Exhibit 4.4



 


 


CAROLINA FINANCIAL CORPORATION


 


Issuer


 


to


 


[      ]


 


Trustee


 


SENIOR INDENTURE


 


Dated as of __________, 20


 


Senior Debt Securities


 






    	 



     

    

TABLE OF CONTENTS


 


Page


 




	ARTICLE ONE   DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	2
	Section 101.   Definitions	2
	Section 102.   Compliance Certificate and Opinions	8
	Section 103.   Form of Documents Delivered to Trustee	8
	Section 104.   Acts of Holders	9
	Section 105.   Notices, Etc., to Trustee and Company	10
	Section 106.   Notice to Holders	10
	Section 107.   Language of Notices	11
	Section 108.   Conflict With Trust Indenture Act	11
	Section 109.   Effect of Headings and Table of Contents	11
	Section 110.   Successors and Assigns	11
	Section 111.   Separability Clause	11
	Section 112.   Benefits of Indenture	12
	Section 113.   Governing Law	12
	Section 114.   Legal Holidays	12
	ARTICLE TWO   SECURITIES FORMS	12
	Section 201.   Forms Generally	12
	Section 202.   Form of Trustee’s Certificate of Authentication	12
	Section 203.   Securities in Global Form	13
	ARTICLE THREE   THE SECURITIES	13
	Section 301.   Amount Unlimited; Issuable in Series	13
	Section 302.   Denominations	16
	Section 303.   Securities in Foreign Countries	16
	Section 304.   Execution, Authentication, Delivery and Dating	16
	Section 305.   Temporary Securities	17
	Section 306.   Registration, Transfer and Exchange	18
	Section 307.   Mutilated, Destroyed, Lost and Stolen Securities	20
	Section 308.   Payment of Interest; Interest Rights Preserved	21
	Section 309.    Persons Deemed Owners	22
	Section 310.   Cancellations	22
	Section 311.   Computation of Interest	23
	Section 312.   Cusip Numbers	23
	ARTICLE FOUR   SATISFACTION AND DISCHARGE	23
	Section 401.   Satisfaction and Discharge of Indenture	23
	Section 402.   Application of Trust Money	24
	Section 403.   Definitions	24
	ARTICLE FIVE   REMEDIES	26
	Section 501.   Events of Default	26
	Section 502.   Acceleration of Maturity; Rescission and Annulment	27
	Section 503.   Collection of Indebtedness and Suits for Enforcement by Trustee	27



 






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	Section 504.   Trustee May File Proofs of Claim	28
	Section 505.   Trustee May Enforce Claims Without Possession of Securities or Coupons	29
	Section 506.   Application of Money Collected	29
	Section 507.   Limitations on Suits	29
	Section 508.   Unconditional Right of Holders to Receive Principal, Premium, Interest and Additional Amounts	30
	Section 509.   Restoration of Rights and Remedies	30
	Section 510.   Rights and Remedies Cumulative	30
	Section 511.   Delay or Omission Not Waiver	30
	Section 512.   Control of Holders	30
	Section 513.   Waiver of Past Defaults	31
	Section 514.   Waiver of Stay or Extension Laws	31
	ARTICLE SIX   THE TRUSTEE	31
	Section 601.   Notice of Defaults	31
	Section 602.   Certain Rights of Trustee	31
	Section 603.   Not Responsible for Recitals or Issuance Securities	32
	Section 604.   May Hold Securities	33
	Section 605.   Money Held in Trust	33
	Section 606.   Compensation and Reimbursement	33
	Section 607.   Corporate Trustee Required; Eligibility; Conflicting Interests	33
	Section 608.   Resignation and Removal; Appointment of Successor	34
	Section 609.   Acceptance of Appointment by Successor	35
	Section 610.   Merger, Conversion, Consolidation or Succession to Business	36
	Section 611.   Appointment of Authenticating Agent	36
	ARTICLE SEVEN   HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	37
	Section 701.   Company to Furnish Trustee Names and Addresses of Holders	37
	Section 702.   Preservation of Information; Communications to Holders	38
	Section 703.   Reports by Trustee	38
	Section 704.   Reports by Company	38
	ARTICLE EIGHT   CONSOLIDATION, MERGER AND SALES	39
	Section 801.   Company May Consolidate etc., Only on Certain Terms	39
	Section 802.   Successor Corporation Substituted for Company	39
	ARTICLE NINE   SUPPLEMENTAL INDENTURES	40
	Section 901.   Supplemental Indentures Without Consent of Holders	40
	Section 902.   Supplemental Indentures with Consent of Holders	41
	Section 903.   Execution of Supplemental Indentures	42
	Section 904.   Effect of Supplemental Indentures	42
	Section 905.   Conformity with Trust Indenture Act	42
	Section 906.   Reference in Securities to Supplemental Indentures	42
	ARTICLE TEN   COVENANTS	42
	Section 1001.   Payment of Principal, Premium, if any, and Interest	42
	Section 1002.   Maintenance of Office or Agency	42
	Section 1003.   Money for Securities Payments to be Held in Trust	43
	Section 1004.   Additional Amounts	44



 






    	 	ii	 



     

    

 


	Section 1005.   Statement as to Compliance; Notice of Certain Defaults	45
	Section 1006.   Limitation on Liens	45
	Section 1007.   Limitation on Certain Acquisitions	45
	Section 1008.   Payment of Taxes and Other Claim	46
	Section 1009.   Corporate Existence	46
	Section 1010.   Waiver of Certain Covenants	46
	Section 1011.   Calculation of Original Issue Discount	46
	ARTICLE ELEVEN   REDEMPTION OF SECURITIES	46
	Section 1101.   Applicability of Article	46
	Section 1102.   Election to Redeem; Notice to Trustee	46
	Section 1103.   Selection by Trustee of Securities to be Redeemed	47
	Section 1104.   Notice of Redemption	47
	Section 1105.   Deposit of Redemption Price	48
	Section 1106.   Securities Payable on Redemption Date	48
	Section 1107.   Securities Redeemed in Part	49
	Section 1108.   Conversion Arrangements on Call for Redemption	49
	ARTICLE TWELVE   SINKING FUNDS	50
	Section 1201.   Applicability of Article	50
	Section 1202.   Satisfaction of Sinking Fund Payments with Securities	50
	Section 1203.   Redemption of Securities for Sinking Fund	50
	ARTICLE THIRTEEN   REPAYMENT AT THE OPTION OF HOLDERS	51
	Section 1301.   Applicability of Article	51
	ARTICLE FOURTEEN   MEETINGS OF HOLDERS	51
	Section 1401.   Purposes for Which Meetings May Be Called	51
	Section 1402.   Call, Notice and Place of Meetings	51
	Section 1403.   Persons Entitled to Vote at Meetings	52
	Section 1404.   Quorum; Action	52
	Section 1405.   Determination of Voting Rights; Conduct and Adjournment of Meetings	52
	Section 1406.   Counting Votes and Recording Action of Meeting	53
	ARTICLE FIFTEEN   CONVERSION	53
	Section 1501.   Conversion Privilege	53
	Section 1502.   Manner of Exercise of Convertible Privilege	53
	Section 1503.   Cash Adjustment Upon Conversion	54
	Section 1504.   Conversion Price	54
	Section 1505.   Adjustment of Conversion Price	55
	Section 1506.   Effect of Reclassifications, Consolidations, Mergers or Sales on Conversion Privilege	56
	Section 1507.   Taxes on Conversions	57
	Section 1508.   Company to Reserve Common Stock	57
	Section 1509.   Disclaimer by Trustee of Responsibility for Certain Matters	57
	Section 1510.   Company to Give Notice of Certain Events	58


 






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CAROLINA FINANCIAL CORPORATION


 


 


 


Reconciliation and tie between Trust Indenture
Act of 1939, as amended, and Senior Indenture, dated as of                , 20        .


 


	 	 	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	 	 	 	 	 
	Section 310	 	(a) (1)	 	607
	 	 	(a) (2)	 	607
	 	 	(a) (5)	 	607
	 	 	(b)	 	607
	Section 311	 	(a)	 	604
	 	 	(b)	 	604
	 	 	(b) (2)	 	108
	Section 312	 	(a)	 	701, 702 (a)
	 	 	(b)	 	702 (a)
	 	 	(c)	 	702 (b)
	Section 313	 	(a)	 	703 (a), 703 (b)
	 	 	(b) (2)	 	108
	 	 	(c)	 	703 (c)
	 	 	(d)	 	703 (c)
	Section 314	 	(a)	 	704
	 	 	(c) (1)	 	102
	 	 	(c) (2)	 	102
	 	 	(c) (3)	 	108
	 	 	(e)	 	102
	Section 315	 	(a)	 	108
	 	 	(b)	 	601
	 	 	(c)	 	108
	 	 	(d)	 	108
	 	 	(d) (1)	 	108
	 	 	(d) (2)	 	108
	 	 	(d) (3)	 	108
	 	 	(e)	 	108
	Section 316	 	(a)	 	104
	 	 	(a) (1) (A)	 	512
	 	 	(a) (1) (B)	 	513
	 	 	(b)	 	508
	 	 	(c)	 	104
	Section 317	 	(a) (1)	 	505
	 	 	(a) (2)	 	504
	 	 	(b)	 	1003
	Section 318	 	(a)	 	108



 


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


 






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SENIOR INDENTURE, dated as of __________, 20
(the “Indenture”), is made by and between Carolina Financial Corporation, a corporation duly organized and existing
under the laws of the State of Delaware (the “Company”), having its principal office at 288 Meeting Street, Charleston,
South Carolina 29401, and [      ], having its principal office at [      ], not in its individual capacity but solely as Trustee (the
“Trustee”).


 


RECITALS


 


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


 


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


 


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


 


NOW, THEREFORE, THIS INDENTURE WITNESSETH:


 


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


 


ARTICLE ONE


 


DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION


 


Section 101. Definitions.


 


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


 


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


 


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


 


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


 


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


 


(6)      the word “or” is not exclusive;


 


(7)      all words in the singular include the
plural and all words in the plural include the singular; and


 


(8)      the word “including” means
“including without limitations.”


 






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


 


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


 


“Additional Amounts” means
any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid
by the Company in respect of certain taxes imposed on Holders specified therein and which are owing to such Holders.


 


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


 


“Authenticating Agent” means
any Person authorized by the Trustee pursuant to Section 611 to act on behalf of the Trustee to authenticate Securities of one
or more series.


 


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


 


“Bank” means (i) any institution
organized under the laws of the United States, any State of the United States, the District of Columbia, any territory of the United
States, Puerto Rico, Guam, American Samoa or the Virgin Islands which (a) accepts deposits that the depositor has a legal right
to withdraw on demand, and (b) engages in the business of making commercial loans and (ii) any trust company organized under any
of the foregoing laws.


 


“Bearer Security” means any
Security in the form established pursuant to Section 201 which is payable to bearer.


 


“Board Of Directors” means
the board of directors of the Company or any committee of that board duly authorized to act for the Company hereunder.


 


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


 


“Business Day”, except as
may otherwise be provided herein or in any Security, means any day, other than a Saturday or a Sunday, that is neither a Legal
Holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to close.


 


“Called Securities” means
any Convertible Security that is called for redemption by the Company.


 


“Capital Stock” means, as
to shares of a particular corporation, outstanding shares of stock of any class whether now or hereafter authorized, irrespective
of whether such class shall be limited to a fixed sum or percentage in respect of the rights of the holders thereof to participate
in dividends and in the distribution of assets upon the voluntary liquidation, dissolution or winding up of such corporation.


 


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


 






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“Common Stock” means all
shares now or hereafter authorized of the class of common stock of the Company presently authorized and stock of any other class
into which such shares may hereafter have been changed.


 


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


 


“Company Request” and “Company
Order” mean a written request or order, as the case may be, signed in the name of the Company by the Chairman of the
Board of Directors, a Vice Chairman, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary
or an Assistant Secretary of the Company, and delivered to the Trustee.


 


“Convertible Security” or
“Convertible Securities” means any Security or Securities, as the case may be, which are by their terms convertible
into Common Stock.


 


“Conversion Price” means
the price per share of Common Stock from time to time in effect at which any Convertible Security may be converted into Common
Stock as determined by or pursuant to the terms of this Indenture.


 


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


 


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


 


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


 


“Date of Conversion” with
respect to any Convertible Security or portion thereof to be converted, means the date on which such Convertible Security shall
be surrendered for conversion and notice given in accordance with the provisions of Article Fifteen.


 


“Defaulted Interest” has
the meaning specified in Section 308.


 


“Dollars” or “$”
means a dollar or other equivalent unit in the currency of the United States, except as may otherwise be provided herein or in
any Security.


 


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


 


“Government Obligations”,
with respect to any Securities unless otherwise specified herein or therein, means (i) direct obligations of the United States
of America or the government or governments which issued the currency, currency unit or composite currency in which any Securities
are payable, for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States of America or such government or governments which issued the
currency, currency unit or composite currency in which such Securities are payable, the payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America or such other government or governments, which, in either
case, are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depository receipt
issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest
on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt,
PROVIDED that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the
holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific
payment of interest on or principal of the Government Obligation evidenced by such depository receipt.


 


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


 






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


 


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


 


“Interest”, with respect
to any Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity
and, with respect to any Security which provides for the payment of Additional Amounts pursuant to Section 1004, includes such
Additional Amounts.


 


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


 


“Legal Holiday”, except as
otherwise may be provided herein or in any Securities, with respect to any Place of Payment or other location, means a Saturday,
a Sunday or a day on which banking institutions or trust companies in such Place of Payment or other location are not authorized
or obligated to be open.


 


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


 


“Officers’ Certificate”
means a certificate signed by the Chairman of the Board, a Vice Chairman, the President or a Vice President, and by the Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.


 


“Opinion Of Counsel”, except
as otherwise provided herein or in any Security, means a written Opinion of Counsel, who may be an employee of or counsel for the
Company or other counsel.


 


“Original Issue Discount Security”
means a Security issued pursuant to this Indenture which provides for declaration of an amount less than the principal thereof
to be due and payable upon acceleration pursuant to Section 502.


