Exhibit 4.3


 


	
     

    EDESA BIOTECH, INC., as Issuer

     

    and

     

    [●], as Trustee

     

    INDENTURE

     

    Dated as of [●]

     

    Senior Debt Securities

     



 






     


     


    

 


CROSS REFERENCE SHEET1


 


Between


 


Provisions of the Trust Indenture Act of 1939 and the Indenture to
be dated as of _________, 20___ between and ___________________, as Trustee:


 


	
    Section of the Act
	 	Section of Indenture
	310(a)(1) and (2)	 	5.08
	310(a)(3) and (4)	 	Inapplicable
	310(b)	 	5.09(a), (b) and (d)
	310(c)	 	Inapplicable
	311(a)	 	Inapplicable
	311(b)	 	Inapplicable
	311(c)	 	Inapplicable
	312(a)	 	3.05
	312(b)	 	3.05
	312(c)	 	4.02(c)
	313(a)	 	5.12
	313(b)(1)	 	5.12
	313(b)(2)	 	5.12
	313(c)	 	5.12
	313(d)	 	5.12
	314(a)	 	3.06
	314(b)	 	Inapplicable
	314(c)(1) and (2)	 	10.05
	314(c)(3)	 	Inapplicable
	314(d)	 	Inapplicable
	314(e)	 	10.05
	314(f)	 	Inapplicable
	315(a), (c) and (d)	 	5.01
	315(b)	 	4.11
	315(e)	 	4.12
	316(a)(1)	 	4.09
	316(a)(2)	 	Not required
	316(a) (last sentence)	 	6.04
	316(b)	 	4.07
	317(a)	 	4.02
	317(b)	 	3.03(a) and (b)
	318(a)	 	10.07


 


	1 	This Cross Reference Sheet is not part of the Indenture. 



 






     


     


    

 


TABLE OF CONTENTS


 


	 	Page
	Article 1 DEFINITIONS	1
	Section 1.01 Certain Terms Defined	1
	Article 2 SECURITIES	6
	Section 2.01 Forms Generally	6
	Section 2.02 Form of Trustee’s Certification of Authentication	6
	Section 2.03 Amount Unlimited; Issuable in Series	7
	Section 2.04 Authentication and Delivery of Securities	8
	Section 2.05 Execution of Securities	9
	Section 2.06 Certificate of Authentication	9
	Section 2.07 Denomination and Date of Securities; Payments of Interest	9
	Section 2.08 Registration, Transfer and Exchange	9
	Section 2.09 Mutilated, Defaced, Destroyed, Lost and Stolen Securities	11
	Section 2.10 Cancellation of Securities; Destruction Thereof	12
	Section 2.11 Temporary Securities	12
	Section 2.12 Computation of Interest	12
	Section 2.13 CUSIP Numbers	12
	Article 3 COVENANTS OF THE ISSUER AND THE TRUSTEE	12
	Section 3.01 Payment of Principal and Interest	12
	Section 3.02 Offices for Payments, etc.	13
	Section 3.03 Paying Agents	13
	Section 3.04 Certificate of the Issuer	14
	Section 3.05 List of Securityholders	14
	Section 3.06 Reports by the Issuer	14
	Section 3.07 Corporate Existence	15
	Section 3.08 Restrictions on Mergers, Sales and Consolidations	15
	Section 3.09 Further Assurances	15
	Article 4 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	15
	Section 4.01 Event of Default Defined; Acceleration of Maturity; Waiver of Default	15
	Section 4.02 Collection of Indebtedness by Trustee; Trustee May Prove Debt	16
	Section 4.03 Application of Proceeds	18
	Section 4.04 Suits for Enforcement	19
	Section 4.05 Restoration of Rights on Abandonment of Proceedings	19



 






    -i- 


     


    

 


	Section 4.06 Limitations on Suits by Securityholder	19
	Section 4.07 Unconditional Right of Securityholders to Institute Certain Suits	19
	Section 4.08 Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	19
	Section 4.09 Control by Securityholders	19
	Section 4.10 Waiver of Past Defaults	20
	Section 4.11 Trustee to Give Notice of Default, But May Withhold in Certain Circumstances	20
	Section 4.12 Right of Court to Require Filing of Undertaking to Pay Costs	20
	Article 5 CONCERNING THE TRUSTEE	21
	Section 5.01 Duties and Responsibilities of the Trustee	21
	Section 5.02 Certain Rights of the Trustee	21
	Section 5.03 Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	22
	Section 5.04 Trustee and Agents May Hold Securities; Collections, etc.	23
	Section 5.05 Monies Held by Trustee	23
	Section 5.06 Compensation and Indemnification of Trustee and Its Prior Claim	23
	Section 5.07 Right of Trustee to Rely on Officers’ Certificate, etc.	23
	Section 5.08 Persons Eligible for Appointment as Trustee	23
	Section 5.09 Resignation and Removal; Appointment of Successor Trustee	24
	Section 5.10 Acceptance of Appointment by Successor	24
	Section 5.11 Merger, Conversion, Consolidation or Succession to Business of Trustee	25
	Section 5.12 Reports to the Trustee	25
	Article 6 CONCERNING THE SECURITYHOLDERS	25
	Section 6.01 Evidence of Action Taken by Securityholders	25
	Section 6.02 Proof of Execution of Instruments and of Holding of Securities; Record Date	26
	Section 6.03 Holders to be Treated as Owners	26
	Section 6.04 Securities Owned by Issuer Deemed Not Outstanding	26
	Section 6.05 Right of Revocation of Action Taken	26
	Article 7 SUPPLEMENTAL INDENTURES	27
	Section 7.01 Supplemental Indentures Without Consent of Securityholders	27
	Section 7.02 Supplemental Indentures With Consent of Securityholders	28
	Section 7.03 Effect of Supplemental Indenture	29
	Section 7.04 Documents to Be Given to Trustee	29
	Section 7.05 Notation on Securities in Respect of Supplemental Indentures	29



 






    -ii- 


     


    

 


	Article 8 CONSOLIDATION, MERGER, SALE OR CONVEYANCE	29
	Section 8.01 Issuer May Consolidate, etc., on Certain Terms	29
	Section 8.02 Successor Corporation Substituted	30
	Article 9 DISCHARGE OF INDENTURE	30
	Section 9.01 Defeasance Within One Year of Payment	30
	Section 9.02 Defeasance	31
	Section 9.03 Covenant Defeasance	31
	Section 9.04 Application of Trust Money	32
	Section 9.05 Repayment to Issuer	32
	Article 10 MISCELLANEOUS PROVISIONS	32
	Section 10.01 Incorporators, Shareholders, Officers and Directors Exempt from Individual Liability	32
	Section 10.02 Provisions of Indenture for the Sole Benefit of Parties and Securityholders	33
	Section 10.03 Successors and Assigns of Issuer Bound by Indenture	33
	Section 10.04 Notices and Demands on Issuer, Trustee and Securityholders	33
	Section 10.05 Officers’ Certificates and Opinions of Counsel; Statements to be Contained Therein	33
	Section 10.06 Payments Due on Saturdays, Sundays and Holidays	34
	Section 10.07 Conflict of Any Provision of Indenture with Trust Indenture Act of 1939	34
	Section 10.08 New York Law to Govern	34
	Section 10.09 Counterparts	34
	Section 10.10 Effect of Headings	34
	Article 11 REDEMPTION OF SECURITIES	34
	Section 11.01 Applicability of Article	34
	Section 11.02 Notice of Redemption; Partial Redemptions	34
	Section 11.03 Payment of Securities Called for Redemption	35
	Section 11.04 Exclusion of Certain Securities from Eligibility for Selection for Redemption	35
	Section 11.05 Conversion Arrangement On Call For Redemption	36



 






    -iii- 


     


    

 


	Article 12 CONVERSION OF SECURITIES	36
	Section 12.01 Applicability of Article	36
	Section 12.02 Right of Securityholders to Convert Securities	36
	Section 12.03 Issuance of Shares of Capital Stock on Conversion	37
	Section 12.04 No Payment or Adjustment for Interest or Dividends	37
	Section 12.05 Adjustment of Conversion Rate	38
	Section 12.06 No Fractional Shares to Be Issued	40
	Section 12.07 Preservation of Conversion Rights Upon Consolidation, Merger, Sale or Conveyance	40
	Section 12.08 Notice to Security Holders of a Series Prior to Taking Certain Types of Action	41
	Section 12.09 Covenant to Reserve Shares for Issuance on Conversion of Securities	41
	Section 12.10 Compliance with Governmental Requirements	41
	Section 12.11 Payment of Taxes Upon Certificates for Shares Issued Upon Conversion	41
	Section 12.12 Trustee’s Duties with Respect to Conversion Provisions	42


 






    -iv- 


     


    

 


THIS INDENTURE, dated as of
, between EDESA BIOTECH, INC., a corporation organized under the laws of British Columbia, Canada (the “Issuer”) and
●, a ● corporation, as trustee (the “Trustee”).


 


W I T N E S S E T H:


 


WHEREAS, the Issuer has duly
authorized the issue from time to time of its senior debentures, notes or other evidences of indebtedness to be issued in one or more
series (the “Securities”) up to such principal amount or amounts as may from time to time be authorized in accordance with
the terms of this Indenture and to provide, among other things, for the authentication, delivery and administration thereof, the Issuer
has duly authorized the execution and delivery of this Indenture; and


 


WHEREAS, all things necessary
to make this Indenture a valid indenture and agreement according to its terms have been done;


 


NOW, THEREFORE:


 


In consideration of the premises
and the purchases of the Securities by the Holders thereof, the Issuer and the Trustee mutually covenant and agree for the equal and proportionate
benefit of the respective Holders from time to time of the Securities as follows:


 


Article
1

DEFINITIONS


 


Section 1.01 Certain Terms
Defined. The following terms (except as otherwise expressly provided or unless the context otherwise clearly requires) for all purposes
of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section. All other terms
used in this Indenture that are defined in the Trust Indenture Act of 1939 or the definitions of which in the Securities Act of 1933 are
referred to in the Trust Indenture Act of 1939, as amended, including terms defined therein by reference to the Securities Act of 1933,
as amended, (except as herein otherwise expressly provided or unless the context otherwise clearly 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 this Indenture. All accounting
terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with GAAP. The words “herein”,
 “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular
Article, Section or other subdivision. The terms defined in this Article have the meanings assigned to them in this Article and include
the plural as well as the singular.


 


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


 


“Authorized Newspaper”
means a newspaper in the English language or in an official language of the country of publication, customarily printed on each Business
Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the
term is used or in the financial community of such place. If, because of temporary suspension of publication or general circulation of
any newspaper or for any other reason, it is impossible or impracticable to make any publication of any notice required by this Indenture
in the manner herein provided, such publication or other notice in lieu thereof which is made at the written direction of the Issuer by
the Trustee shall constitute a sufficient publication of such notice.


 


“Board of Directors”
means either the Board of Directors of the Issuer or any committee of such Board duly authorized to act hereunder.


 


“Business Day”
means, with respect to any Security, a day that in the city (or in all of the cities, if more than one) in which amounts are payable,
as specified in the form of such Security, is not a day on which banking institutions are authorized by law or regulation to close.


 


“Capitalized Lease”
means, as applied to any Person, any lease of any property (whether real, personal, or mixed) of which the discounted present value of
the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such Person;
and “Capitalized Lease Obligation” is defined to mean the rental obligations, as aforesaid, under such lease.


 






    -1- 


     


    

 


“Capital Stock”
means any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of the Issuer’s
capital stock or other ownership interests, whether now outstanding or issued after the date of this Indenture, including, without limitation,
all Common Shares and Preferred Shares.


 


“Closing Price”
on any day when used with respect to any class of Capital Stock means the closing sale price per share (or if no closing sale price is
reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask
prices) on that date as reported by Nasdaq Capital Market or, if such Capital Stock is not listed on Nasdaq Capital Market, then on the
principal U.S. national or regional securities exchange on which such Capital Stock is then listed. If such Capital Stock is not listed
on either Nasdaq Capital Market or on any U.S. national or regional securities exchange on the relevant date, the Closing Price will be
the last quoted bid price for the Company’s Common Shares in the over-the-counter market on the relevant date as reported by the
OTC Markets Group Inc. or similar organization. In the event that no such quotation is available for any day, the Board of Directors shall
be entitled to determine in good faith the current market price on the basis of such quotations as it considers appropriate.


 


“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or
if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such duties on such date.


 


“Common Shares”
means any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of the Issuer’s
common shares, no par value, whether now outstanding or issued after the date of the Indenture, including, without limitation, all series
and classes of such common shares.


 


“Corporate Trust
Office” means the office of the Trustee at which the corporate trust business of the Trustee shall, at any particular time,
be principally administered, which office is, at the date as of which this Indenture is dated, located at [●].


 


“Currency Agreement”
means any foreign exchange contract, currency swap agreement, or other similar agreement or arrangement designed to protect against the
fluctuation in currency values.


 


“Default”
means any Event of Default as defined in Section 4.01 and any event that is, or after notice or passage of time or both would be, an Event
of Default.


 


“Depositary”
means, with respect to the Securities of any series issuable or issued in the form of one or more Registered Global Securities, the Person
designated as Depositary by the Issuer pursuant to Section 2.03 until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder,
and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of any such series
shall mean the Depositary with respect to the Registered Global Securities of that series.


 


“Determination Date”
has the meaning specified in Section 12.05.


 


“Event of Default”
has the meaning specified in Section 4.01.


 


“GAAP”
means generally accepted accounting principles in the United States of America as in effect as of the date of determination,
including, without limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other entity as approved by a significant segment of the accounting profession. All ratios and computations
contained in this Indenture shall be computed in conformity with GAAP applied on a consistent basis.


 






    -2- 


     


    

 


“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness or other obligation
of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise,
of such Person:


 


(i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or other obligation of such other Person (whether arising by
virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities, or services, to take-or-pay,
or to maintain financial statement conditions or otherwise); or


 


(ii) entered into for purposes
of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee
against loss in respect thereof (in whole or in part); provided, that the term “Guarantee” shall not include
endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has
a corresponding meaning.


 


“Holder”,
 “Securityholder” or other similar terms mean the registered holder of any Security.


 


“Indebtedness”
means, with respect to any Person at any date of determination (without duplication):


 


(i) all indebtedness of such
Person for borrowed money;


 


(ii) all obligations of such
Person evidenced by bonds, debentures, notes, or other similar instruments, in each case, for value received or settlement of claims;


 


(iii) all obligations of such
Person in respect of letters of credit or other similar instruments (including reimbursement obligations with respect thereto);


 


(iv) all obligations of such
Person to pay the deferred and unpaid purchase price of property or services (but excluding trade accounts payable or accrued liabilities
arising in the ordinary course of business);


 


(v) all obligations of such
Person as lessee under Capitalized Leases;


 


(vi) all Indebtedness of other
Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; provided that
the amount of such Indebtedness shall be the lesser of:


 


(1) the fair market value of
such asset at such date of determination; and


 


(2) the amount of such Indebtedness;


 


(vii) all Indebtedness of
other Persons to the extent Guaranteed by such Person; and


 


(viii) to the extent not otherwise
included in this definition, obligations under Currency Agreements and Interest Rate Agreements.


 


Notwithstanding the foregoing,
in no event shall the term “Indebtedness” be deemed to include letters of credit or bonds that secure performance or surety
bonds or similar instruments that are issued in the ordinary course of business.


 






    -3- 


     


    

 


The amount of Indebtedness
of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above and, with
respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation; provided
that:


 


(x) the amount outstanding
at any time of any Indebtedness issued with original issue discount is the face amount of such Indebtedness less the remaining unamortized
portion of the original issue discount of such Indebtedness at such time as determined in conformity with GAAP; and


 


(y) Indebtedness shall not
include any liability for federal, state, local, or other taxes.


 


“Indenture”
means this instrument as originally executed and delivered or, if amended or supplemented as herein provided, as so amended or supplemented
or both, and shall include the forms and terms of particular series of Securities established as contemplated hereunder.


 


“Interest”
means, when used with respect to non-interest bearing Securities, interest payable after maturity. “Interest Rate Agreement”
means any obligation of any Person pursuant to any interest rate swap, cap, collar or similar arrangement providing protection against
fluctuations in interest rates. For purposes of the Indenture, the amount of such obligation shall be the amount determined in respect
thereof as of the end of the then most recently ended fiscal quarter of such Person, based on the assumption that such obligation had
terminated at the end of such fiscal quarter, and in making such determination, if any agreement relating to such obligation provides
for the netting of amounts payable by and to such Person thereunder or if any such agreement provides for the simultaneous payment of
amounts by and to such Person, then in each such case, the amount of such obligation shall be the net amount so determined, plus any premium
due upon default by such Person.


 


“Issuer”
means the Person identified as “Issuer” in the first paragraph hereof and, subject to Article 8, its successors and assigns.


