Exhibit 4.3


 


 



 


Auris Medical Holding AG


 


as the Company


 


and


 


[ ]


 


as Trustee


 







	 



 


Subordinated Indenture


 


 


Dated as of [ ], [ ]


	 



 


 



 





    	 



    	 



    

TABLE
OF CONTENTS


 


 



	Page
	 	 	 
	Article 1
	Definitions And Incorporation By Reference
	Section 1.01.	Definitions	1
	Section 1.02.	Other Definitions	4
	Section 1.03.	Incorporation by Reference of Trust Indenture Act	4
	Section 1.04.	Rules of Construction	4
	Article 2
	The Securities
	Section 2.01.	Form and Dating	5
	Section 2.02.	Execution and Authentication	5
	Section 2.03.	Amount Unlimited; Issuable in Series	6
	Section 2.04.	Denomination and Date of Securities; Payments of Interest	7
	Section 2.05.	Registrar and Paying Agent; Agents Generally	8
	Section 2.06.	Paying Agent to Hold Money in Trust	8
	Section 2.07.	Transfer and Exchange	9
	Section 2.08.	Replacement Securities	10
	Section 2.09.	Outstanding Securities	10
	Section 2.10.	Temporary Securities	11
	Section 2.11.	Cancellation	11
	Section 2.12.	CUSIP Numbers	11
	Section 2.13.	Defaulted Interest	11
	Section 2.14.	Series May Include Tranches	11
	Article 3
	Redemption
	Section 3.01.	Applicability of Article	12
	Section 3.02.	Notice of Redemption; Partial Redemptions	12
	Section 3.03.	Payment of Securities Called for Redemption	13
	Section 3.04.	Exclusion of Certain Securities from Eligibility for Selection for Redemption	13
	Section 3.05.	Mandatory and Optional Sinking Funds	13
	Article 4
	Covenants
	Section 4.01.	Payment of Securities	15
	Section 4.02.	Maintenance of Office or Agency	15
	Section 4.03.	Securityholders’ Lists	15
	Section 4.04.	Certificate to Trustee	16
	Section 4.05.	Reports by the Company	16
	Section 4.06.	Additional Amounts	16
	Article 5
	Successor Corporation
	Section 5.01.	When Company May Merge, Etc.	16
	Section 5.02.	Successor Substituted	17
	Article 6	 
	Default and Remedies
	Section 6.01.	Events of Default	17
	Section 6.02.	Acceleration	17
	Section 6.03.	Other Remedies	18
	Section 6.04.	Waiver of Past Defaults	18
	Section 6.05.	Control by Majority	19
	Section 6.06.	Limitation on Suits	19
	 	 	 	 	 




    	 



    	 



    

	Section 6.07.	Rights of Holders to Receive Payment	19
	Section 6.08.	Collection Suit by Trustee	19
	Section 6.09.	Trustee May File Proofs of Claim	19
	Section 6.10.	Application of Proceeds	20
	Section 6.11.	Restoration of Rights and Remedies	20
	Section 6.12.	Undertaking for Costs	20
	Section 6.13.	Section 6.13. Rights and Remedies Cumulative	20
	Section 6.14.	Delay or Omission not Waiver	21
	Article 7
	Trustee
	Section 7.01.	General	21
	Section 7.02.	Certain Rights of Trustee	21
	Section 7.03.	Individual Rights of Trustee	22
	Section 7.04.	Trustee’s Disclaimer	22
	Section 7.05.	Notice of Default	22
	Section 7.06.	Reports by Trustee to Holders	22
	Section 7.07.	Compensation and Indemnity	23
	Section 7.08.	Replacement of Trustee	23
	Section 7.09.	Acceptance of Appointment by Successor	24
	Section 7.10.	Successor Trustee By Merger, Etc.	24
	Section 7.11.	Eligibility	24
	Section 7.12.	Money Held in Trust	24
	Article 8
	Satisfaction And Discharge of Indenture; Unclaimed Moneys
	Section 8.01.	Satisfaction and Discharge of Indenture	25
	Section 8.02.	Application by Trustee of Funds Deposited for Payment of Securities	25
	Section 8.03.	Repayment of Moneys Held by Paying Agent	25
	Section 8.04.	Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	25
	Section 8.05.	Defeasance and Discharge of Indenture	26
	Section 8.06.	Defeasance of Certain Obligations	26
	Section 8.07.	Reinstatement	27
	Section 8.08.	Indemnity	27
	Section 8.09.	Excess Funds	27
	Section 8.10.	Qualifying Trustee	28
	Article 9
	Amendments, Supplements and Waivers
	Section 9.01.	Without Consent of Holders	28
	Section 9.02.	With Consent of Holders	28
	Section 9.03.	Revocation and Effect of Consent	29
	Section 9.04.	Notation on or Exchange of Securities	29
	Section 9.05.	Trustee to Sign Amendments, Etc.	29
	Section 9.06.	Conformity with Trust Indenture Act	30
	Article 10
	Miscellaneous
	Section 10.01.	Trust Indenture Act of 1939	30
	Section 10.02.	Notices	30
	Section 10.03.	Certificate and Opinion as to Conditions Precedent	30
	Section 10.04.	Statements Required in Certificate or Opinion	31
	Section 10.05.	Evidence of Ownership	31
	Section 10.06.	Rules by Trustee, Paying Agent or Registrar	31
	Section 10.07.	Payment Date Other Than a Business Day	31
	Section 10.08.	Governing Law	31
	Section 10.09.	No Adverse Interpretation of Other Agreements	31
	Section 10.10.	Successors	31




