Exhibit 4.1


 


 



EROS INTERNATIONAL PLC


Debt Securities


Indenture


Dated as of December __, 2017


WILMINGTON SAVINGS FUND SOCIETY, FSB ,


as Trustee


 



 




    

     

    


CROSS-REFERENCE TABLE


This Cross-Reference Table is not a part of
the Indenture


	TIA Section	Indenture Section
	310(a)(1)	7.10
	(a)(2)	N.A.
	(a)(3)	N.A.
	(a)(4)	N.A.
	(b)	7.10
	 	 
	311(a)	7.11
	(b)	7.11
	(c)	N.A.
	 	 
	312(a)	N.A.
	(b)	12.03
	(c)	12.03
	 	 
	313(a)	7.06
	 	 
	(b)	7.06
	(c)	N.A.
	(d)	N.A.
	 	 
	314(a)	N.A.
	(b)	N.A.
	(c)	N.A.
	(d)	N.A.
	(e)	N.A.
	 	 
	315(a)	N.A.
	(b)	N.A.
	(c)	N.A.
	(d)	N.A.
	(e)	N.A.
	 	 
	316(a)(last sentence)	N.A.
	(a)(1)(A)	N.A.
	(a)(1)(B)	N.A.
	(a)(2)	N.A.
	(b)	N.A.
	 	 
	317(a)(1)	N.A.
	(a)(2)	N.A.
	(b)d	N.A.
	 	 
	318(a)	N.A.


N.A. means Not Applicable.


 




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TABLE OF CONTENTS


This Table of Contents is not a part of the
Indenture





Article
One

DEFINITIONS AND INCORPORATION BY REFERENCE










	Section 1.01	Definitions.	- 1 -
	Section 1.02	Other Definitions.	- 4 -
	Section 1.03	Incorporation by Reference of Trust Indenture Act.	- 4 -
	Section 1.04	Rules of Construction.	- 4 -







Article
Two

THE SECURITIES


	Section 2.01	Form and Dating.	- 5 -
	Section 2.02	Execution and Authentication.	- 6 -
	Section 2.03	Registrar and Paying Agent.	- 7 -
	Section 2.04	Paying Agent to Hold Money in Trust.	- 7 -
	Section 2.05	Securityholder Lists.	- 7 -
	Section 2.06	Transfer and Exchange.	- 8 -
	Section 2.07	Replacement Securities.	- 8 -
	Section 2.08	Outstanding Securities.	- 8 -
	Section 2.09	Temporary Securities.	-8  -
	Section 2.10	Cancellation.	- 9 -
	Section 2.11	Reserved.	- 9 -
	Section 2.12	Treasury Securities.	- 9 -
	Section 2.13	CUSIP/ISIN Numbers.	- 9 -
	Section 2.14	Deposit of Moneys.	- 9 -
	Section 2.15	Reserved.	- 9 -
	Section 2.16	No Duty to Monitor.	- 9 -


Article
Three

REDEMPTION


	Section 3.01	General.	- 10 -
	Section 3.02	Selection of Securities to be Redeemed.	- 10 -
	Section 3.03	Reserved.	- 10 -
	Section 3.04	Reserved.	- 10 -
	Section 3.05	Deposit of Redemption Price.	- 10 -
	Section 3.06	Securities Redeemed in Part.	- 10 -


Article
Four

COVENANTS


	Section 4.01	Payment of Securities.	- 10 -
	Section 4.02	Maintenance of Office or Agency.	- 11 -
	Section 4.03	Compliance Certificate.	- 11 -
	Section 4.04	Waiver of Stay, Extension or Usury Laws.	- 11 -


 




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Article
Five

RESERVED


Article
Six

DEFAULTS AND REMEDIES


	Section 6.01	Events of Default.	- 11 -
	Section 6.02	Acceleration.	- 12 -
	Section 6.03	Other Remedies.	- 13 -
	Section 6.04	Waiver of Existing Defaults.	- 13 -
	Section 6.05	Control by Majority.	- 13 -
	Section 6.06	Limitation on Suits.	- 13 -
	Section 6.07	Rights of Holders to Receive Payment.	- 14 -
	Section 6.08	Collection Suit by Trustee.	- 14 -
	Section 6.09	Trustee May File Proofs of Claim.	- 14 -
	Section 6.10	Priorities.	- 14 -
	Section 6.11	Undertaking for Costs.	- 14 -


Article
Seven

TRUSTEE


	Section 7.01	Duties of Trustee.	- 15 -
	Section 7.02	Rights of Trustee.	- 15 -
	Section 7.03	Individual Rights of Trustee.	- 17 -
	Section 7.04	Trustee’s Disclaimer.	- 17 -
	Section 7.05	Notice of Defaults.	- 17 -
	Section 7.06	Reports by Trustee to Holders.	- 17 -
	Section 7.07	Compensation and Indemnity.	- 17 -
	Section 7.08	Replacement of Trustee.	- 18 -
	Section 7.09	Successor Trustee by Merger, etc.	- 18 -
	Section 7.10	Eligibility; Disqualification.	- 18 -
	Section 7.11	Preferential Collection of Claims Against Company.	- 19 -


Article
Eight

DISCHARGE OF INDENTURE


	Section 8.01	Defeasance upon Deposit of Moneys or Government Obligations.	- 19 -
	Section 8.02	Survival of the Company’s Obligations.	- 21 -
	Section 8.03	Application of Trust Money.	- 21 -
	Section 8.04	Repayment to the Company.	- 21 -
	Section 8.05	Reinstatement.	- 21 -


Article
Nine

RESERVED




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Article
Ten

AMENDMENTS, SUPPLEMENTS AND WAIVERS


	Section 10.01	Without Consent of Holders.	- 22 -
	Section 10.02	With Consent of Holders.	- 22 -
	Section 10.03	Compliance with Trust Indenture Act.	- 23 -
	Section 10.04	Revocation and Effect of Consents.	- 23 -
	Section 10.05	Notation on or Exchange of Securities.	- 24 -
	Section 10.06	Trustee to Sign Amendments, etc.	- 24 -


Article
Eleven

SECURITIES IN FOREIGN CURRENCIES


	Section 11.01	Applicability of Article.	- 24 -


Article
Twelve

MISCELLANEOUS


	Section 12.01	Trust Indenture Act Controls.	- 25 -
	Section 12.02	Notices.	- 25 -
	Section 12.03	Communications by Holders with Other Holders.	- 26 -
	Section 12.04	Certificate and Opinion as to Conditions Precedent.	- 26 -
	Section 12.05	Statements Required in Certificate or Opinion.	- 26 -
	Section 12.06	Rules by Trustee and Agents.	- 26 -
	Section 12.07	Legal Holidays.	- 26 -
	Section 12.08	Governing Law.	- 27 -
	Section 12.09	No Adverse Interpretation of Other Agreements.	- 27 -
	Section 12.10	No Recourse Against Others.	- 27 -
	Section 12.11	Successors and Assigns.	- 27 -
	Section 12.12	Duplicate Originals.	- 27 -
	Section 12.13	Severability.	- 27 -
	Section 12.14	Waiver of Jury Trial.	- 27 -


SIGNATURES


 


 




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INDENTURE dated as of December __, 2017, (the “Base
Indenture”), by and among EROS INTERNATIONAL PLC, an Isle of Man public company limited by shares (the “Company”)
and WILMINGTON SAVINGS FUND SOCIETY, FSB, as trustee (the “Trustee”).


Each party agrees as follows for the benefit
of the other party and for the equal and ratable benefit of the Holders of the Company’s debt securities issued under this
Base Indenture:


Article
One

DEFINITIONS AND INCORPORATION BY REFERENCE


Section
1.01Definitions.


“Affiliate” means, when used
with reference to a specified person, any Person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Person specified.


“Agent” means any Registrar,
Paying Agent or co-Registrar or agent for service of notices and demands.


“Authorizing Resolution” means
a resolution adopted by the Board of Directors or by an Officer or committee of Officers pursuant to Board delegation authorizing
a Series of Securities.


“Bankruptcy Law” means Title
11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors.


“Board of Directors” means
the Board of Directors of the Company or any duly authorized committee thereof.


