EXHIBIT 4.4


 


FORM OF INDENTURE


 


 





 


AVID BIOSERVICES, INC.


 


Issuer


 


AND


 


 


 


 


as Trustee


 


 


INDENTURE


 


Dated as of , 20


 


 


Debt Securities


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 






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CROSS-REFERENCE TABLE(1)


 


	
    SECTION OF

    TRUST INDENTURE

    ACT OF 1939, AS AMENDED
	 	
     

    SECTION(S) OF

    INDENTURE

	310(a)	 	7.9
	310(b)	 	7.8
	311(a)	 	7.13
	311(b)	 	7.13
	312(a)	 	5.1, 5.2(a)
	312(b)	 	5.2(b)
	312(c)	 	5.2(c)
	313(a)	 	5.4
	313(b)	 	5.4
	313(c)	 	5.4
	313(d)	 	5.4
	314(a)	 	5.3, 14.12
	314(c)	 	14.7(a)
	314(e)	 	14.7(b)
	315(a)	 	7.1
	315(b)	 	7.14
	315(c)	 	7.1
	315(d)	 	7.1
	315(e)	 	6.7
	316(a)	 	6.6, 8.4
	316(b)	 	6.4
	316(c)	 	8.1
	317(a)	 	6.2
	317(b)	 	4.2
	318(a)	 	14.9


 


	(1)	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.


 


 


 


 


 






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TABLE OF CONTENTS


 


	 	 	Page
	 	 
	ARTICLE I DEFINITIONS	 
	Section 1.1	Definitions of Terms	1
	Section 1.2	Incorporation by Reference of Trust Indenture Act	4
	 	 
	ARTICLE II ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	 
	Section 2.1	Designation and Terms of Securities	5
	Section 2.2	Form of Securities and Trustee’s Certificate	7
	Section 2.3	Denominations; Provisions for Payment	7
	Section 2.4	Execution and Authentication	8
	Section 2.5	Registration of Transfer and Exchange	9
	Section 2.6	Temporary Securities	9
	Section 2.7	Mutilated, Destroyed, Lost or Stolen Securities	10
	Section 2.8	Cancellation	10
	Section 2.9	Benefits of Indenture	11
	Section 2.10	Authenticating Agent	11
	Section 2.11	Global Securities	11
	Section 2.12	CUSIP and ISIN Numbers	12
	 	 
	ARTICLE III REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	 
	Section 3.1	Redemption	12
	Section 3.2	Notice of Redemption	12
	Section 3.3	Payment Upon Redemption	13
	Section 3.4	Sinking Fund	14
	Section 3.5	Satisfaction of Sinking Fund Payments with Securities	14
	Section 3.6	Redemption of Securities for Sinking Fund	14
	 	 
	ARTICLE IV COVENANTS	 
	Section 4.1	Payment of Principal, Premium and Interest	14
	Section 4.2	Paying Agent and Security Registrar	15
	Section 4.3	Appointment to Fill Vacancy in Office of Trustee	16
	Section 4.4	Compliance with Consolidation Provisions	16
	 	 	 
	ARTICLE V SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	 
	Section 5.1	Company to Furnish Trustee Names and Addresses of Securityholders	16
	Section 5.2	Preservation of Information; Communications With Securityholders	16
	Section 5.3	Reports by the Company	17
	Section 5.4	Reports by the Trustee	17



 


 


 






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	ARTICLE VI REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	 
	Section 6.1	Events of Default	17
	Section 6.2	Collection of Indebtedness and Suits for Enforcement by Trustee	19
	Section 6.3	Application of Moneys Collected	20
	Section 6.4	Limitation on Suits	20
	Section 6.5	Rights and Remedies Cumulative; Delay or Omission Not Waiver	21
	Section 6.6	Control by Securityholders	21
	Section 6.7	Undertaking to Pay Costs	21
	 	 
	ARTICLE VII CONCERNING THE TRUSTEE	 
	Section 7.1	Certain Duties and Responsibilities of Trustee	22
	Section 7.2	Certain Rights of Trustee	22
	Section 7.3	Trustee Not Responsible for Recitals or Issuance or Securities	24
	Section 7.4	May Hold Securities and Otherwise Deal With the Company	24
	Section 7.5	Moneys Held in Trust	24
	Section 7.6	Compensation and Reimbursement	24
	Section 7.7	Reliance on Officer’s Certificate	25
	Section 7.8	Disqualification; Conflicting Interests	25
	Section 7.9	Corporate Trustee Required; Eligibility	25
	Section 7.10	Resignation and Removal; Appointment of Successor	26
	Section 7.11	Acceptance of Appointment By Successor	26
	Section 7.12	Merger, Conversion, Consolidation or Succession to Business.	27
	Section 7.13	Preferential Collection of Claims Against the Company	28
	Section 7.14	Notice of Default	28
	Section 7.15	Limitation of Liability	28
	 	 
	ARTICLE VIII CONCERNING THE SECURITYHOLDERS	 
	Section 8.1	Evidence of Action by Securityholders	28
	Section 8.2	Proof of Execution by Securityholders	29
	Section 8.3	Who May be Deemed Owners	29
	Section 8.4	Certain Securities Owned by Company Disregarded	29
	Section 8.5	Actions Binding on Future Securityholders	29
	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	 
	Section 9.1	Supplemental Indentures Without the Consent of Securityholders	30
	Section 9.2	Supplemental Indentures With the Consent of Securityholders	31
	Section 9.3	Effect of Supplemental Indentures	32
	Section 9.4	Securities Affected by Supplemental Indentures	32
	Section 9.5	Execution of Supplemental Indentures	32
	 	 
	ARTICLE X SUCCESSOR ENTITY	 
	Section 10.1	Company May Consolidate, Etc.	32
	Section 10.2	Successor Entity Substituted	33
	Section 10.3	Evidence of Consolidation, Etc. to Trustee	33



 


 


 






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	ARTICLE XI SATISFACTION AND DISCHARGE	 
	Section 11.1	Satisfaction and Discharge of Indenture	33
	Section 11.2	Application of Trust Money	34
	 	 
	ARTICLE XII LEGAL DEFEASANCE AND COVENANT DEFEASANCE	 
	Section 12.1	Option to Effect Legal Defeasance or Covenant Defeasance	35
	Section 12.2	Legal Defeasance and Discharge	35
	Section 12.3	Covenant Defeasance	35
	Section 12.4	Conditions to Legal or Covenant Defeasance	36
	Section 12.5	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	36
	Section 12.6	Repayment to Company	37
	Section 12.7	Reinstatement	37
	 	 
	ARTICLE XIIIIMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	 
	Section 13.1	No Recourse	38
	 	 
	ARTICLE XIV MISCELLANEOUS PROVISIONS	 
	Section 14.1	Effect on Successors and Assigns	38
	Section 14.2	Actions by Successor	38
	Section 14.3	Surrender of Company Powers	38
	Section 14.4	Notices	38
	Section 14.5	Governing Law/Waiver of Jury Trial	38
	Section 14.6	Treatment of Securities as Debt	39
	Section 14.7	Compliance Certificates and Opinions	39
	 Section 14.8	Payments on Business Days	39
	Section 14.9	Conflict with Trust Indenture Act	39
	Section 14.10	Counterparts	39
	Section 14.11	Severability	40
	Section 14.12	Compliance Certificates	40
	Section 14.13	USA Patriot Act	40
	Section 14.14	Consent to Jurisdiction and Service	40
	Section 14.15	Force Majeure	40


 


 


 


 






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INDENTURE


 


INDENTURE, dated as of ,
20 , among Avid Bioservices, Inc., a Delaware corporation (the “Company”), and ________________________________, a
national banking association organized under the laws of the United States, as trustee (the “Trustee”):


 


WHEREAS, for its lawful corporate
purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of debt securities
(hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to
time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the Trustee;


 


WHEREAS, to provide the terms
and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution
of this Indenture; and


 


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


 


NOW, THEREFORE, in consideration
of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal
and ratable benefit of the holders of Securities:


 


ARTICLE I


DEFINITIONS


 


SECTION 1.1DEFINITIONS OF TERMS.


 


The terms defined in this Section (except as in
this Indenture or any Board Resolution or indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires)
for all purposes of this Indenture and of any Board Resolution or indenture supplemental hereto shall have the respective meanings specified
in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust
Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act (except as herein or any Board Resolution
or indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned
to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument.


 


“Authenticating Agent” means
an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10.


 


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


 


“Authorized Officer,” when
used with respect to the Company, means the Chairman of the Board of Directors, the Co-Chief Executive Officers, the President, the Chief
Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Executive
Vice President or Senior Vice President of the Company.


 


“Bankruptcy Law” means Title
11, U.S. Code, 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 of such Board.


 


“Board Resolution” means a
copy of one or more resolutions certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors, or such committee of the Board of Directors or officers of the Company to which authority to act on behalf of the Board
of Directors has been delegated, and to be in full force and effect on the date of such certification, and to be delivered to the Trustee.


 


 


 






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“Business Day” means, with
respect to any series of Securities, any day other than a day on which federal or state banking institutions in the Borough of Manhattan,
the City and State of New York, are authorized or obligated by law, executive order or regulation to close.


 


“Code” means the Internal Revenue
Code of 1986, as amended.


 


“Commission” means the Securities
and Exchange Commission.


 


“Company” means Avid Bioservices,
Inc, a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the provisions of Article X, shall
also include its successors and assigns. 


 


“Company Request” and “Company
Order” means a written request or order signed in the name of the Company by one or more Authorized Officers of the Company,
and delivered to the Trustee.


 


“Corporate Trust Office” means
the principal office of the Trustee at which, at any particular time, this Indenture shall be administered, which office at the date hereof
is located at ; Attention: . With respect to presentation for transfer or exchange, conversions or principal payment, such address shall
be ; Attention: , or such other address as the Trustee may designate from time to time by written notice to the Securityholders and the
Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate
from time to time by written notice to the Securityholders and the Company).


