Exhibit 4.4 


 


INNODATA INC. 


 


as Issuer


 


and


 


[______________],


 


as Trustee


 


INDENTURE


 


Dated as of ________, 20____


 




     


     


    

  


CROSS-REFERENCE TABLE


 


	Trust Indenture Act Section	 	Indenture Sections
	§ 310(a)(1)	 	6.09
	(a)(2)	 	6.09
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	6.09
	(b)	 	6.08
	 	 	6.10
	§ 311(a)	 	6.13(a)
	(b)	 	6.13(b)
	(c)	 	Not Applicable
	§ 312(a)	 	7.01
	 	 	7.02(a)
	(b)	 	7.02(b)
	(c)	 	7.02(c)
	§ 313(a)	 	7.03(a)
	(b)	 	7.03(a)
	(c)	 	7.03(a)
	(d)	 	7.03(c)
	§ 314(a)	 	7.04, 10.04
	(b)	 	Not Applicable
	(c)(1)	 	1.02
	(c)(2)	 	1.02
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	1.02
	§ 315(a)	 	6.01(a)
	(b)	 	6.02
	(c)	 	6.01(b)
	(d)	 	6.01(c)
	(d)(l)	 	6.01(c)(1)
	(d)(2)	 	6.01(c)(2)
	(d)(3)	 	6.01(c)(3)
	(e)	 	5.14
	§ 316	 	 
	(a)(1)(A)	 	5.02
	 	 	5.12
	(a)(1)(B)	 	5.13
	(a)(2)	 	Not Applicable
	(b)	 	5.08
	(c)	 	1.04(g)
	§ 317(a)(l)	 	5.03
	(a)(2)	 	5.04
	(b)	 	10.03
	§ 318(a)	 	1.07


 


Note: This Cross-Reference Table does not constitute part of
the indenture and shall not have any bearing on the interpretation of any of its terms or provisions.


 




     


     


    

  


TABLE OF CONTENTS 


 


	 	 	 	   Page  
	 	 
	ARTICLE ONE: DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 
	Section 1.01.	 	Definitions	1
	Section 1.02.	 	Compliance Certificates and Opinions	7
	Section 1.03.	 	Form of Documents Delivered to Trustee	7
	Section 1.04.	 	Acts of Holders	8
	Section 1.05.	 	Notices, Etc. to Trustee and Company	9
	Section 1.06.	 	Notice to Holders; Waiver	9
	Section 1.07.	 	Conflict With Trust Indenture Act	10
	Section 1.08.	 	Effect of Headings and Table of Contents	10
	Section 1.09.	 	Successors and Assigns	10
	Section 1.10.	 	Separability Clause	10
	Section 1.11.	 	Benefits of Indenture	10
	Section 1.12.	 	Governing Law	11
	Section 1.13.	 	Legal Holidays	11
	Section 1.14.	 	Rules by Trustee and Agents	11
	Section 1.15.	 	No Recourse Against Others	11
	 	 
	ARTICLE TWO: SECURITY FORMS	 
	Section 2.01.	 	Forms Generally	11
	Section 2.02.	 	Form of Trustee’s Certificate of Authentication	12
	 	 
	ARTICLE THREE: THE SECURITIES	 
	Section 3.01.	 	Amount Unlimited; Issuable in Series	12
	Section 3.02.	 	Denominations	15
	Section 3.03.	 	Execution, Authentication, Delivery, Form and Dating	15
	Section 3.04.	 	Temporary Securities	17
	Section 3.05.	 	Registration, Registration of Transfer and Exchange	17
	Section 3.06.	 	Mutilated, Destroyed, Lost and Stolen Securities	18
	Section 3.07.	 	Payment of Interest; Interest Rights Preserved	19
	Section 3.08.	 	Persons Deemed Owners	20
	Section 3.09.	 	Cancellation	21
	Section 3.10.	 	Computation of Interest	21
	Section 3.11.	 	Global Securities; Exchanges; Registration and Registration of Transfer	21
	Section 3.12.	 	Extension of Interest Payment	22
	 	 
	ARTICLE FOUR: SATISFACTION AND DISCHARGE; DEFEASANCE	 
	Section 4.01.	 	Satisfaction and Discharge of Indenture	22
	Section 4.02.	 	Defeasance and Discharge of Indenture	23
	Section 4.03.	 	Defeasance of Certain Obligations	24
	Section 4.04.	 	Conditions to Defeasance	24
	Section 4.05.	 	Application of Trust Money	25
	Section 4.06.	 	Reinstatement	26
	 	 
	ARTICLE FIVE: REMEDIES	 
	Section 5.01.	 	Events of Default	26
	Section 5.02.	 	Acceleration of Maturity; Rescission and Annulment	27
	Section 5.03.	 	Collection of Indebtedness and Suits for Enforcement by Trustee	28


 




     


     


    

 


 


	Section 5.04.	 	Trustee May File Proofs of Claim	28
	Section 5.05.	 	Trustee May Enforce Claims Without Possession of Securities or Coupons	28
	Section 5.06.	 	Application of Money Collected	29
	Section 5.07.	 	Limitation on Suits	29
	Section 5.08.	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	29
	Section 5.09.	 	Restoration of Rights and Remedies	30
	Section 5.10.	 	Rights and Remedies Cumulative	30
	Section 5.11.	 	Delay or Omission Not Waiver	30
	Section 5.12.	 	Control by Holders	30
	Section 5.13.	 	Waiver of Past Defaults	30
	Section 5.14.	 	Undertaking for Costs	31
	Section 5.15.	 	Waiver of Stay or Extension Laws	31
	 	 
	ARTICLE SIX: THE TRUSTEE	 
	Section 6.01.	 	Certain Duties and Responsibilities	31
	Section 6.02.	 	Notice of Defaults	32
	Section 6.03.	 	Certain Rights of Trustee	32
	Section 6.04.	 	Not Responsible for Recitals or Issuance of Securities	33
	Section 6.05.	 	May Hold Securities	33
	Section 6.06.	 	Money Held in Trust	33
	Section 6.07.	 	Compensation and Reimbursement	34
	Section 6.08.	 	Disqualification; Conflicting Interests	34
	Section 6.09.	 	Corporate Trustee Required; Eligibility	34
	Section 6.10.	 	Resignation and Removal; Appointment of Successor	34
	Section 6.11.	 	Acceptance of Appointment by Successor	36
	Section 6.12.	 	Merger, Conversion, Consolidation or Succession to Business	36
	Section 6.13.	 	Preferential Collection of Claims Against Company	37
	Section 6.14.	 	Appointment of Authenticating Agent	37
	 	 
	ARTICLE SEVEN: HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	 
	Section 7.01.	 	Company to Furnish Trustee Names and Addresses of Holders	39
	Section 7.02.	 	Preservation of Information; Communications to Holders	39
	Section 7.03.	 	Reports by Trustee	40
	Section 7.04.	 	Reports by Company	40
	 	 
	ARTICLE EIGHT: CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER	 
	Section 8.01.	 	Company May Consolidate, Etc. Only on Certain Terms	41
	Section 8.02.	 	Successor Substituted for the Company	41
	 	 
	ARTICLE NINE: SUPPLEMENTAL INDENTURES	 
	Section 9.01.	 	Supplemental Indentures Without Consent of Holders	41
	Section 9.02.	 	Supplemental Indentures With Consent of Holders	43
	Section 9.03.	 	Execution of Supplemental Indentures	44
	Section 9.04.	 	Effect of Supplemental Indentures	44
	Section 9.05.	 	Conformity With Trust Indenture Act	44
	Section 9.06.	 	Reference in Securities to Supplemental Indentures	44
	Section 9.07.	 	Revocation and Effect of Consents	45
	Section 9.08.	 	Modification Without Supplemental Indenture	45
	 	 
	ARTICLE TEN: COVENANTS	 
	Section 10.01.	 	Payment of Principal, Premium and Interest	45
	Section 10.02.	 	Maintenance of Office or Agency	46
	Section 10.03.	 	Money for Securities Payments to Be Held in Trust	47


 




     


     


    

 


 


	Section 10.04.	 	Statement as to Compliance	48
	Section 10.05.	 	Corporate Existence	48
	Section 10.06.	 	Waiver of Certain Covenants	48
	 	 
	ARTICLE ELEVEN: REDEMPTION OF SECURITIES	 
	Section 11.01.	 	Applicability of Article	48
	Section 11.02.	 	Election to Redeem; Notice to Trustee	48
	Section 11.03.	 	Selection by Trustee of Securities to Be Redeemed	49
	Section 11.04.	 	Notice of Redemption	49
	Section 11.05.	 	Securities Payable on Redemption Date	50
	Section 11.06.	 	Securities Redeemed in Part	50


 


	ARTICLE TWELVE: REPAYMENT OF SECURITIES AT OPTION OF HOLDERS	 
	Section 12.01.	 	Applicability of Article	51
	Section 12.02.	 	Notice of Repayment Date	51
	Section 12.03.	 	Securities Payable on Repayment Date	52
	Section 12.04.	 	Securities Repaid in Part	52


  




     


     


    

 


INDENTURE, dated
as of [            ], 201[    ], between INNODATA
INC., a corporation duly organized and existing under the laws of Delaware (herein called the “Company”), having its
principal office at 3 University Plaza, Suite 506, Hackensack, NJ 07601 and [ ], as trustee (herein called the “Trustee”).


 


RECITALS OF THE COMPANY 


 


The Company has duly
authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured debt securities,
notes or other evidences of indebtedness (each herein called a “Security” or, collectively, the “Securities”),
in an unlimited aggregate principal amount to be issued in one or more series as in this Indenture provided.


 


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


 


NOW, THEREFORE, THIS
INDENTURE WITNESSETH:


 


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


 


ARTICLE ONE 


 


DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 


 


Section 1.01.
Definitions. For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise
requires;


 


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


 


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


 


(3) all accounting
terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles,
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
in the United States at the date of such computation or, at the election of the Company from time to time, at the date of the execution
and delivery of this Indenture;


 


(4) the word “or”
is not exclusive; and


 


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


 


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


 


“Act”,
when used with respect to any Holder, has the meaning specified in Section 1.04.


 


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


 




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“Authenticating
Agent” means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Securities.


 


“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 Saturdays, Sundays or holidays, and of general circulation in the place
in connection with which the term is used or in the financial community of each such place. Whenever 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. If it shall be impossible or impractical
to make any publication of any notice required by this Indenture in the manner herein provided, any publication or other notice
in lieu thereof that is made or given by the Trustee shall constitute a sufficient publication of such notice.


 


“Authorized
Officer” means any person (whether designated by name or the persons for the time being holding a designated office)
appointed by or pursuant to a Board Resolution for the purpose, or a particular purpose, of this Indenture, provided that
written notice of such appointment shall have been given to the Trustee.


 


“Board
of Directors” means either the board of directors of the Company or any duly authorized committee of that board.


 


“Board
Resolution” when used with reference to the Company 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 and to be in full force and effect on the
date of such certification, and delivered to the Trustee.


 


“Business
Day”, when used with respect to any Place of Payment or any other particular location specified in the Securities
or this Indenture, means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in
that Place of Payment, such other location or the city in which the Corporate Trust Office of the Trustee is located, are authorized
or obligated by law or executive order to close, except as may be otherwise specified as contemplated by Section 3.01(b).


 


“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.


 


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


 


“Company
Request” or “Company Order” means a written request or order signed in the name of the
Company by an Authorized Officer and delivered to the Trustee.


 


“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall
be principally administered and which at the date hereof is located at [            ].


 


“Corporation”
means a corporation, association, joint stock company, limited liability company or business trust.


 




    	 	2	 



     


    

 


“Defaulted
Interest” has the meaning specified in Section 3.07.


 


“Depositary”
means, with respect to the Securities of any series issuable or issued in the form of a Global Security, the Person designated
as Depositary by the Company in Section 3.01(b) until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary
hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities
of any such series shall mean the Depositary with respect to the Securities of that series.


 


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


 


“Eligible
Obligations” means:


 


(a) with respect to
Securities denominated in Dollars, U.S. Government Obligations; or


 


(b) with respect to
Securities denominated in a currency other than Dollars or in a composite currency, such other obligations or instruments as shall
be specified with respect to such Securities, as contemplated by Section 3.01(b).


 


“Event
of Default” has the meaning specified in Section 5.01.


 


“Global
Security” means a Security, if any, issued to evidence all or a part of a series of Securities in accordance with
Section 3.01.


 


“Hedging
Obligations” means, with respect to any Person, the obligations of such Person under (i) interest rate swap
agreements, interest rate cap agreements and interest rate collar agreements and (ii) other agreements or arrangements designed
to protect such Person against fluctuations in interest rates.


 


“Holder”
means, with respect to a Registered Security, a Person in whose name such Registered Security is registered in the Security Register
and, with respect to an Unregistered Security or coupon appertaining thereto, the bearer thereof.


 


“Indenture”
means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the form and terms of particular
series of Securities established as contemplated by Section 3.01; 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, exclusive,
however, of any provisions or terms which relate solely to other series of Securities for which such Person is not Trustee, regardless
of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures
supplemental hereto executed and delivered after such Person had become such Trustee but to which such Person, as such Trustee,
was not a party.


 


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


 


“interest”,
when used with respect to an Original Issue Discount Security that by its terms bears interest only after Maturity, means interest
payable after Maturity.


 




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


 


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


 


“Officers’
Certificate” means a certificate signed by two Authorized Officers and delivered to the Trustee.


 


“Opinion
of Counsel” means a written opinion of counsel, who may be an employee of, or counsel for, the Company or an Affiliate
of the Company, and who shall be reasonably acceptable to the Trustee.


 


“Original
Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof to
be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02.


 


“Outstanding”,
when used with respect to Securities of any series, 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 delivered to the Trustee for cancellation;


 


(b) Securities or
portions thereof for whose payment or redemption money or Eligible Obligations (or any combination of money and Eligible Obligations)
in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company or any other
obligor on such Security) in trust or set aside and segregated in trust by the Company or any other obligor on such Security (if
the Company or any other obligor on such Security acts as its own Paying Agent) for the Holders of such Securities; provided,
however, that if such Securities, or portions thereof, are to be redeemed prior to the Stated Maturity thereof, notice of such
redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;


 


(c) Securities, except
to the extent provided in Sections 4.02 and 4.03, as to which the Company has effected defeasance and/or covenant defeasance, as
provided in Article Four;


 


(d) Securities that
have been paid pursuant to Section 3.06 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 have been presented to the Trustee
proof satisfactory to it and the Company that such Securities are held by a bona fide purchaser in whose hands such Securities
are valid obligations of the Company; provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice,
consent, waiver or other action hereunder,


 


(i) Securities owned
by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor (unless the Company,
such Affiliate or such obligor owns (x) all Securities Outstanding under this Indenture or (y) except for the purposes
of actions to be taken by Holders of more than one series or Tranche voting as a class, all Outstanding Securities of each such
series and each such Tranche, as the case may be, determined without regard to this clause) shall be disregarded and deemed not
to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities that the Trustee knows to be so owned shall be so disregarded.
Securities so owned that 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 of such other obligor;


 




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(ii) in determining
whether the Holders of the requisite principal amount of Securities of any series or Tranche have concurred in any direction, waiver
or consent, the principal amount of Original Issue Discount Securities that shall be deemed to be outstanding shall be the amount
of the principal thereof that would be due and payable as of the date of such determination upon acceleration of the maturity thereof
pursuant to Section 5.02;


 


(iii) in the case
of any Security the principal of which is payable from time to time without presentment or surrender, the principal amount of such
Security that shall be deemed to be Outstanding at any time for all purposes of this Indenture shall be the original principal
amount thereof less the aggregate amount of principal thereof theretofore paid; and


 


(iv) in the case
of Securities having been denominated in a currency other than Dollars and remaining outstanding contemporaneously with Securities
denominated in Dollars, the principal amount of any Security that is denominated in a currency other than Dollars or in a composite
currency that shall be deemed to be Outstanding for such purposes shall be determined as contemplated by Section 3.01(b).