“Capital Stock” means, with
respect to any Person, any and all shares, interests, participations or other equivalents (however designated) of or in such Person’s
capital stock or other equity interests.


“Capitalized Lease Obligations”
of any Person means, at the time any determination thereof is to be made, the obligations of such Person to pay rent or other amounts
under a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP, and the amount of such
obligations will be the capitalized amount thereof determined in accordance with GAAP.


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


“control” means, when used
with respect to any Person, 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.


“Currency Agreement” of any
Person means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect
such Person or any of its Subsidiaries against fluctuations in currency values.


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


“Definitive Security” means
a certificated Security registered in the name of the Securityholder thereof.


“Depositary” means, unless
otherwise set forth in the supplemental indenture for a Series, with respect to Securities of any Series which the Company shall
determine will be issued in whole or in part as a Global Security, DTC, another clearing agency, or any successor registered as
a clearing agency under the Exchange Act, and any other applicable U.S. or foreign statute or regulation, which, in each case,
shall be designated by the Company pursuant to Section 2.01.




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“Dollars” and “$”
mean United States Dollars.


“DTC” means The Depository
Trust Company.


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


“Foreign Currency” means any
currency, currency unit or composite currency, including, without limitation, the euro, issued by the government of one or more
countries other than the United States of America or by any recognized confederation or association of such governments.


“GAAP” means generally accepted
accounting principles set forth in the accounting standards codification of the Financial Accounting Standards Board or in such
other statements by such or any other entity as may be approved by a significant segment of the accounting profession of the United
States, as in effect on the date of this Base Indenture.


“Global Security” means, with
respect to any Series of Securities, a Security executed by the Company and delivered by the Trustee to the Depositary or pursuant
to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary
or its nominee.


“Government Obligations” means
securities which are (i) direct obligations of the United States or the other government or governments in the confederation which
issued the Foreign Currency in which the principal of or any interest on the Security of the applicable Series shall be payable,
in each case for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States or such other government or governments, in each case the payment
of which is unconditionally guaranteed as a full faith and credit obligation by the United States or such other government or governments,
which, in either case are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depositary
receipt issued by a bank or trust company as custodian with respect to any such Government Obligations or a specific payment of
interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depositary
receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Government Obligation
or the specific payment of interest on or principal of the Government Obligation evidenced by such depositary receipt.


“Holder” or “Securityholder”
means the Person in whose name a Security is registered on the Registrar’s books.


“Indenture” means this Base
Indenture as amended or supplemented from time to time, including pursuant to any Authorizing Resolution or supplemental indenture
pertaining to any Series, and including, for all purposes of this instrument and any such Authorizing Resolution or supplemental
indenture, the provisions of the TIA that are deemed to be a part of and govern this Base Indenture and any such Authorizing Resolution
or supplemental indenture, respectively.


“Issue Date” means, with respect
to any Series of Securities, the date on which the Securities of such Series are originally issued under this Indenture.


“NYUCC” means the New York
Uniform Commercial Code, as in effect from time to time.


“Officer” means each Director
of the Company, the Chairman of the Board, the President, any Vice President, the Treasurer, the Controller, the Secretary, the
Chief Executive Officer, the Chief Financial Officer or the Chief Corporate and Strategy Officer of the Company.


“Officers’ Certificate”
means a certificate signed by two Officers or by an Officer and an Assistant Treasurer or an Assistant Secretary of the Company.




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“Opinion of Counsel” means
a written opinion, in form and substance reasonably satisfactory to the Trustee, from legal counsel. The counsel may be an employee
of or counsel to the Company. Each such opinion shall include the statements provided for in Section 12.05 if and to the extent
required by the provisions of such Section.


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


“principal” of a debt security
means the principal of the security plus, when appropriate, the premium, if any, on the security.


“Property” of any Person means
all types of real, personal, tangible, intangible or mixed property owned by such Person, whether or not included in the most recent
consolidated balance sheet of such Person and its Subsidiaries under GAAP.


“SEC” means the Securities
and Exchange Commission or any successor agency performing the duties now assigned to it under the TIA.


“Securities” means any Securities
that are issued under this Base Indenture.


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


“Series” means a series of
Securities established under this Base Indenture.


“Subsidiary” of any Person
means any corporation or other entity of which a majority of the Capital Stock having ordinary voting power to elect a majority
of the board of directors of such entity or other persons performing similar functions is at the time directly or indirectly owned
or controlled by such Person.


“TIA” means the Trust Indenture
Act of 1939, as in effect on the date on which this Indenture is qualified under the TIA , except as otherwise provided herein.


“Trustee” means the party
named as such in this Base Indenture until a successor replaces it pursuant to this Base Indenture and thereafter means the successor
serving hereunder; provided, however, that if at any time there is more than one such Person, “Trustee”
as used with respect to the Securities of any Series shall mean only the Trustee with respect to Securities of that Series.


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


“United States” means the
United States of America.




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Section
1.02Other Definitions.


 


	Term	Defined in Section
	Base Indenture	Preamble
	Business Day	12.07
	Covenant Defeasance	8.01
	Custodian	6.01
	Event of Default	6.01
	Legal Defeasance	8.01
	Legal Holiday	12.07
	Paying Agent	2.03
	Registrar	2.03
	Security Register	2.03


Section
1.03Incorporation by Reference of Trust Indenture Act.


Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this
Indenture have the following meanings:


“Commission” means the SEC.


“indenture securities” means the
Securities of a particular Series.


“indenture security holder” means
a Securityholder.


“indenture to be qualified” means
this Indenture.


“indenture trustee” or “institutional
trustee” means the Trustee.


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


All other TIA terms used in this Indenture that
are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings so assigned to them.


Section
1.04Rules of Construction.


Unless the context otherwise requires:


		(1)	a term has the meaning assigned to it herein;



		(2)	an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP and all accounting determinations
shall be made in accordance with GAAP;



		(3)	“or” is not exclusive and “including” means “including without limitation”;



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



		(5)	“herein,” “hereof” and “hereunder,” and other words of similar import, refer to this Indenture
as a whole (including any Authorizing Resolution or supplemental indenture relating to the relevant Series) and not to any particular
Article, Section or other subdivision;



		(6)	all exhibits are incorporated by reference herein and expressly made a part of this Indenture; and





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		(7)	any transaction or event shall be considered “permitted by” or made “in accordance with” or “in
compliance with” this Indenture or any particular provision thereof if such transaction or event is not expressly prohibited
by this Indenture or such provision, as the case may be.



Article
Two

THE SECURITIES


Section
2.01Form and Dating.


The aggregate principal amount of Securities
that may be issued under this Base Indenture is unlimited. The Securities may be issued from time to time in one or more Series.
Each Series shall be created by an Authorizing Resolution or a supplemental indenture that establishes the terms of the Series,
which may include the following:


		(1)	the title of the Series;



		(2)	the aggregate principal amount (or any limit on the aggregate principal amount) of the Series and, if any Securities of a Series
are to be issued at a discount from their face amount, the method of computing the accretion of such discount;



		(3)	the interest rate or method of calculation of the interest rate;



		(4)	the date from which interest will accrue;



		(5)	the record dates for interest payable on Securities of the Series;



		(6)	the dates when, places where and manner in which principal and interest are payable;



		(7)	the Registrar and Paying Agent;



		(8)	the terms of any mandatory (including any sinking fund requirements) or optional redemption by the Company;



		(9)	the terms of any redemption at the option of Holders;



		(10)	the permissible denominations in which Securities of such Series are issuable, if different from $2,000 and multiples of $1,000
in excess thereof;



		(11)	whether Securities of such Series will be issued in registered or bearer form and the terms of any such forms of Securities;



		(12)	whether the Securities of the Series shall be issued in whole or in part in the form of a Global Security or Securities, the
terms and conditions, if different from those contained in this Base Indenture, upon which such Global Security or Securities may
be exchanged in whole or in part for Definitive Securities; the Depositary for such Global Security or Securities; the form of
any legend or legends, if any, to be borne by any such Global Security or Securities;



		(13)	the currency or currencies (including any composite currency) in which principal or interest or both may be paid;