 


“Covenant Defeasance” shall
have the meaning set forth in Section 12.3.


 


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


 


“Default” means any event,
act or condition that with notice or lapse of time, or both, would constitute an Event of Default.


 


“Depositary” means, with respect
to Securities of any series for which the Company shall determine that such Securities will be issued as a Global Security, The Depository
Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or
other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.1 or 2.11.


 


“Event of Default” means, with
respect to Securities of a particular series, any event specified in Section 6.1, continued for the period of time, if any, therein designated.


 


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


 


“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 this Indenture, which shall be registered in the name of the Depositary or
its nominee.


 


“Governmental Obligations”
means securities that are (a) direct obligations of the U.S. for the payment of which its full faith and credit is pledged or (b) obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the U.S., the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the U.S. that, in either case, are not callable or redeemable at the option of the
issuer thereof, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as
custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental
Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however, 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 Governmental Obligation or the specific payment of principal of or interest on the
Governmental Obligation evidenced by such depositary receipt.


 


 


 






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


 


“Indenture” means this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more Board Resolutions or one or more indentures
supplemental hereto entered into in accordance with the terms hereof.


 


“Interest Payment Date,” when
used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in
a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest
with respect to Securities of that series is due and payable.


 


“Legal Defeasance” shall have
the meaning set forth in Section 12.2.


 


“Officer’s Certificate”
means a certificate signed by an Authorized Officer of the Company that is delivered to the Trustee in accordance with the terms hereof.
Each such certificate shall include the statements provided for in Section 14.7, if and to the extent required by the provisions thereof.
An Officer’s Certificate given pursuant to Section 14.12 shall be signed by the principal executive, financial or accounting officer
of the Company but need not contain the statements provided for in Section 14.7.


 


“Opinion of Counsel” means
an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that is
delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 14.7,
if and to the extent required by the provisions thereof.


 


“Outstanding,” when used with
reference to Securities of any series, means, subject to the provisions of Section 8.4, as of any particular time, all Securities of that
series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the
Trustee, or delivered to the Trustee or any Paying Agent for cancellation or that have previously been canceled; (b) Securities or portions
thereof for the payment or redemption of which cash or Governmental Obligations in the necessary amount shall have been irrevocably deposited
in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the
Company (if the Company shall act as its own Paying Agent); provided, however, that if such Securities or portions of such Securities
are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as in Article III provided, or provision
satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other
Securities shall have been authenticated and delivered pursuant to the terms of Section 2.7, unless the Trustee and the Company receive
proof satisfactory to them that the replaced Security is held by a protected purchaser.


 


“Paying Agent” shall have the
meaning set forth in Section 4.2(a).


 


“Person” means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company
or government or other entity, and includes any syndicate or group that would be deemed to be a “person” under Section 13(d)(3)
of the Exchange Act.


 


“Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security;
and, for the purposes of this definition, any Security authenticated and delivered under Section 2.7 in lieu of a lost, destroyed or stolen
Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.


 


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


 


“Securities” shall have the
meaning set forth in the recitals to this Indenture.


 


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


 


 


 






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“Securityholder,” “holder
of Securities,” “registered holder,” or other similar term, means the Person or Persons in whose name or
names a particular Security shall be registered on the Security Register in accordance with the terms of this Indenture.


 


“Security Register” shall have
the meaning set forth in Section 4.2(a).


 


“Security Registrar” shall
have the meaning set forth in Section 4.2(a).


 


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


 


“Subsidiary” means, with respect
to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned, directly or indirectly,
by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general partnership,
joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests shall at the time be owned
by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited partnership
of which such Person or any of its Subsidiaries is a general partner.


 


“Trustee” means , and, subject
to the provisions of Article VII, shall also include its successors and assigns, and, if at any time there is more than one Person acting
in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to
a particular series of the Securities shall mean the trustee with respect to that series.


 


“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended.


 


“Trust Officer” means any officer
of the Trustee with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate
trust matter hereunder, any other officer of the Trustee to whom such matter is referred because of his or her knowledge of and familiarity
with the particular subject.


 


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


 


“U.S.” means the United States
of America.


 


“USA Patriot Act” shall have
the meaning set forth in Section 14.13.


 


“Voting Stock,” as applied
to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such
Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares,
interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.


 


SECTION 1.2INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.


 


Whenever this Indenture refers to a provision
of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture.


 


All Trust Indenture Act terms used in this Indenture
that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by Commission rule
have the meanings assigned to them by such definitions.


 


 


 






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ARTICLE II


ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION


AND EXCHANGE OF SECURITIES


 


SECTION 2.1DESIGNATION AND TERMS OF SECURITIES.


 


The aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series up to the aggregate
principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or
more indentures supplemental hereto. Prior to the initial issuance of Securities of any series, there shall be established in or pursuant
to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto:


 


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


 


(2)               
the principal amount of the Securities being offered and any limit upon the aggregate principal amount of the Securities of that
series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Securities of that series);


 


(3)               
the date or dates on which the principal of the Securities of the series is payable, any original issue discount that may apply
to the Securities of that series upon their issuance, the principal amount due at maturity, and the place(s) of payment;


 


(4)               
the rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates,
if any, and whether the rate(s) are fixed or variable;


 


(5)               
the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the
manner of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders
to whom interest is payable on any such Interest Payment Dates or the manner of determination of such record dates;


 


(6)               
the right, if any, to extend the interest payment periods and the duration of such extension;


 


(7)               
the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series
may be redeemed, in whole or in part, at the option of the Company;


 


(8)               
the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory redemption,
or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder
thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of the
series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;


 


(9)               
the terms of the subordination of any series of subordinated debt;


 


(10)            
the form of the Securities of the series including the form of the certificate of authentication for such series;


 


(11)            
if other than minimum denominations of two thousand U.S. dollars ($2,000) or any integral multiple of one thousand U.S. dollars
($1,000) in excess thereof, the minimum denominations and multiples in excess thereof in which the Securities of the series shall be issuable;


 


(12)            
whether the Securities are issuable as a Global Security and, in such case, the terms and the identity of the Depositary for such
series;


 


(13)            
whether the Securities will be convertible into or exchangeable for shares of common stock or other securities of the Company or
any other Person or other securities and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable,
including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional
(at the Company’s option or the holders’ option) conversion or exchange features, and the applicable conversion or exchange
period;


 


 


 






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(14)            
if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.1;


 


(15)            
any additional or different Events of Default or restrictive covenants (which may but shall not be required to include, among other
restrictions, restrictions on the Company’s ability or the ability of the Company’s Subsidiaries to: incur additional indebtedness;
issue additional securities; create liens; pay dividends or make distributions in respect of their capital stock; redeem capital stock;
in the case of such Subsidiaries, pay dividends, make distributions or transfer assets; make investments or other restricted payments;
sell or otherwise dispose of assets; enter into sale leaseback transactions; engage in transactions with stockholders and affiliates;
issue or sell stock of the Company’s Subsidiaries; or effect a consolidation or merger) or financial covenants (which may include,
among other financial covenants, financial covenants that require the Company and its Subsidiaries to maintain specified interest coverage,
fixed charge, cash flow-based, asset-based or other financial ratios) provided for with respect to the Securities of the series;


 


(16)            
if other than U.S. dollars, the coin or currency in which the Securities of the series are denominated (including, but not limited
to, foreign currency);


 


(17)            
the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any,
and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal
tax purposes, and the terms and conditions, if any, relating to the Company’s ability to redeem such Securities if the Company is
required to pay such additional amounts;


 


(18)            
a discussion of any material U.S. federal income tax considerations applicable to the Securities of the series;


 


(19)            
any restrictions on transfer, sale or assignment of the Securities of the series;


 


(20)            
the terms, if any, relating to any auction or remarketing of the Securities of the series and any security for the obligations
of the Company with respect to such Securities;


 


(21)            
whether the Securities of the series are secured or unsecured, and if the Securities are secured, the terms of the secured Securities;


 


(22)            
information describing any book-entry features;


 


(23)            
the identity of any guarantors and the terms of the guarantees; and


 


(24)            
any and all other terms with respect to the series (which terms shall not be inconsistent with the terms of this Indenture, as
amended by any Board Resolution or supplemental indenture, but which may modify or delete any provisions of this Indenture insofar as
it applies to such series), including any terms which may be required by or advisable under the laws of the U.S. or regulations thereunder
or advisable (as determined by the Company) in connection with the marketing of Securities of that series.


 


All Securities of any one series shall be substantially
identical except as to denomination and except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures
supplemental hereto.


 


If any of the terms of the series are established
by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the
secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate
of the Company setting forth the terms of the series.


 


Securities of any particular series may be issued
at various times, with different dates on which the principal or any installment of principal is payable, with different rates of interest,
if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable
and with different redemption dates. A series may be reopened for issuances of additional Securities of such series or to establish additional
terms of such Securities.


 


 


 






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SECTION 2.2FORM OF SECURITIES AND TRUSTEE’S CERTIFICATE.


 


The Securities of any series and the Trustee’s
certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more
indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have
such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved
thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to
comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on
which Securities of that series may be listed, or to conform to usage.


 


SECTION 2.3DENOMINATIONS; PROVISIONS FOR PAYMENT.


 


The Securities shall be issuable as registered
Securities and in the minimum denomination of two thousand U.S. dollars ($2,000) or any integral multiple of one thousand U.S. dollars
($1,000) in excess thereof, subject to Section 2.1(11). The Securities of a particular series shall bear interest payable on the dates
and at the rate specified with respect to that series. The principal of and the interest on the Securities of any series, as well as any
premium thereon, shall be payable in the coin or currency of the U.S. that at the time is legal tender for public and private debt, at
the office or agency of the Company maintained for that purpose in the United States, which shall initially be an office or agency of
the Trustee. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of
a 360-day year composed of twelve 30-day months. Presentment and surrender of the Securities is required for final payment thereon.