 


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


 


“Periodic
Offering” means an offering of Securities of a series from time to time any or all of the specific terms of which
Securities, including without limitation the rate or rates of interest, if any, thereon, the Stated Maturity or Maturities thereof
and the redemption provisions, if any, with respect thereto, are to be determined by the Company or its agents from time to time
subsequent to the initial request for the authentication and delivery of such Securities by the Trustee, all as contemplated in
Sections 3.01 and 3.03.


 


“Person”
means any individual, corporation, partnership, joint venture, trust, unincorporated organization or government or any agency or
political subdivision thereof or any syndicate or group that would be deemed to be a “person” under Section 13(d)(3)
of the Securities Exchange Act of 1934, as amended, or any other entity.


 


“Place
of Payment”, when used with respect to the Securities of any series, or any Tranche thereof, means the place or places
where the principal of (and premium, if any) and interest, if any, on the Securities of that series or Tranche are payable as specified
as contemplated by Section 3.01(b).


 


“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 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence
the same debt as the mutilated, destroyed, lost or stolen Security.


 


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


 


“Redemption
Price”, when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant
to this Indenture.


 


“Registered
Security” means any Security issued hereunder and registered by the Security Registrar or any recorded interest in
a Global Security issued hereunder.


 




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“Regular
Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date
specified for that purpose as contemplated by Section 3.01(b).


 


“Repayment
Date”, when used with respect to any Security of any series to be repaid or repurchased, means the date, if any,
fixed for such repayment or for such repurchase (whether at the option of the Holders or otherwise) pursuant to this Indenture.


 


“Repayment
Price”, when used with respect to any Security of any series to be repaid, means the price, if any, at which it is
to be repaid pursuant to Section 3.01(b).


 


“Responsible
Officer”, when used with respect to the Trustee, means any officer within the corporate trust department or any other
successor group of the Trustee, including any vice president, assistant vice president, assistant secretary or any other officer
of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means,
with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred because of
his or her knowledge of and familiarity with the particular subject.


 


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


 


“Security
Register” and “Security Registrar” have the respective meanings specified in Section 3.05.


 


“Series”
or “Series of Securities” means a series of Securities issued under this Indenture as determined by Board
Resolution or as otherwise determined under this Indenture.


 


“Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07.


 


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


 


“Subsidiary”
of any Person means (a) any corporation, association or other business entity of which more than 50% of the outstanding total
voting power ordinarily entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers,
trustees or other voting members of the governing body thereof is at the time owned or controlled, directly or indirectly, by the
Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries or (b) any partnership
the sole general partner or the managing general partner of which is the Company or a Subsidiary of the Company or the only general
partners of which are the Company or of one or more Subsidiaries of the Company (or any combination thereof).


 


“Tranche”
means a group of Securities which (a) are of the same series and (b) have identical terms to other Tranches of such series
except as to principal amount, date of issuance or first interest payment date, each of which may vary among Tranches of any one
series.


 


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


 




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“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 9.05.


 


“U.S.
Government Obligations” means (x) any security that is (i) a direct obligation of the United States of
America for the payment of which the full faith and credit of the United States of America are pledged or (ii) an obligation
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment
of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, and (y) any
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933) as custodian with respect
to any U.S. Government Obligation that is specified in clause (x) above and held by such bank for the account of the holder
of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation
which is so specified and held, 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 depositary receipt from any amount received by the custodian in respect of the U.S.
Government Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depositary
receipt.


 


“Unregistered
Security” means any Security issued hereunder that is not a Registered Security.


 


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


 


Section 1.02.
Compliance Certificates and Opinions. (a) Except as otherwise expressly provided in this Indenture, upon any application
or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall, if requested
by the Trustee, 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 is specifically required by any provision of this Indenture relating to
such particular application or request, no additional certificate or opinion need be furnished.


 


(b) Every certificate
or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates provided
for in Section 10.04) shall include:


 


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


 


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


 


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


 


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


 




    	 	7	 



     


    

 


Section 1.03.
Form of Documents Delivered to Trustee. (a) 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.


 


(b) Any certificate,
statement or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or an
Opinion of Counsel, or representations by counsel. Any such certificate, statement or Opinion of Counsel may be based, insofar
as it relates to factual matters, upon a certificate, statement 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. Any certificate,
statement or opinion of an officer of the Company or of counsel may be based, insofar as it relates to accounting matters, upon
a certificate, statement or opinion of, or representations by, an accountant or firm of accountants in the employ of the Company.
Any certificate, statement or opinion of, or representations by, any independent firm of public accountants filed with the Trustee
shall contain a statement that such firm is independent.


 


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


 


Section 1.04.
Acts of Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided
or permitted by this Indenture to be made, given or taken by Holders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein
otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee
and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of Unregistered
Securities, shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the
Trustee and the Company, if made in the manner provided in this Section.


 


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


 


(c) The amount of
Unregistered Securities held by any Person executing any such instrument or writings as the Holder thereof, and the numbers of
such Unregistered Securities, and the date of his holding the same, may be proved by the production of such Unregistered Securities
or by a certificate executed, as depositary, by any trust company, bank, banker or member of a national securities exchange (wherever
situated), if such certificate is in form satisfactory to the Trustee, showing that at the date therein mentioned such Person had
on deposit with such depositary, or exhibited to it, the Unregistered Securities therein described; or such facts may be proved
by the certificate or affidavit of the Person executing such instrument or writing as the Holder thereof, if such certificate or
affidavit is in form satisfactory to the Trustee. The Trustee and the Company may assume that such ownership of any Unregistered
Securities continues until (1) another certificate bearing a later date issued in respect of the same Unregistered Securities
is produced or (2) such Unregistered Securities are produced by some other Person or (3) such Unregistered Securities
are registered as to principal or are surrendered in exchange for Registered Securities, or (4) such Unregistered Securities
are no longer Outstanding.


 




    	 	8	 



     


    

 


(d) The fact and date
of execution of any such instrument or writing and the amount and number of Unregistered Securities held by the Person so executing
such instrument or writing may also be proved in any other manner that the Trustee deems sufficient; and the Trustee may in any
instance require further proof with respect to any of the matters referred to in this Section.


 


(e) The principal
amount (except as otherwise contemplated in clause (ii) of the proviso to the definition of “Outstanding”) and
serial numbers of Securities held by any Person, and the date of holding the same, shall be proved by the Security Register.


 


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


 


(g) The Company may
set a record date for purposes of determining the identity of Holders of any Outstanding Securities of any series entitled to vote
or consent to any action by vote or consent authorized or permitted by Section 5.12 or 5.13. Such record date shall be not
less than 10 nor more than 60 days prior to the first solicitation of such consent or the date of the most recent list of Holders
of such Securities furnished to the Trustee pursuant to Section 7.01 prior to such solicitation.


 


(h) If the Company
solicits from Holders any request, demand, authorization, direction, notice, consent, election, waiver or other Act, the Company
may, at its option, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization,
direction, notice, consent, election, 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, election, waiver or other Act may be given before
or after such record date, but only the Holders of record at the close of business on the record date shall be deemed to be Holders
for the purposes of determining whether Holders of the requisite proportion of the Outstanding Securities have authorized or agreed
or consented to such request, demand, authorization, direction, notice, consent, election, waiver or other Act, and for that purpose
the Outstanding Securities shall be computed as of the record date.


 


Section 1.05.
Notices, etc. to Trustee and Company. Except as otherwise provided herein, any request, demand, authorization, direction,
notice, consent, election, 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,


 


(a) 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, Attention: [            ],
or


 


(b) 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 or overnight delivery service, to the Company addressed to it at the address of
its principal office specified in the first paragraph of this Indenture, to the attention of the General Counsel, or at any other
address furnished in writing to the Trustee by the Company prior to such mailing.


 




    	 	9	 



     


    

 


Section 1.06.
Notice to Holders; Waiver. (a) Except as otherwise expressly provided herein or otherwise specified with respect to
any series of Securities pursuant to Section 3.01, where this Indenture provides for notice of any event or reports to Holders,
such notice or report shall be sufficiently given if in writing and mailed, first-class postage prepaid, to each Holder of Registered
Securities affected by such event, at the address of such Holder as it appears in the Security Register and to addresses filed
with the Trustee or preserved on the Trustee’s list pursuant to Section 7.02(a) for other Holders (and to such other
addressees as may be required in the case of such notice or report under Section 313(c) of the Trust Indenture Act), not later
than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice or report.


 


(b) In any case where
notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders.


 


(c) Notice shall be
sufficiently given to Holders of Unregistered Securities if published in an Authorized Newspaper in each of The City of New York
and, if such Securities are listed on any securities exchange outside of the United States, in the city in which such securities
exchange is located, or in such other city or cities as may be specified in the Securities, at least twice, the first publication
to be not earlier than the earliest date, if any, and not later than the last date, if any, prescribed for the giving of such notice.
Any such notice shall be deemed to have been given on the date of such publication, or if published more than once, on the date
of the first such publication.


 


(d) 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.


 


(e) In case by reason
of the suspension of regular mail service or by reason of any other cause it is impracticable to give such notice by mail, then
such notification as shall be made at the direction of the Company and with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder.


 


(f) If it is impractical
in the opinion of the Trustee or the Company to make any publication of any notice required hereby in an Authorized Newspaper,
any publication or other notice in lieu thereof that is made or given with the approval of the Trustee shall constitute a sufficient
publication of such notice.


 


Section 1.07.
Conflict With Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust
Indenture Act that is required under the Trust Indenture Act to be a part of and govern this Indenture, the latter provision shall
control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified
or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may
be.


 


Section 1.08.
Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience
only and shall not affect the construction hereof.


 


Section 1.09.
Successors and Assigns. All covenants and agreements in this Indenture by the Company shall bind its successors and assigns,
whether so expressed or not.


 


Section 1.10.
Separability Clause. In case any provision in this Indenture or in the Securities is invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.


 


Section 1.11.
Benefits of Indenture. Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other
than the parties hereto (including any Paying Agent appointed pursuant to Section 10.02 and Authenticating Agent appointed
pursuant to Section 6.14 to the extent provided herein) and their successors hereunder and the Holders, any benefit or any
legal or equitable right, remedy or claim under this Indenture.


 




    	 	10	 



     


    

 


Section 1.12.
Governing Law. This Indenture and the Securities shall be governed by and construed in accordance with the laws of the State
of Delaware in the United States.


 


Section 1.13.
Legal Holidays. In any case where any Interest Payment Date, Redemption Date, Repayment Date or Stated Maturity of any Security
is not a Business Day at any Place of Payment or the city in which the Corporate Trust Office of the Trustee is located, then (notwithstanding
any other provision of this Indenture or of the Securities, other than a provision in Securities of any series, or in the Board
Resolution, any indenture supplemental hereto or Officers’ Certificate that establishes the terms of such Securities, that
specifically states that such provision shall apply in lieu of this Section) payment of interest or principal (and premium, if
any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place
of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, Repayment Date, or at the
Stated Maturity, and such extension of time shall in such case be (1) excluded in the computation of interest, if any, accruing
on such Security at a fixed rate and (2) included in the computation of interest, if any, accruing on such Security at a floating
rate; provided, however, that if such extension would cause payment of interest at a floating rate to be made in
the next following calendar month, such payment shall be made on the next preceding Business Day.


 


Section 1.14.
Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders of one or more
series. The Paying Agent or Security Registrar may make reasonable rules and set reasonable requirements for its functions.


 


Section 1.15.
No Recourse Against Others. No past, present or future incorporator, director, officer, stockholder or employee, as such,
of the Company or any of its Affiliates or any successor corporation shall have any liability for any obligation, covenant or agreement
of the Company under this Indenture or any indenture supplemental hereto, or in the Securities or any coupon appertaining thereto,
or for any claim based on, in respect of or by reason of such obligations, covenants or agreements or their creation. Each Holder
by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the execution
and delivery of this Indenture and the issue of the Securities.


 


ARTICLE TWO 


 


SECURITY FORMS 


 


Section 2.01.
Forms Generally. (a) The Securities of each series and related coupons, if any, shall be in substantially such form
as shall be established by or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in
one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may be required to comply with law or with any rules or regulations pursuant thereto, or with
any rules of any securities exchange or to conform with general usage, all as may, consistently herewith, be determined by the
officers executing such Securities, as evidenced by their execution of the Securities. When the form of Securities of any series
is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be delivered
to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery
of such Securities.


 




    	 	11	 



     


    

 


(b) The definitive
Securities shall be produced in such manner or combination of manners, all as determined by the officers executing such Securities,
as evidenced by their execution of such Securities.


 


Section 2.02.
Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of authentication shall be in substantially
the following form:


 


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


 


	 	[            ]
	 	as Trustee
	 	 	 
	 	By    	 
	 	 	Authorized Officer


 


ARTICLE THREE 


 


THE SECURITIES


 


Section 3.01.
Amount Unlimited; Issuable in Series. (a) The aggregate principal amount of Securities that may be authenticated
and delivered under this Indenture is unlimited.