 


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


 


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


 


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


 






    	 	5	 



     

    

(c)      Securities, except to the extent provided
in Section 403, with respect to which the Company has effected defeasance and/or covenant defeasance pursuant to Section 403 hereof;
and


 


(d)      Securities which have been paid pursuant
to Section 307 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture,
other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that
such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;


 


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


 


“Paying Agent” means any
Person authorized by the Company to pay the principal of (and premium, if any) or interest on any Security or Coupon on behalf
of the Company.


 


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


 


“Place Of Payment”, with
respect to any Security, means the place or places where the principal of (and premium, if any) and interest on the Securities
of that series are payable as specified in or pursuant to Section 301(9) or Section 1002.


 


“Predecessor Security” of
any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 307 in exchange for
or in lieu of a lost, destroyed, mutilated or stolen Security or any Security to which a mutilated, destroyed, lost or stolen Coupon
appertains shall be deemed to evidence the same debt as the lost, destroyed, mutilated or stolen Security or the Security to which
a mutilated, destroyed, lost or stolen Coupon appertains.


 


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


 


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


 






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“Registered Security” means
any Security established pursuant to Section 201 which is registered and the transfer or exchange thereof is registrable in the
Security Register.


 


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


 


“Responsible Officer” when
used with respect to the Trustee means any officer within the corporate trust department of the Trustee, including the vice president,
any assistant vice president, assistant treasurer, or any other officer of the Trustee who customarily performs functions similar
to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is
referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility
for the administration of this Indenture.


 


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


 


“Security Register” and “Security
Registrar” have the respective meanings specified in Section 306.


 


“Special Record Date” for
the payment of any Defaulted Interest on any registered Security means a date fixed by the Trustee pursuant to Section 308.


 


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


 


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


 


“Subsidiary Bank” means any
Subsidiary which is a Bank.


 


“Trust Indenture Act” means
the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed, except as provided in Section
905.


 


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


 


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


 


“United States Alien”, except
as otherwise provided herein or in any Security, means any Person who, for United States Federal income tax purposes, is a foreign
corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign partnership
one or more of the members of which is, for United States Federal income tax purposes, a foreign corporation, a non-resident alien
individual or a non-resident alien fiduciary of a foreign estate or trust.


 


“U.S. Depository” or “Depository”
means, with respect to any Security issuable or issued in the form of one or more global Securities, the Person designated as U.S.
Depository by the Company pursuant to Section 301, which must be a clearing agency registered under the Securities Exchange Act
of 1934, as amended, and, if so provided pursuant to Section 301 with respect to any Security, any successor to such Person. If
at any time there is more than one such Person, “U.S. Depository” or “Depository” shall mean, with respect
to any Securities, the qualifying entity which has been appointed with respect to such Securities.


 






    	 	7	 



     

    

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


 


“Voting Stock” means stock
of a corporation of the class or classes having general voting power under ordinary circumstances to elect at least a majority
of the board of directors, managers or trustees of such corporation provided that, for the purposes hereof, stock which carries
only the right to vote conditionally on the happening of an event shall not be considered voting stock whether or not such event
shall have happened.


 


Section 102. Compliance Certificates and Opinions.


 


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


 


Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture and in any applicable Security (except Section 1005) shall
include:


 


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


 


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


 


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


 


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


 


Section 103. Form of Documents Delivered to Trustee.


 


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


 


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


 






    	 	8	 



     

    

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


 


Section 104. Acts of Holders.


 


(a)      Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing.
If, but only if, Securities of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Holders of Securities of such series may, alternatively,
be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or
by proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly called and held in accordance
with the provisions of Article Fourteen, or a combination of such instruments and any such record. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee
and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument
or instruments and so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such
agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section
315 of the Trust Indenture Act) conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company,
if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner
provided in Section 1406.


 


Without limiting the generality of this Section
104, unless otherwise established in or pursuant to a Board Resolution or set forth or determined in an Officers’ Certificate,
or established in one or more indentures supplemental hereto, pursuant to Section 301, a Holder, including a U.S. Depository that
is a Holder of a global Security, may make, give or take, by a proxy, or proxies, duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders,
and a U.S. Depository that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners of interests
in any such global Security through such U.S. Depository’s standing instructions and customary practices.


 


The Trustee shall fix a record date, which shall
be not more than 30 days prior to the first solicitation of such Holders, for the purpose of determining the Persons who are beneficial
owners of interest in any permanent global Security held by a U.S. Depository entitled under the procedures of such U.S. Depository
to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed,
the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give
or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain
Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall
be valid or effective if made, given or taken more than 90 days after such record date.


 


(b)      The fact and date of the execution by
any Person of any such instrument or writing may be proved in any reasonable manner which the Trustee deems sufficient and in accordance
with such reasonable rules as the Trustee may determine; and the Trustee may in any instance require further proof with respect
to any of the matters referred to in this Section.


 


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


 






    	 	9	 



     

    

(d)      The ownership, principal amount and serial
numbers of Bearer Securities held by any Person, and the date of the commencement and the date of termination of holding the same,
may be proved by the production of such Bearer Securities or by a certificate executed, as depositary, by any Bank, banker or other
depositary reasonably acceptable to the Company, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory,
showing that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Bearer Securities
therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if
such certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership
of any Bearer Security continues until (1) another certificate or affidavit bearing a later date issued in respect of the same
Bearer Security is produced, or (2) such Bearer Security is produced to the Trustee by some other Person, or (3) such Bearer Security
is surrendered in exchange for a Registered Security, or (4) such Bearer Security is no longer Outstanding. The principal amount
and serial numbers of Bearer Securities held by the Person so executing such instrument or writing and the date of the commencement
and the date of termination of holding the same may also be proved in any other manner which the Trustee deems sufficient.


 


(e)      If the Company shall solicit from the
Holders of any Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company
may at its option, by Board Resolutions, fix in advance a record date, which shall be not more than 30 days prior to the first
solicitation of such Holders, for the determination of Holders of Registered Securities entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record
date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after
such record date, but only the Holders of Registered Securities of record at the close of business on such record date shall be
deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and
for that purpose the Outstanding Securities shall be computed as of such record date; provided no such authorization, agreement
or consent of the Holders of Registered Securities shall be deemed effective unless it shall become effective pursuant to the provisions
of this Indenture not later than six months after the record date.


 


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


 


Section 105. Notices, Etc., to Trustee and Company.


 


Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with,


 


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


 


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


 


Section 106. Notice to Holders; Waiver.


 


Except as otherwise expressly provided herein
or in any Security, where this Indenture provides for notice to Holders of any event,


 






    	 	10	 



     

    

(1)      such notice shall be sufficiently given
to Holders of Registered Securities if in writing and mailed, first-class postage prepaid, to each Holder of a Registered Security
affected by such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier
than the earliest date, prescribed for the giving of such Notice; and


 


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


 


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


 


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


 


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.


 


Section 107. Language of Notices.


 


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


 


Section 108. Conflict With Trust Indenture Act.


 


If any provision hereof limits, qualifies or
conflicts with the duties imposed pursuant to Section 318(c) of the Trust Indenture Act, such imposed duties shall control.


 


Section 109. Effect of Headings and Table of Contents.


 


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


 


Section 110. Successors and Assigns.


 


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


 






    	 	11	 



     

    

Section 111. Separability Clause.


 


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


 


Section 112. Benefits Of Indenture.


 


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


 


Section 113. Governing Law.


 


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


 


Section 114. Legal Holidays.


 


In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security, or the last day on which a Holder has the right to convert these Securities,
is not a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture, any Security or Coupon
other than a provision in any Security or any Coupon that specifically states that such provision shall apply in lieu of this Section)
payment of interest or any Additional Amounts or principal (and premium, if any) or conversion of the Securities need not be made
at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same
force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, or the last such day of
conversion, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption
Date or Stated Maturity, as the case may be.


 


ARTICLE TWO


 


SECURITIES FORMS


 


Section 201. Forms Generally.


 


Each Registered Security, Bearer Security, Coupon
and temporary global Security issued pursuant to this Indenture shall be in the form established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, shall have appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture or any indenture supplemental hereto and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers
executing such Security, as evidenced by their execution of such Security.


 


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


 


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


 


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


 






    	 	12	 



     

    

This certificate represents Securities of the
series designated therein referred to in the within-mentioned Indenture.


	 	 	 	 	 
	Dated: 	
        [      ],

        not in its individual capacity but solely as Trustee

         

         
	 
	 	By:  	/s/  	 
	 	 	Authorized Signatory 	 
	 	 	 	 


Section 203. Securities in Global Form.


 


If Securities of a series are issuable in global
form, any such Security may provide that it shall represent the aggregate amount of Outstanding Securities of such series from
time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may
from time to time be increased or reduced to reflect exchanges. Any endorsement of any Security in global form to reflect the amount,
or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby shall
be made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered pursuant
to Section 304 or 305 with respect thereto. Subject to the provisions of Section 304 and, if applicable, Section 305, the Trustee
shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons
specified therein or in the applicable Company Order. If a Company Order pursuant to Section 304 or 305 has been, or simultaneously
is, delivered, any instructions by the Company with respect to a Security in global form shall be in writing but need not comply
with Section 102 and need not be accompanied by an Opinion of Counsel.


 


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


 


Notwithstanding the provisions of Section 308,
unless otherwise specified as contemplated by Section 301, payment of principal of and any premium and interest on any Security
in permanent global form shall be made to the Person or Persons specified therein.


 


Notwithstanding the provisions of Section 309
and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security (i) in the case
of a permanent global Security in registered form, the Holder of such permanent global Security in registered form, or (ii) in
the case of a permanent global Security in bearer form, the Person or Persons specified pursuant to Section 301.


 


ARTICLE THREE


 


THE SECURITIES


 


Section 301. Amount Unlimited; Issuable in Series.


 


The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited.


 






    	 	13	 



     

    

The Securities may be issued in one or more
series. There shall be established in or pursuant to one or more Board Resolutions, and set forth in an Officers’ Certificate,
or established in one or more indentures supplemental hereto,


 


(1)      the title of the Securities and the series
in which such Securities shall be included;


 


(2)      any limit upon the aggregate principal
amount of the Securities of such title or the Securities of such series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 305, 306, 307, 906, 1107 or 1502 or the terms of such Securities);


 


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


 


(4)      whether any Securities of the series
are to be issuable initially or otherwise in global form and, if so, (i) whether beneficial owners of interests in any such global
Security may exchange such interest for Securities of such series and of like tenor of any authorized form and denomination and
the circumstances under which any such exchanges may occur, if other than in the manner specified in Section 306, (ii) the name
of the depository or the U.S. Depository, as the case may be, with respect to any global Security and (iii) the manner in which
interest payable on a global Security will be paid;


 


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


 


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


 


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


 


(8)      the rate or rates at which such Securities
shall bear interest, if any, or the method, if any, by which such rate or rates are to be determined, the date or dates, if any,
from which such interest shall accrue or the method, if any, by which such date or dates are to be determined, the Interest Payment
Dates, if any, on which such interest shall be payable and the Regular Record Date, if any, for the interest payable on Registered
Securities on any Interest Payment Date, whether and under what circumstances Additional Amounts on such Securities or any of them
shall be payable, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months;


 


(9)      the place or places, if any, where the
principal of (and premium, if any) and interest (including Additional Amounts), if any, on such Securities shall be payable, any
Registered Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered
for exchange or conversion and notices or demands to or upon the Company in respect of the Securities of the series and this Indenture
may be served;


 






    	 	14	 



     

    

(10)      whether the Securities of the series
or any of them are to be redeemable at the option of the Company and, if so, the period or periods within which, the price or prices
at which and the other terms and conditions upon which such Securities may be redeemed, in whole or in part, at the option of the
Company;


 


(11)      whether the Company is obligated to
redeem, or purchase Securities of the series or any of them pursuant to any sinking fund or at the option of any Holder thereof
and, if so, the period or periods within which, the price or prices at which and the other terms and conditions upon which such
Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation, and any provisions for the remarketing
of the Securities of the series so redeemed or purchased;


 


(12)      the denominations in which Registered
Securities of the series, if any, shall be issuable if other than denominations of $1,000 and any integral multiple thereof, and
the denominations in which Bearer Securities of the series, if any, shall be issuable if other than the denomination of $5,000;


 


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


 


(14)      if other than such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public or private debts, the coin or currency,
composite currencies or currency unit or units in which payment of the principal of (and premium, if any) or interest, if any,
on or any Additional Amounts in respect of the Securities of the series or any of them shall be payable;


 


(15)      if the principal of (and premium, if
any) or interest, if any, on or any Additional Amounts in respect of the Securities of the series or any of them are to be payable,
at the election of the Company or a Holder thereof, in a coin or currency, composite currencies or currency unit or units other
than that in which the Securities of the series or any of them are stated to be payable, the period or periods within which, and
the terms and conditions upon which, such election may be made;


 


(16)      whether the amount of payments of principal
of (and premium, if any) or interest (including Additional Amounts), if any, on the Securities of the series may be determined
with reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or
more currencies, currency units, composite currencies, commodities, equity indices or other indices), and, if so, the terms and
conditions upon which and the manner in which such amounts shall be determined and paid or payable;


 


(17)      whether the principal of (and premium,
if any) or interest (including Additional Amounts), if any, on the Securities of the series are to be payable, at the election
of the Company or any Holder thereof or otherwise, in a currency or currencies, currency unit or units or composite currency or
currencies other than that in which such Securities or any of them are denominated or stated to be payable, the period or periods
within which, and the other terms and conditions upon which, such election, if any, may be made, and the time and manner of determining
the exchange rate between the currency or currencies, currency unit or units or composite currency or currencies in which such
Securities or any of them are denominated or stated to be payable and the currency or currencies, currency unit or units or composite
currency or currencies in which such Securities or any of them are to be so payable;


 


(18)      any deletions from, modifications of
or additions to the Events of Default or covenants of the Company with respect to the Securities of the series or any of them,
whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein;


 


(19)      the applicability, if any, of Section
403 to the Securities of the series and any provisions in modification of, in addition to or in lieu of any of the provisions of
Section 403;


 






    	 	15	 



     

    

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


 


(21)      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, then the form and terms of such certificates,
documents or conditions;


 


(22)      if there is more than one Trustee, the
identity of the Trustee and, if not the Trustee, the identity of each Security Registrar, Paying Agent and/or Authenticating Agent
with respect to the Securities of the series;


 


(23)      whether any of the Securities of a series
shall be issued as Original Issue Discount Securities; and


 


(24)      any other terms of the Securities of
the series or any of them.