 


“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, or any other type
of preferential arrangement that has the practical effect of creating a security interest, in respect of such asset. For the purposes
of this Indenture, the Issuer shall be deemed to own subject to a Lien any asset that it has acquired or holds subject to the interest
of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset.


 


“Officers’
Certificate” means a certificate signed by the chairman of the Issuer’s Board of Directors, its president or any vice
president, and by its treasurer, any assistant treasurer, its secretary or any assistant secretary of the Issuer, and delivered to the
Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided for
in Section 10.05.


 


“Opinion of Counsel”
means an opinion in writing signed by legal counsel who may be an employee of or counsel to the Issuer and who shall be satisfactory to
the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided for
in Section 10.05, if and to the extent required hereby.


 


“Original Issue Date”
of any Security (or portion thereof) means the earlier of (i) the date of such Security or (ii) the date of any Security (or portion thereof)
for which such Security was issued (directly or indirectly) on registration of transfer, exchange or substitution.


 


“Original Issue Discount
Security” means any Security that provides for an amount less than the Principal amount thereof to be due and payable upon a
declaration of acceleration of the maturity thereof pursuant to Section 4.01.


 


“Outstanding”,
when used with reference to Securities, shall, subject to the provisions of Section 6.04, mean, as of any particular time, all Securities
authenticated and delivered by the Trustee under this Indenture, except:


 


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


 






    -4- 


     


    

 


(ii) Securities, or
portions thereof, for the payment or redemption of which monies in the necessary amount shall have been deposited in trust with the
Trustee or with any paying agent (other than the Issuer) or shall have been set aside, segregated and held in trust by the Issuer
for the Holders of such Securities (if the Issuer shall act as its own paying agent), provided that if such Securities, or portions
thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as herein provided, or
provision satisfactory to the Trustee shall have been made for giving such notice; and


 


(iii) Securities in substitution
for which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant to the terms of Section
2.09 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that such Security is held by
a person in whose hands such Security is a legal, valid and binding obligation of the Issuer).


 


In determining whether the
Holders of the requisite Principal amount of Outstanding Securities of any or all series have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the Principal amount of an Original Issue Discount Security that shall be deemed to be
Outstanding for such purposes shall be the amount of the Principal thereof that would be due and payable as of the date of such determination
upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01.


 


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


 


“Preferred Shares”
means any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of the Issuer’s
preferred shares, no par value, whether now outstanding or issued after the date of the Indenture, including, without limitation, all
series and classes of such preferred shares.


 


“Principal”
means, with respect to the Securities or any Security or any portion thereof, the principal amount of such Securities, Security or portion
thereof, and shall be deemed to include “and premium, if any”.


 


“record date”
as used with respect to any interest payment date (except a date for payment of defaulted interest), has the meaning specified in Section
2.07.


 


“Registered Global
Security” means a Security evidencing all or a part of a series of Registered Securities, issued to the Depositary for such
series in accordance with Section 2.04, and bearing the legend prescribed in Section 2.04.


 


“Registered Security”
means any Security registered on the register maintained by the Issuer pursuant to Section 2.08.


 


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


 


“Security”
or “Securities” has the meaning stated in the first recital of this Indenture, or, as the case may be, Securities that
have been authenticated and delivered under this Indenture.


 


“Subsidiary”
means, with respect to any Person, any corporation, association or other business entity of which more than 50% of all votes represented
by all classes of outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such
Person.


 


“Trustee”
means the Person identified as “Trustee” in the first paragraph hereof and, subject to the provisions of Article 5,
shall also include any successor trustee.


 


“Trust Indenture
Act of 1939” (except as otherwise provided in Section 7.01 and 7.02) means the Trust Indenture Act of 1939 as in force at the
date as of which this Indenture was originally executed.


 






    -5- 


     


    

 


“UCC” means
the Uniform Commercial Code, as in effect in each applicable jurisdiction.


 


“Unregistered Security”
means any Security other than a Registered Security.


 


“U.S. Government
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 an agency of instrumentality of the United States of America the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of America, and shall also include a depository
receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest
on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt; provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest
on or principal of the U.S. Government Obligation evidenced by such depository receipt.


 


“Voting Stock”
means, with respect to any Person, capital stock of any class or kind ordinarily having the power to vote for the election of directors,
managers or other voting members of the governing body of such Person.


 


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


 


“Wholly-Owned”
is defined to mean, with respect to any Subsidiary of any Person, such Subsidiary if all of the outstanding common shares or other similar
equity ownership interests (but not including preferred shares) in such Subsidiary (other than any director’s qualifying shares
or investments by foreign nationals mandated by applicable law) is owned directly or indirectly by such Person.


 


“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, at the most
recent redetermination of interest on such series, and calculated in accordance with accepted financial practice.


 


Article
2

SECURITIES


 


Section 2.01 Forms Generally.
The Securities of each series shall be substantially in such form (not inconsistent with this Indenture) as shall be established by or
pursuant to a resolution of the Board of Directors or in one or more indentures supplemental hereto, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have imprinted or otherwise
reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any
law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to conform to general usage, all
as may be determined by the officers executing such Securities, as evidenced by their execution of the Securities. The Issuer shall furnish
any such legends to the Trustee in writing.


 


The definitive Securities
shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the
officers executing such Securities, as evidenced by their execution of such Securities.


 


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


 


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


 


	 	
    

    [●],

	 	as Trustee



 


	 	 
	 	
    By:
	 
	 	 	
    Authorized Signatory: 



 






    -6- 


     


    

 


Section 2.03 Amount Unlimited;
Issuable in Series. The aggregate Principal amount of Securities which may be authenticated and delivered under this Indenture is
unlimited.


 


The Securities may be issued
in one or more series. There shall be established in or pursuant to a resolution of the Board of Directors and set forth in an Officers’
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:


 


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


 


(b) any limit upon the aggregate
Principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section
2.08, 2.09, 2.11 or Section 12.03);


 


(c) the date or dates on which
the Principal of the Securities of the series is payable;


 


(d) the rate or rates at which
the Securities of the series shall bear interest, if any, or the method by which such rate shall be determined, the date or dates from
which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination
of Holders to whom interest is payable;


 


(e) the place or places where
the Principal of and any interest on Securities of the series shall be payable (if other than as provided in Section 3.02);


 


(f) the price or prices at
which, the period or periods within 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 Issuer;


 


(g) the obligation, if any,
of the Issuer to redeem, purchase or repay Securities of the series at the option of a Holder thereof and the price or prices at which,
the period or periods within which and the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid,
in whole or in part, pursuant to such obligation;


 


(h) the obligation, if any,
of the Issuer to permit the conversion of the Securities of such series into Capital Stock, and the terms and conditions upon which such
conversion shall be effected (including, without limitation, the initial conversion price or rate, the conversion period and any other
provision in addition to or in lieu of those set forth in this Indenture relative to such obligation);


 


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


 


(j) if other than the Principal
amount thereof, the portion of the Principal amount of Securities of the series which shall be payable upon declaration of acceleration
of the maturity thereof pursuant to Section 4.01 or provable in bankruptcy pursuant to Section 4.02;


 


(k) if the Securities of the
series are issuable in whole or in part as one or more Registered Global Securities, the identity of the Depositary for such Registered
Global Security or Securities;


 


(l) any other terms of the
series (which terms shall not be inconsistent with the provisions of this Indenture); and


 






    -7- 


     


    

 


(m) any trustees, authenticating
or paying agents, transfer agents or registrar or any other agents with respect to the Securities of such series.


 


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


 


Section 2.04 Authentication
and Delivery of Securities. At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver
Securities of any series executed by the Issuer to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver
such Securities to or upon the written order of the Issuer, such order to be signed by both (a) the chairman of its Board of Directors,
its president or any vice president and by its treasurer, any assistant treasurer, its secretary or any assistant secretary, without any
further action by the Issuer. In authenticating such Securities and accepting the additional responsibilities under this Indenture in
relation to such Securities the Trustee shall receive, and (subject to Section 5.01) shall be fully protected in relying upon:


 


(a) a certified copy of any
resolution or resolutions of the Board of Directors authorizing the action taken pursuant to the resolution or resolutions delivered under
clause (b) below;


 


(b) a copy of any resolution
or resolutions of the Board of Directors relating to such series, in each case certified by the secretary or an assistant secretary of
the Issuer;


 


(c) an executed supplemental
indenture, if any, and the documentation required to be delivered pursuant to Section 7.04;


 


(d) an Officers’ Certificate
setting forth the form and terms of the Securities as required pursuant to Section 2.01 and 2.03, respectively and prepared in accordance
with Section 10.05;


 


(e) an Opinion of Counsel,
prepared in accordance with Section 10.05, to the effect:


 


(i) that the form
or forms and terms of such Securities have been established by or pursuant to a resolution of the Board of Directors or by a supplemental
indenture as permitted by Section 2.01 and 2.03 in conformity with the provisions of this Indenture; and


 


(ii) that such Securities,
when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions specified in such
Opinion of Counsel, will constitute valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their
terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance or similar laws now or hereafter in effect relating to creditors’ rights generally, and general principles of equity
(regardless of whether enforceability is considered in a proceeding in equity or at law).


 


The Trustee shall have the
right to decline to authenticate and deliver any Securities under this section if the Trustee, being advised by counsel, determines that
such action may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or board of trustees, executive
committee, or a trust committee of directors or trustees or Responsible Officers shall determine that such action would expose the Trustee
to personal liability.


 


If the Issuer shall
establish pursuant to Section 2.03 that the Securities of a series or a portion thereof are to be issued in the form of one or more
Registered Global Securities, then the Issuer shall execute (in accordance with Section 2.05) and the Trustee shall authenticate and
make available for delivery one or more Registered Global Securities that (i) shall represent and shall be denominated in an amount
equal to the aggregate Principal amount of all of the Securities of such series issued in such form and not yet canceled, (ii) shall
be registered in the name of the Depositary for such Registered Global Security or Securities or the nominee of such Depositary,
(iii) shall be delivered by the Trustee to such Depositary or its custodian or pursuant to such Depositary’s instructions and
(iv) shall bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for
Securities in definitive registered form, this Security may not be transferred except as a whole by the Depositary to a nominee of
the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary.”


 






    -8- 


     


    

 


Section 2.05 Execution
of Securities. The Securities shall be signed on behalf of the Issuer by the chairman of its Board of Directors, its president, any
vice president, its treasurer or any assistant treasurer, under its corporate seal and attested by its secretary or any assistant secretary.
Such signatures may be the manual or facsimile signatures of the present or any future such officers. The seal of the Issuer may be in
the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. Typographical and
other minor errors or defects in any such reproduction of the seal or any such signature shall not affect the validity or enforceability
of any Security that has been duly authenticated and delivered by the Trustee.


 


In case any officer of the
Issuer who shall have signed any of the Securities shall cease to be such officer before the Security so signed shall be authenticated
and delivered by the Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed of
as though the person who signed such Security had not ceased to be such officer of the Issuer; and any Security may be signed on behalf
of the Issuer by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Issuer, although
at the date of the execution and delivery of this Indenture any such person was not such an officer.


 


Section 2.06 Certificate
of Authentication. Only such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore
recited, executed by the Trustee by the manual signature of one of its authorized signatories, shall be entitled to the benefits of this
Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Issuer 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.


 


Section 2.07 Denomination
and Date of Securities; Payments of Interest. The Securities shall be issuable as registered securities without coupons and in denominations
as shall be specified as contemplated by Section 2.03. In the absence of any such specification with respect to the Securities of any
series, the Securities of such series shall be issuable in denominations of $1,000 and any multiple thereof. The Securities shall be numbered,
lettered, or otherwise distinguished in such manner or in accordance with such plan as the officers of the Issuer executing the same may
determine as evidenced by the execution and authentication thereof.


 


Each Security shall be dated
the date of its authentication, shall bear interest, if any, from the date and shall be payable on the dates, in each case, which shall
be specified as contemplated by Section 2.03.


 


The person in whose name any
Security of any series is registered at the close of business on any record date applicable to a particular series with respect to any
interest payment date for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding
any transfer or exchange of such Security subsequent to the record date and prior to such interest payment date, except if and to the
extent the Issuer shall default in the payment of the interest due on such interest payment date for such series, in which case such defaulted
interest shall be paid to the persons in whose names Outstanding Securities for such series are registered at the close of business on
a subsequent record date (which shall be not less than five Business Days prior to the date of payment of such defaulted interest) established
by notice given by mail by or on behalf of the Issuer to the Holders of Securities not less than 15 days preceding such subsequent record
date. The term “record date” as used with respect to any interest payment date (except a date for payment of defaulted
interest) shall mean the date specified as such in the terms of the Securities of any particular series, or, if no such date is so specified,
if such interest payment date is the first day of a calendar month, the fifteenth day of the next preceding calendar month or, if such
interest payment date is the fifteenth day of a calendar month, the first day of such calendar month, whether or not such record date
is a Business Day.


 


Section 2.08 Registration,
Transfer and Exchange. The Issuer will keep or cause to be kept at each office or agency to be maintained for the purpose as provided
in Section 3.02 a register or registers in which, subject to such reasonable regulations as it may prescribe, it will register, and will
register the transfer of, Securities as in this Article provided. Such register shall be in written form in the English language or in
any other form capable of being converted into such form within a reasonable time. At all reasonable times such register or registers
shall be open for inspection by the Trustee.


 






    -9- 


     


    

 


At the option of the Holder
thereof, Registered Securities of any series (other than a Registered Global Security, except as set forth below) may be exchanged for
a Registered Security or Registered Securities of such series and tenor having authorized denominations and an equal aggregate Principal
amount, upon surrender of such Registered Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose
in accordance with Section 3.02 and upon payment, if the Issuer shall so require, of the charges hereinafter provided. If the Securities
of any series are issued in both registered and unregistered form, except as otherwise established pursuant to Section 2.03, at the option
of the Holder thereof, Unregistered Securities of any series may be exchanged for Registered Securities of such series and tenor having
authorized denominations and an equal aggregate Principal amount, upon surrender of such Unregistered Securities to be exchanged at the
agency of the Issuer that shall be maintained for such purpose in accordance with Section 3.02 and upon payment, if the Issuer shall so
require, of the charges hereinafter provided. At the option of the Holder thereof, if Unregistered Securities of any series, maturity
date, interest rate and Original Issue Date are issued in more than one authorized denomination, except as otherwise established pursuant
to Section 2.03, such Unregistered Securities may be exchanged for Unregistered Securities of such series and tenor having authorized
denominations and an equal aggregate Principal amount, upon surrender of such Unregistered Securities to be exchanged at the agency of
the Issuer that shall be maintained for such purpose in accordance with Section 3.02 and upon payment, if the Issuer shall so require,
of the charges hereinafter provided. Registered Securities of any series may not be exchanged for Unregistered Securities of such series.
Whenever any Securities are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and make available
for delivery, the Securities which the Holder making the exchange is entitled to receive.


 


All Registered Securities
presented for registration of transfer, exchange, redemption, conversion or payment shall be duly endorsed by, or be accompanied by a
written instrument or instruments of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder or his attorney
duly authorized in writing.


 


The Issuer may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration
of transfer of Securities. No service charge shall be made for any such transaction.


 


Notwithstanding any other
provision of this Section 2.08, unless and until it is exchanged in whole or in part for Securities in definitive registered form, a Registered
Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary
for such series to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary
or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary.


 


If at any time the Depositary
for any Registered Global Securities of any series notifies the Issuer that it is unwilling or unable to continue as Depositary for such
Registered Global Securities or if at any time the Depositary for such Registered Global Securities shall no longer be eligible under
applicable law, the Issuer shall appoint a successor Depositary eligible under applicable law with respect to such Registered Global Securities.
If a successor Depositary eligible under applicable law for such Registered Global Securities is not appointed by the Issuer within 90
days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer will execute, and the Trustee, upon receipt
of the Issuer’s order for the authentication and delivery of definitive Registered Securities of such series and tenor, will authenticate
and make available for delivery Registered Securities of such series and tenor, in any authorized denominations, in an aggregate Principal
amount equal to the Principal amount of such Registered Global Securities, in exchange for such Registered Global Securities.


 


The Issuer may at any time
and in its sole discretion determine that any Registered Global Securities of any series shall no longer be maintained in global form.
In such event, or in the event that there shall have occurred and be continuing an Event of Default with respect to a series of Securities,
the Issuer will, upon the request of any Holder, execute, and the Trustee, upon receipt of the Issuer’s order for the authentication
and delivery of definitive Registered Securities of such series and tenor, will authenticate and make available for delivery, Registered
Securities of such series and tenor in any authorized denominations, in an aggregate Principal amount equal to the Principal amount of
such Registered Global Securities, in exchange for such Registered Global Securities.