    	 



    	 



    

	Section 10.11.	Duplicate Originals	31
	Section 10.12.	Separability	31
	Section 10.13.	Table of Contents, Headings, Etc.	31
	Section 10.14.	Incorporators, Stockholders, Officers and Directors of Company Exempt from Individual Liability	31
	Section 10.15.	Judgment Currency	32
	Section 10.16.	Waiver of Jury Trial	32
	Section 10.17.	Force Majeure	32
	Article 11
	Subordination
	Section 11.01.	Agreement to Subordinate	32
	Section 11.02.	Payments to Securityholders	32
	Section 11.03.	Subrogation	33
	Section 11.04.	Authorization by Securityholders	34
	Section 11.05.	Notice to Trustee	34
	Section 11.06.	Trustee’s Relation to Senior Indebtedness	35
	Section 11.07.	No Impairment of Subordination	35




    	 



    	 



    

SUBORDINATED INDENTURE, dated as of [    ,
   ], between Auris Medical Holding AG, a public company with limited liability incorporated in Switzerland, as the Company, and [     
], as Trustee.


 


RECITALS OF THE COMPANY


 


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


 


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


 


NOW, THEREFORE:


 


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


 


Article
1

Definitions And Incorporation By Reference


 


Section 1.01.Definitions.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


“Depositary” means,
with respect to the Securities of any series issuable or issued in the form of one or more Registered Global Securities, the Person
designated as Depositary by the Company pursuant to Section 2.03 until a


 




    	 



    	 



    

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


 


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


 


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


 


“Holder” or “Securityholder”
means the registered holder of any Security.


 


“Indebtedness” of any
Person means at any date, without duplication (i) all obligations of such Person for borrowed money, (ii) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person in respect of letters
of credit or other similar instruments (or reimbursement obligations with respect thereto), (iv) all obligations of such Person
to pay the deferred purchase price of property or services, except Trade Payables, (v) all obligations of such Person as a lessee
under capital leases, (vi) all Indebtedness of others secured by a lien on any asset of such Person, whether or not such Indebtedness
is assumed by such Person, (vii) all Indebtedness of others Guaranteed by such Person.


 


“IFRS” means International
Financial Reporting Standards as issued by the International Accounting Standards Board, as in effect as of the date hereof.


 


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


 


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


 


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


 


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


 


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


 


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


 




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


 


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


 


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


 


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


 


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


 


“Securities” means any
of the securities, as defined in the first paragraph of the recitals hereof, that are authenticated and delivered under this Indenture.