 


(b) The Securities
may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth in an Officers’
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, any
or all of the following, as applicable:


 


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


 


(2) the aggregate
principal amount of the Securities and any limit upon the aggregate principal amount of the Securities of the series that may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.04, 3.05, 3.06, 9.06, 11.06 or
12.04 and except for any Securities that, pursuant to Section 3.03, are deemed never to have been authenticated and delivered
hereunder);


 


(3) the date or dates
on which the principal and premium, if any, of the Securities of such series, or any Tranche thereof, is payable or any formula
or other method or other means by which such date or dates shall be determined, by reference to an index or other fact or event
ascertainable outside of this Indenture or otherwise (without regard to any provisions for redemption, prepayment, acceleration,
purchase or extension);


 


(4) the rate or rates
at which the Securities of such series, or any Tranche thereof, shall bear interest, if any (including the rate or rates at which
overdue principal shall bear interest, if different from the rate or rates at which such Securities shall bear interest prior to
Maturity, and, if applicable, the rate or rates at which overdue premium or interest shall bear interest, if any), or any formula
or other method or other means by which such rate or rates shall be determined, by reference to an index or other fact or event
ascertainable outside of this Indenture or otherwise; the date or dates from which such interest shall accrue; the Interest Payment
Dates on which such interest shall be payable and the Regular Record Date, if any, for the interest payable on such Securities
on any Interest Payment Date; the right of the Company, if any, to extend the interest payment periods and the duration of any
such extension as contemplated by Section 3.12; and the basis of computation of interest, if other than as provided in Section 3.10;


 




    	 	12	 



     


    

 


(5) the place or
places where the principal of and premium, if any, and interest, if any, on Securities of the series, or any Tranche thereof, shall
be payable, any Registered Securities of the series, or any Tranche thereof, may be surrendered for registration of transfer, Securities
of the series, or any Tranche thereof, may be surrendered for exchange, and where notices and demands to or upon the Company in
respect of the Securities of the series, or any Tranche thereof, and this Indenture may be served and notices to Holders pursuant
to Section 1.06 will be published; the Security Registrar and any Paying Agent or Agents for such series or Tranche; and if
such is the case, that the principal of such Securities shall be payable without presentment or surrender thereof;


 


(6) if applicable,
the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series,
or any Tranche thereof, may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution,
the manner in which any election by the Company to redeem the Securities shall be evidenced;


 


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


 


(8) the terms, if
any, on which the Securities of such series will be subordinate in right and priority of payment to other debt of the Company;


 


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


 


(10) if other than
the principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to Section 5.02 or how this portion will be determined;


 


(11) whether Securities
of the series are to be issuable in whole or in part as Registered Securities, Unregistered Securities, or both, whether Securities
of the series are to be issuable with or without coupons, whether any Securities of the series are to be issuable in whole or in
part in the form of a Global Security or Securities and, such case, the Depositary for such Global Security or Securities;


 


(12) if other than
the currency of the United States of America, the currency or currencies, including composite currencies, in which the principal
of or any premium or interest on the Securities of the series shall be payable and the manner of determining the equivalent of
any such amount in Dollars is to be determined for any purpose, including for the purpose of determining the principal amount of
such Securities deemed to be Outstanding at any time;


 


(13) if the principal
of or any premium or interest on the Securities of such series is to be payable, or is to be payable at the election of the Company
or a Holder thereof, in securities or other property, the type and amount of such securities or other property, or the manner of
determining such amount shall be determined, and the period or periods within which, and the terms and conditions upon which, any
such election may be made;


 




    	 	13	 



     


    

 


(14) the Person to
whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose name that Security
is registered at the close of business on the Regular Record Date for such interest, and the manner in which, or the Person to
whom, any interest on any Unregistered Security of the series shall be payable, if otherwise than upon presentation and surrender
of the coupons appertaining thereto as they severally mature, and the extent to which, or the manner in which, any interest payable
on a temporary or permanent Global Security on an interest payment date will be paid;


 


(15) provisions,
if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events as may be specified;


 


(16) any addition
to or change in the Events of Default, with respect to the Securities of such series, and any addition to or change in the covenants
of the Company for the benefit of the Holders of the Securities of such series in addition to those set forth in Article Ten;


 


(17) the terms and
conditions, if any, pursuant to which the Securities of such series may be converted into or exchanged for securities or other
property of the Company or any other Person;


 


(18) the terms and
conditions, if any, pursuant to which the Company’s obligations under this Indenture may be terminated through the deposit
of money or Eligible Instruments as provided in Article Four;


 


(19) any exceptions
to Section 1.13, or variation in the definition of Business Day, with respect to the Securities of such series;


 


(20) any collateral
security, assurance or guaranty for the Securities of such series;


 


(21) the non-applicability
of Section 6.08 to the Securities of such series or any exceptions or modifications of Section 6.08 with respect to the
Securities of such series;


 


(22) any rights or
duties of another Person to assume the obligations of the Company with respect to the Securities of such series (whether as joint
obligor, primary obligor, secondary obligor or substitute obligor) and any rights or duties to discharge and release any obligor
with respect to the Securities of such series or this Indenture to the extent related to such series; and


 


(23) any other terms,
conditions and rights of the series (which terms, conditions and rights shall not be inconsistent with the provisions of this Indenture,
except as permitted by Section 9.01(a)(5)).


 


(c) All Securities
of any one series (other than Securities offered in a Periodic Offering) and the coupons appertaining to any Unregistered Securities
of such series shall be substantially identical except in the case of Registered Securities as to denomination and except as may
otherwise be provided in or pursuant to such Board Resolution and set forth in such Officers’ Certificate or in any such
indenture supplemental hereto and as reasonably acceptable to the Trustee. Securities of different series may differ in any respect.
Not all Securities of any one series need be issued at the same time and unless otherwise provided, a series may be reopened without
the consent of the Holders for issuances of additional Securities of such series.


 


(d) If the terms and
form or forms of any series of Securities are established by or pursuant to a Board Resolution, the Company shall deliver a copy
of such Board Resolution to the Trustee at or prior to the issuance of such series with (1) the form or forms of Security
that have been approved attached thereto, or (2) if such Board Resolution authorizes a specific officer or officers to approve
the terms and form or forms of the Securities, a certificate of such officer or officers approving the terms and form or forms
of Security with such form or forms of Securities attached thereto. Such Board Resolution or certificate may provide general terms
or parameters for Securities of any series and may provide that the specific terms of particular Securities of a series may be
determined in accordance with or pursuant to the Company Order referred to in Section 3.03.


 




    	 	14	 



     


    

 


(e) With respect to
Securities of a series subject to a Periodic Offering, the indenture supplemental hereto or the Board Resolution that establishes
such series, or the Officers’ Certificate pursuant to such supplemental indenture or Board Resolution, as the case may be,
may provide general terms or parameters for Securities of such series and provide either that the specific terms of Securities
of such series shall be specified in a Company Order or that such terms shall be determined by the Company or its agents in accordance
with procedures specified in a Company Order as contemplated by Section 3.03(c).


 


(f) Unless otherwise
specified with respect to a series of Securities pursuant to paragraph (2) of Section 3.01(b), such series of Securities
may be issued in one or more Tranches with various principal amounts without the consent of any Holders and additional Tranches
of such series may be authenticated and delivered pursuant to Section 3.03.


 


Section 3.02.
Denominations. The Securities of each series shall be issuable in registered or unregistered form with or without coupons
in such denominations as shall be specified as contemplated by Section 3.01(b). In the absence of any such provisions with
respect to the Securities of any series, the Registered Securities of such series shall be issuable in denominations of $1,000
and any integral multiple thereof and the Unregistered Securities of such series shall be issuable in denominations of $5,000 and
any integral multiple thereof.


 


Section 3.03.
Execution, Authentication, Delivery, Form and Dating. (a) The Securities shall be signed on behalf of the Company by
its chairman of its Board of Directors, its Chief Executive Officer, its Chief Financial Officer, its President, any Vice President,
or its Treasurer. The signature of any of these officers on the Securities may be manual or facsimile. The Securities shall be
substantially in the form of Exhibit A annexed hereto, which is part of this Indenture, with such appropriate insertions, omissions
and other variations as are required or permitted by this Indenture, and may have such legends or endorsements placed thereon,
as any of these officers may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent
with the provisions of this Indenture. Typographical and other minor errors or defects in any such reproduction of the seal or
any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered
by the Trustee. The coupons, if any, of Unregistered Securities shall bear the manual or facsimile signature of any one of the
officers referred to in the first sentence of this Section 3.03(a).


 


(b) Securities 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.


 


(c) At any time and
from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series (or any
Tranche thereof) executed by the Company to the Trustee for authentication, together with a Company Order for the authentication
and delivery of such Securities (or such Tranche), and the Trustee in accordance with the Company Order shall authenticate and
deliver such Securities (or such Tranche); provided, however, that with respect to Securities of a series subject to a Periodic
Offering, (i) such Company Order may be delivered by the Company to the Trustee prior to the delivery to the Trustee of such
Securities for authentication and delivery, (ii) the Trustee shall authenticate and deliver Securities of such series for
original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal amount established for
such series, all pursuant to a Company Order or pursuant to such procedures acceptable to the Trustee as may be specified from
time to time by a Company Order, (iii) the maturity date or dates, original issue date or dates, interest rate or rates and
any other terms of Securities of such series shall be determined by Company Order or pursuant to such procedures and (iv) if
provided for in such procedures, such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions
from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing.


 




    	 	15	 



     


    

 


(d) In authenticating
such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee
shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel
stating:


 


(i) that such form
of Securities has been established in conformity with the provisions of this Indenture;


 


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


 


(iii) that such Securities,
when 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 valid and legally binding obligations of the Company, enforceable in accordance with
their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors’ rights generally and to general principles of equity.


 


(e) Notwithstanding
the provisions of Section 3.01 and of the preceding paragraphs of Sections 3.03(c) and 3.03(d) in connection with a Periodic
Offering, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver an Officers’
Certificate or execute a supplemental indenture otherwise required pursuant to Section 3.01(b) or the Company Order and Opinion
of Counsel otherwise required pursuant to such preceding paragraphs at or prior to the time of authentication of each Security
of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of
such series to be issued.


 


(f) If such form or
terms have been so established, the Trustee shall not be required to authenticate such Securities if the issuance 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 that is not reasonably acceptable to the Trustee.


 


(g) Each Registered
Security shall be dated the date of its authentication and each Unregistered Security shall be dated the date of its original issuance.


 


(h) No Security shall
be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security
a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual or facsimile signature
and no coupon shall be valid until the Security to which it appertains has been so authenticated, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture.


 


(i) Notwithstanding
the foregoing, until the Company has delivered an Officers’ Certificate to the Trustee and the Security Registrar stating
that, as a result of the action described, the Company would not suffer adverse consequences under the provisions of United States
law or regulations in effect at the time of the delivery of Unregistered Securities, the Trustee or the Security Registrar will
(i) deliver Unregistered Securities only outside the United States and its possessions and (ii) release Unregistered
Securities in definitive form to the person entitled to physical delivery thereof only upon presentation of a certificate in the
form prescribed by the Company.


 




    	 	16	 



     


    

 


Section 3.04.
Temporary Securities. (a) Until definitive Securities of any series (including Global Securities) are ready for delivery,
the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, one or more temporary Securities that
are produced in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities
may determine, as evidenced by their execution of such Securities. Temporary Unregistered Securities of a series may have coupons
attached or may be in the form of one or more temporary Global Securities that are Unregistered Securities of that series without
coupons. Every temporary Security shall be executed by the Company and authenticated by the Trustee (and Registered Securities
shall be registered by the Security Registrar) upon the same conditions, and with like effect, as a definitive Security.


 


(b) If temporary Securities
of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company
in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary
Securities of any series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal
amount of definitive Securities of the same series of authorized denominations. Until so exchanged the temporary Securities of
any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series.


 


(c) Every temporary
Unregistered Security shall be substantially in the form approved by or pursuant to a Board Resolution and shall be delivered to
one of the Paying Agents located outside the United States and its possessions or to such other person or persons as the Company
shall direct against such certification as the Company may from time to time prescribe by or pursuant to a Board Resolution.


 


Section 3.05.
Registration, Registration of Transfer and Exchange. (a) The Company shall cause to be kept at the Corporate Trust
Office of the Trustee a register (the register maintained in such office and in any other office or agency of the Company in a
Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities
and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose
of registering Securities and transfers of Securities as herein provided.


 


(b) Except in the
case of Securities issued in the form of a Global Security, upon surrender for registration of transfer of any Registered Security
of any series at the office or agency of the Company in a Place of Payment for that series, 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 and of a like aggregate principal amount.


 


(c) If both Registered
and Unregistered Securities are authorized for a series of Securities and the terms of such Securities permit, (i) Unregistered
Securities may be exchanged for an equal principal amount of Registered or Unregistered Securities of the same series and date
of maturity in any authorized denominations upon delivery to the Security Registrar (or a Paying Agent (as herein defined), if
the exchange is for Unregistered Securities) of the Unregistered Security with all unmatured coupons and all matured coupons in
default appertaining thereto and if all other requirements of the Security Registrar (or such Paying Agent) and such Securities
for such exchange are met, and (ii) Registered Securities, other than Securities issued in the form of a Global Security (except
as provided in Section 3.11), may be exchanged for an equal principal amount of Unregistered Securities of the same series
and date of maturity in any authorized denominations (except that any coupons appertaining to such Unregistered Securities which
have matured and have been paid shall be detached) upon delivery to the Security Registrar of the Registered Securities and if
all other requirements of the Security Registrar and such Securities for such exchange are met.


 




    	 	17	 



     


    

 


(d) Notwithstanding
the foregoing, the exchange of Unregistered Securities for Registered Securities or Registered Securities for Unregistered Securities
will be subject to the satisfaction of the provisions of United States law and regulations in effect at the time of such exchange,
and no exchange of Registered Securities for Unregistered Securities will be made until the Company has notified the Trustee in
an Officers’ Certificate and the Security Registrar that, as a result of such exchange, the Company would not suffer adverse
consequences under such law or regulations.


 


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


 


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


 


(g) Unless otherwise
provided in a Board Resolution or an Officers’ Certificate pursuant to a Board Resolution, or in an indenture supplemental
hereto, with respect to Securities of any series, no service charge shall be made to the Holder for any registration of transfer
or exchange 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 3.04, 9.06, 11.06 or 12.04 not involving any transfer.


 


(h) The Company shall
not be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption
under Section 11.03 and ending at the close of business on the day of such mailing, or (ii) to register the transfer
of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being
redeemed in part.


 


(i) Unregistered Securities
or any coupons appertaining thereto shall be transferable by delivery thereof.


 


Section 3.06. Mutilated, Destroyed,
Lost and Stolen Securities. (a) If any mutilated Security or a Security with a mutilated coupon or coupons appertaining
to it is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor
a replacement Registered Security, if such surrendered security was a Registered Security, or a replacement Unregistered Security
with coupons corresponding to the coupons appertaining to the surrendered Security, if such surrendered Security was an Unregistered
Security, of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.


 


(b) If there has been
delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security
or any coupon or coupons appertaining thereto, and (ii) such bond, 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 actual notice to the Company or the Trustee that
such Security or any coupon or coupons appertaining thereto has been acquired by a bona fide purchaser, the Company shall execute
and upon its request the Trustee shall authenticate and deliver, a replacement Registered Security, if such Holder’s claim
pertains to a Registered Security, or a replacement Unregistered Security with coupons corresponding to the coupons appertaining
to the destroyed, lost or stolen Unregistered Security or the Unregistered Security to which such destroyed, lost or stolen coupon
or coupons appertains, if such Holder’s claim pertains to an Unregistered Security, of the same series (and Tranche, if applicable)
and of like tenor and principal amount and bearing a number not contemporaneously outstanding.