 


All Securities of any one series and Coupons
appertaining to Bearer Securities of such series, if any, shall be substantially identical except as to denomination and the rate
or rates of interest, if any, and Stated Maturity, the date from which interest, if any, shall accrue and except as may otherwise
be provided by the Company in or pursuant to one or more Board Resolutions and set forth in such Officers’ Certificate or
in any indenture or indentures supplemental hereto pertaining to such series of Securities. All Securities of any one series need
not be issued at the same time and, unless otherwise so provided by the Company, a series may be reopened for issuances of additional
Securities of such series.


 


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


 


Section 302. Denominations.


 


Unless otherwise established with respect to
any Securities pursuant to Section 301, the Registered Securities of each series, if any, denominated in Dollars shall be issuable
in registered form without coupons in denominations of $1,000 and any integral multiple thereof, and the Bearer Securities of each
series, if any, denominated in Dollars shall be issuable in the denomination of $1,000. Securities not denominated in Dollars shall
be issuable in such denominations as are established with respect to such Securities pursuant to Section 301.


 


Section 303. Securities in Foreign Countries


 


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


 


Section 304. Execution, Authentication, Delivery and Dating.


 


The Securities and any Coupons appertaining
thereto shall be executed on behalf of the Company by its Chairman of the Board, Deputy Chairman, one of its Vice Chairmen, its
President or one of its Vice Presidents under its corporate seal reproduced thereon and attested by its Secretary or one of its
Assistant Secretaries. The signature of any of these officers on the Securities and any Coupons appertaining thereto may be manual
or facsimile.


 


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


 






    	 	16	 



     

    

At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of any series, together with any Coupons appertaining
thereto, executed by the Company, to the Trustee for authentication, and, provided that the Board Resolution or Resolutions and
Officers’ Certificate or supplemental indenture or indentures with respect to such Securities referred to in Section 301
and a Company Order for the authentication and delivery of such Securities, has been delivered to the Trustee, the Trustee in accordance
with the Company Order and subject to the provisions hereof of such Securities shall authenticate and deliver such Securities.
In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities
and any Coupons appertaining thereto, the Trustee shall be entitled to receive, and (subject to Sections 315(a) through 315(b)
of the Trust Indenture Act) shall be fully protected in relying upon,


 


(1)      an Opinion of Counsel stating, to the
effect


 


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


 


(b)      that all conditions precedent
to the authentication and delivery of such Securities and Coupons, if any, appertaining thereto, have been complied with and that
such Securities, and Coupons, when completed by appropriate insertion and executed and delivered by the Company to the Trustee
for authentication pursuant to this Indenture, and authenticated and delivered by the Trustee and issued by the Company in the
manner and subject to any conditions specified in such Opinion of Counsel, will constitute legally valid and binding obligations
of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer or other similar laws affecting the enforcement of creditors’ rights generally, and subject
to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and will entitle
the Holders thereof to the benefits of the Indenture; such Opinion of Counsel need express no opinion as to the availability of
equitable remedies;


 


(c)      that all laws and requirements
in respect of the execution and delivery by the Company of such Securities and Coupons, if any, have been complied with; and


 


(d)      as to such other matters as
the Trustee may reasonably request; and


 


(2)      an Officers’ Certificate stating
that, to the best knowledge of the Persons executing such certificate, no Event of Default with respect to any of the Securities
shall have occurred and be continuing.


 


If all the Securities of any series are not
to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel and an Officers’ Certificate at the
time of issuance of each Security, but such opinion and certificate, with appropriate modifications to cover future issuances,
shall be delivered at or before the time of issuance of the first Security of such series.


 


The Trustee shall not be required to authenticate
or to cause an Authenticating Agent to authenticate any Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which
is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to existing
Holders.


 


Each Registered Security shall be dated the
date of its authentication. Each Bearer Security and any temporary Bearer Security in global form shall be dated as of the date
specified as contemplated by Section 301.


 


No Security or Coupon shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security a certificate of
authentication substantially in the form provided for in section 202 or 611 executed by or on behalf of the Trustee by the manual
signature of one of its authorized officers, and such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder. Except as permitted by Section 307 or 308, the
Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant Coupons for interest then matured have been
detached and cancelled.


 






    	 	17	 



     

    

Section 305. Temporary Securities.


 


Pending the preparation of definitive Securities
of any series, the Company may execute and deliver to the Trustee and, upon Company Order the Trustee shall authenticate and deliver,
in the manner provided in Section 304, temporary Securities of such series which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which
they are issued, in registered form or, if authorized, in bearer form with one or more Coupons or without Coupons and with such
appropriate insertions, omissions, substitutions and other variations as the officers of the Company executing such Securities
may determine, as conclusively evidenced by their execution of such Securities. In the case of Securities of any series, such temporary
Securities may be in global form.


 


Except in the case of temporary Securities in
global form, which shall be exchanged in accordance with the provisions thereof, if temporary Securities of any series are issued,
the Company shall 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, if any, shall be exchangeable upon request for definitive
Securities of such series containing identical terms and provisions upon surrender of the temporary Securities of such series at
an office or agency of the Company maintained for such purpose pursuant to Section 1002, without charge to any Holder. Upon surrender
for cancellation of any one or more temporary Securities of any series (accompanied by any unmatured Coupons appertaining thereto),
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive
Securities of authorized denominations of the same series containing identical terms and provisions; PROVIDED, HOWEVER, that no
definitive Bearer Security, except as provided pursuant to Section 301, shall be delivered in exchange for a temporary Registered
Security; and PROVIDED, FURTHER, that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security
only in compliance with the conditions set forth herein or therein. Unless otherwise specified as contemplated by Section 301 with
respect to a temporary global Security, until so exchanged the temporary Securities of any series shall in all respects be entitled
to the same benefits under this Indenture as definitive Securities of such series.


 


Section 306. Registration, Transfer and Exchange.


 


With respect to the Registered Securities of
each series, if any, the Company shall cause to be kept, at an office or agency of the Company maintained pursuant to Section 1002,
a register (each such register being herein sometimes referred to as the “Security Register”) in which, subject to
such reasonable regulations as it may prescribe, the Company shall provide for the registration of the Registered Securities of
each series and of transfers of the Registered Securities of such series. In the event that the Trustee shall not be the Security
Registrar, it shall have the right to examine the Security Register at all reasonable times. [Carolina Financial Corporation] is
hereby initially appointed as Security Registrar for each series of Securities. In the event that [Carolina Financial Corporation]
shall cease to be Security Registrar with respect to a series of Securities, the Trustee shall have the right to examine the Security
Register for such series at all reasonable times.


 


Upon surrender for registration of transfer
of any Registered Security of any series at any office or agency of the Company maintained for such series pursuant to Section
1002, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Registered Securities of the same series of any authorized denominations, of a like aggregate principal amount
bearing a number not contemporaneously outstanding and containing identical terms and provisions.


 


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


 






    	 	18	 



     

    

If specified as contemplated by Section 301
with respect to Securities of any series, at the option of the Holder, Bearer Securities of such series may be exchanged for Registered
Securities of such series containing identical terms and provisions, of any authorized denominations and aggregate principal amount,
upon surrender of the Bearer Securities to be exchanged at any such office or agency for such series, with all unmatured Coupons
and all matured Coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured
Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be effected if the Bearer Securities are accompanied
by payment in funds acceptable to the Company and the Trustee in an amount equal to the face amount of such missing Coupon or Coupons,
or the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee if there is furnished to them such
Security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such
Security shall surrender to any Paying Agent any such missing Coupon in respect of which such a payment shall have been made, such
Holder shall be entitled to receive the amount of such payment; PROVIDED, HOWEVER, that, except as otherwise provided in Section
1002, interest represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency
for such series located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered
at any such office or agency in exchange for a Registered Security of such series and like tenor after the close of business at
such office or agency on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related
date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the Coupon relating to such Interest
Payment Date or proposed date of payment, as the case may be (or, if such Coupon is so surrendered with such Bearer Security, such
Coupon shall be returned to the person so surrendering the Bearer Security), and interest or Defaulted Interest, as the case may
be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered
Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such Coupon when due in accordance
with the provisions of this Indenture.


 


If specified as contemplated by Section 301
with respect to Securities of any series, at the option of the Holder, Registered Securities of such series may be exchanged for
Bearer Securities upon such terms and conditions as may be provided pursuant hereto with respect to such series.


 


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


 


Notwithstanding the foregoing, except as otherwise
specified as contemplated by Section 301, any global Security of any series shall be exchangeable for Securities of such series
only if (i) the Securities Depository is at any time unwilling or unable or ineligible to continue as Securities Depository and
a successor depository is not appointed by the Company within 90 days of the date the Company is so notified in writing, (ii) the
Company executes and delivers to the Trustee a Company Order to the effect that such global Security shall be so exchangeable,
or (iii) an Event of Default has occurred and is continuing with respect to the Securities. If the beneficial owners of interests
in a global Security are entitled to exchange such interests for Securities of such series and of like tenor and principal amount
of any authorized form and denomination, as specified as contemplated by Section 301, then without unnecessary delay but in any
event not later than the earliest date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive
Securities of that series in aggregate principal amount equal to the principal amount of such global Security, executed by the
Company. On or after the earliest date on which such interests may be so exchanged, such global Security shall be surrendered from
time to time by the U.S. Depository or such other depository as shall be specified in the Company Order with respect thereto, and
in accordance with instructions given to the Trustee and the U.S. Depository or such other depository, as the case may be (which
instructions shall be in writing but need not comply with Section 102 or be accompanied by an Opinion of Counsel), as shall be
specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such purpose, to be exchanged,
in whole or in part, for definitive Securities of the same series without charge. The Trustee shall authenticate and make available
for delivery, in exchange for each portion of such surrendered global Security, a like aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor as the portion of such global Security to be exchanged
which (unless the Securities of such series are not issuable both as Bearer Securities and as Registered Securities, in which case
the definitive Securities exchanged for the global Security shall be issuable only in the form in which the Securities are issuable,
as specified as contemplated by Section 301) shall be in the form of Bearer Securities or Registered Securities, or any combination
thereof, as shall be specified by the beneficial owner thereof; PROVIDED, HOWEVER, that no such exchanges may occur during a period
beginning at the opening of business 15 days before any selection of Securities of such series to be redeemed and ending on the
relevant Redemption Date; and provided, further, that (unless otherwise specified as contemplated by Section 301) no Bearer Security
delivered in exchange for a portion of a global Security shall be mailed or otherwise delivered to any location in the United States.
Promptly following any such exchange in part, such global Security shall be returned by the Trustee to such Depository or the U.S.
Depository, as the case may be, or such other Depository or U.S. Depository referred to above in accordance with the instructions
of the Company referred to above. If a Registered Security is issued in exchange for any portion of a global Security after the
close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business
at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business
at such office or agency on the related proposed date for payment of interest or Defaulted Interest, as the case may be, interest
will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered
Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person
to whom interest in respect of such portion of such global Security is payable in accordance with the provisions of this Indenture.


 






    	 	19	 



     

    

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


 


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


 


No service charge shall be made for any registration
of transfer or exchange, redemption or conversion of Securities, but 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 registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 305, 906 or 1107 not involving any transfer.


 


Except as otherwise specified as contemplated
by Section 301, the Company shall not be required (i) to issue, register the transfer of or exchange any Securities of any series
during a period beginning at the opening of business 15 days before the day of the selection for redemption of Securities of such
series under Section 1103 and ending at the close of business on the day of such selection, or (ii) to register the transfer of
or exchange any Registered Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed
in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security so selected for redemption except, to
the extent provided with respect to such Security, that such a Bearer Security may be exchanged for a Registered Security of that
series, provided that such Registered Security shall be immediately surrendered for redemption with written instruction for payment
consistent with the provisions of this Indenture or (iv) to issue, register the transfer of or exchange any Security which, in
accordance with its terms specified as contemplated by Section 301, has been surrendered for repayment at the option of the Holder,
except the portion, if any, of such Security not to be repaid.


 


Section 307. Mutilated, Destroyed, Lost and Stolen Securities.


 


If any mutilated Security or a Security with
a mutilated Coupon appertaining to it is surrendered to the Trustee, subject to the provisions of this Section 307, the Company
shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series containing
identical terms and of like principal amount and bearing a number not contemporaneously outstanding, with Coupons corresponding
to the Coupons, if any, appertaining to the surrendered Security.


 






    	 	20	 



     

    

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


 


Notwithstanding the foregoing provisions of
this Section 307, in case any such mutilated, destroyed, lost or stolen Security or Coupon has become or is about to become due
and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security or Coupon; PROVIDED, HOWEVER,
that payment of principal of (and premium, if any) and any interest on Bearer Securities shall, except as otherwise provided in
Section 1002, be payable only at an office or agency located outside the United States and, unless otherwise specified as contemplated
by Section 301, any interest on Bearer Securities shall be payable only upon presentation and surrender of the Coupons appertaining
thereto.


 


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


 


Every new Security of any series, with its Coupons,
if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security and its Coupons, if any, or the destroyed,
lost or stolen Coupon shall constitute a separate obligation of the Company, whether or not the destroyed, lost or stolen Security
and its Coupons, if any, or the destroyed, lost or stolen Coupon shall be at any time enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series and their Coupons,
if any.


 


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


 


Section 308. Payment of Interest; Interest Rights Preserved.