 


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


 


“Senior Indebtedness”
means all Indebtedness of the Company (other than the Securities) including principal and interest (including, without limitation,
any interest that would accrue but for the filing of a petition initiating any proceeding referred to in Section 11.02 hereof)
on such Indebtedness, created, incurred or assumed on or after the date of the first issuance of any Securities, unless such Indebtedness,
but its terms or the terms of the instrument creating or evidencing it, is subordinate in right of payment to, or pari passu with,
the Securities; provided, that the term Senior Indebtedness shall not include (a) any Indebtedness of the Company which, when incurred
and without respect to any election under Section 111(b) of Title II, United States Code, with or without recourse to the Company,
(b) any Indebtedness of the Company to a Subsidiary, (c) Indebtedness to any employee of the Company and (d) Trade Payables.


 


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


 


“Trade Payables” means
accounts payable for any other indebtedness or monetary obligations to trade creditors created or assumed by the Company or any
subsidiary of the Company in the ordinary course of business in connection with the obtaining of materials or services.


 


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


 


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


 


“U.S. Government Obligations”
means securities that are (i) direct obligations of the United States of America for the payment of which its full faith and credit
is pledged or (ii) obligations of an agency or instrumentality of the United States of America the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America, and shall also include a depository receipt issued
by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on
or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt.


 




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


 


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


 


	Term	Section
	Authenticating Agent	2.02
	cash transaction	7.03
	Event of Default	6.01
	Judgment Currency	10.15(a)
	mandatory sinking fund payment	3.05
	optional sinking fund payment	3.05
	Paying Agent	2.05
	record date	2.04
	Registrar	2.05
	Required Currency	10.15(a)
	Security Register	2.05
	self-liquidating paper	7.03
	sinking fund payment date	3.05
	Surviving Entity	5.01(a)
	tranche	2.14



 

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


 


“indenture securities”
means the Securities;


 


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


 


“indenture to be qualified”
means this Indenture;


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 




    4 


     


    

Article
2

The Securities


 


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


 


Section 2.02.Execution and Authentication.
Two Officers shall execute the Securities for the Company by facsimile or manual signature in the name and on behalf of the Company.
If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security
shall nevertheless be valid.


 


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


 


A Security shall not be valid until the
Trustee or Authenticating Agent signs, manually or by facsimile, the certificate of authentication on the Security. The signature
shall be conclusive evidence that the Security has been authenticated under this Indenture.


 


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


 


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


 


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


 


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


 


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


 


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


 




    5 


     


    

if such documents are delivered at or prior
to the authentication upon original issuance of the first Security of such series to be issued.


 


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


 


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


 


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


 


The Securities may be issued in one or
more series and each such series shall rank equally and pari passu with the Securities of each other series, but all Securities
hereunder shall be subordinate and junior in right of payment, to the extent and manner set forth in Article 11, to all Senior
Indebtedness. There shall be established in or pursuant to a Board Resolution or one or more indentures supplemental hereto, prior
to the initial issuance of Securities of any series, subject to the last sentence of this Section 2.03,


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 




    6 


     


    

(h) if other than denominations of $2,000
and any higher integral multiple of $1,000, the denominations in which Securities of the series shall be issuable;


 


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


 


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


 


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


 


(l) whether the Securities of the series
or any portion thereof will be issuable as Registered Global Securities;


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


(t) any other terms of the Securities of
the series.


 


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


 


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


 


Section 2.04.Denomination and Date
of Securities; Payments of Interest. The Securities of each series shall be issuable in denominations established as contemplated
by Section 2.03 or, if not so established with respect to


 




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Securities of any series, in denominations
of $2,000 and any higher integral multiple of $1,000. The Securities of each series shall be numbered, lettered or otherwise distinguished
in such manner or in accordance with such plan as the Officers of the Company executing the same may determine, as evidenced by
their execution thereof.


