Exhibit 4.2


 


 


 


 


TANZANIAN GOLD CORP.,


 


Issuer


 


and


 


___________________________,


 


Trustee


 


__________________________


 


INDENTURE


 


Dated as of [           
  ], 2021


__________________________


 


Subordinated Debt Securities


 


 


 






     


     


    

CROSS-REFERENCE TABLE1


 


	Section of Trust Indenture Act of 1939, as amended	 	Section of Indenture
	 	 	 
	310(a)	 	 	7.09
	310(b)	 	 	7.08
	311(a)	 	 	7.13
	311(b)	 	 	7.13
	312(a)	 	 	5.01, 5.02(a)
	312(b)	 	 	5.02(c)
	312(c)	 	 	5.02(c)
	313(a)	 	 	5.04(a)
	313(b)	 	 	5.04(b)
	313(c)	 	 	5.04(a), 5.04(b)
	313(d)	 	 	5.04(c)
	314(a)	 	 	5.03
	314(b)	 	 	Inapplicable
	314(c)	 	 	5.03(d), 7.07, 14.07
	314(d)	 	 	Inapplicable
	314(e)	 	 	14.07(b)
	314(f)	 	 	Inapplicable
	315(a)	 	 	7.01, 7.02(a)
	315(b)	 	 	Inapplicable
	315(c)	 	 	7.01(a)
	315(d)	 	 	7.01(b)
	315(e)	 	 	6.07
	316(a)(1)	 	 	6.08
	316(a)(2)	 	 	Inapplicable
	316(b)	 	 	6.04
	316(c)	 	 	8.01
	317(a)(1)	 	 	6.02
	317(a)(2)	 	 	6.02(c)
	317(b)	 	 	4.03
	318(a)	 	 	14.09
	318(b)	 	 	Inapplicable
	318(c)	 	 	14.09


 


                                                             


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


 


 


 


 


 


 


 






     


     


    

TABLE OF CONTENTS2


 


	 	 	Page
	 	 	 
	ARTICLE I
	DEFINITIONS
	 	 	 
	Section 1.01	Definitions of Terms	1
	 	Affiliate	1
	 	Authenticating Agent	1
	 	Bankruptcy Law	1
	 	Board of Directors	1
	 	Board Resolution	1
	 	Business Day	1
	 	Certificate	1
	 	Company	2
	 	Commission	2
	 	Corporate Trust Office	2
	 	Custodian	2
	 	Default	2
	 	Deferral Period	2
	 	Depositary	2
	 	Electronic Means	2
	 	Event of Default	2
	 	Exchange Act	2
	 	Global Security	2
	 	Governmental Obligations	2
	 	herein, hereof and hereunder	3
	 	Indebtedness	3
	 	Indenture	3
	 	Interest Payment Date	3
	 	Investment Company Act	3
	 	Officers’ Certificate	3
	 	Opinion of Counsel	3
	 	Original Issue Discount Security	3
	 	Outstanding	3
	 	Paying Agent	4
	 	Person	4
	 	Place of Payment	4
	 	Predecessor Security	4
	 	Redemption Date	4
	 	Redemption Price	4
	 	Responsible Officer	4
	 	Securities	5
	 	Securities Act	5
	 	Securityholder	5
	 	Senior Indebtedness	5
	 	Stated Maturity	5
	 	Subsidiary	5
	 	Trustee	5
	 	Trust Indenture Act	5
	 	Voting Stock	5
	 	Yield to Maturity	5


 


                                                             


2 This Table of Contents does not constitute part of
the Indenture and shall not have any bearing upon the interpretation of any of its terms or provisions.


 


 



     


     


    




 


	 	 	Page
	 	 	 
	ARTICLE II
	DESCRIPTION, TERMS, EXECUTION,REGISTRATION AND EXCHANGE OF SECURITIES
	 	 	 
	Section 2.01	Designation and Terms of Securities	5
	Section 2.02	Form of Securities and Trustee’s Certificate	7
	Section 2.03	Denominations; Provisions for Payment	7
	Section 2.04	Execution and Authentications	8
	Section 2.05	Registration of Transfer and Exchange	9
	Section 2.06	Temporary Securities	10
	Section 2.07	Mutilated, Destroyed, Lost or Stolen Securities	10
	Section 2.08	Cancellation	11
	Section 2.09	Benefits of Indenture	11
	Section 2.10	Authenticating Agent	11
	Section 2.11	Global Securities	12
	Section 2.12	CUSIP Numbers	12
	 	 	 
	ARTICLE III
	REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
	 	 	 
	Section 3.01	Redemption	13
	Section 3.02	Notice of Redemption	13
	Section 3.03	Payment Upon Redemption	13
	Section 3.04	Sinking Fund	14
	Section 3.05	Satisfaction of Sinking Fund Payments with Securities	14
	Section 3.06	Redemption of Securities for Sinking Fund	14
	 	 	 
	ARTICLE IV
	CERTAIN COVENANTS
	 	 	 
	Section 4.01	Payment of Principal, Premium and Interest	15
	Section 4.02	Maintenance of Office or Agency	15
	Section 4.03	Paying Agents	16
	Section 4.04	Statement by Officers as to Default	16
	Section 4.05	Existence	17
	Section 4.06	Payment of Taxes	17
	Section 4.07	Waiver of Certain Covenants	17
	Section 4.08	Appointment to Fill Vacancy in Office of Trustee	17
	Section 4.09	Compliance with Consolidation Provisions	17
	 	 	 
	ARTICLE V
	SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	 	 	 
	Section 5.01	Company to Furnish Trustee Names and Addresses of Securityholders	17
	Section 5.02	Preservation of Information; Communications with Securityholders	18
	Section 5.03	Reports by the Company	18
	Section 5.04	Reports by the Trustee	18
	 	 	 
	ARTICLE VI
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	 	 	 
	Section 6.01	Events of Default	19
	Section 6.02	Collection of Indebtedness and Suits for Enforcement by Trustee	21
	Section 6.03	Application of Moneys Collected	22


 


 


 



     


     


    




 


 


	Section 6.04	Limitation on Suits	22
	Section 6.05	Rights and Remedies Cumulative; Delay or Omission Not Waiver	22
	Section 6.06	Control by Securityholders	23
	Section 6.07	Undertaking to Pay Costs	23
	Section 6.08	Waiver of Past Defaults	23
	ARTICLE VII
	CONCERNING THE TRUSTEE
	 	 	 
	Section 7.01	Certain Duties and Responsibilities of Trustee	23
	Section 7.02	Certain Rights of Trustee	24
	Section 7.03	Trustee Not Responsible for Recitals or Issuance or Securities	26
	Section 7.04	May Hold Securities	26
	Section 7.05	Moneys Held in Trust	26
	Section 7.06	Compensation and Reimbursement	26
	Section 7.07	Reliance on Officers’ Certificate	26
	Section 7.08	Disqualification; Conflicting Interests	27
	Section 7.09	Corporate Trustee Required; Eligibility	27
	Section 7.10	Resignation and Removal; Appointment of Successor	27
	Section 7.11	Acceptance of Appointment By Successor	28
	Section 7.12	Merger, Conversion, Consolidation or Succession to Business	29
	Section 7.13	Preferential Collection of Claims Against the Company	29
	 
	ARTICLE VIII
	CONCERNING THE SECURITYHOLDERS
	 	 	 
	Section 8.01	Evidence of Action by Securityholders	29
	Section 8.02	Proof of Execution by Securityholders	30
	Section 8.03	Who May be Deemed Owners	30
	Section 8.04	Certain Securities Owned by Company Disregarded	30
	Section 8.05	Actions Binding on Future Securityholders	30
	 
	ARTICLE IX
	SUPPLEMENTAL INDENTURES
	 	 	 
	Section 9.01	Supplemental Indentures Without the Consent of Securityholders	31
	Section 9.02	Supplemental Indentures With Consent of Securityholders	32
	Section 9.03	Effect of Supplemental Indentures	32
	Section 9.04	Securities Affected by Supplemental Indentures	32
	Section 9.05	Execution of Supplemental Indentures	33
	 
	ARTICLE X
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	 	 	 
	Section 10.01	When the Company May Consolidate, Merge, Etc.	33
	 	 	 
	ARTICLE XI
	SATISFACTION AND DISCHARGE
	 	 	 
	Section 11.01	Satisfaction and Discharge of Indenture	33
	Section 11.02	Discharge of Obligations	34
	Section 11.03	Deposited Moneys to be Held in Trust	34
	Section 11.04	Payment of Moneys Held by Paying Agents	34
	Section 11.05	Repayment to Company	34


 


 



     


     


    




 


 


	ARTICLE XII
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	 	 	 
	Section 12.01	No Recourse	35


 


	ARTICLE XIII
	DEFEASANCE AND COVENANT DEFEASANCE
	 	 	 
	Section 13.01	Company’s Option to Effect Defeasance or Covenant Defeasance	35
	Section 13.02	Defeasance and Discharge	35
	Section 13.03	Covenant Defeasance	53
	Section 13.04	Conditions to Defeasance or Covenant Defeasance	36
	Section 13.05	Deposited Money and Government Obligations to be Held in Trust; Miscellaneous Provisions	37
	Section 13.06	Reinstatement	37
	 
	ARTICLE XIV
	MISCELLANEOUS PROVISIONS
	 	 	 
	Section 14.01	Effect on Successors and Assigns	38
	Section 14.02	Actions by Successor	38
	Section 14.03	Surrender of Company Powers	38
	Section 14.04	Notices	38
	Section 14.05	Governing Law	39
	Section 14.06	Treatment of Securities as Debt	39
	Section 14.07	Compliance Certificates and Opinions	39
	Section 14.08	Payments on Business Days	39
	Section 14.09	Conflict with Trust Indenture Act	39
	Section 14.10	Counterparts	40
	Section 14.11	Separability	40
	Section 14.12	Assignment	40
	Section 14.13	FATCA	40
	 
	ARTICLE XV
	SUBORDINATION OF SECURITIES
	 	 	 
	Section 15.01	Agreement to Subordinate	40
	Section 15.02	Default on Senior Indebtedness	41
	Section 15.03	Liquidation; Dissolution; Bankruptcy	41
	Section 15.04	Subrogation	42
	Section 15.05	Trustee to Effectuate Subordination	42
	Section 15.06	Notice by the Company	42
	Section 15.07	Rights of the Trustee; Holders of Senior Indebtedness	43
	Section 15.08	Subordination May Not Be Impaired	43


 


 


 


 


 


 


 


 


 


 






     


     


    

 


INDENTURE, dated as of [            ],
2021, between Tanzanian Gold Corp., an Alberta, Canada corporation (the “Company”), and ___________________,
as trustee (the “Trustee”):


 


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


 


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


 


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


 


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


 


ARTICLE I

DEFINITIONS


 


Section 1.01        Definitions
of Terms.