 




    	 	18	 



     


    

 


(c) In case any such
mutilated, destroyed, lost or stolen Security or any coupon or coupons appertaining thereto 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 any coupon or coupons appertaining
thereto.


 


(d) Upon the issuance
of any new Security under this Section or any coupon or coupons appertaining thereto, 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.


 


(e) Every new Security
or any coupon or coupons appertaining thereto of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen
Security or any coupon or coupons appertaining thereto shall constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Security or any coupon or coupons appertaining thereto is 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
or any coupon or coupons appertaining thereto of that series duly issued hereunder.


 


(f) 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 any coupon or coupons appertaining thereto.


 


Section 3.07.
Payment of Interest; Interest Rights Preserved. (a) Unless otherwise provided as contemplated by Section 3.01(b)
with respect to the Securities of any series, interest on any Registered Security that 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 Registered Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest; provided, however,
that interest payable at Maturity will be paid to the Person to whom principal is payable. In case an Unregistered 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
of the Company 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 Unregistered 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 for such Unregistered Security, but will be payable only to the Holder of such coupon when due in accordance
with provisions of this Indenture.


 


(b) Any interest on
any Registered Security of any series that is payable, but is not punctually paid or duly provided for, on any Interest Payment
Date (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 (i) or (ii) below:


 




    	 	19	 



     


    

 


(i) The Company may elect
to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Registered Security of such series 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 prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.
Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15
days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee
of the notice of the proposed payment. The Trustee shall promptly notify the Company 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 given pursuant to Section 1.06, not less than 10 days prior to such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor having been so given, such Defaulted Interest
shall be paid to the Persons in whose names the Registered Securities of such series (or their respective Predecessor Securities)
are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause
(ii). In case an Unregistered Security of any series is surrendered at the office or agency of the Company 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 Unregistered 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
Unregistered Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this
Indenture.


 


(ii) The Company
may make payment of any Defaulted Interest on the Registered Securities of any series 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 (ii), such
manner of payment shall be deemed practicable by the Trustee.


 


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


 


(d) Subject to the
limitations set forth in Section 10.02, the Holder of any coupon appertaining to an Unregistered Security shall be entitled
to receive the interest payable on such coupon upon presentation and surrender of such coupon on or after the Interest Payment
Date of such coupon at an office or agency maintained for such purpose pursuant to Section 10.02.


 


Section 3.08.
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 any premium) and (subject
to Section 3.05 and Section 3.07) any interest on such Registered Security and for all other purposes whatsoever, whether
or not 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.


 


Ownership of Registered
Securities of a series shall be proved by the computerized book-entry system of the Depositary in the case of Registered Securities
issued in the form of a Global Security. Ownership of Unregistered Securities may be proved by the production of such Unregistered
Securities or by a certificate or affidavit executed by the person holding such Unregistered Securities or by a depository with
whom such Unregistered Securities were deposited, if the certificate or affidavit is satisfactory to the Trustee and the Company.
The Company, the Trustee and any agent of the Company may treat the bearer of any Unregistered Security or coupon and the person
in whose name a Registered Security is registered as the absolute owner thereof for all purposes.


 








    	 	20	 



     


    



 


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


 


Section 3.09.
Cancellation. Except as otherwise specified as contemplated by Section 3.01(b) for Securities of any series, 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, be delivered to the Trustee and, if not theretofore cancelled, shall
be promptly cancelled by it. Except as otherwise specified as contemplated by Section 3.01(b) for Securities of any series,
the Company may at any time deliver to the Trustee for cancellation any Securities or coupons previously authenticated and delivered
hereunder that the Company may have acquired in any manner whatsoever or that the Company has not issued and sold, and all Securities
or coupons so delivered shall be promptly cancelled by the Trustee. No Securities or coupons shall be authenticated in lieu of
or in exchange for any Securities or coupons cancelled as provided in this Section, except as expressly permitted by this Indenture.
All cancelled Securities or coupons held by the Trustee shall be destroyed and the Trustee shall furnish an affidavit to the Company
(setting forth the serial numbers of such Securities) attesting to such destruction unless by a Company Order the Company shall
direct that the cancelled Securities or coupons be returned to it.


 


Section 3.10.
Computation of Interest. Except as otherwise specified as contemplated by Section 3.01(b) for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.


 


Section 3.11.  Global Securities; Exchanges; Registration and Registration of Transfer. If specified as contemplated by Section 3.01(b)
for Securities of any series, the Securities of such series may be issued in the form of one or more Global Securities, which shall
be deposited with the Depositary, and, unless otherwise specified in the form of Global Security adopted pursuant to Section 3.01,
be registered in the name of the Depository’s nominee.


 


Except as otherwise
specified as contemplated by Section 3.01(b) for Securities of any series, any permanent Global Security shall be exchangeable
only as provided in this paragraph. If the beneficial owners of interests in a permanent Global Security are entitled to exchange
such interests for Securities of such series of like tenor and principal amount of another authorized form, as specified as contemplated
by Section 3.01(b), 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 permanent Global Security, executed by the Company. On or after the earliest date on which
such interests may be so exchanged, such permanent Global Security shall be surrendered from time to time in accordance with instructions
given to the Trustee and the Depositary (which instructions shall be in writing but need not comply with Section 1.02 or be
accompanied by an Opinion of Counsel) by the Depositary or such other depositary as shall be specified in the Company Order with
respect thereto to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or in part, for definitive
Securities of the same series without charge and the Trustee shall authenticate and deliver, in exchange for each portion of such
permanent 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 permanent Global Security to be exchanged which, unless the Securities of the series are
not issuable both as Unregistered Securities and as Registered Securities, as specified as contemplated by Section 3.01(b),
shall be in the form of Unregistered 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 the periods specified by
Section 3.05; and provided, further, that no Unregistered Security delivered in exchange for a portion of a
permanent Global Security shall be mailed or otherwise delivered to any location in the United States unless the Company has complied
with Section 3.05(d). Promptly following any such exchange in part, such permanent Global Security shall be returned by the
Trustee, to the Depositary or such other depositary referred to above, in accordance with the instructions of the Company referred
to above.


 




    	 	21	 



     


    

 


The Global Security
may be transferred to another nominee of the Depositary, or to a successor Depositary selected by the Company, and upon surrender
for registration of transfer of the Global Security to the Trustee, the Company shall execute, and the Trustee shall authenticate
and deliver, in the name of the designated transferee, a new Global Security in the same aggregate principal amount. If at any
time the Depositary notifies the Company that it is unwilling or unable to continue as Depositary and a successor Depositary satisfactory
to the Company is not appointed within 90 days after the Company receives such notice, the Company will execute, and the Trustee
will authenticate and deliver, Securities in definitive form to the Depositary in exchange for the Global Security. In addition,
if at any time the Company determines that it is not in the best interest of the Company or the beneficial owners of Securities
to continue to have a Global Security representing all of the Securities held by a Depositary, the Company may, at its option,
execute, and the Trustee will authenticate and deliver, Securities in definitive form to the Depositary in exchange for all or
a portion of the Global Security. Promptly after any such exchange of Securities in definitive form for all or a portion of the
Global Security pursuant to this paragraph, the Company shall promulgate regulations governing registration of transfers and exchanges
of Securities in definitive form, which regulations shall be reasonably satisfactory to the Trustee and shall thereafter bind every
Holder of such Securities.


 


Section 3.12.
Extension of Interest Payment. The Company shall have the right at any time, so long as the Company is not in default in
the payment of interest on the Securities of any series hereunder, to extend interest payment periods on all Securities of one
or more series, if so specified as contemplated by Section 3.01(b) with respect to such Securities and upon such terms as
may be specified as contemplated by Section 3.01(b) with respect to such Securities. If the Company ever so extends any such
interest payment period, the Company shall promptly notify the Trustee.


 


ARTICLE FOUR 


 


SATISFACTION AND DISCHARGE; DEFEASANCE



 


Section 4.01.
Satisfaction and Discharge of Indenture. (a) This Indenture shall upon Company Request cease to be of further effect
with respect to the Securities of any series (except as to any surviving rights of registration of transfer or exchange of Securities
herein expressly provided for), and the Trustee, at the expense of the Company, shall execute instruments in form and substance
satisfactory to the Trustee and the Company acknowledging termination of the Company’s obligations under the Securities of
such series and this Indenture, when


 


(1) either


 


(A) all Securities
of such series previously authenticated and delivered (other than (i) Securities of such series that have been destroyed,
lost or stolen and that have been replaced or paid as provided in Section 3.06 and (ii) Securities of such series that
are deemed paid and discharged pursuant to Section 4.02) have been delivered to the Trustee for cancellation; or


 


(B) all such Securities
of such series not previously delivered to the Trustee for cancellation (i) have become due and payable (whether at Stated Maturity,
early redemption or otherwise), or (ii) will become due and payable at their Stated Maturity within one year, or (iii) if redeemable
at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company in the case
of (i), (ii) or (iii) above has irrevocably deposited or caused to be deposited with the Trustee as funds in trust solely
for the benefit of the Holders of the Securities of such series an amount in cash in the currency or composite currency in which
the Securities of such series are denominated, Eligible Obligations or any combination thereof, together (if necessary in the case
of a series of Securities not bearing interest at a fixed rate) with any Hedging Obligation, so that such funds in each case are
sufficient to pay principal of, and any premium and interest, if any, to the date of such deposit (in the case of Securities which
have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be, on all Outstanding Securities of
such series;


 




    	 	22	 



     


    

 


(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 have been complied with.


 


(b) Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.07, the obligations
of the Trustee to any Authenticating Agent under Section 6.14 and, if money has been deposited with the Trustee pursuant to
subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 4.05 and Section 10.03(e)
shall survive.


 


(c) Upon satisfaction
and discharge of this Indenture as provided in this Section 4.01, the Trustee shall assign, transfer and turn over to the
Company, subject to the claim provided by Section 6.07, any and all money, securities and other property then held by the
Trustee for the benefit of the Holders of the Securities.


 


The Company may elect,
at its option at any time, to have Section 4.02 or Section 4.03 applied to the Outstanding Securities of any series in
accordance with any applicable requirements provided pursuant to Section 3.01 and upon compliance with the conditions set
forth below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated
by Section 3.01(b) for such Securities.


 


Section 4.02.
Defeasance and Discharge of Indenture. Upon the Company’s exercise of its option (if any) to have this Section applied
to all the Outstanding Securities of any series or Tranche, or any portion of the principal amount thereof, and subject to the
conditions set forth in Section 4.04 being satisfied, the Company shall be deemed to have paid and discharged the entire indebtedness
on such Outstanding Securities of such series or Tranche on the 91st day after the date of the deposit referred to in subparagraph
(i) of Section 4.04, and the provisions of this Indenture, as it relates to such Outstanding Securities of such series
or Tranche, shall be satisfied and discharged and shall no longer be in effect (and the Trustee, at the expense of the Company,
shall at Company Request execute proper instruments acknowledging the same), except as to:


 


(a) the rights of
Holders of Securities of such series to receive, solely from the trust funds described in Section 4.05, (x) payment of
the principal of (and premium, if any) and each installment of principal of (and premium, if any) or interest, if any, on the Outstanding
Securities of such series, or portions thereof, on the Stated Maturity of such principal or installment of principal or interest
to and including the Redemption Date designated by the Company pursuant to subparagraph (x) of Section 4.04 and (y) the
benefit of any mandatory sinking fund payments applicable to the Securities of such series or Tranche on the day on which such
payments are due and payable in accordance with the terms of this Indenture and the Securities of such series or Tranche;


 


(b) the obligations
of the Company and the Trustee with respect to such Securities of such series or Tranche under Sections 3.04, 3.05, 3.06, 6.14,
10.02 and 10.03 and, if the Company shall have designated a Redemption Date pursuant to subparagraph (x) of Section 4.04,
Sections 11.04 and 11.06; and


 




    	 	23	 



     


    

 


(c) the Company’s
obligations with respect to the Trustee under Section 6.07.


 


Section 4.03.
Defeasance of Certain Obligations. The Company may omit to comply with its obligations under the covenants contained in
Sections 8.01, 10.05 and 10.06 with respect to any Security or Securities of any series (and in respect of any term, provision
or condition set forth in the covenants or restrictions specified for such Securities pursuant to Section 3.01(b), in any
supplemental indenture, Board Resolution or Officers’ Certificate establishing such Security), and the failure to comply
with any such provisions shall not constitute a Default or Event of Default under Section 5.01(3), provided that the
conditions set forth in Section 4.04 have been satisfied.


 


Section 4.04.
Conditions to Defeasance. The following conditions shall be the conditions to the application of Section 4.02 and Section 4.03
to any Outstanding Securities:


 


(i) the Company has
deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust, specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of the Securities of such series, (x) cash in Dollars (or such other currency
or composite currency in which such Securities are denominated) in an amount sufficient, or (y) Eligible Obligations which
through the payment of interest and principal in respect thereof in accordance with their terms will provide on or before the due
date of any payment referred to in clause (1) or (2) of this subparagraph (i) money in an amount sufficient or (z) a
combination of such cash and Eligible Obligations, together (if necessary in the case of a series of Securities not bearing interest
at a fixed rate) with any Hedging Obligation so that such funds are sufficient, in the opinion of a nationally recognized firm
of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge
(1) the principal of (and premium, if any) and each installment of principal (and premium, if any) and interest, if any, on
such Securities on the Stated Maturity of such principal or installment of principal or interest or to and including the Redemption
Date designated by the Company in accordance with Section 4.04(x) and (2) any mandatory sinking fund payments applicable
to the Securities of such series on the day on which such payments are due and payable in accordance with the terms of this Indenture
and of the Securities of such series;


 


(ii) in the event
of an election to have Section 4.02 apply, the Company has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel to the effect that (x) the Company has received from, or there has been published by, the Internal Revenue
Service a ruling or (y) there has been a change in law or regulation occurring after the date hereof, to the effect that 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;


 


(iii) in the event
of an election to have Section 4.03 apply, the Company has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel to the effect that 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 and defeasance and will be subject to federal income tax on the same amount and
in the same manner and at the same times, as would have been the case if such deposit and defeasance had not occurred;


 


(iv) such deposit
will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this
Indenture) to which the Company is a party or by which it is bound;


 




    	 	24	 



     


    

 


(v) no Event of Default
or event that with notice or lapse of time would become an Event of Default with respect to the Securities of such series has occurred
and is continuing on the date of such deposit or during the period ending on the 91st day after such date;


 


(vi) the Company
has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
provided for relating to the defeasance contemplated by this Section have been complied with; and


 


(vii) if the Company
has deposited or caused to be deposited money or Eligible Obligations to pay or discharge the principal of (and premium, if any)
and interest on the Outstanding Securities of a series to and including a Redemption Date pursuant to clause (i) of this Section 4.04,
such Redemption Date shall be irrevocably designated by a Board Resolution delivered to the Trustee on or prior to the date of
deposit of such money or Eligible Obligations, and such Board Resolution shall be accompanied by an irrevocable Company Request
that the Trustee give notice of such redemption in the name and at the expense of the Company not less than 30 nor more than 60
days prior to such Redemption Date in accordance with Section 11.04.