 


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


 


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


 


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


 


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


 


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


 


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


 




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Section 2.07.Transfer and Exchange.
At the option of the Holder thereof, Securities of any series (other than a Registered Global Security, except as set forth below)
may be exchanged for a Security or Securities of such series and tenor having authorized denominations and an equal aggregate Principal
amount, upon surrender of such Securities to be exchanged at the agency of the Company that shall be maintained for such purpose
in accordance with Section 2.05 and upon payment, if the Company shall so require, of the charges hereinafter provided. Whenever
any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to receive. Upon surrender for registration of transfer of any Security
of a series at the agency of the Company that shall be maintained for that purpose in accordance with Section 2.05 and upon payment,
if the Company shall so require, of the charges hereinafter provided, the Company shall execute, and the Trustee shall authenticate
and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized
denominations and of like tenor and aggregate Principal amount.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 




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


 


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


 


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


 


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


 


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


 


Section 2.08.Replacement Securities.
If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver,
in exchange for such mutilated Security, 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
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 any of them harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series
and of like tenor and Principal amount and bearing a number not contemporaneously outstanding.


 


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, pay such Security (without surrender thereof except in the case of a mutilated Security) if the applicant for such
payment shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them
and any agent of any of them harmless, and in the case of destruction, loss or theft, evidence satisfactory to the Company and
the Trustee and any agent of them of the destruction, loss or theft of such Security and the ownership thereof.


 


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


 


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


 


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


 


Section 2.09.Outstanding Securities.
Securities outstanding at any time are all Securities that have been authenticated by the Trustee except for those cancelled by
it, those delivered to it for cancellation, those described in this Section as not outstanding and those that have been defeased
pursuant to Section 8.05. If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding unless and until the
Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a holder in due course.


 




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


 


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


 


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


 


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


 


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


 


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


 


Section 2.14.Series May Include
Tranches. A series of Securities may include one or more tranches (each a “tranche”) of Securities, including
Securities issued in a Periodic Offering. The Securities of different tranches may have one or more different terms, including
authentication dates and public offering prices, but all the Securities


 




    11 


     


    

within each such tranche shall have identical
terms, including authentication date and public offering price. Notwithstanding any other provision of this Indenture, with respect
to Sections 2.02 (other than the fourth, sixth and seventh paragraphs thereof) through 2.04, 2.07, 2.08, 2.10, 3.01 through 3.05,
4.02, 6.01 through 6.14, 8.01 through 8.07, 9.02 and 10.07, if any series of Securities includes more than one tranche, all provisions
of such sections applicable to any series of Securities shall be deemed equally applicable to each tranche of any series of Securities
in the same manner as though originally designated a series unless otherwise provided with respect to such series or tranche pursuant
to Section 2.03. In particular, and without limiting the scope of the next preceding sentence, any of the provisions of such sections
which provide for or permit action to be taken with respect to a series of Securities shall also be deemed to provide for and permit
such action to be taken instead only with respect to Securities of one or more tranches within that series (and such provisions
shall be deemed satisfied thereby), even if no comparable action is taken with respect to Securities in the remaining tranches
of that series.


 


Article
3

Redemption


 


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


 


Section 3.02.Notice of Redemption;
Partial Redemptions. Notice of redemption to the Holders of Securities of any series to be redeemed as a whole or in part at
the option of the Company shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 30
days and not more than 60 days prior to the date fixed for redemption to such Holders of Securities of such series at their last
addresses as they shall appear upon the Security Register. Any notice which is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or any defect
in the notice to the Holder of any Security of a series designated for redemption as a whole or in part, shall not affect the validity
of the proceedings for the redemption of any other Security of such series.


 


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


 


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


 


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


 




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deliver to the Trustee, prior to the giving
of any notice of redemption to Holders pursuant to this Section, an Officers’ Certificate evidencing compliance with such
restriction or condition.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 




    13 


     


    

credited shall be received or credited by
the Trustee at the sinking fund redemption price specified in such Securities.


 


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


 


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


 


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


 


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


 




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


 


Article
4

Covenants


 


Section 4.01.Payment of Securities.
The Company shall pay the Principal of and interest on the Securities on the dates and in the manner provided in the Securities
and this Indenture. The interest on Securities (together with any additional amounts payable pursuant to the terms of such Securities)
shall be payable only to the Holders thereof (subject to Section 2.04) and at the option of the Company may be paid by mailing
checks for such interest payable to or upon the written order of such Holders at their last addresses as they appear on the Security
Register of the Company.


 


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


 


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


 


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


 


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


 


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


 




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other times as the Trustee may request in
writing, within thirty days after receipt by the Company of any such request as of a date not more than 15 days prior to the time
such information is furnished.