		(14)	if payments of principal or interest may be made in a currency other than that in which Securities of such Series are denominated,
the manner for determining such payments, including the time and manner of determining the exchange rate between the currency in
which such Securities are denominated and the currency in which such Securities or any of them may be paid, and any deletions from
or modifications of or additions to the terms of this Indenture to provide for or to facilitate the issuance of Securities denominated
or payable, at the election of the Company or a Holder thereof or otherwise, in a Foreign Currency;





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		(15)	provisions for electronic issuance of Securities or issuance of Securities of such Series in uncertificated form;



		(16)	any Events of Default, covenants and/or defined terms in addition to or in lieu of those set forth in this Base Indenture;



		(17)	whether and upon what terms Securities of such Series may be defeased or discharged if different from the provisions set forth
in this Base Indenture;



		(18)	the form of the Securities of such Series;



		(19)	any terms that may be required by or advisable under applicable law;



		(20)	the percentage of the principal amount of the Securities of such Series which is payable if the maturity of the Securities
of such Series is accelerated in the case of Securities issued at a discount from their face amount;



		(21)	whether Securities of such Series will or will not have the benefit of guarantees and the Company’s Subsidiaries that
will be the initial guarantors of such Series and, if applicable, the terms and conditions upon which such guarantees may be subordinated
to other indebtedness of the respective guarantors;



		(22)	whether the Securities of such Series are senior or subordinated debt securities, and if subordinated debt securities, the
terms of such subordination;



		(23)	whether the Securities of the Series will be convertible into or exchangeable for other Securities, common shares or other
securities of any kind of the Company or another obligor, and, if so, the terms and conditions upon which such Securities will
be so convertible or exchangeable, including the initial conversion or exchange price or rate or the method of calculation, how
and when the conversion price or exchange ratio may be adjusted, whether conversion or exchange is mandatory, at the option of
the holder or at the Company’s option, the conversion or exchange period, and any other provision in relation thereto; and



		(24)	any other terms in addition to or different from those contained in this Base Indenture applicable to such Series.



All Securities of one Series need not be issued
at the same time and, unless otherwise provided, a Series may be reopened for issuances of additional Securities of such Series
pursuant to an Authorizing Resolution, an Officers’ Certificate or in any indenture supplemental hereto.


The creation and issuance of a Series and the
authentication and delivery thereof are not subject to any conditions precedent.


Section
2.02Execution and Authentication.


One Officer shall sign the Securities for the
Company by manual or facsimile signature.


If an Officer whose signature is on a Security
no longer holds that office at the time the Trustee authenticates the Security, the Security shall nevertheless be valid.


A Security shall not be valid until the Trustee
manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security
has been authenticated under this Base Indenture.




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At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication.
Each Security shall be dated the date of its authentication. The Trustee shall authenticate Securities for original issue upon
receipt of, and shall be fully protected in relying upon:


(a)       An
order to the Trustee signed by an Officer of the Company directing the Trustee to authenticate the Securities;


(b)       a
copy of the resolution or resolutions of the Board of Directors in or pursuant to which the terms and form of the Securities were
established, 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 as of the date of such certificate, and if the terms and form of such Securities are established
by an Officers’ Certificate pursuant to general authorization of the Board of Directors, such Officers’ Certificate;


(c)       an
Officers’ Certificate of the Company delivered in accordance with Section 12.04; and


(d)       an
Opinion of Counsel delivered in accordance with Section 12.04.


The Trustee shall have the right to decline to
authenticate and deliver any Securities under this Section if the Trustee, being advised by counsel, determines that such action
may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal
liability to existing Holders.


Section
2.03Registrar and Paying Agent.


The Company shall maintain an office or agency
where Securities may be presented for registration of transfer or where Securities of a Series that are convertible or exchangeable
may be surrendered for conversion or exchange (“Registrar”), an office or agency where Securities may be presented
for payment (“Paying Agent”) and an office or agency where notices and demands to or upon the Company in respect
of the Securities and this Indenture may be served. The Registrar shall keep a register of the Securities and of their transfer
and exchange (the “Security Register”). The Company may have one or more co-Registrars and one or more additional
paying agents. The term “Paying Agent” includes any additional paying agent.


The Company shall enter into an appropriate agency
agreement with any Agent not a party to this Base Indenture. The agreement shall implement the provisions of this Indenture that
relate to such Agent. The Company shall promptly notify the Trustee in writing of the name and address of any such Agent and the
Trustee shall have the right to inspect the Securities Register at all reasonable times to obtain copies thereof, and the Trustee
shall have the right to rely upon such register as to the names and addresses of the Holders and the principal amounts and certificate
numbers thereof. If the Company fails to maintain a Registrar or Paying Agent or fails to give the foregoing notice, the Trustee
shall act as such.


The Company initially appoints the Trustee as
Registrar and Paying Agent.


Section
2.04Paying Agent to Hold Money in Trust.


Each Paying Agent shall hold in trust for the
benefit of Securityholders and the Trustee all money held by the Paying Agent for the payment of principal of or interest on the
Securities, and shall notify the Trustee of any default by the Company in making any such payment. If the Company or a Subsidiary
acts as Paying Agent, it shall segregate the money and hold it as a separate trust fund. The Company at any time may require a
Paying Agent to pay all money held by it to the Trustee. Upon doing so the Paying Agent shall have no further liability for the
money.


Section
2.05Securityholder Lists.


The Trustee shall preserve in as current a form
as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders. If the Trustee
is not the Registrar, the Company shall furnish to the Trustee at least five (5) Business Days before each semiannual interest
payment date and at such other times as the Trustee may request in writing a list in such form and as of such date as the Trustee
may reasonably require of the names and addresses of Securityholders.




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Section
2.06Transfer and Exchange.


Where a Security is presented to the Registrar
or a co-Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements
of Section 8-401(a) of the NYUCC are met and the other provisions of this Section 2.06 are satisfied. Where Securities are
presented to the Registrar or a co-Registrar with a request to exchange them for an equal principal amount of Securities of other
denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit transfers and exchanges,
the Trustee shall authenticate Securities at the Registrar’s request. The Registrar need not transfer or exchange any Security
selected for redemption or repurchase, except the unredeemed or repurchased part thereof if the Security is redeemed or repurchased
in part, or transfer or exchange any Securities for a period of 15 days before a selection of Securities to be redeemed or repurchased.
Any exchange or transfer shall be without charge, except that the Company may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto except in the case of exchanges pursuant to 2.09,
3.06, or 10.05 not involving any transfer.


Any Holder of a Global Security shall, by acceptance
of such Global Security, agree that transfers of beneficial interests in such Global Security may be effected only through a book
entry system maintained by the Holder of such Global Security (or its agent), and that ownership of a beneficial interest in the
Security shall be required to be reflected in a book entry.


Section
2.07Replacement Securities.


If the Holder of a Security claims that the Security
has been lost, destroyed, mutilated or wrongfully taken, the Company shall issue and execute a replacement security and, upon written
request of any Officer of the Company, the Trustee shall authenticate such replacement Security, provided, in the case of
a lost, destroyed or wrongfully taken Security, that the requirements of Section 8-405 of the NYUCC are met. If any such lost,
destroyed, mutilated or wrongfully taken Security shall have matured or shall be about to mature, the Company may, instead of issuing
a substitute Security therefor, pay such Security without requiring (except in the case of a mutilated Security) the surrender
thereof. An indemnity bond must be sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee
and any Agent from any loss which any of them may suffer if a Security is replaced, including the acquisition of such Security
by a bona fide purchaser. The Company and the Trustee may charge for its expenses in replacing a Security.


Section
2.08Outstanding Securities.


Securities outstanding at any time are all Securities
authenticated by the Trustee except for those cancelled by it and those described in this Section. A Security does not cease to
be outstanding because the Company or one of its Affiliates holds the Security.


If a Security is replaced pursuant to Section
2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held by
a “protected purchaser” (as such term is defined in the NYUCC).


If the Paying Agent holds on a redemption date,
purchase date or maturity date money sufficient to pay Securities payable on that date, then on and after that date such Securities
cease to be outstanding and interest on them ceases to accrue.


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


Section
2.09Temporary Securities.