 


Unless otherwise specified as contemplated by
Section 301, interest on any Registered Security which is payable, and is punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered as of
the close of business on the Regular Record Date for such interest. In case a Bearer Security of any series is surrendered in exchange
for a Registered Security of such series after the close of business (at an office or agency in a Place of Payment for such series)
on any Regular Record Date and before the opening of business (at such office or agency) on the next succeeding Interest Payment
Date, such Bearer Security shall be surrendered without the Coupon relating to such Interest Payment Date and interest will not
be payable on such Interest Payment Date in respect of the Registered Security issued in exchange of such Bearer Security, but
will be payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture.


 


Any interest on any Registered Security of any
series which shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Registered
Security (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular
Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in Clause (1) or (2) below:


 


(1)      The Company may elect to make payment
of any Defaulted Interest to the Persons in whose names the Registered Securities affected (or their respective Predecessor Securities)
are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed
in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid
on each such Registered Security and the date of the proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment. Money will be held in
trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon, the Trustee shall
fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10
days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense
of the Company shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be
mailed, first-class postage prepaid, to each Holder of such Registered Securities at his address as it appears in the Security
Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and
the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose
names such Registered Securities (or their respective Predecessor Securities) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following Clause (2). In case a Bearer Security of any series is surrendered
at the office or agency in a Place of Payment for such series in exchange for a Registered Security of such series after the close
of business at such office or agency on any Special Record Date and before the opening of business at such office or agency on
the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the Coupon relating
to such proposed date of payment and Defaulted Interest will not be payable on such proposed date of payment in respect of the
Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such Coupon when due
in accordance with the provisions of this Indenture.


 






    	 	21	 



     

    

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


 


At the option of the Company, interest on Registered
Securities of any series that bear interest may be paid by mailing a check to the address of the person entitled thereto as such
address shall appear in the Security Register.


 


Subject to the foregoing provisions of this
Section and Section 306, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in
lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Security.


 


Section 309. Persons Deemed Owners.


 


Prior to due presentment of a Registered Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment of principal
of (and premium, if any), and (subject to Sections 306 and 308) interest on or any Additional Amounts with respect to, such Registered
Security and for all other purposes whatsoever, whether or not any payment with respect to such Registered Security be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.


 


The Company, the Trustee and any agent of the
Company or the Trustee may treat the bearer of any Bearer Security and the bearer of any Coupon as the absolute owner of such Security
or Coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or
not any payment with respect to such Security or Coupon be overdue, and neither the Company, the Trustee nor any agent of the Company
or the Trustee shall be affected by notice to the contrary.


 


Section 310. Cancellation.


 


All Securities and Coupons surrendered for payment,
redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person
other than the Trustee or the Security Registrar, be delivered to the Trustee or the Security Registrar, and any such Securities
and Coupons and Securities and Coupons surrendered directly to the Trustee or the Security Registrar for any such purpose shall
be promptly cancelled by the Trustee or the Security Registrar, as the case may be. The Company may at any time deliver to the
Trustee or the Security Registrar for cancellation any Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee or the Security
Registrar, as the case may be. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture or as otherwise specified as contemplated by Section 301. All
cancelled Securities and Coupons held by the Trustee or the Security Registrar shall be returned to the Company by the Trustee
or the Security Registrar, as the case may be, upon a Company Order. The Trustee shall promptly notify the Company of all cancelled
Securities.


 






    	 	22	 



     

    

Section 311. Computation of Interest.


 


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


 


Section 312. CUSIP Numbers.


 


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


 


ARTICLE FOUR


 


SATISFACTION AND DISCHARGE


 


Section 401. Satisfaction and Discharge of Indenture.


 


Upon the direction of the Company by a Company
Order, this Indenture shall cease to be of further effect with respect to any series of Securities specified in such Company Order
(except as to any surviving rights of registration of transfer or exchange of Securities of such series herein expressly provided
for and any right to receive Additional Amounts, as provided in Section 1004), and the Trustee, on receipt of a Company Order,
at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to
such series, when


 


(1)      either


 


(A)      all Securities of such series theretofore
authenticated and delivered and all Coupons appertaining thereto (other than (i) Coupons appertaining to Bearer Securities of such
series surrendered for exchange for Registered Securities of such series and maturing after such exchange, whose surrender is not
required or has been waived as provided in Section 306, (ii) Securities and Coupons of such series which have been destroyed, lost
or stolen and which have been replaced or paid as provided in Section 307, (iii) Coupons appertaining to Securities of such series
called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided in Section 1107,
and (iv) Securities and Coupons of such series for whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have
been delivered to the Trustee for cancellation; or


 


(B)      all Securities of such series and, in the
case of (i) or (ii) below, any such Coupons appertaining thereto not theretofore delivered to the Trustee for cancellation


 






    	 	23	 



     

    

(i)      have become due and payable,
or


 


(ii)     will become due and payable
at their Stated Maturity within one year and such Securities are not convertible into other Securities, or


 


(iii)    if redeemable at the option
of the Company, such Securities are not convertible into other Securities and are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense,
of the Company,


 


and the Company, in the case of (i),
(ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose, lawful money
of the United States Government Obligations which through the payment of interest and principal or other amounts in respect thereof
in accordance with their terms will provide not later than the opening of business on the due dates of any payment of principal
(and premium, if any) and interest, or any Additional Amounts with respect thereto, or a combination thereof, in an amount sufficient
to pay and discharge the entire indebtedness on such Securities and Coupons not theretofore delivered to the Trustee for cancellation,
for principal (and premium, if any) and interest, or any Additional Amounts with respect thereto, to the date of such deposit (in
the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;


 


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


 


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


 


In the event there are two or more Trustees hereunder,
then the effectiveness of any such instrument shall be conditioned upon receipt of such instruments from all Trustees hereunder.


 


Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 606 and, if money shall have been deposited with
the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive such satisfaction and discharge.


 


Section 402. Application of Trust Money.


 


Subject to the provisions of the last paragraph
of Section 1003, all money deposited with the Trustee pursuant to Section 401 or this section 402 shall be held in trust and applied
by it, in accordance with the provisions of the Securities, the Coupons and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled
thereto, of the principal (and premium, if any) and any interest or any Additional Amounts for whose payment such money has been
deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law.


 


All monies deposited with the Trustee pursuant
to Section 401 (and held by it or any Paying Agent) for the payment of Securities subsequently converted shall be returned to the
Company upon Company Request.


 


Section 403. Satisfaction, Discharge and Defeasance of Securities
of Any Series.


 


If pursuant to Section 301 provision is made
for defeasance of Securities of any series pursuant to Section 403, the Company shall be deemed to have paid and discharged the
entire indebtedness on all the Outstanding Securities of such series and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of such indebtedness, when


 






    	 	24	 



     

    

(1)      either


 


(A)      with respect to all Outstanding
Securities of such series and any Coupons appertaining thereto,


 


(i)      the Company has deposited or
caused to be deposited with the Trustee, as trust funds in trust for such purpose, an amount sufficient to pay and discharge the
entire indebtedness on all Outstanding Securities of such series for principal (and premium, if any), any Additional Amounts, and
interest to the Stated Maturity or any Redemption Date as contemplated by the penultimate paragraph of this Section 403, as the
case may be; or


 


(ii)      with respect to any Series of
Securities which are denominated in United States dollars, the Company has deposited or caused to be deposited with the Trustee,
as obligations in trust for such purpose, such amount of direct obligations of, or obligations the timely payment of the principal
of and interest on which are fully guaranteed by, the United States of America and which are not callable at the option of the
issuer thereof as will, together with the income to accrue thereon without consideration of any reinvestment thereof, be sufficient
to pay and discharge the entire indebtedness on all Outstanding Securities of such series for principal (and premium, if any),
any Additional Amounts, and interest to the stated Maturity or any Redemption Date as contemplated by the penultimate paragraph
of this Section 403; or


 


(B)      the Company has properly fulfilled such
other means of satisfaction and discharge as is specified, as contemplated by Section 301, to be applicable to the Securities of
such series; and


 


(3)      the Company has delivered to the Trustee
a certificate signed by a nationally recognized firm of Independent Public Accountants certifying as to the sufficiency of the
amounts deposited pursuant to subsections (A) (i) or (ii) of this Section for payment of the principal (and premium, if any) and
interest on the dates such payments are due, an Officers’ Certificate and an Opinion of Counsel, each such Certificate and
opinion stating that no Event of Default or event which with notice or lapse of time or both would become an Event of Default with
respect to such Securities shall have occurred and all conditions precedent herein provided for relating to the satisfaction and
discharge of the entire indebtedness on all Outstanding Securities of any such series have been complied with; and


 


(4)      the Company has delivered to the Trustee


 


(A)      a ruling from the Internal Revenue Service
or an opinion of independent counsel that the holders of the Securities of such series will not recognize income, gain or loss
for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax
on the same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge
had not occurred; and


 


(B)      if the Securities of such series are then
listed on the Nasdaq Global Market, an Opinion of Counsel that the Securities of such series will not be delisted as a result of
the exercise of this option.


 


Any deposits with the Trustee referred to in subsection (1) (A)
of this Section shall be irrevocable and shall be made under the terms of an escrow trust agreement in form and substance satisfactory
to the Trustee. If any Outstanding Securities of such series are to be redeemed prior to their Stated Maturity, whether pursuant
to any optional redemption or repayment provisions or in accordance with any mandatory sinking fund requirement, the Company shall
make such arrangements as are satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Company.


 


Upon the satisfaction of the conditions set
forth in this Section 403 with respect to all the Outstanding Securities of any series, the terms and conditions of such series,
including the terms and conditions with respect thereto set forth in this Indenture, other than the provisions of Sections 306,
307, and 1002, other than the right of Holders of Securities and any Coupons of such series to receive, from the trust fund described
in this Section, payment of the principal (and premium, if any) of, the interest on or any Additional Amounts with respect to such
Securities and Coupons (if any) appertaining thereto when such payments are due, other than any right of conversion of such Securities
and the rights, powers, duties and immunities of the Trustee hereunder, shall no longer be binding upon, or applicable to, the
Company except those responsibilities and obligations which by the terms of the Indenture survive the termination of the Indenture;
PROVIDED that the Company shall not be discharged from any payment obligations in respect of Securities of such series which are
deemed not to be Outstanding under clause (iii) of the definition thereof if such obligations continue to be valid obligations
of the Company under applicable law.


 






    	 	25	 



     

    

ARTICLE FIVE


 


REMEDIES


 


Section 501. Events of Default.


 


“Event of Default”, wherever used
herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default
and whether it shall be voluntary or be effected by operation of law pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):


 


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


 


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


 


(3)      default in the deposit of any sinking
fund payment, when and as due by the terms of a Security of that series; or


 


(4)      default in the performance, or breach,
of any covenant or warranty of the Company in this Indenture or the Securities (other than a covenant or warranty a default in
the performance or the breach of which is elsewhere in this Section specifically dealt with or which has been expressly included
in this Indenture solely for the benefit of a series of Securities other than such series), and continuance of such default or
breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written
notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; or


 


(5)      if any event of default as defined in
any mortgage, indenture or instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness
of the Company or the Subsidiary Bank for money borrowed, whether such indebtedness now exists or shall hereafter be created, shall
happen and shall result in such indebtedness in principal amount in excess of $25,000,000 becoming or being declared due and payable
prior to the date on which it would otherwise become due and payable, and such acceleration shall not be rescinded or annulled,
or such indebtedness shall not have been discharged, within a period of 30 days after there shall have been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the outstanding Securities of such series, a written notice specifying such event of default and requiring the Company
to cause such acceleration to be rescinded or annulled or to cause such indebtedness to be discharged and stating that such notice
is a “Notice of Default” hereunder; or


 


(6)      a court having jurisdiction in the premises
shall enter a decree or order for relief in respect of the Company or the Subsidiary Bank in an involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, and adjudging it a bankrupt or insolvent or appointing
a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or the Subsidiary Bank
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; or


 






    	 	26	 



     

    

(7)      the Company or the Subsidiary Bank shall
commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall
consent to the entry of an order for relief in any involuntary case under any such law, or shall consent to the appointment of
or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official) of the Company
or the Subsidiary Bank or for any substantial part of its property, or shall make any general assignment for the benefit of creditors,
or shall fail generally to pay its debts as they become due or shall take any corporate action in furtherance of any of the foregoing;
or


 


(8)      any other Event of Default provided with
respect to Securities of such series.


 


Section 502. Acceleration of Maturity; Rescission and Annulment.


 


If an Event of Default with respect to Securities
of any series at the time outstanding occurs and is continuing, then the Trustee or the Holders of not less than 25% in principal
amount of the Outstanding Securities of that series may declare the principal of all the Securities of that series, or such lesser
amount as may be provided for in the Securities of that series, to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or such lesser amount shall
become immediately due and payable.


 


At any time after such a declaration of acceleration
with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority in principal amount of the Outstanding
Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences
if


 


(1)      the Company has paid or deposited with
the Trustee a sum sufficient to pay


 


(A)      all overdue installments of interest on
and any Additional Amounts payable in respect of all Securities of such series,


 


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


 


(C)      to the extent that payment of such interest
is lawful, interest upon overdue installments of interest or any Additional Amounts at the rate or rates borne by or provided for
in such Securities, and


 


(D)      all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel as provided
in Section 606 hereof; and


 


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


 


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


 


Section 503. Collection of Indebtedness and Suits For Enforcement
By Trustee.


 


The Company covenants that if


 


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


 






    	 	27	 



     

    

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


 


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


 


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


 


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


 


Section 504. Trustee May File Proofs of Claim.


 


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


 


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


 


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


 


and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Holder of Securities or Coupons to make
such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders
of Securities or Coupons, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 606.


 


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


 






    	 	28	 



     

    

Section 505. Trustee May Enforce Claims Without Possession of
Securities or Coupons.


 


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


 


Section 506. Application of Money Collected.