 


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


 


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


 


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


 


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


 


Article
5

Successor Corporation


 


Section 5.01.When Company May Merge,
Etc. Unless otherwise provided pursuant to Section 2.03 in connection with the establishment of a series, the Company shall
not consolidate or combine with, merge with or into, directly or indirectly, or sell, assign, convey, transfer, lease or otherwise
dispose of all or substantially all of its property and assets to any Person or Persons in a single transaction or through a series
of transactions unless:


 


(a) the Company shall be the continuing
Person or, if the Company is not the continuing Person, the resulting, surviving or transferee Person (the “Surviving
Entity”) is a company organized and existing under the laws of any member state of the European Union, Switzerland or
the United States of America or any State or territory thereof;


 


(b) the Surviving Entity shall expressly
assume all of the Company’s obligations under the Securities and this Indenture, and shall, if required by law to effectuate
the assumption, execute supplemental indentures which shall be delivered to the Trustee and shall be in form and substance reasonably
satisfactory to the Trustee;


 


(c) immediately after giving effect to
such transaction or series of transactions on a pro forma basis, no Default has occurred and is continuing; and


 




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(d) the Company or the Surviving Entity
shall have delivered to the Trustee an Officers’ Certificate and Opinion of Counsel stating that (x) the transaction or series
of transactions and such supplemental indenture, if any, complies with this Section 5.01, (y) such supplemental indenture (if any)
constitutes the legal, valid and binding obligation of the Company and such Surviving Entity enforceable against such Surviving
Entity in accordance with its terms, subject to customary exceptions and (z) all conditions precedent in this Indenture relating
to the transaction or series of transactions have been satisfied.


 


Section 5.02.Successor Substituted.
Upon any consolidation, combination or merger, or any sale, assignment, conveyance, transfer, lease or other disposition of all
or substantially all of the property and assets of the Company in accordance with Section 5.01 of this Indenture, the Surviving
Entity shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with
the same effect as if such Surviving Entity had been named as the Company herein and thereafter the predecessor Person, except
in the case of (x) a lease or (y) any sale, assignment, conveyance, transfer, lease or other disposition to one or more Subsidiaries
of the Company, shall be discharged from all obligations and covenants under this Indenture and the Securities.


 


Article
6

Default and Remedies


 


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


 


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


 


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


 


(c) the Company defaults in the performance
of or breaches any other covenant or agreement of the Company in this Indenture with respect to any Security of such series or
in the Securities of such series (other than a covenant or agreement in respect of which noncompliance by the Company would otherwise
be an Event of Default) and such default or breach continues for a period of 90 consecutive days or more after written notice to
the Company by the Trustee or to the Company and the Trustee by the Holders of 25% or more in aggregate Principal amount of the
Securities of all series affected thereby specifying such default or breach and requiring it to be remedied and stating that such
notice is a “Notice of Default” hereunder;


 


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


 


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


 


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


 


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


 




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portion of the Principal amount as may be
specified in the terms of such series established pursuant to Section 2.03) of all Securities of the affected series, and the interest
accrued thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become immediately due
and payable.


 


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


 


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


 


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


 


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


 


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


 


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


 




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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 




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contained shall be deemed to empower the Trustee
to authorize or consent to, or accept or adopt on behalf of any Holder, any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


Section 6.13.Rights and Remedies
Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or wrongfully
taken Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or


 




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employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.


 


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


 


Article
7

Trustee


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 




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


 


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


 


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


 


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


 


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


 


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


 


Section 7.05.Notice of Default.
If any Default with respect to the Securities of any series occurs and is continuing and if such Default is known to the actual
knowledge of a Responsible Officer with the Corporate Trust Office of the Trustee, the Trustee shall give to each Holder of Securities
of such series notice of such Default within 90 days after it occurs to all Holders of Securities of such series in the manner
and to the extent provided in Section 313(a) of the Trust Indenture Act, unless such Default shall have been cured or waived before
the mailing of such notice; provided, however, that, except in the case of a Default in the payment of the Principal of or interest
on any Security, the Trustee shall be protected in withholding such notice if the Trustee in good faith determines that the withholding
of such notice is in the interests of the Holders.


