Exhibit 4.1





	 




  


BED BATH & BEYOND INC.


 


 






 


INDENTURE


 


Dated as of


 


July 17, 2014


 





 



  


DEBT SECURITIES


 


The
Bank of New York Mellon


 


Trustee





	 







 







    	 



    	 



    

 


Reconciliation and tie between


Trust Indenture Act of 1939 and Indenture*


 


	Trust Indenture	 	 
	Act
    Section	 	Indenture
    Section
	 	 	 
	§ 310 (a)	 	11.04(a), 16.02
	(b)	 	11.01(f), 11.04(b), 11.05(1), 16.02
	(b)(1)	 	11.04(b), 16.02
	§ 311	 	11.01(f), 16.02
	§ 312	 	14.02(d), 16.02
	(b)	 	11.10, 16.02
	(c)	 	11.10, 16.02
	§ 313 (a)	 	10.01(a), 16.02
	§ 314	 	16.02
	§ 315 (e)	 	11.05, 16.02
	§ 316	 	16.02
	§ 317	 	16.02
	§ 317	 	16.02


 


*This reconciliation and tie shall not, for any purpose, be deemed
to be a part of the Indenture.


 




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TABLE OF CONTENTS*


 





	 	 	PAGE
	 	 	 
	ARTICLE I
	 	 	 
	DEFINITIONS
	 	 	 
	Section 1.01	Definitions	1
	 	 	 
	ARTICLE II
	 	 	 
	FORMS OF SECURITIES
	 	 	 
	Section 2.01	Terms of the Securities	12
	Section 2.02	Form of Trustee’s Certificate of Authentication	12
	Section 2.03	Form of Trustee’s Certificate of Authentication by an Authenticating Agent	13
	 	 	 
	ARTICLE III
	 	 	 
	THE DEBT SECURITIES
	 	 	 
	Section 3.01	Amount Unlimited; Issuable in Series	13
	Section 3.02	Denominations	16
	Section 3.03	Execution, Authentication, Delivery and Dating	17
	Section 3.04	Temporary Securities	19
	Section 3.05	Registrar and Paying Agent	20
	Section 3.06	Transfer and Exchange	20
	Section 3.07	Mutilated, Destroyed, Lost and Stolen Securities	24
	Section 3.08	Payment of Interest; Interest Rights Preserved	24
	Section 3.09	Cancellation	26
	Section 3.10	Computation of Interest	26
	Section 3.11	Currency of Payments in Respect of Securities	26
	Section 3.12	Judgments	27
	Section 3.13	CUSIP Numbers	27
	 	 	 
	ARTICLE IV
	 	 	 
	REDEMPTION OF SECURITIES
	 	 	 
	Section 4.01	Applicability of Right of Redemption	27
	Section 4.02	Selection of Securities to be Redeemed	28







 





 






 





		*	The Table of Contents is not a part of the Indenture.



 




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	Section 4.03	Notice of Redemption	28
	Section 4.04	Deposit of Redemption Price	29
	Section 4.05	Securities Payable on Redemption Date	29
	Section 4.06	Securities Redeemed in Part	29
	 	 	 
	ARTICLE V
	 	 	 
	SINKING FUNDS
	 	 	 
	Section 5.01	Applicability of Sinking Fund	30
	Section 5.02	Mandatory Sinking Fund Obligation	30
	Section 5.03	Optional Redemption at Sinking Fund Redemption Price	30
	Section 5.04	Application of Sinking Fund Payment	31
	 	 	 
	ARTICLE VI
	 	 	 
	PARTICULAR COVENANTS OF THE COMPANY
	 	 	 
	Section 6.01	Payments of Securities	32
	Section 6.02	Paying Agent	32
	Section 6.03	To Hold Payment in Trust	33
	Section 6.04	Merger, Consolidation and Sale of Assets	34
	Section 6.05	Compliance Certificate	35
	Section 6.06	Conditional Waiver by Holders of Securities	35
	Section 6.07	Statement by Officers as to Default	35
	 	 	 
	ARTICLE VII
	 	 	 
	REMEDIES OF TRUSTEE AND SECURITYHOLDERS
	 	 	 
	Section 7.01	Events of Default	36
	Section 7.02	Acceleration; Rescission and Annulment	37
	Section 7.03	Other Remedies	39
	Section 7.04	Trustee as Attorney-in-Fact	40
	Section 7.05	Priorities	40
	Section 7.06	Control by Securityholders; Waiver of Past Defaults	41
	Section 7.07	Limitation on Suits	41
	Section 7.08	Undertaking for Costs	42
	Section 7.09	Remedies Cumulative	42
	 	 	 
	ARTICLE VIII
	 	 	 
	CONCERNING THE SECURITYHOLDERS
	 	 	 
	Section 8.01	Evidence of Action of Securityholders	43
	Section 8.02	Proof of Execution or Holding of Securities	43
	Section 8.03	Persons Deemed Owners	44
	Section 8.04	Effect of Consents	44







 




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	ARTICLE IX
	 	 	 
	SECURITYHOLDERS’ MEETINGS
	 	 	 
	Section 9.01	Purposes of Meetings	44
	Section 9.02	Call of Meetings by Trustee	45
	Section 9.03	Call of Meetings by Company or Securityholders	45
	Section 9.04	Qualifications for Voting	45
	Section 9.05	Regulation of Meetings	45
	Section 9.06	Voting	46
	Section 9.07	No Delay of Rights by Meeting	46
	 	 	 
	ARTICLE X
	 	 	 
	REPORTS BY THE COMPANY AND THE TRUSTEE AND
	SECURITYHOLDERS’ LISTS
	 	 	 
	Section 10.01	Reports by Trustee	47
	Section 10.02	Reports by the Company	47
	Section 10.03	Securityholders’ Lists	47
	 	 	 
	ARTICLE XI
	 	 	 
	CONCERNING THE TRUSTEE
	 	 	 
	Section 11.01	Rights of Trustees; Compensation and Indemnity	48
	Section 11.02	Duties of Trustee	51
	Section 11.03	Notice of Defaults	52
	Section 11.04	Eligibility; Disqualification	52
	Section 11.05	Resignation and Notice; Removal	53
	Section 11.06	Successor Trustee by Appointment	54
	Section 11.07	Successor Trustee by Merger	55
	Section 11.08	Right to Rely on Officer’s Certificate	56
	Section 11.09	Appointment of Authenticating Agent	56
	Section 11.10	Communications by Securityholders with Other Securityholders	57
	 	 	 
	ARTICLE XII
	 	 	 
	SATISFACTION AND DISCHARGE; DEFEASANCE
	 	 	 
	Section 12.01	Applicability of Article	57
	Section 12.02	Satisfaction and Discharge of Indenture	57
	Section 12.03	Defeasance and Covenant Defeasance upon Deposit of Moneys or U.S. Government Obligations	59
	Section 12.04	Repayment to Company	60
	Section 12.05	Indemnity for U.S. Government Obligations	61
	Section 12.06	Application of Trust Money	61







 




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	Section 12.07	Deposits of Non-U.S. Currencies	61
	 	 	 
	ARTICLE XIII
	 	 	 
	IMMUNITY OF CERTAIN PERSONS
	 	 	 
	Section 13.01	No Personal Liability	61
	 	 	 
	ARTICLE XIV
	 	 	 
	SUPPLEMENTAL INDENTURES
	 	 	 
	Section 14.01	Without Consent of Securityholders	62
	Section 14.02	With Consent of Securityholders; Limitations	64
	Section 14.03	Trustee Protected	65
	Section 14.04	Effect of Execution of Supplemental Indenture	65
	Section 14.05	Notation on or Exchange of Securities	66
	Section 14.06	Conformity with TIA	66
	 	 	 
	ARTICLE XV
	 	 	 
	SUBORDINATION OF SECURITIES
	 	 	 
	Section 15.01	Agreement to Subordinate	66
	Section 15.02	Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities	66
	Section 15.03	No Payment on Securities in Event of Default on Senior Debt	68
	Section 15.04	Payments on Securities Permitted	68
	Section 15.05	Authorization of Securityholders to Trustee to Effect Subordination	68
	Section 15.06	Notices to Trustee	68
	Section 15.07	Trustee as Holder of Senior Debt	69
	Section 15.08	Modifications of Terms of Senior Debt	69
	Section 15.09	Reliance on Judicial Order or Certificate of Liquidating Agent	70
	Section 15.10	Satisfaction and Discharge; Defeasance and Covenant Defeasance	70
	Section 15.11	Trustee Not Fiduciary for Holders of Senior Debt	70
	 	 	 
	ARTICLE XVI
	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 
	Section 16.01	Certificates and Opinions as to Conditions Precedent	70
	Section 16.02	Trust Indenture Act Controls	71
	Section 16.03	Notices to the Company and Trustee	71
	Section 16.04	Notices to Securityholders; Waiver	72
	Section 16.05	Legal Holiday	73
	Section 16.06	Effects of Headings and Table of Contents	73
	Section 16.07	Successors and Assigns	73
	Section 16.08	Separability Clause	73







 




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	Section 16.09	Benefits of Indenture	73
	Section 16.10	Counterparts Originals	73
	Section 16.11	Governing Law; Waiver of Trial by Jury	73







 




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INDENTURE dated as of July 17, 2014, among Bed
Bath & Beyond Inc., a New York corporation (the “Company”), and The Bank of New York Mellon, as trustee (the “Trustee”).


 


WITNESSETH:


 


WHEREAS, the Company has duly authorized the
execution and delivery of this Indenture to provide for the issuance of unsecured debentures, notes, bonds or other evidences of
indebtedness (the “Securities”) in an unlimited aggregate principal amount to be issued from time to time in one or
more series as provided in this Indenture; and


 


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


 


NOW, THEREFORE, THIS INDENTURE WITNESSETH:


 


That, in consideration of the premises and the
purchase of the Securities by the Holders thereof and for the equal and proportionate benefit of all of the present and future
Holders of the Securities, each party agrees and covenants as follows:


 


ARTICLE
I



 


DEFINITIONS


 


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


 


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


 


(b)        unless
otherwise defined in this Indenture or the context otherwise requires, all terms used herein without definition which are defined
in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;


 


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


 


(d)        references
to “Article” or “Section” or other subdivision herein are references to an Article, Section or other subdivision
of this Indenture, unless the context otherwise requires.


 


Section 1.01       Definitions.


 


Unless the context otherwise requires, the terms
defined in this Section 1.01 shall for all purposes of this Indenture have the meanings hereinafter set forth:


 




    	 



    	 



    

 


Affiliate:


 


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


 


Authenticating Agent:


 


The term “Authenticating Agent”
shall have the meaning assigned to it in Section 11.09.


 


Board of Directors:


 


The term “Board of Directors” shall
mean either the board of directors of the Company or the executive or any other committee of that board duly authorized to act
in respect hereof.


 


Board Resolution:


 


The term “Board Resolution” shall
mean a copy of a resolution or resolutions certified by the Secretary or an Assistant Secretary of the Company to have been duly
adopted by the Board of Directors (or by a committee of the Board of Directors to the extent that any such other committee has
been authorized by the Board of Directors to establish or approve the matters contemplated) and to be in full force and effect
on the date of such certification and delivered to the Trustee.


 


Business Day:


 


The term “Business Day,” when used
with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, shall
mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment
or such other location are authorized or obligated by law or executive order to close.


 


Capital Stock:


 


The term “Capital Stock” shall mean:


 


(a)        in
the case of a corporation, corporate stock;


 


(b)        in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;


 


(c)        in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests;
and


 




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(d)        any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person,


 


but excluding from all of the foregoing any debt
securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital
Stock.


 


Code:


 


The term “Code” shall mean the Internal
Revenue Code of 1986, as amended.


 


Company:


 


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


 


Company Order:


 


The term “Company Order” shall mean
a written order signed in the name of the Company by the Chairman of the Board of Directors, the Chief Executive Officer, the Chief
Financial Officer, the President, any Vice President, the Treasurer, any Assistant Treasurer, the Controller, any Assistant Controller,
the Corporate Secretary or any Assistant Corporate Secretary of the Company, and delivered to the Trustee.


 


Corporate Trust Office:


 


The term “Corporate Trust Office,”
or other similar term, shall mean the principal office of the Trustee at which at any particular time its corporate trust business
shall be administered, which office at the date hereof is located at 101 Barclay Street, New York, NY 10286, Attention: Corporate
Trust Unit, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the
principal corporate trust officer of any successor Trustee (or such other address as such successor Trustee may designate from
time to time by notice to the Holders and the Company).


 


Currency:


 


The term “Currency” shall mean U.S.
Dollars or Foreign Currency.


 


Debt: 


 


The term "Debt" shall mean, as of
any date (without duplication), all indebtedness and liabilities for borrowed money, secured or unsecured, of the Company and its
Subsidiaries, including mortgages and other notes payable (including any Securities to the extent outstanding from time to time),
but excluding any indebtedness, including mortgages and other notes payable, which is secured by cash, cash equivalents, or marketable
securities or defeased (it being understood that cash collateral shall be deemed to include cash deposited with a trustee with
respect to third party indebtedness), Intercompany Debt and all liabilities associated with


 




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customary exceptions to non-recourse indebtedness,
such as for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and
other similar exceptions. It is understood that the term "Debt" shall not include any redeemable equity interest in the
Company.


 


Default:


 


The term “Default” shall have the
meaning assigned to it in Section 11.03.


 


Defaulted Interest:


 


The term “Defaulted Interest” shall
have the same meaning assigned to it in Section 3.08(b).


 


Depositary:


 


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


 


Designated Currency:


 


The term “Designated Currency” shall
have the same meaning assigned to it in Section 3.12.


 


Discharged:


 


The term “Discharged” shall have
the meaning assigned to it in Section 12.03.


 


DTC:


 


The term "DTC" shall mean The Depository
Trust Company, Inc. and its successors.


 


Event of Default:


 


The term “Event of Default” shall
have the meaning specified in Section 7.01.


 


Exchange Act:


 


The term “Exchange Act” shall mean
the United States Securities Exchange Act of 1934, and the rules and regulations promulgated by the SEC thereunder and any statute
successor thereto, in each case as amended from time to time.


 




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Exchange Rate:


 


The term “Exchange Rate” shall have
the meaning assigned to it in Section 7.01.


 


Floating Rate Security:


 


The term “Floating Rate Security”
shall mean a Security that provides for the payment of interest at a variable rate determined periodically by reference to an interest
rate index specified pursuant to Section 3.01.


 


Foreign Currency:


 


The term “Foreign Currency” shall
mean a currency issued by the government of any country other than the United States or a composite currency, the value of which
is determined by reference to the values of the currencies of any group of countries.


 


GAAP:


 


The term “GAAP” shall mean generally
accepted accounting principles in the United States, consistently applied, as in effect from time to time.


 


Global Security:


 


The term “Global Security” shall
mean any Security that evidences all or part of a series of Securities, issued in fully registered certificated form to the Depositary
for such series in accordance with Section 3.03 and bearing the legend prescribed in Section 3.03(g).


 


Holder; Holder of Securities:


 


The terms “Holder” and “Holder
of Securities” are defined under “Securityholder; Holder of Securities; Holder.”


 


Indenture:


 


The term “Indenture” or “this
Indenture” shall mean this instrument as originally executed or as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes
of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part
of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include
the terms of particular series of Securities established as contemplated by Section 3.01; provided, however, that if at any time
more than one Person is acting as Trustee under this Indenture due to the appointment of one or more separate Trustees for any
one or more separate series of Securities, “Indenture” shall mean, with respect to such series of Securities for which
any such Person is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms
of particular series of Securities for which such Person is Trustee established as contemplated by Section 3.01, exclusive, however,
of any


 




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provisions or terms which relate solely to other
series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted, and exclusive
of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such person
had become such Trustee, but to which such person, as such Trustee, was not a party; provided, further that in the event that this
Indenture is supplemented or amended by one or more indentures supplemental hereto which are only applicable to certain series
of Securities, the term “Indenture” for a particular series of Securities shall only include the supplemental indentures
applicable thereto.


 


Individual Securities:


 


The term “Individual Securities”
shall mean the individual Securities in definitive form registered in the name or names of Persons other than a Depositary for
Global Securities or a nominee or nominees thereof.


 


Intercompany Debt:


 


The term ‘‘Intercompany
Debt’’ means, as of any date, Debt to which the only parties are the Company and any of its Subsidiaries as of such
date; provided, however, that with respect to any such Debt of which the Company is the borrower, such Debt is subordinate
in right of payment to the Securities.


 


Interest:


 


The term “interest” shall mean,
unless the context otherwise requires, interest payable on any Securities, and with respect to an Original Issue Discount Security
that by its terms bears interest only after Maturity, interest payable after Maturity.


 


Interest Payment Date:


 


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


 


Mandatory Sinking Fund Payment:


 


The term “Mandatory Sinking Fund Payment”
shall have the meaning assigned to it in Section 5.01(b).


 


Maturity:


 


The term “Maturity,” with respect
to any Security, shall mean the date on which the principal of such Security shall become due and payable as therein and herein
provided, whether at the Stated Maturity thereof, upon acceleration, call for redemption or otherwise.


 


Members:


 


The term “Members” shall have the
meaning assigned to it in Section 3.03(h).


 




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Officer’s Certificate:


 


The term “Officer’s Certificate”
shall mean a certificate signed by any of the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial
Officer, the President, any Vice President, the Treasurer, any Assistant Treasurer, the Controller, any Assistant Controller, the
Corporate Secretary or any Assistant Corporate Secretary of the Company and delivered to the Trustee. Each such certificate shall
include the statements provided for in Section 16.01 if and to the extent required by the provisions of such Section.


 


Opinion of Counsel:


 


The term “Opinion of Counsel” shall
mean an opinion in writing reasonably acceptable to the Trustee signed by one or more legal counsel, who may be an employee of
or of counsel to the Company, and that meets the requirements provided for in Section 16.01.


 


Optional Sinking Fund Payment:


 


The term “Optional Sinking Fund Payment”
shall have the meaning assigned to it in Section 5.01(b).


 


Original Issue Discount Security:


 


The term “Original Issue Discount Security”
shall mean any Security that is issued with “original issue discount” within the meaning of Section 1273(a) of the
Code and the regulations thereunder, or any successor provision, and any other Security designated by the Company as issued with
original issue discount for United States federal income tax purposes.


 


Outstanding:


 


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


 


(a)        Securities
theretofore canceled by the Trustee or delivered to the Trustee for cancellation;


 


(b)        Securities
or portions thereof for which payment or redemption money in the necessary amount has been theretofore deposited with the Trustee
or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall
act as its own Paying Agent) for the Holders of such Securities or Securities as to which the Company’s obligations have
been Discharged; provided, however, that if such Securities or portions thereof are to be redeemed, notice of such redemption has
been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and


 


(c)        Securities
that have been paid pursuant to Section 3.07(b) or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to
a Responsible Officer of the Trustee proof satisfactory to it that such Securities are


 




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held by a protected purchaser in whose hands such
Securities are valid obligations of the Company;


 


provided, however, that in determining whether the Holders
of the requisite principal amount of Securities of a series Outstanding have performed any action hereunder, Securities owned by
the Company or any other obligor upon the Securities of such series or any Affiliate of the Company or of such other obligor shall
be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying
upon any such action, only Securities of such series that a Responsible Officer of the Trustee actually knows to be so owned shall
be so disregarded. Securities so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee’s right to act with respect to such Securities and that the pledgee is not
the Company or any other obligor upon such Securities or any Affiliate of the Company or of such other obligor. In determining
whether the Holders of the requisite principal amount of Outstanding Securities of a series have performed any action hereunder,
the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such purpose shall be the
amount of the principal thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity
thereof pursuant to Section 7.02 and the principal amount of a Security denominated in a Foreign Currency that shall be deemed
to be Outstanding for such purpose shall be the amount calculated pursuant to Section 3.11(b).