Until definitive Securities are ready for delivery,
the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in
the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without
unreasonable delay, the Company shall prepare and, upon surrender for cancellation of the temporary Security, the Company shall
execute and the Trustee shall authenticate definitive Securities in exchange for temporary Securities. Until so exchanged, the
temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities authenticated
and delivered hereunder.




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Section
2.10Cancellation.


The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Securities surrendered to them
for registration of transfer, exchange, redemption, purchase or payment. The Trustee and no one else shall cancel and dispose of
such cancelled or tendered securities, or retain in accordance with its standard retention policy, all Securities surrendered for
registration of transfer, exchange, redemption, purchase, payment or cancellation. Unless the Authorizing Resolution or supplemental
indenture so provides, the Company may not issue new Securities to replace Securities that it has previously paid or delivered
to the Trustee for cancellation.


Section
2.11Reserved.


Section
2.12Treasury Securities.


In determining whether the Holders of the required
principal amount of Securities of a Series have concurred in any direction, waiver, consent or notice, Securities owned by the
Company or any of its Affiliates shall be considered as though they are not outstanding, except that for the purposes of determining
whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which a Trust Officer
of the Trustee actually knows are so owned shall be so considered.


Section
2.13CUSIP/ISIN Numbers.


The Company in issuing the Securities of any
Series may use a “CUSIP” and/or “ISIN” or other similar number, and if so, the Trustee shall use the CUSIP
and/or ISIN or other similar number in notices of redemption or exchange as a convenience to Holders of such Securities; provided
that no representation is hereby deemed to be made by the Trustee as to the correctness or accuracy of any such CUSIP and/or ISIN
or other similar number printed in the notice or on such Securities, and that reliance may be placed only on the other identification
numbers printed on such Securities. The Company shall promptly notify the Trustee of any change in any CUSIP and/or ISIN or other
similar number.


Section
2.14Deposit of Moneys.


Prior to 11:00 a.m. New York City time on each
interest payment date and maturity date with respect to each Series of Securities, the Company shall have deposited with the Paying
Agent in immediately available funds money in the applicable currency sufficient to make cash payments due on such interest payment
date or maturity date, as the case may be, in a timely manner which permits the Paying Agent to remit payment to the Holders of
such Series on such interest payment date or maturity date, as the case may be.


Section
2.15Reserved.


Section
2.16No Duty to Monitor.


The Trustee shall have no obligation or duty
to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable
law with respect to any transfer of any interest in any Security (including any transfers between or among beneficial owners of
interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements hereof.


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




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Article
Three

REDEMPTION


Section
3.01General.


Securities of a Series that are redeemable prior
to maturity shall be redeemable in accordance with their terms and, unless the Authorizing Resolution or supplemental indenture
provides otherwise, in accordance with this Article Three.


Section
3.02Selection of Securities to be Redeemed.


If fewer than all of the Securities of a Series
are to be redeemed, the Trustee (or depository, as applicable) shall select the Securities to be redeemed pro rata, by lot, or
such other method the Trustee (or depository, as applicable) considers fair and appropriate and in a manner that complies with
applicable requirements of the Depositary. The Trustee (or depository, as applicable) shall make the selection from Securities
outstanding not previously called for redemption and shall promptly notify the Company of the serial numbers or other identifying
attributes of the Securities so selected. The Trustee (or depository, as applicable) may select for redemption portions of the
principal of Securities that have denominations larger than the minimum denomination for the Series. Securities and portions of
them it selects shall be in amounts equal to a permissible denomination for the Series. Provisions of this Indenture that apply
to Securities called for redemption also apply to portions of Securities called for redemption.


Unless otherwise provided in the Authorizing
Resolution or supplemental indenture relating to a Series, if any Security selected for partial redemption is converted into or
exchanged for Common Stock or other securities, cash or other property in part before termination of the conversion or exchange
right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed (so far as
may be) to be the portion selected for redemption. Securities which have been converted or exchanged during a selection of Securities
to be redeemed shall be treated by the Trustee as outstanding for the purpose of such selection.


Section
3.03Reserved.


Section
3.04Reserved.


Section
3.05Deposit of Redemption Price.


On or before the redemption date, the Company
shall deposit with the Paying Agent immediately available funds in the applicable currency sufficient to pay the redemption price
of and accrued interest on all Securities to be redeemed on that date.


Section
3.06Securities Redeemed in Part.


Upon surrender of a Security that is redeemed
in part, the Company shall execute and the Trustee shall authenticate for each Holder a new Security of the same Series equal in
principal amount to the unredeemed portion of the Security surrendered.


Article
Four

COVENANTS


Section
4.01Payment of Securities.


The Company shall pay the principal of and interest
on a Series on the dates, in the currency and in the manner provided in the Securities of the Series. An installment of principal
or interest shall be considered paid on the date it is due if the Paying Agent holds on that date money in the applicable currency
designated for and sufficient to pay the installment.


The Company shall pay interest on overdue principal
at the rate borne by the Series; it shall pay interest on overdue installments of interest at the same rate.




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Section
4.02Maintenance of Office or Agency.


The Company shall maintain the office or agency
required under Section 2.03. The Company shall give prior written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the address of the Trustee.


Section
4.03Compliance Certificate.


The Company shall deliver to the Trustee within
120 days after the end of each fiscal year of the Company an Officers’ Certificate stating whether or not the signers know
of any continuing Default by the Company in performing any of its obligations under this Indenture. If they do know of such a Default,
the certificate shall describe the Default and what action the Company is taking or proposes to take with respect thereto.


Section
4.04Waiver of Stay, Extension or Usury Laws.


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


Section
4.05Fiscal Year.


The Company shall deliver to the Trustee written
notice of the dates of the Company’s fiscal year and any changes thereto.


Article
Five

RESERVED


Article
Six

DEFAULTS AND REMEDIES


Section
6.01Events of Default.


An “Event of Default” on a
Series occurs if, voluntarily or involuntarily, whether by operation of law or otherwise, any of the following occurs:


		(1)	the failure by the Company to pay interest on any Security of such Series when the same becomes due and payable and the continuance
of any such failure for a period of 30 days;



		(2)	the failure by the Company to pay the principal of any Security of such Series when the same becomes due and payable at maturity,
upon acceleration, redemption or otherwise;



		(3)	the failure by the Company to comply with any of its agreements or covenants in, or provisions of, the Securities of such Series
or this Indenture (as they relate thereto) and such failure continues for the period and after the notice specified below (except
in the case of a default with respect to any provision specified in the applicable supplemental indenture or Authorizing Resolution,
which will constitute Events of Default with notice but without passage of time);



		(4)	[reserved];





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



		(A)	commences a voluntary case,



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



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



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



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



		(A)	is for relief against the Company as debtor in an involuntary case,



		(B)	appoints a Custodian of the Company or a Custodian for all or substantially all of the Property of the Company, or



		(C)	orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days.



A Default as described in subclause (3) above
will not be deemed an Event of Default until the Trustee notifies the Company, or the Holders of at least 25 percent in principal
amount of the then outstanding Securities of the applicable Series notify the Company and the Trustee, of the Default and (except
in the case of a default with respect to any provision specified in the applicable supplemental indenture or Authorizing Resolution)
the Company does not cure the Default with respect to subclause (3) within 60 days after receipt of the notice. The notice must
specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” If such a Default
is cured within such time period, it ceases to exist, without any action by the Trustee or any other Person.


The term “Custodian” means
any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.


Section
6.02Acceleration.


If an Event of Default (other than an Event of
Default with respect to the Company resulting from subclause (5) or (6) above), shall have occurred and be continuing
under the Indenture, the Trustee by notice to the Company, or the Holders of at least 25 percent in principal amount of the Securities
of the applicable Series then outstanding by notice to the Company and the Trustee, may declare all Securities of such Series to
be due and payable immediately. Upon such declaration of acceleration, the amounts due and payable on the Securities of such Series
will be due and payable immediately. If an Event of Default with respect to the Company specified in subclauses (5) or (6)
above occurs, all amounts due and payable on the Securities of such Series will ipso facto become and be immediately due and payable
without any declaration, notice or other act on the part of the Trustee and the Company or any Holder.