 


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


 


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



 


		SECOND:	To the payment of the amounts then due and unpaid upon the Securities and Coupons for principal (and premium, if any) and interest
or any Additional Amounts payable in respect of which or for the benefit of which such money has been collected, ratably, without
preference or priority of any kind, according to the aggregate amounts due and payable on such Securities and Coupons for principal
(and premium, if any), interest or any Additional Amounts, respectively;
	 	 	 
	 	THIRD:	The balance, if any, to the Company.



 


Section 507. Limitation on Suits.


 


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


 


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


 


(2)      the Holders of not less than 25% in principal
amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default in its own name as Trustee hereunder;


 


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


 


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


 


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


 






    	 	29	 



     

    

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


 


Section 508. Unconditional Right of Holders to Receive Principal,
Premium, Interest and Additional Amounts.


 


Notwithstanding any other provision in this
Indenture, the Holder of any Security or coupon shall have the right, which is absolute and unconditional, to receive payment of
the principal of (and premium, if any) and (subject to Sections 306 and 308) interest on or any Additional Amounts in respect of
such Security or payment of such Coupon on the respective Stated Maturity or Maturities specified in such Security or Coupon (or,
in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder.


 


Section 509. Restoration of Rights and Remedies.


 


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


 


Section 510. Rights and Remedies Cumulative.


 


Except as otherwise provided with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons in the last paragraph of Section 307,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of a Security or Coupon is intended to be
exclusive of any other right or remedy, and every right and remedy, to the extent permitted by law, shall be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.


 


Section 511. Delay or Omission Not Waiver.


 


No delay or omission of the Trustee or of any
Holder of any Security or coupon to exercise any right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this
Article or by law to the Trustee or to the Holders of Securities or Coupons may be exercised from time to time, and as often as
may be deemed expedient, by the Trustee or by the Holders of Securities or Coupons, as the case may be.


 


Section 512. Control By Holders.


 


The Holders of a majority in principal amount
of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities
of such series and any Coupons appertaining thereto, PROVIDED that


 


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


 






    	 	30	 



     

    

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


 


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


 


Section 513. Waiver of Past Defaults.


 


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


 


(1)      in the payment of the principal of (and
premium, if any) or interest on or Additional Amounts payable in respect of any Security of such series or any Coupons appertaining
thereto, or


 


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


 


Upon any such waiver, such default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver
shall extend to any subsequent or other default or impair any right consequent thereon.


 


Section 514. Waiver of Stay or Extension Laws.


 


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


 


 


ARTICLE SIX


 


THE TRUSTEE


 


Section 601. Notice of Defaults.


 


Within 90 days after the occurrence of any default
hereunder with respect to the Securities of any series, the Trustee shall transmit to the Holders in the manner and to the extent
provided in Section 313(c) of the Trust Indenture Act, notice of such default hereunder known to a Responsible Officer of the Trustee,
unless such default shall have been cured or waived; PROVIDED, HOWEVER, that, except in the case of a default in the payment of
the principal of (or premium, if any) or interest on, or any Additional Amounts with respect to, any Security of such series or
in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding
such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders of Securities
and Coupons of such series; and PROVIDED further, that in the case of default of the character specified in Section 501(4) with
respect to Securities of such series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof.
For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both
would become, an Event of Default, with respect to Securities of such series.


 


Section 602. Certain Rights of Trustee.


 


Subject to the provisions of Sections 315(a)
through 315(d) of the Trust Indenture Act:


 






    	 	31	 



     

    

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


 


(2)      any request or direction of the Company
mentioned herein shall be sufficiently evidenced by a Company Request or a Company Order (other than delivery of any Security,
together with any Coupons appertaining thereto to the Trustee for authentication and delivery pursuant to Section 304 which shall
be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a
Board Resolution or Board Resolutions;


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


Section 603. Not Responsible For Recitals or Issuance of Securities.


 


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


 






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Section 604. May Hold Securities.


 


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


 


Section 605. Money Held In Trust.


 


Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law and shall be held uninvested. The Trustee shall be
under no liability for interest on any money received by it hereunder.


 


Section 606. Compensation and Reimbursement.


 


The Company agrees


 


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


 


(2)      except as otherwise expressly provided
herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and
disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence
or bad faith; and


 


(3)      to indemnify each of the Trustee and
any predecessor Trustee and its agents for, and to hold them harmless against, any loss, liability, claim, damage or expense including
taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred without negligence or bad
faith on their part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including
the costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of
any of their powers or duties hereunder.


 


As Security for the performance of the obligations
of the Company under this Section, the Trustee shall have a lien prior to the Securities of any series upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest
on Securities. When the Trustee incurs expenses or renders services after an Event of Default occurs, the expenses and compensation
for the services of the Trustee are intended to constitute expenses of administration under any bankruptcy law or any similar federal
or state law for the relief of debtors.


 


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


 


Section 607. Corporate Trustee Required; Eligibility; Conflicting
Interests.


 


There shall at all times be a Trustee hereunder
that is a corporation permitted by Section 310(a) (1) and (5) of the Trust Indenture Act to act as trustee under the Trust Indenture
Act and that has a combined capital and surplus (computed in accordance with Section 310(a) (2) of the Trust Indenture Act) of
at least $50,000,000. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect hereinafter specified in this Article. If the Trustee has or shall
acquire any conflicting interest, as defined in Section 310(b) of the Trust Indenture Act, with respect to the Securities of any
series, the Trustee shall take such action as is required pursuant to said Section 310 (b).


 






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Section 608. Resignation and Removal; Appointment of Successor.


 


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


 


(b)      The Trustee may resign at any time with
respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance
by a successor Trustee required by Section 609 shall not have been delivered to the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction
for the appointment of a successor Trustee with respect to such series.


 


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


 


(d)      If at any time:


 


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


 


(2)      the Trustee shall cease to
be eligible under Section 607 and shall fail to resign after written request therefor by the Company or by any such Holder of a
Security, or


 


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


 


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


 


(e)      If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company, by or pursuant to Board Resolutions, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with
respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect
to the Securities of any particular series) and shall comply with the applicable requirements of Section 609. If, within one year
after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such
series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section 609, become the successor Trustee with respect to
the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee
with respect to the Securities of any series shall have been so appointed by the Company or the Holders of Securities and accepted
appointment in the manner required by Section 609, any Holder of a Security who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.


 






    	 	34	 



     

    

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


 


Section 609. Acceptance of Appointment By Successor.


 


(a)      In case of the appointment hereunder
of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and
deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company and/or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for
in Section 606.


 


(b)      In case of the appointment hereunder
of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the 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, that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible
for any notice given to, or received by, or any act or failure to act on the part of any other Trustee hereunder, and upon the
execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective
to the extent provided therein, such retiring Trustee shall with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates have no further responsibility for the exercise of rights and powers or for the performance
of the duties and obligations vested in the Trustee under this Indenture other than as hereinafter expressly set forth, 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, to the extent contemplated by such supplemental indenture, the property and money held by such
retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates.


 






    	 	35	 



     

    

(c)      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 paragraph (a) or (b) of this Section, as the case may be.


 


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


 


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


 


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


 


Section 611. Appointment of Authenticating Agent.


 


The Trustee may appoint an Authenticating Agent
or Authenticating Agents, which may be an Affiliate of the Company, with respect to one or more series of Securities which shall
be authorized to act on behalf of the Trustee to authenticate Securities of that or those series issued upon original issue or
exchange, registration of transfer or partial redemption thereof or pursuant to Section 307, and Securities so authenticated shall
be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf
of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent.


 


Each Authenticating Agent shall be acceptable
to the Company and, except as specified as contemplated by Section 301, shall at all times be a corporation that would be permitted
by Section 310(a) (1) and (5) of the Trust Indenture Act to be able to act as a trustee under an indenture qualified under the
Trust Indenture Act, is authorized under applicable law and by its charter to act as such and that has a combined capital and surplus
(computed in accordance with Section 310(a) (2) of the Trust Indenture Act) of not less that $50,000,000. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section. If the Authenticating Agent has or shall acquire any conflicting interest,
as defined in Section 310(b) of the Trust Indenture Act, with respect to the Securities of any series, the Authenticating Agent
shall take action as is required pursuant to said Section 310 (b).


 


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


 


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


 






    	 	36	 



     

    

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


 


The provisions of Sections 309, 603 and 604
shall be applicable to each Authenticating Agent.


 


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


 


This certificate represents Securities of the
series designated herein referred to in the within-mentioned Indenture.


	 	 	 	 	 
	Dated: 	
        [      ],

        not in its individual capacity but solely as Trustee

         
	 
	 	By: 	/s/  	 
	 	 	As Authenticating Agent 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	/s/  	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 


If all of the Securities of any series may not
be originally issued at one time, and if the Trustee does not have an office capable of authenticating Securities upon original
issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance,
the Trustee, if so requested in writing (which writing need not comply with Section 102) by the Company, shall appoint in accordance
with this Section an Authenticating Agent having an office in a Place of Payment designated by the Company with respect to such
series of Securities.


 


ARTICLE SEVEN


 


HOLDERS’ LISTS AND REPORTS BY TRUSTEE
AND COMPANY


 


Section 701. Company to Furnish Trustee Names and Addresses of
Holders.


 


In accordance with Section 312(a) of the Trust
Indenture Act, the Company will furnish or cause to be furnished to the Trustee


 


(1)      semi-annually, not later than 15 days
after the Regular Record Date for interest for each series of Securities, a list, in such form as the Trustee may reasonably require,
of the names and addresses of the Holders of Registered Securities of such series as of such Regular Record Date, or if there is
no Regular Record Date for interest for such series of Securities, semi-annually, upon such dates as are set forth in the Board
Resolution or indenture supplemental hereto authorizing such series, and


 






    	 	37	 



     

    

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


 


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


 


Section 702. Preservation of Information; Communications to Holders.


 


(a)      The Trustee shall comply with the obligations
imposed upon it pursuant to Section 312 of the Trust Indenture Act.


 


(b)      Every Holder of Securities or Coupons,
by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any Paying
Agent nor any Security Registrar shall be held accountable by reason of the disclosure of any such information as to the names
and addresses of the Holders of Securities in accordance with Section 312 of the Trust Indenture Act, regardless of the source
from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant
to a request made under Section 312(b) of the Trust Indenture Act.


 


Section 703. Reports By Trustee.


 


(a)      Within 60 days after May 15 of each year
commencing with the year following the first issuance of Securities pursuant to Section 301, if required by Section 313(a) of the
Trust Indenture Act, the Trustee shall transmit pursuant to Section 313(c) of the Trust Indenture Act a brief report dated as of
such May 15 with respect to any of the events specified in said Section 313(a) which may have occurred since the later of the immediately
preceding May 15 and the date of this Indenture.


 


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


 


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


 


Section 704. Reports By Company.


 


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


 


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


 


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


 






    	 	38	 



     

    

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


 


(4)      transmit within 90 days of December 31
of each year to the Trustee, a brief certificate from the principal executive officer, principal financial officer or principal
accounting officer of the Company as to his or her knowledge of such obligor’s compliance with all conditions and covenants
under the Indenture as determined without regard to any period of grace or requirement of notice provided under the Indenture.


 


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


 


ARTICLE EIGHT


 


CONSOLIDATION, MERGER AND SALES


 


Section 801. Company May Consolidate Etc., Only on Certain Terms.


 


Nothing contained in this Indenture or in any
of the Securities shall prevent any consolidation or merger of the Company with or into any other Person or Persons (whether or
not affiliated with the Company), or successive consolidations or mergers in which the Company or its successor or successors shall
be a party or parties, or shall prevent any conveyance, transfer or lease of the property of the Company as an entirety or substantially
as an entirety, to any other Person (whether or not affiliated with the Company); PROVIDED, HOWEVER, that:


 


(1)      in case the Company shall consolidate
with or merge into another Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person,
the entity formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer,
or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation organized and existing
under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume, by an
indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed and delivered by the successor
Person to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any)
and interest on or any Additional Amounts in respect of all the Securities and the performance of every other covenant of this
Indenture on the part of the Company to be performed or observed;


 


(2)      immediately after giving effect to such
transaction and treating any indebtedness which becomes an obligation of the Company or a Subsidiary as a result of such transaction
as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which,
after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and


 


(3)      each of the Company and the successor
Person has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent
herein provided for relating to such transaction have been complied with.


 


Section 802. Successor Corporation Substituted For Company.


 


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


 






    	 	39	 



     

    

ARTICLE NINE


 


SUPPLEMENTAL INDENTURES


 


Section 901. Supplemental Indentures Without Consent of Holders.


 


Without the consent of any Holders of Securities
or Coupons, the Company, when authorized by Board Resolutions, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:


 


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


 


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


 


(3)      to add to or change any of the provisions
of this Indenture to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions
on the payment of principal (or premium, if any) on Registered Securities or of principal (or premium, if any) or any interest
on Bearer Securities, to permit Registered Securities to be exchanged for Bearer Securities or to permit or facilitate the issuance
of Securities in uncertified form, PROVIDED any such action shall not adversely affect the interests of the Holders of Securities
of any series or any Coupons appertaining thereto in any material respect;


 


(4)      to establish the form or terms of Securities
of any series and any Coupons appertaining thereto as permitted by Sections 201 and 301;


 


(5)      to evidence and provide for the acceptance
of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any
of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee, pursuant to the requirements of Section 609 (b);


 


(6)      to cure any ambiguity, to correct or
supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions
with respect to matters or questions arising under this Indenture which shall not be inconsistent with the provisions of this Indenture
and which shall not adversely affect the interest of the Holders of Securities of any series or any related coupons in any material
respect;


 


(7)      to add to, delete from or revise the
conditions, limitations and restrictions on the authorized amount, terms or purposes of issue, authentication and delivery of Securities,
as herein set forth;


 


(8)      to add any additional Events of Default;


 


(9)      to modify, eliminate or add to the provisions
of this Indenture to such extent as shall be necessary to conform the obligations of the Company and the Trustee under this Indenture
to the obligations imposed on such Persons hereunder pursuant to the Trust Indenture Act or under any similar federal statute hereafter
enacted and rules or regulations of the Commission thereunder;


 


(10)    to make provisions with respect to the
conversion rights of Holders of Convertible Securities pursuant to the requirements of Section 1506; or


 






    	 	40	 



     

    

(11)      to add to, change or eliminate any of
the provisions of this Indenture in respect to one or more series of Securities; provided, however, that any such addition, change
or elimination (i) shall neither (A) apply to any Security of any series issued prior to the execution of such supplemental indenture
and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such pre-existing series of any Security
with respect to the application of such provision to such pre-existing series of a Security or (ii) shall become effective only
when there is no such pre-existing series of a Security outstanding.