 


Paying Agent:


 


The term “Paying Agent” shall have
the meaning assigned to it in Section 6.02(a).


 


Person:


 


The term “Person” shall mean any
individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof or other similar entity.


 


Place of Payment:


 


The term “Place of Payment” shall
mean, when used with respect to the Securities of any series, the place or places where the principal of and premium, if any, and
interest on the Securities of that series are payable as specified pursuant to Section 3.01.


 


Predecessor Security:


 


The term “Predecessor Security”
shall mean, with respect to any Security, every previous Security evidencing all or a portion of the same Debt as that evidenced
by such particular Security, and, for the purposes of this definition, any Security authenticated and delivered under Section 3.07
in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same Debt as the lost, destroyed or stolen Security.


 




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Record Date:


 


The term “Record Date” shall mean,
with respect to any interest payable on any Security on any Interest Payment Date, any date specified in or pursuant to this Indenture
or such Security as the record date for the payment of interest pursuant to Section 3.01.


 


Redemption Date:


 


The term “Redemption Date” shall
mean, when used with respect to any Security to be redeemed, in whole or in part, the date fixed for such redemption by or pursuant
to this Indenture and the terms of such Security, which, in the case of a Floating Rate Security, unless otherwise specified pursuant
to Section 3.01, shall be an Interest Payment Date only.


 


Redemption Price:


 


The term “Redemption Price,” when
used with respect to any Security to be redeemed, in whole or in part, shall mean the price at which it is to be redeemed pursuant
to the terms of the applicable Security and this Indenture.


 


Register:


 


The term “Register” shall have the
meaning assigned to it in Section 3.05(a).


 


Registrar:


 


The term “Registrar” shall have
the meaning assigned to it in Section 3.05(a).


 


Responsible Officers:


 


The term “Responsible Officers”
of the Trustee hereunder shall mean any vice president, assistant secretary, senior associate, associate, trust officer or any
other officer associated with the corporate trust department of the Trustee customarily performing functions similar to those performed
by any of the above designated officers, and also means, with respect to a particular corporate trust matter, any other officer
of the Trustee to whom such matter is referred because of such person’s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this Indenture.


 


SEC:


 


The term “SEC” shall mean the United
States Securities and Exchange Commission, as constituted from time to time.


 


Security:


 


The term “Security” or “Securities”
shall have the meaning stated in the recitals and shall more particularly mean one or more of the Securities duly authenticated
by the Trustee and delivered pursuant to the provisions of this Indenture.


 




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Security Custodian:


 


The term “Security Custodian” shall
mean the custodian with respect to any Global Security appointed by the Depositary, or any successor Person thereto, and shall
initially be the Trustee.


 


Securityholder; Holder of Securities; Holder:


 


The term “Securityholder” or “Holder
of Securities” or “Holder,” shall mean the Person in whose name Securities shall be registered in the Register
kept for that purpose hereunder.


 


Senior Debt:


 


The term “Senior Debt” means the
principal of (and premium, if any) and unpaid interest on (x) Debt of the Company, whether outstanding on the date hereof or thereafter
created, incurred, assumed or guaranteed, for money borrowed other than (a) any Debt of the Company which when incurred, and without
respect to any election under Section 1111(b) of the Federal Bankruptcy Code, was without recourse to the Company, (b) any Debt
of the Company to any of its Subsidiaries, (c) Debt to any employee of the Company, (d) any liability for taxes, (e) Trade Payables
and (f) any Debt of the Company which is expressly subordinate in right of payment to any other Debt of the Company, and (y) renewals,
extensions, modifications and refundings of any such Debt. For purposes of the foregoing and the definition of “Senior Debt,”
the phrase “subordinated in right of payment” means debt subordination only and not lien subordination, and accordingly,
(i) unsecured indebtedness shall not be deemed to be subordinated in right of payment to secured indebtedness merely by virtue
of the fact that it is unsecured, and (ii) junior liens, second liens and other contractual arrangements that provide for priorities
among Holders of the same or different issues of indebtedness with respect to any collateral or the proceeds of collateral shall
not constitute subordination in right of payment. This definition may be modified or superseded by a supplemental indenture.


 


Special Record Date:


 


The term “Special Record Date” shall
have the meaning assigned to it in Section 3.08(b)(i).


 


Stated Maturity:


 


The term “Stated Maturity” when
used with respect to any Security or any installment of interest thereon, shall mean the date specified in such Security or pursuant
to Section 3.01 hereof with respect to such Security as the fixed date on which the principal (or any portion thereof) of or premium,
if any, on such Security or such installment of interest is due and payable; provided, that if any such date is not a Business
Day, then payment of such amounts payable on such date will be made on the next succeeding day that is a Business Day (and without
any interest or other payment in respect of any such delay) with the same force and effect as if made on such date.


 




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Subsidiary:


 


The term “Subsidiary” shall mean,
with respect to any Person, (1) a corporation, a majority of the outstanding Voting Stock of which is, at the time, directly or
indirectly, owned by such Person, by one or more Subsidiaries of such Person, or by such Person and one or more Subsidiaries thereof
or (2) any other Person (other than a corporation), including, without limitation, a partnership or joint venture, in which such
Person, one or more Subsidiaries thereof or such Person and one or more Subsidiaries thereof, directly or indirectly, at the date
of determination thereof, has at least majority ownership interest entitled to vote in the election of directors, managers or trustees
thereof (or other Person performing similar functions).


 


Successor Company:


 


The term “Successor Company” shall
have the meaning assigned to it in Section 3.06(h).


 


Trade Payables:


 


The term “Trade Payables” means
accounts payable or any other Debt or monetary obligations to trade creditors created or assumed by the Company or any Subsidiary
of the Company in the ordinary course of business (including guarantees thereof or instruments evidencing such liabilities).


 


Trust Indenture Act; TIA:


 


The term “Trust Indenture Act” or
“TIA” shall mean the Trust Indenture Act of 1939, as amended, and the rules and regulations thereunder as in effect
on the date of this Indenture, except as provided in Section 14.06 and except to the extent any amendment to the Trust Indenture
Act expressly provides for application of the Trust Indenture Act as in effect on another date.


 


Trustee:


 


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


 


U.S. Dollars:


 


The term “U.S. Dollars” shall mean
such currency of the United States as at the time of payment shall be legal tender for the payment of public and private debts.


 


U.S. Government Obligations:


 


The term “U.S. Government Obligations”
shall have the meaning assigned to it in Section 12.03.


 




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United States:


 


The term “United States” shall mean
the United States of America (including the States and the District of Columbia), its territories and its possessions and other
areas subject to its jurisdiction.


 


Voting Stock:


 


The Term “Voting Stock” shall mean,
with respect to any specified “person” (as that term is used in Section 13(d) of the Exchange Act) as of any date,
the Capital Stock of such person that is at the time entitled to vote generally in the election of the board of directors, managers
or trustees of such person.


 


ARTICLE
II



 


FORMS OF SECURITIES


 


Section 2.01       Terms
of the Securities.


 


(a)        The
Securities of each series shall be substantially in the form set forth in an Officer's Certificate or in one or more indentures
supplemental hereto, and shall have such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture, and may have such letters, numbers or other marks of identification or designation and such legends
or endorsements placed 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 any series of the Securities may be listed or of any automated quotation system on which any
such series may be quoted, or to conform to usage, all as determined by any of the officers executing such Securities as conclusively
evidenced by their execution of such Securities.


 


(b)        The
terms and provisions of the Securities shall constitute, and are hereby expressly made, a part of this Indenture, and, to the extent
applicable, the Company and the Trustee, by their execution and delivery of this Indenture expressly agree to such terms and provisions
and to be bound thereby.


 


Section 2.02       Form
of Trustee’s Certificate of Authentication.


 


(a)        Only
such of the Securities as shall bear thereon a certificate substantially in the form of the Trustee’s certificate of authentication
hereinafter recited, executed by the Trustee by manual signature, shall be valid or become obligatory for any purpose or entitle
the Holder thereof to any right or benefit under this Indenture.


 


(b)        Each
Security shall be dated the date of its authentication, except that any Global Security shall be dated as of the date specified
as contemplated in Section 3.01(q).


 


(c)        The
form of the Trustee’s certificate of authentication to be borne by the Securities shall be substantially as follows:


 




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TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


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


 


	Date of authentication: ___________	The Bank of New York Mellon, as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory


 


Section 2.03       Form
of Trustee’s Certificate of Authentication by an Authenticating Agent. If at any time there shall be an Authenticating
Agent appointed with respect to any series of Securities, then the Trustee’s Certificate of Authentication by such Authenticating
Agent to be borne by Securities of each such series shall be substantially as follows:


 


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


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


 


	Date of authentication: ___________	 The Bank of New York Mellon, as Trustee
	 	 	 
	 	By:	[NAME OF AUTHENTICATING AGENT]
	 	 	as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory


 


ARTICLE
III



 


THE DEBT SECURITIES


 


Section 3.01       Amount
Unlimited; Issuable in Series. The aggregate principal amount of Securities that may be authenticated and delivered under this
Indenture is unlimited. The Securities may be issued in one or more series. The title and terms of each series of Securities shall
be as set forth in or determined pursuant to an Officer's Certificate or in one or more indentures supplemental hereto, prior to
the issuance of Securities of any series, which shall set forth such of the following as are applicable to the Securities of such
series:


 




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(a)        the
title of the Securities of the series (which shall distinguish the Securities of such series from the Securities of all other series,
except to the extent that additional Securities of an existing series are being issued);


 


(b)        any
limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon transfer of, or in exchange for, or in lieu of, other Securities of such
series pursuant to Section 3.04, 3.06, 3.07, 4.06, or 14.05);


 


(c)        the
dates on which or periods during which the Securities of the series may be issued, and the dates on, or the range of dates within,
which the principal of and premium, if any, on the Securities of such series are or may be payable or the method by which such
date or dates shall be determined or extended;


 


(d)        the
rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall
be determined, whether such interest shall be payable in cash or additional Securities of the same series or shall accrue and increase
the aggregate principal amount outstanding of such series (including if such Securities were originally issued at a discount),
the date or dates from which such interest shall accrue, or the method by which such date or dates shall be determined, the Interest
Payment Dates on which any such interest shall be payable, and the Record Dates for the determination of Holders to whom interest
is payable on such Interest Payment Dates or the method by which such date or dates shall be determined, the right, if any, to
extend or defer interest payments and the duration of such extension or deferral;


 


(e)        
if other than U.S. Dollars, the Foreign Currency in which Securities of the series shall be denominated or in which payment of
the principal of, premium, if any, or interest on the Securities of the series shall be payable and any other terms concerning
such payment;


 


(f)         if
the amount of payment of principal of, premium, if any, or interest on the Securities of the series may be determined with reference
to an index, formula or other method including, but not limited to, an index based on a Currency or Currencies other than that
in which the Securities are stated to be payable, the manner in which such amounts shall be determined;


 


(g)        if
the principal of, premium, if any, or interest on Securities of the series are to be payable, at the election of the Company or
a Holder thereof, in a Currency other than that in which the Securities are denominated or stated to be payable without such election,
the period or periods within which, and the terms and conditions upon which, such election may be made and the time and the manner
of determining the exchange rate between the Currency in which the Securities are denominated or payable without such election
and the Currency in which the Securities are to be paid if such election is made;


 


(h)        the
place or places, if any, in addition to or instead of the Corporate Trust Office of the Trustee where the principal of, premium,
if any, and interest on Securities of the series shall be payable, and where Securities of any series may be presented for registration


 




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of transfer, exchange or conversion, and the place
or places where notices and demands to or upon the Company in respect of the Securities of such series may be made;


 


(i)         the
price or prices at which, the period or periods within which or the date or dates on 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, if the Company is to have that option;


 


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


 


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


 


(l)         if
other than the principal amount thereof, the portion of the principal amount of the Securities of the series which shall be payable
upon acceleration of the Maturity thereof pursuant to Section 7.02 (to the extent not otherwise specified in such section);


 


(m)       the
guarantors, if any, of the Securities of the series, and the extent of the guarantees (including provisions relating to seniority,
subordination, and the release of the guarantors), if any, and any additions or changes to permit or facilitate guarantees of such
Securities;


 


(n)        whether
the Securities of the series are to be issued as Original Issue Discount Securities and the amount of discount with which such
Securities may be issued;


 


(o)        if
the provisions of Article XII hereof shall not be applicable with respect to the Securities of such series; or any addition to
or change in the provisions of Article XII and, if the Securities of any series are payable in a Currency other than U.S. Dollars,
the Currency or the nature of the government obligations to be deposited with the Trustee pursuant to Section 12.08;


 


(p)        whether
the Securities of the series are to be issued in whole or in part in the form of one or more Global Securities and, in such case,
the Depositary for such Global Security or Global Securities;


 


(q)        the
date as of which any Global Security of the series shall be dated if other than the original issuance of the first Security of
the series to be issued;


 


(r)         if
the Securities of the series are to be convertible into or exchangeable for any securities or property of any Person (including
the Company), the terms and conditions upon which such Securities will be so convertible or exchangeable, and any additions or
changes, if any, to permit or facilitate such conversion or exchange;


 




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(s)        whether
the Securities of such series are subject to subordination and the terms of such subordination (for purposes of clarity, it is
hereby understood and agreed that, unless the Securities of such series are expressly stated to be subject to subordination, Article
XV shall not be applicable with respect to the Securities of such series);


 


(t)         [reserved];


 


(u)        any
restriction or condition on the transferability of the Securities of such series;


 


(v)        any
addition or change in the provisions related to compensation and reimbursement of the Trustee which applies to Securities of such
series;


 


(w)       any
addition or change in the provisions related to supplemental indentures set forth in Sections 14.01, 14.02 and 14.04 which applies
to Securities of such series;


 


(x)        provisions,
if any, granting special rights to Holders upon the occurrence of specified events;


 


(y)        any
addition to or change in the Events of Default which applies to any Securities of the series and any change in the right of the
Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section
7.02 and any addition or change in the provisions set forth in Article VII which applies to Securities of the series;


 


(z)        any
addition to or change in the covenants set forth in Article VI which applies to Securities of the series; and


 


(aa)      any
other terms of the Securities of such series (which terms shall not be inconsistent with the provisions of the TIA, but may modify,
amend, supplement or delete any of the terms of this Indenture with respect to such series).


 


All Securities of any one series shall be substantially
identical, except as to denomination and except as may otherwise be provided herein or set forth in an Officer's Certificate or
in one or more indentures supplemental hereto. Unless otherwise specified with respect to the Securities of any series pursuant
to this Section 3.01, the Company may, at its option, at any time and from time to time, re-open any series of Securities previously
issued under this Indenture and issue additional Securities of such series, all of which together shall constitute a single series
of Securities under this Indenture; provided that, unless otherwise specified pursuant to this Section 3.01 with respect to a series
of Securities, no additional Securities of any series may be issued if an Event of Default has occurred and is continuing with
respect to such series. Any such re-opening and the terms thereof (including, without limitation, the principal amount of the additional
Securities of such series to be so issued) shall be set forth in an Officer’s Certificate or one or more indentures supplemental
hereto delivered to the Trustee prior to the issuance of any such additional Securities of such series.


 


Section 3.02       Denominations.
In the absence of any specification pursuant to Section 3.01 with respect to Securities of any series, the Securities of such series
shall be issuable only as


 




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Securities in denominations of $2,000 and any
integral multiple of $1,000 in excess thereof, and shall be payable only in U.S. Dollars.


 


Section 3.03       Execution,
Authentication, Delivery and Dating.


 


(a)        The
Securities shall be executed in the name and on behalf of the Company by the manual or facsimile signature of its Chairman of the
Board of Directors, its Chief Executive Officer, its President, any of its Vice Presidents or its Treasurer. If the Person whose
signature is on a Security no longer holds that office at the time the Security is authenticated and delivered, the Security shall
nevertheless be valid.


 


(b)        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 and, if required pursuant to Section 3.01, a supplemental indenture or Officer's Certificate setting forth the
terms of the Securities of a series. The Trustee shall thereupon authenticate and deliver such Securities without any further action
by the Company. The Company Order shall specify the amount of Securities to be authenticated and the date on which the original
issue of Securities is to be authenticated.


 


(c)        In
authenticating the Securities of any series and accepting the additional responsibilities under this Indenture in relation to such
Securities the Trustee shall receive, and (subject to Section 11.02) shall be fully protected in relying upon an Officer’s
Certificate and an Opinion of Counsel, each prepared in accordance with Section 16.01 stating that the conditions precedent, if
any, provided for in the Indenture have been complied with. The Opinion of Counsel shall also state that the Securities have been
duly authorized by all necessary corporate action on the part of the Company, duly executed and delivered to the extent such execution
and delivery are governed by the laws of the State of New York and are valid and binding obligations of the Company enforceable
against the Company in accordance with their terms under the laws of the State of New York. The Opinion of Counsel shall further
state that the form and terms of the Securities have been established in conformity with this Indenture.


 


(d)        The
Trustee shall have the right to decline to authenticate and deliver the Securities under this Section 3.03 if the issue of the
Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and
this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.


 


(e)        Each
Security shall be dated the date of its authentication.


 


(f)         If
the Company shall establish pursuant to Section 3.01 that the Securities of a series are to be issued in whole or in part in the
form of one or more Global Securities, then the Company shall execute and the Trustee shall authenticate and deliver one or more
Global Securities that (i) shall represent an aggregate amount equal to the aggregate principal amount of the Outstanding Securities
of such series to be represented by such Global Securities, (ii) shall be registered, if in registered form, in the name of the
Depositary for such Global Security or Global Securities or the nominee of such Depositary, (iii) shall be delivered


 




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by the Trustee to such Depositary or pursuant
to such Depositary’s instruction and (iv) shall bear a legend substantially to the following effect:


 


“THIS SECURITY IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE
DEPOSITARY, WHICH SHALL BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL
PURPOSES.


 


UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITARY] TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [THE NOMINEE OF THE DEPOSITARY] OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITARY] (AND ANY PAYMENT HEREON IS MADE TO [THE NOMINEE OF THE DEPOSITARY] OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITARY]), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, [THE NOMINEE OF THE DEPOSITARY], HAS AN INTEREST
HEREIN.


 


TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY.”


 


(g)        The
aggregate principal amount of each Global Security may from time to time be increased or decreased by adjustments made on the records
of the Security Custodian, as provided in this Indenture.