 


The interest installment on any Security that
is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the
Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record
date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption
and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment
Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.3.


 


Any interest on any Security that is payable,
but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having
been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause (2) below:


 


(1)               
The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which
shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to
be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory
to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit
of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for
the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment
and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the
Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of
such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid (or, in the case of Securities
held in book-entry form, by electronic transmission), to each Securityholder at his or her address as it appears in the Security Register
(as hereinafter defined), not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest
and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names
such Securities (or their respective Predecessor Securities) are registered on such special record date.


 


 


 






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


 


Unless otherwise set forth in a Board Resolution
or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.1 hereof, the term
“regular record date” as used in this Section with respect to a series of Securities and any Interest Payment Date
for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established
for such series pursuant to Section 2.1 hereof shall occur, if such Interest Payment Date is the first day of a month, or the last day
of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof
shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.  


 


Subject to the foregoing provisions of this Section
and Sections 2.5 and 2.11, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in lieu of
any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other
Security.


 


SECTION 2.4EXECUTION AND AUTHENTICATION.


 


The Securities shall be signed on behalf of the
Company by an Authorized Officer and, to the extent necessary, under its corporate seal. Signatures may be in the form of a manual or
facsimile signature.


 


The Company may use the facsimile signature of
any Person who shall have been an Authorized Officer thereof, notwithstanding the fact that at the time the Securities shall be authenticated
and delivered or disposed of such Person shall have ceased to be such an officer of the Company. To the extent a Company seal is necessary,
the Company seal may be in the form of a facsimile of such seal and may be impressed, affixed, imprinted or otherwise reproduced on the
Securities. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security
shall be dated the date of its authentication by the Trustee.


 


A Security shall not be valid until authenticated
manually by an authorized signatory of the Trustee. Such signature shall be conclusive evidence that the Security so authenticated has
been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from
time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company
to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, signed by an
Authorized Officer, and the Trustee in accordance with such Company Order shall authenticate and deliver such Securities.


 


In authenticating such Securities and accepting
the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive, and (subject to Section
7.1) shall be fully protected in conclusively relying upon, an Opinion of Counsel stating that the form and terms thereof have been established
in conformity with the provisions of this Indenture.


 


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


 


 


 






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SECTION 2.5REGISTRATION OF TRANSFER AND EXCHANGE.


 


(a)                
Securities of any series may be exchanged upon presentation thereof at the office of the Security Registrar, for other Securities
of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax
or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange,
the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or
Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously
outstanding.


 







(b)               
Upon surrender for transfer of any Security at the office of the Security Registrar, the Company shall execute, the Trustee shall
authenticate and the Security Registrar shall deliver in the name of the transferee or transferees a new Security or Securities of the
same series as the Security presented for a like aggregate principal amount.


 


All Securities presented or surrendered for exchange
or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar)
by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the
registered holder or by such holder’s duly authorized attorney in writing.


 


(c)                
Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or
established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration
of transfer of Securities, or issue of new Securities in case of partial repurchase or redemption of any series, but the Company and the
Trustee may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges
pursuant to Section 2.6, Section 3.3(b) and Section 9.4 not involving any transfer.


 


(d)               
The Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at
the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of
the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities
of any series or portion thereof called for redemption, other than the unredeemed portion of any such Securities being redeemed in part.


 


(e)                
Successive registrations and registrations of transfers and exchanges as aforesaid may be made from time to time as desired, and
each such registration shall be noted on the register for the Securities.


 


(f)                 
The Security Registrar shall provide to the Trustee such information as the Trustee may reasonably require in connection with the
delivery by such Security Registrar of Securities upon transfer or exchange of Securities.


 


(g)               
The provisions of this Section 2.5 are, with respect to any Global Security, subject to Section 2.11 hereof.


 


(h)               
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 Depositary participants or 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.


 


(i)                 
Neither the Trustee nor any agent shall have any responsibility or liability for any actions taken or not taken by the Depositary.


 


SECTION 2.6 TEMPORARY SECURITIES.


 


Pending the preparation of definitive Securities
of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed or
typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities
in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities, all
as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the
Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities of such series.
Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary
Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the office of the Security Registrar,
and the Trustee shall authenticate and the Security Registrar shall deliver in exchange for such temporary Securities an equal aggregate
principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities
need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary Securities of such series
shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder.


 


 


 






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SECTION 2.7MUTILATED, DESTROYED, LOST OR STOLEN SECURITIES.


 


In case any temporary or definitive Security shall
become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon a Company
Request, the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed,
lost or stolen. In every case, the requirements of Section 8-405 of the Uniform Commercial Code shall be met and the applicant for a substituted
Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless,
and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction
of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such
substituted Security and deliver the same upon the delivery of a Company Order. Upon the issuance of any substituted Security, the Company
may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Trustee) connected therewith.


 


In case any Security that has matured or is about
to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize
the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall
furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction,
loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the
ownership thereof.


 


Every replacement Security issued pursuant to
the provisions of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed,
lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and
owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding
any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments
or other securities without their surrender.


 


SECTION 2.8 CANCELLATION.


 


All Securities surrendered for the purpose of
payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any Paying Agent, be delivered to the
Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof
except as expressly required or permitted by any of the provisions of this Indenture. On the delivery of a Company Order at the time of
such surrender, the Trustee shall cancel Securities held by the Trustee in accordance with its standard procedures and applicable law
and provide confirmation to the Company of such cancellation if requested by the Company. In the absence of such request, the Trustee
may dispose of canceled Securities in accordance with its standard procedures and deliver evidence of cancellation to the Company. If
the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction
of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.


 


 


 


 






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SECTION 2.9 BENEFITS OF INDENTURE.


 


Nothing in this Indenture or in the Securities,
express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities
any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein
contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders of the Securities.


 







SECTION 2.10 AUTHENTICATING AGENT.


 


So long as any of the Securities of any series
remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee shall have the right
to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued
upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the
authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each
Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently
reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business
to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or
examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these
provisions, it shall resign immediately.


 


Any Authenticating Agent may at any time resign
by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon a Company Request shall)
terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company.
Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating
Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested
with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.


 


SECTION 2.11GLOBAL SECURITIES.


 


(a)                
If the Company shall establish pursuant to Section 2.1 that the Securities of a particular series are to be issued as a Global
Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.4, authenticate and deliver, a Global Security
that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Securities
of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the
Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to the following effect: “Except
as otherwise provided in Section 2.11 of this Indenture, this Security may be transferred, in whole but not in part, only to another nominee
of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”


 


(b)               
Notwithstanding the provisions of Section 2.5, the Global Security of a series may be transferred, in whole but not in part and
in the manner provided in Section 2.5, only to another nominee of the Depositary for such series, or to a successor Depositary for such
series selected or approved by the Company or to a nominee of such successor Depositary. Nothing in this Section 2.11(b) shall prohibit
or render ineffective any transfer of a beneficial interest in a Global Security effected in accordance with the other provisions of this
Indenture.


 


 


 






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(c)                
If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as
Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the
Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred
and is continuing and the Company has received a request from the Depositary, this Section 2.11 shall no longer be applicable to the Securities
of such series and the Company will execute, and subject to Section 2.4, the Trustee will authenticate and deliver the Securities of such
series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal
amount of the Global Security of such series in exchange for such Global Security. In addition, the Company may at any time determine
that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall
no longer apply to the Securities of such series. In such event the Company will execute and, subject to Section 2.4, the Trustee, upon
receipt of an Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of
such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to
the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security
for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled
by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c)
shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in whose names
such Securities are so registered.


 







SECTION 2.12CUSIP AND ISIN NUMBERS.


 


The Company, in issuing the Securities, shall
use CUSIP and ISIN numbers for such Securities (if then generally in use). The Trustee shall use CUSIP and ISIN numbers in notices of
redemption as a convenience to holders; provided, however, that neither the Company nor the Trustee shall have any responsibility for
any defect in the CUSIP or ISIN number that appears on any Security, check, advice of payment or redemption notice, and any such notice
may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in
any notice of redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing
in the event of any change in the CUSIP or ISIN numbers.


 


ARTICLE III


REDEMPTION OF SECURITIES AND


SINKING FUND PROVISIONS


 


SECTION 3.1REDEMPTION.


 


The Company may redeem the Securities of any series
issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to Section 2.1 hereof. The
provisions of this Article III may be modified, amended or replaced, in part or in their entirety, with Securities of any series, by an
Officer’s Certificate pursuant to a Board Resolution or one or more indentures supplemental hereto, in each case in accordance with
Section 2.1 hereof.


 


SECTION 3.2 NOTICE OF REDEMPTION.


 


(a)                
In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any
series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.1 hereof, the Company shall, or shall
cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first class
postage prepaid (or, in the case of Securities held in book-entry form, by electronic transmission), a notice of such redemption not less
than 30 days and not more than 60 days (except in accordance with Articles XI and XII) before the date fixed for redemption of that series
to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified in the Securities
to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether
or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any series
designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption
of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the
Trustee with an Officer’s Certificate evidencing compliance with any such restriction.


 


 


 






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Each such notice of redemption shall specify the
date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment
of the redemption price of such Securities to be redeemed will be made at the office or agency of the Paying Agent or as otherwise established
in a Board Resolution or an indenture supplemental hereto, upon presentation and surrender of such Securities, that interest accrued to
the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and
that the redemption is from a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice
to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed.


 







In case any Security is to be redeemed in part
only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed, and shall state
that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount
equal to the unredeemed portion thereof will be issued.