 


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


 


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


 


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


 


“Bankruptcy Law” means Title 11,
U.S. Code, or any similar federal or state bankruptcy, insolvency, reorganization or other law for the relief of debtors.


 


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


 


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


 


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


 


“Certificate” means a certificate
signed by the principal executive officer, the principal financial officer or the principal accounting officer of the Company. 
The Certificate need not comply with the provisions of Section 14.07.


 






    	 	1	 



     


    

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


 


“Company” means Tanzanian Gold
Corp., a corporation duly organized and existing under the Province of Alberta, Canada, thand, subject to the provisions of Article X,
shall also include its successors and assigns.


 


“Corporate Trust Office” means
the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which
office at the date hereof is located at _____________, or such other address as to which the Trustee may give written notice
to the Company.


 


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


 


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


 


“Deferral Period,” with respect
to any series of Securities, means any period during which the Company elects to extend the interest payment period on such series
of Securities pursuant to Section 4.01(b); provided that a Deferral Period (or any extension thereof) may not extend beyond
the Stated Maturity or the Redemption Date of any Security of such series and must end on an Interest Payment Date or, if the Securities
are redeemed, on an Interest Payment Date or the Redemption Date for such Securities.


 


“Depositary” means, with respect
to Securities of any series, for which the Company shall determine that such Securities will be issued as a Global Security, The
Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing agency under the
Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either
Section 2.01 or Section 2.11.


 


“Electronic Means” shall mean
the following communications methods:  S.W.I.F.T., e-mail, facsimile transmission, secure electronic transmission containing
applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified
by the Trustee as available for use in connection with its services hereunder.


 


“Event of Default” means, with
respect to Securities of a particular series any event specified in Section 6.01 (as may be modified as contemplated by Section 2.01(a)(16)),
continued for the period of time, if any, therein designated.


 


“Exchange Act” means the Securities
Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.


 


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


 


“Governmental Obligations”
means securities that are (i) direct obligations of the United States of America for the payment of which its full faith and
credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America that, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include
a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended)
as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental
Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary
receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal
of or interest on the Governmental Obligation evidenced by such depositary receipt.


 






    	 	2	 



     


    

“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.


 


“Indebtedness” of any person
means the principal of and premium, if any, and interest due on indebtedness of such Person, whether outstanding on the date of
this Indenture or thereafter created, incurred or assumed, which is (a) indebtedness for money borrowed, (b) any obligation
of, or any obligation guaranteed by, such Person for the repayment of borrowed money, whether or not evidenced by bonds, debentures,
notes or other written instruments, (c) any obligation of, or any such obligation guaranteed by, such Person evidenced by
bonds, debentures, notes or similar written instruments, including obligations assumed or incurred in connection with the acquisition
of property, assets or businesses (provided, however, that the deferred purchase price of any other business or property or assets
shall not be considered Indebtedness if the purchase price thereof is payable in full within 90 days from the date on
which such indebtedness was created), (d) any obligations of such Person as lessee under leases required to be capitalized
on the balance sheet of the lessee under generally accepted accounting principles, (e) all obligations of such Person for
the reimbursement on any letter of credit, banker’s acceptance, security purchase facility or similar credit transaction,
(f) all obligations of such Person in respect of interest rate swap, cap or other agreements, interest rate future or options
contracts, currency swap arrangements, currency future or option contracts and other similar agreements, (g) all obligations
of the types referred to in clauses (a) through (f) above of other persons for the payment of which such Person
is responsible or liable as obligor, guarantor or otherwise, (h) all obligations of the types referred to in clauses (a) through
(g) above of other persons secured by any lien on any property or asset of such Person (whether or not such obligation is
assumed by such Person), and (i) any amendments, renewals, extensions, modifications and refundings of any of the foregoing.


 


“Indenture” means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, 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 2.01.


 


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


 


“Investment Company Act” means
the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time.


 


“Officers’ Certificate”
means a certificate signed by the Chief Executive Officer, Chief Financial Officer, President or Executive Vice President and by
the Treasurer or an Assistant Treasurer or the Controller or an Assistant Controller or the Secretary or an Assistant Secretary
of the Company that is delivered to the Trustee in accordance with the terms hereof.  Each such certificate shall include
the statements provided for in Section 14.07, if and to the extent required by the provisions thereof.


 


“Opinion of Counsel” means
an opinion in writing of legal counsel, who may be an employee of or counsel for the Company that is delivered to the Trustee in
accordance with the terms hereof.  Each such opinion shall include the statements provided for in Section 14.07, if and
to the extent required by the provisions thereof.


 


“Original Issue Discount Security”
means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the maturity thereof pursuant to Section 6.01(b).


 






    	 	3	 



     


    

“Outstanding,” when used with
reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities
of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore
canceled by the Trustee or any Paying Agent, or delivered to the Trustee or any Paying Agent for cancellation or that have previously
been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations
in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or
shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); provided,
however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such
redemption shall have been given as in Article III provided, or provision satisfactory to the Trustee shall have been made
for giving such notice; (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.07; and (d) Securities as to which Defeasance (as defined in Section 13.02)
has been effected pursuant to Section 13.02, provided, however, that in determining whether the holders of the requisite principal
amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent,
waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security which shall
be deemed to be Outstanding shall be the amount of the principal thereof which would be due and payable as of such date upon acceleration
of the maturity thereof to such date pursuant to Section 6.01(b), (B) if, as of such date, the principal amount payable
at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding
shall be the amount as specified or determined as contemplated by Section 2.01, (C) the principal amount of a Security
denominated in one or more foreign currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar
equivalent, determined as of such date in the manner provided as contemplated by Section 2.01, of the principal amount of
such Security (or, in the case of a Security described in Clause (A) or (B) above, of the amount determined as provided
in such Clause), and (D) Securities beneficially owned by the Company or any other obligor upon such Securities 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 request, demand, authorization, direction, notice, consent, waiver or other
action, only Securities which a Responsible Officer of the Trustee knows to be so owned shall be so disregarded.  Securities
so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of
the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such other obligor.


 


“Paying Agent” means any Person
authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.


 


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


 


“Place of Payment,” when used
with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on
the Securities of that series are payable as specified as contemplated by Section 2.01.


 


“Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of
a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.


 


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


 


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


 


“Responsible Officer,” when
used with respect to the Trustee, means any Vice-President, any trust officer, any corporate trust officer or any other officer
or assistant officer in the Corporate Trust Office of the Trustee customarily performing functions similar to those performed by
the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of
his or her knowledge of and familiarity with the particular subject and direct responsibility for the administration of this Indenture.


 






    	 	4	 



     


    

“Securities” has the meaning
stated in the preamble of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.


 


“Securities Act” means the
Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.


 


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


 


“Senior Indebtedness” means
all obligations of the Company in respect of Indebtedness of the Company, whether outstanding at the date of execution of this
Indenture, or thereafter incurred or created; provided, that, “Senior Indebtedness” shall not include:  (1) indebtedness
or monetary obligations to trade creditors created or assumed by the Company in the ordinary course of business in connection with
the obtaining of materials or services; (2) indebtedness that is by its terms subordinated to or ranks equal with the Securities;
or (3) any indebtedness of the Company to its Affiliates (including all debt securities and guarantees in respect of those
debt securities) issued to any trust, partnership or other entity affiliated with the Company that is a financing vehicle of the
Company (a “financing entity”) in connection with the issuance by such financing entity of preferred securities
or other securities guaranteed by the Company) unless otherwise expressly provided in the terms of any such indebtedness.


 


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


 


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


 


“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended, subject to the provisions of Sections 9.01, 9.02, and 10.01, as in effect
at the date of execution of this instrument.


 


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


 


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


 


“Yield to Maturity” means the
yield to maturity on a series of securities calculated at the time of issuance of such series or, if applicable, of the most recent
redetermination of interest on such series, and calculated in accordance with accepted financial practice.


 


ARTICLE II

DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES


 


Section 2.01        Designation
and Terms of Securities.


 


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


 






    	 	5	 



     


    

(1)     the title of the
Security of the series, including CUSIP number(s) (which shall distinguish the Securities of the series from all other Securities);


 


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


 


(3)     the price or prices
at which the Company will sell the Securities;


 


(4)     the Stated Maturity
of the Securities;


 


(5)     the rate or rates
at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any;


 


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


 


(7)     the right, if any,
to extend the interest payment periods and the duration of any such Deferral Period, including the maximum consecutive period during
which interest payment periods may be extended;


 


(8)     if the amount of
principal of or any premium or interest on any Securities of the series may be determined with reference to any index, formula,
or other method, such as one or more currencies, commodities, equity indices or other indices, and the manner in which such amounts
shall be determined;


 


(9)     the place or places
where the principal of and any premium and interest on any Securities of the series shall be payable;


 


(10)       
the period or periods within which, the price or prices at which and the terms and conditions upon which, Securities of the series
may be redeemed, in whole or in part, at the option of the Company;


 


(11)       
the obligation, if any, of the Company to redeem, repay or purchase Securities of the series pursuant to any sinking fund or analogous
provisions (including payments made in cash in participation of future sinking fund obligations) or at the option of a holder thereof
and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of the
series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation;


 


(12)       
if other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which
the Securities of the series shall be issuable;


 


(13)       
if other than the full principal amount thereof, the portion or, methods of determining the portion, of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;


 


(14)       
if other than the currency of the United States of America, the currency, currencies or currency units or composite currencies
in which the principal of or any premium or interest on any Securities of the series shall be payable and the manner of determining
the equivalent thereof in the currency of the United States of America for any purpose, including for purposes of the definition
of “Outstanding” in Section 1.01;


 


(15)       
provisions granting special rights to holders of the Securities upon the occurrence of specific events;


 






    	 	6	 



     


    

(16)       
any deletions from, modifications of or additions to the Events of Default or the Company’s covenants provided for with respect
to the Securities of the series;


 


(17)       
if applicable, that the Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 13.02
or Section 13.03 or both such Sections and, if other than by a Board Resolution, the manner in which any election by the Company
to defease such Securities shall be evidenced;


 


(18)       
whether the subordination provisions contained in Article XV or different subordination provisions will apply to the Securities.