 


Any time the Registered
Securities of any series are not in the form of Registered Global Securities pursuant to the preceding two paragraphs, the Issuer
agrees to supply the Trustee with a reasonable supply of certificated Registered Securities without the legend required by Section
2.04 and the Trustee agrees to hold such Registered Securities in safekeeping until authenticated and delivered pursuant to the
terms of this Indenture.


 






    -10- 


     


    

 


If established by the Issuer
pursuant to Section 2.03 with respect to any Registered Global Security, the Depositary for such Registered Global Security may surrender
such Registered Global Security in exchange in whole or in part for Registered Securities of the same series and tenor in definitive registered
form on such terms as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute, and the Trustee shall authenticate
and make available for delivery, without service charge,


 


(i) to the Person
specified by such Depositary new Registered Securities of the same series and tenor, of any authorized denominations as requested by such
Person, in an aggregate Principal amount equal to and in exchange for such Person’s beneficial interest in the Registered Global
Security; and


 


(ii) to such Depositary
a new Registered Global Security in a denomination equal to the difference, if any, between the Principal amount of the surrendered Registered
Global Security and the aggregate Principal amount of Registered Securities authenticated and delivered pursuant to clause (i) above.


 


Registered Securities issued
in exchange for a Registered Global Security pursuant to this Section 2.08 shall be registered in such names and in such authorized denominations
as the Depositary for such Registered Global Security, pursuant to instructions from its direct or indirect participants or otherwise,
shall instruct the Trustee or an agent of the Issuer or the Trustee. The Trustee or such agent shall deliver such Securities to or as
directed by the Persons in whose names such Securities are so registered.


 


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


 


Notwithstanding anything herein
or in the forms or terms of any Securities to the contrary, none of the Issuer, the Trustee or any agent of the Issuer or the Trustee
shall be required to exchange any Unregistered Security for a Registered Security if such exchange would result in adverse Federal income
tax consequences to the Issuer (such as, for example, the inability of the Issuer to deduct from its income, as computed for Federal income
tax purposes, the interest payable on the Unregistered Securities) under then applicable United States Federal income tax laws. The Trustee
and any such agent shall be entitled to rely on an Officers’ Certificate or an Opinion of Counsel in determining such result.


 


Neither the Registrar nor
the Issuer shall be required (i) to issue, authenticate, register the transfer of or exchange Securities of any series for a period of
15 days before the mailing of a notice of redemption of such Securities to be redeemed or (ii) to register the transfer of or exchange
any Security selected for redemption in whole or in part.


 


Section 2.09 Mutilated,
Defaced, Destroyed, Lost and Stolen Securities. In case any temporary or definitive Security shall become mutilated or defaced and
shall be surrendered to the Trustee, the Issuer shall execute, and the Trustee shall authenticate and deliver, a new Security of the same
series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Security. If the
Holder of any Security claims that the Security has been lost, destroyed or wrongfully taken, the Issuer shall execute, and the Trustee
shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and
substitution for the lost, destroyed or wrongfully taken Security, if the applicant so requests before the Issuer has notice that the
Security has been acquired by a protected purchaser, and the applicant furnishes to the Issuer and to the Trustee and any agent of the
Issuer or the Trustee such security or indemnity as may be required by them to indemnify and defend and to save each of them harmless
and the applicant satisfies other reasonable requirements imposed by the Issuer.


 


Upon the issuance of any
substitute Security, the Issuer 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 and its counsel) connected
therewith. In case any Security which has matured or is about to mature or has been called for redemption in full shall become
mutilated or defaced or be destroyed, lost or stolen, the Issuer 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 or defaced Security), if the applicant for such
payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security or taking, the
applicant shall also furnish to the Issuer and the Trustee and any agent of the Issuer or the Trustee evidence to their satisfaction
of the destruction, loss or wrongful taking of such Security and of the ownership thereof.


 






    -11- 


     


    

 


Every substitute Security
of any series issued pursuant to the provisions of this section by virtue of the fact that any such Security is destroyed, lost or stolen
shall constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or wrongfully taken Security shall
be at any time enforceable by anyone and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights
set forth in) this Indenture equally and proportionately with any and all other Securities of such series duly authenticated and delivered
hereunder. All Securities shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions
are exclusive with respect to the replacement or payment of mutilated, defaced or destroyed, lost or wrongfully taken Securities and shall
preclude any and all other rights or remedies.


 


Section 2.10 Cancellation
of Securities; Destruction Thereof. All Securities surrendered for payment, redemption, repurchase, conversion, registration of transfer
or exchange, if surrendered to the Issuer or any agent of the Issuer or the Trustee, shall 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 permitted
by any of the provisions of this Indenture. The Trustee shall dispose of canceled Securities held by it in accordance with the record
retention policies of the Trustee in effect from time to time and, if such canceled certificates are destroyed, shall deliver a certificate
of destruction to the Issuer. If the Issuer shall acquire any of the Securities, 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 2.11 Temporary
Securities. Pending the preparation of definitive Securities for any series, the Issuer may execute and the Trustee shall authenticate
and deliver temporary Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form satisfactory
to the Trustee). Temporary Securities of any series shall be issuable as registered Securities without coupons, of any authorized denomination,
and substantially in the form of the definitive Securities of such series but with such omissions, insertions and variations as may be
appropriate for temporary Securities, all as may be determined by the Issuer with the concurrence of the Trustee. Temporary Securities
may contain such reference to any provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by the
Issuer and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the
definitive Securities. Without unreasonable delay the Issuer shall execute and shall furnish definitive Securities of such series and
thereupon temporary Securities of such series may be surrendered in exchange therefor without charge at each office or agency to be maintained
by the Issuer for that purpose pursuant to Section 3.02, and the Trustee shall authenticate and deliver in exchange for such temporary
Securities of such series a like aggregate Principal amount of definitive Securities of the same series of authorized denominations. Until
so exchanged, the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive Securities
of such series.


 


Section 2.12 Computation
of Interest. Except as otherwise specified in the Securities of a series, interest shall be computed on the basis of a 360-day year
of twelve 30-day months.


 


Section 2.13 CUSIP Numbers.
The Issuer 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 Holders; 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 Issuer will notify the Trustee of any change in the “CUSIP” numbers.


 


Article
3

COVENANTS OF THE ISSUER AND THE TRUSTEE


 


Section 3.01 Payment
of Principal and Interest. The Issuer covenants and agrees for the benefit of each series of Securities that it will duly and
punctually pay or cause to be paid the Principal of, and interest on, each of the Securities of such series at the place or places,
at the respective times and in the manner provided in such Securities. Each installment of interest on the Securities of any series
may be paid by mailing checks for such interest payable to or upon the written order of the Holders of Securities entitled thereto
as they shall appear on the registry books of the Issuer.


 






    -12- 


     


    

 


Notwithstanding any provisions
of this Indenture and the Securities of any series to the contrary, if the Issuer and a Holder of any Registered Security so agree or
if expressly provided pursuant to Section 2.03, payments of interest on, and any portion of the Principal of, such Holder’s Registered
Security shall be made by the paying agent, upon receipt from the Issuer of immediately available funds by 11:00 a.m., New York City time
(or such other time as may be agreed to between the Issuer and the paying agent) or the Issuer, directly to the Holder of such Security
(by wire transfer of Federal funds or immediately available funds or otherwise) if the Holder has delivered written instructions to the
Trustee 15 days prior to such payment date requesting that such payment will be so made and designating the bank account to which such
payments shall be so made and, in the case of payments of Principal, surrenders the same to the Trustee. The Trustee shall be entitled
to rely on the last instruction delivered by the Holder pursuant to this Section 3.01 unless a new instruction is delivered 15 days prior
to a payment date. The Issuer will indemnify and hold each of the Trustee and any paying agent harmless against any loss, liability or
expense (including attorneys’ fees and expenses) resulting from any act or omission to act on the part of the Issuer or any such
Holder in connection with any such agreement or from making any payment in accordance with any such agreement.


 


Section 3.02 Offices for
Payments, etc. So long as any of the Securities remain outstanding, the Issuer will maintain in the Borough of Manhattan, The City
of New York an office or agency (n) where the Securities may be presented for payment, (o) where the Securities may be presented for registration
of transfer and for exchange as in this Indenture provided, (p) where notices and demands to or upon the Issuer in respect of the Securities
or of this Indenture may be served and (q) for Securities of each series that is convertible, where such Securities may be presented for
conversion. The Issuer will give to the Trustee written notice of the location of any such office or agency and of any change of location
thereof. Unless otherwise specified in accordance with Section 2.03, the Issuer hereby initially designates the Corporate Trust Office
of Trustee as the office to be maintained by it for each such purpose. In case the Issuer shall fail to so designate or maintain any such
office or agency or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands
may be made and notices may be served at the Corporate Trust Office.


 


Section 3.03 Paying Agents.
Whenever the Issuer shall appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause 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:


 


(a) that it will hold all
sums received by it as such agent for the payment of the Principal of or interest on the Securities of such series (whether such sums
have been paid to it by the Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the Holders of
the Securities of such series or of the Trustee;


 


(b) that it will give the
Trustee notice of any failure by the Issuer (or by any other obligor on the Securities of such series) to make any payment of the Principal
of or interest on the Securities of such series when the same shall be due and payable; and during the continuance of the failure referred
to in clause Section 3.03(b) above.


 


The Issuer will, on or prior
to each due date of the Principal of or interest on the Securities of such series, deposit with the paying agent a sum sufficient to pay
such Principal or interest so becoming due, and (unless such paying agent is the Trustee) the Issuer will promptly notify the Trustee
of any failure to take such action.


 


If the Issuer shall act as
its own paying agent with respect to the Securities of any Series, it will, on or before each due date of the Principal of or interest
on the Securities of such series, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such series
a sum sufficient to pay such Principal or interest so becoming due. The Issuer will promptly notify the Trustee of any failure to take
such action.


 


Whenever the Issuer
shall have one or more paying agents for any series of Securities, it will, on or before each due date of the Principal of or
interest on any Securities of such series, deposit with the paying agent or agents for the Securities of such series a sum, by 11:00
a.m. New York City time in immediately available funds on the payment date, sufficient to pay the Principal or interest so becoming
due with respect to the Securities of such series, and (unless such paying agent is the Trustee) the Issuer will promptly notify the
Trustee in writing of any failure so to act.


 






    -13- 


     


    

 


Anything in this section to
the contrary notwithstanding, the Issuer may at any time, for the purpose of obtaining a satisfaction and discharge with respect to one
or more or all series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust
for any such series by the Issuer or any paying agent hereunder, as required by this Section, such sums to be held by the Trustee upon
the trusts herein contained.


 


Anything in this Section 3.03
to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 3.03 is subject to the provisions of
Section 9.05.


 


Section 3.04 Certificate
of the Issuer. Within 120 days after the close of the fiscal year ended [●], and within 120 days after the close of each
fiscal year thereafter, the Issuer will furnish to the Trustee a brief certificate (which need not comply with Section 10.05) from the
principal executive, financial or accounting officer of the Issuer as to his or her knowledge of the Issuer’s compliance with all
conditions and covenants under the Indenture (such compliance to be determined without regard to any period of grace or requirement of
notice provided under the Indenture).


 


At the time such certificate
is filed, the Issuer will also file with the Trustee a letter or statement of the independent accountants who shall have certified the
financial statements of the Issuer for its preceding fiscal year to the effect that, in making the examination necessary for certification
of such financial statements, they have obtained no knowledge of any default by the Issuer in the performance or fulfillment of any covenant,
agreement or condition contained in this Indenture, which default remains uncured at the date of such letter or statement, or, if they
shall have obtained knowledge of any such uncured default, specifying in such letter or statement such default or defaults and the nature
and status thereof, it being understood that such accountants shall not be liable directly or indirectly for failure to obtain knowledge
of any such default or defaults, and that nothing contained in this Section 3.04 shall be construed to require such accountants to make
any investigation beyond the scope required in connection with such examination.


 


Section 3.05 List of Securityholders.
If and so long as the Trustee shall not be the Security registrar for the Securities of any series, the Issuer will furnish or cause to
be furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of the
Securities of such series pursuant to Section 312 of the Trust Indenture Act of 1939 (a) semi-annually not more than 10 days after each
record date for the payment of interest on such Securities, as hereinabove specified, as of such record date and on dates to be determined
pursuant to Section 2.03 for non-interest bearing Securities in each year and (b) at such other times as the Trustee may request in writing,
within 30 days after receipt by the Issuer of any such request as of a date not more than 10 days prior to the time such information is
furnished.


 


Section 3.06 Reports by
the Issuer. The Issuer covenants to:


 


(a) file, whether or not required
to do so under applicable law, with the Trustee, within 15 days after the Issuer files the same with the Commission:


 


(i) copies of the
annual reports and of the information, documents, and other reports which the Issuer files with the Commission pursuant to Section 13
or Section 15(d) of the Securities Exchange Act of 1934; and


 


(ii) such additional
information, documents and reports with respect to compliance by the Issuer with the conditions and covenants provided for in this Indenture
as the Issuer may from time to time file with the Commission; and


 


(b) transmit to the Securityholders,
in the manner and to the extent provided in Section 10.04, such summaries of any information, documents and reports required to be filed
with the Trustee pursuant to the provisions of subdivision (a) of this Section 3.06 as may be required by the rules and regulations of
the Commission.


 






    -14- 


     


    

 



 





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
constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).


 


Section 3.07 Corporate
Existence. So long as any of the Securities remain unpaid, the Issuer will at all times (except as otherwise provided or permitted
elsewhere in this Indenture) do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.


 


Section 3.08 Restrictions
on Mergers, Sales and Consolidations. So long as any of the Securities remain unpaid, the Issuer will not consolidate or merge with
or sell, convey or lease all or substantially all of its property to any other corporation except as permitted in Article 8 hereof.


 


Section 3.09 Further Assurances.
From time to time whenever requested by the Trustee, the Issuer will execute and deliver such further instruments and assurances and do
such further acts as may be reasonably necessary or proper to carry out more effectually the purposes of this Indenture or to secure the
rights and remedies hereunder of the Holders of the Securities of any series.


 


Article
4

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT


 


Section 4.01 Event of Default
Defined; Acceleration of Maturity; Waiver of Default. “Event of Default” with respect to Securities of any series
wherever used herein, means any one of the following events which shall have occurred and be continuing (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body):


 


(a) default by the Issuer
in the payment of any installment of interest upon any of the Securities of such series as and when the same shall become due and payable,
and continuance of such default for a period of 30 days;


 


(b) default by the Issuer
in the payment of all or any part of the Principal on any of the Securities of such series as and when the same shall become due and payable
either at maturity, upon redemption, by declaration or otherwise, and continuance of such default for a period of five days;


 


(c) default by the Issuer
in the performance, or breach by the Issuer, of any of its covenants or agreements in respect of the Securities of such series (other
than a covenant or agreement in respect of the Securities of such series a default in whose performance or whose breach is elsewhere in
this section specifically dealt with), and continuance of such default or breach for a period of 30 consecutive days after there has been
given, by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in
Principal amount of the Outstanding Securities of all series affected thereby, a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a notice of default hereunder;


 


(d) the entry by a court having
jurisdiction in the premises of a decree or order for relief in respect of the Issuer in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or the appointment of a receiver, liquidator, assignee, custodian, trustee
or sequestrator (or similar official) of the Issuer or for any substantial part of the Issuer’s property and assets or the ordering
of the winding up or liquidation of the Issuer’s affairs, and the continuance of any such decree or order unstayed and in effect
for a period of 90 consecutive days;


 


(e) the commencement by the
Issuer of a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent
by the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment
of or taking possession by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or
for any substantial part of the Issuer’s property, or the making of any general assignment by the Issuer for the benefit of creditors;
or


 






    -15-


     


    

 


(f) any other Event of Default
provided in the supplemental indenture or resolution of the Board of Directors under which such series of Securities is issued or in the
form of Security for such series.


 


If an Event of Default described
in clauses 4.01(a), 4.01(b), 4.01(c) or 4.01(f) occurs and is continuing, then, and in each and every such case, unless the Principal
of all of the Securities of such series shall have already become due and payable, either the Trustee or the Holders of not less than
25% in aggregate Principal amount of the Securities of any affected series then Outstanding hereunder (each such series voting as a separate
class) by notice in writing to the Issuer (and to the Trustee if given by Securityholders), may declare the entire Principal (or, if the
Securities of such series are Original Issue Discount Securities, such portion of the Principal amount as may be specified in the terms
of such series) of all Securities of such series and the interest accrued thereon, if any, to be due and payable immediately, and upon
any such declaration the same shall become immediately due and payable. If an Event of Default described in clauses Section 4.01(d) or
Section 4.01(e) occurs and is continuing, then the Principal amount of all the Securities then Outstanding and interest accrued thereon,
if any, shall be and become immediately due and payable, without any notice or other action by any Holder or the Trustee, to the full
extent permitted by applicable law.