Holders of a majority in principal amount of
the then outstanding Securities of such Series may rescind an acceleration with respect to such Series and its consequence (except
an acceleration due to nonpayment of principal or interest) if the rescission would not conflict with any judgment or decree and
if all existing Events of Default (other than the non-payment of accelerated principal) have been cured or waived.


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




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Section
6.03Other Remedies.


If an Event of Default on a Series occurs and
is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal
of or interest on the Series or to enforce the performance of any provision in the Securities or this Indenture applicable to the
Series.


The Trustee may maintain a proceeding even if
it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee
or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies
are cumulative.


Section
6.04Waiver of Existing Defaults.


Subject to Section 10.02, the Holders
of a majority in principal amount of the outstanding Securities of a Series on behalf of all the Holders of the Series by notice
to the Trustee may waive an existing Default on such Series and its consequences. When a Default is waived, it is cured and stops
continuing, and any Event of Default arising therefrom shall be deemed to have been cured; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon.


Section
6.05Control by Majority.


The Holders of a majority in principal amount
of the outstanding Securities of a Series may direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee or exercising any trust or power conferred on it with respect to such Series. The Trustee, however, may refuse to
follow any direction (i) that conflicts with law or this Indenture, (ii) that, subject to Section 7.01, the Trustee determines
is unduly prejudicial to the rights of other Securityholders, (iii) that would involve the Trustee in personal liability, if there
shall be reasonable grounds for believing that adequate indemnity against such liability is not assured to it, or (iv) if
the Trustee shall not have been provided with indemnity satisfactory to it.


Section
6.06Limitation on Suits.


A Securityholder of a Series may not pursue any
remedy with respect to this Indenture or the Series unless:


		(1)	the Holder gives to the Trustee written notice of a continuing Event of Default on the Series;



		(2)	the Holders of at least a majority in principal amount of the outstanding Securities of the Series make a written request to
the Trustee to pursue the remedy;



		(3)	such Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense;



		(4)	the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and



		(5)	no written request inconsistent with such written request shall have been given to the Trustee pursuant to this Section
6.06.



A Securityholder may not use this Indenture to
prejudice the rights of another Holder of Securities of the same Series or to obtain a preference or priority over another Holder
of Securities of the same Series (it being understood that the Trustee does not have an affirmative duty to ascertain whether or
not such actions or forbearances by such Holder are unduly prejudicial to another Holder).




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Section
6.07Rights of Holders to Receive Payment.


Notwithstanding any other provision of this Indenture,
the right of any Holder to receive payment of principal of and interest on any Security, on or after the respective due dates expressed
in the Security, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional
and shall not be impaired or affected without the consent of the Holder.


Section
6.08Collection Suit by Trustee.


If an Event of Default in payment of interest
or principal specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its
own name and as trustee of an express trust against the Company for the whole amount of principal and interest remaining unpaid.


Section
6.09Trustee May File Proofs of Claim.


The Trustee may file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for
the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents and counsel) and the Securityholders
allowed in any judicial proceedings relative to the Company or its creditors or Property, and unless prohibited by applicable law
or regulation, may vote on behalf of the Holders in any election of a Custodian, and shall be entitled and empowered to collect
and receive any moneys or other Property payable or deliverable on any such claims and to distribute the same and any Custodian
in any such judicial proceeding is hereby authorized by each Securityholder to make such payments to the Trustee. Nothing herein
shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder
any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder or to authorize
the Trustee to vote in respect of the claim of any Securityholder except as aforesaid for the election of the Custodian.


Section
6.10Priorities.


If the Trustee collects any money pursuant to
this Article with respect to Securities of any Series, it shall pay out the money in the following order:


		First:	to the Trustee for amounts due under Section 7.07;



		Second:	to Securityholders of the Series for amounts due and unpaid on the Series for principal and interest, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Series for principal and interest, respectively; and



		Third:	to the Company or as a court of competent jurisdiction shall direct.



The Trustee may fix a record date and payment
date for any payment to Securityholders pursuant to this Section 6.10.


Section
6.11Undertaking for Costs.


In any suit for the enforcement of any right
or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in
its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party
litigant in the suit, having the due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of
more than 10% in principal amount of the Series.




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Article
Seven

TRUSTEE


Section
7.01Duties of Trustee.


(a)       If
an Event of Default has occurred and is continuing with respect to Securities of any Series, the Trustee shall, prior to the receipt
of directions from the Holders of a majority in principal amount of the Securities of the Series, exercise its rights and powers
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.


(b)       Except
during the continuance of an Event of Default:


(1)       The
Trustee need perform only those duties that are specifically set forth in this Indenture and no others and no implied covenants
or obligations shall be read into this Indenture against the Trustee.


(2)       In
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. The Trustee, however, in the case of certificates or opinions specifically required by any provision hereof to
be furnished to it, shall examine the certificates and opinions to determine whether or not they conform to the requirements of
this Indenture but need not confirm or investigate the accuracy of mathematical calculations or other facts or matters stated therein.


(c)       The
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that:


(1)       This
paragraph does not limit the effect of paragraph (b) of this Section.


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


(3)       The
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05 or any other direction of the Holders permitted hereunder.


(d)       Every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c)
of this Section.


(e)       The
Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any
loss, liability or expense.


(f)       The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree with the Company. Money held
in trust by the Trustee need not be segregated from other funds except to the extent required by law.


(g)       None
of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial
liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable
grounds for believing that the repayment of such funds or adequate indemnity against such liability is not assured to it.


Section
7.02Rights of Trustee.


Subject to Section 7.01:


(a)       The
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any document, resolution, certificate,
instrument, report, or direction believed by it to be genuine and to have been signed or presented by the proper person. The Trustee
need not investigate any fact or matter stated in the document, resolution, certificate, instrument, report, or direction.




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(b)       Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both, which
shall conform to Sections 12.04 and 12.05 hereof and containing such other statements as the Trustee reasonably deems
necessary to perform its duties hereunder. The Trustee shall not be liable for any action it takes or omits to take in good faith
in reliance on the Officers’ Certificate, Opinion of Counsel or any other direction of the Company permitted hereunder.


(c)       The
Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.


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


(e)       The
Trustee may consult with counsel of its selection, and the advice of such counsel or any Opinion of Counsel as to matters of law
shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by it hereunder in
good faith and in accordance with the advice or opinion of such counsel.


(f)       Unless
otherwise specifically provided in the Indenture, any demand, request, direction or notice from the Company shall be sufficient
if signed by an Officer of the Company.


(g)       For
all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Event of Default unless written
notice of any Event of Default is received by the Trustee at its address specified in Section 12.02 hereof and such notice
references the Securities generally, the Company and this Indenture.


(h)       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 security or indemnity satisfactory
to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.


(i)       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, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and
shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.


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


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


(l)       The
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.


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




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Section
7.03Individual Rights of Trustee.


The Trustee in its individual or any other capacity
may become the owner or pledgee of Securities and may otherwise deal with the Company or its affiliates with the same rights it
would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee, however, must comply with Sections
7.10 and 7.11.


Section
7.04Trustee’s Disclaimer.


The Trustee makes no representation as to the
validity or adequacy of this Indenture, the Securities or of any prospectus used to sell the Securities of any Series; it shall
not be accountable for the Company’s use of the proceeds from the Securities; it shall not be accountable for any money paid
to the Company, or upon the Company’s direction, if made under and in accordance with any provision of this Indenture; it
shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee; and it shall
not be responsible for any statement of the Company in this Indenture or in the Securities other than its certificate of authentication.


Section
7.05Notice of Defaults.


If a Default on a Series occurs and is continuing
and if it is known to the Trustee, the Trustee shall deliver to each Securityholder of the Series notice of the Default (which
shall specify any uncured Default known to it) within 90 days after the Trustee obtains such knowledge. Except in the case of a
default in payment of principal of or interest on a Series, the Trustee may withhold the notice if and so long as the board of
directors of the Trustee, the executive or any trust committee of such directors and/or responsible officers of the Trustee in
good faith determine(s) that withholding the notice is in the interests of Holders of the Series.


Section
7.06Reports by Trustee to Holders.