 


(h)        Each
Depositary designated pursuant to Section 3.01 for a Global Security in registered form must, at the time of its designation and
at all times while it serves as such Depositary, be a clearing agency registered under the Exchange Act and any other applicable
statute or regulation.


 


(i)         Members
of, or participants in, the Depositary (“Members”) shall have no rights under this Indenture with respect to any Global
Security held on their behalf by the Depositary or by the Security Custodian under such Global Security, and the Depositary may
be treated by the Company, the Trustee, the Paying Agent and the Registrar and any of their agents as the absolute owner of such
Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee,
the Paying Agent or the Registrar or any of their agents from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or impair, as between the Depositary and its Members, the operation of customary practices of the Depositary
governing the exercise of the rights of an


 




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owner of a beneficial interest in any Global Security.
The Holder of a Global Security may grant proxies and otherwise authorize any Person, including Members and Persons that may hold
interests through Members, to take any action that a Holder is entitled to take under this Indenture or the Securities.


 


(j)         No
Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on
such Security a certificate of authentication substantially in one of the forms provided for herein duly executed by the Trustee
or by an Authenticating Agent by manual or facsimile signature of an authorized signatory of the Trustee or such Authenticating
Agent, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.


 


Section 3.04       Temporary
Securities.


 


(a)        Pending
the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Securities that are printed, lithographed, typewritten, mimeographed or otherwise reproduced, in any authorized
denominations, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form and
with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine,
as conclusively evidenced by their execution of such Securities. Any such temporary Security may be in the form of one or more
Global Securities, representing all or a portion of the Outstanding Securities of such series. Every such temporary Security shall
be executed by the Company and shall be authenticated and delivered by the Trustee upon the same conditions and in substantially
the same manner, and with the same effect, as the definitive Security or Securities in lieu of which it is issued.


 


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


 


(c)        Upon
any exchange of a portion of a temporary Global Security for a definitive Global Security or for the Individual Securities represented
thereby pursuant to this Section 3.04 or Section 3.06, the temporary Global Security shall be endorsed by the Trustee to reflect
the reduction of the principal amount evidenced thereby, whereupon the principal amount of such temporary Global Security shall
be reduced for all purposes by the amount so exchanged and endorsed.


 




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Section 3.05       Registrar
and Paying Agent.


 


(a)        The
Company will keep, at an office or agency to be maintained by it in a Place of Payment where Securities may be presented for registration
or presented and surrendered for registration of transfer or of exchange, and where Securities of any series that are convertible
or exchangeable may be surrendered for conversion or exchange, as applicable (the “Registrar”), a security register
for the registration and the registration of transfer or of exchange of the Securities (the registers maintained in such office
and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Register”),
as in this Indenture provided, which Register shall at all reasonable times be open for inspection by the Trustee. Such Register
shall be in written form or in any other form capable of being converted into written form within a reasonable time. The Company
may have one or more co-Registrars; the term “Registrar” includes any co-registrar.


 


(b)        The
Company shall enter into an appropriate agency agreement with any Registrar or co-Registrar not a party to this Indenture. The
agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the
name and address of each such agent. If the Company fails to maintain a Registrar for any series, the Trustee shall act as such
and shall be entitled to appropriate compensation therefor pursuant to Section 11.01. The Company or any Affiliate thereof may
act as Registrar, co-Registrar or transfer agent.


 


(c)        The
Company hereby appoints the Trustee at its Corporate Trust Office as Registrar in connection with the Securities and this Indenture,
until such time as another Person is appointed as such.


 


Section 3.06       Transfer
and Exchange.


 


(a)        Transfer.


 


(i)        Upon
surrender for registration of transfer of any Security of any series at the Registrar the Company shall execute, and the Trustee
or any Authenticating Agent shall authenticate and deliver, in the name of the designated transferee, one or more new Securities
of the same series for like aggregate principal amount of any authorized denomination or denominations. The transfer of any Security
shall not be valid as against the Company or the Trustee unless registered at the Registrar at the request of the Holder, or at
the request of his, her or its attorney duly authorized in writing.


 


(ii)       Notwithstanding
any other provision of this Section, unless and until it is exchanged in whole or in part for the Individual Securities represented
thereby, a Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole
by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another
nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of
such successor Depositary.


 




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(b)        Exchange.


 


(i)        At
the option of the Holder, Securities of any series (other than a Global Security, except as set forth below) may be exchanged for
other Securities of the same series for like aggregate principal amount of any authorized denomination or denominations, upon surrender
of the Securities to be exchanged at the Registrar.


 


(ii)       Whenever
any Securities are so surrendered for exchange, the Company shall execute, and the Trustee or an Authenticating Agent shall authenticate
and deliver, the Securities that the Holder making the exchange is entitled to receive.


 


(c)        Exchange
of Global Securities for Individual Securities. Except as provided below, owners of beneficial interests in Global Securities will
not be entitled to receive Individual Securities.


 


(i)        Individual
Securities shall be issued to all owners of beneficial interests in a Global Security in exchange for such interests if: (A) at
any time the Depositary for the Securities of a series notifies the Company that it is unwilling or unable to continue as Depositary
for the Securities of such series or if at any time the Depositary for the Securities of such series shall no longer be eligible
under Section 3.03(h) and, in each case, a successor Depositary is not appointed by the Company within 90 days of such notice or
of the Company becoming aware of such ineligibility, as the case may be, or (B) the Company executes and delivers to the Trustee
and the Registrar an Officer’s Certificate stating that such Global Security shall be so exchangeable.


 


In connection with the exchange of
an entire Global Security for Individual Securities pursuant to this subsection (c), such Global Security shall be deemed to be
surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee, upon receipt of a Company Order for
the authentication and delivery of Individual Securities of such series, will authenticate and deliver to each beneficial owner
identified by the Depositary in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount
of Individual Securities of authorized denominations.


 


(ii)       The
owner of a beneficial interest in a Global Security will be entitled to receive an Individual Security in exchange for such interest
if an Event of Default has occurred and is continuing. Upon receipt by the Security Custodian and Registrar of instructions from
the Holder of a Global Security directing the Security Custodian and Registrar to (x) issue one or more Individual Securities in
the amounts specified to the owner of a beneficial interest in such Global Security and (y) debit or cause to be debited an equivalent
amount of beneficial interest in such Global Security, subject to the rules and regulations of the Depositary:


 




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(A)       the
Security Custodian and Registrar shall notify the Company and the Trustee of such instructions, identifying the owner and amount
of such beneficial interest in such Global Security;


 


(B)       the
Company shall promptly execute and the Trustee, upon receipt of a Company Order for the authentication and delivery of Individual
Securities of such series, shall authenticate and deliver to such beneficial owner Individual Securities in an equivalent amount
to such beneficial interest in such Global Security; and


 


(C)       the
Security Custodian and Registrar shall decrease such Global Security by such amount in accordance with the foregoing. In the event
that the Individual Securities are not issued to each such beneficial owner promptly after the Registrar has received a request
from the Holder of a Global Security to issue such Individual Securities, the Company expressly acknowledges, with respect to the
right of any Holder to pursue a remedy pursuant to Section 7.07 hereof, the right of any beneficial Holder of Securities to pursue
such remedy with respect to the portion of the Global Security that represents such beneficial Holder’s Securities as if
such Individual Securities had been issued.


 


(iii)       If
specified by the Company pursuant to Section 3.01 with respect to a series of Securities, the Depositary for such series of Securities
may surrender a Global Security for such series of Securities in exchange in whole or in part for Individual Securities of such
series on such terms as are acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the Trustee
shall authenticate and deliver, without service charge,


 


(A)       to
each Person specified by such Depositary a new Individual Security or new Individual Securities of the same series, of any authorized
denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Person’s beneficial
interest in the Global Security; and


 


(B)       to
such Depositary a new Global Security in a denomination equal to the difference, if any, between the principal amount of the surrendered
Global Security and the aggregate principal amount of Individual Securities delivered to Holders thereof.


 


(iv)      In
any exchange provided for in clauses (i) through (iii), the Company will execute and the Trustee will authenticate and deliver
Individual Securities in registered form in authorized denominations.


 




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(v)       Upon
the exchange in full of a Global Security for Individual Securities, such Global Security shall be canceled by the Trustee. Individual
Securities issued in exchange for a Global Security pursuant to this Section shall be registered in such names and in such authorized
denominations as the Depositary for such Global Security, 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.


 


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


 


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


 


(f)        No
service charge will be made for any registration of transfer or exchange of Securities. The Company or the Trustee may require
payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than those expressly provided in this Indenture to be made at the Company’s
own expense or without expense or charge to the Holders and other than those made pursuant to Sections 3.04, 4.06 or 14.05 hereof.


 


(g)        The
Company shall not be required to (i) register, transfer or exchange Securities of any series during a period beginning at the opening
of business 15 days before the day of the transmission of a notice of redemption of Securities of such series selected for redemption
under Section 4.03 and ending at the close of business on the day of such transmission, or (ii) register, transfer or exchange
any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.


 


(h)        In
case a successor Company (“Successor Company”) has executed an indenture supplemental hereto with the Trustee pursuant
to Section 6.04, any of the Securities theretofore authenticated or delivered may, from time to time, at the request of the Successor
Company, be exchanged for other Securities executed in the name of the Successor Company with such changes in phraseology and form
as may be appropriate, but otherwise identical to the Securities surrendered for such exchange and of like principal amount; and
the Trustee, upon Company Order of the Successor Company, shall authenticate and deliver Securities as specified in such order
for the purpose of such exchange. If Securities shall at any time be authenticated and delivered in any new name of a Successor
Company pursuant to this Section 3.06 in exchange or substitution for or upon registration of transfer of any Securities, such
Successor Company, at the option of the Holders but without expense to them, shall provide for the exchange of all Securities at
the time Outstanding for Securities authenticated and delivered in such new name.


 




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(i)        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 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.


 


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


 


Section 3.07       Mutilated,
Destroyed, Lost and Stolen Securities.


 


(a)        If
(i) any mutilated Security is surrendered to the Trustee at its Corporate Trust Office or (ii) the Company and the Trustee receive
evidence to their satisfaction of the destruction, loss or theft of any Security, and there is delivered to the Company and the
Trustee security or indemnity satisfactory to them to save each of them and any Paying Agent harmless, and neither the Company
nor the Trustee receives notice that such Security has been acquired by a protected purchaser, then the Company shall execute and
upon Company Order the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
or stolen Security, a new Security of the same series and of like tenor, form, terms and principal amount, bearing a number not
contemporaneously outstanding, such that neither gain nor loss in interest shall result from such exchange or substitution.


 


(b)        In
case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Security, pay the amount due on such Security in accordance with its terms.


 


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


 


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


 


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


 


Section 3.08       Payment
of Interest; Interest Rights Preserved.


 


(a)        Interest
on any Security that is payable and is punctually paid or duly provided for on any Interest Payment Date shall be paid to the Person
in whose name such Security (or one or more Predecessor Securities) is registered at the close of business on the Record Date for
such interest notwithstanding the cancellation of such Security upon any transfer


 




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or exchange subsequent to the Record Date. Payment
of interest on Securities shall be made at the Corporate Trust Office (except as otherwise specified pursuant to Section 3.01)
or, at the option of the Company, by check mailed to the address of the Person entitled thereto as such address shall appear in
the Register or, in accordance with arrangements satisfactory to the Trustee, by wire transfer to an account designated by the
Holder.


 


(b)        Any
interest on any Security that is payable but is not punctually paid or duly provided for on any Interest Payment Date (herein called
“Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Record Date by virtue of his,
her or its having been such a Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (i) or (ii) below:


 


(i)        The
Company may elect to make payment of any Defaulted Interest 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
(a “Special Record Date”), 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 Company shall fix a Special Record Date for the payment of such Defaulted Interest which shall
be not more than 15 calendar days and not less than 10 calendar days prior to the date of the proposed payment and not less than
10 calendar days after the receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify the
Trustee of such Special Record Date and, the Trustee 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 delivered electronically or mailed, first-class postage
prepaid, to the Holders of such Securities at their addresses as they appear in the Register, not less than 10 calendar 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 at the close of business on such Special Record Date and shall no longer be payable pursuant
to the following clause (ii).


 


(ii)       The
Company may make payment of any Defaulted Interest on 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.


 




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(c)        Subject
to the provisions set forth herein relating to Record Dates, each Security delivered pursuant to any provision of this Indenture
in exchange or substitution for, or upon registration of transfer of, any other Security shall carry all the rights to interest
accrued and unpaid, and to accrue, which were carried by such other Security.


 


Section 3.09       Cancellation.
Unless otherwise specified pursuant to Section 3.01 for Securities of any series, all Securities surrendered for payment, redemption,
registration of transfer or exchange or credit against any sinking fund or otherwise shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee for cancellation and shall be promptly canceled by it and, if surrendered to the
Trustee, shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder that the Company may have acquired in any manner whatsoever, and all Securities so delivered
shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled
as provided in this Section, except as expressly permitted by this Indenture. The Trustee shall dispose of all canceled Securities
held by it in accordance with its then customary procedures and deliver a certificate of such disposal to the Company upon its
request therefor. The acquisition of any Securities by the Company shall not operate as a redemption or satisfaction of the Debt
represented thereby unless and until such Securities are surrendered to the Trustee for cancellation.


 


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


 


Section 3.11       Currency
of Payments in Respect of Securities.


 


(a)        Except
as otherwise specified pursuant to Section 3.01 for Securities of any series, payment of the principal of and premium, if any,
and interest on Securities of such series will be made in U.S. Dollars.


 


(b)        For
purposes of any provision of the Indenture where the Holders of Outstanding Securities may perform an action that requires that
a specified percentage of the Outstanding Securities of all series perform such action and for purposes of any decision or determination
of amounts due and unpaid for the principal of and premium, if any, and interest on the Securities of all series in respect of
which moneys are to be disbursed ratably, the principal of and premium, if any, and interest on the Outstanding Securities denominated
in a Foreign Currency will be the amount in U.S. Dollars based upon exchange rates, determined as specified pursuant to Section
3.01 for Securities of such series, as of the date for determining whether the Holders entitled to perform such action have performed
it or as of the date of such decision or determination, as the case may be.


 


(c)        Any
decision or determination to be made regarding exchange rates shall be made by an agent appointed by the Company; provided, that
such agent shall accept such appointment in writing and the terms of such appointment shall, in the opinion of the Company at the
time of such appointment, require such agent to make such determination by a method consistent with the method provided pursuant
to Section 3.01 for the making of such decision or determination. All decisions and determinations of such agent regarding exchange


 




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rates shall, in the absence of manifest error,
be conclusive for all purposes and irrevocably binding upon the Company, the Trustee and all Holders of the Securities.


 


Section 3.12       Judgments.
The Company may provide pursuant to Section 3.01 for Securities of any series that (a) the obligation, if any, of the Company to
pay the principal of, premium, if any, and interest on the Securities of any series in a Foreign Currency or U.S. Dollars (the
“Designated Currency”) as may be specified pursuant to Section 3.01 is of the essence and agrees that, to the fullest
extent possible under applicable law, judgments in respect of such Securities shall be given in the Designated Currency; (b) the
obligation of the Company to make payments in the Designated Currency of the principal of and premium, if any, and interest on
such Securities shall, notwithstanding any payment in any other Currency (whether pursuant to a judgment or otherwise), be discharged
only to the extent of the amount in the Designated Currency that the Holder receiving such payment may, in accordance with normal
banking procedures, purchase with the sum paid in such other Currency (after any premium and cost of exchange) on the business
day in the country of issue of the Designated Currency or in the international banking community (in the case of a composite currency)
immediately following the day on which such Holder receives such payment; (c) if the amount in the Designated Currency that may
be so purchased for any reason falls short of the amount originally due, the Company shall pay such additional amounts as may be
necessary to compensate for such shortfall; and (d) any obligation of the Company not discharged by such payment shall be due as
a separate and independent obligation and, until discharged as provided herein, shall continue in full force and effect.


 


Section 3.13       CUSIP
Numbers. The Company in issuing any Securities may use CUSIP, ISIN or other similar numbers, if then generally in use, and
thereafter with respect to such series, the Trustee may use such numbers in any notice of redemption or exchange with respect to
such series provided that any such notice may state that no representation is made as to the correctness of such numbers either
as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.
The Company will promptly notify the Trustee in writing of any change in the CUSIP, ISIN or other similar numbers.


 


ARTICLE
IV



REDEMPTION OF SECURITIES


 


Section 4.01       Applicability
of Right of Redemption. Redemption of Securities (other than pursuant to a sinking fund, amortization or analogous provision)
permitted by the terms of any series of Securities shall be made (except as otherwise specified pursuant to Section 3.01 for Securities
of any series) in accordance with this Article; provided, however, that if any such terms of a series of Securities shall conflict
with any provision of this Article, the terms of such series shall govern.


 




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Section 4.02       Selection
of Securities to be Redeemed.


 


(a)        If
the Company shall at any time elect to redeem all or any portion of the Securities of a series then Outstanding, it shall at least
35 days prior to the Redemption Date fixed by the Company (unless a shorter period shall be satisfactory to the Trustee) notify
the Trustee of such Redemption Date and of the principal amount of Securities to be redeemed, and thereupon the Trustee shall,
in accordance with the procedures of the Depositary, select, by lot or in such other manner as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Security of such
series; provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which
shall not be less than the minimum authorized denomination) for such Security. In any case where more than one Security of such
series is registered in the same name, the Trustee may treat the aggregate principal amount so registered as if it were represented
by one Security of such series. The Trustee shall, as soon as practicable, notify the Company in writing of the Securities and
portions of Securities so selected.


 


(b)        For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such
Security that has been or is to be redeemed. If the Company shall so direct, Securities registered in the name of the Company,
any Affiliate or any Subsidiary thereof shall not be included in the Securities selected for redemption.


 


Section 4.03       Notice
of Redemption.


 


(a)        Notice
of redemption shall be given by the Company or, at the Company’s request and provision of such notice information, by the
Trustee in the name and at the expense of the Company, not less than 30 nor more than 60 days prior to the Redemption Date (unless
a shorter period shall be satisfactory to the Trustee), to the Holders of Securities of any series to be redeemed in whole or in
part pursuant to this Article, in the manner provided in Section 16.04. Any notice so given shall be conclusively presumed to have
been duly given, whether or not the Holder receives such notice. Failure to give such notice, or any defect in such notice to the
Holder of any Security of a series designated for redemption, in whole or in part, shall not affect the sufficiency of any notice
of redemption with respect to the Holder of any other Security of such series.


 


(b)        All
notices of redemption shall identify the Securities to be redeemed (including CUSIP, ISIN or other similar numbers, if available,
along with the statement in Section 3.13) and shall state:


 


(i)        such
election by the Company to redeem Securities of such series pursuant to provisions contained in this Indenture or the terms of
the Securities of such series or a supplemental indenture establishing such series, if such be the case;


 


(ii)       the
Redemption Date;


 


(iii)      the
Redemption Price;


 




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(iv)      if
less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the principal amounts) of the Securities of such series to be redeemed;


 


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


 


(vi)      the
Place or Places of Payment where such Securities are to be surrendered for payment of the Redemption Price; and


 


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


 


Section 4.04       Deposit
of Redemption Price. On or prior to 11:00 a.m., New York City time, on the Redemption Date for any Securities, the Company
shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 6.03) an amount of money in the Currency in which such Securities are denominated (except as provided
pursuant to Section 3.01) sufficient to pay the Redemption Price of such Securities or any portions thereof that are to be redeemed
on that date.