 


The foregoing provisions,
however, are subject to the condition that if, at any time after the Principal (or, if the Securities are Original Issue Discount Securities,
such portion of the Principal as may be specified in the terms thereof) of the Securities of any series (or of all the Securities, as
the case may be) shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall
have been obtained or entered as hereinafter provided, the Issuer shall pay or shall deposit with the Trustee a sum sufficient to pay
all matured installments of interest upon all the Securities of such series (or of all the Securities, as the case may be) and the Principal
of any and all Securities of such series (or of all the Securities, as the case may be) which shall have become due otherwise than by
acceleration (with interest upon such Principal and, to the extent that payment of such interest is enforceable under applicable law,
on overdue installments of interest, at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) specified in the Securities of such 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 such amount as shall be sufficient to cover reasonable compensation to
the Trustee, its agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee
except as a result of negligence or bad faith, and if any and all Events of Default under the Indenture, other than the non-payment of
the Principal of Securities which shall have become due by acceleration, shall have been cured, waived or otherwise remedied as provided
herein, then and in every such case the Holders of a majority in aggregate Principal amount of all the then Outstanding Securities of
all such series that have been accelerated, each such series voting as a separate class, by written notice to the Issuer and to the Trustee,
may waive all defaults with respect to such series (or with respect to all the Securities, as the case may be) and rescind and annul such
declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default
or shall impair any right consequent thereon.


 


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


 


Section 4.02 Collection
of Indebtedness by Trustee; Trustee May Prove Debt. The Issuer covenants that (h) in case default shall be made in the payment
of any installment of interest on any of the Securities of any series when such interest shall have become due and payable, and such
default shall have continued for a period of 30 days or (i) in case default shall be made in the payment of all or any part of the
Principal of any of the Securities of any series when the same shall have become due and payable, whether upon maturity of the
Securities of such series or upon any redemption or by declaration or otherwise, then in each case upon demand of the Trustee, the
Issuer will pay to the Trustee for the benefit of the Holders of the Securities of such series (x) the whole amount that then shall
have become due and payable on all Securities of such series for Principal or interest, as the case may be (with interest to the
date of such payment upon the overdue Principal and, to the extent that payment of such interest is enforceable under applicable
law, on overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original
Issue Discount Securities) specified in the Securities of such series) and (y) in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee and each predecessor
Trustee, their respective agents and counsel, and any expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee except as a result of its negligence or bad faith.


 






    -16-


     


    

 


Until such demand is made
by the Trustee, the Issuer may pay the Principal of and interest on the Securities of any series to the registered Holders, whether or
not the Principal of and interest on the Securities of such series be overdue.


 


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


 


In case there shall be pending
proceedings relative to the Issuer or any other obligor upon the Securities under (i) in the United States, Title 11 of the United States
Code or any other applicable Federal or state bankruptcy, insolvency or other similar law or (ii) in Canada, the Bankruptcy and Insolvency
Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada),
the arrangement provisions of any corporate statute invoked by a corporation to propose a compromise or an arrangement with respect to
claims of creditors or any class of creditors of the corporation (or any partnership for which a corporation is a general partner) or
any other like, equivalent or analogous legislation of any jurisdiction, domestic or foreign, or in case a receiver, assignee or trustee
in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the
Issuer or its property or such other obligor, or in case of any other comparable judicial proceedings relative to the Issuer or other
obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective
of whether the Principal of any Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention
in such proceedings or otherwise:


 


(a) to file and prove a claim
or claims for the whole amount of Principal and interest (or, if the Securities of any series are Original Issue Discount Securities,
such portion of the Principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities of
any series, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel,
and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except
as a result of negligence or bad faith) and of the Securityholders allowed in any judicial proceedings relative to the Issuer or other
obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor;


 


(b) unless prohibited by applicable
law and regulations, to vote on behalf of the Holders of the Securities of any series in any election of a trustee or a standby trustee
in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing similar functions in comparable
proceedings; and


 


(c) to collect and receive
any monies or other property payable or deliverable on any such claims, and to distribute all amounts received with respect to the claims
of the Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar official
is hereby authorized by each of the Securityholders to make payments to the Trustee, and, in the event that the Trustee shall consent
to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities
incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith and all other
amounts due to the Trustee or any predecessor Trustee pursuant to Section 5.06.


 






    -17-


     


    

 


Nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan
of reorganization, arrangement, adjustment or composition affecting the Securities of any 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 except, as aforesaid, to vote
for the election of a trustee in bankruptcy or similar person.


 


All rights of action and of
asserting claims under this Indenture, or under any of the Securities, may be enforced by the Trustee without the possession of any of
the Securities or the production thereof on any trial or other proceedings relative thereto, and any such action or proceedings instituted
by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of
the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall
be for the ratable benefit of the Holders of the Securities in respect of which such action was taken.


 


In any proceedings brought
by the Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be
a party) the Trustee shall be held to represent all the Holders of the Securities in respect to which such action was taken, and it shall
not be necessary to make any Holders of such Securities parties to any such proceedings.


 


Section 4.03 Application
of Proceeds. Any monies collected by the Trustee pursuant to this Article in respect of any series shall be applied in the following
order at the date or dates fixed by the Trustee and, in case of the distribution of such monies on account of Principal or interest, upon
presentation of the several Securities in respect of which monies have been collected and stamping (or otherwise noting) thereon the payment,
or issuing Securities of such series in reduced Principal amounts in exchange for the presented Securities of like series if only partially
paid, or upon surrender thereof if fully paid:


 


FIRST: To the payment
of costs and expenses applicable to such series in respect of which monies have been collected, including reasonable compensation to the
Trustee and each predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, and all advances
made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith, and all other amounts due to the Trustee
or any predecessor Trustee pursuant to Section 5.06;


 


SECOND: In case
the Principal of the Securities of such series in respect of which monies have been collected shall not have become and be then due and
payable, to the payment of interest on the Securities of such series in default in the order of the maturity of the installments of such
interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest
at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities,
such payments to be made ratably to the persons entitled thereto, without discrimination or preference;


 


THIRD: In case the
Principal of the Securities of such series in respect of which monies have been collected shall have become and shall be then due and
payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such series for Principal and interest, with
interest upon the overdue Principal, and (to the extent that such interest has been collected by the Trustee) upon overdue installments
of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified
in the Securities of such series; and in case such monies shall be insufficient to pay in full the whole amount so due and unpaid upon
the Securities of such series, then to the payment of such Principal and interest or yield to maturity, without preference or priority
of Principal over interest or yield to maturity, or of interest or yield to maturity over Principal, or of any installment of interest
over any other installment of interest, or of any Security of such series over any other Security of such series, ratably to the aggregate
of such Principal and accrued and unpaid interest or yield to maturity; and


 


FOURTH: To the payment
of the remainder, if any, to the Issuer or any other person lawfully entitled thereto.


 






    -18-


     


    

 


Section 4.04 Suits
for Enforcement. In case an Event of Default has occurred, has not been waived and is continuing, the Trustee may proceed to
protect and enforce the rights vested in it by this Indenture, either at law or in equity or in bankruptcy or otherwise, whether for
the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in
this Indenture or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.


 


Section 4.05 Restoration
of Rights on Abandonment of Proceedings. In case the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and
in every such case the Issuer and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights,
remedies and powers of the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings had been taken.


 


Section 4.06 Limitations
on Suits by Securityholder. 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 action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect
to this Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy
hereunder, unless such Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance
thereof, as hereinbefore provided, and unless also 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 or proceedings in respect of such
Event of Default in its own name as trustee hereunder and shall have offered to the Trustee indemnity satisfactory to the Trustee against
the costs, expenses and liabilities to be incurred therein or thereby and the Trustee for 60 days after its receipt of such notice, request
and offer of indemnity shall have failed to institute any such action or proceeding and no direction inconsistent with such written request
shall have been given to the Trustee pursuant to Section 4.09; it being understood and intended, and being expressly covenanted by the
Holder of every Security with every other Holder and the Trustee, that no one or more Holders of Securities of any series shall have any
right in any manner whatever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of
any other such Holder of 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 the applicable 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.


 


Section 4.07 Unconditional
Right of Securityholders to Institute Certain Suits. Notwithstanding any other provision in this Indenture and any provision of any
Security, the right of any Holder of any Security to receive payment of the Principal of or interest on such Security on or after the
respective due dates expressed in such Security, or to institute suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.


 


Section 4.08 Powers and
Remedies Cumulative; Delay or Omission Not Waiver of Default. Except as provided in Section 4.06, no right or remedy herein conferred
upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate right or remedy.


 


No delay or omission of the
Trustee or of any Securityholder 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 Event of Default or an acquiescence therein; and,
subject to Section 4.06, every power and remedy given by this Indenture or by law to the Trustee or to 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 4.09 Control
by Securityholders. The Holders of a majority in aggregate Principal amount of the Securities of each series affected (with each
series voting as a separate class) at the time outstanding shall have the right to direct the time, method, and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to
the Securities of such series by this Indenture; provided that such direction shall not be otherwise than in accordance with law and
the provisions of this Indenture and provided further that (subject to the provisions of Section 5.01) the Trustee shall have the
right to decline to follow any such direction if the Trustee, being advised by counsel, shall determine that the action or
proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors, the executive committee,
or a trust committee of directors or Responsible Officers of the Trustee shall determine that the action or proceedings so directed
would subject the Trustee to personal liability or if the Trustee in good faith shall so determine that the actions or forbearances
specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all series
so affected not joining in the giving of said direction.


 


Nothing in this Indenture
shall impair the right of the Trustee to take any action which is not inconsistent with such direction or directions by Securityholders.


 






    -19-


     


    

 


Section 4.10 Waiver of
Past Defaults. Prior to a declaration of the acceleration of the maturity of the Securities of any series as provided in Section 4.01,
the Holders of a majority in aggregate Principal amount of the Securities of such series at the time Outstanding (each such series voting
as a separate class) may on behalf of the Holders of all the Securities of such series waive an existing default or Event of Default,
except a default in the payment of Principal of or interest on any Security as specified in clauses (a) or (b) of Section 4.01 or in respect
of a covenant or provision hereof which cannot be modified or amended without the consent of each Holder affected as provided in Section
7.02. In the case of any such waiver, the Issuer, the Trustee and the Holders of the Securities of each series affected shall be restored
to their former positions and rights hereunder, respectively.


 


Upon any such waiver, such
default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall
be deemed to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent
or other default or Event of Default or impair any right consequent thereon.


 


Section 4.11 Trustee to
Give Notice of Default, But May Withhold in Certain Circumstances. The Trustee shall give to the Securityholders of any series, as
the names and addresses of such Holders appear on the registry books, notice by mail of all defaults known to Responsible Officers of
the Trustee which have occurred with respect to such series, such notice to be transmitted within 90 days after the occurrence thereof,
unless such defaults shall have been cured before the giving of such notice (the term “default” or “defaults”
for the purposes of this section being hereby defined to mean any event or condition which is, or with notice or lapse of time or both
would become, an Event of Default); provided that, except in the case of default in the payment of the Principal of or interest
on any of the Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors,
the executive committee, or a trust committee of directors or trustees and/or Responsible Officers of the Trustee in good faith determines
that the withholding of such notice is in the interests of the Securityholders of such series.


 


Section 4.12 Right of Court
to Require Filing of Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any Security by his acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing
by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable
costs, including reasonable attorneys’ fees and expenses, 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; provided that the provisions of this Section 4.12 shall not apply
to (i) any suit instituted by the Trustee, (ii) any suit instituted by any Securityholder or group of Securityholders of any series holding
in the aggregate more than 10% in aggregate Principal amount of the Securities of such series or (iii) any suit instituted by a Holder
pursuant to Section 4.07.


 






    -20-


     


    

 


Article
5

CONCERNING THE TRUSTEE


 


Section 5.01 Duties
and Responsibilities of the Trustee. With respect to the Holders of any series of Securities issued hereunder, the Trustee,
prior to the occurrence of an Event of Default with respect to the Securities of a particular series and after the curing or waiving
of all Events of Default which may have occurred with respect to such series, undertakes to perform such duties and only such duties
as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities of a series has occurred
(which has not been cured or waived) the Trustee shall exercise 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 such person’s own affairs.


 


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


 


(i) the duties and
obligations of the Trustee with respect to the Securities of any Series shall be determined solely by the express provisions of this Indenture,
and the Trustee shall not be liable 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


 


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


 


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


 


(i) this subsection
(b) shall not be construed to limit the effect of subsection (a) of this Section 5.01;


 


(ii) 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; and


 


(iii) the Trustee
shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the direction
of the Holders 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.


 


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 shall be reasonable ground for believing that the repayment
of such funds or adequate indemnity against such liability is not reasonably assured to it.


 


The provisions of this Section
5.01 are in furtherance of and subject to Sections 315 and 316 of the Trust Indenture Act of 1939.


 


Whether or not therein expressly
provided, every provision of this Indenture relating to the conduct of, affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section 5.01.


 


Section 5.02 Certain Rights
of the Trustee. In furtherance of and subject to the Trust Indenture Act of 1939, and subject to Section 5.01:


 


(a) In the absence of bad
faith on its part, the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, Officers’
Certificate or any other certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture,
note, coupon, 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;


 






    -21-


     


    

 


(b) any request,
direction, order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless
other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced
to the Trustee by a copy thereof certified by the secretary or an assistant secretary of the Issuer;


 


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


 


(d) the Trustee shall be under
no obligation to exercise any of the trusts 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 reasonable
security or indemnity against the costs, expenses and liabilities which might be incurred by it in connection with such request, order
or direction;


 


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


 


(f) prior to the occurrence
of an Event of Default hereunder and after the curing or waiving of all Events of Default, 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, appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing so
to do by the Holders of not less than a majority in aggregate Principal amount of the Securities of all series affected then outstanding;
provided 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 indemnity satisfactory to it against such expenses or liabilities as a condition
to proceeding, and the reasonable expenses of every such investigation shall be paid by the Issuer or, if paid by the Trustee or any predecessor
trustee, shall be repaid by the Issuer 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 not regularly
in its employ and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed
with due care by it hereunder;


 


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


 


(i) 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 is received by the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Securities and this Indenture;


 


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


 


(k) the Trustee may request
that the Issuer deliver an Officers’ Certificate setting forth the names of individuals and/or 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.


 


Section 5.03 Trustee Not
Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof. The recitals contained herein and in the Securities,
except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no
responsibility for the correctness of the same. The Trustee makes no representation as to the validity or sufficiency of this Indenture
or the Securities. The Trustee shall not be accountable for the use or application by the Issuer of any of the Securities or of the proceeds
thereof.


 






    -22-


     


    

 


Section 5.04 Trustee
and Agents May Hold Securities; Collections, etc. The Trustee or any agent of the Issuer or the Trustee, 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 the Trustee or
such agent and may otherwise deal with the Issuer and receive, collect, hold and retain collections from the Issuer with the same
rights it would have if it were not the Trustee or such agent.


 


Section 5.05 Monies Held
by Trustee. All monies received by the Trustee in trust hereunder need not be segregated from other funds except to the extent required
by mandatory provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any liability for interest
on any monies received by it hereunder.


 


Section 5.06 Compensation
and Indemnification of Trustee and Its Prior Claim. The Issuer covenants and agrees to pay to the Trustee from time to time, and the
Trustee shall be entitled to, such compensation as shall be agreed in writing from time to time by the Issuer and the Trustee (which shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and the Issuer covenants and agrees
to pay or reimburse the Trustee and each predecessor Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by or on behalf of it 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 agents and other persons not regularly in its employ) except to the extent
any such expense, disbursement or advance may arise from its negligence or bad faith. The Issuer also covenants and agrees to indemnify
the Trustee and each predecessor Trustee for, and to hold it harmless against, any loss, liability or expense arising out of or in connection
with the acceptance or administration of this Indenture or the trusts hereunder and the performance of its duties hereunder, including
the costs and expenses of defending itself against or investigating any claim of liability (whether asserted by the Issuer, a Holder or
any other Person) in the premises, except to the extent such loss, liability or expense is due to the negligence or bad faith of the Trustee
or such predecessor Trustee. The obligations of the Issuer under this section to compensate and indemnify the Trustee and each predecessor
Trustee and to pay or reimburse the Trustee and each predecessor Trustee for expenses, disbursements and advances shall constitute additional
indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture or the resignation or removal of the Trustee.
Such additional indebtedness shall be a senior claim and lien 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, and the Securities are hereby
subordinated to such senior claim. The parties agree that if the Trustee renders services following an Event of Default under Section
4.01(d) or 4.01(e), compensation for such services is intended to constitute administrative expense under any bankruptcy law.


 


Section 5.07 Right of Trustee
to Rely on Officers’ Certificate, etc. Subject to Section 5.01 and 5.02, whenever in the administration of the trusts 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
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 by it under the provisions of this Indenture upon the faith thereof.