 


Section 4.05.
Application of Trust Money. (a) Neither the Eligible Obligations nor the funds deposited with the Trustee pursuant
to Sections 4.01, 4.02 or 4.03, nor the principal or interest payments on any such Eligible Obligations, shall be withdrawn or
used for any purpose other than, and shall be held in trust for, the payment of the principal of and premium, if any, and interest,
if any, on the Securities or portions of principal amount thereof in respect of which such deposit was made, all subject, however,
to the provisions of Section 6.06; provided, however, that, so long as no Event of Default has occurred and is continuing,
any cash received from such principal or interest payments on such Eligible Obligations deposited with the Trustee, if not then
needed for such purpose, shall, to the extent practicable, be invested in Eligible Obligations of the type described in Section 4.01
maturing at such times and in such amounts as shall be sufficient to pay when due the principal of and any premium and interest
due and to become due on such Securities or portions thereof on and prior to the Maturity thereof, and interest earned from such
reinvestment shall be paid over to the Company as received by the Trustee, free and clear of any trust, lien or pledge under this
Indenture except the claim provided by Section 6.07; and provided, further, that, so long as there shall not have occurred
and be continuing an Event of Default, any moneys held by the Trustee in accordance with this Section on the Maturity of all such
Securities in excess of the amount required to pay the principal of and premium, if any, and interest, if any, then due on such
Securities shall be paid over to the Company free and clear of any trust, lien or pledge under this Indenture except the claim
provided by Section 6.07.


 


(b) The Company shall
pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against Eligible Obligations deposited
pursuant to Section 4.01, 4.02 or 4.03 or the principal and any premium and interest received in respect of such obligations
other than any payable by or on behalf of Holders.


 


(c) The Trustee shall
deliver or pay to the Company from time to time upon Company Request any Eligible Obligations or money held by it as provided in
Section 4.01, 4.02 or 4.03 that, in the opinion of a nationally recognized firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof that then would
have been required to be deposited for the purpose for which such Eligible Obligations or money was deposited or received. This
provision shall not authorize the sale by the Trustee of any Eligible Obligations held under this Indenture.


 




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Section 4.06.
Reinstatement. If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect
to any Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the obligations under this Indenture and such Securities from which the Company has been discharged
or released pursuant to Section 4.02 or Section 4.03 shall be revived and reinstated as though no deposit had occurred
pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply
all money held in trust pursuant to Section 4.05 with respect to such Securities in accordance with this Article; provided,
however, that if the Company makes any payment of principal of or any premium or interest on any such Security following such
reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive
such payment from the money so held in trust.


 


ARTICLE FIVE 


 


REMEDIES 


 


Section 5.01.
Events of Default. “Event of Default”, wherever used herein with respect to Securities of any
series, means any one of the following events, unless such event is either inapplicable to a particular series or it is specifically
deleted or modified in the applicable Board Resolution or supplemental indenture under which such series of Securities is issued,
as the case may be, as contemplated by Section 3.01:


 


(1) default in the
payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default for a
period of 30 days; provided, however, that a valid extension of the interest payment period by the Company as contemplated
in Section 3.12 shall not constitute a failure to pay interest for this purpose; or


 


(2) default in the
payment of the principal of (or premium, if any, on) any Security of that series at its Maturity, upon any redemption, by declaration
or otherwise and, in the case of technical or administrative difficulties, only if such default persists for a period of more than
three Business Days; or


 


(3) default in the
performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default
in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included
in this Indenture solely for the benefit of one or more series of Securities other than that series), and continuance of such default
or breach for a period of 75 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 aggregate principal amount of the Outstanding Securities of such
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


 


(4) the entry by a
court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a
decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing
a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial
part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order
for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or


 




    	 	26	 



     


    

 


(5) the commencement
by the Company of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or
other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry
of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable federal or
state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or
proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable
federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee or similar official of the Company or of any substantial part of its property, or the making
by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally
as they become due, or the taking of corporate action by the Company in furtherance of any such action; or


 


(6) any other Event
of Default provided with respect to Securities of such series pursuant to Section 3.01(b).


 


Section 5.02.
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 in every such case the Trustee or the Holders of not less than 25% in aggregate
principal amount of the Outstanding Securities of such series, by a notice in writing to the Company (and to the Trustee if given
by such Holders), may declare the principal amount (or, if the Securities of such series are Original Issue Discount Securities
or Indexed Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof) to be
due and payable immediately and upon any such declaration such principal amount (or specified amount) shall become immediately
due and payable. If an Event of Default specified in Section 5.01(4) or (5) occurs, the principal of all the Securities
then Outstanding (or if any such Securities are Original Issue Discount Securities or Indexed Securities, such portion of the principal
amount of such Securities as may be specified in the terms thereof) shall automatically become and be immediately due and payable
without any declaration or other act or notice on the part of the Trustee or any Holders of the Securities.


 


At any time after
such a declaration of acceleration with respect to Securities of one or more 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 Event or Events of Default
giving rise to such declaration of acceleration shall, without further act, be deemed to have been waived, and such declaration
and its consequences shall, without further act, be deemed to have been rescinded and annulled, if


 


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


 


(i) all overdue interest
on all Outstanding Securities of any such series,


 


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


 


(B) to the extent
that payment of such interest is lawful, interest upon overdue interest at the rate or rates borne by such Securities, unless another
rate is provided in such Securities, and


 


(C) all amounts
due to the Trustee under Section 6.07; and


 


(2) all Events of
Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series that
have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.


 


No such rescission
shall affect any subsequent Event of Default or impair any right consequent thereon.


 




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Section 5.03.
Collection of Indebtedness and Suits for Enforcement by Trustee. If an Event of Default described in clause (1) or
(2) of Section 5.01 has occurred and is continuing, the Company shall, upon demand of the Trustee, pay to the Trustee,
for the benefit of the Holders of the Securities of the series with respect to which such Event of Default has occurred, the whole
amount then due and payable on such Securities for principal and any premium or interest and, to the extent that payment of such
interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or
rates borne by such Securities, unless another rate is provided in such Securities, and, in addition thereto, such further amount
as shall be sufficient to cover any amounts due to the Trustee under Section 6.07.


 


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


 


Section 5.04.
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 overdue principal or interest) shall be entitled and empowered,
by intervention in such proceeding or otherwise,


 


(i) to file and prove
a claim for the whole amount of principal and premium or interest owing and unpaid in respect of the Securities and to file such
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for
amounts due to the Trustee under Section 6.07) and of the Holders allowed in such judicial proceeding, and


 


(ii) to collect and
receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, if the Trustee consents to the making of such payments directly to the Holders,
to pay to the Trustee any amount due it under Section 6.07.


 


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


 


Section 5.05.
Trustee May Enforce Claims Without Possession of Securities or Coupons. All rights of action and claims under this Indenture
or 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 of judgment shall, after provision for the payment of the amounts
due to the Trustee under Section 6.07, be for the ratable benefit of the Holders of the Securities and coupons in respect
of which such judgment has been recovered.


 


Section 5.06.
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 any
premium and interest, upon presentation of the Securities in respect of which or for the benefit of which such money shall have
been collected and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:


 




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FIRST: To the payment
of all amounts due the Trustee under Section 6.07;


 


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


 


THIRD: The balance,
if any, to the Company.


 


The Trustee may fix
a record date (with respect to Registered Securities) and payment date for any such payment to Holders of Securities.


 


Section 5.07.
Limitation on Suits. No Holder of any Security of any series shall have any right to institute any proceeding, judicial
or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless


 


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


 


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


 


(3) such Holder or
Holders have offered to the Trustee security or indemnity against the reasonable 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 aggregate principal
amount of the Outstanding Securities of that series; it being understood and intended that no one or more of such Holders shall
have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such Holders of Securities of the same series, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal
and ratable benefit of all of such Holders.


 


Section 5.08.
Unconditional Right of Holders to Receive Principal, Premium and Interest. Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and
premium and (subject to Section 3.07) interest on such Security on the Stated Maturity or Maturities expressed in such Security
(or, in the case of redemption, on the Redemption Date, or, in the case of repayment at the option of the Holder, on the Repayment
Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent
of such Holder.


 


Section 5.09.
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee
and such Holder shall be restored severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and such Holder shall continue as though no such proceeding had been instituted.


 




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Section 5.10.
Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.


 


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


 


Section 5.12.
Control by Holders. If an Event of Default shall have occurred and be continuing in respect of a series of Securities, the
Holders of a majority in aggregate principal amount of the Outstanding Securities of that 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 or Tranche; provided, however, that if an Event
of Default has occurred and is continuing with respect to more than one series of Securities of equal ranking, the Holders of a
majority in aggregate principal amount of the Outstanding Securities of all such series of equal ranking, considered as one class,
shall have the right to make such direction, and not the Holders of the Securities of any one of such series of equal ranking;
provided, further that


 


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


 


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


 


Section 5.13.
Waiver of Past Defaults. The Holders of not less than a majority in aggregate principal amount of the Outstanding Securities
of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to
such series and its consequences; provided that if any such past default has occurred with respect to more than one series
of Securities of equal ranking, the Holders of a majority in aggregate principal amount of the Outstanding Securities of all such
series of equal ranking, considered as one class, may make such waiver, and not the Holders of the Securities of any one of such
series of equal ranking, in each case, except a default


 


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


 


(2) in respect of
a covenant or provision hereof that under Section 9.02 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.


 




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Section 5.14.
Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Security by such Holder’s acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right
or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard
to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not
apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group
of Holders, holding in the aggregate more than 10% in aggregate principal amount of the Outstanding Securities of all series in
respect of which such suit may be brought, considered as one class, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of or any premium or interest on any Security on or after the Stated Maturity or Maturities expressed
in such Security (or, in the case of redemption, on or after the Redemption Date, or, in the case of repayment at the option of
the Holder, on or after the Repayment Date).


 


Section 5.15.
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 6.01.
Certain Duties and Responsibilities. (a) Except during the continuance of an Event of Default with respect to Securities
of any series,


 


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


 


(2) in the absence
of bad faith on its part, the Trustee may, with respect to Securities of such series, conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Indenture.


 


(b) If an Event of
Default with respect to Securities of any series has occurred and is continuing, the Trustee shall exercise, with respect to Securities
of such series, such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their
exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.


 


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


 


(1) this subsection
shall not be construed to limit the effect of sub-section (a) of this Section;


 


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


 




    	 	31	 



     


    

 


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


 


(4) no provision
of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers, if it has reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.


 


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


 


Section 6.02.
Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series,
the Trustee shall transmit by mail to all Holders of Securities of such series entitled to receive reports pursuant to Section 7.04(3)
(and, if Unregistered Securities of that series are outstanding, shall cause to be published at least once in an Authorized Newspaper
in The City of New York and, if Securities of that series are listed on any securities exchange outside of the United States, in
the city in which such securities exchange is located) notice of such default hereunder known to 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 any premium or interest on 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 or Responsible Officers of the Trustee in good faith determine that the
withholding of such notice is in the interest of the Holders of Securities of such series; and provided, further, that in
the case of any default of the character specified in Section 5.01(3) with respect to Securities of such series, no such notice
to Holders shall be given until at least 75 days after the occurrence thereof. For the purpose of this Section, the term “default”
means any event that is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities
of such series.


 


Section 6.03.
Certain Rights of Trustee. Subject to the provisions of Section 6.01 and to the applicable provisions of the Trust
Indenture Act:


 


(a) the Trustee may
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, other evidence of indebtedness 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;


 


(b) any request or
direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, or as otherwise
expressly provided herein, and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;


 


(c) 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, rely upon an Officers’ Certificate and such Officers’ Certificate, in the absence of negligence
or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under
the provisions of this Indenture upon the faith thereof;


 




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


 


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


 


(f) the Trustee shall
not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness 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


 


(g) 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.


 


Section 6.04.
Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except the
Trustee’s certificate of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating
Agent assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of
this Indenture or of the Securities of any series or any coupons. The Trustee or any Authenticating Agent shall not be accountable
for the use or application by the Company of Securities or the proceeds thereof. The Trustee shall not be responsible for and makes
no representations as to the Company’s ability or authority to issue the Unregistered Securities or the lawfulness thereof.


 


Section 6.05.
May Hold Securities. The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent
of the Company or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject
to Sections 6.08 and 6.13, 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 agent.


 


Section 6.06.
Money Held in Trust. Money held by the Trustee or by any Paying Agent (other than the Company if the Company shall act as
Paying Agent) in trust hereunder need not be segregated from other funds except to the extent required by law. Neither the Trustee
nor any Paying Agent shall be liable for interest on any money received by it hereunder except as expressly provided herein or
otherwise agreed with the Company.


 


Section 6.07.
Compensation and Reimbursement. The Company agrees


 


(1) to pay to the
Trustee from time to time reasonable compensation for all services rendered by it hereunder (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 expenses
and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence,
willful misconduct or bad faith; and


 




    	 	33	 



     


    

 


(3) to indemnify the
Trustee for, and to hold it harmless against, any loss, liability or expense reasonably incurred without negligence, willful misconduct
or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder
or performance of its duties hereunder, including the costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties hereunder.


 


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


 


Section 6.08.
Disqualification; Conflicting Interests. If the Trustee has or acquires any conflicting interest within the meaning of the
Trust Indenture Act with respect to the Securities of any series, it shall either eliminate such conflicting interest or resign
to the extent, in the manner and with the effect, and subject to the conditions, provided in the Trust Indenture Act and this Indenture.
For purposes of Section 310(b)(1) of the Trust Indenture Act and to the extent permitted thereby, the Trustee, in its capacity
as trustee in respect of the equally ranked and unsecured Securities of any series, shall not be deemed to have a conflicting interest
arising from its capacity as trustee in respect of the equally ranked and unsecured Securities of any other series under this Indenture.


 


Section 6.09.
Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder that shall be a Person that is
eligible pursuant to the Trust Indenture Act to act as such, having a combined capital and surplus of at least $50,000,000, subject
to supervision or examination by federal or state authority and qualified and eligible under this Article, provided that,
neither the Company nor any Affiliate of the Company or any obligor on the Securities may serve as Trustee of any Securities. If
such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee
ceases to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the
effect hereinafter specified in this Article.


 


Section 6.10.
Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee
in accordance with the applicable requirements of Section 6.11.


 


(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 6.11 has not been delivered to the Trustee within 30 days
after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series.


 


(c) The Company may
at any time by a Board Resolution remove the Trustee with respect to the Securities of any or all series.


 


(d) 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 aggregate principal
amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company.


 


(e) If at any time:


 


(1) the Trustee fails
to comply with Section 6.08 with respect to the Securities of any series, after written request therefor by the Company or
by any Holder who has been a bona fide Holder of a Security of such series for at least six months, or


 




    	 	34	 



     


    

 


(2) the Trustee ceases
to be eligible under Section 6.09 and fails to resign after written request therefor by the Company or by any such Holder,
or


 


(3) the Trustee becomes
incapable of acting or becomes adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property is appointed or
any public officer takes 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, subject to Section 5.14, any Holder who has been a bona fide Holder of a Security
for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.