 


(b)               
If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice
(unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal
amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, (i) if the Securities are in the form of Global
Securities, in accordance with the procedures of the Depositary, or (ii) if the Securities are not in the form of Global Securities, by
lot, a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such
Securities of a denomination larger than $2,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing
of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery
of instructions signed on its behalf by an Authorized Officer, instruct the Trustee or any Paying Agent to call all or any part of the
Securities of a particular series for redemption and to give notice of redemption in the manner set forth in this Section, such notice
to be in the name of the Company or its own name as the Trustee or such Paying Agent may deem advisable. In any case in which notice of
redemption is to be given by the Trustee or any such Paying Agent, the Company shall deliver or cause to be delivered to, or permit to
remain with, the Trustee or such Paying Agent, as the case may be, such Security Register, transfer books or other records, or suitable
copies or extracts therefrom, sufficient to enable the Trustee or such Paying Agent to give any notice by mail that may be required under
the provisions of this Section.


 


SECTION 3.3PAYMENT UPON REDEMPTION.


 


(a)                
If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of
the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at
the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions
of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such
redemption price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities
on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed
at the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the
date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered
holder at the close of business on the applicable record date pursuant to Section 2.3).


 


(b)               
Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee
shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the
Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security
so presented.


 


 


 






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SECTION 3.4SINKING FUND.


 


If Securities of a series provide for a sinking
fund as contemplated by Section 2.1, the provisions of this Section 3.4 and Sections 3.5 and 3.6 shall be applicable to any sinking fund
for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.1 for Securities of such series.


 


The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,”
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional
sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment
may be subject to reduction as provided in Section 3.5. Each sinking fund payment shall be applied to the redemption of Securities of
any series as provided for by the terms of Securities of such series.


 


SECTION 3.5SATISFACTION OF SINKING FUND
PAYMENTS WITH SECURITIES.


 


The Company (i) may deliver Outstanding Securities
of a series and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant
to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to
be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities have not been
previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified
in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.


 







SECTION 3.6REDEMPTION OF SECURITIES FOR
SINKING FUND.


 


Not less than 45 days prior
to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company
will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series
pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that
series pursuant to Section 3.5 and the basis for such credit and will, together with such Officer’s Certificate, deliver to the
Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.2. Such notice having been duly
given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.3.


 


ARTICLE IV


COVENANTS


 


SECTION 4.1PAYMENT OF PRINCIPAL, PREMIUM
AND INTEREST.


 


The Company will duly and punctually pay or cause
to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner
provided herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided
herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to the address of the Securityholder entitled
thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer
to be made only to a Securityholder of an aggregate principal amount of Securities of the applicable series in excess of U.S. $2,000,000
and only if such Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment
date). Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities
by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register,
or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an aggregate principal
amount of Securities of the applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished wire instructions
in writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date).


 


 


 






    	 	14	 



     


    

 


SECTION 4.2PAYING AGENT AND SECURITY REGISTRAR.


 


(a)                
So long as any series of the Securities remain Outstanding, the Company shall maintain an office or agency where Securities may
be presented for registration of transfer or for exchange (“Security Registrar”), an office or agency where Securities
may be presented for payment (“Paying Agent”) and an office or agency where notices to or upon the Company in respect
of the Securities and this Indenture may be served. The Security Registrar shall keep a register for the recordation of, and shall record,
the names and addresses of holders of the Securities, the Securities held by each holder and the transfer and exchange of Securities (the
“Security Register”). The entries in the Security Register shall be conclusive, and the parties may treat each Person
whose name is recorded in the Security Register pursuant to the terms hereof as a holder hereunder for all purposes of this Indenture.
The Company may have one or more co-Security Registrars and one or more additional Paying Agents.


 


The Company hereby initially designates the Trustee
as Paying Agent and Security Registrar, and the Corporate Trust Office shall be considered as one such office or agency of the Company
for each of the aforesaid purposes, such designation to continue with respect to such office or agency until the Company shall, by written
notice signed by an Authorized Officer and delivered to the Trustee, designate some other office or agency for such purposes or any of
them.


 







(b)               
The Company shall enter into an appropriate agency agreement with any Security Registrar, Paying Agent, or co-registrar not a party
to this Indenture, which shall incorporate the terms of the Trust Indenture Act. The agreement shall implement the provisions of this
Indenture that relate to such agent. The Company shall notify the Trustee in writing of the name and address of any such agent. If the
Company fails to maintain a Security Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation
therefor. The Company and any of its Subsidiaries may act as Paying Agent, Security Registrar or co-registrar.


 


(c)                
If the Company shall appoint one or more Paying Agents for all or any series of the Securities, other than the Trustee, the Company
will cause each such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section:


 


(1)               
that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the
Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust
for the benefit of the Persons entitled thereto;


 


(2)               
that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment
of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;


 


(3)               
that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent; and


 


(4)               
that it will perform all other duties of Paying Agent as set forth in this Indenture.


 


(d)               
If the Company shall act as its own Paying Agent with respect to any series of the Securities, it will on or before each due date
of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit
of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities
of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the
Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall
have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any)
or interest on any Securities of that series, deposit with the Paying Agent a sum sufficient to pay the principal (and premium, if any)
or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest,
and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act.


 


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


 


 


 






    	 	15	 



     


    

 


SECTION 4.3APPOINTMENT TO FILL VACANCY
IN OFFICE OF TRUSTEE.


 


The Company, whenever necessary to avoid or fill
a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times
be a Trustee hereunder.


 


SECTION 4.4COMPLIANCE WITH CONSOLIDATION
PROVISIONS.


 


The Company will not, while any of the Securities
remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction,
or sell or convey all or substantially all of its property to any other Person unless the provisions of Article X hereof are complied
with.


 







ARTICLE V


SECURITYHOLDERS’ LISTS AND REPORTS BY


THE COMPANY AND THE TRUSTEE


 


SECTION 5.1COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF
SECURITYHOLDERS.


 


The Company will furnish or cause to be furnished
to the Trustee (a) on each regular record date (as defined in Section 2.3) a list, in such form as the Trustee may reasonably require,
of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall
not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent
list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such
list is furnished; provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall
be the Security Registrar.


 


SECTION 5.2PRESERVATION OF INFORMATION; COMMUNICATIONS WITH
SECURITYHOLDERS.


 


(a)                
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 the Securityholders of each series of Securities and shall otherwise comply with Section 312(a) of the Trust Indenture
Act. If the Trustee is not the Security Registrar, the Company shall furnish to the Trustee at least ten (10) days before each interest
payment date with respect to any series of Securities 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 the Securityholders of such series of Securities,
which list may be conclusively relied upon by the Trustee.


 


(b)               
Securityholders of any series may communicate pursuant to Section 312(b) of the Trust Indenture Act with other Securityholders
of that series or any other series with respect to their rights under this Indenture or the Securities of that series or any other series.


 


(c)                
The Company, the Trustee, the Security Registrar and any other Person shall have the protection of Section 312(c) of the Trust
Indenture Act.


 


 


 






    	 	16	 



     


    

 


SECTION 5.3 REPORTS BY THE COMPANY.


 


(a)                
So long as any Security is Outstanding, the Company shall furnish a copy to the Trustee, within 15 days after the Company files
the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions
of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company files with the Commission
pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to the Trustee
any materials for which the Company has sought and received confidential treatment by the Commission; and provided further, so long as
such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR),
such filings shall be deemed to have been furnished to the Trustee for purposes of this Section 5.3 without any further action required
by the Company. The Trustee shall have no obligation whatsoever to determine whether or not such filings have been made.


 


(b)               
Delivery of such reports, information and documents to the Trustee shall be for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of the covenants contained in this Indenture (as to which the Trustee is entitled
to conclusively rely upon an Officer’s Certificate).


 







SECTION 5.4REPORTS BY THE TRUSTEE.


 


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


 


(b)               
The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.


 


(c)                
A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company,
with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to
notify the Trustee when any Securities become listed on any securities exchange.


 


ARTICLE VI


REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS


ON EVENT OF DEFAULT


 


SECTION 6.1EVENTS OF DEFAULT.


 


(a)                
Whenever used herein with respect to Securities of a particular series, unless otherwise specified in a Board Resolution or in
an indenture supplemental hereto, “Event of Default” means any one or more of the following events that has occurred
and is continuing:


 


(1)               
the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same
shall become due and payable, and such default continues for a period of 30 days; provided, however, that a valid extension of an interest
payment period by the Company in accordance with the terms of any Board Resolution or indenture supplemental hereto shall not constitute
a default in the payment of interest for this purpose;


 


 


 






    	 	17	 



     


    

 


(2)               
the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when
the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by
any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such
Securities in accordance with the terms of any Board Resolution or indenture supplemental hereto shall not constitute a default in the
payment of principal or premium, if any;


 


(3)               
the Company defaults in the performance or breach of its covenants or agreements with respect to that series contained in this
Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.1 hereof (other than a covenant or
agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such
series) for a period of 90 consecutive days after the date on which written notice of such failure, requiring the same to be remedied
and stating that such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee,
by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities
of that series at the time Outstanding;


 


(4)               
the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry
of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property or (iv) makes a general assignment for the benefit of its creditors;


 


(5)               
a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company,
and the order or decree remains unstayed and in effect for 60 consecutive days; or


 







(6)               
certain other specified events, as may be provided for in a Board Resolution or in a supplemental indenture.


 


(b)               
In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal
of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25%
in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to
the Trustee if given by such Securityholders), may, and the Trustee at the request of the holders of not less than 25% in aggregate principal
amount of the Securities of that series then outstanding hereunder shall, declare the principal of (and premium, if any, on) and accrued
and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall
become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal
of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any
declaration or other act on the part of the Trustee or the holders of the Securities.


 


(c)                
At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall
have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or
entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding
hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company
has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series
and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration
(with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon
overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit)
and the amount payable to the Trustee under Section 7.6, and (ii) any and all Events of Default under this Indenture with respect to such
series, other than the nonpayment of principal of (and premium, if any, on) and accrued and unpaid interest on Securities of that series
that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.6.