 


(19)       
whether the Securities will be convertible into or exchangeable for common shares , preferred shares or other securities or property
of the Company and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including
the conversion or exchange price and the conversion or exchange period;


 


(20)       
whether the Securities are issuable as a Global Security and, in such case, the identity for the Depositary for such series and
the terms and conditions upon which Global Securities may be exchanged for certificated debt securities;


 


(21)       
any special tax implications of the Securities of the series, including any provisions for Original Issue Discount Securities,
if offered;


 


(22)       
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 6.01;


 


(23)       
any trustees, authenticating or Paying Agents, transfer agents or registrars or other agents with respect to the Securities; and


 


(24)       
any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted
by Section 9.01(10), but which may modify or delete any provision of this Indenture with respect to such series, provided
that no such term may modify or delete any provision hereof if imposed by the Trust Indenture Act, and provided, further that any
modification or deletion of the rights, duties or immunities of the Trustee hereunder shall have been consented to in writing by
the Trustee).


 


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


 


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


 


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


 


Section 2.02        Form of
Securities and Trustee’s Certificate.


 


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


 






    	 	7	 



     


    

Section 2.03        Denominations;
Provisions for Payment.


 


The Securities shall be issuable as registered
Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(11). 
The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. 
Unless otherwise provided pursuant to Section 2.01, the principal of and the interest on the Securities of any series, as
well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United
States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained
for that purpose in the Borough of Manhattan, the City and State of New York.  Each Security shall be dated the date of its
authentication.  Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day
months.


 


The interest installment on any Security that
is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid
to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the
regular record date for such interest installment.  In the event that any Security of a particular series or portion thereof
is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date
and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security
as provided in Section 3.03.


 


Except as otherwise specified with respect to
a series of Securities in accordance with the provisions of Section 2.01, any interest on any Security that is payable, but
is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue
of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or
clause (2) below:


 


(1)     The Company
may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor
Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which
shall be fixed in the following manner:  the Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. 
Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15
nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt
by the Trustee of the notice of the proposed payment.  The Trustee shall promptly notify the Company of such special record
date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest
and the special record date therefor to be mailed, first class postage prepaid, or otherwise delivered in accordance with the applicable
procedures of the Depositary, to each Securityholder at his or her address as it appears in the Security Register (as hereinafter
defined), not less than 10 days prior to such special record date.  Notice of the proposed payment of such Defaulted
Interest and the special record date therefor having been mailed or delivered as aforesaid, such Defaulted Interest shall be paid
to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special record
date and shall be no longer payable pursuant to the following clause (2).


 


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


  


 


 






    	 	8	 



     


    

Unless otherwise set forth in a Board Resolution
of the Company or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01
hereof, the term “regular record date” as used in this Section with respect to a series of Securities with respect
to any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in
which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment
Date is the first day of a month, or the last day of the month immediately preceding the month in which an Interest Payment Date
established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day
of a month, whether or not such date is a Business Day.


 


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


 


Section 2.04        Execution
and Authentications.


 


The Securities shall be signed on behalf of the
Company by its Chief Executive Officer, President, or its Executive Vice President, or its Treasurer, or one of its Assistant Treasurers,
or its Secretary, or one of its Assistant Secretaries, under its corporate seal attested by its Secretary or one of its Assistant
Secretaries.  Signatures may be in the form of a manual or facsimile signature.  The Company may use the facsimile signature
of any Person who shall have been a Chief Executive Officer, President or Executive Vice President thereof, or of any Person who
shall have been a Secretary or Assistant Secretary thereof, notwithstanding the fact that at the time the Securities shall be authenticated
and delivered or disposed of such Person shall have ceased to be the Chief Executive Officer, President or Executive Vice President,
or the Secretary or an Assistant Secretary, of the Company.  The seal of the Company may be in the form of a facsimile of
such seal and may be impressed, affixed, imprinted or otherwise reproduced on the Securities.  The Securities may contain
such notations, legends or endorsements required by law, stock exchange rule or usage.  Each Security shall be dated
the date of its authentication by the Trustee.


 


A Security shall not be valid until authenticated
manually by an authorized signatory of the Trustee, or by an Authenticating Agent.  Such signature shall be conclusive evidence
that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits
of this Indenture.


 


At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication,
together with a written order of the Company for the authentication and delivery of such Securities, signed by its Chief Executive
Officer, President or Executive Vice President and its Secretary or any Assistant Secretary, and the Trustee in accordance with
such written order shall authenticate and deliver such Securities.


 


In authenticating such Securities and accepting
the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive,
and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms
thereof have been established in conformity with the provisions of this Indenture.


 


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


 


Section 2.05        Registration
of Transfer and Exchange.


 


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


 






    	 	9	 



     


    

(b)     The Company shall keep,
or cause to be kept, at its office or agency designated for such purpose in the Borough of Manhattan, the City and State of New
York, or such other location designated by the Company a register or registers (herein referred to as the “Security Register”)
in which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers
of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. 
The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized
by Board Resolution (the “Security Registrar”). 


 


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


 


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


 


(c)      No service charge
shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption
of any series, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation
thereto, other than exchanges pursuant to Section 2.06, the second paragraph of Section 3.03 and Section 9.04 not
involving any transfer.


 


(d)     The Company shall
not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening
of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities
of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or
exchange any Securities of any series or portions thereof called for redemption.  The provisions of this Section 2.05
are, with respect to any Global Security, subject to Section 2.11 hereof.


 


Section 2.06        Temporary
Securities.


 


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


 


Section 2.07        Mutilated,
Destroyed, Lost or Stolen Securities.


 


In case any temporary or definitive Security shall
become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon
the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series,
bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and
in substitution for the Security so destroyed, lost or stolen.  In every case the applicant for a substituted Security shall
furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and,
in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their
satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof.  The Trustee
may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of
the Company.  Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Trustee) connected therewith.  In case any Security that has matured or is about to mature shall become mutilated or
be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same
(without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company
and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft,
evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership
thereof.


 






    	 	10	 



     


    

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


 


Section 2.08        Cancellation.


 


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


 


Section 2.09        Benefits
of Indenture.


 


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


 


Section 2.10        Authenticating
Agent.


 


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


  






    	 	11	 



     


    

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


 


Section 2.11        Global
Securities.


 


(a)     If the Company shall
establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global Security, then
the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security
that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding
Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered
by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially
to the following effect:  “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be
transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of
such successor Depositary.”


 


(b)     Notwithstanding the
provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner
provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such
series selected or approved by the Company or to a nominee of such successor Depositary.


 


(c)      If at any time
the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for
such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days
after the Company receives such notice or becomes aware of such condition, as the case may be, this Section 2.11 shall no
longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.05, the Trustee
will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations,
and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global
Security.  In addition, the Company may at any time determine that the Securities of any series shall no longer be represented
by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. 
In such event the Company will execute and subject to Section 2.05, the Trustee, upon receipt of an Officers’ Certificate
evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered
form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global
Security of such series in exchange for such Global Security.  Upon the exchange of the Global Security for such Securities
in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. 
Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall
be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Trustee.  The Trustee shall deliver such Securities to the Depositary
for delivery to the Persons in whose names such Securities are so registered.


 


Section 2.12        CUSIP
Numbers.


 


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


 


 


 






    	 	12	 



     


    

ARTICLE III

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS


 


Section 3.01        Redemption.


 


The Company may redeem the Securities of any series
issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to Section 2.01
hereof.


 


Section 3.02        Notice
of Redemption.


 


(a)     In case the Company
shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance
with the right reserved so to do, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of
the Securities of such series to be redeemed by mailing, first class postage prepaid, or otherwise delivered in accordance with
the applicable procedures of the Depositary, a notice of such redemption not less than 30 days and not more than 90 days
before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security
Register unless a shorter period is specified in the Securities to be redeemed.  Any notice that is mailed in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. 
In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or
in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities
of such series or any other series.  In the case of any redemption of Securities prior to the expiration of any restriction
on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee
with an Officers’ Certificate evidencing compliance with any such restriction.


 


Each such notice of redemption shall specify the
date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that
payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company in the Borough
of Manhattan, the City and State of New York, upon presentation and surrender of such Securities, that interest accrued to the
date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue
and that the redemption is for a sinking fund, if such is the case.  If less than all the Securities of a series are to be
redeemed, the notice to the holders of Securities of that series to be redeemed in whole or in part shall specify the particular
Securities to be so redeemed.  In case any Security is to be redeemed in part only, the notice that relates to such Security
shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date,
upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion
thereof will be issued.


 


(b)     If less than all the
Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice in advance
of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon
the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide
for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof)
of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter
promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part.


 


The Company may, if and whenever it shall so elect,
by delivery no less than 10 Business Days prior to delivery of a notice of redemption to holders of the Securities, of instructions
signed on its behalf by its Chief Executive Officer, President or Executive Vice President, instruct the Trustee or any Paying
Agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner
set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such Paying Agent may
deem advisable.  In any case in which notice of redemption is to be given by the Trustee or any such Paying Agent, the Company
shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such Paying Agent, as the case may be, such
Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee
or such Paying Agent to give any notice by mail, or otherwise delivered in accordance with the applicable procedures of the Depositary,
that may be required under the provisions of this Section.