 


(f) If the Trustee
resigns, is removed or becomes 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 a Board Resolution, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with
respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect
to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11. 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 is appointed by Act of the Holders of a majority in aggregate principal amount of the Outstanding
Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith
upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, 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 has been so appointed by the Company or the Holders and accepted
appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a Security of such series
for at least six months may, subject to Section 5.14, 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.


 


(g) 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 all Holders of Securities of such series entitled to receive reports pursuant to Section 7.04(3) and,
if any Unregistered Securities are outstanding, by publishing notice of such event once in an Authorized Newspaper in The City
of New York and, if any Unregistered Securities are listed on any securities exchange outside of the United States, in the city
in which such securities exchange is located. 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.


 


(h) All provisions
of this Section except subparagraph (d) shall apply also to any Paying Agent located outside the United States and its possessions.


 


Section 6.11.
Acceptance of Appointment by Successor. (a) In case of the appointment hereunder of a successor Trustee with respect
to the Securities of all series, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company
and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee,
such retiring Trustee shall, upon payment of its charges, 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.


 




    	 	35	 



     


    

 


(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 and that each such Trustee shall
be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such
Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee
shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee,
such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee, all property and money held by such retiring
Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.


 


(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 6.12.
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 the corporate trust business of the Trustee, shall
be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any
Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such Securities. In case any Securities shall not have been
authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities, in either its
own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of
authentication of the Trustee.


 


Section 6.13.
Preferential Collection of Claims Against Company. The Trustee shall comply with Trust Indenture Act § 311(a), excluding
any creditor relationship listed in Trust Indenture Act § 311(b). A Trustee who has resigned or been removed shall be subject
to Trust Indenture Act § 311(a) to the extent indicated therein.


 




    	 	36	 



     


    

 


Section 6.14.
Appointment of Authenticating Agent. (a) At any time when any of the Securities remain Outstanding the Trustee may
appoint an Authenticating Agent or Agents (which may include any Person that owns, directly or indirectly, all of the capital stock
of the Trustee or a corporation that is a wholly-owned subsidiary of the Trustee or of such other Person) with respect to one or
more series of Securities, or any Tranche thereof, that shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series or Tranche issued upon original issuance, exchange, registration of transfer or partial redemption thereof or pursuant
to Section 3.06, 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. If any Unregistered Securities are outstanding, the Trustee
shall publish notice of such event once in an Authorized Newspaper in The City of New York and, if any Unregistered Securities
are listed on any securities exchange outside of the United States, in the city in which such securities exchange is located. 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 shall at all times be a corporation organized and doing business under the laws of the United
States of America, any state thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having
a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal or state authority
in the United States. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus
of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. If at any time an Authenticating Agent ceases 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.


 


(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.


 


(c) An Authenticating
Agent may resign with respect to one or more series of Securities at any time by giving written notice thereof to the Trustee and
to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent with respect to one or more series
of Securities by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such Authenticating Agent ceases to be eligible in accordance with
the provisions of this Section, the Trustee may appoint a successor Authenticating Agent that is acceptable to the Company and
shall provide notice of such appointment to all Holders of Securities of the series or Tranche with respect to which such Authenticating
Agent will serve, as provided in paragraph (a) of this Section. 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. An Authenticating Agent appointed pursuant to this Section shall be entitled to rely on Sections 1.11,
3.08, 6.04 and 6.05 hereunder.


 


(d) The Trustee agrees
to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section, and the Trustee
shall be entitled to be reimbursed for such payments, subject to the provisions of Section 6.07.


 




    	 	37	 



     


    

 


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


 


This is one of the
Securities of the series designated pursuant to and issued under the within-mentioned Indenture.


 





	 	 	[                    ]
	 	 	 	As Trustee
	 	 	 	 
	 	 	By	 
	 	 	 	As Authenticating Agent on behalf of the Trustee
	 	 	 	 
	 	 	By	 
	 	 	 	Authorized Officer of Authenticating Agent
	Dated:  	 	 	 	 




 


(f) If all of the
Securities of a 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 by the Company in writing (which writing need not comply with Section 1.02
and need not be accompanied by an Opinion of Counsel), shall appoint, in accordance with this Section and in accordance with such
procedures as shall be acceptable to the Trustee, an Authenticating Agent (which, if so requested by the Company, may be an Affiliate
of the Company) 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 7.01.
Company to Furnish Trustee Names and Addresses of Holders. The Company will furnish or cause to be furnished to the Trustee:


 


(a) semi-annually,
not later than the 15th day after each Regular Record Date for each series of Registered Securities at the time Outstanding or
on June 30 and December 31 of each year with respect to each series of Securities for which there are no Regular Record
Dates, a list, in such form as the Trustee may reasonably require, containing all the information in the possession or control
of the Company, or any of its Paying Agents other than the Trustee, of the names and addresses of the Holders of Registered Securities
of such series, including Holders of interests in Global Securities, as of such preceding Regular Record Date or on June 15
or December 15, as the case may be, or, in the case of a series of non-interest bearing Securities, on a date to be determined
as contemplated pursuant to Section 3.01(b), and


 


(b) 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; excluding from any such list
names and addresses received by the Trustee in its capacity as Security Registrar for Registered Securities other than Global Securities.


 




    	 	38	 



     


    

 


Section 7.02.
Preservation of Information; Communications to Holders. (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders of Registered Securities contained in the most recent list furnished
to the Trustee as provided in Section 7.01 and the names and addresses of Holders of Registered Securities received by the
Trustee in its capacity as Security Registrar or Paying Agent. The Trustee may destroy any list furnished to it as provided in
Section 7.01 upon receipt of a new list so furnished.


 


(b) If three or more
Holders (herein referred to as “applicants”) apply in writing to the Trustee, and furnish to the Trustee reasonable
proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application,
and such application states that the applicants desire to communicate with other Holders with respect to their rights under this
Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication that such applicants
propose to transmit, then the Trustee shall, within five business days after the receipt of such application, at its election,
either


 


(1) afford such applicants
access to the information preserved at the time by the Trustee in accordance with Section 7.02(a), or


 


(2) inform such applicants
as to the approximate number of Holders whose names and addresses appear in the information preserved at the time by the Trustee
in accordance with Section 7.02(a), and as to the approximate cost of mailing to such Holders the form of proxy or other communication,
if any, specified in such application.


 


If the Trustee elects
not to afford such applicants access to such information, the Trustee shall, upon the written request of such applicants, mail
to each Holder whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 7.02(a)
a copy of the form of proxy or other communication that is specified in such request, with reasonable promptness after a tender
to the Trustee by the applicants of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses
of mailing, unless within five days after such tender the Trustee shall mail to such applicants and file with the Commission, together
with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would
be contrary to the best interest of the Holders or would be in violation of applicable law. Such written statement shall specify
the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement
so filed, enters an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more
of such objections, the Commission finds, after notice and opportunity for hearing, that all the objections so sustained have been
met and enters an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable promptness
after the entry of such order and the renewal of such tender by such applicants; otherwise the Trustee shall be relieved of any
obligation or duty to such applicants respecting their application.


 


(c) 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 agent of either of them shall be held accountable by reason of the disclosure of any such information as to
the names and addresses of the Holders in accordance with Section 7.02(b), 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 7.02(b).


 




    	 	39	 



     


    

 


Section 7.03.
Reports by Trustee. (a) The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under
this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto.


 


(b) Reports so required
to be transmitted at stated intervals of not more than 12 months shall be transmitted no later than July 1 in each calendar
year, commencing with the first July 1 after the first issuance of Securities pursuant to this Indenture.


 


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


 


Section 7.04.
Reports by Company. The Company shall:


 


(1) file with the
Trustee, within 15 days after the Company files the same with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules
and regulations prescribe) that the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d)
of the U.S. 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 that may be required
pursuant to Section 13 of the U.S. 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 by the Commission, such additional information,
documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required
from time to time by such rules and regulations; and


 


(3) transmit by mail
to all Holders of Registered Securities, as their names and addresses appear in the Security Register, to such Holders of Unregistered
Securities as have, within the two years preceding such transmission, filed their names and addresses with the Trustee for that
purpose and to each Holder whose name and address is then preserved on the Trustee’s list pursuant to the first sentence
of Section 7.02(a), within 30 days after the filing thereof with the Trustee, such summaries of any information, documents
and reports required to be filed by the Company 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.


 


ARTICLE EIGHT 


 


CONSOLIDATION, MERGER, CONVEYANCE OR
TRANSFER 


 


Section 8.01.
Company May Consolidate, Etc. Only on Certain Terms. The Company shall not consolidate with or merge with or into,
or convey, transfer or lease all or substantially all of its properties and assets to any Person (other than to one or more of
the Company’s wholly-owned subsidiaries), unless:


 


(1) either (x) the
Company shall be the continuing corporation or the successor corporation or (y) the Person formed by such consolidation or
into which the Company is merged or the Person that acquires by conveyance, transfer or lease the properties and assets of the
Company substantially as an entirety shall be a Person 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 supplemental hereto, executed and delivered
to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest
on all the Outstanding Securities and the performance of every covenant and obligation of this Indenture on the part of the Company
to be performed or observed;


 




    	 	40	 



     


    

 


(2) immediately after
giving effect to such transaction, no Event of Default and no event that, after notice or lapse of time or both, would become an
Event of Default, shall have occurred and be continuing; and


 


(3) if the Company
is not the continuing or successor corporation, the Company 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 met.


 


Section 8.02.
Successor Substituted for the Company. Upon any consolidation or merger or any conveyance, transfer or lease of all or substantially
all the properties and assets of the Company in accordance with Section 8.01, 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, in the case of a conveyance, transfer or lease of properties and assets of
the Company substantially as an entirety, such conveyance, transfer or lease shall have the effect of releasing the Person named
as the “Company” in the first paragraph of this instrument or any successor Person that shall theretofore have become
such in the manner prescribed in this Article from its liability as obligor and maker on any of the Securities.


 


ARTICLE NINE 


 


SUPPLEMENTAL INDENTURES 


 


Section 9.01.
Supplemental Indentures Without Consent of Holders. (a) Without the consent of any Holders, the Company 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; or


 


(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; or


 


(3) to add any additional
Events of Default with respect to all or any series of Securities Outstanding hereunder; or


 


(4) to add to or change
any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities
in bearer form, registrable or not registrable as to principal, and with or without interest coupons; or


 


(5) to change or eliminate
any of the provisions of this Indenture, or to add any new provision to this Indenture, in respect of one or more series of Securities;
provided, however, that any such change, elimination or addition (A) shall neither (i) apply to any Security
Outstanding on the date of such indenture supplemental hereto nor (ii) modify the rights of the Holder of any such Security
Outstanding with respect to such provision in effect prior to the date of such indenture supplemental hereto or (B) shall
become effective only when no Security of such series remains Outstanding; or


 




    	 	41	 



     


    

 


(6) to add guarantees
or collateral security with respect to the Securities of any series; or


 


(7) to establish for
the issuance of and establish the form or terms and conditions of Securities of any series or Tranche thereof as permitted by Section 3.01(b),
and to establish the form of any certificates required to be furnished pursuant to the terms of this Indenture or any series of
Securities; or


 


(8) to provide for
uncertificated Securities in addition to or in place of all, or any series or Tranche of, certificated Securities; or


 


(9) to evidence and
provide for the acceptance of appointment hereunder by a separate or successor Trustee or co-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 6.11(b); or


 


(10) to change any
place or places where (a) the principal of or premium, if any, or interest, if any, on all or any series of Securities, or
any Tranche thereof, shall be payable, (b) all or any series of Securities, or any Tranche thereof, may be surrendered for
registration or transfer, (c) all or any series of Securities, or any Tranche thereof, may be surrendered for exchange or
conversion and (d) notices and demands to or upon the Company in respect of all or any series of Securities, or any Tranche
thereof, and this Indenture may be served; or


 


(11) to supplement
any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge
of any series of Securities, or any Tranche thereof, pursuant to Article Four, provided that any such action shall not adversely
affect the interests of the Holders of Securities of such series or Tranche or any other series of Securities in any material respect;
or


 


(12)(i) to cure any
ambiguity or omission or to correct or supplement any provision contained herein or in any supplemental indenture that may be defective
or inconsistent with any other provision contained herein or in any supplemental indenture or (ii) to conform the terms of
any series of Securities, or Tranche thereof, to the description thereof in the prospectus and prospectus supplement (or similar
offering document) offering such series of Securities, or Tranche thereof; or


 


(13) to make any other
provisions with respect to matters or questions arising under this Indenture, provided such action shall not adversely affect
the interests of the Holders of any Securities of any series or Tranche Outstanding on the date of such indenture supplemental
hereto in any material respect.


 


Without limiting the
generality of the foregoing, if the Trust Indenture Act as in effect at the date of the execution and delivery of this Indenture
or at any time thereafter becomes amended and


 


(x) if any such amendment
requires one or more changes to any provisions hereof or the inclusion herein of any additional provisions, or by operation of
law is deemed to effect such changes or incorporate such provisions by reference or otherwise, this Indenture shall be deemed to
have been amended so as to conform to such amendment to the Trust Indenture Act, and the Company and the Trustee may, without the
consent of any Holders, enter into an indenture supplemental hereto to effect or evidence such changes or additional provisions;
or


 


(y) if any such amendment
permits one or more changes to, or the elimination of, any provisions hereof that, at the date hereof or at any time thereafter,
are required by the Trust Indenture Act to be contained herein (or if it is no longer required by the Trust Indenture Act for the
Indenture to contain one or more provisions), this Indenture shall be deemed to have been amended to effect such changes or elimination,
and the Company and the Trustee may, without the consent of any Holders, enter into an indenture supplemental hereto to evidence
such amendment hereof; or


 




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(z) if, by reason
of any such amendment, it shall be no longer necessary for this Indenture to contain one or more provisions that, at the date of
the execution and delivery hereof, are required by the Trust Indenture Act to be contained herein, the Company and the Trustee
may, without the consent of any Holders, enter into an indenture supplemental hereto to effect the elimination of such provisions.


 


Section 9.02.
Supplemental Indentures With Consent of Holders. (a) Except as set forth in paragraph (b) below, with the consent
of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of each series affected
(voting as one class) by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company,
when authorized by a resolution of its Board of Directors (which resolution may provide general terms or parameters for such action
and may provide that the specific terms of such action may be determined in accordance with or pursuant to a Company Order), and
the Trustee may, from time to time and at any time, 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 any supplemental
indenture or of modifying in any manner the rights of the Holders of the Securities of each such series or of the Coupons appertaining
to such Securities or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided,
however, that if there are Securities of more than one series of equal ranking Outstanding hereunder and if a proposed supplemental
indenture shall directly affect the rights of the Holders of Securities of one or more, but less than all, of such series, then
the consent only of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of all
series so directly affected, considered as one class, shall be required.