 


Section 902. Supplemental Indentures With Consent of Holders.


 


With the consent of the Holders of not less
than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act
of said Holders delivered to the Company and the Trustee, the Company, when authorized by Board Resolutions, and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of
such series under this Indenture; PROVIDED, HOWEVER, that no such supplemental Indenture shall, without the consent of the Holder
of each Outstanding Security affected thereby, shall


 


(1)      change the Stated Maturity of the principal
of, or any installment of interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or
any Additional Amounts payable in respect thereof, or any premium payable upon the redemption thereof, or change the obligation
of the Company to pay Additional Amounts pursuant to Section 1004 (except as contemplated by Section 801(1) and permitted by Section
901(1)), or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 502, or change the Place of Payment, coin or currency in which any
Security or any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or


 


(2)      reduce the percentage in principal amount
of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the
consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences) provided for in this Indenture, or reduce the requirements of Section 1404 for quorum or voting,
or


 


(3)      modify any of the provisions of this
section, or Sections 512, 513 or Section 1011, except to increase any such percentage or to provide that certain other provisions
of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby.


 


The Company may, but shall not be obligated
to, fix a record date for the purposes of determining the Persons entitled to consent to any indenture supplemental hereto. If
a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled
to consent to such supplemental indenture, whether or not such Holders remain Holders after such record date; PROVIDED, that unless
such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is
90 days after such record date, any such consent previously given shall automatically and without further action by any Holder
be cancelled and of no further effect.


 


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


 


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


 






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Section 903. Execution of Supplemental Indentures.


 


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


 


Section 904. Effect of Supplemental Indentures.


 


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


 


Section 905. Conformity With Trust Indenture Act.


 


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


 


Section 906. Reference in Securities to Supplemental Indentures.


 


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


 


ARTICLE TEN


 


COVENANTS


 


Section 1001. Payment of Principal, Premium, If Any, and Interest.


 


The Company covenants and agrees for the benefit
of the Holders of each series of Securities that it will duly and punctually pay the principal of (and premium, if any), interest
on or any Additional Amounts payable in respect of the Securities of that series in accordance with the terms of such series of
Securities, any Coupons appertaining thereto and this Indenture. Any interest due on and any Additional Amounts payable in respect
of Bearer Securities on or before Maturity, other than Additional Amounts, if any, payable as provided in Section 1004 in respect
of principal of (or premium, if any, on) such a Security, shall be payable only upon presentation and surrender of the several
coupons for such interest installments as are evidenced thereby as they severally mature.


 


Section 1002. Maintenance of Office or Agency.


 


The Company will maintain in each Place of Payment
for any series of Securities an office or agency where Securities of such series (but not Bearer Securities, except as otherwise
provided below, unless such Place of Payment is located outside the United States) may be presented or surrendered for payment,
where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or
upon the Company in respect of the Securities of that series and this Indenture may be served. If Securities of a series are issuable
as Bearer Securities, the Company shall maintain, subject to any laws or regulations applicable thereto, an office or agency in
a Place of Payment for such series which is located outside the United States where Securities of such series and the related Coupons
may be presented and surrendered for payment (including payment of any Additional Amounts payable on Securities of such series
pursuant to Section 1004); PROVIDED, HOWEVER, that if the Securities of such series are listed on The Stock Exchange of the United
Kingdom and the Republic of Ireland or the Luxembourg Stock Exchange or any other stock exchange located outside the United States
and such stock exchange shall so require, the Company will maintain a Paying Agent in London, Luxembourg or any other required
city located outside the United States, as the case may be, so long as the Securities of such series are listed on such exchange.
The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.
If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of
the Trustee, except that Bearer Securities of that series and the related Coupons may be presented and surrendered for payment
(including payment of any Additional Amounts payable on Bearer Securities of that series pursuant to Section 1004) at the place
specified for the purpose pursuant to Section 301, and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.


 






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Except as otherwise specified as contemplated
by Section 301, no payment of principal, premium or interest on Bearer Securities shall be made at any office or agency of the
Company in the United States or by check mailed to any address in the United States or by transfer to an account maintained with
a bank located in the United States; PROVIDED, HOWEVER, payment of principal of and any premium and interest in U.S. dollars (including
Additional Amounts payable in respect thereof) on any Bearer Security may be made at the Corporate Trust Office or any office or
agency designated by the Company if (but only if) payment of the full amount of such principal, premium, interest or Additional
Amounts at all offices outside the United States maintained for the purpose by the Company in accordance with this Indenture is
illegal or effectively precluded by exchange controls or other similar restrictions.


 


The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; PROVIDED, HOWEVER, that no such designation or rescission shall
in any manner relieve the Company of their obligation to maintain an office or agency in each Place of Payment for Securities of
any series 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. Unless otherwise specified as contemplated by Section 301,
the Company hereby designates as the Place of Payment for each series the Corporate Trust Office of the Trustee. Pursuant to Section
301(9) of this Indenture, the Company may subsequently appoint a place or places where such Securities may be payable.


 


Section 1003. Money For Securities Payments to Be Held in Trust.


 


If the Company shall at any time act as its
own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of (and premium,
if any), or interest on, any of the Securities of that series, segregate and hold in trust for the benefit of the Person entitled
thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to
such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act.


 


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


 






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


 


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


 


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


 


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


 


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


 


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


 


Section 1004. Additional Amounts.


 


If any Securities of a series provide for the
payment of Additional Amounts, the Company agrees to pay to the Holder of any such Security of any such series or any Coupon appertaining
thereto Additional Amounts as provided therein. Whenever in this Indenture there is mentioned, in any context, the payment of the
principal of (or premium, if any) or interest on, or in respect of, any Security of any series or any related Coupon or the net
proceeds received on the sale or exchange 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 provisions hereof shall not be construed as excluding Additional Amounts
in those provisions hereof where such express mention is not made.


 


Except as otherwise provided herein or pursuant
hereto, 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 such series of Securities (or if the Securities of that series shall not bear interest prior to Maturity,
the first day on which a payment of principal (and premium, if any, is made), and at least 10 days prior to each date of payment
of principal (and premium, if any) or interest if there has been any change with respect to the matters set forth in the below-mentioned
Officers’ Certificate, the Company will furnish the Trustee and the principal Paying Agent or Paying Agents, if other than
the Trustee, an Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment
of principal (and premium, if any) of or interest on the Securities of that series shall be made to Holders of Securities of that
series or the Coupons appertaining thereto who are United States Aliens without withholding for or on account of any tax, assessment
or other governmental charge described in the Securities of that series. If any such withholding shall be required, then such Officers’
Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities
or Coupons and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required 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.


 






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Section 1005. Statement As To Compliance; Notice of Certain Defaults.


 


(a)      The Company will, in addition to the
reports required by Section 704(4), deliver to the Trustee, within 120 days after the end of each fiscal year (which on the date
hereof ends on December 31), commencing December 31, 2013, a written statement, which need not comply with Section 102, signed
by the Chairman of the Board, a Deputy Chairman, Vice Chairman, the President or a Vice President and by the Treasurer or an Assistant
Treasurer of the Company, stating, as to each signer thereof, that


 


(1)      a review of the activities of the Company
during such year and of performance under this Indenture has been made under his supervision, and


 


(2)      to the best of his knowledge, based on
such review, (a) the Company has fulfilled all of its obligations under this Indenture throughout such year, or, if there has been
a default in the fulfillment of any such obligation, specifying each such default known to him and the nature and status thereof,
and (b) no event has occurred and is continuing which is, or after notice or lapse of time or both would become, an Event of Default,
or, if such an event has occurred and is continuing, specifying each such event known to him and the nature and status thereof.


 


(b)      The Company will deliver to the Trustee
as soon as possible, and in any event, within five days after the occurrence thereof, written notice of any event which after notice
or lapse of time or both would become an Event of Default.


 


Section 1006. Limitation on Liens.


 


The Company will not pledge, mortgage or hypothecate,
or permit to exist any pledge, mortgage or hypothecation or other lien upon, any shares of Capital Stock of the Subsidiary Bank
to secure any indebtedness for borrowed money without making effective provisions whereby the Securities shall be equally and ratably
secured with any and all such indebtedness.


 


In case the Company shall propose to pledge,
mortgage, or hypothecate any such shares of Capital Stock at any time owned by it to secure any indebtedness, the Company will
prior thereto give written notice thereof to the Trustee and will prior to or simultaneously with such pledge, mortgage or hypothecation,
by supplemental indenture delivered to the Trustee, in form satisfactory to it, effectively secure all the Securities equally and
ratably with such indebtedness, by pledge, mortgage or hypothecation of such shares of Capital Stock. Such supplemental indenture
shall contain the provisions concerning the possession, control, release and substitution of mortgaged and pledged property and
Securities and other appropriate matters which are required or are permitted by the Trust Indenture Act (as in effect at the date
of execution of such supplemental indenture) to be included in a secured indenture qualified under said Trust Indenture Act, and
may also contain such additional and amendatory provisions permitted by said Trust Indenture Act as the Company and the Trustee
shall deem advisable or appropriate or as the Trustee shall deem necessary in connection with such pledge, mortgage or hypothecation.


 






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Section 1007. Limitation on Certain Acquisitions.


 


The Company will not (a) acquire Capital Stock
of any corporation or (b) acquire substantially all the assets and liabilities of any corporation, if, immediately upon giving
effect to such acquisition, the Company would not then be in full compliance with all the terms, conditions and covenants contained
in this Indenture.


 


Section 1008. Payment of Taxes and Other Claims.


 


The Company will pay or discharge or cause to
be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed
upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary, and (2) all lawful
claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of the Company or any subsidiary;
PROVIDED, HOWEVER, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment,
charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings.


 


Section 1009. Corporate Existence.


 


Subject to Article Eight, the Company will do
or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter
and statutory) and franchises and the corporate existence, rights (charter and statutory) and franchises of the Subsidiary Bank;
PROVIDED, HOWEVER, that the Company shall not be required to preserve any such corporate existence, right or franchise if the Company
shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries
considered as a whole and that the loss thereof is not disadvantageous in any material respect to the Holders.


 


Section 1010. Waiver of Certain Covenants.


 


The Company may omit in any particular instance
to comply with any term, provision or condition set forth in Section 1006, 1007 and 1008 with respect to the Securities of any
series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities
of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with
such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the
Trustee in respect of any such term, provision or condition shall remain in full force and effect.


 


Section 1011. Calculation of Original Issue Discount.


 


The Company shall file with the Trustee promptly
at the end of each calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and
accrual periods) accrued on Outstanding Securities as of the end of such year and (ii) such other specific information relating
to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time.


 


ARTICLE ELEVEN


 


REDEMPTION OF SECURITIES


 


Section 1101. Applicability of Article.


 


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


 






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Section 1102. Election To Redeem; Notice To Trustee.


 


The election of the Company to redeem any Securities
shall be evidenced by Board Resolution. In case of any redemption at the election of the Company of the Securities of any series,
with the same issue date, interest rate and Stated Maturity, the Company shall, at least 60 days prior to the Redemption Date fixed
by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of
the principal amount of Securities of such series to be redeemed.


 


Section 1103. Selection By Trustee of Securities To Be Redeemed.


 


If less than all the Securities of any series
with the same issue date, interest rate, Stated Maturity and other terms are to be redeemed, the particular Securities to be redeemed
shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the Outstanding Securities of such series
not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions of the principal amount of Registered Securities of such series; PROVIDED, HOWEVER, that no
such partial redemption shall reduce the portion of the principal amount of a Registered Security of such series not redeemed to
less than the minimum denomination for a Security of such series established herein pursuant hereto.


 


If any Convertible Security selected for partial
redemption is converted in part before termination of the conversion right with respect to the portion of the Security so selected,
the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities
which have been converted during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the
purpose of such selection.


 


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


 


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


 


Section 1104. Notice of Redemption.


 


Notice of redemption shall be given in the manner
provided in Section 106, not less than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is specified
in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the manner
herein provided to the Holder of any Registered Securities designated for redemption as a whole or in part, or any defect in the
notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or portion
thereof.


 


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


 


All notices of redemption shall state:


 


(1)      the Redemption Date,


 


(2)      the Redemption Price,


 


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


 






    	 	47	 



     

    

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


 


(5)      in the case of Convertible Securities,
the Conversion Price then in effect, the date on which the right to convert the principal amount of the Securities or the portions
thereof to be redeemed will terminate and the place or places where such Securities may be surrendered for conversion,


 


(6)      that on the Redemption Date the Redemption
Price will become due and payable upon each such Security to be redeemed only, as to Bearer Securities, against tender of such
Security and any Coupons appertaining thereto, and, if applicable, that interest thereon and Additional Amounts, if any, shall
cease to accrue on and after said date,


 


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


 


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


 


(9)      the CUSIP number, if any.


 


A notice of redemption published as contemplated
by Section 106 need not identify particular Registered Securities to be redeemed.


 


Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and
at the expense of the Company.


 


Section 1105. Deposit of Redemption Price.


 


On or prior to any Redemption Date, the Company
shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on and any Additional Amounts with respect thereto, all the Securities
or portions thereof which are to be redeemed on that date.


 


If any Convertible Security or portion thereof
called for redemption is converted pursuant to Article Fifteen, any money deposited with the Trustee or so segregated and held
in trust for the redemption of such Security or portion thereof shall (subject to any right of the Holder of the Security on a
Regular Record Date preceding such conversion to receive interest) be paid to the Company upon Company Request or, if then held
by the Company, shall be discharged from such trust.