 


 


 






    	 	13	 



     


    

Section 3.03        Payment
Upon Redemption.


 


(a)     If the giving of notice
of redemption shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed
specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption
price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions of Securities
shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption
price and accrued interest with respect to any such Security or portion thereof.  On presentation and surrender of such Securities
on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed
at the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but
if the date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to
the registered holder at the close of business on the applicable record date pursuant to Section 2.03).


 


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


 


Section 3.04        Sinking
Fund.


 


The provisions of Sections 3.04, 3.05 and
3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated
by Section 2.01 for Securities of such series.


 


The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,”
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment”.  If provided for by the terms of Securities of any series, the cash
amount of any sinking fund payment may be subject to reduction as provided in Section 3.05.  Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.


 


Section 3.05        Satisfaction
of Sinking Fund Payments with Securities.


 


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


 


Section 3.06        Redemption
of Securities for Sinking Fund.


 


Not less than 45 days prior to each
sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion
thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and
the basis for such credit and will, together with such Officers’ Certificate, deliver to the Trustee any Securities to be
so delivered.  Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities
to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.02.  Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.


 






    	 	14	 



     


    

ARTICLE IV

CERTAIN COVENANTS


 


Section 4.01        Payment
of Principal, Premium and Interest.


 


(a)     The Company shall
pay or cause to be paid the principal of and premium, if any, and interest (including interest accruing during any Deferral Period)
on the Securities on or prior to the dates and in the manner provided in such Securities or pursuant to this Indenture.  An
installment of principal, premium, if any, or interest shall be considered paid on the applicable due date if on such date the
Trustee or the Paying Agent holds, in accordance with this Indenture, money sufficient to pay all of such installment then due.


 


(b)     Notwithstanding the
provisions of Section 4.01(a) or any other provision herein to the contrary, the Company shall have the right, as provided
in an Officer’s Certificate or Supplemental Indenture issued pursuant to Section 2.01, in its sole and absolute discretion
at any time and from time to time while the Securities of any series are outstanding, so long as no Event of Default with respect
to such series of Securities has occurred and is continuing, to defer payments of interest by extending the interest payment period
for such series of Securities for the maximum consecutive period, if any, specified for such series of Securities, provided that
such Deferral Period (or any extension thereof) may not extend beyond the Stated Maturity date or Redemption Date of any Security
of such series, and must end on an Interest Payment Date or, if the Securities are redeemed, on an Interest Payment Date or the
Redemption Date for such Securities, and provided further that at the end of each Deferral Period the Company shall pay all interest
then accrued and unpaid (together with interest thereon to the extent permitted by applicable law at the rate accruing on such
Securities).  Prior to the termination of a Deferral Period, the Company may shorten or may further extend the interest payment
period for such series of Securities, provided that such Deferral Period together with all such previous and further extensions
may not exceed the maximum consecutive period specified for such series of Securities, end on a date other than an Interest Payment
Date or extend beyond the Stated Maturity date or Redemption Date of any Security of such series.  The Company shall give
the Trustee written notice of the Company’s election to begin a Deferral Period for any series of Securities and any shortening
or extension thereof at least five Business Days prior to the date the interest on such Securities is payable.  The Company
shall give or cause the Trustee to give notice (a form of which shall be provided by the Company to the Trustee) of the Company’s
election to begin a Deferral Period to the Holders by first class mail, postage prepaid, or otherwise delivered in accordance with
the applicable procedures of the Depositary.


 


Section 4.02        Maintenance
of Office or Agency.


 


So long as any series of the Securities remain
Outstanding, the Company agrees to maintain an office or agency in the Borough of Manhattan, the City and State of New York, with
respect to each such series and at such other location or locations as may be designated as provided in this Section 4.02,
where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as
hereinabove authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to
such office or agency until the Company shall, by written notice signed by its Chief Executive Officer, President or Executive
Vice President and delivered to the trustee, designate some other office or agency for such purposes or any of them.  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, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company
hereby appoints the Trustee as its agent to receive all such presentations, notices and demands.


 


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


 


 


 






    	 	15	 



     


    

Section 4.03        Paying
Agents.


 


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


 


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


 


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


 


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


 


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


 


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


 


(c)      Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is
subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, pay, or direct any Paying Agent to pay, to the Trustee all sums held
in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms and conditions as those upon
which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such money.


 


(d)     Except as otherwise
specified with respect to a series of Securities in accordance with the provisions of Section 2.01, any money or Government
Obligations deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal
of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium
or interest has become due and payable shall be paid to the Company at its option at the request 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 thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once,
in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the
Borough of Manhattan, 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.


 






    	 	16	 



     


    

Section 4.04        Statement
by Officers as to Default.


 


The Company will deliver to the Trustee, within 120 days
after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate, stating whether
or not to the best knowledge of the signers thereof the Company is in default in the performance and observance of any of the terms,
provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder)
and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have
knowledge.


 


Section 4.05        Existence.


 


Subject to Article X, the Company will do
or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory)
and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise if the Board
of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company
and that the loss thereof is not disadvantageous in any material respect to the holders.


 


Section 4.06        Payment
of Taxes.


 


The Company will pay or discharge or cause to
be paid or discharged, before the same shall become delinquent, all taxes, assessments and governmental charges levied or imposed
upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary, which, if unpaid,
might by law become a lien upon the property of the Company or any Subsidiary; provided, however, that the Company shall not be
required to pay or discharge or cause to be paid or discharged any such tax, assessment or governmental charge whose amount, applicability
or validity is being contested in good faith by appropriate proceedings.


 


Section 4.07        Waiver
of Certain Covenants.


 


Except as otherwise specified as contemplated
by Section 2.01 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any
particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Sections 2.01(a)(16) ,
9.01(4) or 9.01(7) for the benefit of the holders of such series or in Section 4.06, if before the time for such
compliance the holders of at least a majority in aggregate principal amount of the Outstanding Securities of such series shall,
by act of such holders, either waive such compliance in such instance or generally waive compliance with such term, provision or
condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived,
and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such
term, provision or condition shall remain in full force and effect.


 


Section 4.08        Appointment
to Fill Vacancy in Office of Trustee.


 


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


 


Section 4.09        Compliance
with Consolidation Provisions.


 


The Company will not, while any of the Securities
remain Outstanding, consolidate with, or merge into, or merge into itself, or sell or convey all or substantially all of its property
to any other company unless the provisions of Article X hereof are complied with.


 


Section 4.10Calculation of Original Issue
Discount.


 


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


 






    	 	17	 



     


    

ARTICLE V

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE


 


Section 5.01        Company
to Furnish Trustee Names and Addresses of Securityholders.


 


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


 


Section 5.02        Preservation
of Information; Communications with Securityholders.


 


(a)     The Trustee shall
preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities
contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders
of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).


 


(b)     The Trustee may destroy
any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.


 


(c)      Securityholders
may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their
rights under this Indenture or under the Securities.


 


Section 5.03        Reports
by the Company.


 


(a)     The Company covenants
and agrees to file with the Trustee, within 15 days after the Company is required to file the same with the Commission,
copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with
the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to
file information, documents or reports pursuant to either of such sections, then to file with the Trustee and the Commission, in
accordance with the rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic
information, documents and reports that may be required pursuant to Section 13 of the Exchange Act, in respect of a security
listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations.


 


(b)     The Company covenants
and agrees to file with the Trustee and the Commission, in accordance with the rules and regulations prescribed from time
to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the
conditions and covenants provided for in this Indenture as may be required from time to time by such rules and regulations.


 


(c)      The Company
covenants and agrees to transmit to the Securityholders, such summaries of any information, documents and reports required to be
filed by the Company pursuant to subsections (a) and (b) of this Section as may be required by the Trust Indenture
Act and the rules and regulations prescribed from time to time by the Commission.


 


(d)     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
Officers’ Certificates).


 






    	 	18	 



     


    

Section 5.04        Reports
by the Trustee.


 


(a)     On or before April
30, in each year in which any of the Securities are Outstanding, the Trustee shall transmit by mail, first class postage prepaid,
to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as of the preceding
February 28, if and to the extent required under Section 313(a) of the Trust Indenture Act.


 


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


 


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


 


ARTICLE VI

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT


 


Section 6.01        Events
of Default.


 


(a)     Whenever used herein
with respect to Securities of a particular series, “Event of Default” means any one or more of the following events
that has occurred and is continuing, unless such event is specifically deleted or modified in accordance with Section 2.01:


 


(1)     the Company
defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become
due and payable, and continuance of such default for a period of up to 90 days; provided, however, that during any Deferral
Period for the Securities of that series, failure to pay interest on the Securities of that series shall not constitute a default
in the payment of interest for this purpose; and, provided, further, that a valid extension of an interest payment period by the
Company in accordance with the terms of any indenture supplemental hereto, shall not constitute a default in the payment of interest
for this purpose;


 


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


 


(3)     the Company
fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture or
otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or
agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than
such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be
remedied and stating that such notice is a “Notice of Default” hereunder, shall have been given to the Company by the
Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount
of the Securities of that series at the time Outstanding;


 


(4)     an event
of default, as defined in any mortgage, indenture or instrument under which there may be issued, or by which there may be secured
or evidenced, any Indebtedness for money borrowed of the Company (other than a default under this Indenture with respect to Securities
of any series or a default with respect to any non-recourse Indebtedness), whether such Indebtedness now exists or shall hereafter
be created, shall happen and shall result in a principal amount in excess of $100 million of Indebtedness for money borrowed
becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, and such
acceleration shall not have been rescinded or annulled, or such Indebtedness shall not have been discharged, within a period of 15 days
after there has been given, by registered or certified United States mail, to the Company by the Trustee or to the Company and
the Trustee by the holders of at least 25% in aggregate principal amount of the Outstanding Securities of that series a written
notice specifying such event of default and requiring the Company to cause such acceleration to be rescinded or annulled or to
cause such Indebtedness to be discharged and stating that such notice is a “Notice of Default” hereunder;


 






    	 	19	 



     


    

(5)     the entry
by a court of competent jurisdiction of:


 


(i)        
a decree or order for relief in respect of the Company in an involuntary proceeding under any applicable Bankruptcy Law and such
decree or order shall remain unstayed and in effect for a period of 60 consecutive days;


 


(ii)      a
decree or order adjudging the Company to be insolvent, or approving a petition seeking reorganization, arrangement, adjustment
or composition of the Company and such decree or order shall remain unstayed and in effect for a period of 60 consecutive
days; or


 


(iii)       
  a final and non-appealable order appointing a Custodian of the Company or of any substantial part of the property of the
Company, or ordering the winding up or liquidation of the affairs of the Company;


 


(6)     the Company
pursuant to or within the meaning of any Bankruptcy Law: (i) commences a voluntary case or proceeding; (ii) consents
to the entry of an order for relief against it in an involuntary case or proceeding; (iii) files a petition or answer or consent
seeking reorganization or relief or consents to such filing or to the appointment of or taking possession by a Custodian of it
or for all or substantially all of its property, and such Custodian is not discharged within 60 days; (iv) makes
a general assignment for the benefit of its creditors; or (v) admits in writing its inability to pay its debts generally as
they become due; or


 


(7)     any other
Event of Default provided for pursuant to Section 2.01 with respect to Securities of that series.