 


(b) No such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security affected thereby,


 


(1) change the Stated Maturity of the principal
of, or any installment of principal of or interest on, any Security, or reduce the principal amount or premium, if any, thereof
or the rate of interest thereon (or the amount of any installment of interest thereon) or any premium payable upon the redemption
thereof, or change the method of calculating the rate of interest thereon, 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 5.02,
or change the coin or currency (or other property) 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, in the case of repayment at the option of the Holders, on or after the
Repayment Date), or modify any provisions of this Indenture with respect to the conversion or exchange of the Securities into Securities
of another series or into any other debt or equity securities in a manner adverse to the Holders; or


 


(2) modify any of
the provisions of this Section, Section 5.13 or Section 10.06, 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, provided, however, that this clause shall not be deemed to require the consent of any Holder with
respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 10.06,
or the deletion of this proviso, in accordance with the requirements of Sections 6.11(b) and 9.01(9).


 


A supplemental indenture
that changes or eliminates any covenant or other provision of this Indenture that has expressly been included solely for the benefit
of one or more particular series of Securities, or that 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.


 




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It shall not be necessary
for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof. A waiver by a Holder of such Holder’s rights to consent under
this Section shall be deemed to be a consent of such Holder.


 


Section 9.03.
Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to
receive, and (subject to Section 6.01) 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. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise.


 


Section 9.04.
Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture shall
be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and
every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. Any supplemental
indenture permitted by this Article may restate this Indenture in its entirety, and, upon the execution and delivery thereof, any
such restatement shall supersede this Indenture as theretofore in effect for all purposes.


 


Section 9.05.
Conformity With Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act as then in effect.


 


Section 9.06.
Reference in Securities to Supplemental Indentures. Securities of any series, or any Tranche thereof, 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 so
determines, new Securities of any series, or any Tranche thereof, and any appertaining coupons 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 or Tranche and any appertaining coupons.


 


Section 9.07.
Revocation and Effect of Consents. Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security
is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such
Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice
of revocation before the date on which the Trustee receives an Officers’ Certificate certifying that the Holders of the requisite
principal amount of Securities have consented to the amendment or waiver. After an amendment or waiver becomes effective, it shall
bind every Holder of each series of Securities affected by such amendment or waiver.


 


The Company may, but
shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment or
waiver. If a record date is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those persons who
were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to consent to such
amendment or waiver or to revoke any consent previously given, whether or not such persons continue to be Holders after such record
date.


 




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After an amendment
or waiver becomes effective it shall bind every Holder, unless it is of the type described in any of clauses (1) through (3) of
Section 9.02(b). In such case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every
subsequent Holder of a Security that evidences the same debt as the consenting Holder’s Security.


 


Section 9.08.
Modification Without Supplemental Indenture. If the terms of any particular series of Securities have been established in
a Board Resolution or an Officers’ Certificate as contemplated by Section 3.01, and not in an indenture supplemental
hereto, additions to, changes in or the elimination of any of such terms may be effected by means of a supplemental Board Resolution
or Officers’ Certificate, as the case may be, delivered to, and accepted by, the Trustee; provided, however, that
such supplemental Board Resolution or Officers’ Certificate shall not be accepted by the Trustee or otherwise be effective
unless all conditions set forth in this Indenture that would be required to be satisfied if such additions, changes or elimination
were contained in a supplemental indenture shall have been appropriately satisfied. Upon the acceptance thereof by the Trustee,
any such supplemental Board Resolution or Officers’ Certificate shall be deemed to be a “supplemental indenture”
for purposes of Sections 9.04 and 9.06.


 


ARTICLE TEN 


 


COVENANTS 


 


Section 10.01.
Payment of Principal, Premium and Interest. (a) Subject to the following provisions, the Company will pay to the Trustee
the amounts, in such coin or currency as is at the time legal tender for the payment of public or private debt, in the manner,
at the times and for the purposes set forth herein and in the text of the Securities for each series, and the Company hereby authorizes
and directs the Trustee from funds so paid to it to make or cause to be made payment of the principal of and any premium and interest
on the Securities and coupons of each series as set forth herein and in the text of such Securities and coupons. Unless otherwise
provided in the Securities of a series, the Trustee will arrange directly with any Paying Agents for the payment, or the Trustee
will make payment, from funds furnished by the Company, of the principal of and any premium and interest, on the Securities and
coupons of each series by check or draft.


 


(b) Unless otherwise
provided in the Securities of a series, interest, if any, on Registered Securities of a series shall be paid by check or draft
on each Interest Payment Date for such series to the Holder thereof at the close of business on the Regular Record Date specified
in the Securities of such series; provided, however, that interest payable at Maturity will be paid to the Person to whom
principal is payable. The Company may pay such interest by check or draft mailed to such Holder’s address as it appears on
the register for Securities of such series. Unless otherwise provided in the Securities of a series, principal of Registered Securities
shall be payable by check or draft and only against presentation and surrender of such Registered Securities at the office of the
Paying Agent, unless the Company shall have otherwise instructed the Trustee in writing.


 


(c) Unless otherwise
provided in the Securities of a series, (i) interest, if any, on Unregistered Securities shall be paid by check or draft and
only against presentation and surrender of the coupons for such interest installments as are evidenced thereby as they mature and
(ii) original issue discount (as defined in Section 1273 of the Code), if any, on Unregistered Securities shall be paid
by check or draft and only against presentation and surrender of such Securities, in either case at the office of a Paying Agent
located outside of the United States and its possessions, unless the Company has otherwise instructed the Trustee in an Officers’
Certificate. Unless otherwise provided in the Securities of a series, principal of and premium, if any, of Unregistered Securities
shall be paid by check or draft and only against presentation and surrender of such Securities as provided in the Securities of
a series. If at the time a payment of principal of and premium, if any, or interest, if any, or original issue discount, if any,
on an Unregistered Security or coupon becomes due and the payment of the full amount so payable at the office or offices of all
the Paying Agents outside the United States and its possessions is illegal or effectively precluded because of the imposition of
exchange controls or other similar restrictions on the payment of such amount in United States currency, then the Company may instruct
the Trustee in an Officers’ Certificate to make such payments at the office of a Paying Agent located in the United States.
The Company hereby covenants and agrees that it shall not so instruct the Trustee with respect to payment in the United States
if such payment would cause such Unregistered Security to be treated as a “registration-required obligation” under
United States law and regulations.


 




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(d) At the election
of the Company, any payments by the Company provided for in this Indenture or in any of the Securities may be made by electronic
funds transfer.


 


Section 10.02.
Maintenance of Office or Agency. (a) The Company will maintain in each Place of Payment for any series of Securities,
or any Tranche thereof, an office or agency where Registered Securities, or any Tranche thereof, of that series may be surrendered
for registration of transfer or exchange and a Place of Payment where (subject to Sections 3.05 and 3.07) Securities may be presented
for payment 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. The Company may appoint one or more co-Security Registrars acceptable to the Trustee and one or more additional
Paying Agents for each series of Securities, and the Company may terminate the appointment of any co-Security Registrar or Paying
Agent at any time upon written notice. The term “Security Registrar” includes any co-Security Registrar. The term “Paying
Agent” includes any additional Paying Agent. The Company shall notify the Trustee of the name and address of any Agent not
a party to this Indenture. Subject to Section 3.05, if the Company fails to maintain a Security Registrar or Paying Agent,
the Trustee shall act as such.


 


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 fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company
hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.


 


(b) The Company may
also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency
in each Place of Payment for Securities of any series for such purposes. The Company 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.


 


(c) Anything herein
to the contrary notwithstanding, any office or agency required by this Section may be maintained at any office of the Company in
which event the Company shall perform all functions to be performed at such office or agency.


 


Section 10.03.
Money for Securities Payments to Be Held in Trust. (a) If the Company at any time acts as its own Paying Agent with
respect to any series of Securities, or any Tranche thereof, it will, on or before each due date of the principal of or any premium
or interest on any of such Securities, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient
to pay the principal (and premium, if any) or interest so becoming due until such sums are 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.


 




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(b) Whenever the Company
has one or more Paying Agents for any series of Securities, it will, on or prior to (and if on, then before 11:00 a.m. (New York
City time)) each due date of the principal of and any premium or interest on such Securities, deposit with a Paying Agent a sum
sufficient (in immediately available funds, if payment is made on the due date) to pay the principal and any premium and interest
so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest as
provided in the Trust Indenture Act and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee
of its action or failure so to act.


 


(c) The Company will
cause each Paying Agent for any series of Securities, or any Tranche thereof, 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:


 


(i) comply with the
provisions of the Trust Indenture Act applicable to it as a Paying Agent, and


 


(ii) during the continuance
of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment in respect
of the Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust
by such Paying Agent for payment in respect of the Securities of that series.


 


(d) 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 trusts 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.


 


(e) Any money deposited
with the Trustee or any Paying Agent, or received by the Trustee in respect of Eligible Obligations deposited with the Trustee
pursuant to Section 4.01 or 4.04, or then held by the Company, in trust for the payment of the principal of and any premium
or interest on any Security of any series and remaining unclaimed for two years (or such shorter period for the return of such
funds to the Company under applicable abandoned property laws) after such principal, premium 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 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.


 


Section 10.04.
Statement as to Compliance. The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of
the Company ending after the date hereof, a written statement, which need not comply with Section 1.02, signed by the principal
executive officer, the principal financial officer or the principal accounting officer of the Company stating, as to each signer
thereof stating whether or not to the knowledge of the signers thereof it is in default in the performance and observance of any
of the terms, provisions, and conditions of this Indenture (without regard to any period of grace or requirement of notice provided
hereunder) and, if it is in default, specifying all such defaults and the nature and status thereof of which they may have knowledge.


 


Section 10.05.
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; provided, however,
that the Company shall not be required to preserve any such right or franchise if, in the judgment of the Company, the preservation
thereof is no longer desirable in the conduct of the business of the Company.


 




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Section 10.06.
Waiver of Certain Covenants. Except as otherwise specified as contemplated by Section 3.01 for Securities of such series,
the Company may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision
or condition set forth in (i) any additional covenants or restrictions specified with respect to the Securities of any series
as contemplated by Section 3.01 if before the time for such compliance the Holders of not less than a majority in aggregate
principal amount (or such larger proportion as may be required in respect of waiving a past default of any such additional covenant
or restriction) of the Outstanding Securities of all series of equal ranking with respect to which such covenant or restriction
was so specified, considered as one class, by Act of such Holders, either waive such compliance in such instance or generally waive
compliance with such term, provision or condition and (ii) Sections 10.02, 10.04, 10.05 and Article Eight if before the time
for such compliance the Holders of at least a majority in principal amount of Securities of all series of equal ranking Outstanding
under this Indenture by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such
term, provision or condition; but, in the case of clause (i) or (ii) of this Section, no such waiver shall extend to
or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver becomes 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.


 


ARTICLE ELEVEN 


 


REDEMPTION OF SECURITIES 


 


Section 11.01.
Applicability of Article. Securities of any series that are redeemable before their Stated Maturity (or, if the principal
of the Securities of any series is payable in installments, the Stated Maturity of the final installment of the principal thereof)
shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.01(b) for
Securities of any series) in accordance with this Article.


 


Section 11.02.
Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be evidenced by a Board
Resolution or an Officers’ Certificate. In case of any redemption at the election of the Company of less than all the Securities
of any series, the Company shall, at least 45 days prior to the Redemption Date fixed by the Company (unless a shorter notice is
satisfactory to the Trustee in its sole discretion), notify the Trustee of such Redemption Date and of the principal amount of
Securities of such series to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction
on such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election
of the Company that is subject to a condition specified in the terms of such Securities, the Company shall furnish the Trustee
with an Officers’ Certificate evidencing compliance with such restriction.


 


Section 11.03.
Selection by Trustee of Securities to Be Redeemed. If less than all the Securities of any series are to be redeemed, unless
the procedures of the Depositary provide otherwise, the particular Securities to be redeemed shall be selected by the Trustee,
from the Outstanding Securities of such series not previously called for redemption, by such method as is provided for any particular
series, or, in the absence of any such provision, by such method as the Trustee deems fair and appropriate and which may provide
for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any
integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized
denomination for Securities of that series; provided, however, that if, as indicated in an Officers’ Certificate,
the Company has offered to purchase all or any principal amount of the Securities then Outstanding of any series, and less than
all of such Securities as to which such offer was made have been tendered to the Company for such purchase, the Trustee, if so
directed by Company Order, shall select for redemption all or any principal amount of such Securities that have not been so tendered.


 




    	 	48	 



     


    

  


The Trustee shall
promptly notify the Company and the Security Registrar 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 and the method it has chosen for the
selection of such Securities.


 


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 amount of such Securities that
has been or is to be redeemed.


 


Section 11.04.
Notice of Redemption. Unless otherwise specified as contemplated by Section 3.01 with respect to any series of Securities,
notice of redemption shall be given by electronic transmission or first-class mail, postage prepaid, mailed not less than 30 nor
more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at such Holder’s address appearing
in the Security Register.


 


If Unregistered Securities
are to be redeemed, notice of redemption shall be published in an Authorized Newspaper in The City of New York and, if such Securities
to be redeemed are listed on any securities exchange outside of the United States, in the city in which such securities exchange
is located, or in such other city or cities as may be specified in the Securities, once in each of two different calendar weeks,
the first publication to be not less than 30 nor more than 90 days before the redemption date.


 


All notices of redemption
shall state:


 


(1) the Redemption
Date,


 


(2) the Redemption
Price, or the formula pursuant to which the Redemption Price is to be determined if the Redemption Price cannot be determined at
the time notice is given,


 


(3) if less than all
the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal
amounts) of the particular Securities to be redeemed, and the portion of the principal amount of any Security to be redeemed in
part and, in the case of any such Security of such series to be redeemed in part, that, on and after the Redemption Date, upon
surrender of such Security, a new Security or Securities of such series in principal amount equal to the remaining unpaid principal
amount thereof will be issued as provided in Section 11.06,


 


(4) that on the Redemption
Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest
thereon will cease to accrue on and after said date,


 


(5) the place or places
where such Securities and all unmatured coupons are to be surrendered for payment of the Redemption Price and accrued interest,
if any,


 


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


 


(7) the CUSIP, “ISIN”
or similar number(s), if any, assigned to such Securities; provided however, that such notice may state that no representation
is made as to the correctness of CUSIP, “ISIN” or similar number(s), and the redemption of such Securities shall not
be affected by any defect in or omission of such number(s), and


 


(8) such other matters
as the Company shall deem desirable or appropriate.