 


Section 5.08 Persons Eligible
for Appointment as Trustee. The Trustee for each series of Securities hereunder shall at all times be a corporation which is eligible
in accordance with the provisions of Section 310(a) of the Trust Indenture Act of 1939 and which has (or which is a Wholly-Owned Subsidiary,
directly or indirectly, of a bank holding company which has) a combined capital and surplus of $50,000,000. If such corporation or holding
company publishes reports of condition at least annually, pursuant to law or to the requirements of a Federal, State or District of Columbia
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or holding
company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.


 






    -23-


     


    

 


Section 5.09 Resignation
and Removal; Appointment of Successor Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time
resign with respect to one or more or all series of Securities by giving written notice of resignation to the Issuer. Upon receiving
such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees with respect to the applicable series
by written instrument in duplicate, executed by authority of the Board of Directors, one copy of which instrument shall be delivered
to the resigning Trustee and one copy to the successor trustee or trustees. If no successor Trustee shall have been so appointed
with respect to any series and have accepted appointment within 30 days after the mailing of such notice of resignation, the
resigning Trustee may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor
Trustee, or any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series for at least six
months may, subject to the provisions of Section 4.12, 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.


 


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


 


(i) the Trustee shall
fail to comply with the provisions of Section 310(b) of the Trust Indenture Act of 1939 with respect to any series of Securities after
written request therefor by the Issuer or by any Securityholder who has been a bona fide Holder of a Security or Securities of such series
for at least six months;


 


(ii) the Trustee shall
cease to be eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act of 1939 and shall fail to resign after
written request therefor by the Issuer or by any Securityholder; or


 


(iii) the Trustee
shall become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver
or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee
or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; then, in any such case, the Issuer may remove
the Trustee with respect to the applicable series of Securities and appoint a successor trustee for such series by written instrument,
in duplicate, executed by order of the Board of Directors of the Issuer, one copy of which instrument shall be delivered to the Trustee
so removed and one copy to the successor Trustee, or, subject to Section 315(e) of the Trust Indenture Act of 1939, any Securityholder
who has been a bona fide Holder of a Security or Securities of such series for at least six months may on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee
with respect to 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 each series at the time outstanding may at any time remove the Trustee with respect
to Securities of such series and appoint a successor Trustee with respect to the Securities of such series by delivering to the Trustee
so removed, to the successor Trustee so appointed and to the Issuer the evidence provided in Section 6.01 of the action in that regard
taken by the Securityholders.


 


(d) Any resignation or removal
of the Trustee with respect to any series and any appointment of a successor trustee with respect to such series pursuant to any of the
provisions of this Section 5.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section
5.10.


 


Section 5.10 Acceptance
of Appointment by Successor. Any successor Trustee appointed as provided in Section 5.09 shall execute and deliver to the Issuer and
to its predecessor Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor
Trustee with respect to all or any applicable series shall become effective and such successor Trustee, without any further act, deed
or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series of its predecessor hereunder,
with like effect as if originally named as Trustee for such series hereunder. On the written request of the Issuer or of the successor
Trustee, upon payment of its charges then unpaid, the Trustee ceasing to act shall, subject to Section 5.06, pay over to the successor
Trustee all monies at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor Trustee
all such rights, powers, duties and obligations. Upon request of any such successor Trustee, the Issuer shall execute any and all instruments
in writing for more fully and certainly vesting in and confirming to such successor Trustee all such rights and powers. Any Trustee ceasing
to act shall, nevertheless, retain a prior claim upon all property or funds held or collected by such Trustee to secure any amounts then
due it pursuant to the provisions of Section 5.06.


 


If a successor Trustee
is appointed with respect to the Securities of one or more (but not all) series, the Issuer, the predecessor Trustee and each
successor Trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto
which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and
duties of the predecessor Trustee with respect to the Securities of any series as to which the predecessor Trustee is not retiring
shall continue to be vested in the predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each
such Trustee shall be Trustee of a trust or trusts under separate indentures.


 






    -24-


     


    

 


Upon acceptance of appointment
by any successor Trustee as provided in this Section 5.10, the Issuer shall mail notice thereof by first-class mail to the Holders of
Securities of any series for which such successor Trustee is acting as Trustee at their last addresses as they shall appear in the Security
register. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice called for by the preceding
sentence may be combined with the notice called for by Section 5.09. If the Issuer fails to mail such notice within 10 days after acceptance
of appointment by the successor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the Issuer.


 


Section 5.11 Merger, Conversion,
Consolidation or Succession to Business of Trustee. Any corporation into which the Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party,
or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, provided that such corporation shall be eligible under the provisions of Section 5.08, 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 at the time such successor
to the Trustee shall succeed to the trusts created by this Indenture any of the Securities of any series shall have been authenticated
but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver
such Securities so authenticated; and, in case at that time any of the Securities of any series shall not have been authenticated, any
successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor
Trustee; and in all such cases such certificate shall have the full force which it is anywhere in the Securities of such series or in
this Indenture provided that the certificate of the Trustee shall have; provided, that the right to adopt the certificate of authentication
of any predecessor Trustee or to authenticate Securities of any series in the name of any predecessor Trustee shall apply only to its
successor or successors by merger, conversion or consolidation.


 


Section 5.12 Reports to
the Trustee. The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may
be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a)
of the Trust Indenture Act, the Trustee shall, within sixty days after each May 15 following the date of the initial issuance of Securities
under this Indenture deliver to Holders a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a).


 


A copy of each such report
shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange, if any, upon which the Securities
are listed, with the Commission and with the Issuer. The Issuer will promptly notify the Trustee when the Securities are listed on any
stock exchange and of any delisting thereof.


 


Article
6

CONCERNING THE SECURITYHOLDERS


 


Section 6.01 Evidence of
Action Taken by Securityholders. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by a specified percentage in Principal amount of the Securityholders of any or all series may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders in person
or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such
instrument or instruments are delivered to the Trustee. Proof of execution of any instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject to Section 5.01 and 5.02) conclusive in favor of the Trustee and the
Issuer, if made in the manner provided in this Article.


 






    -25-


     


    

 


Section 6.02 Proof of
Execution of Instruments and of Holding of Securities; Record Date. Subject to Section 5.01 and 5.02, the execution of any
instrument by a Securityholder or his agent or proxy may be proved by the certificate of any notary public or other officer
authorized to take acknowledgment of deeds, that the Person executing such instrument acknowledged to such notary public or other
such officer the execution thereof, or by an affidavit of a witness to such execution sworn to before any such notary public or
other officer. Where such execution is by an officer of a corporation or association or a member of a partnership on behalf of such
corporation, association or partnership, as the case may be, or by any other Person acting in a representative capacity, such
certificate or affidavit shall also constitute sufficient proof of such Person’s authority. The holding of Securities shall be
proved by the Security register or by a certificate of the registrar thereof. The Issuer may set a record date for purposes of
determining the identity of Holders of Securities of any series entitled to vote or consent to any action referred to in Section
6.01, which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case of
any adjournment or reconsideration) not more than 60 days nor less than five days prior to the proposed date of such vote or
consent, and thereafter, notwithstanding any other provisions hereof, only Holders of Securities of such series of record on such
record date shall be entitled to so vote or give such consent or revoke such vote or consent.


 


Section 6.03 Holders to
be Treated as Owners. Prior to due presentment of a Security for registration of transfer, the Issuer, the Trustee and any agent of
the Issuer or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security register for
such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of
ownership or other writing thereon) for the purpose of receiving payment of or on account of the Principal of and, subject to the provisions
of this Indenture, interest on such Security and for all other purposes, and neither the Issuer nor the Trustee nor any agent of the Issuer
or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such person, or upon his order, shall
be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any
such Security.


 


Section 6.04 Securities
Owned by Issuer Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate Principal amount of Outstanding
Securities of any or all series have concurred in any direction, consent or waiver under this Indenture, Securities which are owned by
the Issuer or any other obligor on the Securities with respect to which such determination is being made or by any person directly or
indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the Securities
with respect to which such determination is being made 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 as to which the Trustee has received written notice are 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 Issuer or any other obligor upon the Securities
or any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other
obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision
made by the Trustee in accordance with such advice. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers’
Certificate listing and identifying all Securities, if any, known by the Issuer to be owned or held by or for the account of any of the
above-described persons; and, subject to Section 5.01 and 5.02, the Trustee shall be entitled to accept such Officers’ Certificate
as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose
of any such determination.


 


Section 6.05 Right of Revocation
of Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 6.01, of the taking of
any action by the Holders of the percentage in aggregate Principal amount of the Securities of any or all series, as the case may be,
specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the evidence
to be included among the serial numbers of the Securities the Holders of which have consented to such action may, by filing written notice
at the Corporate Trust Office and upon proof of holding as provided in this Article, 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 Securities issued in exchange or substitution therefor, irrespective of whether
or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate Principal
amount of the Securities of any or all series, as the case may be, specified in this Indenture in connection with such action shall be
conclusively binding upon the Issuer, the Trustee and the Holders of all the Securities affected by such action.


 






    -26-


     


    

 


Article
7

SUPPLEMENTAL INDENTURES


 


Section 7.01 Supplemental
Indentures Without Consent of Securityholders. The Issuer, when authorized by a resolution of its Board of Directors certified to
the Trustee, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or
more of the following purposes:


 


(a) to evidence the succession
of another corporation to the Issuer, or successive successions, and the assumption by the successor corporation of the covenants, agreements
and obligations of the Issuer pursuant to Article 8;


 


(b) (i) to cure any ambiguity
or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or inconsistent with
any other provision contained herein or in any supplemental indenture, (ii) to conform the terms of Securities to the description thereof
in the prospectus and prospectus supplement (or similar offering document) offering such Securities or (iii) to make such other provisions
in regard to matters or questions arising under this Indenture or under any supplemental indenture as the Board of Directors may deem
necessary or desirable and which shall not adversely affect the interests of the Holders of the Securities in any material respect;


 


(c) to establish the form
or terms of Securities of any series as permitted by Section 2.01 and 2.03;


 


(d) 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 5.10;


 


(e) to comply with any requirements
of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act of 1939;


 


(f) to provide for uncertificated
or Unregistered Securities and to make all appropriate changes for such purpose;


 


(g) to make any change that
would not reasonably be expected to adversely affect the rights of any Holder in any material respect;


 


(h) to add to the covenants
of the Issuer such new covenants, restrictions, conditions or provisions as its Board of Directors shall consider to be for the protection
of the Holders of Securities, and with respect to which the Trustee has received an Opinion of Counsel to a similar effect, and to make
the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions
an Event of Default; provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental
indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case
of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the
Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate Principal amount of the Securities
of such series to waive such an Event of Default; or


 


(i) to make any change so
long as no Securities are Outstanding.


 


The Trustee is hereby authorized
to join with the Issuer in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations
which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but
the Trustee shall not be obligated to enter into any such supplemental indenture which 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 without the consent of the Holders of any of the Securities at the time outstanding,
notwithstanding any of the provisions of Section 7.02.


 






    -27-


     


    

 


Section 7.02 Supplemental
Indentures With Consent of Securityholders. With the consent (evidenced as provided in Article 6) of the Holders of not less than
a majority in aggregate Principal amount of the Securities at the time Outstanding of all series affected by such supplemental indenture
(voting as one class), the Issuer, when authorized by a resolution of its Board of Directors, and the Trustee may, from time to time and
at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights
of the Holders of the Securities of each such series; provided, that no such supplemental indenture shall without the consent of each
Holder affected thereby:


 


(a) change the stated maturity
of the Principal of, or the time of payment of any installment of interest on, such Holder’s Security;


 


(b) reduce the Principal thereof
or the rate of interest thereon, or any premium payable with respect thereto;


 


(c) change any place of payment
where, or the currency in which, any Security or any premium or the interest thereon is payable;


 


(d) change the provisions
for calculating any redemption or repurchase price, including the definitions relating thereto;


 


(e) make any change to Section
4.07 or Section 4.10 (except to include other provisions subject to Section 4.10);


 


(f) reduce the percentage
in Principal amount of outstanding Securities of the relevant series the consent of whose Holders is required for any such supplemental
indenture, for any waiver of compliance with any provisions of this Indenture or any defaults and their consequences provided for in this
Indenture;


 


(g) alter or impair the right
to convert any Security at the rate and upon the terms provided in Article 12;


 


(h) waive a default in the
payment of Principal of or interest on any Security of such Holder (except pursuant to a rescission of acceleration pursuant to Section
4.01);


 


(i) adversely affect the rights
of such Holder under any mandatory redemption or repurchase provision or any right of redemption or repurchase at the option of such Holder;


 


(j) modify any of the provisions
of this Section 7.02, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified
or waived without the consent of the Holder of each outstanding Security affected thereby; or


 


(k) change or waive any provision
that, pursuant to a board resolution or indenture supplemental hereto establishing the terms of one or more series of Securities, is prohibited
to be so changed or waived.


 


Upon the written request of
the Issuer, accompanied by a copy of a resolution of the Board of Directors certified by the secretary or an assistant secretary of the
Issuer authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of
Securityholders as aforesaid and other documents, if any, required by Section 6.01, the Trustee shall join with the Issuer 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.


 






    -28-


     


    

 


It shall not be necessary
for the consent of the Securityholders 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.


 


Promptly after the execution
by the Issuer and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Issuer shall mail a notice
thereof by first class mail to the Holders of Securities of each series affected thereby at their addresses as they shall appear on the
registry books of the Issuer, setting forth in general terms the substance of such supplemental indenture. Any failure of the Issuer to
mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.


 


Section 7.03 Effect of
Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall 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 Issuer and the Holders of Securities of each series affected thereby shall thereafter
be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.


 


Section 7.04 Documents
to Be Given to Trustee. The Trustee, subject to the provisions of Section 5.01 and 5.02, may receive an Officers’ Certificate
and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article 7 complies with the
applicable provisions of this Indenture.


 


Section 7.05 Notation on
Securities in Respect of Supplemental Indentures. Securities of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for such series
as to any matter provided for by such supplemental indenture or as to any action taken at any such meeting. If the Issuer or the Trustee
shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Board of Directors,
to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Issuer, authenticated by the
Trustee and delivered in exchange for the Securities of such series then outstanding.


 


Article
8

CONSOLIDATION, MERGER, SALE OR CONVEYANCE


 


Section 8.01 Issuer May
Consolidate, etc., on Certain Terms. The Issuer covenants that it will not merge or consolidate with any other Person or sell, convey,
transfer, lease or otherwise dispose of all or substantially all of its property and assets to any Person (other than a consolidation
with or merger with or into or a sale, conveyance, transfer, lease or other disposition to a Wholly-Owned Subsidiary with a positive net
worth; provided that, in connection with any such merger of the Issuer with a Wholly-Owned Subsidiary, no consideration (other
than common shares) in the surviving person or the Issuer shall be issued or distributed to the shareholders of the Issuer), unless (xiv)
either (x) the Issuer shall be the continuing corporation, or the successor corporation or (y) the Person formed by such consolidation
or into which the Issuer is merged or that acquires by sale or conveyance substantially all the assets of the Issuer (if other than the
Issuer) shall be a corporation or limited liability company organized and validly existing under the laws of the United States of America
or Canada or any jurisdiction thereof and shall expressly assume the due and punctual payment of the Principal of and interest on all
the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of
this Indenture to be performed or observed by the Issuer, by supplemental indenture satisfactory to the Trustee, executed and delivered
to the Trustee by such Person, (xv) immediately after giving effect to such transaction, no default or Event of Default shall have occurred
and be continuing and (xvi) the Issuer delivers to the Trustee an Officers’ Certificate and Opinion of Counsel, in each case stating
that such consolidation, merger or transfer and such supplemental indenture complies with this Section 8.01 and that all conditions precedent
provided for herein relating to such transaction have been complied with; provided, however, that the foregoing limitations
shall not apply if, in the good faith determination of the Board of Directors, whose determination shall be evidenced by a board resolution
certified to the Trustee, the principal purpose of such transaction is to change the state of incorporation of the Issuer; and provided
further that any such transaction shall not have as one of its purposes the evasion of the foregoing limitations.


 






    -29-


     


    

 


Section 8.02 Successor
Corporation Substituted. In case of any such consolidation, merger, sale, conveyance, transfer, lease or other disposition, and
following such an assumption by the successor Person, such successor Person shall succeed to and be substituted for the Issuer, with
the same effect as if it had been named herein. Such successor Person may cause to be signed, and may issue either in its own name
or in the name of the Issuer prior to such succession any or all of the Securities issuable hereunder which theretofore shall not
have been signed by the Issuer and delivered to the Trustee; and, upon the order of such successor Person instead of the Issuer and
subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee, pursuant to the terms hereof, shall
authenticate and shall deliver any Securities which previously shall have been signed and delivered by the officers of the Issuer to
the Trustee for authentication, and any Securities which such successor Person thereafter shall cause to be signed and delivered to
the Trustee for that purpose. All of the Securities so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such
Securities had been issued at the date of the execution hereof.