Within 60 days after each May 15 beginning with
the May 15 following the date of this Base Indenture, the Trustee shall mail to each Securityholder a brief report dated as of
such May 15 that complies with TIA § 313(a) (but if no event described in TIA § 313(1) through (8) has occurred within
the twelve months preceding the reporting date no report in relation thereto need be transmitted). The Trustee also shall comply
with TIA § 313(b).


A copy of each report at the time of its mailing
to Securityholders shall be delivered to the Company and filed by the Trustee with the SEC and each national securities exchange
on which the Securities are listed. The Company agrees to notify the Trustee of each national securities exchange on which the
Securities are listed.


Section
7.07Compensation and Indemnity.


The Company shall pay to the Trustee from time
to time reasonable compensation for its services subject to any written agreement between the Trustee and the Company (which compensation
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Company shall
reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable
compensation and expenses of the Trustee’s agents and counsel. The Company shall indemnify the Trustee, its officers, directors,
employees and agents and hold each of them harmless against any loss, liability or expense incurred or made by or on behalf of
it in connection with the administration of this Indenture or the trust hereunder and its duties hereunder including the costs
and expenses of defending itself against or investigating any claim in the premises. The Trustee shall notify the Company promptly
of any claim of which it has received written notice and for which it may seek indemnity. The Company need not reimburse any expense
or indemnify against any loss or liability incurred by the Trustee through the Trustee’s, or its officers’, directors’,
employees’ or agents’ negligence or willful misconduct, as determined by a final and non-appealable order of a court
of competent jurisdiction.




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Unless otherwise provided in any supplemental
indenture or Authorizing Resolution relating to any Series, to ensure the Company’s payment obligations in this Section,
the Trustee shall have a lien and claim prior to the Securities of all Series on all money or Property held or collected by the
Trustee, except that held in trust to pay principal of or interest on particular Securities. When the Trustee incurs expenses or
renders services in connection with an Event of Default specified in Section 6.01 or in connection with Article Six
hereof, the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection
therewith are to constitute expenses of administration under any Bankruptcy Law. This Section 7.07 shall survive the discharge
of the Indenture or the removal or resignation of the Trustee.


Section
7.08Replacement of Trustee.


The Trustee may resign with respect to Securities
of any or all Series by so notifying the Company. The Holders of a majority in principal amount of the outstanding Securities (or
of the relevant Series) may, upon thirty days advance written notice, remove the Trustee by so notifying the removed Trustee in
writing and may appoint a successor trustee with the Company’s consent. Such resignation or removal shall not take effect
until the appointment by the Securityholders of the relevant Series or the Company as hereinafter provided of a successor trustee
and the acceptance of such appointment by such successor trustee. The Company may remove the Trustee and any Securityholder may
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee for any
or no reason, including if:


		(1)	the Trustee fails to comply with Section 7.10 after written request by the Company or any bona fide Securityholder who
has been a Securityholder for at least six months;



		(2)	the Trustee is adjudged a bankrupt or an insolvent;



		(3)	a receiver or other public officer takes charge of the Trustee or its Property; or



		(4)	the Trustee becomes incapable of acting.



If the Trustee resigns or is removed or if a
vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor trustee with respect to
the Securities of the relevant Series. If a successor trustee does not take office within 30 days after the retiring Trustee resigns
or is removed, the retiring Trustee at the expense of the Company, the Company or any Holder may petition any court of competent
jurisdiction for the appointment of a successor trustee.


A successor trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall, upon payment
of its charges hereunder, transfer all Property held by it as Trustee to the successor trustee, the resignation or removal of the
retiring Trustee shall become effective, and the successor trustee shall have all the rights, powers and duties of the Trustee
under this Indenture. A successor trustee shall mail notice of its succession to each Securityholder.


Section
7.09Successor Trustee by Merger, etc.


If the Trustee consolidates with, merges with
or into or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor
corporation without any further act shall be the successor trustee.


Section
7.10Eligibility; Disqualification.


This Indenture shall always have a Trustee who
satisfies the requirements of TIA § 310(a)(1). The Trustee shall have a combined capital and surplus of at least $10,000,000
as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b).




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Section
7.11Preferential Collection of Claims Against Company.


The Trustee shall comply with TIA § 311(a),
excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to
TIA § 311(a) to the extent indicated therein.


Article
Eight

DISCHARGE OF INDENTURE


Section
8.01Defeasance upon Deposit of Moneys or Government Obligations.


(a)       The
Company may, at its option and at any time, elect to have either paragraph (b) or paragraph (c) below be applied
to the outstanding Securities of any Series upon compliance with the applicable conditions set forth in paragraph (d).


(b)       Upon
the Company’s exercise under paragraph (a) of the option applicable to this paragraph (b) with respect to any
Series, the Company shall be deemed to have been released and discharged from its obligations with respect to the outstanding Securities
of the Series on the date the applicable conditions set forth below are satisfied (hereinafter, “Legal Defeasance”).
For this purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness
represented by the outstanding Securities of a Series, which shall thereafter be deemed to be “outstanding” only for
the purposes of the Sections and matters under this Indenture referred to in (i) and (ii) below, and the Company shall be deemed
to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned,
except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of outstanding
Securities of a Series to receive solely from the trust fund described in paragraph (d) below and as more fully set forth
in such paragraph, payments in respect of the principal of and interest on such Securities when such payments are due and (ii)
obligations listed in Section 8.02, subject to compliance with this Section 8.01. The Company may exercise its option
under this paragraph (b) with respect to a Series notwithstanding the prior exercise of its option under paragraph (c)
below with respect to the Securities of the Series.


(c)       Upon
the Company’s exercise under paragraph (a) of the option applicable to this paragraph (c) with respect to a
Series, the Company shall be released and discharged from the obligations under any covenant contained in Articles Four
and Five and any other covenant contained in or referenced in the Authorizing Resolution or supplemental indenture relating
to such Series (to the extent such release and discharge shall not be prohibited thereby), on and after the date the conditions
set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of such Series shall
thereafter be deemed to be not “outstanding” for the purpose of any direction, waiver, consent or declaration or act
of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding”
for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with respect to the outstanding Securities
of a Series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or
by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply
shall not constitute a Default or an Event of Default under Section 6.01(3) or otherwise, but, except as specified above,
the remainder of this Indenture and such Securities shall be unaffected thereby.


(d)       The
following shall be the conditions to application of either paragraph (b) or paragraph (c) above to the outstanding
Securities of the applicable Series:


(1)       The
Company shall have irrevocably deposited in trust with the Trustee (or another qualifying trustee), pursuant to an irrevocable
trust and security agreement in form and substance reasonably satisfactory to the Trustee, money in the currency in which the Securities
of such Series are payable or Government Obligations or a combination thereof in such amounts and at such times as are sufficient,
in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of and interest on the outstanding
Securities of such Series to maturity or redemption; provided, however, that the Trustee (or other qualifying trustee)
shall have received an irrevocable written order from the Company instructing the Trustee (or other qualifying trustee) to apply
such money or the proceeds of such Government Obligations to said payments with respect to the Securities of such Series to maturity
or redemption;




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(2)       No
Default or Event of Default (other than a Default or Event of Default resulting from non-compliance with any covenant from which
the Company is released upon effectiveness of such Legal Defeasance or Covenant Defeasance pursuant to paragraph (b) or
(c) hereof, as applicable) shall have occurred and be continuing on the date of such deposit or result therefrom;


(3)       Such
deposit will not result in a breach or violation of, or constitute a default under, any other material instrument or agreement
to which the Company is a party or by which it or any of their Property is bound;


(4)       (i)
In the event the Company elects paragraph (b) hereof, the Company shall deliver to the Trustee an Opinion of Counsel in
the United States, to the effect that (A) the Company has received from, or there has been published by, the Internal Revenue Service
a ruling or (B) since the Issue Date pertaining to such Series, there has been a change in the applicable federal income tax law,
in either case to the effect that, and based thereon such Opinion of Counsel shall state that, or (ii) in the event the Company
elects paragraph (c) hereof, the Company shall deliver to the Trustee an Opinion of Counsel in the United States, to the
effect that, in the case of clauses (i) and (ii), and subject to customary assumptions and exclusions, 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 the defeasance contemplated hereby and will be subject to federal income tax in the same amounts and in the same manner and
at the same times as would have been the case if such deposit and defeasance had not occurred;


(5)       The
Company shall have delivered to the Trustee an Officers’ Certificate, stating that the deposit under clause (1) was
not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of
the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; and


(6)       The
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent specified herein relating to the defeasance contemplated by this Section 8.01 have been complied with.