 


(b)     Except as otherwise
specified with respect to a series of Securities in accordance with the provisions of Section 2.01, if an Event of Default
(other than an Event of Default specified in Sections 6.01(a)(5) or 6.01(a)(6)) with respect to Securities of any series
at the time Outstanding occurs and is continuing, either the Trustee or the holders of not less than 25% in aggregate principal
amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if
given by such Securityholders), may declare the principal of all the Securities of that series (or, if any Securities of that series
are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) to
be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. 
If an Event of Default specified in Sections 6.01(a)(5) or 6.01(a)(6) with respect to Securities of any series at
the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are
Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof)
shall automatically, and without any declaration or other action on the part of the Trustee or any holder, become immediately due
and payable.


 


(c)      At any time
after the principal of the Securities of that series shall have been so declared due and payable, and before any judgment or decree
for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate
principal amount of the Securities of that series then Outstanding hereunder, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if:  (i) the Company has paid or deposited with the Trustee
a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the principal of, and premium,
if any, on any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon
such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments
of interest, at the rate or Yield to Maturity (in the case of Original Issue Discount Securities) expressed in the Securities of
that series (or at the respective rates of interest or Yields to Maturity of all the Securities, as the case may be) to the date
of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and all Events of
Default under the Indenture with respect to such series, other than the nonpayment of principal on Securities of that series (or,
if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount as may be specified
in the terms of such series) that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.08.


 






    	 	20	 



     


    

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


 


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


 


Section 6.02        Collection
of Indebtedness and Suits for Enforcement by Trustee.


 


(a)     The Company covenants
that (1) in case it shall default in the payment of any installment of interest on any of the Securities of a series, or any
payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become
due and payable, and such default shall have continued for a period of 90 Business Days, or (2) in case it shall default
in the payment of the principal of, or premium, if any, on any of the Securities of a series when the same shall have become due
and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise, then, upon
demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the
whole amount that then shall have become due and payable on all such Securities for principal, and premium, if any, or interest,
or both, as the case may be, with interest upon the overdue principal, and premium, if any, and (to the extent that payment of
such interest is enforceable under applicable law) upon overdue installments of interest at the rate expressed in the Securities
of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
and the amount payable to the Trustee under Section 7.06.


 


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


 


(c)      In case of any
receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings
affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any
action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such
proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and
of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at
the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after
such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute
the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee
in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments
to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.06.


 


(d)     All rights of action
and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series,
may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee
of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06,
be for the ratable benefit of the holders of the Securities of such series.


 






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


 


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


 


Section 6.03        Application
of Moneys Collected.


 


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


  


FIRST:  To the payment of costs
and expenses of collection and of all amounts payable to the Trustee under Section 7.06;


 


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


 


THIRD:  To the payment of the
remainder, if any, to the Company, its successors or assigns or to whomever may be lawfully entitled to receive the same or as
a court of competent jurisdiction may direct.


 


Section 6.04        Limitation
on Suits.


 


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


 


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


 






    	 	22	 



     


    

Section 6.05        Rights
and Remedies Cumulative; Delay or Omission Not Waiver.


 


(a)     Except as otherwise
provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders shall,
to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee
or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants
and agreements contained in this Indenture or otherwise established with respect to such Securities.


 


(b)     No delay or omission
of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default occurring
and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or on
acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article or
by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by
the Trustee or by the Securityholders.


 


Section 6.06        Control
by Securityholders.


 


The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.04, shall have the
right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee with respect to such series; provided, however, that such direction shall not be in
conflict with any rule of law or with this Indenture or be unduly prejudicial to the rights of holders of Securities of any
other series at the time Outstanding determined in accordance with Section 8.04.  Subject to the provisions of Sections 7.01
and 7.02(d), the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a
Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability.


 


Section 6.07        Undertaking
to Pay Costs.


 


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


 


Section 6.08        Waiver
of Past Defaults.


 


The holders of not less than a majority in principal
amount of the Outstanding Securities of any series, determined in accordance with Section 8.04, may on behalf of the holders
of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except
a default


 


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


 


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


 






    	 	23	 



     


    

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


 


ARTICLE VII

CONCERNING THE TRUSTEE


 


Section 7.01        Certain
Duties and Responsibilities of Trustee.


 


(a)     The Trustee, prior
to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events of Default
with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities
of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall
be read into this Indenture against the Trustee.  In case an Event of Default with respect to the Securities of a series has
occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the
rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person
would exercise or use under the circumstances in the conduct of his or her own affairs.


 


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


 


(1)     prior
to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such
Events of Default with respect to that series that may have occurred:


 


(a)     the duties
and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions
of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance
of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and


 


(b)     in the absence
of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that
by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine
the same to determine whether or not they substantially conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of any mathematical calculations or other facts stated therein);


 


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


 


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


 


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


 


Section 7.02        Certain
Rights of Trustee.


 






    	 	24	 



     


    

Except as otherwise provided in Section 7.01:


 


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


 


(b)     Any request, direction,
order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in
the name of the Company, by the Chief Executive Officer, President or Executive Vice President and by the Secretary or an Assistant
Secretary or the Treasurer or an Assistant Treasurer thereof (unless other evidence in respect thereof is specifically prescribed
herein);


 


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


 


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


 


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


 


(f)       The Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing
so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series
affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time
to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the
opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding.  The
reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company
upon demand;


 


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


 


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


 


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


 


(j)       
The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals, direct
dial telephone numbers and titles of officers authorized at such time to take specified actions pursuant to this Indenture, which
Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded;


 






    	 	25	 



     


    

(k)     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; provided 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; and


 


(l)        
The Trustee shall have no liability for special, punitive, or consequential damages (including lost profits), regardless of whether
such damages were foreseeable or unforeseeable.


 


Section 7.03        Trustee
Not Responsible for Recitals or Issuance or Securities.


 


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


 


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


 


(c)      The Trustee
shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities,
or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established
pursuant to Section 2.01, or for the use or application of any moneys received by any Paying Agent other than the Trustee.


 


Section 7.04        May Hold
Securities.


 


The Trustee or any Paying Agent or Security Registrar,
in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it
were not Trustee, Paying Agent or Security Registrar.


 


Section 7.05        Moneys
Held in Trust.


 


Subject to the provisions of Section 11.05,
all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which
they were received, but need not be segregated from other funds except to the extent required by law.  The Trustee shall be
under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon.


 


Section 7.06        Compensation
and Reimbursement.


 


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


 






    	 	26	 



     


    

(b)     The obligations of
the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements
and advances shall constitute additional indebtedness hereunder.  Such additional indebtedness shall be secured by a lien
prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust
for the benefit of the holders of particular Securities.


 


Section 7.07        Reliance
on Officers’ Certificate.


 


Except as otherwise provided in Section 7.01,
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 or omitting to take any action hereunder, such matter (unless other evidence
in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee,
be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee and such certificate,
in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken,
suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.


 


Section 7.08        Disqualification;
Conflicting Interests.


 


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


 


Section 7.09        Corporate
Trustee Required; Eligibility.


 


There shall at all times be a Trustee with respect
to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws of the
United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or other Person permitted
to act as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and
surplus of at least 25 million U.S. dollars ($25,000,000), and subject to supervision or examination by federal,
state, territorial, or District of Columbia authority.  If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published.  The Company may not, nor may any Person directly or indirectly controlling,
controlled by, or under common control with the Company, serve as Trustee.  In case at any time the Trustee shall cease to
be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the
effect specified in Section 7.10.


 


Section 7.10        Resignation
and Removal; Appointment of Successor.


 


(a)     The Trustee or any
successor hereafter appointed, may at any time resign with respect to the Securities of one or more series by giving written notice
thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of
such series, as their names and addresses appear upon the Security Register.  Upon receiving such notice of resignation, the
Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy
to the successor trustee.  If no successor trustee shall have been so appointed and have accepted appointment within 30 days
after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who has been
a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated,
petition any such court for the appointment of a successor trustee.  Such court may thereupon after such notice, if any, as
it may deem proper and prescribe, appoint a successor trustee.


 






    	 	27	 



     


    

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


 


(1)     the Trustee
shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder
who has been a bona fide holder of a Security or Securities for at least six months; or


 


(2)     the Trustee
shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request
therefor by the Company or by any such Securityholder; or


 


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


 


then, in any such case, (i) the Company may remove the Trustee
with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board
of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee,
or (ii) unless the Trustee’s duty to resign is stayed as provided herein, any Securityholder who has been a bona fide
holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. If an instrument
of acceptance by a successor trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice
of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the
appointment of a successor trustee with respect to the Securities of such series.   Such court may thereupon after such
notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.