 




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Unless otherwise specified
with respect to any Securities in accordance with Section 3.01, with respect to any notice of redemption of Securities at
the election of the Company, unless, upon the giving of such notice, such Securities are deemed to have been paid in accordance
with Section 4.01, such notice may state that such redemption shall be conditional upon the receipt by the Paying Agent or
Agents for such Securities, on or prior to the date fixed for such redemption, of money sufficient to pay the principal of and
premium, if any, and interest, if any, on such Securities and that if such money has not been so received such notice shall be
of no force or effect and the Company shall not be required to redeem such Securities. In the event that such notice of redemption
contains such a condition and such money is not so received, the redemption shall not be made and within a reasonable time thereafter
notice shall be given, in the manner in which the notice of redemption was given, that such money was not so received and such
redemption was not required to be made, and the Paying Agent or Agents for the Securities otherwise to have been redeemed shall
promptly return to the Holders thereof any of such Securities that had been surrendered for payment upon such redemption.


 


Notice of redemption
of Securities to be redeemed at the election of the Company, and any notice of non-satisfaction of a condition for redemption as
aforesaid, shall be given by the Company or, at the Company’s request, by the Security Registrar in the name and at the expense
of the Company. Notice of mandatory redemption of Securities shall be given by the Security Registrar in the name and at the expense
of the Company.


 


Section 11.05.
Securities Payable on Redemption Date. (a) Notice of redemption having been given as aforesaid, and the conditions,
if any, set forth in such notice having been satisfied, the Securities or portions thereof 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 defaults
in the payment of the Redemption Price and accrued interest, if any) such Securities, or portions thereof, if interest-bearing,
shall cease to bear interest. Upon surrender of any such Security together with all unmatured coupons for redemption in accordance
with said notice, such Security or portion thereof, if any, shall be paid by the Company at the Redemption Price, together with
accrued interest, if any, to the Redemption Date but in the case of Unregistered Securities installments of interest due on or
prior to the Redemption Date will be payable to the bearers of the coupons for such interest by check or draft upon surrender of
such coupons; provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date
shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business
on the relevant Regular Record Dates according to their terms and the provisions of Section 3.07.


 


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


 


Section 11.06.
Securities Redeemed in Part. Any Security that is to be redeemed only in part shall be surrendered at a Place of Payment
therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory
to the Company and the Trustee duly executed by, the Holder thereof or his or her 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 Security or Securities of the same series, of any authorized denomination as requested by such Holder, and of like tenor and
in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.


 


ARTICLE TWELVE 


 


REPAYMENT OF SECURITIES AT OPTION OF
HOLDERS 


 


Section 12.01.
Applicability of Article. Securities of any series that are repayable before their Stated Maturity at the option of the
Holders shall be repayable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.01
for Securities of any series) in accordance with this Article.


 




    	 	50	 



     


    

  


Section 12.02.
Notice of Repayment Date. Notice of any Repayment Date with respect to Securities of any series shall be given by the Company
not less than 30 nor more than 45 days prior to such Repayment Date (or at such other times as may be specified for such repayment
or repurchase pursuant to Section 3.01) to each Holder of Securities of such series in accordance with Section 1.06 (except
as otherwise specified as contemplated by Section 3.01 for Securities of any series).


 


The notice as to the
Repayment Date shall state (unless otherwise specified for such repayment or repurchase pursuant to Section 3.01):


 


(1) the Repayment
Date;


 


(2) the principal
amount of the Securities required to be repaid or repurchased and the Repayment Price (or the formula pursuant to which the Repayment
Price is to be determined if the Repayment Price cannot be determined at the time the notice is given);


 


(3) the place or places
where such Securities are to be surrendered for payment of the Repayment Price, and accrued interest, if any, and the date by which
Securities must be so surrendered in order to be repaid or repurchased;


 


(4) that any Security
not tendered or accepted for payment shall continue to accrue interest;


 


(5) that, unless the
Company defaults in making such payment or the Paying Agent is prohibited from paying such money to the Holders on that date pursuant
to the terms of this Indenture, Securities accepted for payment pursuant to any such offer of repayment or repurchase shall cease
to accrue interest after the Repayment Date;


 


(6) that Holders electing
to have a Security repaid or purchased pursuant to such offer may elect to have all or any portion of such Security purchased;


 


(7) that Holders electing
to have a Security repaid or repurchased pursuant to any such offer shall be required to surrender the Security, with such customary
documents of surrender and transfer as the Company may reasonably request, duly completed, or transfer by book-entry transfer,
to the Company or the Paying Agent at the address specified in the notice at least two Business Days prior to the Repayment Date;


 


(8) that Holders shall
be entitled to withdraw their election if the Company or the Paying Agent, as the case may be, receives, not later than the expiration
of the offer to repay or repurchase, a telegram, facsimile transmission or letter setting forth the name of the Holder, the principal
amount of the Security the Holder delivered for purchase and a statement that such Holder is withdrawing its election to have such
Security purchased;


 


(9) that, in the case
of a repayment or repurchase of less than all Outstanding Securities of a series, the method of selection of Securities to be repaid
or repurchased to be applied by the Trustee if the principal amount of properly tendered Securities exceeds the principal amount
of the Securities to be repaid or repurchased;


 


(10) that Holders
whose Securities are purchased only in part shall be issued new Securities of the same series equal in principal amount to the
unpurchased portion of the Securities surrendered (or transferred by book-entry transfer); and


 


(11) the CUSIP or
other identification number, if any, printed on the Securities being repurchased and that no representation is made as to the correctness
or accuracy of the CUSIP or other identification number, if any, listed in such notice or printed on the Securities.


 




    	 	51	 



     


    

  


Section 12.03.
Securities Payable on Repayment Date. The form of option to elect repurchase or repayment having been delivered as specified
in the form of Security for such series, the Securities of such series so to be repaid (after application of the method of selection
described pursuant to clause (9) of Section 12.02, if the principal amount of properly tendered Securities exceeds the
principal amount of the Securities to be repaid or repurchased) shall, on the Repayment Date, become due and payable at the Repayment
Price applicable thereto and from and after such date (unless the Company defaults in the payment of the Repayment Price and accrued
interest) such Securities shall cease to bear interest. Upon surrender of any such Security for repayment in accordance with said
notice, such Security shall be paid by the Company at the Repayment Price together with accrued interest, if any, to the Repayment
Date; provided, however, that if a Security is repaid or repurchased on or after a Regular Record Date but on or prior to
the Stated Maturity of any installments of interest, then any accrued and unpaid interest due on such Stated Maturity shall be
payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on
the relevant Regular Record Dates according to their terms and the provisions of Section 3.07.


 


If any Security is
not paid upon surrender thereof for repayment, the principal (and premium, if any) shall, until paid, bear interest from the Repayment
Date at the rate prescribed therefor in such Security.


 


Section 12.04.
Securities Repaid in Part. Any Security that by its terms may be repaid in part at the option of the Holder and that is
to be repaid only in part shall be surrendered at any office or agency of the Company designated for that purpose pursuant to Section 10.02
(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 or her 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 Security or Securities of the same series, as provided in Section 3.05, of any authorized denomination as requested
by such Holder, in aggregate principal amount equal to and in exchange for the unpaid portion of the principal of the Security
so surrendered.


 


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.


 


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


 





	 	 	 
	 	INNODATA INC.
	 	 	 
	 	By	                           
	 	Name:	 
	 	Title:	 
	 	 	 
	 	
        [_______________________],

        As Trustee

	 	 	 
	 	By	 
	 	Name:	 
	 	Title:	 




 




    	 	52	 



     


    

  


EXHIBIT A 


 


(Form of Face of Security)


 


[THIS SECURITY IS
ISSUED IN GLOBAL FORM AND REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”) OR
A NOMINEE THEREOF. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO THE COMPANY (AS DEFINED BELOW)
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.


 


UNLESS AND UNTIL IT
IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM IN ACCORDANCE WITH THE TERMS HEREOF AND OF THE INDENTURE
(AS DEFINED BELOW), THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO
DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.]*


 


	*	  Insert in Global Security only. 


 


INNODATA INC.


 


% [SENIOR/SUBORDINATED] NOTE DUE


 


	 	 
	 	 
	 	CUSIP:
	 	ISIN:
	 	Common Code:


 


Innodata Inc., a Delaware
corporation, promises to pay to [              ]* [   ], or registered assigns, the principal sum of                Dollars on                 .


 


Interest Payment Dates:            and


 


Record Dates:            and


 


Additional provisions
of this Security are set forth on the reverse hereof.


 


	*	Insert in Global Security only. 


 




    	 	A-1	 



     


    

  


IN WITNESS WHEREOF,
the Company has caused this Security to be signed manually or by facsimile by its duly authorized officer.


	 	 
	 	INNODATA INC.
	 	 
	 	By
	 	Name:
	 	Title:


 


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


 


	 	[           ]
	 	as Trustee
	 	 
	 	By
	 	Authorized Officer


 




    	 	A-2	 



     


    

  


(Form of Reverse of Security)


 


INNODATA INC.


 


% [SENIOR/SUBORDINATED] NOTE DUE


 


(1) Interest.
Innodata Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture referred to
below, being herein called the “Company”), promises to pay interest on the principal amount of this Security at
the interest rate per annum shown above. The Company will pay interest semiannually on
              and              of each year. Interest on the Securities
of this Series will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest
has been paid or duly provided for, from . Interest will be computed [on the basis of a 360-day year consisting of twelve
30-day months] [as set forth in the Officers’ Certificate or supplemental indenture delivered pursuant to the
Indenture].


 


(2) Method of Payment.
The Company will pay interest on the Securities of this Series (except Defaulted Interest) to the persons who are registered Holders
of Securities of this Series at the close of business on the record date next preceding the interest payment date even though such
Securities are canceled after the record date and on or before the interest payment date. Holders must surrender Securities to
a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States that at
the time of payment is legal tender for payment of public and private debts. However, the Company may pay principal and interest
by check payable in such money. It may mail an interest check to a Holder’s registered address.


 


(3) Paying Agent,
Registrar. Initially, [             ] (the “Trustee”), will act as Paying Agent
and Registrar. The Company may change any Paying Agent, Registrar or co-registrar without notice. The Company may act as Paying
Agent, Registrar or co-registrar.


 


(4) Indenture. The
Company issued the Securities of this Series under an Indenture dated as of [        ]
(the “Indenture”) between the Company and the Trustee. The Securities are unsecured general obligations of the Company
issued and to be issued in one or more Series under the Indenture and may be issued in an unlimited principal amount. The terms
of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) (the “TIA”). Capitalized terms used herein but not defined herein
are used as defined in the Indenture. The Securities are subject to all such terms, and Securityholders are referred to the Indenture
and the TIA for a statement of such terms.


 


(5) Redemption. [Set
forth redemption provision, if any.]


 


(6) Denominations;
Transfer; Exchange. The Securities of this Series are in registered form without coupons in denominations of $1,000 and any integral
multiple thereof [or as otherwise set forth in the Security]. The transfer of Securities may be registered and Securities may be
exchanged as provided in the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Company shall not be required
(A) to issue, register the transfer of or exchange any Securities of a Series during a period beginning at the opening of business
15 days before the day of the mailing of a notice of redemption of any such Securities selected for redemption under Section 11.03
of the Indenture and ending at the close of business on the day of such mailing or (B) to register the transfer of or exchange
any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.


 




    	 	A-3	 



     


    

  


(7) Defeasance. Subject
to certain conditions and unless otherwise provided in the terms of the Securities of this Series, the Company at any time may
terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee money
and/or Eligible Obligations for the payment of principal and interest on the Securities to maturity.


 


(8) Persons Deemed
Owners. The registered Holder of a Security may be treated as its owner for all purposes, except that interest (other than Defaulted
Interest) will be paid to the person that was the registered Holder on the relevant record date for such payment of interest.


 


(9) Amendments
and Waivers. Subject to certain exceptions, (i) the Indenture or the Securities may be amended or supplemented with the
consent of the Holders of a majority in principal amount of the Securities of each Series affected; and (ii) any existing
default with respect to the Securities of this Series may be waived with the consent of the holders of a majority in
principal amount of the Securities of such Series. Without the consent of any Securityholder, the Indenture or the Securities
may be amended or supplemented to, among other things, cure any ambiguity, omission, defect or inconsistency, to provide for
assumption of Company obligations by a successor to provide for uncertificated Securities in addition to or in place of
certificated Securities, to provide for guarantees with respect to, or security for, the Securities, or to comply with the
TIA or to add additional covenants or surrender Company rights.


 


(10) Remedies. If
an Event of Default with respect to the Securities of this Series occurs and is continuing, the Trustee or Holders of at least
25% in principal amount of the Securities of this Series may declare all the Securities of this Series to be due and payable immediately.
Securityholders may not enforce the Indenture or the Securities of this Series except as provided in the Indenture. The Trustee
may require an indemnity before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority
in principal amount of the Securities of a Series may direct the Trustee in its exercise of any trust or power with respect to
such Series. The Trustee may withhold from Securityholders notice of any continuing default (except a Default in payment of principal
or interest) if it determines that withholding notice is in their interests. The Company must furnish an annual compliance certificate
to the Trustee.


 


(11) Subordination.
[Set forth subordination provision, if any.]


 


(12) Trustee Dealings
with Company. Subject to the provisions of the TIA, the Trustee under the Indenture, in its individual or any other capacity, may
make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company
or its Affiliates, as if it were not Trustee. The Trustee will initially be [             ].


 


(13) No Recourse Against
Others. A director, officer, incorporator, employee or stockholder, as such, of the Company shall not have any liability for any
obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and
release are part of the consideration for the issue of the Securities.


 


(14) Authentication.
This Security shall not be valid until authenticated by the manual signature of an authorized signatory of the Trustee or an authenticating
agent.


 


(15) Abbreviations.
Customary abbreviations may be used in the name of a Securityholder or an assignee, such as: TEN COM (= tenants in common), TEN
ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).


 




    	 	A-4	 



     


    

  


Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures the Company has caused CUSIP numbers to be printed on
the Securities. No representation is made as to the accuracy of such numbers (or as to the accuracy of ISIN numbers, Common Code
numbers or similar numbers) as printed on the Securities and reliance may be placed only on the other identification numbers placed
thereon.


 


THE COMPANY WILL FURNISH TO ANY SECURITYHOLDER
UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE INDENTURE, WHICH HAS IN IT THE TEXT OF THIS SECURITY, IN TWELVE-POINT TYPE.
REQUESTS MAY BE MADE TO: CORPORATE SECRETARY, INNODATA INC., 3 UNIVERSITY PLAZA, HACKENSACK, NJ 07601, Telephone: (201) 371-8000.


 




    	 	A-5	 



     


    

 


ASSIGNMENT FORM


 


To assign this Security,
fill in the form below:


 


I or we assign and transfer this Security
to


 


(Insert assignee’s soc. sec or tax
I.D. no.)


 


(Print or type assignee’s name, address and zip code)


 


and irrevocably appoint agent to transfer
this Security on the books of the Company. The agent may substitute another to act for him.


 





	Dated:  	Signed:  	 
	 	 	
        (Sign exactly as your name appears

        on the other side of this Security)

	 	 
	 	Signature Guarantee:




 


Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.


 




    	 	A-6