 


Section 4.05       Securities
Payable on Redemption Date. Notice of redemption having been given as aforesaid, any Securities so to be redeemed shall, on
the Redemption Date, become due and payable at the Redemption Price and from and after such date (unless the Company shall Default
in the payment of the Redemption Price) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption
in accordance with said notice, such Security shall be paid by the Company at the Redemption Price; provided, however, that (unless
otherwise provided pursuant to Section 3.01) installments of interest that have a Stated Maturity on or prior to the Redemption
Date for such Securities shall be payable according to the terms of such Securities and the provisions of Section 3.08.


 


If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal thereof and premium, if any, thereon shall, until paid, bear
interest from the Redemption Date at the rate prescribed therefor in the Security or, if no rate is prescribed therefor in the
Security, at the rate of interest otherwise borne by such Security.


 


Section 4.06       Securities
Redeemed in Part. Any Security that is to be redeemed only in part shall be surrendered at the Corporate Trust Office
or such other office or agency of the Company as is specified in the notice of redemption with, if the Company, the Registrar or
the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company, the Registrar
and the Trustee duly executed by the Holder thereof or his, her or its attorney duly authorized in writing, and the Company shall
execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or
Securities of the same series, of like tenor and form, of any authorized denomination as requested by such Holder in aggregate
principal amount equal to and in exchange for the unredeemed portion
of the principal of the Security so surrendered; except that if a Global Security is so surrendered, the Company shall execute,
and the Trustee shall authenticate and deliver to the Depositary for such Global Security, a new Global Security in a denomination


 




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 equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered. In the case of a Security
providing appropriate space for such notation, at the option of the Holder thereof, the Trustee, in lieu of delivering a new Security
or Securities as aforesaid, may make a notation on such Security of the payment of the redeemed portion thereof.


 


ARTICLE
V



SINKING FUNDS


 


Section 5.01       Applicability
of Sinking Fund.


 


(a)        Redemption
of Securities permitted or required pursuant to a sinking fund for the retirement of Securities of a series by the terms of such
series of Securities shall be made in accordance with such terms of such series of Securities and this Article, except as otherwise
specified pursuant to Section 3.01 for Securities of such series, provided, however, that if any such terms of a series of Securities
shall conflict with any provision of this Article, the terms of such series shall govern.


 


(b)        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 Mandatory Sinking Fund Payment may be subject to reduction as provided in Section 5.02.


 


Section 5.02       Mandatory
Sinking Fund Obligation. The Company may, at its option, satisfy any Mandatory Sinking Fund Payment obligation, in whole or
in part, with respect to a particular series of Securities by (a) delivering to the Trustee Securities of such series in transferable
form theretofore purchased or otherwise acquired by the Company or redeemed at the election of the Company pursuant to Article
IV or (b) receiving credit for Securities of such series (not previously so credited) acquired by the Company and theretofore delivered
to the Trustee. The Trustee shall credit such Mandatory Sinking Fund Payment obligation with an amount equal to the Redemption
Price specified in such Securities for redemption through operation of the sinking fund and the amount of such Mandatory Sinking
Fund Payment shall be reduced accordingly. If the Company shall elect to so satisfy any Mandatory Sinking Fund Payment obligation,
it shall deliver to the Trustee not less than 45 days prior to the relevant sinking fund payment date an Officer’s Certificate,
which shall designate the Securities (and portions thereof, if any) so delivered or credited and which shall be accompanied by
such Securities (to the extent not theretofore delivered) in transferable form. In case of the failure of the Company, at or before
the time so required, to give such notice and deliver such Securities the Mandatory Sinking Fund Payment obligation shall be paid
entirely in moneys.


 


Section 5.03       Optional
Redemption at Sinking Fund Redemption Price. In addition to the sinking fund requirements of Section 5.02, to the extent, if
any, provided for by the terms of a particular series of Securities, the Company may, at its option, make an Optional Sinking Fund
Payment with respect to such Securities. Unless otherwise provided by such terms, (a) to the extent that the right of the Company
to make such Optional Sinking Fund Payment shall not be


 




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exercised in any year, it shall not be cumulative
or carried forward to any subsequent year, and (b) such optional payment shall operate to reduce the amount of any Mandatory Sinking
Fund Payment obligation as to Securities of the same series. If the Company intends to exercise its right to make such optional
payment in any year it shall deliver to the Trustee not less than 45 days prior to the relevant sinking fund payment date an Officer’s
Certificate stating that the Company will exercise such optional right, and specifying the amount which the Company will pay on
or before the next succeeding sinking fund payment date. Such Officer’s Certificate shall also state that no Event of Default
has occurred and is continuing.


 


Section 5.04       Application
of Sinking Fund Payment.


 


(a)        If
the sinking fund payment or payments made in funds pursuant to either Section 5.02 or 5.03 with respect to a particular series
of Securities plus any unused balance of any preceding sinking fund payments made in funds with respect to such series shall exceed
$50,000 (or a lesser sum if the Company shall so request, or such equivalent sum for Securities denominated other than in U.S.
Dollars), it shall be applied by the Trustee on the sinking fund payment date next following the date of such payment, unless the
date of such payment shall be a sinking fund payment date, in which case such payment shall be applied on such sinking fund payment
date, to the redemption of Securities of such series at the redemption price specified pursuant to Section 4.03(b). The Trustee
(or the Depositary in accordance with its applicable procedures if the Securities are held in book-entry) shall select, in the
manner provided in Section 4.02, for redemption on such sinking fund payment date, a sufficient principal amount of Securities
of such series to absorb said funds, as nearly as may be, and shall, at the expense and in the name of the Company, thereupon cause
notice of redemption of the Securities to be given in substantially the manner provided in Section 4.03(a) for the redemption of
Securities in part at the option of the Company, except that the notice of redemption shall also state that the Securities are
being redeemed for the sinking fund. Any sinking fund moneys not so applied to the redemption of Securities of such series shall
be added to the next sinking fund payment received in funds by the Trustee and, together with such payment, shall be applied in
accordance with the provisions of this Section 5.04. Any and all sinking fund moneys held by the Trustee on the last sinking fund
payment date with respect to Securities of such series, and not held for the payment or redemption of particular Securities of
such series, shall be applied to the payment of the principal of the Securities of such series at Maturity.


 


(b)        On
or prior to each sinking fund payment date, the Company shall pay to the Trustee a sum equal to all interest accrued to but not
including the date fixed for redemption on Securities to be redeemed on such sinking fund payment date pursuant to this Section
5.04.


 


(c)        The
Trustee shall not redeem any Securities of a series with sinking fund moneys or mail any notice of redemption of Securities of
such series by operation of the sinking fund during the continuance of a Default in payment of interest on any Securities of such
series or of any Event of Default (other than an Event of Default occurring as a consequence of this paragraph) of which a Responsible
Officer of the Trustee has actual knowledge, except that if the notice of redemption of any Securities of such series shall theretofore
have been mailed in accordance with the provisions hereof, the Trustee shall redeem such Securities if funds sufficient for that
purpose shall be deposited with the Trustee in accordance with the terms of


 




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this Article. Except as aforesaid, any moneys
in the sinking fund at the time any such Default or Event of Default shall occur and any moneys thereafter paid into the sinking
fund shall, during the continuance of such Default or Event of Default, be held as security for the payment of all the Securities
of such series; provided, however, that in case such Default or Event of Default shall have been cured or waived as provided herein,
such moneys shall thereafter be applied on the next sinking fund payment date on which such moneys are required to be applied pursuant
to the provisions of this Section 5.04.


 


ARTICLE
VI



PARTICULAR COVENANTS OF THE COMPANY


 


The Company hereby covenants and agrees as follows:


 


Section 6.01       Payments
of Securities. The Company will duly and punctually pay the principal of and premium, if any, on each series of Securities,
and the interest which shall have accrued thereon, at the dates and place and in the manner provided in the Securities and in this
Indenture.


 


Section 6.02       Paying
Agent.


 


(a)        The
Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities may be presented
or surrendered for payment, where Securities of such series may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities and this Indenture may be served (the “Paying Agent”).
The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.
If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of
the Trustee, and the Company hereby appoints the Trustee as Paying Agent to receive all presentations, surrenders, notices and
demands.


 


(b)        The
Company may also from time to time designate different or additional offices or agencies where the Securities of any series may
be presented or surrendered for any or all such purposes (in or outside of such Place of Payment), and may from time to time rescind
any such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its
obligations described in the preceding paragraph. The Company will give prompt written notice to the Trustee of any such additional
designation or rescission of designation and of any change in the location of any such different or additional office or agency.
The Company shall enter into an appropriate agency agreement with any Paying Agent not a party to this Indenture. The agreement
shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and
address of each such agent. The Company or any Affiliate thereof may act as Paying Agent, except that neither the Company nor any
Affiliate thereof may act as Paying Agent with respect to any series of Securities as to which the Company has effected satisfaction
and discharge pursuant to Section 12.02 or Discharge (as defined in Section 12.03) from its obligations with respect to the Securities
of such series pursuant to Section 12.03.


 




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Section 6.03       To
Hold Payment in Trust.


 


(a)        If
the Company or an Affiliate thereof shall at any time act as Paying Agent with respect to any series of Securities, then, on or
before the date on which the principal of and premium, if any, or interest on any of the Securities of that series by their terms
or as a result of the calling thereof for redemption shall become payable, the Company or such Affiliate will segregate and hold
in trust for the benefit of the Holders of such Securities or the Trustee a sum sufficient to pay such principal and premium, if
any, or interest which shall have so become payable until such sums shall be paid to such Holders or otherwise disposed of as herein
provided, and will notify the Trustee of its action or failure to act in that regard. Upon any proceeding under any federal bankruptcy
laws with respect to the Company or any Affiliate thereof, if the Company or such Affiliate is then acting as Paying Agent, the
Trustee shall replace the Company or such Affiliate as Paying Agent.


 


(b)        If
the Company shall appoint, and at the time have, a Paying Agent for the payment of the principal of and premium, if any, or interest
on any series of Securities, then prior to 11:00 a.m., New York City time, on the date on which the principal of and premium, if
any, or interest on any of the Securities of that series shall become payable as aforesaid, whether by their terms or as a result
of the calling thereof for redemption, the Company will deposit with such Paying Agent a sum sufficient to pay such principal and
premium, if any, or interest, such sum to be held in trust for the benefit of the Holders of such Securities or the Trustee, and
(unless such Paying Agent is the Trustee), the Company or any other obligor of such Securities will promptly notify the Trustee
of its payment or failure to make such payment.


 


(c)        If
the Paying Agent shall be other than the Trustee, the Company will cause such Paying Agent to execute and deliver to the Trustee
an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 6.03, that such
Paying Agent shall:


 


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


 


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


 


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


 


(d)        Anything
in this Section 6.03 to the contrary notwithstanding, the Company may at any time, for the purpose of obtaining a release, satisfaction
or discharge of this Indenture or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Company
or by any Paying Agent other than the Trustee as required by this Section 6.03,


 




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such sums to be held by the Trustee upon the same
trusts as those upon which such sums were held by the Company or such Paying Agent.


 


(e)        Any
money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of
and premium, if any, or interest on any Security of any series and remaining unclaimed for two years after such principal and premium,
if any, or interest has become due and payable shall be paid to the Company upon Company Order along with any interest that has
accumulated thereon as a result of such money being invested at the direction of the Company, or (if then held by the Company)
shall be discharged from such trust, and the Holder of such Security shall thereafter, as an unsecured general creditor, look only
to the Company for payment of such amounts without interest thereon, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that
the Trustee or such Paying Agent before being required to make any such repayment, may at the expense of the Company cause to be
published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation
in The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.


 


Section 6.04       Merger,
Consolidation and Sale of Assets. Except as otherwise provided as contemplated by Section 3.01 with respect to any series of
Securities:


 


(a)        The
Company will not consolidate with any other entity or permit a merger of any other entity into the Company or permit the Company
to be merged into any other entity, or sell, convey, transfer or lease all or substantially all its assets to another entity, unless
(i) either the Company shall be the continuing entity, or the successor, transferee or lessee entity (if other than the Company)
shall expressly assume, by indenture supplemental hereto, executed and delivered by such entity prior to or simultaneously with
such consolidation, merger, sale, conveyance, transfer or lease, the due and punctual payment of the principal of and interest
and premium, if any, on all the Securities, according to their tenor, and the due and punctual performance and observance of all
other obligations to the Holders and the Trustee under this Indenture or under the Securities to be performed or observed by the
Company; and (ii) immediately after such consolidation, merger, sale, conveyance, transfer or lease, the Company or the successor,
transferee or lessee entity (if other than the Company) would not be in Default in the performance of any covenant or condition
of this Indenture and no Event of Default would have occurred and be continuing.


 


(b)        Upon
any consolidation with or merger into any other entity, or any sale, conveyance, transfer or lease of all or substantially all
of the assets of the Company in accordance with this Section 6.04, the successor entity formed by such consolidation or into or
with which the Company is merged or to which the Company is sold or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as
if such successor entity had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Company
shall be relieved of all obligations and covenants under this Indenture and the Securities, and from time to time such entity may
exercise each and every right


 




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and power of the Company under this Indenture,
in the name of the Company, or in its own name; and any act or proceeding by any provision of this Indenture required or permitted
to be done by the Board of Directors or any officer of the Company may be done with like force and effect by the like board or
officer of any entity that shall at the time be the successor of the Company hereunder. In the event of any such sale or conveyance,
but not any such lease, the Company (or any successor entity which shall theretofore have become such in the manner described in
this Section 6.04) shall be discharged from all obligations and covenants under this Indenture and the Securities and may thereupon
be dissolved and liquidated.


 


Section 6.05       Compliance
Certificate. Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, the Company
shall furnish to the Trustee annually, within 120 days after the end of each fiscal year, a brief certificate from the principal
executive officer, principal financial officer, principal accounting officer, executive vice president, senior vice president or
vice president and treasurer as to his or her knowledge of the Company’s compliance with all conditions and covenants under
this Indenture (which compliance shall be determined without regard to any period of grace or requirement of notice provided under
this Indenture) and, in the event of any Default, specifying each such Default and the nature and status thereof of which such
person may have knowledge. Such certificates need not comply with Section 16.01 of this Indenture.


 


Section 6.06       Conditional
Waiver by Holders of Securities. Anything in this Indenture to the contrary notwithstanding, the Company may fail or omit in
any particular instance to comply with a covenant or condition set forth herein with respect to any series of Securities (other
than the obligation to pay the principal of, premium, if any, and interest on any Security of such series, or in the case of any
Securities which are convertible into or exchangeable for securities or property, the obligation to convert or exchange such Securities,
or a covenant or provision hereof which under Section 14.02 cannot be modified or amended without the consent of the Holder of
each Outstanding Security of such series affected) if the Company shall have obtained and filed with the Trustee, prior to the
time of such failure or omission, evidence (as provided in Article VIII) of the consent of the Holders of a majority in aggregate
principal amount of the Securities of such series at the time Outstanding, either waiving such compliance in such instance or generally
waiving compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except
to the extent so expressly waived, or impair any right consequent thereon and, until such waiver shall have become effective, the
obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full force
and effect.


 


Section 6.07       Statement
by Officers as to Default. The Company shall deliver to the Trustee as soon as possible and in any event within 30 days after
the Company becomes aware of the occurrence of any Event of Default or an event which, with the giving of notice or the lapse of
time or both, would constitute an Event of Default, an Officer’s Certificate setting forth the details of such Event of Default
or Default and the action which the Company proposes to take with respect thereto.


 




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ARTICLE
VII



REMEDIES OF TRUSTEE AND SECURITYHOLDERS


 


Section 7.01       Events
of Default. Except where otherwise indicated by the context or where the term is otherwise defined for a specific purpose,
the term “Event of Default” as used in this Indenture with respect to Securities of any series shall mean any of the
following described events unless it is specifically deleted or modified, insofar as concerns the Securities of such series, in
the manner contemplated in Section 3.01:


 


(a)        the
failure of the Company to pay any installment of interest on any Security of such series when and as the same shall become payable,
which failure shall have continued unremedied for a period of 30 days (unless the entire amount of the payment is deposited by
the Company with the Trustee or with a Paying Agent prior to the expiration of such 30-day period);


 


(b)        the
failure of the Company to pay any principal of (or premium, if any, on) any Security of such series, when and as the same shall
become payable, whether at Maturity as therein expressed, by call for redemption (otherwise than pursuant to a sinking fund), upon
acceleration or otherwise;


 


(c)        the
failure of the Company to pay a sinking fund installment, if any, when and as the same shall become payable by the terms of a Security
of such series;


 


(d)        the
failure of the Company, subject to the provisions of Section 6.06, to perform any covenants or agreements contained in this Indenture
(including any indenture supplemental hereto or Officer's Certificate pursuant to which the Securities of such series were issued
as contemplated by Section 3.01) (other than a covenant or agreement which has been expressly included in this Indenture solely
for the benefit of a series of Securities other than that series and other than a covenant or agreement a default in the performance
of which is elsewhere in this Section 7.01 specifically addressed), or in any Securities of such series, which failure shall not
have been remedied for a period of 90 days after written notice shall have been given to the Company by the Trustee or shall have
been given to the Company and the Trustee by Holders of 25% or more in aggregate principal amount of the Securities of such series
then Outstanding, specifying such failure, requiring the Company to remedy the same and stating that such notice is a “Notice
of Default” hereunder;


 


(e)        the
entry by a court having jurisdiction in the premises of a decree or order for relief in respect of the Company in an involuntary
case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency
or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee or sequestrator
(or similar official) of the Company or of substantially all the property of the Company or ordering the winding-up or liquidation
of its affairs and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days;


 




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(f)        the
commencement by the Company of a voluntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other
applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Company
to the entry of an order for relief in an involuntary case under any such law, or the consent by the Company to the appointment
of or taking possession by a receiver, liquidator, assignee, trustee, custodian or sequestrator (or similar official) of the Company
or of substantially all the property of the Company or the making by it of an assignment for the benefit of creditors or the admission
by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company
in furtherance of any action; or


 


(g)        the
occurrence of any other Event of Default with respect to Securities of such series as provided in Section 3.01.


 


Notwithstanding the foregoing provisions of
this Section 7.01, if the principal or any premium or interest on any Security is payable in a Currency other than the Currency
of the United States and such Currency is not available to the Company for making payment thereof due to the imposition of exchange
controls or other circumstances beyond the control of the Company, the Company will be entitled to satisfy its obligations to Holders
of the Securities by making such payment in the Currency of the United States in an amount equal to the Currency of the United
States equivalent of the amount payable in such other Currency, as determined by the Company's agent in accordance with Section
3.11(c) hereof by reference to the noon buying rate in The City of New York for cable transfers for such Currency (“Exchange
Rate”), as such Exchange Rate is reported or otherwise made available by the Federal Reserve Bank of New York on the date
of such payment, or, if such rate is not then available, on the basis of the most recently available Exchange Rate. Notwithstanding
the foregoing provisions of this Section 7.01, any payment made under such circumstances in the Currency of the United States where
the required payment is in a Currency other than the Currency of the United States will not constitute an Event of Default under
this Indenture.