 


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


 


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


 


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


 


Section 7.11        Acceptance
of Appointment By Successor.


 


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


 


(b)     In case of the appointment
hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor trustee shall accept such appointment and which (1) shall contain such provisions
as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor
trustee relates, (2) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of
the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee and that no Trustee shall be responsible for any act or failure to act on the
part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal
of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect to the
Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for
the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture,
and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer
and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor
trustee relates.


 






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


 


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


 


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


 


Section 7.12        Merger,
Conversion, Consolidation or Succession to Business.


 


Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions
of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.  In case any Securities
shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as
if such successor Trustee had itself authenticated such Securities.


 


Section 7.13        Preferential
Collection of Claims Against the Company.


 


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


 


ARTICLE VIII

CONCERNING THE SECURITYHOLDERS


 


Section 8.01        Evidence
of Action by Securityholders.


 


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


 






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


 


Section 8.02        Proof
of Execution by Securityholders.


 


Subject to the provisions of Section 7.01,
proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and
proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:


 


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


 


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


 


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


 


Section 8.03        Who
May be Deemed Owners.


 


Prior to the due presentment for registration
of transfer of any Security, the Company, the Trustee, any Paying Agent and any Security Registrar may deem and treat the Person
in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security (whether or
not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the
Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to
Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any Paying
Agent nor any Security Registrar shall be affected by any notice to the contrary.


 


Section 8.04        Certain
Securities Owned by Company Disregarded.


 


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


 






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Section 8.05        Actions
Binding on Future Securityholders.


 


At any time prior to (but not after) the evidencing
to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the majority or percentage in aggregate
principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder
of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have consented
to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke
such action so far as concerns such Security.  Except as aforesaid any such action taken by the holder of any Security shall
be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued
in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard
thereto is made upon such Security.  Any action taken by the holders of the majority or percentage in aggregate principal
amount of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively
binding upon the Company, the Trustee and the holders of all the Securities of that series.


 


ARTICLE IX

SUPPLEMENTAL INDENTURES


 


Section 9.01        Supplemental
Indentures Without the Consent of Securityholders.


 


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


 


(1)     to cure
any ambiguity, defect, or inconsistency herein, in the Securities of any series;


 


(2)     to comply
with Article X;


 


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


 


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


 


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


 


(6)     to make
any change that does not adversely affect the rights of any Securityholder in any material respect;


 


(7)     to provide
for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01,
to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities,
or to add to the rights of the holders of any series of Securities;


 


(8)     to add
any additional Events of Default for the benefit of the holders of all or any series of Securities (and if such additional Events
of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are
expressly being included solely for the benefit of such series);


 






    	 	31	 



     


    

(9)     to add
to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance
of Securities in uncertificated form;


 


(10)       
to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided
that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior
to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of
the holder of any such Security with respect to such provision or (B) shall become effective only when there is no such Security
Outstanding;


 


(11)       
to secure the Securities; or


 


(12)       
to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one
or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 7.11.


 


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


 


Any supplemental indenture authorized by the provisions
of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Securities
at the time Outstanding, notwithstanding any of the provisions of Section 9.02.


 


Section 9.02        Supplemental
Indentures With Consent of Securityholders.


 


With the consent (evidenced as provided in Section 8.01)
of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental
indenture or indentures at the time Outstanding, the Company, when authorized by Board Resolutions, and the Trustee may from time
to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01
the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the holders of each Security then Outstanding and affected thereby, (i) extend the fixed maturity
of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest
thereon, or reduce any premium payable upon the redemption thereof; (ii) reduce the amount of principal of an Original Issue
Discount Security or any other Security payable upon acceleration of the maturity thereof pursuant to Section 6.01(b); (iii) change
the currency in which any Security or any premium or interest is payable; (iv) impair the right to institute suit for any
payment on or with respect to any Security; (v) reduce the percentage in principal amount of outstanding Securities of any
series, the consent of whose holders is required for modification or amendment of this Indenture or for waiver of compliance with
certain provisions of this Indenture or for waiver of certain defaults; (vi) reduce the requirements contained in this Indenture
for quorum or voting; or (vii) modify any of the above provisions.


 


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


 


 


Section 9.03        Effect
of Supplemental Indentures.


 


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


 






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Section 9.04        Securities
Affected by Supplemental Indentures.


 


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


 


Section 9.05        Execution
of Supplemental Indentures.


 


Upon the request of the Company, accompanied by
its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence
of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution
of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may, in its discretion, but shall not be obligated to, enter into
such supplemental indenture.  The Trustee, subject to the provisions of Section 7.01, shall be provided with an Opinion
of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted
by, and conforms to, the terms of this Article and that it is proper for the Trustee under the provisions of this Article to
join in the execution thereof; provided, however, that such Opinion of Counsel need not be provided in connection with the execution
of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof.


 


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


 


ARTICLE X

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE


 


Section 10.01             When
the Company May Consolidate, Merge, Etc.


 


The Company may not (a) merge with or into
or consolidate with, or (b) sell, assign, transfer, lease or convey all or substantially all of its properties and assets
to, any Person other than, with respect to this clause (b), a direct or indirect wholly-owned subsidiary of the Company, and
no Person shall (x) merge with or into or consolidate with the Company, or (y) except for any direct or indirect wholly-owned
subsidiary of the Company, sell, assign, transfer, lease or convey all or substantially all of its properties and assets to the
Company, unless:


 


(a)     the Company is the
surviving corporation or the Person formed by or surviving such merger or consolidation or to which such sale, assignment, transfer,
lease or conveyance shall have been made (the “Successor”), if other than the Company, shall expressly assume
by an indenture supplemental hereto, executed and delivered to the Trustee,  in form satisfactory to the Trustee, all the
obligations of the Company under the Securities and this Indenture;


 


(b)     immediately after
giving effect to such transaction, no default or Event of Default shall have occurred and be continuing; and


 


(c)      the Company
delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such supplemental indenture
comply with this Indenture.


 






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The Successor will be the successor to the Company,
and will be substituted for, and may exercise every right and power and become the obligor on the Securities with the same effect
as if the Successor had been named as the Company herein but, in the case of a sale, assignment, transfer, lease or conveyance
of all or substantially all of the properties and assets of the Company, the predecessor Company will not be released from its
obligations to pay the principal of, premium, if any, and interest on the Securities.


 


ARTICLE XI

SATISFACTION AND DISCHARGE


 


Section 11.01           Satisfaction
and Discharge of Indenture.


 


If at any time:  (a) the Company shall
have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated (other than any Securities
that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07) and
Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and held
in trust by the Company (and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05);
or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become
due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause
to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations sufficient or a combination
thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered
to the Trustee for cancellation, including principal, and premium, if any, and interest due or to become due to such date of maturity
or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable
hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect
to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until
the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date
and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall execute proper instruments
acknowledging satisfaction of and discharging this Indenture with respect to such series.


 


Section 11.02            Discharge
of Obligations.


 


If at any time all such Securities of a particular
series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.01
shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds money in U.S. dollars sufficient
or an amount of non-callable Governmental Obligations, the principal of and interest on which when due, will be sufficient or a
combination thereof, sufficient in the opinion of a nationally recognized firm of independent accountants expressed in a written
certification thereof delivered to the Trustee, to pay at maturity or upon redemption all such Securities of that series not theretofore
delivered to the Trustee for cancellation, including principal, and premium, if any, and interest due or to become due to such
date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other
sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations,
as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series
shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.06, 7.10 and
11.05 hereof that shall survive until such Securities shall mature and be paid.  Thereafter, Sections 7.06 and 11.05
shall survive.


 


Section 11.03            Deposited
Moneys to be Held in Trust.


 


All moneys or Governmental Obligations deposited
with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent), to the holders of the particular series
of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.


 






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Section 11.04            Payment
of Moneys Held by Paying Agents.


 


In connection with the satisfaction and discharge
of this Indenture all moneys or Governmental Obligations then held by any Paying Agent under the provisions of this Indenture shall,
upon demand of the Company, be paid to the Trustee and thereupon such Paying Agent shall be released from all further liability
with respect to such moneys or Governmental Obligations.


 


Section 11.05            Repayment
to Company.


 


Any moneys or Governmental Obligations deposited
with any Paying Agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium or interest
on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least
two years after the date upon which the principal of, and premium, if any, or interest on such Securities shall have respectively
become due and payable, shall be repaid to the Company on May 31 of each year or (if then held by the Company) shall be discharged
from such trust; and thereupon the Paying Agent and the Trustee shall be released from all further liability with respect to such
moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter,
as an unsecured general creditor, look only to the Company for the payment thereof.


 


ARTICLE XII

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS


 


Section 12.01            No
Recourse.


 


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


 


ARTICLE XIII

DEFEASANCE AND COVENANT DEFEASANCE


 


Section 13.01            Company’s
Option to Effect Defeasance or Covenant Defeasance.


 


The Company may elect, at its option at any time,
to have Section 13.02 or Section 13.03 applied to any Securities or any series of Securities, as the case may be, designated
pursuant to Section 2.01 as being defeasible pursuant to such Sections 13.02 or 13.03, in accordance with any applicable
requirements provided pursuant to Section 2.01 and upon compliance with the conditions set forth below in this Article. 
Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 2.01
for such Securities.


 


Section 13.02            Defeasance
and Discharge.


 


Upon the Company’s exercise of its option
(if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Company shall
be deemed to have been discharged from its obligations with respect to such Securities as provided in this Section on and
after the date the conditions set forth in Section 13.04 are satisfied (hereinafter called “Defeasance”). 
For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities
are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject
to the following which shall survive until otherwise terminated or discharged hereunder: (1) the rights of holders of such
Securities to receive, solely from the trust fund described in Section 13.04 and as more fully set forth in such Section,
payments in respect of the principal of and any premium and interest on such Securities when payments are due, (2) the Company’s
obligations with respect to such Securities under Sections 2.05, 2.06, 2.07, 4.01, 4.02 and 4.03, (3) the rights, powers,
trusts, duties and immunities of the Trustee hereunder and (4) this Article.  Subject to compliance with this Article,
the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise
of its option (if any) to have Section 13.03 applied to such Securities.