 


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


 


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


 




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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 




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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 




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Article
8

Satisfaction And Discharge of Indenture; Unclaimed Moneys


 


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


 


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


 


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


 


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


 




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property laws, thereafter look only to the
Company for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any paying agent with
respect to such moneys shall thereupon cease.


 


Section 8.05.Defeasance and Discharge
of Indenture. The Company shall be deemed to have paid and shall be discharged from any and all obligations in respect of the
Securities of any series, after the deposit referred to in clause (i) hereof has been made, and the provisions of this Indenture
shall no longer be in effect with respect to the Securities of such series (and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging the same), except as to: (a) rights of Holders of the Securities of such series to receive
payments of Principal thereof, premium thereto, and interest thereon, upon the original stated due dates therefor, (b) the Company’s
obligations with respect to the issuance of temporary Securities and the registration of transfer with respect to the Securities
of such series, the Company’s right of optional redemption, substitution of mutilated, defaced, destroyed, lost or stolen
Securities of such series and the maintenance of an office or agency for payment for security payments held in trust pursuant to
clause (i) hereof, (c) the rights, obligations and immunities of the Trustee hereunder, and (d) the defeasance provisions contained
in Article 8 of this Indenture; provided that the following conditions shall have been satisfied:


 


(i) with reference to this Section 8.05
the Company irrevocably has deposited or caused to be deposited with the Trustee (or another qualifying trustee satisfying the
requirements of Section 7.11) as trust funds in trust, for the purposes of making the following payments, specifically pledged
as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series, (A) money in an amount,
(B) U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their
terms will provide not later than one day before the due date of any payment referred to in subclause (x) or (y) of this clause
(i), or (C) a combination thereof, in each case sufficient, in the written opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, without consideration
of reinvestment and after payment of all federal, state and local taxes or other charges and assessments in respect thereof, and
which shall be applied by the Trustee to pay and discharge (x) all of the Principal of, premium, if any, and each installment of
interest on the outstanding Securities of such series on the maturity or due dates thereof or if the Company has made irrevocable
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee, the redemption date, as the case
may be, and (y) any mandatory sinking fund payments or analogous payments applicable to the Securities of such series on the day
on which such payments are due and payable in accordance with the terms of Securities of such series and the Indenture with respect
to the Securities of such series;


 


(ii) the Company has delivered to the Trustee
an Opinion of Counsel to the effect that, under then applicable U.S. federal income tax law, Holders of Securities of such series
will not recognize gain or loss for U.S. federal income tax purposes as a result of the Company’s exercise of its option
under this Section 8.05 and will be subject to U.S. federal income tax on the same amount and in the same manner and at the same
times as would have been the case if such deposit, defeasance and discharge had not occurred;


 


(iii) no Default under either clause (d)
or clause (e) of Section 6.01 shall have occurred and be continuing at such time;


 


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


 


(v) the Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance
and discharge under this Section 8.05 have been complied with; and


 


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


 


Section 8.06.Defeasance of Certain
Obligations. The Company may omit to comply with any term, provision or condition set forth in, and this Indenture will no
longer be in effect with respect to, any covenant established pursuant to Section 2.03(s) and clause (c) and clause (f) (with respect
to any covenants established pursuant to


 




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Section 2.03(s)) of Section 6.01 shall be
deemed not to constitute a Default or an Event of Default with respect to Securities of any series, if:


 


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


 


(b) the Company has delivered to the Trustee
an Opinion of Counsel to the effect that Holders of Securities of such series will not recognize gain or loss for U.S. federal
income tax purposes as a result of the Company’s exercise of its option under this Section 8.06 and will be subject to U.S.
federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit
and defeasance had not occurred;


 


(c) no Default with respect to the outstanding
Securities of such series shall have occurred and be continuing at the time of such deposit immediately after giving effect to
such deposit;


 


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


 


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


 


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


 


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


 


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


 


Section 8.09.Excess Funds. Anything
in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon request
of the Company, any money or U.S. Government Obligations


 




    27 


     


    

(or other property and any proceeds therefrom)
held by it as provided in Section 8.01, 8.05 or 8.06 which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would
then be required to be deposited to effect a discharge or defeasance, as applicable, in accordance with this Article 8.