 


Section 1106. Securities Payable on Redemption Date.


 


Notice of redemption having been given as aforesaid,
the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified,
and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest and the Coupons for such interest appertaining to any Bearer Securities so to be redeemed,
except to the extent provided below, shall be void. Upon surrender of any such Security for redemption in accordance with said
notice, together with all Coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid
by the Company at the Redemption Price, together with accrued interest (or any Additional Amounts) to the Redemption Date; PROVIDED,
HOWEVER, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only upon presentation and surrender of coupons for such interest (at an office or agency located outside the United States
except as otherwise provided in Section 1002), and PROVIDED, FURTHER, that installments of interest on Registered Securities whose
Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the Regular Record Dates according to their terms and the provisions
of Section 308.


 






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If any Bearer Security surrendered for redemption
shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price an amount equal to the face amount of all such missing Coupons, or the surrender of such missing Coupon
or Coupons may be waived by the Company and the Trustee if there be furnished to them such Security or indemnity as they may require
to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or
any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder
shall be entitled to receive the amount so deducted; PROVIDED, HOWEVER, that interest (or any Additional Amounts) represented by
Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency located outside of the United
States except as otherwise provided in Section 1002.


 


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


 


Section 1107. Securities Redeemed in Part.


 


Any Registered Security which is to be redeemed
only in part shall be surrendered at any office or agency of the Company maintained for that purpose pursuant to Section 1002 (with,
if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Registered
Security or Securities of the same series, containing identical terms and provisions, of any authorized denomination as requested
by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security
so surrendered. If a Security in global form is so surrendered, the Company shall execute, and the Trustee shall authenticate and
deliver to the U.S. Depository or other depository for such Security in global form as shall be specified in the Company Order
with respect thereto to the Trustee, without service charge, a new Security in global form in a denomination equal to and in exchange
for the unredeemed portion of the principal of the Security in global form so surrendered.


 


Section 1108. Conversion Arrangements on Call for Redemption.


 


Notwithstanding anything to the contrary contained
in this Indenture, in connection with any redemption of Convertible Securities of any series, the Company, by an agreement with
one or more investment bankers or other purchasers, may arrange for such purchasers to purchase all such Convertible Securities
called for redemption (the “Called Securities”) which are either (i) surrendered for redemption or (ii) not duly surrendered
for redemption or conversion prior to the close of business on the Redemption Date, and to convert the same into shares of Common
Stock, by the purchasers’ depositing with the Trustee (acting as Paying Agent with respect to the deposit of such amount
and as conversion agent with respect to the conversion of such Called Securities), in trust for the Holders of the Called Securities,
on or prior to the Redemption Date in the manner agreed to by the Company and such purchasers, an amount sufficient to pay the
Redemption Price, payable by the Company on redemption of such Called Securities. In connection with any such arrangement for purchase
and conversion, the Trustee as Paying Agent shall pay on or after the Redemption Date such amounts so deposited by the purchasers
in exchange for Called Securities surrendered for redemption prior to the close of business on the Redemption Date and for all
Called Securities surrendered after such Redemption Date. Notwithstanding anything to the contrary contained in this Article Eleven,
the obligation of the Company to pay the Redemption Price of such Called Securities shall be satisfied and discharged to the extent
such amount is so paid by such purchasers. However, nothing in this Section 1108 shall in any way relieve the Company of the obligation
to pay such Redemption Price on all Called Securities to the extent such amount is not so paid by said purchasers. For all purposes
of this Indenture, any Called Securities surrendered by the Holders for redemption, and any Called Securities not duly surrendered
for redemption or conversion prior to the close of business on the Redemption Date, shall be deemed acquired by such purchasers
from such Holders and surrendered by such purchasers for conversion and shall in all respects be deemed to have been converted,
all as of immediately prior to the close of business on the Redemption Date, subject to the deposit by the Purchasers of the above
amount as aforesaid. Nothing in this Section 1108 shall in any way limit the right of any Holder of a Security to convert his Security
pursuant to the terms of this Indenture and of such Security at any time prior to the close of business on the Redemption Date
applicable thereto.


 






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ARTICLE TWELVE


 


SINKING FUNDS


 


Section 1201. Applicability of Article.


 


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


 


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


 


Section 1202. Satisfaction of Sinking Fund Payments With Securities.


 


The Company may, in satisfaction of all or any
part of any sinking fund payment with respect to the Securities of such series to be made pursuant to the terms of such Securities
as provided for by the terms of such series (1) deliver Outstanding Securities of such series (other than any of such Securities
previously called for redemption or any of such Securities in respect of which cash shall have been released to the Company), together
in the case of any Bearer Securities of such series with all unmatured Coupons appertaining thereto, and (2) apply as a credit
Securities of such series which have been redeemed either at the election of the Company pursuant to the terms of such series of
Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, PROVIDED
that such series of Securities have not been previously so credited. Such Securities shall be received and credited for such purpose
by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities of any
series in lieu of cash payments pursuant to this Section 1202, the principal amount of Securities of such series to be redeemed
in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such series
for redemption, except upon Company Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to
the next succeeding sinking fund payment, PROVIDED, HOWEVER, that the Trustee or such Paying Agent shall at the request of the
Company from time to time pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent
upon delivery by the Company to the Trustee of Securities of that series purchased by the Company having an unpaid principal amount
equal to the cash payment requested to be released to the Company.


 


Section 1203. Redemption of Securities For Sinking Fund.


 


Not less than 75 days prior to each sinking
fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying
the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering
and crediting of Securities of that series pursuant to Section 1202, and the optional amount, if any, to be added in cash to the
next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so credited and not theretofore
delivered. If such Officers’ Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory
sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified. Not less than 60 days before
each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in Sections 1106 and 1107.


 






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ARTICLE THIRTEEN


 


REPAYMENT AT THE OPTION OF HOLDERS


 


Section 1301. Applicability of Article.


 


Securities of any series which are repayable
at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance with the terms of the Securities
of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment
of Securities before their Stated Maturity, for purposes of Section 310, shall not operate as a payment, redemption or satisfaction
of the indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender the
same to the Trustee with a directive that such Securities be cancelled. Notwithstanding anything to the contrary contained in this
Article Thirteen, in connection with any repayment of Securities, the Company may arrange for the purchase of any Securities by
an agreement with one or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of such
Securities on or before the close of business on the repayment date an amount not less than the repayment price payable by the
Company on repayment of such Securities, and the obligation of the Company to pay the repayment price of such Securities shall
be satisfied and discharged to the extent such payment is so paid by such purchasers.


 


ARTICLE FOURTEEN


 


MEETINGS OF HOLDERS


 


Section 1401. Purposes For Which Meetings May Be Called.


 


A meeting of Holders of Securities of such series
may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities
of such series.


 


Section 1402. Call, Notice and Place of Meetings.


 


(a)      The Trustee may at any time call a meeting
of Holders of Securities of any series for any purpose specified in Section 1401, to be held at such time and at such place in
the Principle Office of the Trustee, or, if Securities of such series are to be issued as Bearer Securities, in London, as the
Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of
such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section
106, not less than 21 nor more than 180 days prior to the date fixed for the meeting.


 


(b)      In case at any time the Company, pursuant
to Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding Securities of any series shall have
requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 1401,
by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not
have made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter
proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the
amount above specified, as the case may be, may determine the time and the place for such meeting and may call such meeting for
such purposes by giving notice thereof as provided in subsection (a) of this Section.


 






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Section 1403. Persons Entitled To Vote At Meetings.


 


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


 


Section 1404. Quorum; Action.


 


The Persons entitled to vote a majority in principal
amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series.
In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not
less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum
at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined
by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting
shall be given as provided in section 1402 (a), except that such notice need be given only once not less than five days prior to
the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly
the percentage, as provided above, of the principal amount of the Outstanding Securities of such series which shall constitute
a quorum.


 


Except as limited by the proviso to Section
902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be
adopted only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series;
PROVIDED, HOWEVER, that, except as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization,
direction, notice, consent, waiver or other action which this Indenture expressly provides may be made, given or taken by the Holders
of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be
adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote
of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series.


 


Any resolution passed or decision taken at any
meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of
Securities of such series and the Coupons appertaining thereto, whether or not present or represented at the meeting.


 


Section 1405. Determination of Voting Rights; Conduct and Adjournment
of Meetings.


 


(a)      Notwithstanding any other provisions
of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities
of such series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to
the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of
the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 104
and the appointment of any proxy shall be proved in the manner specified in Section 104 or by having the signature of the person
executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 104 to certify to the holding
of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed
valid and genuine without the proof specified in Section 104 or other proof.


 






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(b)      The Trustee shall, by an instrument in
writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of
Securities as provided in Section 1402(b), in which case the Company or the Holders of Securities of the series calling the meeting,
as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting
shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series
represented at the meeting.


 


(c)      At any meeting each Holder of a Security
of such series or proxy shall be entitled to one vote for each $1,000 principal amount of Securities of such series held or represented
by him; PROVIDED, HOWEVER, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding
and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except
as a Holder of a Security of such series or proxy.


 


(d)      Any meeting of Holders of Securities
of any series duly called pursuant to Section 1402 at which a quorum is present may be adjourned from time to time by Persons entitled
to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting; and the meeting
may be held as so adjourned without further notice.


 


Section 1406. Counting Votes and Recording Action of Meetings.


 


The vote upon any resolution submitted to any
meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders
of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding
Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes
who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the
meeting their verified written reports in triplicate of all votes cast at the meeting.


 


A record, at least in triplicate, of the proceedings
of each meeting of Holders of Securities of any series shall be prepared by the secretary of the meeting and there shall be attached
to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given
as provided in Section 1402 and, if applicable, Section 1404. Each copy shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved
by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be
conclusive evidence of the matters therein stated


 


ARTICLE FIFTEEN


 


CONVERSION


 


Section 1501. Conversion Privilege.


 


Subject to and upon compliance with the provisions
of this Article Fifteen and the terms of the Convertible Securities of the series proposed to be converted, at the option of the
Holder, any Convertible Security or any portion of the principal amount thereof which is $1,000 or an integral multiple thereof,
may be converted into shares of Common Stock, as said shares shall be constituted at the Date of Conversion, at the Conversion
Price for such Convertible Securities of such series in effect at the Date of Conversion.


 


Section 1502. Manner of Exercise of Convertible Privilege.


 


In order to exercise the conversion privilege,
the Holder of any Convertible Security to be converted shall surrender such Convertible Security to the Company at its office or
agency, together with the conversion notice in the form provided on the Securities (or separate written notice) duly executed,
and, if so required by the Company, accompanied by instruments of transfer, in form satisfactory to the Company and to the Trustee,
duly executed by the Holder or by his duly authorized attorney in writing. Any Registered Convertible Security so surrendered during
the period from the close of business on the Regular Record Date preceding an Interest Payment Date for such Registered Convertible
Security to the opening of business on such Interest Payment Date shall (unless any such Registered Convertible Security or the
portion thereof being converted shall have been called for redemption on a Redemption Date during such period, in which event no
interest shall be payable with respect to such Registered Convertible Security or portion thereof, as the case may be, following
such Redemption Date) also be accompanied by payment in Clearing House funds or other funds acceptable to the Company of an amount
equal to the interest payable on such Interest Payment Date on the principal amount of such Registered Convertible Security then
being converted; provided, however, that no such payment need be made if there shall exist, at the time of conversion, a default
in the payment of interest on the Convertible Securities of such series. Except as provided in the immediately preceding sentence,
no adjustment shall be made for interest accrued on any Convertible Security that shall be converted or for dividends on any shares
of Common Stock that shall be delivered upon the conversion of such Convertible Securities. The funds so delivered to such office
or agency shall be paid to the Company on or after such Interest Payment Date, unless the Company shall default in the payment
of the interest due on such Interest Payment Date, in which event such funds shall be repaid to the Person who delivered the same.
As promptly as practicable after the surrender of any Convertible Security for conversion as aforesaid, the Company shall deliver
at said office or agency to such Holder, or on his written order, a certificate or certificates for the number of full shares deliverable
upon the conversion of such Convertible Security or portion thereof and a check or cash in respect of any fraction of a share of
Common Stock otherwise deliverable upon such conversion, all as provided in this Article Fifteen, together with a Convertible Security
or Convertible Securities of the same series in principal amount equal to the unconverted and unredeemed portion, if any, of the
Convertible Security so converted in accordance with Section 306 hereof. Such conversion shall be deemed to have been effected
on the date on which such notice shall have been received at said office or agency and such Convertible Security shall have been
surrendered as aforesaid, and the Person or Persons in whose name or names any certificate or certificates for shares of Common
Stock shall be deliverable upon such conversion shall be deemed to have become on said date the Holder or Holders of record of
the shares represented thereby, provided, however, that any such surrender on any date when the stock transfer books of the Company
shall be closed shall constitute the Person or Persons in whose name or names the certificates are to be delivered as the record
Holder or Holders thereof for all purposes on the next succeeding day on which such stock transfer books are open, but such conversion
shall be at the Conversion Price in effect on the date of such surrender.


 






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Section 1503. Cash Adjustment Upon Conversion.


 


The Company shall not be required to deliver
fractions of shares of Common Stock upon conversions of Convertible Securities. If more than one Convertible Security shall be
surrendered for conversion at one time by the same Holder, the number of full shares which shall be deliverable upon conversion
thereof shall be computed on the basis of the aggregate principal amount of the Securities so surrendered. If any fractional interest
in a share of Common Stock would be deliverable upon the conversion of any Convertible Security or Securities, the Company shall
make an adjustment therefor in cash equal to the current market value of such fractional interest computed to the nearest cent
either on the basis of the last reported sale price regular way of the Common Stock on the Nasdaq Global Market (or, if not listed
on the Nasdaq Global Market, then on such other exchange on which the shares of Common Stock are listed as the Company may designate)
on the last Business Day prior to the Date of Conversion or, if there shall not have been a sale on such last Business Day, on
the basis of the average of the bid and asked quotations therefor on such exchange on such last Business Day or, if the Common
Stock shall not then be listed on any exchange, at the highest bid quotation in the over-the- counter market on such last Business
Day as reported by the National Association of Securities Dealers through NASDAQ, its automated system for reporting quotes, or
its successor or such other generally accepted source of publicly reported bid and asked quotations as the Company may reasonably
designate.