 


 


 






    	 	18	 



     


    

 


No such rescission and annulment shall extend
to or shall affect any subsequent default or impair any right consequent thereon.


 


(d)               
In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and
such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have
been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and
the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the
Company and the Trustee shall continue as though no such proceedings had been taken.


 


SECTION 6.2COLLECTION OF INDEBTEDNESS AND
SUITS FOR ENFORCEMENT BY TRUSTEE.


 


(a)                
The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities
of a series, and such default shall have continued for a period of 30 days, or (ii) in case it shall default in the payment of the principal
of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of
the Securities of a series or upon redemption or upon declaration or otherwise, or in any payment required by any sinking or analogous
fund established with respect to that series as and when the same shall have become due and payable, then, upon demand of the Trustee,
the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall
have been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be,
with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable
law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under
Section 7.6.


 







(b)               
If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express
trust, shall be entitled and empowered to institute any action or proceeding at law or in equity for the collection of the sums so due
and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree
against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the
manner provided by law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever situated.


 


(c)                
In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial
proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take
any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such
proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the
holders of Securities of such series allowed for the entire amount due and payable by the Company under this Indenture at the date of
institution of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect
and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the
amount payable to the Trustee under Section 7.6; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized
by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent
to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.6.


 


(d)               
All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities
of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial
or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee
of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.6,
be for the ratable benefit of the holders of the Securities of such series.


 


In case of an Event of Default hereunder, the
Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise,
whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted
in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.


 


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


 


 


 






    	 	19	 



     


    

 


SECTION 6.3APPLICATION OF MONEYS COLLECTED.


 


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


 


FIRST: To the payment of reasonable
costs and expenses of collection and of all amounts payable to the Trustee under Section 7.6;


 


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


 


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


 


The Trustee may fix a record date and payment
date for any payment to holders pursuant to this Section 6.3. At least 15 days before such record date, the Company shall mail to each
holder and the Trustee a notice that states the record date, the payment date and the amount to be paid.


 







SECTION 6.4LIMITATION ON SUITS.


 


No holder of any Security of any series shall
have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at
law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof
with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less
than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee
to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such holder or holders shall have offered to
the Trustee such indemnity reasonably satisfactory to it against the costs, losses, expenses and liabilities to be incurred therein or
thereby; (iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute
any such action, suit or proceeding and (v) during such 60 day period, the holders of a majority in principal amount of the Securities
of that series do not give the Trustee a direction inconsistent with the request.


 


Notwithstanding anything contained herein to the
contrary or any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal of (and
premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or
in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective
dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it
is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker
and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by
virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such
Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture,
except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series (it being
understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial
to such holders). For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee
shall be entitled to such relief as can be given either at law or in equity.


 


 


 






    	 	20	 



     


    

 


SECTION 6.5RIGHTS AND REMEDIES CUMULATIVE;
DELAY OR OMISSION NOT WAIVER.


 


(a)                
Except as otherwise provided in Section 2.7, all powers and remedies given by this Article VI to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee
or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established with respect to such Securities.


 


(b)               
No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any
Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any
such default or an acquiescence therein; and, subject to the provisions of Section 6.4, every power and remedy given by this Article VI
or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the
Trustee or by the Securityholders.


 


SECTION 6.6CONTROL BY SECURITYHOLDERS.


 


The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.4, shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
on the Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of law or with
this Indenture. Subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if
the Trustee in good faith shall, by a Trust Officer or officers of the Trustee, determine that the proceeding so directed, subject to
the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial
to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any
series at the time Outstanding affected thereby, determined in accordance with Section 8.4, may on behalf of the holders of all of the
Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to
Section 2.1 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any,
or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than
by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and
any premium has been deposited with the Trustee (in accordance with Section 6.1(c)), which requires the consent of each holder affected
by such waiver. Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the
Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.


 







SECTION 6.7UNDERTAKING TO PAY COSTS.


 


All parties to this Indenture agree, and each
holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant
in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions
of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders,
holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder
for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the
respective due dates expressed in such Security or established pursuant to this Indenture.


 


 


 






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ARTICLE VII


CONCERNING THE TRUSTEE


 


SECTION 7.1CERTAIN DUTIES AND RESPONSIBILITIES
OF TRUSTEE.


 


(a)                
The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of
all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to
the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants
shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred
(that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of his or her own affairs. Except during the continuance of an Event of Default with respect to
the Securities of a series, in the absence of bad faith on its part, the Trustee may with respect to the Securities of such series conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations
or other facts stated therein).


 


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


 


(i)                 
this subsection (b) shall not be construed to limit the effect of subsection (a) of this Section;


 


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


 







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


 


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


 


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


 


SECTION 7.2CERTAIN RIGHTS OF TRUSTEE.


 


Except as otherwise provided in Section 7.1:


 


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


 


 


 






    	 	22	 



     


    

 


(b)               
Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or
an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is
specifically prescribed herein);


 


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


 


(d)               
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request,
order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have
offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, losses, expenses and liabilities that may
be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of
an Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities
of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise,
as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs;


 


(e)                
The Trustee shall not be liable for any action taken or omitted to be taken 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;


 


(f)                 
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested
in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series
affected thereby (determined as provided in Section 8.4), and, if so requested, except as otherwise prohibited by applicable law or as
would reasonably be expected to violate or result in the loss or impairment of any attorney-client or work product privilege, the Trustee
shall be entitled to examine the books, records, and premises of the Company, personally or by agent, or attorney, and it shall incur
no liability or additional liability of any kind by reason of such inquiry or investigation; provided, however, that the Company shall
not be required to provide access or furnish information in the event of any litigation involving this Indenture or the Securities except
pursuant to applicable rules of discovery; and provided, further, that if the payment within a reasonable time to the Trustee of the costs,
expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably
assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against
such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by
the Company or, if paid by the Trustee, shall be repaid by the Company upon demand;


 







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


 


(h)               
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;


 


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


 


(j)                 
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;


 


(k)               
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;


 


 


 






    	 	23	 



     


    

 


(l)                 
The Trustee shall not be liable for the acts or omissions of any other agent of the Company, and may assume performance by any
such agent of its duties, absent written notice or actual knowledge to the contrary; and


 


(m)              
The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or
duty to do so.


 


SECTION 7.3TRUSTEE NOT RESPONSIBLE FOR
RECITALS OR ISSUANCE OR SECURITIES.


 


(a)                
The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same.


 


(b)               
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.


 


(c)                
The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such
Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or
established pursuant to Section 2.1, or for the use or application of any moneys received by any Paying Agent other than the Trustee.


 


SECTION 7.4MAY HOLD SECURITIES AND OTHERWISE
DEAL WITH THE COMPANY.


 


Subject to the Trust Indenture Act, the Trustee,
the Security Registrar, any Paying Agent or any other agent of the Company, in its individual or any other capacity, may buy, own, hold,
sell and become the pledgee of any of the Securities or any other evidences of indebtedness or other securities, whether heretofore or
hereafter created or issued, of the Company or any Subsidiary or Affiliate of the Company with the same rights it would have if it were
not Trustee, Security Registrar, Paying Agent or such other agent; and the Trustee may engage or be interested in any financial or other
transaction with the Company or any Subsidiary or Affiliate of the Company, including, without limitation, secured and unsecured loans
to the Company or any Subsidiary or Affiliate of the Company; and may maintain any and all other general banking and business relations
with the Company and any Subsidiary or Affiliate of the Company with like effect and in the same manner and to the same extent as if the
Trustee were not a party to this Indenture; and no implied covenant shall be read into this Indenture against the Trustee in respect of
any such matters.


 







SECTION 7.5MONEYS HELD IN TRUST.


 


Subject to the provisions of Sections 11.2, 12.5,
12.6 and 12.7, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for
which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under
no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon.


 


SECTION 7.6COMPENSATION AND REIMBURSEMENT.


 


(a)                
The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such compensation (which shall not
be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee may
from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company
will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of
its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance as may arise from its negligence
or willful misconduct and except as the Company and Trustee may from time to time agree in writing. The Company also covenants to indemnify
the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, costs, damages, liability
or expense incurred without negligence or willful misconduct on the part of the Trustee (as determined by a court of competent jurisdiction
in a final and non-appealable judgment) and arising out of or in connection with the acceptance or administration of this trust, including
the reasonable costs and expenses of defending itself against any claim of liability in the premises.


 


 


 






    	 	24	 



     


    

 


(b)               
To secure the Company’s payment obligations in this Section 7.6, the Trustee shall have a lien prior to the Securities of
any series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular
Securities of such series.


 


When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.1(a)(4) or 6.1(a)(5) occurs, the expenses and the compensation for the services are intended
to constitute expenses of administration under any Bankruptcy Law.


 


The provisions of this Section 7.6 shall survive
the resignation or removal of the Trustee and the termination or satisfaction of this Indenture.


 


SECTION 7.7RELIANCE ON OFFICER’S
CERTIFICATE.


 


Except as otherwise provided in Section 7.1, whenever
in the administration of the provisions of this Indenture the Trustee shall deem it reasonably necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect
thereof be herein specifically prescribed) may, in the absence of negligence or willful misconduct on the part of the Trustee, be deemed
to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee and such certificate, in the absence
of negligence or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or
omitted to be taken by it under the provisions of this Indenture upon the faith thereof.


 


SECTION 7.8DISQUALIFICATION; CONFLICTING
INTERESTS.


 


If the Trustee has or shall acquire any “conflicting
interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply
with the provisions of Section 310(b) of the Trust Indenture Act.


 







SECTION 7.9CORPORATE TRUSTEE REQUIRED;
ELIGIBILITY.


 


There shall at all times be
a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under
the laws of the U.S. or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act
as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having (or, in the case of a subsidiary of
a bank holding company, its bank holding company parent shall have) a combined capital and surplus of at least one hundred million U.S.
dollars ($100,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority.