 


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


 


Article
9

Amendments, Supplements and Waivers


 


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


 


(a) to cure any ambiguity, defect or inconsistency
in this Indenture;


 


(b) to comply with Article 5;


 


(c) to maintain the qualification of this
Indenture under the Trust Indenture Act;


 


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


 


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


 


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


 


(g) to conform any provision to the applicable
corresponding provision set forth in the offering document for the offering of such series of Securities; and


 


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


 


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


 


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


 


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


 


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


 


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


 




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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 




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


 


Article
10

Miscellaneous


 


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


 


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


 


if to the Company:


 


Auris Medical Holding AG





Bahnhofstrasse 21





6300 Zug, Switzerland





Facsimile: [                       ]


 


Attention: General Counsel


 


if to the Trustee:


  





	 	[	 	]
	 	[	 	]
	 	[	 	]
	 	Facsimile:	[	]
	 	Attention:	[	]








 





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


 


Any notice or communication shall be sufficiently
given to Holders by mailing to such Holders at their addresses as they shall appear on the Security Register. Notice mailed shall
be sufficiently given if so mailed within the time prescribed. Copies of any such communication or notice to a Holder shall also
be mailed to the Trustee and each Agent at the same time.


 


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


 


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


 


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


 


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


 


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


 


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


 




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


 


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


 


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


 


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


 


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


 


Section 10.05.Evidence of Ownership.
The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the person in whose name any Security shall
be registered upon the Security Register for such series as the absolute owner of such Security (whether or not such Security shall
be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on
account of the Principal of and, subject to the provisions of this Indenture, interest on such Security and for all other purposes;
and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice to the contrary.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


Section 10.14.Incorporators, Stockholders,
Officers and Directors of Company Exempt from Individual Liability. No recourse under or upon any obligation, covenant or agreement
contained in this Indenture or any


 




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indenture supplemental hereto, or in any Security,
or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present or
future stockholder, officer, director or employee, as such, of the Company or of any successor, either directly or through the
Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or
by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of
the Securities by the holders thereof and as part of the consideration for the issue of the Securities.


 


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


 


Section 10.16.Waiver of Jury Trial.
EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.


 


Section 10.17.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.


 


Article
11

Subordination


 


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


 


Section 11.02.Payments to Securityholders.
As to each series of Securities, if any, issued hereunder, in the event (a) of any insolvency or bankruptcy proceedings, or any
receivership, dissolution, winding-up, total or partial liquidation, reorganization or other similar proceedings in respect of
the Company or a substantial part of its property, whether voluntary or involuntary, or (b) that (i) a default shall have occurred
with respect to the payment of principal of or interest on or other monetary amounts due and payable with respect to any Senior
Indebtedness, or (ii) there shall have occurred an event of default (other than a default in the payment of principal or interest
or other monetary amounts due and payable) in respect of any Senior Indebtedness, as defined in such Senior Indebtedness or in
the instrument under which the same is outstanding, permitting the holder or holders thereof to accelerate the maturity thereof,
and such default or event of default shall not be cured or was continued beyond the period of grace,


 




    32 


     


    

if any, in respect thereof, and such default
or event of default shall not have been waived or shall not have ceased to exist, or (c) separately with respect to each series
of Securities, that the principal of and accrued interest on such Securities shall have been declared due and payable pursuant
to Section 6.01 and such declaration shall not have been rescinded and annulled as provided in Section 6.01, then the holders of
all Senior Indebtedness shall first be entitled to receive payment in full of all amounts due or to become due thereon, or provision
shall be made, in accordance with the terms of such Senior Indebtedness, for such payment in money or money’s worth, before
the Holders of such series of Securities are entitled to receive a payment on account of the principal of or interest on the indebtedness
evidenced by such series of Securities, including, without limitation, any payments made pursuant to Article 3, or any cash payments
to purchase such series of Securities at the option of the Holders thereof.