 


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


 


Upon the assumption by the
successor Person in the manner described in this Article, the Issuer shall be discharged from all obligations and covenants under this
Indenture and the Securities.


 


Article
9

DISCHARGE OF INDENTURE


 


Section 9.01 Defeasance
Within One Year of Payment. Except as otherwise provided in this Section 9.01, the Issuer may terminate its obligations under the
Securities of any series and this Indenture with respect to Securities of such series if:


 


(a) all Securities of such
series previously authenticated and delivered (other than destroyed, lost or wrongfully taken Securities of such series that have been
replaced or Securities of such series for whose payment money or securities have theretofore been held in trust and thereafter repaid
to the Issuer, as provided in Section 9.05) have been delivered to the Trustee for cancellation and the Issuer has paid all sums payable
by it hereunder; or


 


(b) (xviii) (A) the Securities
of such series mature within one year or all of them are to be called for redemption within one year under arrangements satisfactory to
the Trustee for giving the notice of redemption, (B) the Issuer irrevocably deposits in trust with the Trustee, as trust funds solely
for the benefit of the Holders of such Securities for that purpose, money or U.S. Government Obligations or a combination thereof sufficient
(unless such funds consist solely of money, in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee), without consideration of any reinvestment and after payment of all Federal,
state and local taxes or other charges and assessments in respect thereof payable by the Trustee, to pay Principal of and interest on
the Securities of such series to maturity or redemption, as the case may be, and to pay all other sums payable by it hereunder and (C)
the Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions
precedent provided for herein relating to the satisfaction and discharge of this Indenture with respect to the Securities of such series
have been complied with.


 


With respect to the foregoing
clause (i), only the Issuer’s obligations under Sections 5.06 and 9.05 in respect of the Securities of such series shall survive.
With respect to the foregoing clause (ii), only the Issuer’s obligations in Section 2.03 through 2.11, 3.02, 5.06, 5.09 and 9.05
in respect of the Securities of such series shall survive until such Securities of such series are no longer outstanding. Thereafter,
only the Issuer’s obligations in Section 5.06 and 9.05 in respect of the Securities of such series shall survive. After any such
irrevocable deposit, the Trustee shall acknowledge in writing the discharge of the Issuer’s obligations under the Securities of
such series and this Indenture with respect to the Securities of such series except for those surviving obligations specified above.


 






    -30-


     


    

 


Section 9.02 Defeasance.
Except as provided below, the Issuer will be deemed to have paid and will be discharged from any and all obligations in respect of the
Securities of any series and the provisions of this Indenture will no longer be in effect with respect to the Securities of such series
(and the Trustee, at the expense of the Issuer, shall execute instruments in form and substance satisfactory to the Issuer and the Trustee
acknowledging the same) if the following conditions shall have been satisfied:


 


(a) the Issuer has
irrevocably deposited in trust with the Trustee as trust funds specifically pledged as security for, and dedicated solely to,
Holders of the Securities of such series, for payment of the Principal of and interest on the Securities of such series, money or
U.S. Government Obligations or a combination thereof sufficient (unless such funds consist solely of money, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee)
without consideration of any reinvestment and after payment of all federal, state and local taxes or other charges and assessments
in respect thereof payable by the Trustee, to pay and discharge the Principal of and accrued interest on the outstanding Securities
of such series to maturity or earlier redemption (irrevocably provided for under arrangements satisfactory to the Trustee), as the
case may be;


 


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


 


(c) no default or Event of
Default with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit;


 


(d) the Issuer shall have
delivered to the Trustee (1) either (x) a ruling directed to the Trustee received from the Internal Revenue Service to the effect that
the Holders of the Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of the
Issuer’s exercise of its option under this Section 9.02 and will be subject to federal income tax on the same amount and in the
same manner and at the same times as would have been the case if such deposit and defeasance had not occurred or (y) an Opinion of Counsel
to the same effect as the ruling described in clause (x) above and based upon a change in law and (2) an Opinion of Counsel to the effect
that the Holders of the Securities of such series have a valid security interest in the trust funds subject to no prior liens under the
UCC; and


 


(e) the Issuer has delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for
herein relating to the defeasance contemplated by this Section 9.02 of the Securities of such series have been complied with.


 


The Issuer’s obligations
in Section 2.03 through 2.11, 3.02, 5.06, 5.09 and 9.05 with respect to the Securities of such series shall survive until such Securities
are no longer outstanding. Thereafter, only the Issuer’s obligations in Section 5.06 and 9.05 shall survive.


 


Section 9.03 Covenant Defeasance.
The Issuer may omit to comply with any term, provision or condition set forth in Section 3.04, 3.06 or 3.08 (or any other specific covenant
relating to the Securities of any series provided for in a Board Resolution or supplemental indenture pursuant to Section 2.03 which may
by its terms be defeased pursuant to this Section 9.03), and such omission shall be deemed not to be an Event of Default under clause
(c) of Section 4.01, with respect to the outstanding Securities of such series if:


 


(a) the Issuer has irrevocably
deposited in trust with the Trustee as trust funds solely for the benefit of the Holders of the Securities of such series, for payment
of the Principal of and interest, if any, on the Securities of such series, money or U.S. Government Obligations or a combination thereof
in an amount sufficient (unless such funds consist solely of money, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee) without consideration of any reinvestment and after
payment of all Federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee, to pay and discharge
the Principal of and interest on the outstanding Securities of such series to maturity or earlier redemption (irrevocably provided for
under arrangements satisfactory to the Trustee), as the case may be;


 


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


 






    -31-


     


    

 


(c) no default or Event of
Default with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit;


 


(d) the Issuer has
delivered to the Trustee an Opinion of Counsel to the effect that (A) the Holders of the Securities of such series have a valid
security interest in the trust funds subject to no prior liens under the UCC and (B) such Holders will not recognize income, gain or
loss for Federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal income tax
on the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not
occurred; and


 


(e) the Issuer has delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for
herein relating to the covenant defeasance contemplated by this Section 9.03 of the Securities of such series have been complied with.


 


Section 9.04 Application
of Trust Money. Subject to Section 9.05, the Trustee or Paying Agent shall hold in trust money or U.S. Government Obligations deposited
with it pursuant to 9.01, 9.02, or 9.03, as the case may be, in respect of the Securities of any series and shall apply the deposited
money and the proceeds from deposited U.S. Government Obligations in accordance with the Securities of such series and this Indenture
to the payment of Principal of and interest on the Securities of such series; provided that such money need not be segregated from other
funds except to the extent required by law. The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited pursuant to 9.01, 9.02, or 9.03, as the case may be, or the Principal
and interest received in respect thereof, other than any such tax, fee or other charge that by law is for the account of the Holders.


 


Section 9.05 Repayment
to Issuer. Subject to Section 5.06, 9.01, the Trustee and the Paying Agent shall promptly pay to the Issuer upon request set forth
in an Officers’ Certificate any money held by them at any time and not required to make payments hereunder and thereupon shall be
relieved from all liability with respect to such money. Subject to applicable escheat or abandoned property laws, the Trustee and the
Paying Agent shall pay to the Issuer upon written request any money held by them and required to make payments hereunder under this Indenture
that remains unclaimed for two years; provided that the Trustee or such Paying Agent before being required to make any payment
shall cause to be published at the expense of the Issuer once in an Authorized Newspaper or mail to each Holder entitled to such money
at such Holder’s address (as set forth in the register) notice that such money remains unclaimed and that after a date specified
therein (which shall be at least 30 days from the date of such publication or mailing) any unclaimed balance of such money then remaining
will be repaid to the Issuer. After payment to the Issuer, Holders entitled to such money must look to the Issuer for payment as general
creditors unless an abandoned property law designates another Person, and all liability of the Trustee and such Paying Agent with respect
to such money shall cease.


 


Article
10

MISCELLANEOUS PROVISIONS


 


Section 10.01 Incorporators,
Shareholders, Officers and Directors Exempt from Individual Liability. No recourse under or upon any obligation, covenant or agreement
contained in this Indenture or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator,
as such, or against any past, present or future shareholder, officer, director or employee, as such, of the Issuer or of any successor
Person thereof, either directly or through the Issuer or any successor Person thereof, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of the Securities by the Holders thereof and as part of the consideration for the issue of the Securities.


 






    -32-


     


    

 


Section 10.02 Provisions
of Indenture for the Sole Benefit of Parties and Securityholders. Nothing in this Indenture or in the Securities, expressed or implied,
shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors and the Holders
of the Securities, any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained,
all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities.


 


Section 10.03 Successors
and Assigns of Issuer Bound by Indenture. All the covenants, stipulations, promises and agreements contained in this Indenture by
or on behalf of the Issuer shall bind its successors and assigns, whether so expressed or not.


 


Section 10.04 Notices
and Demands on Issuer, Trustee and Securityholders. Any notice or demand which 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 Issuer may be given or served by being
deposited postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until another address of
the Issuer is filed by the Issuer with the Trustee) to Edesa Biotech, Inc. at 100 Spy Court,
Markham, Ontario, Canada L3R, Attention: Chief Financial Officer. Any notice, direction, request or demand by the
Issuer 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 at the Corporate Trust Office.


 


Where this Indenture provides
for notice to Holders, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder entitled thereto, at such Holder’s last address as it appears in the Security register.
In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed,
to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for
notice in any manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.


 


In case, by reason of the
suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer and Securityholders when
such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory
to the Trustee shall be deemed to be a sufficient giving of such notice.


 


Section 10.05 Officers’
Certificates and Opinions of Counsel; Statements to be Contained Therein. Upon any application or demand by the Issuer to the Trustee
to take any action under any of the provisions of this Indenture, the Issuer 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.


 


Each certificate or opinion
provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this
Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition, (b) 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, (c) 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 (d)
a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.


 


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


 


Any certificate, statement
or opinion of an officer of the Issuer or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or
opinion of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as
the case may be, knows that the certificate or opinion or representations with respect to the accounting matters upon which his certificate,
statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous.


 


Any certificate or opinion
of any independent firm of public accountants filed with the Trustee shall contain a statement that such firm is independent.


 






    -33-


     


    

 


Section 10.06 Payments
Due on Saturdays, Sundays and Holidays. If the date of maturity of interest on or Principal of the Securities of any series or the
date fixed for redemption or repayment of any such Security shall not be a Business Day, then payment of interest or Principal need not
be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity
or the date fixed for redemption, and no interest shall accrue for the period after such date.


 


Section 10.07 Conflict
of Any Provision of Indenture with Trust Indenture Act of 1939. If and to the extent that any provision of this Indenture limits,
qualifies or conflicts with another provision incorporated in this Indenture by operation of Sections 310 to 317, inclusive, of the Trust
Indenture Act of 1939, such incorporated provision shall control.


 


Section 10.08 New York
Law to Govern. This Indenture and each Security shall be deemed to be a contract under the laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of such State.


 


Section 10.09 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 10.10 Effect of
Headings. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction
hereof.


 


Article
11

REDEMPTION OF SECURITIES


 


Section 11.01 Applicability
of Article. The provisions of this Article shall be applicable to the Securities of any series which are redeemable before their maturity
except as otherwise specified as contemplated by Section 2.03 for Securities of such series.


 


Section 11.02 Notice of
Redemption; Partial Redemptions. Notice of redemption to the Holders of Securities of any series to be redeemed as a whole or in part
at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 30 days
and not more than 60 days prior to the date fixed for redemption to such Holders of Securities of such series at their last addresses
as they shall appear upon the registry books. Any notice which is mailed in the manner herein provided shall be conclusively presumed
to have been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or any defect in the notice to
the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings
for the redemption of any other Security of such series.


 


The notice of redemption to
each such Holder shall specify the CUSIP numbers of such Securities to be redeemed, the Principal amount of each Security of such series
held by such Holder to be redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment
will be made upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as
specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue.
In case any Security of a series is to be redeemed in part only the notice of redemption shall state the portion of the Principal amount
thereof to be redeemed, the method the Trustee shall use to determine such Securities to be redeemed as specified in the last paragraph
of this Section 11.02, if applicable, and shall state that on and after the date fixed for redemption, 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.


 






    -34-


     


    

 



 


The notice of redemption of
Securities of any series to be redeemed at the option of the Issuer shall be given by the Issuer or, at the Issuer’s written request,
by the Trustee in the name and at the expense of the Issuer.


 


By 11:00 a.m. (New York
City time) on the redemption date specified in the notice of redemption given as provided in this Section, the Issuer will deposit
with the Trustee or with one or more paying agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and
hold in trust as provided in Section 3.03) an amount of money sufficient to redeem on the redemption date all the Securities of such
series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for
redemption. If less than all the outstanding Securities of a series are to be redeemed, the Issuer will deliver to the Trustee at
least 70 days (unless a shorter period shall be satisfactory to the Trustee) prior to the date fixed for redemption an
Officers’ Certificate stating the aggregate Principal amount of Securities to be redeemed.


 


In the case of the redemption
of all of the Securities of a series outstanding, the Issuer shall notify the Trustee in writing of the redemption date 45 days (unless
a shorter period shall be satisfactory to the Trustee) prior to the redemption date.


 


If less than all the Securities
of a series are to be redeemed, the Trustee shall select, pro rata or by lot or in such manner as it shall deem appropriate and fair,
Securities of such series to be redeemed in whole or in part. Securities of a series may be redeemed in part in multiples equal to the
minimum authorized denomination for Securities of such series or any multiple thereof. The Trustee shall promptly notify the Issuer in
writing of the Securities of such series selected for redemption and, in the case of any Securities of such series selected for partial
redemption, the Principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Securities of any series shall relate, in the case of any Security redeemed or to be redeemed
only in part, to the portion of the Principal amount of such Security which has been or is to be redeemed.


 


Section 11.03 Payment of
Securities Called for Redemption. If notice of redemption has been given as above provided, the Securities or portions of Securities
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 on and after said date (unless the Issuer shall default in
the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities or portions
of Securities so called for redemption shall cease to accrue and, except as provided in Section 5.05 and 9.04, such Securities shall cease
from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture, and the Holders thereof shall
have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest to the date fixed
for redemption. On presentation and surrender of such Securities at a place of payment specified in said notice, said Securities or the
specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption price, together with interest accrued
thereon to the date fixed for redemption; provided that any semiannual payment of interest becoming due on the date fixed for redemption
shall be payable to the Holders of such Securities registered as such on the relevant record date subject to the terms and provisions
of Section 2.07 hereof.


 


If any Security called for
redemption shall not be so paid upon surrender thereof for redemption, the Principal shall, until paid or duly provided for, bear interest
from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne
by the Security.


 


Upon presentation of any Security
redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof,
at the expense of the Issuer, a new Security or Securities of such series, of authorized denominations, in Principal amount equal to the
unredeemed portion of the Security so presented, pursuant to Section 2.04, 2.05 and 2.06.


 


Section 11.04 Exclusion
of Certain Securities from Eligibility for Selection for Redemption. Securities shall be excluded from eligibility for selection for
redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer of the
Issuer and delivered to the Trustee at least 40 days prior to the last date on which notice of redemption may be given as being owned
of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such
written statement directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer.


 






    -35-


     


    

 


Section 11.05 Conversion
Arrangement On Call For Redemption. In connection with any redemption of Securities, the Issuer shall deposit the amount due in
connection with such redemption as required by Section 11.02 or it may arrange for the purchase and conversion of any Securities
called for redemption by an agreement with one or more investment bankers or other purchasers to purchase such Securities and to
make the deposit required of it by Section 11.02 on its behalf by paying to the Trustee or the Paying Agent in trust for the
Securityholders, on or before 10:00 a.m. New York time on the redemption date, an amount no less than the redemption price, together
with interest, if any, accrued to the redemption date of such Securities, in immediately available funds. Notwithstanding anytime to
the contrary contained in this Article 11, the obligation of the Issuer to pay the redemption price of such Securities, including
all accrued interest, if any, shall be deemed to be satisfied and discharged to the extent such amount is so paid by such
purchasers. If such an agreement is entered into, any Securities not duly surrendered for conversion by the Holders thereof may, at
the option of the Issuer, be deemed, to the fullest extent permitted by law, acquired by such purchasers from such Holders and
(notwithstanding anything to the contrary contained in Article 12) surrendered by such purchasers for conversion, all as of
immediately prior to the close of business on the last day on which Securities of such series called for redemption may be converted
in accordance with this Indenture and the terms of such Securities, subject to payment of the above amount aforesaid. The Trustee or
the Paying Agent shall hold and pay to the Securityholders whose Securities are selected for redemption any such amount paid to it
in the same manner as it would monies deposited with it by the Issuer for the redemption of Securities. Without the Trustee’s
and the Paying Agent’s prior written consent, no arrangement between the Issuer and such purchasers for the purchase and
conversion of any Securities shall increase or otherwise affect any of the powers, duties, responsibilities or obligations of the
Trustee as set forth in this Indenture, and the Issuer agrees to indemnify the Trustee from, and hold it harmless against, any loss,
liability or expense arising out of or in connection with any such arrangement for the purchase and conversion of any Securities
between the Issuer and such purchasers, including the costs and expenses incurred by the Trustee and the Paying Agent in the defense
of any claim or liability arising out of or in connection with the exercise or performance of any of its powers, duties,
responsibilities or obligations under this Indenture.