 


If
such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other
Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company
may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee.
In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 7.10.


 


 


 






    	 	25	 



     


    

 


SECTION 7.10RESIGNATION AND REMOVAL; APPOINTMENT
OF SUCCESSOR.


 


(a)                
The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by
giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid (or, in the
case of Securities held in book-entry form, by electronic transmission), to the Securityholders of such series, as their names and addresses
appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with
respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been
so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may at
the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities
of such series, or the holders of at least 10% in the aggregate principal amount of Outstanding Securities may petition any such court
for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint
a successor trustee.


 


(b)               
In case at any time any one of the following shall occur:


 


(i)                 
the Trustee shall fail to comply with the provisions of Section 7.8 after written request therefor by the Company or by any Securityholder
who has been a bona fide holder of a Security or Securities for at least six months; or


 


(ii)               
the Trustee shall cease to be eligible in accordance with the provisions of Section 7.9 and shall fail to resign after written
request therefor by the Company or by any such Securityholder; or


 


(iii)             
the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy
proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge
or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;


 


then, in any such case, the Company may remove
the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the
Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or
any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and
all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor
trustee.


 







(c)                
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may, upon 30 days’
notice, remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee
for such series with the consent of the Company.


 


(d)               
Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant
to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in
Section 7.11.


 


(e)                
Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series
or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.


 


SECTION 7.11ACCEPTANCE OF APPOINTMENT BY
SUCCESSOR.


 


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


 


 


 






    	 	26	 



     


    

 


(b)               
In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series,
the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver
an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain such provisions
as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee
relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring
shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee
and that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided
therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor
trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations
vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee
shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property
and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such
successor trustee relates.


 


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


 


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


 


(e)                
Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession
of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security
Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be transmitted at the expense of the Company.


 







SECTION 7.12MERGER, CONVERSION, CONSOLIDATION
OR SUCCESSION TO BUSINESS.


 


Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee
(including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder, provided that
such corporation shall be qualified under the provisions of Section 7.8 and eligible under the provisions of Section 7.9, without the
execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities.


 


 


 






    	 	27	 



     


    

 


SECTION 7.13PREFERENTIAL COLLECTION OF
CLAIMS AGAINST THE COMPANY.


 


The Trustee shall comply with Section 311(a) of
the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has
resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.


 


SECTION 7.14NOTICE OF DEFAULT.


 


If any Default or any Event of Default occurs
and is continuing and if the Trustee has notice of such Default or Event of Default, the Trustee shall mail to each Securityholder in
the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Default or Event of Default within 90
days after it occurs (or, the Trustee does not have notice of such Default or Event of Default until after that time, 15 days after the
Trustee has notice of such Default or Event of Default), unless such Default or Event of Default has been cured; provided, however, that,
except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee shall
be protected in withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice is
in the interest of the Securityholders.


 


SECTION 7.15LIMITATION OF LIABILITY


 


The Trustee is entering into
this Indenture and the other documents contemplated hereby and related hereto to which it is a party solely in its capacity as trustee
under the Indenture and not in its individual capacity (except as expressly stated herein) and in no case shall the Trustee (or any Person
acting as successor trustee under this Indenture) be personally liable for or on account of any of the statements, representations, warranties,
covenants or obligations stated to be those of the Company hereunder or thereunder, all such liability, if any, being expressly waived
by the parties hereto and any person claiming by, through or under such party.


 


ARTICLE VIII


CONCERNING THE SECURITYHOLDERS


 


SECTION 8.1EVIDENCE OF ACTION BY SECURITYHOLDERS.


 


Whenever in this Indenture it is provided that
the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may take any
action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action),
the fact that at the time of taking any such action the holders of such majority or specified percentage of that series have joined therein
may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series
in person or by agent or proxy appointed in writing.


 







If the Company shall solicit from the Securityholders
of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option,
as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders
entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no
obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other
action may be given before or after the record date, but only the Securityholders of record at the close of business on the record date
shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding
Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver
or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however,
that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than six months after the record date.


 


 


 






    	 	28	 



     


    

 


SECTION 8.2PROOF OF EXECUTION BY SECURITYHOLDERS.


 


Subject to the provisions of Section 7.1, proof
of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and proof of the
holding by any Person of any of the Securities shall be sufficient if made in the following manner:


 


(a)                
The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the
Trustee.


 


(b)               
The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar
thereof.


 


The Trustee may require such additional proof
of any matter referred to in this Section as it shall deem necessary.


 


SECTION 8.3WHO MAY BE DEEMED OWNERS.


 


Prior to the due presentment for registration
of transfer of any Security, the Company, the Trustee, any Paying Agent and any Security Registrar may deem and treat the Person in whose
name such Security shall be registered upon the books of the Security Registrar as the absolute owner of such Security (whether or not
such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar)
for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.3) interest on such
Security and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Security Registrar shall be
affected by any notice to the contrary.


 


SECTION 8.4CERTAIN SECURITIES OWNED BY
COMPANY DISREGARDED.


 


In determining whether the holders of the requisite
aggregate principal amount of Securities of a particular series have concurred in any direction, consent or waiver under this Indenture,
the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly
or indirectly controlling or controlled by or under common control with the Company or any other obligor on the Securities of that series
shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining
whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee
actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as Outstanding
for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act
with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct
or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee
taken upon the advice of counsel shall be full protection to the Trustee.


 


SECTION 8.5ACTIONS BINDING ON FUTURE SECURITYHOLDERS.


 


At any time prior to (but not after) the evidencing
to the Trustee, as provided in Section 8.1, of the taking of any action by the holders of the majority or percentage in aggregate principal
amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of
that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by
filing written notice with the Trustee, and upon proof of holding as provided in Section 8.2, revoke such action so far as concerns such
Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and
upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof
or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the
holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture
in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that
series.


 


 


 






    	 	29	 



     


    

 


ARTICLE IX


SUPPLEMENTAL INDENTURES


 


SECTION 9.1SUPPLEMENTAL INDENTURES WITHOUT THE CONSENT OF SECURITYHOLDERS.


 


In addition to any supplemental indenture otherwise
authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall comply with the provisions of the Trust Indenture Act as then in effect), without the consent of the
Securityholders, for one or more of the following purposes:


 


(a)                
to cure any ambiguity, defect, omission or inconsistency herein or in the Securities of any series (with such ambiguity, defect,
omission or inconsistency being evidenced by an Officer’s Certificate);


 


(b)               
to comply with Article X, including to evidence the succession of another Person to the Company and the assumption by any such
successor of the covenants of the Company herein and in the Securities contained or to provide for the assumption of a guarantor’s
obligations to holders of the Securities in the case of a merger or consolidation or sale of all or substantially all of the guarantor’s
assets;


 


(c)                
to provide for uncertificated Securities in addition to or in place of certificated Securities; provided that the uncertificated
Securities are issued in registered form for purposes of Section 163(f) of the Code;


 


(d)               
to add to the covenants of the Company or any guarantor for the benefit of the holders of the Securities of any series or to surrender
any right or power conferred upon the Company or any guarantor;


 


(e)                
to provide for the issuance of additional Securities of any series in accordance with the terms of this Indenture;


 


(f)                 
to evidence and provide for the acceptance of appointment hereunder by a successor trustee;


 


(g)               
to comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture under
the Trust Indenture Act;


 


(h)               
to provide security for the Securities of any series or to provide for any guarantee of the Securities of any series or to confirm
or evidence the release, termination or discharge of any guarantee of or lien securing the Securities of any series when such release,
termination or discharge is permitted by this Indenture;


 


(i)                 
to make any change that would provide any additional rights or benefits to the holders of the Securities of any series or that
does not adversely affect the legal rights under this Indenture of any holder;


 


(j)                 
to make any amendment to the provision of this Indenture relating to the transfer and legending of the Securities of any series;
provided, however, that (1) compliance with this Indenture as so amended would not result in Securities of such series being transferred
in violation of the Securities Act or any other applicable securities law and (2) such amendment does not materially and adversely affect
the rights of holders to transfer Securities of such series; or


 


 


 






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(k)               
to conform the text of this Indenture, any guarantee of the Securities of any series or the notes to any provision of the “Description
of Debt Securities and Guarantees” included in the prospectus forming a part of the registration statement filed by the Company
with the Commission on Form S-3 on August 4, 2016 or any subsequent description of Securities contained in any prospectus supplement,
to the extent that such provision in that “Description of Debt Securities and Guarantees” or any subsequent description of
Securities contained in any prospectus supplement was intended by the Company to be a verbatim recitation of a provision of this Indenture,
any guarantee of the Securities of any series or the Securities, as applicable (with such intention being evidenced by an Officer’s
Certificate).


 


The Trustee is hereby authorized to join with
the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations that
may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise.


 


Any supplemental indenture authorized by the provisions
of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time
Outstanding, notwithstanding any of the provisions of Section 9.2.


 


SECTION 9.2SUPPLEMENTAL INDENTURES WITH
THE CONSENT OF SECURITYHOLDERS.