 


Upon any such insolvency or bankruptcy
proceeding, receivership, dissolution, winding-up, total or partial liquidation, reorganization, or other similar proceeding referred
to in clause (a) of the immediately preceding paragraph, any payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to which the Holders of the Securities or the Trustee under this Indenture would be entitled,
except for the provisions hereof, shall be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee,
agent or other Person making such payment or distribution or, to the extent required by the next succeeding paragraph, by the Holders
of the Securities or the Trustee, if received by them or it, directly to the holders of Senior Indebtedness (pro rata to such holders
on the basis of the respective amounts of Senior Indebtedness held by such holders) or their respective representatives, or to
the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Indebtedness may have
been issued, as their respective interests may appear, to the extent necessary to pay all Senior Indebtedness in full after giving
effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness, before any payment or distribution
is made to the Holders of the indebtedness evidenced by the Securities (including any cash payments to repurchase such Securities
at the option of the Holders thereof) or to the Trustee under this Indenture.


 


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


 


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


 


Section 11.03.Subrogation. Subject
to the payment in full of all Senior Indebtedness, the Holders of the Securities subject to the provisions of Section 11.02 shall
be subrogated (equally and ratably with the holders of all obligations of the Company which by their express terms are subordinated
to Senior Indebtedness of the Company to the same extent as the Securities are subordinated and which are entitled to like rights
of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities
of the Company applicable to the Senior Indebtedness until the principal of and interest on such Securities shall be paid in


 




    33 


     


    

full; and, for the purpose of such subrogation,
no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders
of such Securities or the Trustee on their behalf would be entitled except for the provisions of this Article, and no payment over
pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of such Securities or the Trustee on
their behalf shall, as between the Company, its creditors other than holders of Senior Indebtedness and the Holders of such Securities,
be deemed to be a payment by the Company to or on account of the Senior Indebtedness; and no payments or distributions of cash,
property or securities to or for the benefit of the Holders of the Securities pursuant to the subrogation provision of this Article,
which would otherwise have been paid to the holders of Senior Indebtedness, shall be deemed to be a payment by the Company to or
for the account of such Securities. The provisions of this Article are intended solely for the purpose of defining the relative
rights of the Holders of the Securities, on the one hand, and the holders of the Senior Indebtedness, on the other hand.


 


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


 


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


 


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


 


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


 


Regardless of anything to the contrary
herein (but subject, in the case of clause (a) of this paragraph, to the second paragraph of Section 11.02), nothing shall prevent
(a) any payment by the Company or the Trustee to the


 




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Securityholders of amounts in connection with
a redemption of Securities if (i) notice of such redemption has been given pursuant to Article 3 prior to the receipt by the Trustee
of written notice as aforesaid, and (ii) such notice of redemption is given not earlier than 60 days before any redemption date,
or (b) any payment by the Trustee to the Securityholders of amounts deposited with it pursuant to Section 8.01, provided, that,
in the case of Section 8.05, the applicable Securities are deemed to have been paid and discharged, and in the case of Section
8.01, the Trustee shall not have received, by at least two Business Days prior to the date of execution of instruments acknowledging
the satisfaction of and discharge of this Indenture with respect to the applicable Securities, the notice provided in the preceding
paragraph.


 


Subject to Section 7.01 and Section 7.02,
the Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder
of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of Senior
Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee determines in good faith that further evidence
is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution
pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights of such Person under this Article, and if such evidence is
not furnished the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to
receive such payment.


 


Section 11.06.Trustee’s Relation
to Senior Indebtedness. The Trustee and any agent of the Company or the Trustee shall be entitled to all the rights set forth
in this Article with respect to any Senior Indebtedness which may at any time be held by it in its individual or any other capacity
to the same extent as any other holder of Senior Indebtedness and nothing in the second paragraph of Section 2.02 or elsewhere
in this Indenture shall deprive the Trustee or any such agent of any of its rights as such holder. Nothing in this Article shall
apply to claims of, or payments to, the Trustee under or pursuant to Section 7.07.


 


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


 


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


 




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SIGNATURES


 


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


 





 


	 	 	 	Auris
                    Medical Holding AG

                    as the
                    Company

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 


	 	 	 	By:	 	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 





	 	 	 	[                              ]

as the Trustee
	 	 	 	 		 
	 	 	 	 		 
	 	 	 	 	 	 	 



 


	 	 	 	By:	 	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 







 


 


 


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