 


Article
12

CONVERSION OF SECURITIES


 


Section 12.01 Applicability
of Article. Securities of any series which are convertible into Capital Stock at the option of the Securityholder shall be convertible
in accordance with their terms and (unless otherwise specified as contemplated by Section 2.03 for Securities of any series) in accordance
with this Article. Each reference in this Article 12 to “a Security” or “the Securities” refers to the Securities
of the particular series that is convertible into Capital Stock. Each reference in this Article to “Capital Stock” into which
Securities of any series are convertible refers to the class of Capital Stock into which the Securities of such series are convertible
in accordance with their terms (as specified as contemplated by Section 2.03). If more than one series of Securities with conversion privileges
are outstanding at any time, the provisions of this Article 12 shall be applied separately to each such series.


 


Section 12.02 Right of
Securityholders to Convert Securities. Subject to and upon compliance with the terms of the Securities and the provisions of Section
11.05 and this Article 12, at the option of the Holder thereof, any Security of any series of any authorized denomination, or any portion
of the Principal amount thereof which is $1,000 or any integral multiple of $1,000, may, at any time during the period specified in the
Securities of such series, or in case such Security or portion thereof shall have been called for redemption, then in respect of such
Security or portion thereof until and including, but not after (unless the Issuer shall default in payment due upon the redemption thereof)
the close of business on the Business Day prior to the date fixed for redemption except that in the case of redemption at the option of
the Securityholder, if specified in the terms of such Securities, such right shall terminate upon receipt of written notice of the exercise
of such option, be converted into duly authorized, validly issued, fully paid and nonassessable shares of Capital Stock, as specified
in such Security, at the conversion rate for each $1,000 Principal amount of Securities (such initial conversion rate reflecting an initial
conversion price specified in such Security) in effect on the conversion date, or, in case an adjustment in the conversion rate has taken
place pursuant to the provisions of Section 12.05, then at the applicable conversion rate as so adjusted, upon surrender of the Security
or Securities, the Principal amount of which is so to be converted, to the Issuer at any time during usual business hours at the office
or agency to be maintained by it in accordance with the provisions of Section 3.02, accompanied by a written notice of election to convert
as provided in Section 12.03 and, if so required by the Issuer and the Trustee, by a written instrument or instruments of transfer in
form satisfactory to the Issuer and the Trustee duly executed by the registered Holder or his attorney duly authorized in writing. All
Securities surrendered for conversion shall, if surrendered to the Issuer or any conversion agent, be delivered to the Trustee for cancellation
and cancelled by it, or shall, if surrendered to the Trustee, be cancelled by it, as provided in Section 2.10.


 






    -36-


     


    

 


The initial conversion
price or conversion rate in respect of a series of Securities shall be as specified in the Securities of such series. The conversion
price or conversion rate will be subject to adjustment on the terms set forth in Section 12.05 or such other or different terms, if
any, as may be specified by Section 2.03 for Securities of such series. Provisions of this Indenture that apply to conversion of all
of a Security also apply to conversion of a portion of it.


 


Section 12.03 Issuance
of Shares of Capital Stock on Conversion. As promptly as practicable after the surrender, as herein provided, of any Security or Securities
for conversion, the Issuer shall deliver or cause to be delivered at its said office or agency to or upon the written order of the Holder
of the Security or Securities so surrendered a certificate or certificates representing the number of duly authorized, validly issued,
fully paid and nonassessable shares of Capital Stock into which such Security or Securities may be converted in accordance with the terms
thereof and the provisions of this Article 12. Prior to delivery of such certificate or certificates, the Issuer shall require a written
notice at its said office or agency from the Holder of the Security or Securities so surrendered stating that the Holder irrevocably elects
to convert such Security or Securities, or, if less than the entire Principal amount thereof is to be converted, stating the portion thereof
to be converted. Such notice shall also state the name or names (with address and social security or other taxpayer identification number)
in which said certificate or certificates are to be issued. Such conversion shall be deemed to have been made at the time that such Security
or Securities shall have been surrendered for conversion and such notice shall have been received by the Issuer or the Trustee, the rights
of the Holder of such Security or Securities as a Securityholder shall cease at such time, the person or persons entitled to receive the
shares of Capital Stock upon conversion of such Security or Securities shall be treated for all purposes as having become the record holder
or holders of such shares of Capital Stock at such time and such conversion shall be at the conversion rate in effect at such time. In
the case of any Security of any series which is converted in part only, upon such conversion, the Issuer shall execute and the Trustee
shall authenticate and deliver to the Holder thereof, as requested by such Holder, a new Security or Securities of such series of authorized
denominations in aggregate Principal amount equal to the unconverted portion of such Security.


 


If the last day on which a
Security may be converted is not a Business Day in a place where a conversion agent is located, the Security may be surrendered to that
conversion agent on the next succeeding day that is a Business Day.


 


The Issuer will not be required
to deliver certificates for shares of Capital Stock upon conversion while its stock transfer books are closed for a meeting of shareholders
or for the payment of dividends or for any other purpose, but certificates for shares of Capital Stock shall be delivered as soon as the
stock transfer books shall again be opened.


 


Section 12.04 No Payment
or Adjustment for Interest or Dividends. Unless otherwise specified as contemplated by Section 2.03 for Securities of such series,
Securities surrendered for conversion during the period from the close of business on any regular record date (or special record date
for payment of defaulted interest) next preceding any interest payment date to the opening of business on such interest payment date (except
Securities called for redemption on a redemption date within such period) when surrendered for conversion must be accompanied by payment
of an amount equal to the interest thereon which the registered Holder is to receive on such interest payment date. Payment of interest
shall be made, as of such interest payment date or such date, as the case may be, to the Holder of record of the Securities as of such
regular, or special record date, as applicable. Except where Securities surrendered for conversion must be accompanied by payment as described
above, no interest on converted Securities will be payable by the Issuer on any interest payment date subsequent to the date of conversion.
No other payment or adjustment for interest or dividends is to be made upon conversion. Notwithstanding the foregoing, upon conversion
of any Original Issue Discount Security, the fixed number of shares of Capital Stock into which such Security is convertible delivered
by the Issuer to the Holder thereof shall be applied, first, to pay the accrued original issue discount attributable to the period from
the date of issuance to the date of conversion of such Security, and, second, to pay the balance of the Principal amount of such Security.


 






    -37-


     


    

 


Section 12.05 Adjustment
of Conversion Rate. Unless otherwise specified as contemplated by Section 2.03 for Securities of such series, the conversion rate
for Securities in effect at any time shall be subject to adjustment as follows:


 


(a) In case the Issuer
shall (i) declare a dividend or make a distribution on the class of Capital Stock into which Securities of such series are
convertible in shares of its Capital Stock, (ii) subdivide the outstanding shares of the class of Capital Stock into which
Securities of such series are convertible into a greater number of shares, (iii) combine the outstanding shares of the class of
Capital Stock into which Securities of such series are convertible into a smaller number of shares or (iv) issue by reclassification
of the shares of the class of Capital Stock into which Securities of such series are convertible (including any such
reclassification in connection with a consolidation or merger in which the Issuer is the continuing corporation) any shares, the
conversion rate for the Securities of such series in effect at the time of the record subdivision, combination or reclassification,
shall be proportionately adjusted so that the Holder of any Security of such series surrendered for conversion after such time shall
be entitled to receive the number and kind of shares which he would have owned or have been entitled to receive had such Security
been converted immediately prior to such time. Similar adjustments shall be made whenever any event listed above shall occur.


 


(b) In case the Issuer shall
fix a record date for the issuance of rights or warrants to all holders of the class of Capital Stock into which Securities of such series
are convertible entitling them (for a period expiring within 45 days after such record date) to subscribe for or purchase shares of such
class of Capital Stock (or securities convertible into shares of such class of Capital Stock) at a price per share (or, in the case of
a right or warrant to purchase securities convertible into such class of Capital Stock, having a conversion price per share, after adding
thereto the exercise price, computed on the basis of the maximum number of shares of such class of Capital Stock issuable upon conversion
of such convertible securities, per share of such class of Capital Stock, so issuable) less than the current market price per share of
such class of Capital Stock (as defined in subsection (e) below) on the date on which such issuance was declared or otherwise announced
by the Issuer (the “Determination Date”), the number of shares of such class of Capital Stock into which each $1,000
Principal amount of Securities shall be convertible after such record date shall be determined by multiplying the number of shares of
such class of Capital Stock into which such Principal amount of Securities was convertible immediately prior to such record date by a
fraction, of which the numerator shall be the number of shares of such class of Capital Stock outstanding on the Determination Date plus
the number of additional shares of such class of Capital Stock offered for subscription or purchase (or in the case of a right or warrant
to purchase securities convertible into such class of Capital Stock, the aggregate number of additional shares of such class of Capital
Stock into which the convertible securities so offered are initially convertible), and of which the denominator shall be the number of
shares of such class of Capital Stock outstanding on the Determination Date plus the number of shares of such class of Capital Stock obtained
by dividing the aggregate offering price of the total number of shares so offered (or, in the case of a right or warrant to purchase securities
convertible into such class of Capital Stock, the aggregate initial conversion price of the convertible securities so offered, after adding
thereto the aggregate exercise price of such rights or warrants computed on the basis of the maximum number of shares of such class of
Capital Stock issuable upon conversion of such convertible securities) by such current market price. Shares of such class of Capital Stock
of the Issuer owned by or held for the account of the Issuer shall not be deemed outstanding for the purpose of any such computation.
Such adjustment shall be made successively whenever such a record date is fixed; and to the extent that shares of such class of Capital
Stock are not delivered (or securities convertible into shares of such class of Capital Stock are not delivered) after the expiration
of such rights or warrants (or, in the case of rights or warrants to purchase securities convertible into such class of Capital Stock
once exercised, the expiration of the conversion right of such securities) the conversion rate shall be readjusted to the conversion rate
which would then be in effect had the adjustments made upon the issuance of such rights or warrants (or securities convertible into shares)
been made upon the basis of delivery of only the number of shares actually delivered. In the event that such rights or warrants are not
so issued, the conversion rate shall again be adjusted to be the conversion rate which would then be in effect if such record date had
not been fixed.


 






    -38-


     


    

 


(c) In case the Issuer
shall fix a record date for the making of a distribution to all holders of the class of Capital Stock into which Securities of such
series are convertible (including any such distribution made in connection with a consolidation or merger in which the Issuer is the
continuing corporation) of evidences of its indebtedness or assets (excluding any cash dividends paid from retained earnings and
dividends payable in Capital Stock for which adjustment is made pursuant to subsection (a) above or (d) below) or subscription
rights or warrants (excluding subscription rights or warrants to purchase the class of Capital Stock into which Securities of such
series are convertible), the number of shares of such class of Capital Stock into which each $1,000 Principal amount of Securities
of such series shall be convertible after such record date shall be determined by multiplying the number of shares of such class of
Capital Stock into which such Principal amount of Securities was convertible immediately prior to such record date by a fraction, of
which the numerator shall be the fair market value of the assets of the Issuer, after deducting therefrom all liabilities of the
Issuer and all preferences (including accrued but unpaid dividends) in respect of classes of Capital Stock having a preference with
respect to the assets of the Issuer over such class of Capital Stock (all as determined by the Board of Directors, whose
determination shall be conclusive, and described in a certificate signed by chairman of the Issuer’s Board of Directors, its
president, any vice president, its treasurer, any assistant treasurer, its secretary or any assistant secretary, filed with the
Trustee and each conversion agent) on such record date, and of which the denominator shall be such fair market value after deducting
therefrom such liabilities and preferences, less the fair market value (as determined by the Board of Directors, whose determination
shall be conclusive, and described in a statement filed with the Trustee and each conversion agent) of the assets or evidences of
indebtedness, so distributed or of such subscription rights or warrants applicable, so distributed. Such adjustment shall be made
successively whenever such a record date is fixed; and in the event that such distribution is not so made, the conversion rate shall
again be adjusted to the conversion rate which would then be in effect if such record date had not been fixed.


 


(d) In case the Issuer shall,
by dividend or otherwise, distribute to all holders of its Capital Stock cash (excluding any dividend or distribution in connection with
the liquidation, dissolution or winding up of the Issuer, whether voluntary or involuntary), then, in such case, unless the Issuer elects
to reserve such cash for distribution to the Holders of the Securities upon the conversion of the Securities so that any such Holder converting
Securities will receive upon such conversion, in addition to the shares of Capital Stock to which such Holder is entitled, the amount
of cash which such Holder would have received if such Holder had, immediately prior to the record date for such distribution of cash,
converted its Securities into Capital Stock, the conversion rate shall be adjusted so that the same shall equal the rate determined by
multiplying the conversion rate in effect immediately prior to the record date by a fraction of which the denominator shall be the current
market price of the Capital Stock (determined as provided in Section 12.05(e) on the record date less the amount of cash so distributed
(and not excluded as provided above) applicable to one share of Capital Stock and the numerator shall be such current market price of
the Capital Stock (determined as provided in Section 12.05(e)), such adjustment to be effective immediately prior to the opening of business
on the day following the record date; provided, however, that in the event the portion of the cash so distributed applicable to one share
of Capital Stock is equal to or greater than the current market price of the Capital Stock (determined as provided in Section 12.05(e))
on the record date, in lieu of the foregoing adjustment, adequate provision shall be made so that each Securityholder shall have the right
to receive upon conversion the amount of cash such Holder would have received had such Holder converted each Security on the record date.
If such dividend or distribution is not so paid or made, the conversion rate shall again be adjusted to be the conversion rate which would
then be in effect if such dividend or distribution had not been declared.


 


(e) For the purpose of any
computation under subsections (b) and (d) above and Section 12.06, the current market price per share of the Capital Stock on any date
as of which such price is to be computed shall mean the average of the Closing Prices for the 30 consecutive Business Days commencing
45 Business Days before such date.


 


(f) No adjustment in the conversion
rate shall be required unless such adjustment would require a cumulative increase or decrease of at least 1% in such rate; provided,
however, that any adjustments which by reason of this subsection (f) are not required to be made shall be carried forward and taken
into account in any subsequent adjustment; and provided further, that adjustments shall be required and made in accordance with
the provisions of this Article 12 (other than this subsection (f)) not later than such time as may be required in order to preserve the
tax-free nature of a States income tax purposes to the Holders of Securities or the class of Capital Stock into which such Securities
are convertible. All calculations under this Article 12 shall be made to the nearest cent or to the nearest one-thousandth of a share,
as the case may be. Anything in this Section 12.05 to the contrary notwithstanding, the Issuer shall be entitled to make such adjustments
in the conversion rate, in addition to those required by this Section 12.05, as it in its discretion shall determine to be advisable in
order that any stock dividend, subdivision of shares, distribution of rights to purchase stock or securities, or distribution of securities
convertible into or exchangeable for stock hereafter made by the Issuer to its shareholders shall not be taxable for United States income
tax purposes.


 






    -39-


     


    

 


(g) Whenever the conversion
rate is adjusted, as herein provided, the Issuer shall promptly file with the Trustee and with the office or agency maintained by the
Issuer for the conversion of Securities of such series pursuant to Section 3.02, a certificate of a firm of independent public accountants
of recognized national standing selected by the Board of Directors (who may be the regular accountants employed by the Issuer) setting
forth the conversion rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment and a computation
thereof. Such certificate shall be conclusive evidence of the correctness of such adjustment. Neither the Trustee nor any conversion agent
shall be under any duty or responsibility with respect to any such certificate or any facts or computations set forth therein, except
to exhibit said certificate from time to time to any Securityholder of such series desiring to inspect the same. The Issuer shall promptly
cause a notice setting forth the adjusted conversion rate to be mailed to the Holders of Securities of such series, as their names and
addresses appear upon the register of the Issuer.


 


(h) In the event that at any
time, as a result of shares of any other class of Capital Stock becoming issuable in exchange or substitution for or in lieu of shares
of the class of Capital Stock into which such Securities are convertible or as a result of an adjustment made pursuant to subsection (a)
above, the Holder of any Security of such series thereafter surrendered for conversion shall become entitled to receive any shares of
the Issuer other than shares of the class of Capital Stock into which the Issuer of such series are convertible, thereafter the number
of such other shares so receivable upon conversion of any Security shall be subject to adjustment from time to time in a manner and on
terms as nearly equivalent as practicable to the provisions with respect to the class of Capital Stock into which the Securities of such
series are convertible contained in subsections (a) to (f), inclusive, above, and the provisions of this Article 12 with respect to the
class of Capital Stock into which the Securities of such series are convertible shall apply on like terms to any such other shares.