 


With the consent (evidenced as provided in Section
8.1) of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental
indenture or indentures at the time Outstanding (including consents obtained in connection with a tender offer or exchange offer for the
Securities), the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture
or indentures supplemental hereto (which shall comply with the provisions of the Trust Indenture Act as then in effect) for the purpose
of adding any provisions to or changing in any manner or eliminating (or waiving any past default or compliance with) any of the provisions
of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.1 the rights of the holders
of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent
of the holders of each Security then Outstanding and affected thereby,


 


(a)                
reduce the percentage or aggregate principal amount of Securities, the holders of which are required to consent to any modification,
amendment, supplement or waiver;


 


(b)               
reduce the principal amount of, or premium, if any, or rate of interest on, such Securities;


 


(c)                
extend the fixed maturity of such Securities;


 


(d)               
extend the time for payment of interest on such Securities;


 


(e)                
reduce the redemption or repurchase price of such Securities or change the time at which the Securities may or must be redeemed
or repurchased;


 


(f)                 
change the currency of payment of principal of, or premium, if any, or interest on, such Securities;


 


(g)               
waive a default in the payment of principal of, premium, if any, or interest on such Securities (except as provided in Section
6.1(c));


 


(h)               
voluntarily release a guarantor of such Securities other than in accordance with this Indenture;


 


(i)                 
reduce the percentage or aggregate principal amount of Outstanding Securities the consent of whose holders is necessary for waiver
of compliance with certain provisions of this Indenture or for waiver of certain defaults; or


 


(j)                 
impair the right to institute suit for the enforcement of any payment on or after the stated maturity (or, in the case of a redemption,
on or after the redemption date) of such Securities.


 


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



 


 


 






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SECTION 9.3EFFECT OF SUPPLEMENTAL INDENTURES.


 


Upon the execution of any supplemental indenture
pursuant to the provisions of this Article IX or of Section 10.1, this Indenture shall, with respect to such series, be and be deemed
to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities
under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined,
exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any
such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.


 


SECTION 9.4SECURITIES AFFECTED BY SUPPLEMENTAL
INDENTURES.


 


Securities of any series affected by a supplemental
indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article IX
or of Section 10.1, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities exchange
upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine,
new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture
contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for
the Securities of that series then Outstanding.


 


SECTION 9.5EXECUTION OF SUPPLEMENTAL INDENTURES.


 


Upon the request of the Company, accompanied by
its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of
the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The
Trustee shall receive, in addition to the documents required by Section 14.7(a), an Officer’s Certificate and an Opinion of Counsel
stating that and as conclusive evidence that any supplemental indenture executed pursuant to this Article IX is authorized or permitted
by, and conforms to, the terms of this Article IX, constitutes the legal, valid and binding obligation of the Company, enforceable against
it in accordance with its terms (subject to customary exceptions) and that it is proper for the Trustee under the provisions of this Article
IX to join in the execution thereof.


 


Promptly after the execution by the Company and
the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall transmit by mail, first class
postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all
series affected thereby as their names and addresses appear upon the Security Register. Any failure of the Company to mail such notice,
or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.


 


ARTICLE X


SUCCESSOR ENTITY


 


SECTION 10.1COMPANY MAY CONSOLIDATE, ETC.


 


Except as provided pursuant to Section 2.1 pursuant
to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this
Indenture, nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person
(whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors
shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its
successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the
Company or its successor or successors) authorized to acquire and operate the same; provided, however, the Company hereby covenants and
agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance,
transfer or other disposition, (a) the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities
of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance
of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant
to Section 2.1 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the
provisions of the Trust Indenture Act, as then in effect) executed and delivered to the Trustee by the entity formed by such consolidation,
or into which the Company shall have been merged, or by the entity which shall have acquired such property and (b) in the event that the
Securities of any series then Outstanding are convertible into or exchangeable for shares of common stock or other securities of the Company,
such entity shall, by such supplemental indenture, make provision so that the Securityholders of Securities of that series shall thereafter
be entitled to receive upon conversion or exchange of such Securities the number of securities or property to which a holder of the number
of shares of common stock or other securities of the Company deliverable upon conversion or exchange of those Securities would have been
entitled had such conversion or exchange occurred immediately prior to such consolidation, merger, sale, conveyance, transfer or other
disposition.


 


 


 






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SECTION 10.2SUCCESSOR ENTITY SUBSTITUTED.


 


(a)                
In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee of the obligations set
forth under Section 10.1 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted
for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be
relieved of all obligations and covenants under this Indenture and the Securities.


 


(b)               
In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form
(but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.


 


(c)                
Nothing contained in this Article X shall require any action by the Company in the case of a consolidation or merger of any Person
into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of
all or any part of the property of any other Person (whether or not affiliated with the Company).


 


 


SECTION 10.3EVIDENCE OF CONSOLIDATION,
ETC. TO TRUSTEE.


 


The Trustee, subject to the provisions of Section
7.1, shall receive an Officer’s Certificate and an Opinion of Counsel stating that and as conclusive evidence that any such consolidation,
merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this Article X.


 


ARTICLE XI


SATISFACTION AND DISCHARGE


 


SECTION 11.1SATISFACTION AND DISCHARGE
OF INDENTURE.


 


This Indenture shall upon Company Request cease
to be of further effect with respect to any series of Securities (except as to any surviving rights of registration of transfer or exchange
of Securities of such series herein expressly provided for or in the form of Security for such series and any right to receive additional
amounts), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture as to such series, when


 


(a)                
either


 


(i)                 
all Securities of such series theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost
or stolen and which have been replaced or paid as provided in Section 2.7 and (ii) Securities for whose payment cash, Governmental Obligations
or a combination thereof has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid
to the Company or discharged from such trust, as provided in Sections 12.5 and 12.6) have been delivered to the Trustee for cancellation;
or


 


 


 






    	 	33	 



     


    

 


(ii)               
all such Securities of such series not theretofore delivered to the Trustee for cancellation, or


 


(A)                       
have become due and payable by reason of the mailing of a notice of redemption or otherwise, or


 


(B)                       
will become due and payable within one year,


 


and the Company, in the case of (A) or (B) above,
has deposited or caused to be deposited with the Trustee as trust funds in trust specifically pledged as security for, and dedicated solely
to, the benefit of the Securityholders of the Securities of that series, cash in U.S. dollars, Governmental Obligations or a combination
thereof in such amount as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness
on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest, if any,
to the date of such deposit (in the case of Securities which have become due and payable), or to the Stated Maturity or the Redemption
Date, as the case may be;


 


(b)               
in respect of clause (a)(ii), no Event of Default has occurred and is continuing on the date of deposit (other than an Event of
Default resulting from the borrowing of funds to be applied to such deposit and any similar deposit relating to other indebtedness and,
in each case, the granting of certain liens to secure such borrowing);


 


(c)                
the Company or any guarantor has paid or caused to be paid all other sums payable hereunder by the Company with respect to such
series; and


 


(d)               
the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money towards the
payment of the notes at maturity or on the redemption date, as the case may be.


 


Notwithstanding the satisfaction and discharge
of this Indenture with respect to such series, the obligations of the Company to the Trustee with respect to such series under this Section
11.1 and Sections 7.6 and 7.10, the obligations of the Company to any Authenticating Agent under Section 2.10, and, if cash, Governmental
Obligations or a combination thereof shall have been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section,
the obligations of the Trustee under Section 11.2, shall survive.


 


SECTION 11.2APPLICATION OF TRUST MONEY.


 


Subject to the provisions of Section 12.6, all
cash and Governmental Obligations deposited with the Trustee pursuant to Section 11.1 shall be held in trust and applied by the Trustee,
in accordance with the provisions of the series of Securities and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company or any of its Subsidiaries acting as Paying Agent) as the Trustee may determine, to the Persons entitled
thereto, of all sums due and to become due thereon in respect of the principal of (and premium, if any) and interest, if any, on the Securities
for which payment of such cash and Governmental Obligations has been deposited with the Trustee.


 


If the Trustee or Paying Agent is unable to apply
any cash or Governmental Obligations in accordance with this Article XI 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, then the obligations
of the Company under this Indenture and the Securities of such series shall be revived and reinstated as though no deposit had occurred
pursuant to this Article XI until such time as the Trustee or Paying Agent is permitted to apply all such cash and Governmental Obligations
in accordance with this Article XI; provided, however, that, if the Company has made any payment of principal, premium, if any, interest
on or principal of any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the
holders of such Securities to receive such payment from the cash and Governmental Obligations held by the Trustee or Paying Agent.


 


 


 






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ARTICLE XII


LEGAL DEFEASANCE AND COVENANT DEFEASANCE


 







SECTION 12.1OPTION TO EFFECT LEGAL DEFEASANCE
OR COVENANT DEFEASANCE.


 


The Company may at any time, at the option of
its Board of Directors evidenced by a Board Resolution set forth in an Officer’s Certificate, elect to have either Section 12.2
or 12.3 hereof be applied to all outstanding Securities of a series upon compliance with the conditions set forth below in this Article
XII.


 


SECTION 12.2LEGAL DEFEASANCE AND DISCHARGE.


 


Upon the Company’s exercise under Section
12.1 hereof of the option applicable to this Section 12.2 with respect to a series of Securities, the Company will, subject to the satisfaction
of the conditions set forth in Section 12.4 hereof, be deemed to have been discharged from its obligations with respect to all outstanding
Securities of such series on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”).
For this purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the entire Indebtedness represented
by the Outstanding Securities of such series, which will thereafter be deemed to be Outstanding only for the purposes of Section 12.5
hereof and the Articles and other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their
other obligations under such Securities and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged
hereunder:


 


(1)               
the rights of holders of Outstanding Securities of such series to receive payments in respect of the principal of, premium on,
if any, or interest on such Securities when such payments are due from the trust referred to in Section 12.4 hereof;


 


(2)               
the Issuers’ obligations with respect to such Securities under Article 2 and Section 4.2 hereof;


 


(3)               
the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;
and


 


(4)               
this Article XII.


 


Subject to compliance with this Article XII, the
Company may exercise its option under this Section 12.2 with respect to a series of Securities, notwithstanding the prior exercise of
its option under Section 12.3 hereof with respect to such series of Securities.


 


SECTION 12.3COVENANT DEFEASANCE.