 






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Section 13.03            Covenant
Defeasance.


 


Upon the Company’s exercise of its option
(if any) to have this Section applied to any Securities or any series of Securities, as the case may be, (1) the Company
shall be released from its obligations under Article X, Section 4.06, and any covenants provided pursuant to Sections 2.01(a)(16),
9.01(4) or 9.01(7) for the benefit of the holders of such Securities and (2) the occurrence of any event specified
in Sections 6.01(a)(3) (with respect to any of Article X, Section 4.06, and any such covenants provided pursuant
to Sections 2.01(a)(16), 9.01(4) or 9.01(7)), 6.01(a)(6) and 6.01(a)(7) shall be deemed not to be or result
in an Event of Default, in each case with respect to such Securities as provided in this Section on and after the date the
conditions set forth in Section 13.04 are satisfied (hereinafter called “Covenant Defeasance”).  For
this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall
have no liability in respect of any term, condition or limitation set forth in any such specified Section (to the extent so
specified in the case of Section 6.01(a)(3)), whether directly or indirectly by reason of any reference elsewhere herein to
any such Section or by reason of any reference in any such Section to any other provision herein or in any other document,
but the remainder of this Indenture and such Securities shall be unaffected thereby.


 


Section 13.04            Conditions
to Defeasance or Covenant Defeasance.


 


The following shall be the conditions to the application
of Section 13.02 or Section 13.03 to any Securities or any series of Securities, as the case may be:


 


(1)     The Company
shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements
contemplated by Section 7.09 and agrees to comply with the provisions of this Article applicable to it) as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits
of the holders of such Securities, (A) money in an amount, or (B) Government Obligations which through the scheduled
payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before
the due date of any payment, money in an amount, or (C) a combination thereof, in each case sufficient, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the
principal of and any premium and interest on such Securities on the respective Stated Maturities, in accordance with the terms
of this Indenture and such Securities.


 


(2)     In the
event of an election to have Section 13.02 apply to any Securities or any series of Securities, as the case may be, the Company
shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling or (B) since the date of this Indenture, there has been a change in the
applicable federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall
confirm that, the holders of such Securities will not recognize gain or loss for federal income tax purposes as a result of the
deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to federal income tax on the
same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to
occur.


 






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(3)     In the
event of an election to have Section 13.03 apply to any Securities or any series of Securities, as the case may be, the Company
shall have delivered to the Trustee an Opinion of Counsel to the effect that the holders of such Securities will not recognize
gain or loss for federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to
such Securities and will be subject to federal income tax on the same amount, in the same manner and at the same times as would
be the case if such deposit and Covenant Defeasance were not to occur.


 


(4)     The Company
shall have delivered to the Trustee an Officers’ Certificate to the effect that it has been informed by the relevant securities
exchange(s) that neither such Securities nor any other Securities of the same series, if then listed on any securities exchange,
will be delisted as a result of such deposit.


 


(5)     No event
which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or any other
Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 6.01(a)(5) and
6.01(a)(6), at any time on or prior to the 90th day after the date of such deposit (it being understood that this condition
shall not be deemed satisfied until after such 90th day).


 


(6)     Such Defeasance
or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any indenture or other agreement
or instrument for borrowed money, pursuant to which in excess of $100,000,000 principal amount is then outstanding, to which the
Company is a party or by which it is bound.


 


(7)     Such Defeasance
or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning
of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder.


 


(8)     The Company
shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent with respect to such Defeasance or Covenant Defeasance have been complied with.


 


Section 13.05      Deposited
Money and Government Obligations to be Held in Trust; Miscellaneous Provisions.


 


Subject to the provisions of Section 4.03(d),
all money and Government Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee (solely
for purposes of this Section and Section 13.06, the Trustee and any such other trustee are referred to collectively as
the “Trustee”) pursuant to Section 13.04 in respect of any Securities shall be held in trust and applied
by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through
any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the holders of such
Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in
trust need not be segregated from other funds except to the extent required by law.


 


The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section 13.04
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the holders of Outstanding Securities.


 


Anything in this Article to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon request of the Company any money or Government
Obligations held by it as provided in Section 13.04 with respect to any Securities which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of
the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may
be, with respect to such Securities.


 


Section 13.06            Reinstatement.


 






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If the Trustee or the Paying Agent is unable to
apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture
and such Securities from which the Company has been discharged or released pursuant to Sections 13.02 or 13.03 shall be revived
and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time
as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.05 with respect to such
Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium
or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights
(if any) of the holders of such Securities to receive such payment from the money so held in trust.


 


ARTICLE XIV

MISCELLANEOUS PROVISIONS


 


Section 14.01            Effect
on Successors and Assigns.


 


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


 


Section 14.02            Actions
by Successor.


 


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


 


Section 14.03            Surrender
of Company Powers.


 


The Company by instrument in writing executed
by authority of 2/3 (two-thirds) of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved
to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.


 


Section 14.04            Notices.


 


Except as otherwise expressly provided herein
any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by
the holders of Securities to or on the Company may be given or served by being deposited first class postage prepaid in a post-office
letterbox addressed (until another address is filed in writing by the Company with the Trustee), as follows: Tanzanian Gold Corp.,
Suite202, 5626 Larch Street, Vancouver BC, Canada V6M 4E1, Attention: Secretary, or by facsimile to fax number _____, with copies
of any notice of an Event of Default to the attention of the General Counsel at the same address.  Any notice, election, request
or demand by the Company or any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made,
for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee.


 


The Trustee shall have the right to accept and
act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Indenture
and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate
listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing direct
dial telephone numbers and specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the
Company whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee Instructions using
Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such
Instructions shall be deemed controlling. The Company understands and agrees that the Trustee cannot determine the identity of
the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been
sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. 
The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that
the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and
authorization codes, passwords and/or authentication keys upon receipt by the Company.  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 directions conflict or are inconsistent with a subsequent written instruction. The Company agrees: (i) to
assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation
the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that
it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee
and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that
the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially
reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately
upon learning of any compromise or unauthorized use of the security procedures.


 






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Section 14.05            Governing
Law.


 


THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS
OF LAW TO THE EXTENT THAT SUCH PRINCIPLES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.  THE COMPANY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING
IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW
YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE AND THE SECURITIES AND IRREVOCABLY
ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS.  THE
COMPANY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY
OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN
ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.  NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE TRUSTEE OR ANY HOLDER OF THE SECURITIES TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY IN ANY OTHER JURISDICTION.


 


Section 14.06            Treatment
of Securities as Debt.


 


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


 


Section 14.07            Compliance
Certificates and Opinions.


 


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


 


(b)     Each certificate or
opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in
this Indenture shall include (1) a statement that the Person making such certificate or opinion has read such covenant or
condition; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are based; (3) a statement that, in the opinion of such Person, he has
made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant
or condition has been complied with; and (4) a statement as to whether or not, in the opinion of such Person, such condition
or covenant has been complied with.


 






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Section 14.08            Payments
on Business Days.


 


Except as provided pursuant to Section 2.01
pursuant to a Board Resolution, and as set forth in an Officers’ Certificate, or established in one or more indentures supplemental
to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of
any Security shall not be a Business Day, then payment of interest or principal, and premium, if any, may be made on the next succeeding
Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue
for the period after such nominal date.


 


Section 14.09            Conflict
with Trust Indenture Act.


 


If and to the extent that any provision of this
Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture
Act, such imposed duties shall control.


 


Section 14.10            Counterparts.


 


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


 


Section 14.11            Separability.


 


In case any one or more of the provisions contained
in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities,
but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been
contained herein or therein.


 


Section 14.12            Assignment.


 


The Company will have the right at all times to
assign any of its rights or obligations under this Indenture to a direct or indirect wholly owned subsidiary of the Company, provided
that, in the event of any such assignment, the Company, will remain liable for all such obligations.  Subject to the foregoing,
the Indenture is binding upon and inures to the benefit of the parties thereto and their respective successors and assigns. 
This Indenture may not otherwise be assigned by the parties thereto.


 


Section 14.13            FATCA.


 


In order to comply with applicable tax laws, rules and
regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time
to time (“Applicable Law”) that a foreign financial institution, or issuer, trustee, paying agent, holder or
other institution is or has agreed to be subject to related to the Indenture, the Company agrees to provide to the Trustee sufficient
information about holders or other applicable parties and/or transactions (including any modification to the terms of such transactions)
that is reasonably requested by the Trustee so the Trustee can determine whether it has tax related obligations under Applicable
Law; provided that such information is directly available to and within the possession of the Company and can be provided without
material expense.


 


ARTICLE XV

SUBORDINATION OF SECURITIES


 


Section 15.01            Agreement
to Subordinate.


 


The Company covenants and agrees, and each holder
of Securities issued hereunder and under any supplemental indenture or by any resolutions by the Board of Directors (“Additional
Provisions”) by such holder’s acceptance thereof likewise covenants and agrees, that all Securities shall be issued
subject to the provisions of this Article XV; and each holder of a Security, whether upon original issue or upon transfer
or assignment thereof, accepts and agrees to be bound by such provisions.


 






    	 	40	 



     


    

The payment by the Company of the principal of,
premium, if any, and interest on all Securities issued hereunder and under any Additional Provisions shall, to the extent and in
the manner hereinafter set forth, be subordinate in right of payment to the prior payment in full of all Senior Indebtedness of
the Company pursuant to Section 15.02, whether outstanding at the date of this Indenture or thereafter incurred.


 


No provision of this Article XV shall prevent
the occurrence of any default or Event of Default hereunder.


 


Section 15.02            Default
on Senior Indebtedness.


 


In the event and during the continuation of any
default by the Company in the payment of principal, premium, interest or any other payment due on any Senior Indebtedness of the
Company, as the case may be, or in the event that the maturity of any Senior Indebtedness of the Company, as the case may be, has
been accelerated because of a default, then, in either case, no payment shall be made by the Company with respect to the principal
(including redemption and sinking fund payments) of, or premium, if any, or interest on the Securities.