 


Section 7.02       Acceleration;
Rescission and Annulment.


 


(a)        Except
as otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, if any one or more of the above-described
Events of Default (other than an Event of Default specified in Section 7.01(e) or 7.01(f)) shall happen with respect to Securities
of any series at the time Outstanding, then, and in each and every such case, during the continuance of any such Event of Default,
the Trustee or the Holders of 25% or more in principal amount of the Securities of such series then Outstanding may declare the
principal (or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal amount as
may be specified in the terms of that series) of and all accrued but unpaid interest on all the Securities of such series then
Outstanding to be due and payable immediately by a notice in writing to the Company (and to the Trustee if given by Holders), and
upon any such acceleration such principal amount (or specified amount) and interest shall become immediately due and payable. If
an Event of Default specified in Section 7.01(e) or 7.01(f) occurs and is continuing, then in every such case, the principal of
(or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal amount as may be specified
by the terms of that series) of and all accrued but unpaid interest on all of the Securities of that series then Outstanding shall
automatically, and without any acceleration or any other action on


 




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the part of the Trustee or any Holder, become
due and payable immediately. Upon payment of such amounts in the Currency in which such Securities are denominated (subject to
the last paragraph of Section 7.01 and except as otherwise provided pursuant to Section 3.01), all obligations of the Company in
respect of the payment of principal of and interest on the Securities of such series shall terminate.


 


(b)        The
provisions of Section 7.02(a), however, are subject to the condition that, at any time after the principal of all the Securities
of such series, to which any one or more of the above-described Events of Default is applicable, shall have been so declared to
be or shall have automatically become due and payable, and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter provided in this Article, Holders of a majority in principal amount of the Securities of that Series
then Outstanding, by written notice to the Company and the Trustee, may rescind and annual such acceleration if:


 


(i)        the
Company has paid or deposited with the Trustee or Paying Agent a sum in the Currency in which such Securities are denominated (subject
to the last paragraph of Section 7.01 and except as otherwise provided pursuant to Section 3.01) sufficient to pay:


 


(A)       all
amounts owing the Trustee and any predecessor trustee hereunder under Section 11.01(a) (provided, however, that all sums payable
under this clause (A) shall be paid in U.S. Dollars);


 


(B)       all
arrears of interest, if any, upon all the Securities of such series (with interest, to the extent that interest thereon shall be
legally enforceable, on any overdue installment of interest at the rate or rates prescribed therefor in such Securities or, if
no such rate is prescribed therefor in such Securities, at the rate of interest otherwise borne by such Securities); and


 


(C)       the
principal of and premium, if any, on any Securities of such series that have become due otherwise than by such acceleration and
interest on such principal and (to the extent that interest thereon shall be legally enforceable) interest on the overdue premium,
if any, at the rate prescribed therefor in such Securities or, if no rate is prescribed therefor in such Securities, at the rate
of interest otherwise borne by such Securities; and


 


(ii)       every
other Default and Event of Default with respect to Securities of that series, other than the non-payment of the principal of Securities
of that series which have become due solely by such acceleration, have been cured or waived as provided in Section 7.06.


 




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


 


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


 


Section 7.03       Other
Remedies. If the Company shall fail for a period of 30 days to pay any installment of interest on the Securities of any series
or shall fail to pay any principal of or premium, if any, on any of the Securities of such series when and as the same shall become
due and payable, whether at Maturity, or by call for redemption (other than pursuant to the sinking fund), by acceleration as authorized
by this Indenture, or otherwise, or shall fail to make any required sinking fund payment as to a series of Securities, then, upon
demand of the Trustee, the Company will pay to the Paying Agent for the benefit of the Holders of Securities of such series then
Outstanding the whole amount which then shall have become due and payable on all the Securities of such series for principal, premium,
if any, and interest, with interest on the overdue principal and (so far as the same may be legally enforceable) on the overdue
premium, if any, and overdue installments of interest at the rate prescribed therefor in such Securities or, if no rate is prescribed
therefor in such Securities, at the rate of interest otherwise borne by such Securities, and all amounts owing the Trustee and
any predecessor trustee hereunder under Section 11.01(a).


 


If an Event of Default with respect to the Securities
of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of the Securities of such series by such appropriate judicial proceedings as the Trustee shall deem appropriate
to protect and enforce any such rights, either by suit in equity or by action at law or by proceeding 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.


 


In case the Company shall fail forthwith to
pay such amounts 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
any other obligor upon the Securities of such series, and collect the moneys adjudged or decreed to be payable out of the property
of the Company or any other obligor upon the Securities of such series, wherever situated, in the manner provided by law. Every
recovery of judgment in any such action or other proceeding, subject to the payment to the Trustee of all amounts owing the Trustee
and any predecessor trustee hereunder under Section 11.01(a), shall be for the ratable benefit of the Holders of such series of
Securities which shall be the subject of such action or proceeding. All


 




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rights of action upon or under any of the Securities
or this Indenture may be enforced by the Trustee without the possession of any of the Securities and without the production of
any thereof at any trial or any proceeding relative thereto.


 


Section 7.04       Trustee
as Attorney-in-Fact. The Trustee is hereby appointed, and each and every Holder of the Securities, by receiving and holding
the same, shall be conclusively deemed to have appointed the Trustee, the true and lawful attorney-in-fact of such Holder, with
authority to make or file (whether or not the Company shall be in Default in respect of the payment of the principal of, or premium,
if any, or interest on, any of the Securities), in its own name and as trustee of an express trust or otherwise as it shall deem
advisable, in any receivership, insolvency, liquidation, bankruptcy, reorganization or other judicial proceeding relative to the
Company or any other obligor upon the Securities or to their respective creditors or property, any and all claims, proofs of claim,
proofs of debt, petitions, consents, other papers and documents and amendments of any thereof, as may be necessary or advisable
in order to have the claims of the Trustee and any predecessor trustee hereunder and of the Holders of the Securities allowed in
any such proceeding and to collect and receive any moneys or other property payable or deliverable on any such claim, and to execute
and deliver any and all other papers and documents and to do and perform any and all other acts and things, as it may deem necessary
or advisable in order to enforce in any such proceeding any of the claims of the Trustee and any predecessor trustee hereunder
and of any of such Holders in respect of any of the Securities; and any receiver, assignee, trustee, custodian or debtor in any
such proceeding is hereby authorized, and each and every taker or Holder of the Securities, by receiving and holding the same,
shall be conclusively deemed to have authorized any such receiver, assignee, trustee, custodian or debtor, to make any such payment
or delivery only to or on the order of the Trustee, and to pay to the Trustee any amount due it and any predecessor trustee hereunder
under Section 11.01(a); provided, however, that nothing herein contained shall be deemed to authorize or empower the Trustee to
consent to or accept or adopt, on behalf of any Holder of Securities, any plan of reorganization or readjustment affecting the
Securities or the rights of any Holder thereof, or to authorize or empower the Trustee to vote in respect of the claim of any Holder
of any Securities in any such proceeding.


 


Section 7.05       Priorities.
Any moneys or properties collected by the Trustee with respect to a series of Securities under this Article VII shall be applied
in the order following, at the date or dates fixed by the Trustee for the distribution of such moneys or properties and, in the
case of the distribution of such moneys or properties on account of the Securities of any series, upon presentation of the Securities
of such series, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:


 


First: To the payment of all amounts
due to the Trustee and any predecessor trustee hereunder under Section 11.01(a).


 


Second: Subject to Article XV (to
the extent applicable to any series of Securities then outstanding), to the payment of the amounts then due and unpaid for principal
of and any premium and interest on the Outstanding Securities of such series 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
Outstanding Securities for principal and any premium and interest, respectively.


 




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Any surplus then remaining shall be paid to the Company or as directed
by a court of competent jurisdiction.


 


Section 7.06       Control
by Securityholders; Waiver of Past Defaults. The Holders of a majority in principal amount of the Securities of any series
at the time Outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
hereunder, or of exercising any trust or power hereby conferred upon the Trustee with respect to the Securities of such series,
provided, however, that, subject to the provisions of Sections 11.01 and 11.02, the Trustee shall have the right to decline to
follow any such direction if the Trustee being advised by counsel determines that the action so directed may not lawfully be taken
or would be unduly prejudicial to Holders not joining in such direction or would involve the Trustee in personal liability. Prior
to any acceleration of the Maturity of the Securities of any series, the Holders of a majority in aggregate principal amount of
such series of Securities at the time Outstanding may on behalf of the Holders of all of the Securities of such series waive any
past Default or Event of Default hereunder and its consequences except a Default in the payment of interest or any premium on or
principal of the Securities of such series or in the case of any Securities which are convertible into or exchangeable for other
securities or property, a Default in any such conversion or exchange, or a Default in respect of a covenant or provision hereof
which under Section 14.02 cannot be modified or amended without the consent of the Holder of each Outstanding Security of such
series affected. Upon any such waiver 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 Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been
waived as permitted by this Section 7.06, said Default or Event of Default shall for all purposes of the Securities of such series
and this Indenture be deemed to have been cured and to be not continuing.


 


Section 7.07       Limitation
on Suits. No Holder of any Security of any series shall have any right to institute any action, suit or proceeding
at law or in equity for the execution of any trust hereunder or for the appointment of a receiver or for any other remedy hereunder,
in each case with respect to an Event of Default with respect to such series of Securities, unless such Holder previously shall
have given to the Trustee written notice of one or more of the Events of Default herein specified with respect to such series of
Securities that has occurred and remains uncured, and unless also the Holders of a majority in principal amount of the Securities
of such series then Outstanding shall have requested the Trustee in writing to take action in respect of the matter complained
of, and the Holders of a majority in principal amount of the Securities of such series then Outstanding shall not have given the
Trustee a direction inconsistent with such request, and unless also there shall have been offered to the Trustee security and indemnity
reasonably satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for
60 days after receipt of such notification, request and offer of indemnity, shall have neglected or refused to institute any such
action, suit or proceeding; and such notification, request and offer of indemnity are hereby declared in every such case to be
conditions precedent to any such action, suit or proceeding by any Holder of any Security of such series; it being understood and
intended that no one or more of the Holders of Securities of such series shall have any right in any manner whatsoever by his,
her, its or their action to enforce any right hereunder, except in the manner herein provided, and that every action, suit or proceeding
at law or in equity shall be instituted, had and maintained in the manner herein


 




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provided and for the equal benefit of all Holders
of the Outstanding Securities of such series and shall not affect, disturb or prejudice the rights of any other Holder (the Trustees
shall have no affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudiced to such Holders);
provided, however, that nothing in this Indenture or in the Securities of such series shall affect or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on the Securities of such
series to the respective Holders of such Securities at the respective due dates in such Securities stated, or affect or impair
the right, which is also absolute and unconditional, of such Holders to institute suit to enforce the payment thereof.


 


Section 7.08       Undertaking
for Costs. All parties to this Indenture and each Holder of any Security, by such Holder’s acceptance thereof, shall
be deemed to have agreed that any court may in its discretion require, in any action, suit or proceeding for the enforcement of
any right or remedy under this Indenture, or in any action, suit or proceeding against the Trustee for any action taken or omitted
by it as Trustee, the filing by any party litigant in such action, suit or proceeding of an undertaking to pay the costs of such
action, suit or proceeding, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in such action, suit or proceeding, having due regard to the merits and good faith
of the claims or defenses made by such party litigant; provided, however, that the provisions of this Section 7.08 shall not apply
to any action, suit or proceeding instituted by the Trustee, to any action, suit or proceeding instituted by any one or more Holders
of Securities holding in the aggregate more than 10% in principal amount of the Securities of any series Outstanding, or to any
action, suit or proceeding instituted by any Holder of Securities of any series for the enforcement of the payment of the principal
of or premium, if any, or the interest on, any of the Securities of such series, on or after the respective due dates expressed
in such Securities.


 


Section 7.09       Remedies
Cumulative. No remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities of any series is intended
to be exclusive of any other remedy or remedies, and each and every remedy shall be cumulative and shall be in addition to every
other remedy given hereunder or now or hereafter existing at law or in equity or by statute. No delay or omission of the Trustee
or of any Holder of the Securities of any series to exercise any right or power accruing upon any Default or Event of Default shall
impair any such right or power or shall be construed to be a waiver of any such Default or Event of Default or an acquiescence
therein; and every power and remedy given by this Article VII to the Trustee and to the Holders of Securities of any series, respectively,
may be exercised from time to time and as often as may be deemed expedient by the Trustee or by the Holders of Securities of such
series, as the case may be. In case the Trustee or any Holder of Securities of any series shall have proceeded to enforce any right
under this Indenture and the proceedings for the enforcement thereof shall have been discontinued or abandoned because of waiver
or for any other reason or shall have been adjudicated adversely to the Trustee or to such Holder of Securities, then and in every
such case the Company, the Trustee and the Holders of the Securities of such series shall severally and respectively be restored
to their former positions and rights hereunder, and thereafter all rights, remedies and powers of the Trustee and the Holders of
the Securities of such series shall continue as though no such proceedings had been taken, except as to any matters so waived or
adjudicated.


 




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ARTICLE
VIII



CONCERNING THE SECURITYHOLDERS


 


Section 8.01       Evidence
of Action of Securityholders. Whenever in this Indenture it is provided that the Holders of a specified percentage or a majority
in aggregate principal amount of the Securities or of any series of Securities 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 specified percentage or majority have joined therein may be evidenced by (a) any instrument
or any number of instruments of similar tenor executed by Securityholders in person, by an agent or by a proxy appointed in writing,
including through an electronic system for tabulating consents operated by the Depositary for such series or otherwise (such action
becoming effective, except as herein otherwise expressly provided, when such instruments or evidence of electronic consents are
delivered to the Trustee and, where it is hereby expressly required, to the Company), or (b) by the record of the Holders of Securities
voting in favor thereof at any meeting of Securityholders duly called and held in accordance with the provisions of Article IX,
or (c) by a combination of such instrument or instruments and any such record of such a meeting of Securityholders.


 


Section 8.02       Proof
of Execution or Holding of Securities. Proof of the execution of any instrument by a Securityholder or his, her or its 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 Person of any such instrument may be proved (i) by the certificate of any notary public or
other officer in any jurisdiction who, by the laws thereof, has power to take acknowledgments or proof of deeds to be recorded
within such jurisdiction, that the Person who signed such instrument did acknowledge before such notary public or other officer
the execution thereof, or (ii) by the affidavit of a witness of such execution sworn to before any such notary or other officer.
Where such execution is by a Person acting in other than his or her individual capacity, such certificate or affidavit shall also
constitute sufficient proof of his or her authority.


 


(b)        The
ownership of Securities of any series shall be proved by the Register of such Securities or by a certificate of the Registrar for
such series.


 


(c)        The
record of any Holders’ meeting shall be proved in the manner provided in Section 9.06.


 


(d)        The
Trustee may require such additional proof of any matter referred to in this Section 8.02 as it shall deem appropriate or necessary,
so long as the request is a reasonable one.


 


(e)        If
the Company shall solicit from the Holders of Securities of any series any action, the Company may, at its option fix in advance
a record date for the determination of Holders of Securities entitled to take such action, but the Company shall have no obligation
to do so. Any such record date shall be fixed at the Company’s discretion. If such a record date is fixed, such action may
be sought or given before or after the record date, but only the Holders of


 




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Securities of record at the close of business
on such record date shall be deemed to be Holders of Securities for the purpose of determining whether Holders of the requisite
proportion of Outstanding Securities of such series have authorized or agreed or consented to such action, and for that purpose
the Outstanding Securities of such series shall be computed as of such record date.


 


Section 8.03       Persons
Deemed Owners.


 


(a)        The
Company, the Trustee or any of their agents shall treat the Person in whose name any Security is registered as the owner of such
Security for the purpose of receiving payment of principal of and premium, if any, and (subject to Section 3.08) interest, if any,
on, such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the
Trustee nor any of their agents shall be affected by notice to the contrary. All payments made to any Holder, or upon his, her
or its order, shall be valid, and, to the extent of the sum or sums paid, effectual to satisfy and discharge the liability for
moneys payable upon such Security.


 


(b)        None
of the Company, the Trustee, or any of their agents will have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests.


 


Section 8.04       Effect
of Consents. After an amendment, supplement, waiver or other action becomes effective as to any series of Securities, a consent
to it by a Holder of such series of Securities is a continuing consent conclusive and binding upon such Holder and every subsequent
Holder of the same Securities or portion thereof, and of any Security issued upon the transfer thereof or in exchange therefor
or in place thereof, even if notation of the consent is not made on any such Security.


 


ARTICLE
IX



SECURITYHOLDERS’ MEETINGS


 


Section 9.01       Purposes
of Meetings. A meeting of Securityholders of any or all series may be called at any time and from time to time pursuant to
the provisions of this Article IX for any of the following purposes:


 


(a)        to
give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to consent to the waiving of any
Default or Event of Default hereunder and its consequences, or to take any other action authorized to be taken by Securityholders
pursuant to any of the provisions of Article VIII;


 


(b)        to
remove the Trustee and nominate a successor trustee pursuant to the provisions of Article XI;


 


(c)        to
consent to the execution of an Indenture or of indentures supplemental hereto pursuant to the provisions of Section 14.02; or


 




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(d)        to
take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the
Securities of any one or more or all series, as the case may be, under any other provision of this Indenture or under applicable
law.


 


Section 9.02       Call
of Meetings by Trustee. The Trustee may at any time call a meeting of all Securityholders of any or all series that may be
affected by the action proposed to be taken, to take any action specified in Section 9.01, to be held at such time and at such
place as the Trustee shall determine. Notice of every meeting of the Securityholders of a series, setting forth the time and the
place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed at the expense of the
Company to Holders of Securities of such series at their addresses as they shall appear on the Register of the Company. Such notice
shall be mailed not less than 20 nor more than 90 days prior to the date fixed for the meeting.


 


Section 9.03       Call
of Meetings by Company or Securityholders. In case at any time the Company or the Holders of at least 10% in aggregate principal
amount of the Securities of any series then Outstanding that may be affected by the action proposed to be taken, shall have requested
the Trustee to call a meeting of Securityholders of such series, by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt
of such request, then the Company or such Securityholders may determine the time and the place for such meeting and may call such
meeting to take any action authorized in Section 9.01, by mailing notice thereof as provided in Section 9.02.