In the event all or any portion of the Securities
of a Series are to be redeemed through such irrevocable trust, the Company must make arrangements with the Trustee, at the time
of such deposit, for the giving of the notice of such redemption or redemptions by the Trustee in the name and at the expense of
the Company.


(e)       In
addition to the Company’s rights above under this Section 8.01, the Company may terminate all of its obligations under
this Indenture with respect to a Series, when:


(1)       All
Securities of such Series theretofore authenticated and delivered (other than Securities which have been destroyed, lost or stolen
and which have been replaced or paid as provided in Section 2.07 and Securities for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
such trust) have been delivered to the Trustee for cancellation or all such Securities not theretofore delivered to the Trustee
for cancellation (A) have become due and payable, (B) will become due and payable at maturity within one year or (C) are to be
called for redemption within one year under arrangements made with the Trustee for the giving of notice of redemption by the Trustee
in the name, and at the expense, of the Company, and in each such case, the Company has irrevocably deposited or caused to be deposited
with the Trustee (or another qualifying trustee) as trust funds in trust solely for that purpose an amount of money in the currency
in which the Securities of such Series are payable or Government Obligations or a combination thereof sufficient, in the opinion
of a nationally recognized firm of independent public accountants, to pay and discharge the entire indebtedness on the Securities
of such Series not theretofore delivered to the Trustee for cancellation, for principal of and interest on the Securities of such
Series, on the date of such deposit or to the maturity or redemption date, as the case may be;


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




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(3)       The
Company has delivered irrevocable instructions to the Trustee (or such other qualifying trustee), to apply the deposited money
toward the payment of the Securities of such Series at maturity or redemption, as the case may be; and


(4)       The
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, stating that all conditions precedent
specified in this Section 8.01(e) relating to the satisfaction and discharge of this Indenture have been complied with.


Section
8.02Survival of the Company’s Obligations.


Notwithstanding the satisfaction and discharge
of this Indenture under Section 8.01, the Company’s obligations in Sections 2.03 through 2.07, 4.01,
7.07, 7.08, 8.04 and 8.05, however, shall survive until the Securities of an applicable Series are
no longer outstanding. Thereafter, the Company’s obligations in Paragraph 8 of the Securities of such Series and Sections
7.02, 7.07, 8.04 and 8.05 shall survive (as they relate to such Series) such satisfaction and discharge.


Section
8.03Application of Trust Money.


The Trustee shall hold in trust money or Government
Obligations deposited with it pursuant to Section 8.01. It shall apply the deposited money and the money from Government
Obligations in accordance with this Indenture to the payment of principal of and interest on the Securities of the defeased Series.


Section
8.04Repayment to the Company.


The Trustee and the Paying Agent shall promptly
pay to the Company upon request any excess money or securities held by them at any time. The Trustee and the Paying Agent shall
pay to the Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two
years, provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once in a newspaper of general circulation in the City of New York or send
to each such Holder notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such publication or mailing, any unclaimed balance of such money then remaining will be repaid to
the Company. After payment to the Company, Securityholders entitled to the money must look to the Company for payment as general
creditors unless applicable abandoned property law designates another person and all liability of the Trustee or such Paying Agent
with respect to such money shall cease.


Section
8.05Reinstatement.


If the Trustee is unable to apply any money or
Government Obligations in accordance with Section 8.01 by reason of any legal proceeding or by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations
under this Indenture and the Securities relating to the Series shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.01 until such time as the Trustee is permitted to apply all such money or Government Obligations in
accordance with Section 8.01; provided, however, that (a) if the Company has made any payment of interest
on or principal of any Securities of the Series because of the reinstatement of its obligations hereunder, the Company shall be
subrogated to the rights of the Holders of such Securities to receive such payment from the money or Government Obligations held
by the Trustee and (b) unless otherwise required by any legal proceeding or any order or judgment of any court or governmental
authority, the Trustee shall return all such money or Government Obligations to the Company promptly after receiving a written
request therefor at any time, if such reinstatement of the Company’s obligations has occurred and continues to be in effect.




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Article
Nine

RESERVED


Article
Ten

AMENDMENTS, SUPPLEMENTS AND WAIVERS


Section
10.01Without Consent of Holders.


The Company and the Trustee may amend or supplement
this Indenture or the Securities of a Series without notice to or consent of any Securityholder of such Series:


		(1)	to cure any ambiguity, omission, defect or inconsistency;



		(2)	to comply with Article Five;



		(3)	to provide that specific provisions of this Indenture shall not apply to a Series not previously issued or to make a change
to specific provisions of this Indenture that only applies to any Series not previously issued or to additional Securities of a
Series not previously issued;



		(4)	to create a Series and establish its terms;



		(5)	to provide for uncertificated Securities in addition to or in place of certificated Securities;



		(6)	to release a guarantor in respect of any Series which, in accordance with the terms of this Indenture applicable to the particular
Series, ceases to be liable in respect of its guarantee;



		(7)	to add a guarantor in respect of any Series;



		(8)	to secure any Series;



		(9)	to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;



		(10)	to make any other change that does not adversely affect the rights of Securityholders; and



		(11)	to conform the provisions of the Indenture to the final prospectus supplement, offering memorandum or similar offering document
in respect of any Series.



After an amendment under this Section 10.01
becomes effective, the Company shall deliver notice of such amendment to the Securityholders.


Section
10.02With Consent of Holders.


The Company and the Trustee may amend or supplement
this Indenture or the Securities of a Series without notice to any Securityholder of such Series but with the written consent of
the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by the amendment (including
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities of such Series). Each such
Series shall vote as a separate class. The Holders of a majority in principal amount of the outstanding Securities of any Series
may waive compliance by the Company with any provision of the Securities of such Series or of this Indenture relating to such Series
without notice to any Securityholder (including any waiver granted in connection with a purchase of, or tender offer or exchange
offer for, Securities of such Series). Without the consent of each Holder of a Security affected thereby, however, an amendment,
supplement or waiver, including a waiver pursuant to Section 6.04, may not:




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(1)       reduce
the amount of Securities of the relevant Series whose Holders must consent to an amendment, supplement or waiver;


(2)       reduce
the rate of or extend the time for payment of interest, including defaulted interest, on any Security;


(3)       reduce
the principal of or extend the fixed maturity of any Security or alter the provisions (including related definitions) with respect
to redemption of any Security pursuant to Article Three hereof or with respect to any obligations on the part of the Company
to offer to purchase or to redeem Securities of a Series pursuant to the Authorizing Resolution or supplemental indenture pertaining
to such Series (it being understood that only the consent of the Holders of a majority of the principal amount of the applicable
Series of Securities will be required in connection with the waiver or modification of any obligation by the Company to make an
offer to purchase the Securities of such Series as a result of a change of control prior to the occurrence of a change of control);


(4)       make
any change that adversely affects any right of a Holder to convert or exchange any Security into or for shares of the Company’s
common stock or other securities, cash or other property in accordance with the terms of such Security;


(5)       modify
the ranking or priority of the Securities of the relevant Series or any guarantee thereof;


(6)       release
any guarantor of any Series from any of its obligations under its guarantee or this Indenture otherwise than in accordance with
the terms of this Indenture;


(7)       make
any change in Sections 6.04, 6.07 or this Section 10.02;


(8)       waive
a continuing Default or Event of Default in the payment of the principal of or interest on any Security; or


(9)       make
any Security payable at a place or in money other than that stated in the Security, or impair the right of any Securityholder to
bring suit as permitted by Section 6.07.


An amendment of a provision included solely for
the benefit of one or more Series does not affect the interests of Securityholders of any other Series.


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


Section
10.03Compliance with Trust Indenture Act.