 


Section 1504. Conversion Price.


 


The Conversion Price applicable to any series
of Convertible Securities shall be the initial Conversion Price set forth on the Officers’ Certificate or supplemental indenture
establishing such series adjusted as provided in this Article Fifteen.


 






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Section 1505. Adjustment of Conversion Price.


 


The Conversion Price applicable to any series
of Convertible Securities shall be adjusted from time to time as follows:


 


(a)      In case the Company shall, at any time
or from time to time while the Securities of any series are outstanding, (i) pay a dividend on its Common Stock in shares of Common
Stock, (ii) subdivide its outstanding shares of Common Stock into a larger number of shares, or (iii) combine its outstanding Common
Stock into a smaller number of shares, the Conversion Price for such series in effect immediately prior thereto shall be adjusted
so that the Holder of any Security of such series thereafter surrendered for conversion shall be entitled to receive the number
of shares of Common Stock or other securities of the Company which he would have owned or have been entitled to receive after the
happening of any of the events described above, had such Convertible Security of such series been converted immediately prior to
the happening of such event. An adjustment made pursuant to this subdivision (a) shall become effective, in the case of a dividend,
on the payment date retroactively to immediately after the opening of business on the day following the record date for the determination
of shareholders entitled to receive such dividend, subject to the provisions of paragraph (g) of this Section 1505, and shall become
effective in the case of a subdivision or combination immediately after the opening of business on the day following the day when
such subdivision or combination, as the case may be, becomes effective.


 


(b)      In case the Company shall, at any time
or from time to time while the Convertible Securities of any series are outstanding, issue rights or warrants to all holders of
its shares of Common Stock entitling them (for a period expiring within 45 days of the record date mentioned below) to subscribe
for or purchase shares of Common Stock at a price per share less than the current market price per share of Common Stock (as defined
in paragraph (d) below) at such record date, the Conversion Price of any series of Convertible Securities in effect immediately
prior to the issuance of such rights or warrants shall be adjusted as follows: the number of shares of Common Stock into which
$1,000 principal amount of Convertible Securities of such series was theretofore convertible shall be multiplied by a fraction,
of which the numerator shall be the number of shares of Common Stock outstanding immediately prior to such record date plus the
number of additional shares of Common Stock offered for subscription or purchase, and of which the denominator shall be the number
of shares of Common Stock outstanding immediately prior to such record date plus the number of shares which the aggregate offering
price of the total number of shares so offered would purchase at such current market price; and the Conversion Price for such series
of Convertible Securities shall be adjusted by dividing $1,000 by the new number of shares into which $1,000 principal amount of
Securities of such series shall be convertible as aforesaid. Such adjustment shall become effective on the date of such issuance
retroactively to immediately after the opening of business on the day following the record date for the determination of shareholders
entitled to receive such rights or warrants, subject to the provisions of paragraph (g) of this Section 1505. In determining whether
any rights or warrants entitle the holders to subscribe for or purchase shares of Common Stock at less than such current market
price, and in determining the aggregate offering price of such shares, there shall be taken into account any consideration received
by the Company for such rights or warrants, the value of such consideration, if other than cash, to be determined by the Board
of Directors.


 


(c)      In case the Company shall, at any time
from time to time while the Convertible Securities of any series are outstanding, distribute to all holders of shares of its Common
Stock evidences of its indebtedness or securities or assets (excluding cash dividends or cash distributions payable out of consolidated
net earnings or retained earnings) or rights or warrants to subscribe for shares of Common Stock at a price per share less than
the current market price per share of Common Stock, determined in the manner set forth in paragraph (d) below, but excluding rights
or warrants referred to in paragraph (b) above, the Conversion Price for such series of Convertible Securities in effect immediately
prior to such distribution shall be adjusted by multiplying the number of shares of Common Stock into which $1,000 principal amount
of Convertible Securities of such series of Convertible Securities was theretofore convertible by a fraction, of which the numerator
shall be the current market price per share of Common Stock (as defined in paragraph (d) below) on the record date for such distribution,
and of which the denominator shall be such current market price per share of the Common Stock, less the then fair market value
(as determined by the Board of Directors of the Company, whose determination shall be conclusive) of the portion of such evidences
of indebtedness, securities or assets or of such subscription rights or warrants so distributed applicable to one share of Common
Stock; and the Conversion Price for such series of Convertible Securities shall be adjusted by dividing $1,000 by the new number
of shares into which $1,000 principal amount of Convertible Securities of such series shall be convertible as aforesaid. Such adjustment
shall become effective on the date of such distribution retroactively to immediately after the opening of business on the day following
the record date for the determination of shareholders entitled to receive such distribution, subject to the provisions of paragraph
(g) of this Section 1505. For the purposes of this paragraph (c) consolidated net earnings or retained earnings shall be computed
by adding thereto all charges against retained earnings on account of dividends paid in shares of Common Stock in respect of which
the Conversion Price has been adjusted, all as determined by Independent Public Accountants, whose determination shall be conclusive.


 






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(d)      For the purpose of any computation under
paragraphs (b) and (c) above, the current market price per share of Common Stock at any date shall be deemed to be the average
of the market values of the shares of Common Stock for the ten consecutive Business Days immediately preceding the day in question.
The market value of the Common Stock for each day shall be determined as provided in Section 1503 hereof.


 


(e)      The Company may make such reductions
in the Conversion Price for any series of Convertible Securities, in addition to those required by paragraphs (a), (b) and (c)
of this Section as it considers to be advisable in order that any event treated for Federal income tax purposes as a dividend of
stock or stock rights shall not be taxable to the recipients.


 


(f)      Except as herein otherwise provided,
no adjustment in the Conversion Price for any series of Convertible Securities shall be made by reason of the issuance, in exchange
for cash, property or services, of shares of Common Stock, or any securities convertible into or exchangeable for shares of Common
Stock, or carrying the right to purchase any of the foregoing.


 


(g)      If the Company shall take a record of
the holders of its shares of Common Stock for the purpose of entitling them to receive any dividend or any subscription or purchase
rights or any distribution and shall, thereafter and before the distribution to shareholders of any such dividend, subscription
or purchase rights or distribution, legally abandon its plan to pay or deliver such dividend, subscription or purchase rights or
distribution, then no adjustment of the Conversion Price for any series of Convertible Securities shall be required by reason of
the taking of such record.


 


(h)      No adjustment in the Conversion Price
for any series of Convertible Securities shall be required unless such adjustment would require an increase or decrease of at least
1% in such price; provided, however, that any adjustments which by reason of this paragraph (h) are not required to be made shall
be carried forward and taken into account in any subsequent adjustment. All calculations under this Article Fifteen shall be made
to the nearest cent or to the nearest one-hundredth of a share, as the case may be.


 


(i)      Whenever the Conversion Price for any
series of Convertible Securities is adjusted as herein provided, the Company shall (i) forthwith place on file at the Principal
Office of the Trustee an Officers’ Certificate showing in detail the facts requiring such adjustment and the Conversion Price
after such adjustment and shall exhibit the same from time to time to any Holder of Convertible Securities of such series desiring
an inspection thereof, and (ii) cause a notice stating that such adjustment has been effected and the adjusted Conversion Price
to be mailed to the Holders of Registered Convertible Securities of such series at their last addresses as they shall appear on
the Security Register.


 


(j)      The Company may delete, modify or vary
any of the provisions applicable to conversion of the Convertible Securities of any series, or may add new provisions applicable
thereto, all as may be contained in the Board Resolutions and Officers’ Certificate or supplemental indenture establishing
such series.


 


Section 1506. Effect of Reclassifications, Consolidations, Mergers
or Sales on Conversion Privilege.


 


In case of any reclassification or change of
outstanding shares of the class of Common Stock issuable upon conversion of the Convertible Securities (other than a change in
par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination),
or in case of any merger or consolidation of the Company with one or more other corporations (other than a merger or consolidation
in which the Company is the continuing corporation and which does not result in any reclassification or change of outstanding shares
of Common Stock issuable upon conversion of the Securities), or in case of the merger of the Company into another corporation,
or in case of any sale or conveyance to another corporation of the property of the Company as an entirety or substantially as an
entirety, the Holder of Convertible Securities then outstanding shall have the right to convert such Convertible Security into
the kind and amount of shares of capital stock or other securities and property, including cash, receivable upon such reclassification,
change, consolidation, merger, sale or conveyance by a holder of the number of shares of Common Stock into which such Convertible
Security might have been converted immediately prior to such reclassification, change, consolidation, merger, sale or conveyance.
In any such case the Company, or such successor or purchasing corporation, as the case may be, shall execute with the Trustee one
or more supplemental indentures (which shall conform to the Trust Indenture Act of 1939 as in force at the date of the execution
of such supplemental indenture) containing provisions to the effect set forth above in this Section 1506 and providing further
for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article Fifteen;
and any such adjustment which shall be approved by the Board of Directors and set forth in such supplemental indenture or supplemental
indentures shall be conclusive for all purposes of this Section, and the Trustee shall not be under any responsibility to determine
the correctness of any provision contained in such supplemental indenture or supplemental indentures relating to either the kind
or amount of shares of stock or securities or property receivable by Holders of Securities of any series upon the conversion of
their Convertible Securities after any such reclassification, change, consolidation, merger, sale or conveyance.


 






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The above provisions of this Section 1506 shall
similarly apply to successive reclassifications, changes, consolidations, mergers, sales and conveyances.


 


Section 1507. Taxes on Conversions.


 


The issue of stock certificates on conversions
of Convertible Securities shall be made without charge to the converting Holder of Convertible Securities for any tax in respect
of the issue thereof. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer
involved in the issue and delivery of shares in any name other than that of the Holder of any Registered Convertible Security converted,
and the Company shall not be required to issue or deliver any such stock certificate unless and until the Person or Persons requesting
the issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company
that such tax has been paid.


 


Section 1508. Company to Reserve Common Stock.


 


The Company shall at all times reserve and keep
available out of the aggregate of its authorized but unissued shares or its issued shares held in its treasury, or both, for the
purpose of effecting the conversion of the Securities, such number of its duly authorized shares of Common Stock as shall from
time to time be sufficient to effect the conversion of all outstanding Securities.


 


If any shares of Common Stock reserved or to
be reserved for the purpose of conversion of Securities hereunder require registration with or approval of any governmental authority
under any Federal or State law before such shares may be validly delivered upon conversion, then the Company covenants that it
will in good faith and as expeditiously as possible endeavor to secure registration or approval, as the case may be.


 


The Company covenants that all shares of Common
Stock which may be delivered upon conversion of Convertible Securities shall upon delivery be fully paid and nonassessable by the
Company and free from all taxes, liens and charges with respect to the issue or delivery thereof.


 


Section 1509. Disclaimer by Trustee of Responsibility for Certain
Matters.


 


Neither the Trustee nor any conversion agent
shall at any time be under any duty or responsibility to any Holder of Convertible Securities of any series to determine whether
any facts exist which may require any adjustment of the Conversion Price for such series, or with respect to the nature or extent
of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to
be employed, in making the same, subject, however, to the provisions of Sections 315(a) through 315(b) of the Trust Indenture Act.
Neither the Trustee nor any conversion agent shall be accountable with respect to the validity or value (or the kind or amount)
of any shares of Common Stock, or of any securities or property which may at any time be issued or delivered upon the conversion
of any Convertible Security; and neither of them makes any representation with respect thereto. Neither the Trustee nor any conversion
agent shall be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver any shares
of Common Stock or stock certificates or other securities or property upon the surrender of any Security for the purpose of conversion
or, subject to Sections 315(a) through 315(b) of the Trust Indenture Act, to comply with any of the covenants of the Company contained
in this Article Sixteen.


 






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No recourse may be taken with respect to the
obligations of the Issuer or the Trustee against the Trustee in its individual capacity.


 


Section 1510. Company to Give Notice of Certain Events.


 


In the event:


 


(1)      that the Company shall pay any dividend
or make any distribution to the holders of shares of Common Stock otherwise than in cash charged against consolidated net earnings
or retained earnings of the Company and its consolidated net earnings or retained earnings of the Company and its consolidated
subsidiaries or in Common Stock; or


 


(2)      that the Company shall offer for subscription
or purchase, pro rata, to the holders of shares of Common Stock any additional shares of stock of any class or any securities convertible
into or exchangeable for stock of any class; or


 


(3)      of any reclassification or change in
outstanding shares of the class of Common Stock issuable upon the conversion of the Securities (other than a change in par value,
or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), or of any
merger or consolidation of the Company with, or merger of the Company into, another corporation (other than a merger or consolidation
in which the Company is the continuing corporation and which does not result in any reclassification or change of outstanding shares
of Common Stock issuable upon conversion of the Securities), or of any sale or conveyance to another corporation of the property
of the Company as an entirety or substantially as an entirety;


 


then, and in any one or more of such events, the Company will give
to the Trustee and each conversion agent written notice thereof at least fifteen days prior to (i) the record date fixed with respect
to any of the events specified in (1) and (2) above, and (ii) the effective date of any of the events specified in (3) above; and
shall mail promptly a copy of such notice to the Holders of Registered Convertible Securities at their last addresses as they shall
appear upon the Security Register. Failure to give such notice, or any defect therein, shall not affect the legality or validity
of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up.


 


* * * * *


 


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


 






    	 	58	 



     

    

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


 


 


	 	 	 	 	 
	 	CAROLINA FINANCIAL CORPORATION	 
	 	 	 
	 	By:	 	 
	 	 	 Name:  	 	 
	 	 	 Title:  	 	 
	 
	 	
        [      ], not in its individual
capacity but solely as Trustee 
	 
	 	 	 
	 	By:  	 	 
	 	 	 Name:  	 	 
	 	 	 Title:  	 	 
	 


 






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