 


Section 9.04       Qualifications
for Voting. To be entitled to vote at any meeting of Securityholders, a Person shall (a) be a Holder of one or more Securities
affected by the action proposed to be taken at the meeting or (b) be a Person appointed by an instrument in writing as proxy by
a Holder of one or more such Securities. The only Persons who shall be entitled to be present or to speak at any meeting of Securityholders
shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel
and any representatives of the Company and its counsel. Anything in this Indenture to the contrary notwithstanding, unless otherwise
expressly provided pursuant to Section 3.01 with respect to the Securities of any series, any vote, consent, waiver or other action
given or taken by the Holders of any series of Securities at a meeting shall be given or taken, as the case may be, by the Holders
of such series of Securities as a separate class.


 


Section 9.05       Regulation
of Meetings.


 


(a)        Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting
of Securityholders, in regard to proof of the holding of Securities and of the appointment of proxies, and in regard to the appointment
and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote,
and such other matters concerning the conduct of the meeting as it shall deem fit.


 


(b)        The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Securityholders as provided in Section 9.03, in which case the Company or the Securityholders


 




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calling the meeting, as the case may be, shall
in like manner appoint a temporary chair. A permanent chairman and a permanent secretary of the meeting shall be elected by majority
vote of the meeting.


 


(c)        At
any meeting of Securityholders of a series, each Securityholder of such series or such Securityholder’s proxy shall be entitled
to one vote for each $1,000 principal amount of Securities of such series Outstanding held or represented by him; provided, however,
that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the
chairman of the meeting to be not Outstanding. If the Securities of any series are issuable in minimum denominations of less than
$1,000, then a Holder of such a Security in a principal amount of less than $1,000 shall be entitled to a fraction of one vote
which is equal to the fraction that the principal amount of such Security bears to $1,000. The chairman of the meeting shall have
no right to vote other than by virtue of Securities of such series held by him or her or instruments in writing as aforesaid duly
designating him or her as the Person to vote on behalf of other Securityholders. At any meeting of the Securityholders of any series
duly called pursuant to the provisions of Section 9.02 or 9.03, the presence of Persons holding or representing Securities of such
series in an aggregate principal amount sufficient to take action, insofar as concerns the Securities of such series, upon the
business for the transaction of which such meeting was called shall be necessary to constitute a quorum for a meeting of Holders
of the Securities of such series, and any such meeting may be adjourned from time to time by a majority of those present, whether
or not constituting a quorum, and the meeting may be held as so adjourned without further notice.


 


Section 9.06       Voting.
The vote upon any resolution submitted to any meeting of Securityholders of a series shall be by written ballots on which shall
be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal
amounts of the Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors
of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary
of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings
of each meeting of Securityholders shall be prepared by the secretary of the meeting and there shall be attached to said record
the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having
knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in
Section 9.02. The record shall show the principal amounts of the Securities voting in favor of or against any resolution. The record
shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates
shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee.


 


Any record so signed and verified shall be conclusive
evidence of the matters therein stated.


 


Section 9.07       No
Delay of Rights by Meeting. Nothing contained in this Article IX shall be deemed or construed to authorize or permit, by reason
of any call of a meeting of Securityholders of any series or any rights expressly or impliedly conferred hereunder to make such
call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved


 




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to the Trustee or to the Securityholders of such
series under any of the provisions of this Indenture or of the Securities of such series.


 


ARTICLE
X



REPORTS BY THE COMPANY AND THE TRUSTEE AND

SECURITYHOLDERS’ LISTS


 


Section 10.01     Reports
by Trustee.


 


(a)        So
long as any Securities are outstanding, the Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided therein. If
required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each anniversary following the date
of this Indenture deliver to Holders a brief report which complies with the provisions of such Section 313(a).


 


(b)        The
Trustee shall, at the time of the transmission to the Holders of Securities of any report pursuant to the provisions of this Section
10.01, file a copy of such report with each stock exchange upon which the Securities are listed, if any, and also with the SEC
in respect of a Security listed and registered on a national securities exchange, if any. The Company agrees to notify the Trustee
when, as and if the Securities become listed on any stock exchange or any delisting thereof.


 


(c)        The
Company will reimburse the Trustee for all expenses incurred in the preparation and transmission of any report pursuant to the
provisions of this Section 10.01 and of Section 10.02.


 


Section 10.02     Reports
by the Company. The Company shall file with the Trustee and the SEC, and transmit to Holders, such information, documents and
other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner
provided in the Trust Indenture Act; provided that, unless available on EDGAR, any such information, documents or reports required
to be filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 30 days after
the same is filed with the SEC.


 


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


 


Section 10.03     Securityholders’
Lists. The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee:


 


(a)        semi-annually,
within 15 days after each Record Date, but in any event not less frequently than semi-annually, a list in such form as the Trustee
may reasonably require


 




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of the names and addresses of the Holders of Securities
to which such Record Date applies, as of such Record Date, and


 


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


 


provided, however, that so long as the Trustee shall be the Registrar,
such lists shall not be required to be furnished.


 


ARTICLE
XI



CONCERNING THE TRUSTEE


 


Section 11.01     Rights
of Trustees; Compensation and Indemnity. The Trustee accepts the trusts created by this Indenture upon the terms and conditions
hereof, including the following, all of which the parties hereto and the Holders from time to time of the Securities agree:


 


(a)        The
Trustee shall be entitled to such compensation from the Company as the Company and the Trustee shall from time to time agree in
writing for all services rendered by it hereunder (including in any agent capacity in which it acts). The compensation of the Trustee
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust. The Company shall
reimburse the Trustee promptly upon its request for all out-of-pocket expenses, and disbursements incurred or made by the Trustee
(including the reasonable expenses and disbursements of its agents and counsel), except any such expense or disbursement as shall
be determined to have been caused by its own negligence or willful misconduct.


 


The Company also agrees to indemnify each of
the Trustee and any predecessor Trustee hereunder for, and to hold it harmless against, any and all loss, liability, damage, claim,
or expense incurred without its own negligence, bad faith or willful misconduct, arising out of or in connection with the acceptance
or administration of the trust or trusts hereunder and the performance of its duties (including in any agent capacity in which
it acts), as well as the costs and expenses of defending itself against any claim or liability in connection with the exercise
or performance of any of its powers or duties hereunder, except those determined to have been caused by its own negligence or willful
misconduct. The Trustee shall notify the Company promptly of any claim of which a Responsible Officer has received written notice
for which it may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee
may have separate counsel of its selection and the Company shall pay the reasonable fees and expenses of such counsel. The Company
need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.


 


As security for the performance of the obligations
of the Company under this Section 11.01(a), the Trustee shall have a lien upon all property and funds held or collected by the
Trustee as such, except funds held in trust by the Trustee to pay principal of and premium, if any, and interest on any Securities.
Notwithstanding any provisions of this Indenture to the contrary, the obligations of the Company to compensate and indemnify the
Trustee under this Section


 




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11.01(a) shall survive the resignation or removal
of the Trustee, the termination of this Indenture and any satisfaction and discharge under Article XII. When the Trustee incurs
expenses or renders services after an Event of Default specified in clause (e) or (f) of Section 7.01 occurs, the expenses and
compensation for the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy,
insolvency or similar laws.


 


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


 


(c)        The
Trustee shall not be responsible in any manner whatsoever for the correctness of the recitals herein or in the Securities (except
its certificates of authentication thereon) contained, all of which are made solely by the Company; and the Trustee shall not be
responsible or accountable in any manner whatsoever for or with respect to the validity or execution or sufficiency of this Indenture
or of the Securities (except its certificates of authentication thereon), and the Trustee makes no representation with respect
thereto, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the
Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied
to the Company are true and accurate, subject to the qualifications set forth therein. The Trustee shall not be accountable for
the use or application by the Company of any Securities, or the proceeds of any Securities, authenticated and delivered by the
Trustee in conformity with the provisions of this Indenture.


 


(d)        The
Trustee may consult with counsel of its selection, and any advice of counsel shall be full and complete authorization and protection
in respect of any action taken or suffered by the Trustee hereunder in good faith and in accordance with such advice of counsel.


 


(e)        The
Trustee may rely upon the certificate of the Secretary or one of the Assistant Secretaries of the Company as to the adoption of
any Board Resolution or resolution of the stockholders of the Company, and any request, direction, order or demand of the Company
mentioned herein shall be sufficiently evidenced by, and whenever in the administration of this Indenture the Trustee shall deem
it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee may
rely upon, an Officer’s Certificate of the Company (unless other evidence in respect thereof be herein specifically prescribed).


 


(f)        The
Trustee or any agent of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and,
subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Company with the same rights it would
have had if it were not the Trustee or such agent.


 


(g)        Money
held by the Trustee in trust hereunder 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 money received by it hereunder except as otherwise agreed in writing with the Company.


 




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(h)        Any
action taken by the Trustee pursuant to any provision hereof at the request or with the consent of any Person who at the time is
the Holder of any Security shall be conclusive and binding in respect of such Security upon all future Holders thereof or of any
Security or Securities which may be issued for or in lieu thereof in whole or in part, whether or not such Security shall have
noted thereon the fact that such request or consent had been made or given.


 


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


 


(j)         The
Trustee shall not be under any obligation to exercise any of the rights or powers vested in it by this Indenture at the request,
order or direction of any of the Holders of the Securities, pursuant to any provision of this Indenture, unless one or more of
the Holders of the Securities shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the
costs, expenses and liabilities which may be incurred by it therein or thereby.


 


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


 


(l)         The
Trustee shall not be deemed to have knowledge or notice of any Default or Event of Default unless a Responsible Officer of the
Trustee has actual knowledge thereof or unless the Company or the Holders of not less than 25% of the Outstanding Securities of
any series notify the Trustee thereof.


 


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


 


(n)        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.


 


(o)        In
no event shall the Trustee be responsible or liable for special, indirect, 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.


 




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(p)        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.


 


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


 


Section 11.02     Duties
of Trustee.


 


(a)        If
one or more of the Events of Default specified in Section 7.01 with respect to the Securities of any series shall have happened,
then, during the continuance thereof, the Trustee shall, with respect to such Securities, exercise such of the rights and powers
vested in it by this Indenture, and shall 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 such person’s own affairs.


 


(b)        None
of the provisions of this Indenture shall be construed as relieving the Trustee from liability for its own negligent action, negligent
failure to act, or its own willful misconduct, except that, anything in this Indenture contained to the contrary notwithstanding,


 


(i)        unless
and until an Event of Default specified in Section 7.01 with respect to the Securities of any series shall have happened which
at the time is continuing,


 


(A)       the
Trustee undertakes to perform such duties and only such duties with respect to the Securities of that series as are specifically
set out in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee, whose
duties and obligations shall be determined solely by the express provisions of this Indenture; and


 


(B)       the
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, in the
absence of bad faith on the part of the Trustee, upon certificates and opinions furnished to it pursuant to the express provisions
of this Indenture; but in the case of any such certificates or opinions which, by the provisions of this Indenture, 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


 




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calculations or other facts, statements,
opinions or conclusions stated therein);


 


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


 


(iii)      the
Trustee shall not be liable to any Holder of Securities or to any other Person with respect to any action taken or omitted to be
taken by it in good faith, in accordance with the direction of Securityholders given as provided in Section 7.06, relating to the
time, method and place of conducting any proceeding for any remedy available to it or exercising any trust or power conferred upon
it by this Indenture.


 


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


 


(d)        Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section 11.02.


 


Section 11.03     Notice
of Defaults. Within 90 days after the occurrence thereof, and if known to the Trustee, the Trustee shall give to the Holders
of the Securities of a series notice of each Default or Event of Default with respect to the Securities of such series known to
the Trustee, by transmitting such notice to Holders at their addresses as the same shall then appear on the Register of the Company,
unless such Default shall have been cured or waived before the giving of such notice (the term “Default” being hereby
defined to be the events specified in Section 7.01, which are, or after notice or lapse of time or both would become, Events of
Default as defined in said Section). Except in the case of a Default or Event of Default in payment of the principal of, premium,
if any, or interest on any of the Securities of such series when and as the same shall become payable, or to make any sinking fund
payment as to Securities of the same series, the Trustee shall be protected in withholding such notice, if and so long as a Responsible
Officer or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests
of the Holders of the Securities of such series.


 


Section 11.04     Eligibility;
Disqualification.


 


(a)        The
Trustee shall at all times satisfy the requirements of TIA Section 310(a). The Trustee shall have a combined capital and surplus
of at least $50 million as set forth in its most recent published annual report of condition, and shall have a Corporate Trust
Office. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 11.04, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article.


 




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(b)        The
Trustee shall comply with TIA Section 310(b); provided, however, that there shall be excluded from the operation of TIA Section
310(b)(i) any indenture or indentures under which other securities or certificates of interest or participation in other securities
of the Company are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(i) are met. If the Trustee
has or shall acquire a conflicting interest within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall
either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust
Indenture Act and this Indenture. If Section 310(b) of the Trust Indenture Act is amended any time after the date of this Indenture
to change the circumstances under which a Trustee shall be deemed to have a conflicting interest with respect to the Securities
of any series or to change any of the definitions in connection therewith, this Section 11.04 shall be automatically amended to
incorporate such changes.


 


Section 11.05     Resignation
and Notice; Removal. The Trustee, or any successor to it hereafter appointed, may at any time resign and be discharged of the
trusts hereby created with respect to any one or more or all series of Securities by giving to the Company notice in writing. Such
resignation shall take effect upon the appointment of a successor Trustee and the acceptance of such appointment by such successor
Trustee. Any Trustee hereunder may be removed with respect to any series of Securities at any time by the filing with such Trustee
and the delivery to the Company of an instrument or instruments in writing signed by the Holders of a majority in principal amount
of the Securities of such series then Outstanding, specifying such removal and the date when it shall become effective.


 


If at any time:


 


(1)      the Trustee shall fail to comply with
the provisions of TIA Section 310(b) after written request therefor by the Company or by any Holder who has been a bona fide Holder
of a Security for at least six months (or, if it is a shorter period, the period since the initial issuance of the Securities of
such series), or


 


(2)       the
Trustee shall cease to be eligible under Section 11.04 and shall fail to resign after written request therefor by the Company or
by any Holder who has been a bona fide Holder of a Security for at least six months (or, if it is a shorter period, the period
since the initial issuance of the Securities of such series), or


 


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


 


then, in any such case, (i) the Company by written notice to the
Trustee may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii) subject to TIA Section 315(e),
any Securityholder who has been a bona fide Holder of a Security for at least six months (or, if it is a shorter period, the period
since the initial issuance of the Securities of such series) may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor
Trustee or Trustees.


 




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Upon its resignation or removal, any Trustee
shall be entitled to the payment of reasonable compensation for the services rendered hereunder by such Trustee and to the payment
of all reasonable expenses incurred hereunder and all moneys then due to it hereunder. The Trustee’s rights to indemnification
provided in Section 11.01(a) shall survive its resignation or removal.


 


Section 11.06     Successor
Trustee by Appointment.


 


(a)        In
case at any time the Trustee shall resign, or shall be removed (unless the Trustee shall be removed as provided in Section 11.05,
in which event the vacancy shall be filled as provided in said subdivision), or shall become incapable of acting, or shall be adjudged
bankrupt or insolvent, or if a receiver of the Trustee or of its property shall be appointed, or if 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 with
respect to the Securities of one or more series, a successor Trustee with respect to the Securities of that or those series (it
being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such
series and that at any time there shall be only one Trustee with respect to the Securities of any series) may be appointed with
respect to the Securities of each such series by the Holders of a majority in principal amount of the Securities of such series
then Outstanding, by an instrument or instruments in writing signed in duplicate by such Holders and filed, one original thereof
with the Company and the other with the successor Trustee; but, until a successor Trustee shall have been so appointed by the Holders
of Securities of any such series as herein authorized, the Company, or, in case all or substantially all the assets of the Company
shall be in the possession of one or more custodians or receivers lawfully appointed, or of trustees in bankruptcy or reorganization
proceedings (including a trustee or trustees appointed under the provisions of the federal bankruptcy laws, as now or hereafter
constituted), or of assignees for the benefit of creditors, such receivers, custodians, trustees or assignees, as the case may
be, by an instrument in writing, shall appoint a successor Trustee with respect to the Securities of such series. Subject to the
provisions of Sections 11.04 and 11.05, upon the appointment as aforesaid of a successor Trustee with respect to the Securities
of any series, the Trustee with respect to the Securities of such series shall cease to be Trustee hereunder. After any such appointment
other than by the Holders of Securities of any series, the Person making such appointment shall forthwith cause notice thereof
to be mailed to the Holders of Securities of such series at their addresses as the same shall then appear on the Register of the
Company but any successor Trustee with respect to the Securities of such series so appointed shall, immediately and without further
act, be superseded by a successor Trustee appointed by the Holders of Securities of such series in the manner above prescribed,
if such appointment be made prior to the expiration of one year from the date of the mailing of such notice by the Company, or
by such receivers, trustees or assignees.


 


(b)        If
any Trustee with respect to the Securities of any series shall resign or be removed and a successor Trustee shall not have been
appointed by the Company or by the Holders of the Securities of such series or, if any successor Trustee so appointed shall not
have accepted its appointment within 30 days after such appointment shall have been made, the resigning Trustee at the expense
of the Company may apply to any court of competent jurisdiction for the appointment of a successor Trustee. If in any other case
a successor Trustee shall not be appointed pursuant to the foregoing provisions of this Section 11.06 within three


 




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months after such appointment might have been
made hereunder, the Holder of any Security of the applicable series or any retiring Trustee at the expense of the Company may apply
to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereupon, in any such case, after such notice,
if any, as such court may deem proper and prescribe, appoint a successor Trustee.


 


(c)        Any
successor Trustee appointed hereunder with respect to the Securities of one or more series shall execute, acknowledge and deliver
to its predecessor Trustee and to the Company, or to the receivers, trustees, assignees or court appointing it, as the case may
be, an instrument accepting such appointment hereunder, and thereupon such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations with respect
to such series of such predecessor Trustee with like effect as if originally named as Trustee hereunder, and such predecessor Trustee,
upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to pay over, and such successor Trustee
shall be entitled to receive, all moneys and properties held by such predecessor Trustee as Trustee hereunder with respect to the
Securities of such series, subject nevertheless to its lien provided for in Section 11.01(a). Nevertheless, on the written request
of the Company or of the successor Trustee or of the Holders of at least 10% in principal amount of the Securities of any such
series then Outstanding, such predecessor Trustee, upon payment of its said charges and disbursements, shall execute and deliver
an instrument transferring to such successor Trustee upon the trusts herein expressed all the rights, powers and trusts of such
predecessor Trustee with respect to the Securities of such series and shall assign, transfer and deliver to the successor Trustee
all moneys and properties held by such predecessor Trustee with respect to the Securities of such series, subject nevertheless
to its lien provided for in Section 11.01(a); and, upon request of any such successor Trustee or the Company shall make, execute,
acknowledge and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor
Trustee all such authority, rights, powers, trusts, immunities, duties and obligations.