Every amendment to or supplement of this Indenture
or any Securities shall comply with the TIA as then in effect.


Section
10.04Revocation and Effect of Consents.


A consent to an amendment, supplement or waiver
by a Holder shall bind 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. Unless otherwise provided
in the consent or the consent solicitation statement or other document describing the terms of the consent, any Holder or subsequent
Holder may revoke the consent as to its Security or portion of a Security. Any revocation of a consent by the Holder of a Security
or any such subsequent Holder shall be effective only if the Trustee receives the notice of revocation before the date on which
the Trustee receives an Officers’ Certificate from the Company certifying that the requisite number of consents have been
received.




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The Company may, but shall not be obligated to,
fix a record date for the purpose of determining the Holders of Securities of any Series entitled to consent to any amendment,
supplement or waiver, which record date shall be at least 10 days prior to the first solicitation of such consent. If a record
date is fixed, and if Holders otherwise have a right to revoke their consent under the consent or the consent solicitation statement
or other document describing the terms of the consent, then notwithstanding the second to last sentence 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 revoke any consent previously given, whether or not such Persons continue to be Holders after such record date.
No such consent shall be valid or effective for more than 90 days after such record date.


An amendment, supplement or waiver with respect
to a Series becomes effective upon the (i) receipt by the Company or the Trustee of the requisite consents, (ii) satisfaction of
any conditions to effectiveness as set forth in this Indenture or any indenture supplemental hereto containing such amendment,
supplement or waiver and (iii) execution of such amendment, supplement or waiver (or the related supplemental indenture) by the
Company and the Trustee. After an amendment, supplement or waiver with respect to a Series becomes effective, it shall bind every
Holder of such Series, unless it makes a change described in any of clauses (1) through (9) of Section 10.02,
in which case, the amendment, supplement or waiver shall bind a Holder of a Security who is affected thereby only if it has consented
to such amendment, supplement or waiver and every subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder’s Security; provided that no such waiver shall impair or affect the right of any Holder
to receive payment of principal of and interest on a Security, on or after the respective due dates expressed in such Security,
or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder.


Section
10.05Notation on or Exchange of Securities.


If an amendment, supplement or waiver changes
the terms of a Security, the Company may require the Holder of the Security to deliver it to the Trustee, at which time the Trustee
shall place an appropriate notation on the Security about the changed terms and return it to the Holder. Alternatively, if the
Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a
new Security that reflects the changed terms.


Section
10.06Trustee to Sign Amendments, etc.


Subject to Section 7.02(b), the Trustee
shall sign any amendment, supplement or waiver authorized pursuant to this Article if the amendment, supplement or waiver does
not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign
it. In signing or refusing to sign such amendment or supplemental indenture, the Trustee shall be provided with and shall be fully
protected in relying upon, an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that such amendment,
supplement or waiver is authorized or permitted by this Indenture, and (solely with respect to such Opinion of Counsel) that it
will be valid and binding upon the Company and enforceable in accordance with its terms.


Article
Eleven

SECURITIES IN FOREIGN CURRENCIES


Section
11.01Applicability of Article.


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




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Article
Twelve

MISCELLANEOUS


Section
12.01Trust Indenture Act Controls.


If any provision of this Indenture limits, qualifies
or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall
control.


Section
12.02Notices.


Any order, consent, notice or communication shall
be sufficiently given if in writing and delivered in person or mailed by first class mail, postage prepaid, or delivered by commercial
courier service, addressed as follows:


if to the Company:


Eros International PLC

550 County Avenue

Secaucus, New Jersey 07094

Attention: Chief Financial Officer


if to the Trustee:


 


Wilmington Savings Fund Society, FSB,


Global Trustee, Agency and Bankruptcy Services


500 Delaware Avenue, 11th Floor


Wilmington, DE 19801


Attn.: Geoffrey J. Lewis


Telephone: 302-573-3218


Facsimile: 302-421-9137


Email: glewis@wsfsbank.com


 


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


Any notice or communication mailed to a Securityholder
shall be mailed to him by first class mail, or delivered by commercial courier service, at his address as it appears on the registration
books of the Registrar, or, in the case of Global Securities sent electronically in accordance with the procedures of the Depositary,
and shall be sufficiently given to him if so sent within the time prescribed.


Failure to send a notice or communication to
a Securityholder or any defect in it shall not affect its sufficiency with respect to other Securityholders. If a notice or communication
is sent in the manner provided above, it is duly given, whether or not the addressee receives it except that notice to the Trustee
shall only be effective upon receipt thereof by the Trustee.


If the Company sends notice or communications
to the Securityholders, it shall send a copy to the Trustee at the same time.


In addition to the foregoing, the Trustee agrees
to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission
or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions
by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding
of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly
or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict
or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks
arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation
the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.




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Notwithstanding any other provision of this Indenture
or any Security, where this Indenture or any Security provides for notice of any event to a Holder of a Global Security (whether
by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing
instructions from the Depositary or its designee.


Section
12.03Communications by Holders with Other Holders.


Securityholders may communicate pursuant to TIA
§ 312(b) with other Securityholders with respect to their rights under this Indenture or the Securities. The Company, the
Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).


Section
12.04Certificate and Opinion as to Conditions Precedent.


Upon any request or application by the Company
to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:


		(1)	an Officers’ Certificate (which shall include the statements set forth in Section 12.05) stating that, in the
opinion of the signers (who may rely upon an Opinion of Counsel with respect to matters of law), all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with; and



		(2)	an Opinion of Counsel (which shall include the statements set forth in Section 12.05) stating that, in the opinion of
such counsel (who may rely upon an Officers’ Certificate or certificates of public officials as to matters of fact), all
such conditions precedent and covenants, compliance with which constitutes a condition precedent, if any, provided for in this
Indenture relating to the proposed action or inaction, have been complied with.



Section
12.05Statements Required in Certificate or Opinion.


Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include:


		(1)	a statement that the person making such certificate or opinion has read such covenant or condition;



		(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 such person, he has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been complied with; and



		(4)	a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.



Section
12.06Rules by Trustee and Agents.


The Trustee may make reasonable rules for action
by or a meeting of Securityholders. The Registrar or Paying Agent may make reasonable rules for its functions.


Section
12.07Legal Holidays.


A “Legal Holiday” is a Saturday,
a Sunday, a legal holiday or a day on which banking institutions in New York, New York or in the place of payment are not required
to be open. If a payment date is a Legal Holiday, payment may be made on the next succeeding day that is not a Legal Holiday, and
no interest shall accrue for the intervening period. If this Indenture provides for a time period that ends or requires performance
of any non-payment obligation by a day that is not a Business Day, then such time period shall instead be deemed to end on, and
such obligation shall instead be performed by, the next succeeding Business Day. A “Business Day” is any day
other than a Legal Holiday.




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Section
12.08Governing Law.


The laws of the State of New York shall govern
this Indenture and the Securities of each Series.


Section
12.09No Adverse Interpretation of Other Agreements.


This Indenture may not be used to interpret another
indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture.


Section
12.10No Recourse Against Others.


A director, officer, employee or stockholder,
as such, of the Company shall not have any liability for any obligations of the Company under the Securities of any Series or the
Indenture or for any claim based on, in respect of or by reason of, such obligations 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 issue of the Securities.
The waiver may not be effective to waive liabilities under the federal securities laws.


Section
12.11Successors and Assigns.


All covenants and agreements of the Company in
this Indenture and the Securities shall bind its successors and assigns. All agreements of the Trustee in this Indenture shall
bind its successors and assigns.


Section
12.12Duplicate Originals.


The parties may sign any number of copies of
this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. Signatures of the
parties hereto transmitted by facsimile or other electronic transmission shall be deemed to be their original signatures for all
purposes.


Section
12.13Severability.


In case any one or more of the provisions contained
in this Indenture or in the Securities of a Series shall for any reason be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities.


Section
12.14Waiver of Jury Trial.


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




    -27- 


     

    


SIGNATURES


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


EROS INTERNATIONAL PLC


By: _______________________________________

Name:

Title:


 


WILMINGTON SAVINGS FUND SOCIETY, FSB, as Trustee


By: _______________________________________

Name:

Title: