or on behalf of the Trustee.


SECTION
1602. Execution of Guarantee.


To evidence its Guarantee to the Holders specified
in Section 1601, the Guarantor hereby agrees to execute the Guarantee in substantially the form set forth in Section 204 to be endorsed
on each Security authenticated and delivered by the Trustee. The Guarantor hereby agrees that its Guarantee set forth in Section 1601
shall remain in full force and effect notwithstanding any failure to endorse on each Security such Guarantee. Each such Guarantee shall
be signed on behalf of the Guarantor by any director of the Guarantor, prior to the authentication of the Security on which it is endorsed,
and the delivery of such Security by the Trustee, after the due authentication thereof by the Trustee hereunder, shall constitute due
delivery of the Guarantee on behalf of the Guarantor. Such signatures upon the Guarantee may be manual or facsimile signatures of any
present, past or future such directors or officers and may be imprinted or otherwise reproduced below the Guarantee, and in case any such
director or officer who shall have signed the Guarantee shall cease to hold such offices before the Security on which such Guarantee is
endorsed shall have been authenticated and delivered by the Trustee or disposed of by the Company, such Security nevertheless may be authenticated
and delivered or disposed of as though the person who signed the Guarantee had not ceased to hold such office of the Guarantor.






    	 	 	 



    83


    

This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one
and the same Indenture.






    	 	 	 



    


    

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


	 	SASOL FINANCING USA LLC
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:










	 	SASOL LIMITED
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:





 


 


 


 


[Signature page to Indenture]


 



    	 	 	 



    


    




	 	WILMINGTON SAVINGS FUND SOCIETY, FSB 
	 	as Trustee
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:









 


 


[Signature page to Indenture]






    	 	 	 



    


    

EXHIBIT A


FORMS OF CERTIFICATION


EXHIBIT A-1


[Intentionally omitted]






    	 	A-1-1 	 



    


    

EXHIBIT A-2


FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR


AND CLEARSTREAM IN


CONNECTION WITH THE EXCHANGE OF A PORTION OF A


TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST


PAYABLE PRIOR TO THE EXCHANGE DATE


CERTIFICATE


[Insert title or sufficient description


of Securities to be delivered]


This is to certify that based solely on written
certifications that we have received in writing, by tested telex or by electronic transmission from each of the persons appearing in our
records as persons entitled to a portion of the principal amount set forth below (our “Member Organizations”) substantially
in the form attached hereto, as of the date hereof, [U.S.$]__________ principal amount of the above-captioned Securities (i) is owned
by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust
the income of which is subject to United States Federal income taxation regardless of its source (“United States person(s)”),
(ii) is owned by United States person(s) that are (a) foreign branches of United States financial institutions (financial institutions,
as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv) are herein referred to as “financial institutions”)
purchasing for their own account or for resale, or (b) United States person(s) who acquired the Securities through foreign branches
of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof
(and in either case (a) or (b), each such financial institution has agreed, on its own behalf or through its agent, that we may advise
[Name of Issuer] or its agent that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or (C)
of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign
financial institution(s) for purposes of resale during the restricted period (as defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7))
and, to the further effect, that financial institutions described in clause (iii) above (whether or not also described in clause (i)
or (ii)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person
or to a person within the United States or its possessions.


As used herein, “United States” means
the United States of America (including the states and the District of Columbia); and its “possessions” include Puerto Rico,
the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.


We further certify that (i) we are not making
available herewith for exchange (or, if relevant, collection of any interest) any portion of the temporary global Security representing
the above-captioned Securities excepted in the above-referenced certificates of Member Organizations and (ii) as of the date hereof
we have not received any notification from any of our Member Organizations to the effect that the statements made by such Member Organizations
with respect to any portion of the part submitted herewith for exchange (or, if relevant, collection of any interest) are no longer true
and cannot be relied upon as of the date hereof.






    	 	A-2-1 	 



    


    

We understand that this certification is required
in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced or threatened in
connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof
to any interested party in such proceedings.


Dated:


[To be dated no earlier than the Exchange Date or the relevant
Interest Payment Date occurring prior to the Exchange Date, as applicable]





	 	[EUROCLEAR BANK S.A./N.V., as

                  Operator of the Euroclear System]

                  [CLEARSTREAM]

	 	 	                
	 	 	 
	 	By:	 





 


 


 






    	 	A-2-2