 


Section
11.07     Successor Trustee by Merger. Any Person into which the Trustee or any
successor to it in the trusts created by this Indenture shall be merged or converted, or any Person with which it or any
successor to it shall be consolidated, or any Person resulting from any merger, conversion or consolidation to which the
Trustee or any such successor to it shall be a party, or any Person to which the Trustee or any successor to it shall sell or
otherwise transfer all or substantially all of the corporate trust business of the Trustee, shall be the successor Trustee
under this Indenture without the execution or filing of any paper or any further act on the part of any of the parties
hereto; provided that such Person shall be otherwise qualified and eligible under this Article. In case at the time such
successor to the Trustee shall succeed to the trusts created by this Indenture with respect to one or more series of
Securities, any of such Securities shall have been authenticated but not delivered by the Trustee then in office, any
successor to such Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver such
Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor
to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the
successor Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities
or in this Indenture provided that the certificate of the Trustee shall have; provided, however, that the right to adopt the
certificate of authentication of any predecessor Trustee or authenticate Securities
in the name


 




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 of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.


 


Section 11.08     Right
to Rely on Officer’s Certificate. Whenever in the administration of the provisions of this Indenture the Trustee shall
deem it necessary or desirable that a matter be proved or established prior to taking or suffering any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence, bad faith or willful
misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate with
respect thereto delivered to the Trustee, and such Officer’s Certificate, in the absence of negligence, bad faith or willful
misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under
the provisions of this Indenture upon the faith thereof.


 


Section 11.09     Appointment
of Authenticating Agent. The Trustee may appoint an agent (the “Authenticating Agent”) acceptable to the Company
to authenticate the Securities, and the Trustee shall give written notice of such appointment to all Holders of Securities of the
series with respect to which such Authenticating Agent will serve. Unless limited by the terms of such appointment, any such Authenticating
Agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by the Authenticating Agent. 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.


 


Each Authenticating Agent shall at all times
be a corporation organized and doing business and in good standing under the laws of the United States, any State thereof or the
District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less
than $50,000,000 and subject to supervision or examination by Federal or State authority. If such corporation publishes reports
of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the
purposes of this Article XI, the combined capital and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to
be eligible in accordance with the provisions of this Article XI, it shall resign immediately in the manner and with the effect
specified in this Article XI.


 


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


 


An Authenticating Agent may resign at any time
by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation
or upon such a termination, or in case at


 




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any time such Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section 11.09, the Trustee may appoint a successor Authenticating Agent
which shall be acceptable to the Company and shall give written notice of such appointment to all Holders of Securities of the
series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of
this Section 11.09.


 


The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section 11.09.


 


Section 11.10     Communications
by Securityholders with Other Securityholders. Holders of Securities may communicate pursuant to Section 312(b) of the Trust
Indenture Act with other Holders with respect to their rights under this Indenture or the Securities. The Company, the Trustee,
the Registrar and anyone else shall have the protection of Section 312(c) of the Trust Indenture Act with respect to such communications.


 


ARTICLE
XII



SATISFACTION AND DISCHARGE; DEFEASANCE


 


Section 12.01     Applicability
of Article. The provisions of this Article shall be applicable to the Securities of all series issued pursuant to this Indenture,
except as otherwise specified pursuant to Section 3.01 for Securities of any particular series of Securities.


 


Section 12.02     Satisfaction
and Discharge of Indenture. This Indenture, with respect to the Securities of any series (if all series issued under this Indenture
are not to be affected), shall, upon Company Order, cease to be of further effect (except as to any surviving rights of registration
of transfer or exchange of such Securities herein expressly provided for and the rights of the Holders of the Securities of such
series to receive, the principal of and premium, if any, and interest on such Securities as and when the same shall become due
and payable and except as otherwise provided in the last paragraph of this Section 12.02), and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Securities
of such series, when,


 


(a)        either:


 


(i)        all
Securities of such series theretofore authenticated and delivered (other than (A) Securities that have been destroyed, lost or
stolen and that have been replaced or paid as provided in Section 3.07 and (B) Securities for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 6.03(e)) have been delivered to the Trustee for cancellation; or


 


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


 




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(A)       have
become due and payable, or


 


(B)       will
become due and payable at their Stated Maturity within one year, or


 


(C)       if
redeemable at the option of the Company (including, without limitation, by operation of any mandatory sinking fund), are to be
called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by
the Trustee in the name, and at the expense, of the Company,


 


and the Company, in the case of (A), (B) or (C) above, has
irrevocably deposited or caused to be deposited with the Trustee funds in trust for the purpose an amount in cash in the Currency
in which such Securities are payable (subject to Section 12.08) sufficient to pay and discharge the entire indebtedness on such
Securities for principal and premium, if any, and interest to the date of such deposit (in the case of Securities that have become
due and payable) or to the Stated Maturity thereof or, in the case of Securities of such series which are to be called for redemption
as contemplated by (C) above, the applicable Redemption Date, as the case may be, and including any mandatory sinking fund payments
as and when the same shall become due and payable; provided, however, that, if a Default of the nature described in clauses (e)
or (f) of Section 7.01 shall have occurred at any time during the period ending on and including the 91st day after
the date of such deposit or if the Trustee or any Paying Agent is required to return the monies then on deposit with or held by
the Trustee or such Paying Agent to the Company or to a trustee in bankruptcy, receiver, conservator or other similar Person, or
the Trustee or any Paying Agent is not permitted to apply any such funds to pay the principal of and premium, if any, and interest
on the Securities of such series (including to make sinking fund payments) as and when the same shall become due and payable, the
obligations of the Company under this Indenture with respect to such Securities shall not be deemed terminated or discharged;


 


(b)        the
Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Securities of such series;
and


 


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


 


Notwithstanding the satisfaction and discharge
of this Indenture with respect to the Securities of any series, the obligations of the Company to the Trustee under Section 11.01,
the provisions of Sections 3.04, 3.05, 3.06, 3.07, 3.10, 6.02 and 6.03 and this Article XII, and, if the Securities of such series
are to be redeemed prior to their Stated Maturity (including, without limitation, pursuant to a mandatory sinking fund), the provisions
of Article IV hereof, and, if the Securities of such series are convertible into or exchangeable for other securities or property,
the rights of the Holders of such Securities to convert or exchange, and the obligations of the Company to


 




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convert or exchange, such Securities into other
securities or property, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the obligations
of the Trustee under Section 12.07 and Section 6.03(e) shall survive such satisfaction and discharge.


 


Section 12.03     Defeasance
and Covenant Defeasance upon Deposit of Moneys or U.S. Government Obligations. At the Company’s option, either (x) the
Company shall be deemed to have been Discharged (as defined below) from its obligations with respect to Securities of any series
on the first day after the applicable conditions set forth below have been satisfied or (y) the Company shall cease to be under
any obligation to comply with any term, provision or condition set forth in Section 10.02 with respect to Securities of any series
(and, if so specified pursuant to Section 3.01, any other restrictive covenant added for the benefit of such series pursuant to
Section 3.01) ("covenant defeasance") upon the satisfaction of the applicable conditions set forth below:


 


(a)        the
Company shall have deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust, specifically pledged
as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series (i) money in the Currency
in which such Securities are payable in an amount, or (ii) U.S. Government Obligations (as defined below) that, through the payment
of interest and principal in respect thereof in accordance with their terms, will provide, not later than one day before the due
date of any payment, money in the Currency in which such Securities are payable in an amount, or (iii) a combination of (i) and
(ii), sufficient (without consideration of any reinvestment of such principal and interest) in the opinion of a nationally recognized
investment bank, appraisal firm or accounting firm to pay and discharge each installment of principal (including any mandatory
sinking fund payments) of and premium, if any, and interest on, the Outstanding Securities of such series on the dates such installments
of interest or principal and premium are due and, if the Securities of such series are to be called for redemption as described
in clause (d) below, to pay and discharge the Redemption Price on the Securities called for redemption on the applicable Redemption
Date;


 


(b)        no
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 resulting from the borrowing of funds and the grant of any related liens to be applied to such deposit) and, solely
in the case of Discharge pursuant to clause (x) of the first paragraph of this Section 12.03, no Default with respect to the Securities
of such series under either clause (e) or (f) of Section 7.01 shall have occurred at any time during the period ending on and including
the 91st day after the date of such deposit;


 


(c)        the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the beneficial owners of the Securities of
such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the Company’s exercise
of its option under this Section and will be subject to federal income tax on the same amounts and in the same manner and at the
same times as would have been the case if such option had not been exercised and, in the case of the Securities of such series
being Discharged pursuant to clause (x) of the first paragraph of this Section 12.03, such Opinion of Counsel shall be based upon
and accompanied by a ruling to that effect received by the Company from or published by the Internal Revenue Service;


 




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(d)        if
the monies or U.S. Government Obligations or combination thereof, as the case may be, deposited under clause (a) above are sufficient
to pay the principal of and premium, if any, and interest on the Securities of such series (including, without limitation, any
mandatory sinking fund payment) or any portion thereof to be redeemed on a particular Redemption Date (including, without limitation,
pursuant to a mandatory sinking fund), the Company shall have given to the Trustee irrevocable instructions to redeem such Securities
on such date and shall have made arrangements satisfactory to the Trustee for the giving of notice of such redemption by the Trustee
in the name, and at the expense, of the Company; and


 


(e)        the
Company shall have delivered to the Trustee an Officers Certificate and an Opinion of Counsel, each stating that all conditions
precedent to such action under this Indenture have been complied with.


 


“Discharged” means, with respect
to the Securities of any series, that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by, and obligations under, the Securities of such series and to have satisfied all the obligations under this Indenture relating
to the Securities of such series (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
the same), except for the following, all of which shall survive such Discharge and remain in full force and effect with respect
to the Securities of such series: (A) the rights of Holders of Securities of such series to receive, from the trust fund described
in clause (a) above, payment of the principal of and premium, if any, and interest on such Securities when such payments are due,
(B) Sections 3.04, 3.05, 3.06, 3.07, 3.10, 6.02 and 6.03, (C) if the Securities of such series are to be redeemed prior to
their Stated Maturity, the provisions of Article IV hereof, (D) if the Securities of such series are convertible into or exchangeable
for other securities or property, the rights of the Holders of such Securities to convert or exchange, and the obligations of the
Company to convert or exchange, such Securities into such other securities or property, (E) the provisions of this Article
XII and (F) the rights, powers, trusts, duties and immunities of the Trustee hereunder.


 


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


 


Section 12.04     Repayment
to Company. The Trustee and any Paying Agent shall promptly pay to the Company (or to its designee) upon delivery of an Officer’s
Certificate any moneys or U.S. Government Obligations deposited pursuant to Section 12.03 with respect to the Securities of any
series and held by them that are in excess of the monies and/or U.S.


 




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Government Obligations that would be required
to be deposited at such time to effect the Discharge or covenant defeasance, as applicable, with respect to the Securities of such
series in accordance with Section 12.03, including any such moneys or obligations held by the Trustee under any escrow trust
agreement entered into pursuant to Section 12.06. The provisions of Section 6.03(e) shall apply to any money held by the Trustee
or any Paying Agent under this Article.


 


Section 12.05     Indemnity
for U.S. Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the deposited U.S. Government Obligations or the principal or interest received on such U.S. Government
Obligations.


 


Section 12.06     Application
of Trust Money.


 


(a)        Neither
the Trustee nor any other Paying Agent shall be required to pay interest on any moneys deposited pursuant to the provisions of
this Indenture, except such as it shall agree with the Company in writing to pay thereon.


 


(b)        Subject
to Section 6.03(e), any monies and U.S. Government Obligations which at any time shall be deposited by the Company or on its behalf
with the Trustee or any other Paying Agent for the purpose of paying the principal of, premium, if any, and interest on any of
the Securities shall be and are hereby assigned, transferred and set over to the Trustee or such other Paying Agent in trust for
the respective Holders of the Securities for the purpose for which such moneys shall have been deposited, and such funds shall
be applied by the Trustee or Paying Agent in accordance with the provisions of such Securities and this Indenture to the payment
of all sums due and to become due on such Securities in respect of principal and premium, if any, and interest; but such moneys
need not be segregated from other funds except to the extent required by law. Anything in this Indenture to the contrary notwithstanding,
neither the Company nor any of its Subsidiaries nor any of their respective Affiliates may act as Paying Agent for any Securities
in respect of which money or U.S. Government Obligations have been deposited pursuant to this Article XII.


 


Section 12.07     Deposits
of Non-U.S. Currencies. Notwithstanding the foregoing provisions of this Article, if the Securities of any series are payable
in a Currency other than U.S. Dollars, the Currency or the nature of the government obligations to be deposited with the Trustee
under the foregoing provisions of this Article shall be as set forth in the Officer's Certificate or established in the
supplemental indenture under which the terms of the Securities of such series have been established pursuant to Section 3.01.


 


ARTICLE
XIII



IMMUNITY OF CERTAIN PERSONS


 


Section 13.01     No
Personal Liability. No recourse shall be had for the payment of the principal of, or the premium, if any, or interest on, any
Security or for any claim based thereon or otherwise in respect thereof or of the Debt represented thereby, or upon any obligation,
covenant or agreement of this Indenture, against any incorporator, stockholder, officer or director, as such,


 




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past, present or future, of the Company or of
any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitutional
provision, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and
understood that this Indenture and the Securities are solely corporate obligations, and that no personal liability whatsoever shall
attach to, or be incurred by, any incorporator, stockholder, officer or director, as such, past, present or future, of the Company
or of any successor corporation, either directly or through the Company or any successor corporation, because of the incurring
of the Debt hereby authorized or under or by reason of any of the obligations, covenants, promises or agreements contained in this
Indenture or in any of the Securities, or to be implied herefrom or therefrom, and that all liability, if any, of that character
against every such incorporator, stockholder, officer and director is, by the acceptance of the Securities and as a condition of,
and as part of the consideration for, the execution of this Indenture and the issue of the Securities expressly waived and released.


 


ARTICLE
XIV



SUPPLEMENTAL INDENTURES


 


Section 14.01     Without
Consent of Securityholders. Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Securities,
the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Trustee, for any one or more of or all the following purposes:


 


(a)        to
add to the covenants and agreements of the Company, to be observed thereafter and during the period, if any, in such supplemental
indenture or indentures expressed, and to add Events of Default, in each case for the protection or benefit of the Holders of all
or any series of the Securities (and if such covenants, agreements and Events of Default are to be for the benefit of fewer than
all series of Securities, stating that such covenants, agreements and Events of Default are expressly being included for the benefit
of such series as shall be identified therein), or to surrender any right or power herein conferred upon the Company;


 


(b)        to
change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall become effective
only when there is no Outstanding Security of any series created prior to the execution of such supplemental indenture that is
entitled to the benefit of such provision and as to which such supplemental indenture would apply;


 


(c)        to
evidence the succession of another entity to the Company, or successive successions, and the assumption by such successor of the
covenants and obligations of the Company contained in the Securities of one or more series and in this Indenture or any supplemental
indenture;


 


(d)        to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to one or more series of Securities
and to add to or change any of the provisions of this Indenture as shall be necessary for or facilitate the administration of the
trusts hereunder by more than one Trustee, pursuant to the requirements of Section 11.06(c);


 




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(e)        to
secure any series of Securities;


 


(f)         to
evidence any changes to this Indenture pursuant to Sections 11.05, 11.06 or 11.07 hereof as permitted by the terms thereof;


 


(g)        to
cure any ambiguity or inconsistency, provided, that such amendment or supplement does not adversely affect in any material respect
the rights of the Holders of such Securities, or to correct or supplement any provision contained herein or in any indenture supplemental
hereto which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture or to
conform the terms hereof, as amended and supplemented, that are applicable to the Securities of any series to the description of
the terms of such Securities in the offering memorandum, prospectus supplement or other offering document applicable to such Securities
at the time of initial sale thereof;


 


(h)        to
add to or change or eliminate any provision of this Indenture as shall be necessary or desirable in accordance with any amendments
to the Trust Indenture Act;


 


(i)         to
add guarantors or co-obligors with respect to any series of Securities or to release guarantors from their guarantees of Securities
in accordance with the terms of the applicable series of Securities;


 


(j)         to
make any change in any series of Securities that does not adversely affect in any material respect the rights of the Holders of
such Securities;


 


(k)        to
provide for uncertificated securities in addition to certificated securities;


 


(l)         to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance
and discharge of any series of Securities; provided that any such action shall not adversely affect the interests of the Holders
of Securities of such series or any other series of Securities;


 


(m)       to
prohibit the authentication and delivery of additional series of Securities; or


 


(n)       
to establish the form and terms of Securities of any series as permitted in Section 3.01, or to authorize the issuance of additional
Securities of a series previously authorized or to add to the conditions, limitations or restrictions on the authorized amount,
terms or purposes of issue, authentication or delivery of the Securities of any series, as herein set forth, or other conditions,
limitations or restrictions thereafter to be observed.


 


Subject to the provisions of Section 14.03,
the Trustee is authorized to join with the Company in the execution of any such supplemental indenture, to make the further agreements
and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property
or assets thereunder.


 




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Any supplemental indenture authorized by the
provisions of this Section 14.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the
Securities at the time Outstanding.


 


Section 14.02     With
Consent of Securityholders; Limitations.


 


(a)        With
the consent of the Holders (evidenced as provided in Article VIII) of a majority in aggregate principal amount of the Outstanding
Securities of each series affected by such supplemental indenture voting separately, the Company and the Trustee may, from time
to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to
or changing in any manner or eliminating any provisions of this Indenture or of modifying in any manner the rights of the Holders
of the Securities of such series to be affected; provided, however, that no such supplemental indenture shall, without the consent
of the Holder of each Outstanding Security of each such series affected thereby,


 


(i)        extend
the Stated Maturity of the principal of, or premium or any installment of interest on, any Security, or reduce the principal amount
thereof or the interest thereon or any premium thereon, or extend the Stated Maturity of, or change the place of payment where,
or the Currency in which the principal of and premium, if any, or interest on such Security is denominated or payable, or reduce
the amount of the principal of an Original Issue Discount Security that would be due and payable upon acceleration of the Maturity
thereof pursuant to Section 7.02, change the ranking of any Security or, in the case of any subordinated Security, the definition
of Senior Debt applicable thereto, or impair the right to institute suit for the enforcement of any payment on or after the Stated
Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or materially adversely affect the economic
terms of any right to convert or exchange any Security as may be provided pursuant to Section 3.01, or adversely affect any right
of repayment at the Holder’s option; or


 


(ii)       reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this
Indenture or certain Defaults hereunder and their consequences provided for in this Indenture, or reduce the requirements under
Article IX for quorum or voting; or


 


(iii)      modify
any of the provisions of this Section, Section 7.06 or Section 6.06, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to
changes in the references to “the Trustee” and concomitant changes in this Section and Section 6.06, or the deletion
of this proviso, in accordance with the requirements of Sections 11.06 and 14.01(f); or


 




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(iv)      modify,
without the written consent of the Trustee, the rights, duties or immunities of the Trustee; or


 


(v)       make
any change that adversely affects the right, if any, to convert or exchange any Security for other securities or property in accordance
with its terms.


 


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


 


(c)        It
shall not be necessary for the consent of the Securityholders under this Section 14.02 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.


 


(d)        The
Company may set a record date for purposes of determining the identity of the Holders of each series of Securities entitled to
give a written consent or waive compliance by the Company as authorized or permitted by this Section. Such record date shall not
be more than 30 days prior to the first solicitation of such consent or waiver or the date of the most recent list of Holders furnished
to the Trustee prior to such solicitation pursuant to Section 312 of the Trust Indenture Act.


 


(e)        Promptly
after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section 14.02,
the Company shall mail a notice, setting forth in general terms the substance of such supplemental indenture, to the Holders of
Securities at their addresses as the same shall then appear in the Register of the Company. 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.


 


Section 14.03     Trustee
Protected. Upon the request of the Company, accompanied by the Officer’s Certificate and Opinion of Counsel required
by Section 16.01 (and stating that such supplemental indenture is authorized or permitted by this Indenture) and
evidence reasonably satisfactory to the Trustee of consent of the Holders if the supplemental indenture is to be executed pursuant
to Section 14.02, the Trustee shall join with the Company in the execution of said supplemental indenture unless said 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 said supplemental indenture. The Trustee shall be fully protected
in relying upon such Officer’s Certificate and an Opinion of Counsel.


 


Section 14.04     Effect
of Execution of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions
of this Article XIV, this Indenture shall be deemed to be modified and amended in accordance therewith and, except as herein otherwise
expressly provided, the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the
Trustee, the Company and the Holders of all of the Securities or of the Securities of any series affected, as the case may be,
shall thereafter be determined, exercised


 




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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 14.05     Notation
on or Exchange of Securities. Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to the provisions of this Article may bear a notation in the form approved by the Trustee as to any matter provided
for in such supplemental indenture. If the Company or the Trustee shall so determine, new Securities so modified as to conform,
in the opinion of the Trustee and the Board of Directors of the Company, to any modification of this Indenture contained in any
such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange
for the Securities then Outstanding in equal aggregate principal amounts, and such exchange shall be made without cost to the Holders
of the Securities.


 


Section 14.06     Conformity
with TIA. Every supplemental indenture executed pursuant to the provisions of this Article shall conform to the requirements
of the Trust Indenture Act as then in effect.


 


ARTICLE
XV



SUBORDINATION OF SECURITIES


 


Section 15.01     Agreement
to Subordinate. In the event a series of Securities is designated as subordinated pursuant to Section 3.01, and except as otherwise
provided in an Officer's Certificate or in one or more indentures supplemental hereto, the Company, for itself, its successors
and assigns, covenants and agrees, and each Holder of Securities of such series by his, her or its acceptance thereof, likewise
covenants and agrees, that the payment of the principal of (and premium, if any) and interest, if any, on each and all of the Securities
of such series is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to
the prior payment in full of all Senior Debt. In the event a series of Securities is not designated as subordinated pursuant to
Section 3.01(s), this Article XV shall have no effect upon the Securities.


 


Section 15.02     Distribution
on Dissolution, Liquidation and Reorganization; Subrogation of Securities. Subject to Section 15.01, upon any distribution
of assets of the Company upon any dissolution, winding up, liquidation or reorganization of the Company, whether in bankruptcy,
insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling
of the assets and liabilities of the Company or otherwise (subject to the power of a court of competent jurisdiction to make other
equitable provision reflecting the rights conferred in this Indenture upon the Senior Debt and the holders thereof with respect
to the Securities and the Holders thereof by a lawful plan of reorganization under applicable bankruptcy law):


 


(a)        the
holders of all Senior Debt shall be entitled to receive payment in full of the principal thereof (and premium, if any) and interest
due thereon before the Holders of the Securities are entitled to receive any payment upon the principal (or premium, if any) or
interest, if any, on Debt evidenced by the Securities; and


 




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(b)        any
payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the
Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XV shall be paid by the liquidation
trustee or agent or other Person making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating
trustee or otherwise, directly to the holders of Senior Debt or their representative or representatives or to the trustee or trustees
under any indenture under which any instruments evidencing any of such Senior Debt may have been issued, ratably according to the
aggregate amounts remaining unpaid on account of the principal of (and premium, if any) and interest on the Senior Debt held or
represented by each, to the extent necessary to make payment in full of all Senior Debt remaining unpaid, after giving effect to
any concurrent payment or distribution to the holders of such Senior Debt; and


 


(c)        in
the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether
in cash, property or securities prohibited by the foregoing, shall be received by the Trustee or the Holders of the Securities
before all Senior Debt is paid in full, such payment or distribution shall be paid over, upon written notice to a Responsible Officer
of the Trustee, to the holder of such Senior Debt or his, her or its representative or representatives or to the trustee or trustees
under any indenture under which any instrument evidencing any of such Senior Debt may have been issued, ratably as aforesaid, as
calculated by the Company, for application to payment of all Senior Debt remaining unpaid until all such Senior Debt shall have
been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Debt.


 


(d)        Subject
to the payment in full of all Senior Debt, the Holders of the Securities shall be subrogated to the rights of the holders of Senior
Debt (to the extent that distributions otherwise payable to such Holders have been applied to the payment of Senior Debt) to receive
payments or distributions of cash, property or securities of the Company applicable to Senior Debt until the principal of (and
premium, if any) and interest, if any, on the Securities shall be paid in full and no such payments or distributions to the Holders
of the Securities of cash, property or securities otherwise distributable to the holders of Senior Debt shall, as between the Company,
its creditors other than the holders of Senior Debt, and the Holders of the Securities be deemed to be a payment by the Company
to or on account of the Securities. It is understood that the provisions of this Article XV are and are intended solely for the
purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of the Senior Debt,
on the other hand. Nothing contained in this Article XV or elsewhere in this Indenture or in the Securities is intended to or shall
impair, as between the Company, its creditors other than the holders of Senior Debt, and the Holders of the Securities, the obligation
of the Company, which is unconditional and absolute, to pay to the Holders of the Securities the principal of (and premium, if
any) and interest, if any, on the Securities as and when the same shall become due and payable in accordance with their terms,
or to affect the relative rights of the Holders of the Securities and creditors of the Company other than the holders of Senior
Debt, nor shall anything herein or in the Securities prevent the Trustee or the Holder of any Security from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article XV of
the holders of Senior Debt in respect of cash, property or securities of the Company received upon the exercise of any such remedy.
Upon any payment or distribution of assets of the Company referred to in this Article XV, the Trustee, subject to the provisions
of Section 15.06, shall be entitled to conclusively rely upon a certificate of the


 




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liquidating trustee or agent or other person making
any distribution to the Trustee for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders
of Senior Debt and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed
thereof and all other facts pertinent thereto or to this Article XV.


 


Section 15.03     No
Payment on Securities in Event of Default on Senior Debt. Subject to Section 15.01, no payment by the Company on account of
principal (or premium, if any), sinking funds or interest, if any, on the Securities shall be made at any time if: (i) a default
on Senior Debt exists that permits the holders of such Senior Debt to accelerate its maturity and (ii) the default is the subject
of judicial proceedings or the Company has received notice of such default. The Company may resume payments on the Securities when
full payment of amounts then due for principal (premium, if any), sinking funds and interest on Senior Debt has been made or duly
provided for in money or money’s worth.


 


In the event that, notwithstanding the foregoing,
any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this Section 15.03,
such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of such Senior Debt
or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt
may have been issued, as their respective interests may appear, as calculated by the Company, but only to the extent that the holders
of such Senior Debt (or their representative or representatives or a trustee) notify the Trustee in writing within 90 days of such
payment of the amounts then due and owing on such Senior Debt and only the amounts specified in such notice to the Trustee shall
be paid to the holders of such Senior Debt.


 


Section 15.04     Payments
on Securities Permitted. Subject to Section 15.01, nothing contained in this Indenture or in any of the Securities shall (a)
affect the obligation of the Company to make, or prevent the Company from making, at any time except as provided in Sections 15.02
and 15.03, payments of principal of (or premium, if any) or interest, if any, on the Securities or (b) prevent the application
by the Trustee of any moneys or assets deposited with it hereunder to the payment of or on account of the principal of (or premium,
if any) or interest, if any, on the Securities, unless a Responsible Officer of the Trustee shall have received at its Corporate
Trust Office written notice of any fact prohibiting the making of such payment from the Company or from the holder of any Senior
Debt or from the trustee for any such holder, together with proof satisfactory to the Trustee of such holding of Senior Debt or
of the authority of such trustee more than two Business Days prior to the date fixed for such payment.


 


Section 15.05     Authorization
of Securityholders to Trustee to Effect Subordination. Subject to Section 15.01, each Holder of Securities by his acceptance
thereof authorizes and directs the Trustee on his, her or its behalf to take such action as may be necessary or appropriate to
effectuate the subordination as provided in this Article XV and appoints the Trustee his attorney-in-fact for any and all such
purposes.


 


Section 15.06     Notices
to Trustee. The Company shall give prompt written notice to a Responsible Officer of the Trustee of any fact known to the Company
that would prohibit the making of any payment of monies or assets to or by the Trustee in respect of the Securities of any series
pursuant to the provisions of this Article XV. Subject to Section 15.01,


 




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notwithstanding the provisions of this Article
XV or any other provisions of this Indenture, neither the Trustee nor any Paying Agent (other than the Company) shall be charged
with knowledge of the existence of any Senior Debt or of any fact which would prohibit the making of any payment of moneys or assets
to or by the Trustee or such Paying Agent, unless and until a Responsible Officer of the Trustee or such Paying Agent shall have
received (in the case of a Responsible Officer of the Trustee, at the Corporate Trust Office of the Trustee) written notice thereof
from the Company or from the holder of any Senior Debt or from the trustee for any such holder, together with proof satisfactory
to the Trustee of such holding of Senior Debt or of the authority of such trustee and, prior to the receipt of any such written
notice, the Trustee shall be entitled in all respects conclusively to presume that no such facts exist; provided, however, that
if at least two Business Days prior to the date upon which by the terms hereof any such moneys or assets may become payable for
any purpose (including, without limitation, the payment of either the principal (or premium, if any) or interest, if any, on any
Security) a Responsible Officer of the Trustee shall not have received with respect to such moneys or assets the notice provided
for in this Section 15.06, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and
authority to receive such moneys or assets and to apply the same to the purpose for which they were received, and shall not be
affected by any notice to the contrary which may be received by it within two Business Days prior to such date. The Trustee shall
be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Debt (or
a trustee on behalf of such holder) to establish that such a notice has been given by a holder of Senior Debt or a trustee on behalf
of any such holder. In the event that the Trustee determines in good faith that further evidence is required with respect to the
right of any Person as a holder of Senior Debt to participate in any payment or distribution pursuant to this Article XV, the Trustee
may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Debt held
by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article XV and, if such evidence is not furnished, the Trustee may defer any
payment to such Person pending judicial determination as to the right of such Person to receive such payment.


 


Section 15.07     Trustee
as Holder of Senior Debt. Subject to Section 15.01, the Trustee in its individual capacity shall be entitled to all the rights
set forth in this Article XV in respect of any Senior Debt at any time held by it to the same extent as any other holder of Senior
Debt and nothing in this Indenture shall be construed to deprive the Trustee of any of its rights as such holder. Nothing in this
Article XV shall apply to claims of, or payments to, the Trustee under or pursuant to Sections 7.05 or 11.01.


 


Section 15.08     Modifications
of Terms of Senior Debt. Subject to Section 15.01, any renewal or extension of the time of payment of any Senior Debt or the
exercise by the holders of Senior Debt of any of their rights under any instrument creating or evidencing Senior Debt, including,
without limitation, the waiver of default thereunder, may be made or done all without notice to or assent from the Holders of the
Securities or the Trustee. To the fullest extent permitted by applicable law, no compromise, alteration, amendment, modification,
extension, renewal or other change of, or waiver, consent or other action in respect of, any liability or obligation under or in
respect of, or of any of the terms, covenants or conditions of any indenture or other instrument under which any Senior Debt is
outstanding or of such Senior Debt, whether or not such release is in accordance with the provisions of any applicable document,
shall in any


 




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way alter or affect any of the provisions of this
Article XV or of the Securities relating to the subordination thereof.


 


Section 15.09     Reliance
on Judicial Order or Certificate of Liquidating Agent. Subject to Section 15.01, upon any payment or distribution of assets
of the Company referred to in this Article XV, the Trustee and the Holders of the Securities shall be entitled to conclusively
rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership,
liquidation, reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of the trustee
in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other person making such
payment or distribution, delivered to the Trustee or to the Holders of Securities, for the purpose of ascertaining the Persons
entitled to participate in such payment or distribution, the holders of Senior Debt and other indebtedness of the Company, the
amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to
this Article XV.


 


Section 15.10     Satisfaction
and Discharge; Defeasance and Covenant Defeasance. Subject to Section 15.01, amounts and U.S. Government Obligations deposited
in trust with the Trustee pursuant to and in accordance with Article XII and not, at the time of such deposit, prohibited to be
deposited under Sections 15.02 or 15.03 shall not be subject to this Article XV.


 


Section 15.11     Trustee
Not Fiduciary for Holders of Senior Debt. With respect to the holders of Senior Debt, the Trustee undertakes to perform or
observe only such of its covenants and obligations as are specifically set forth in this Article XV, and no implied covenants or
obligations with respect to the holders of Senior Debt shall be read into this Indenture against the Trustee. The Trustee shall
not be deemed to owe any fiduciary duty to the holders of Senior Debt. The Trustee shall not be liable to any such holder if it
shall pay over or distribute to or on behalf of Holders of Securities or the Company, or any other Person, moneys or assets to
which any holder of Senior Debt shall be entitled by virtue of this Article XV or otherwise.


 


ARTICLE
XVI



MISCELLANEOUS PROVISIONS


 


Section 16.01     Certificates
and Opinions as to Conditions Precedent.


 


(a)        Upon
any request or application 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, if any, provided for
in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion
of such counsel all such conditions precedent have been complied with.


 


(b)        Each
certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition
or covenant provided for in this Indenture (other than the certificates provided pursuant to Section 6.05 of this Indenture) shall
include (i) a statement that the Person giving 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


 




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upon which the statements or opinions contained
in such certificate or opinion are based; (iii) a statement that, in the view or opinion of such Person, he or she has made such
examination or investigation as is necessary to enable such Person to express an informed view or 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 view or opinion of such Person,
such condition or covenant has been complied with.


 


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


 


(d)        Any
certificate, statement or opinion of an officer of the Company or of counsel to the Company may be based, insofar as it relates
to accounting matters, upon a certificate or opinion of, or representations by, an accountant or firm of accountants, unless such
officer or counsel, as the case may be, knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to the accounting matters upon which his or her certificate, statement or opinion may be based
are erroneous. Any certificate or opinion of any firm of independent registered public accountants filed with the Trustee shall
contain a statement that such firm is independent.


 


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


 


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


 


Section 16.02     Trust
Indenture Act Controls. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by, or another provision included in this Indenture which is required to be included in this Indenture by any
of the provisions of Sections 310 to 318, inclusive, of the Trust Indenture Act, such imposed duties or incorporated provision
shall control.


 


Section 16.03     Notices
to the Company and Trustee. Any notice or demand authorized by this Indenture to be made upon, given or furnished to, or filed
with, the Company or the


 




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Trustee shall be sufficiently made, given, furnished
or filed for all purposes if it shall be mailed, delivered or telefaxed to:


 


(a)        the
Company, at 650 Liberty Avenue, Union, New Jersey 07083, (fax: 908-688-8385); Attention: Allan N. Rauch, or at such other
address or facsimile number as may have been furnished in writing to the Trustee by the Company.


 


(b)        the
Trustee, at the Corporate Trust Office, with a copy to the Trustee at 101 Barclay Street, New York, New York 10286, Attention:
Corporate Trust Unit.


 


Any such notice, demand or other document shall be in the English
language.


 


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


 


Section 16.04     Notices
to Securityholders; Waiver. Any notice required or permitted to be given to Securityholders shall be sufficiently given (unless
otherwise herein expressly provided),


 


(a)        if
to Holders, if given in writing by first class mail, postage prepaid, to such Holders at their addresses as the same shall appear
on the Register of the Company; provided, that in the event of suspension of regular mail service or by reason of any other
cause it shall be impracticable to give notice by mail, then such notification as shall be given with the approval of the Trustee
shall constitute sufficient notice for every purpose hereunder; or


 


(b)        if
a series of Securities has been issued in the form of one or more Global Securities through DTC as Depositary, notice may be provided
with respect to such series of Securities by delivery of such notice to DTC for posting through its "Legal Notice Service"
(LENS) or a successor system thereof.


 


Where this Indenture provides for notice in
any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance on such waiver. In any case where notice
to Holders is given by mail; neither the failure to mail such notice nor any defect in any notice so mailed to any particular Holder
shall affect the sufficiency of such notice with respect to other Holders, and any notice that is mailed in the manner herein provided
shall be conclusively presumed to have been duly given. In any


 




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case where notice to Holders is given by publication,
any defect in any notice so published as to any particular Holder shall not affect the sufficiency of such notice with respect
to other Holders, and any notice that is published in the manner herein provided shall be conclusively presumed to have been duly
given.


 


Section 16.05     Legal
Holiday. Unless otherwise specified pursuant to Section 3.01, in any case where any Interest Payment Date, Redemption Date
or Maturity of any Security of any series shall not be a Business Day at any Place of Payment for the Securities of that series,
then payment of principal and premium, if any, or interest need not be made at such Place of Payment on such date, but may be made
on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on such Interest Payment
Date, Redemption Date or Maturity and no interest shall accrue on such payment for the period from and after such Interest Payment
Date, Redemption Date or Maturity, as the case may be, to such Business Day if such payment is made or duly provided for on such
Business Day.


 


Section 16.06     Effects
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.


 


Section 16.07     Successors
and Assigns. All covenants and agreements in this Indenture by the parties hereto shall bind their respective successors and
assigns and inure to the benefit of their permitted successors and assigns, whether so expressed or not.


 


Section 16.08     Separability
Clause. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.


 


Section 16.09     Benefits
of Indenture. Nothing in this Indenture expressed and nothing that may be implied from any of the provisions hereof is intended,
or shall be construed, to confer upon, or to give to, any Person or corporation other than the parties hereto and their successors
and the Holders of the Securities any benefit or any right, remedy or claim under or by reason of this Indenture or any covenant,
condition, stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements in this
Indenture contained shall be for the sole and exclusive benefit of the parties hereto and their successors and of the Holders of
the Securities.


 


Section 16.10     Counterparts
Originals. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument.


 


Section 16.11     Governing
Law; Waiver of Trial by Jury. This Indenture and the Securities shall be deemed to be contracts made under the law of the State
of New York, and for all purposes shall be governed by and construed in accordance with the law of said State.


 


EACH PARTY HERETO, AND EACH HOLDER OF A SECURITY
BY ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY 


 




    	73



    	 



    

 


JURY IN RESPECT OF ANY LITIGATION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE.


 






    	74



    	 



    

 


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


 


	 	Bed Bath & Beyond Inc.,
	 	as Issuer
	 	 
	 	By:	/s/ Susan E. Lattmann
	 	Name: Susan E. Lattmann
	 	Title:   Chief Financial Officer  and Treasurer
	 	 
	 	The Bank of New York Mellon, as Trustee
	 	 
	 	By:	/s/ Francine Kincaid
	 	Name: Francine Kincaid
	 	Title:   Vice President