 


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 15.02,
before all Senior Indebtedness is paid in full, such payment shall be held in trust for the benefit of, and shall be paid over
or delivered to, the holders of Senior Indebtedness or their respective representatives, or to the trustee or trustees under any
indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear.


 


Section 15.03            Liquidation;
Dissolution; Bankruptcy.


 


Upon any payment by the Company or distribution
of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon any dissolution or
winding-up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership,
general assignment, marshaling of any assets or liabilities for the benefit of creditors or other proceedings, all amounts due
upon all Senior Indebtedness of the Company shall first be paid in full, or payment thereof provided for in money in accordance
with its terms, before any payment is made by the Company on account of the principal, and premium, if any, or interest on the
Securities; and upon any such dissolution or winding-up or liquidation or reorganization, any payment by the Company, or distribution
of assets of the Company of any kind or character, whether in cash, property or securities, to which the holders or the Trustee
would be entitled to receive from the Company, except for the provisions of this Article XV, shall be paid by the Company
or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by
the holders or by the Trustee under the Indenture if received by them or it, directly to the holders of Senior Indebtedness of
the Company (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders, as calculated
by the Company) or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which
any instruments evidencing such Senior Indebtedness may have been issued, as their respective interests may appear, to the extent
necessary to pay such Senior Indebtedness in full, in money or money’s worth, after giving effect to any concurrent payment
or distribution to or for the holders of such Senior Indebtedness, before any payment or distribution is made to the holders or
to the Trustee.


 


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 before all Senior Indebtedness of the Company is paid in full, or provision
is made for such payment in money in accordance with its terms, such payment or distribution shall be held in trust for the benefit
of and shall be paid over or delivered to the holders of such Senior Indebtedness or their representative or representatives, or
to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior Indebtedness may have been
issued, and their respective interests may appear, as calculated by the Company, for application to the payment of all Senior Indebtedness
of the Company, as the case may be, remaining unpaid to the extent necessary to pay such Senior Indebtedness in full in money in
accordance with its terms, after giving effect to any concurrent payment or distribution to or for the benefit of the holders of
such Senior Indebtedness.


 






    	 	41	 



     


    

For purposes of this Article XV, the words
“cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted,
or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of
which is subordinated at least to the extent provided in this Article XV with respect to the Securities to the payment of
all Senior Indebtedness of the Company, as the case may be, that may at the time be outstanding, provided that (i) such Senior
Indebtedness is assumed by the new corporation, if any, resulting from any such reorganization or readjustment, and (ii) the
rights of the holders of such Senior Indebtedness are not, without the consent of such holders, altered by such reorganization
or readjustment.  The consolidation of the Company with, or the merger of the Company into, another corporation or the liquidation
or dissolution of the Company following the conveyance or transfer of its property as an entirety, or substantially as an entirety,
to another corporation upon the terms and conditions provided for in Article X of this Indenture shall not be deemed a dissolution,
winding-up, liquidation or reorganization for the purposes of this Section 15.03 if such other corporation shall, as a part
of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article X of this Indenture. 
Nothing in Section 15.02 or in this Section 15.03 shall apply to claims of, or payments, the Trustee under or pursuant
to Section 7.06 of this Indenture.


 


Section 15.04            Subrogation.


 


Subject to the payment in full of all Senior Indebtedness
of the Company, the rights of the holders of the Securities shall be subrogated to the rights of the holders of such Senior Indebtedness
to receive payments or distributions of cash, property or securities of the Company, as the case may be, applicable to such Senior
Indebtedness until the principal of, and premium, if any and interest on the Securities shall be paid in full; and, for the purposes
of such subrogation, no payments or distributions to the holders of such Senior Indebtedness of any 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, and
no payment over pursuant to the provisions of this Article XV to or for the benefit of the holders of such Senior Indebtedness
by holders of the Securities or the Trustee, shall, as between the Company, its creditors other than holders of Senior Indebtedness
of the Company, and the holders of the Securities, be deemed to be a payment by the Company to or on account of such Senior Indebtedness. 
It is understood that the provisions of this Article XV are and are intended solely for the purposes of defining the relative
rights of the holders of the Securities, on the one hand, and the holders of such Senior Indebtedness on the other hand.


 


Nothing contained in this Article XV or elsewhere
in this Indenture, any Additional Provisions or in the Securities is intended to or shall impair, as between the Company, its creditors
other than the holders of Senior Indebtedness of the Company, and the holders of the Securities, the obligation of the Company,
which is absolute and unconditional, to pay to the holders of the Securities the principal of, and premium, if any and interest
on the Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall
affect the relative rights of the holders of the Securities and creditors of the Company, as the case may be, other than the holders
of Senior Indebtedness of the Company, as the case may be, nor shall anything herein or therein 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 such Senior Indebtedness in respect of cash, property or securities
of the Company, as the case may be, 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 Article VII of this Indenture,
and the holders shall be entitled to conclusively rely upon any order or decree made by any court of competent jurisdiction in
which such dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate of the receiver, trustee
in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to the
holders, for the purposes of ascertaining the Persons entitled to participate in such distribution, the holders of Senior Indebtedness
and other indebtedness of the Company, as the case may be, 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 15.05            Trustee
to Effectuate Subordination.


 






    	 	42	 



     


    

Each holder of Securities by such holder’s
acceptance thereof authorizes and directs the Trustee on such holder’s behalf to take such action as may be necessary or
appropriate to effectuate the subordination provided in this Article XV and appoints the Trustee such holder’s attorney-in-fact
for any and all such purposes.


 


Section 15.06            Notice
by the Company.


 


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 to
or by the Trustee in respect of the Securities pursuant to the provisions of this Article XV.  Notwithstanding the provisions
of this Article XV or any other provision of this Indenture or any Additional Provisions, the Trustee shall not be charged
with knowledge of the existence of any facts that would prohibit the making of any payment of monies to or by the Trustee in respect
of the Securities pursuant to the provisions of this Article XV, unless and until a Responsible Officer of the Trustee shall
have received written notice thereof from the Company or a holder or holders of Senior Indebtedness or from any trustee therefor;
and before the receipt of any such written notice, the Trustee, subject to the provisions of Article VI of this Indenture,
shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received
the notice provided for in this Section 15.06 at least two Business Days prior to the date upon which by the terms hereof
any money may become payable for any purpose (including, without limitation, the payment of the principal of, or premium, if any
or interest on any debt security), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full
power and authority to receive such money and to apply the same to the purposes for which they were received, and shall not be
affected by any notice to the contrary that may be received by it within two Business Days prior to such date.


 


The Trustee, subject to the provisions of Article VII
of this Indenture, shall be entitled to conclusively rely on the delivery to it of a written notice by a Person representing himself
to be a holder of Senior Indebtedness of the Company, as the case may be (or a trustee on behalf of such holder), to establish
that such notice has been given by a holder of such Senior Indebtedness or a trustee on behalf of any such holder or holders. 
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 such Senior Indebtedness 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 such Senior Indebtedness
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            Rights
of the Trustee; Holders of Senior Indebtedness.


 


The Trustee in its individual capacity shall be
entitled to all the rights set forth in this Article XV in respect of any Senior Indebtedness at any time held by it, to the
same extent as any other holder of Senior Indebtedness, and nothing in this Indenture or any Additional Provisions shall deprive
the Trustee of any of its rights as such holder.


 


With respect to the holders of Senior Indebtedness
of the Company, the Trustee undertakes to perform or to 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 such Senior Indebtedness
shall be read into this Indenture or any Additional Provisions against the Trustee.  The Trustee shall not be deemed to owe
any fiduciary duty to the holders of such Senior Indebtedness and, subject to the provisions of Article VII of this Indenture,
the Trustee shall not be liable to any holder of such Senior Indebtedness if it shall pay over or deliver to holders, the Company
or any other Person money or assets to which any holder of such Senior Indebtedness shall be entitled by virtue of this Article XV
or otherwise.


 


Nothing in this Article XV shall apply to
claims of, or payments to, the Trustee under or pursuant to Section 7.06.


 


Section 15.08            Subordination
May Not Be Impaired.


 


No right of any present or future holder of any
Senior Indebtedness of the Company to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired
by any act or failure to act on the part of the Company, as the case may be, or by any act or failure to act, in good faith, by
any such holder of Securities, or by any noncompliance by the Company, as the case may be, with the terms, provisions and covenants
of this Indenture, regardless of any knowledge thereof that any such holder may have or otherwise be charged with.


 






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Without in any way limiting the generality of
the foregoing paragraph, the holders of Senior Indebtedness of the Company may, at any time and from time to time, without the
consent of or notice to the Trustee or the holders of Securities, without incurring responsibility to the holders of Securities
and without impairing or releasing the subordination provided in this Article XV or the obligations hereunder of the holders
of the Securities to the holders of such Senior Indebtedness, do any one or more of the following:  (i) change the manner,
place or terms of payment or extend the time of payment of, or renew or alter, such Senior Indebtedness, or otherwise amend or
supplement in any manner such Senior Indebtedness or any instrument evidencing the same or any agreement under which such Senior
Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise
securing such Senior Indebtedness; (iii) release any Person liable in any manner for the collection of such Senior Indebtedness;
and (iv) exercise or refrain from exercising any rights against the Company, as the case may be, and any other Person.


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


[Signatures begin on the following page]


 


 


 






    	 	44	 



     


    

IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the day
and year first above written.


 


	 	TANZANIAN GOLD CORP.,
	 	as Issuer
	 	 
	 	 
	 	By:
	 	Name: Stephen Mullowney
	 	Title: Chief Executive Officer
	 	 
	 	 
	Attest:	 
	 	 
	 	 
	Name:	 
	Title:	 
	 	 
	 	as Trustee
	 	 
	 	 
	 	By:
	 	Name:
	 	Title:
	 	 
	 	 
	Attest:	 
	 	 
	 	 
	Name:	 
	Title:	 


 


 


 


 


 


 


 


 


 


[Signature page to Subordinated Indenture]


 


 


45