 


(i) The conversion rate with
respect to any Original Issue Discount Security, the terms of which provide for convertibility, shall not be adjusted during the term
of such Original Issue Discount Security for accrued original issue discount.


 


(j) In the event that the
Securities of any series are convertible into more than one class of Capital Stock, the provisions of this Section 12.05 shall apply separately
to events affecting each such class.


 


Section 12.06 No Fractional
Shares to Be Issued. No fractional shares of Capital Stock shall be issued upon conversions of Securities. If more than one Security
of any series shall be surrendered for conversion at one time by the same Holder, the number of full shares which shall be issuable upon
conversion thereof shall be computed on the basis of the aggregate Principal amount of the Securities of such series (or specified portions
thereof to the extent permitted hereby) so surrendered. Instead of a fraction of a share of Capital Stock which would otherwise be issuable
upon conversion of any Security or Securities (or specified portions thereof), the Issuer shall pay a cash adjustment in respect of such
fraction of a share in an amount equal to the same fractional interest of the current market price (as defined in Section 12.05) per share
of Capital Stock on the Business Day next preceding the day of conversion.


 


Section 12.07 Preservation
of Conversion Rights Upon Consolidation, Merger, Sale or Conveyance. In case of any consolidation of the Issuer with, or merger of
the Issuer into, any other corporation (other than a consolidation or merger in which the Issuer is the continuing corporation), or in
the case of any sale or transfer of all or substantially all of the assets of the Issuer, the corporation formed by such consolidation
or the corporation into which the Issuer shall have been merged or the corporation which shall have acquired such assets, as the case
may be, shall execute and deliver to the Trustee, a supplemental indenture, subject to the provisions of Article 7 and 8 as they relate
to supplemental indentures, providing that the Holder of each Security then Outstanding of a series which was convertible into Capital
Stock shall have the right thereafter to convert such Security into the kind and amount of shares of stock and other securities and property,
including cash, receivable upon such consolidation, merger, sale or transfer by a holder of the number of shares of Capital Stock of the
Issuer into which such Securities might have been converted immediately prior to such consolidation, merger, sale or transfer. Such supplemental
indenture shall conform to the provisions of the Trust Indenture Act of 1939 as then in effect and shall provide for adjustments which
shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 12. Neither the Trustee nor any conversion
agent shall be under any responsibility to determine the correctness of any provision contained in any such supplemental indenture relating
either to the kind or amount of shares of stock or other securities or property receivable by Securityholders upon the conversion of their
Securities after any such consolidation, merger, sale or transfer, or to any adjustment to be made with respect there to and, subject
to the provisions of Article 5, may accept as conclusive evidence of the correctness of any such provisions, and shall be protected in
relying upon, an Opinion of Counsel with respect thereto. If in the case of any such consolidation, merger, sale or transfer, the stock
or other securities and property receivable by a Holder of the Securities includes stock or other securities and property of a corporation
other than the successor or purchasing corporation, then such supplemental indenture shall also be executed by such other corporation
and shall contain such additional provisions to protect the interests of the Holders of the Securities as the Board of Directors shall
reasonably consider necessary. The above provisions of this Section 12.07 shall similarly apply to successive consolidations, mergers,
sales or transfers.


 






    -40-


     


    

 


Section 12.08 Notice to
Security Holders of a Series Prior to Taking Certain Types of Action. With respect to the Securities of any series, in case:


 


(a) the Issuer shall authorize
the issuance to all holders of the class of Capital Stock into which Securities of such series are convertible of rights or warrants to
subscribe for or purchase shares of its Capital Stock or of any other right;


 


(b) the Issuer shall authorize
the distribution to all holders of the class of Capital Stock into which Securities of such series are convertible of evidences of its
indebtedness or assets (except for the exclusions with respect to certain dividends set forth in Section 12.05(c));


 


(c) of any subdivision, combination
or reclassification of the class of Capital Stock into which Securities of such series are convertible or of any consolidation or merger
to which the Issuer is a party and for which approval by the shareholders of the Issuer is required, or of the sale or transfer of all
or substantially all of the assets of the Issuer; or


 


(d) of the voluntary or involuntary
dissolution, liquidation or winding up of the Issuer;


 


then the Issuer shall cause to be filed with the
Trustee and at the office or agency maintained for the purpose of conversion of Securities of such series pursuant to Section 3.02, and
shall cause to be mailed to the Holders of Securities of such series, at their last addresses as they shall appear upon the register of
the Issuer, at least 10 days prior to the applicable record date hereinafter specified, a notice stating (i) the date as of which the
holders of such class of Capital Stock to be entitled to receive any such rights, warrants or distribution are to be determined, or (ii)
the date on which any such subdivision, combination, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation,
winding up or other action is expected to become effective, and the date as of which it is expected that holders of record of such class
of Capital Stock shall be entitled to exchange their Capital Stock of such class for securities or other property, if any, deliverable
upon such subdivision, combination, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation, winding up or other
action. The failure to give the notice required by this Section 12.08 or any defect therein shall not affect the legality or validity
of any distribution, right, warrant, subdivision, combination, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation,
winding up or other action, or the vote upon any of the foregoing. Such notice shall also be published by and at the expense of the Issuer
not later than the aforesaid filing date at least once in an Authorized Newspaper.


 


Section 12.09 Covenant
to Reserve Shares for Issuance on Conversion of Securities. The Issuer covenants that at all times it will reserve and keep available
out of each class of its authorized Capital Stock, free from preemptive rights, solely for the purpose of issue upon conversion of Securities
of any series as herein provided, such number of shares of Capital Stock of such class as shall then be issuable upon the conversion of
all Outstanding Securities of such series. The Issuer covenants that an shares of Capital Stock which shall be so issuable shall, when
issued or delivered, be duly and validly issued shares of the class of authorized Capital Stock into which Securities of such series are
convertible, and shall be fully paid and nonassessable, free of all liens and charges and not subject to preemptive rights and that, upon
conversion, the appropriate capital stock accounts of the Issuer will be duly credited.


 


Section 12.10 Compliance
with Governmental Requirements. The Issuer covenants that if any shares of Capital Stock required to be reserved for purposes of conversion
of Securities hereunder require registration or listing with or approval of any governmental authority under any Federal or State law,
pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or any national or regional securities
exchange on which such Capital Stock is listed at the time of delivery of any shares of such Capital Stock, before such shares may be
issued upon conversion, the Issuer will use reasonable efforts to cause such shares to be duly registered, listed or approved, as the
case may be.


 


Section 12.11 Payment
of Taxes Upon Certificates for Shares Issued Upon Conversion. The issuance of certificates for shares of Capital Stock upon the
conversion of Securities shall be made without charge to the converting Securityholders for any tax (including, without limitation,
all documentary and stamp taxes) in respect of the issuance and delivery of such certificates, and such certificates shall be issued
in the respective names of, or in such names as may be directed by, the Holders of the Securities converted; provided, however, that
the Issuer shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and
delivery of any such certificate in a name other than that of the Holder of the Security converted, and the Issuer shall not be
required to issue or deliver such certificates unless or until the person or persons requesting the issuance thereof shall have paid
to the Issuer the amount of such tax or shall have established to the satisfaction of the Issuer that such tax has been paid.


 






    -41-


     


    

 


Section 12.12 Trustee’s
Duties with Respect to Conversion Provisions. The Trustee and any conversion agent shall not at any time be under any duty or responsibility
to any Securityholder to determine whether any facts exist which may require any adjustment of the conversion rate or conversion price,
or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed, or herein or in any
supplemental indenture provided to be employed, in making the same. Neither the Trustee nor any conversion agent shall be accountable
with respect to the registration under securities laws, listing, validity or value (or the kind or amount) of any shares of Capital Stock,
or of any other securities or property, which may at any time be issued or delivered upon the conversion of any Security; and neither
the Trustee nor any conversion agent makes any representation with respect thereto. Neither the Trustee nor any conversion agent shall
be responsible for any failure of the Issuer to make any cash payment or to issue, transfer or deliver any shares of stock or stock certificates
or other securities or property upon the surrender of any Security for the purpose of conversion; and the Trustee, subject to the provisions
of Article 5, and any conversion agent shall not be responsible for any failure of the Issuer to comply with any of the covenants of the
Issuer contained in this Article 12.


 






    -42-


     


    

 


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


 


	 	
    EDESA BIOTECH, INC., as Issuer

	 	 	 
	 	 	 
	 	
    By:
	 
	 	 	Name:
	 	 	
    Title:

	 	 	 
	 	 	 
	 	
    [●], as Trustee

	 	 	 
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	
    Title:




 






    -1-


     


    

 


FORM OF NOTE


 


UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.


 






    -2-


     


    

 


EDESA BIOTECH, INC.

[●] % Senior Note Due [●]


 


No. [●] CUSIP No.: [●]


 


$ [●]


 


EDESA BIOTECH, INC., a corporation
organized under the laws of British Columbia, Canada (“Issuer”, which term includes any successor corporation), for
value received promises to pay to CEDE & CO. or its registered assigns, the principal sum of [●] on [●].


 


Interest Payment Dates: [●]
and [●] (each, an “Interest Payment Date”), commencing on [●]. Interest Record Dates: [●]
and [●] (each, an “Interest Record Date”).


 


Reference is made to the further
provisions of this Security contained herein, which will for all purposes have the same effect as if set forth at this place.


 






    -3-


     


    

 


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


 


	 	
    EDESA BIOTECH, INC.

	 	 	 
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:



 






    -1-


     


    

 


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


 


	 	
    [●], as Trustee

	 	 	 
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory


 






    -2-


     


    

 


(REVERSE OF SECURITY)


EDESA BIOTECH, INC.


[●]% Senior Note Due [●]


 


	 	1.	Interest.


 


EDESA BIOTECH, INC., a corporation
organized under the laws of British Columbia, Canada (the “Issuer”), promises to pay interest on the Principal amount of this
Security at the rate per annum shown above. Cash interest on the Securities will accrue from the most recent date to which interest has
been paid or, if no interest has been paid, from [●]. The Issuer will pay interest semi-annually in arrears on each Interest
Payment Date, commencing [●]. Interest will be computed on the basis of a 360-day year of twelve 30-day months.


 


The Issuer shall pay interest
on overdue Principal from time to time on demand at the rate borne by the Securities and on overdue installments of interest (without
regard to any applicable grace periods) to the extent lawful.


 


	 	2.	Method of Payment.


 


The Issuer shall pay interest
on the Securities (except defaulted interest) to the persons who are the registered Holders at the close of business on the Interest Record
Date immediately preceding the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent to such Interest
Record Date and prior to such Interest Payment Date. Holders must surrender Securities to the Trustee to collect Principal payments. The
Issuer shall pay Principal and interest in money of the United States that at the time of payment is legal tender for payment of public
and private debts (“U.S. Legal Tender”). However, the payments of interest, and any portion of the Principal (other
than interest payable at maturity or on any redemption or repayment date or the final payment of Principal) shall be made by the Paying
Agent, upon receipt from the Issuer of immediately available funds by 11:00 a.m., New York City time (or such other time as may be agreed
to between the Issuer and the Paying Agent or the Issuer), directly to a Holder (by Federal funds wire transfer or otherwise) if the Holder
has delivered written instructions to the Trustee 15 days prior to such payment date requesting that such payment will be so made and
designating the bank account to which such payments shall be so made and in the case of payments of Principal surrenders the same to the
Trustee in exchange for a Security or Securities aggregating the same principal amount as the unredeemed Principal amount of the Securities
surrendered.


 


	 	3.	Paying Agent.


 


Initially, [●]
(the “Trustee”) will act as Paying Agent. The Issuer may change any Paying Agent without notice to the Holders.


 


	 	4.	Indenture.


 


The Issuer issued the Securities
under an Indenture, dated as of [●] (the “Indenture”), between the Issuer and the Trustee. Capitalized
terms herein are used as defined in the Indenture unless otherwise defined herein. The terms of the Securities include those stated in
the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the
 “TIA”), as in effect on the date of the Indenture until such time as the Indenture is qualified under the TIA, and
thereafter as in effect on the date on which the Indenture is qualified under the TIA. Notwithstanding anything to the contrary herein,
the Securities are subject to all such terms, and Holders of Securities are referred to the Indenture and the TIA for a statement of them.
To the extent the terms of the Indenture and this Security are inconsistent, the terms of the Indenture shall govern.


 


	 	5.	Denominations; Transfer; Exchange.


 


The Securities are in
registered form, without coupons, in denominations of $1,000 and multiples of $1,000. A Holder shall register the transfer of or
exchange Securities in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection
therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any
Securities or portions thereof for a period of fifteen (15) days before such series is selected for redemption, nor need the Issuer
register the transfer or exchange of any security selected for redemption in whole or in part.


 






    -1-


     


    

 


	 	6.	Persons Deemed Owners.


 


The registered Holder of a
Security shall be treated as the owner of it for all purposes.


 


	 	7.	Unclaimed Funds.


 


If funds for the payment of
Principal or interest remain unclaimed for two years, the Trustee and the Paying Agent will repay the funds to the Issuer at its written
request. After that, all liability of the Trustee and such Paying Agent with respect to such funds shall cease.


 


	 	8.	Legal Defeasance and Covenant Defeasance.


 


The Issuer may be discharged
from its obligations under the Securities and under the Indenture with respect to the Securities except for certain provisions thereof,
and may be discharged from obligations to comply with certain covenants contained in the Securities and in the Indenture with respect
to the Securities, in each case upon satisfaction of certain conditions specified in the Indenture.


 


	 	9.	Amendment; Supplement; Waiver.


 


Subject to certain exceptions,
the Securities and the provisions of the Indenture relating to the Securities may be amended or supplemented with the written consent
of the Holders of at least a majority in aggregate Principal amount of the Securities then outstanding, and any existing Default or Event
of Default or compliance with certain provisions may be waived with the consent of the Holders of a majority in aggregate Principal amount
of the Securities then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture
and the Securities to, among other things, cure any ambiguity, defect or inconsistency, provide for uncertificated Securities in addition
to or in place of certificated Securities or comply with any requirements of the Commission in connection with the qualification of the
Indenture under the Trust Indenture Act, or make any other change that does not adversely affect the rights of any Holder of a Security.


 


	 	10.	Defaults and Remedies.


 


If an Event of Default (other
than certain bankruptcy Events of Default with respect to the Issuer) occurs and is continuing, the Trustee or the Holders of at least
25% in aggregate Principal amount of Securities then outstanding may declare all of the Securities to be due and payable immediately in
the manner and with the effect provided in the Indenture. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
all the Securities shall be immediately due and payable immediately in the manner and with the effect provided in the Indenture without
any notice or other action on the part of the Trustee or any Holder. Holders of Securities may not enforce the Indenture or the Securities
except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Securities unless it has received indemnity
satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate Principal
amount of the Securities then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders
of Securities notice of certain continuing Defaults or Events of Default if it determines that withholding notice is in their interest.


 


	 	11.	Conversion.


 


Reference is made to the Indenture,
including, without limitation, provisions giving the Holder of this Security the right to convert this Security into Capital Stock of
the Issuer on the terms and subject to the limitations as more fully specified in the Indenture. The initial conversion rate for this
Security is [●]. This conversion rate is subject to modification as provided in the Indenture. Such further provisions shall
for all purposes have the same effect as though fully set forth at this place.


 






    -2-


     


    

 


	 	12.	Trustee Dealings with Issuer.



 


The Trustee under the Indenture,
in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Issuer as if it
were not the Trustee.


 


	 	13.	No Recourse Against Others.


 


No shareholder, director,
officer, employee or incorporator, as such, of the Issuer or any successor Person thereof shall have any liability for any obligation
under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each
Holder of a Security by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for the issuance of the Securities.


 


	 	14.	Authentication.


 


This Security shall not be
valid until the Trustee manually signs the certificate of authentication on this Security.


 


	 	15.	Abbreviations and Defined Terms.


 


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


 


	 	16.	CUSIP Numbers.


 


Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities
as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such numbers as printed on the Securities
and reliance may be placed only on the other identification numbers printed hereon.


 


	 	17.	Governing Law.


 


The laws of the State of New
York shall govern the Indenture and this Security thereof.


 






    -3-


     


    

 


ASSIGNMENT FORM


 


	I or we assign and transfer this Security to
	(Print or type name, address and zip code of assignee or transferee)
	(Insert Social Security or other identifying number of assignee or transferee)


 


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


 


 


	
    Dated:
	 	 	
    Signed:
	 
	 	 	 	 	(Signed exactly as name appears on the other side of this Security)
	 	 	 	 	 
	 	 	 	 	 
	Signature Guarantee:	 	 
	 	 	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)


 






    -4-