 


Upon the Company’s exercise under Section
12.1 hereof of the option applicable to this Section 12.3 with respect to a series of Securities, the Company will, subject to the satisfaction
of the conditions set forth in Section 12.4 hereof, be released from its obligations under Section 5.3 and Article X and any additional
covenants specified in any Board Resolution or indenture supplemental hereto with respect to the Outstanding Securities of such series
on and after the date the conditions set forth in Section 12.4 hereof are satisfied (hereinafter, “Covenant Defeasance”),
and the Securities of such series will thereafter be deemed not Outstanding for the purposes of any direction, waiver, consent or declaration
or act of holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed Outstanding
for all other purposes hereunder (it being understood that such Securities will not be deemed Outstanding for accounting purposes). For
this purpose, Covenant Defeasance means that, with respect to the Outstanding Securities of such series, the Company may omit to comply
with and shall have no liability in respect of any term, condition or limitation set forth in Section 5.3 or Article X and any additional
covenants specified in any Board Resolution or indenture supplemental hereto, whether directly or indirectly, by reason of any reference
elsewhere herein to any such Section or Article or by reason of any reference in any such Section or Article 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 6.1 hereof with
respect to Outstanding Securities of such series, but, except as specified above, the remainder of this Indenture and such Securities
shall be unaffected thereby.


 


 


 






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SECTION 12.4CONDITIONS TO LEGAL OR COVENANT
DEFEASANCE.


 


In order to exercise either Legal Defeasance or
Covenant Defeasance under either Section 12.2 or 12.3 hereof with respect to the Outstanding Securities of a particular series:


 


(1)               
the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Securityholders of the Securities of that
series, cash in U.S. dollars, Governmental Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion
of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the principal of, premium
on, if any, and interest on, the Outstanding Securities of such series on the stated date for payment thereof or on the applicable redemption
date, as the case may be, and the Company must specify whether the Securities of such series are being defeased to such stated date for
payment or to a particular redemption date;


 


(2)               
in the case of an election under Section 12.2 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that:


 


(A)                       
the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or


 


(B)                       
since the date of this Indenture, 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 confirm that, the holders of the Outstanding Securities of such series will not recognize income, gain or
loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;


 


(3)               
 in the case of an election under Section 12.3 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that the holders of the Outstanding Securities of such series will not recognize income, gain or
loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;


 


(4)               
no Default or Event of Default with respect to the Securities of such series shall have occurred and be continuing on the date
of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any
similar concurrent deposit relating to other Indebtedness), and the granting of liens to secure such borrowings);


 


(5)               
such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced)
to which the Company is a party or by which the Company is bound; and


 


(6)               
the Company must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.


 


SECTION 12.5DEPOSITED MONEY AND GOVERNMENT
SECURITIES TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.


 


Subject to Section 12.6 hereof, all cash and Governmental
Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 12.4 hereof in respect of the Outstanding
Securities of a particular series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities
and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the
Trustee may determine, to the holders of such Securities of all sums due and to become due thereon in respect of principal, premium, if
any, and interest, but such money need not be segregated from other funds except to the extent required by law.


 


 


 






    	 	36	 



     


    

 


The Company will pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or Governmental Obligations deposited pursuant to Section
12.4 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for
the account of the holders of the Outstanding Securities of the applicable series.


 


Notwithstanding anything in this Article XII to
the contrary, the Trustee shall deliver or pay to the Company from time to time upon Company Request any cash or Governmental Obligations
held by it as provided in Section 12.4 hereof which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 12.4(1) hereof),
are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.


 


SECTION 12.6REPAYMENT TO COMPANY.


 


Any money deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal of, premium on, if any, or interest on any Security and
remaining unclaimed for two years after such principal, premium, if any, or interest, has become due and payable shall, unless otherwise
required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be paid to the Company on its request or
(if then held by the Company) will be discharged from such trust; and the holder of such Security will thereafter, as an unsecured general
creditor, be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect
to such trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee
or such Paying Agent, before being required to make any such repayment, may give written notice to the holder of such Security, at such
holder’s address as it appears upon the Security Register, that such money remains unclaimed and that, after a date specified therein,
which will not be less than 30 days from the date of such notification, any unclaimed balance of such money then remaining will, unless
otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Company.


 


SECTION 12.7REINSTATEMENT.


 


If the Trustee or Paying Agent is unable to apply
any cash or Governmental Obligations in accordance with Section 12.2 or 12.3 hereof, as the case may be, by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations
under this Indenture and the Securities of the particular series shall be revived and reinstated as though no deposit had occurred pursuant
to Section 12.2 or 12.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such cash or Governmental Obligations
in accordance with Section 12.2 or 12.3 hereof, as the case may be; provided, however, that, if the Company makes any payment of
principal of, premium on, if any, or interest on, any Security of the particular series following the reinstatement of its obligations,
the Company shall be subrogated to the rights of the holders of such Securities to receive such payment from the cash or Governmental
Obligations held by the Trustee or Paying Agent.


 


 


 






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ARTICLE XIII


IMMUNITY OF INCORPORATORS, STOCKHOLDERS,


OFFICERS AND DIRECTORS


 


SECTION 13.1NO RECOURSE.


 


No recourse under or upon any obligation, covenant
or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against
any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor
corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture
and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or
is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor
corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal
liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and
claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities
or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture
and the issuance of such Securities.


 


ARTICLE XIV


MISCELLANEOUS PROVISIONS


 


SECTION 14.1EFFECT ON SUCCESSORS AND ASSIGNS.


 


All the covenants, stipulations, promises and
agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not. All
the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Trustee shall bind its successors and
assigns, whether so expressed or not.


 


SECTION 14.2ACTIONS BY SUCCESSOR.


 


Any act or proceeding by any provision of this
Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed
with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor
of the Company.


 


SECTION 14.3SURRENDER OF COMPANY POWERS.


 


The Company by instrument in writing executed
by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon
such power so surrendered shall terminate both as to the Company and as to any successor corporation.


 


SECTION 14.4NOTICES.


 


Except as otherwise expressly provided herein,
any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served by the Trustee
or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being
deposited in first class mail, postage prepaid, addressed, as follows: Avid Bioservices, Inc., 2642 Michelle Drive, Suite 200, Tustin,
California 92780, Attention: Secretary. Any notice, election, request or demand by the Company or any Securityholder or by any other Person
pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given
or made in writing at the Corporate Trust Office of the Trustee.


 


SECTION 14.5GOVERNING LAW/WAIVER OF JURY
TRIAL.


 


This Indenture and each Security shall be deemed
to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the
laws of said State, except to the extent that the Trust Indenture Act is applicable. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT
OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.


 


 


 






    	 	38	 



     


    

 


SECTION 14.6TREATMENT OF SECURITIES AS
DEBT.


 


It is intended that the Securities will be treated
as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted to further this
intention.


 


SECTION 14.7 COMPLIANCE CERTIFICATES AND OPINIONS.


 


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


 


(b)               
Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition
or covenant in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant
or condition; (ii) 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; (iii) a statement that, in the opinion of such Person, he has made such examination
or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition
has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been
complied with.


 


SECTION 14.8PAYMENTS ON BUSINESS DAYS.


 


Except as provided pursuant to Section 2.1 pursuant
to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this
Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall
not be a Business Day, then payment of interest or principal (and premium, if any) may be made on the next succeeding Business Day with
the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after
such nominal date.


 


SECTION 14.9CONFLICT WITH TRUST INDENTURE
ACT.


 


If and to the extent that any provision of this
Indenture limits, qualifies or conflicts with any provision of the Trust Indenture Act, such Trust Indenture Act provision shall control.


 


SECTION 14.10 COUNTERPARTS.


 


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


 


 


 






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SECTION 14.11SEVERABILITY.


 


In case any one or more of the provisions contained
in this Indenture or in the Securities of any 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, but this
Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein
or therein.


 


SECTION 14.12COMPLIANCE CERTIFICATES.


 


The Company shall deliver to the Trustee, within
120 days after the end of each fiscal year during which any Securities of any series were outstanding, an Officer’s Certificate
stating whether or not the signers know of any Default or Event of Default that occurred during such fiscal year. Such certificate shall
contain a certification from the principal executive officer, principal financial officer or principal accounting officer of the Company
that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the
Company has complied with all conditions and covenants under this Indenture. For purposes of this Section 14.12, such compliance shall
be determined without regard to any period of grace or requirement of notice provided under this Indenture. If any of the officers of
the Company signing such certificate has knowledge of such a Default or Event of Default, the certificate shall describe any such Default
or Event of Default and its status.


 


SECTION 14.13USA PATRIOT ACT


 


The parties hereto acknowledge that, in accordance
with Section 326 of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as amended, modified or supplemented
from time to time, the “USA Patriot Act”), the Trustee, like all financial institutions, is required to obtain, verify,
and record information that identifies each Person or legal entity that opens an account. The parties to this Indenture agree that they
will provide the Trustee with such information as the Trustee may request in order for the Trustee to satisfy the requirements of the
USA Patriot Act.


 


SECTION 14.14CONSENT TO JURISDICTION AND
SERVICE


 


To the fullest extent permitted by applicable
law, each party hereby irrevocably submits to the non-exclusive jurisdiction of any Federal or State court located in the Borough of Manhattan
in The City of New York, New York in any suit, action or proceeding based on or arising out of or relating to this Indenture or any Securities
and irrevocably agrees that all claims in respect of such suit or proceeding may be determined in any such court. Each party irrevocably
waives, to the fullest extent permitted by law, any objection which it may have to the laying of the venue of any such suit, action or
proceeding brought in an inconvenient forum. Each party agrees that final judgment in any such suit, action or proceeding brought in such
a court shall be conclusive and binding upon such party, and may be enforced in any courts to the jurisdiction of which such party is
subject by a suit upon such judgment, provided, that service of process is effected upon such party in the manner specified herein or
as otherwise permitted by law.


 


SECTION 14.15FORCE MAJEURE


 


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


 


[Signature page follows]


 


 


 






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


 


 


 


	 	AVID BIOSERVICES, INC.	 
	 	 	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:	 


 


	 	
     

    , as Trustee
	 
	 	 	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:	 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


Signature
Page to Indenture


 


 


 






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