# EDGAR Filing Document

**Accession Number:** 0001852551
**File Stem:** 0001493152-25-024514
**Filing Date:** 2025-11
**Character Count:** 548096
**Document Hash:** a0a2724c2187809e999ef855722327e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-024514.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0001493152-25-024514

**CONFORMED SUBMISSION TYPE**: DRS

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nova Minerals Ltd
- **CENTRAL INDEX KEY:** 0001852551
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** C3
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** DRS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08710
- **FILM NUMBER:** 251504246

**BUSINESS ADDRESS:**
- **STREET 1:** 242 HAWTHORN ROAD
- **STREET 2:** SUITE 5
- **CITY:** CAULFIELD
- **STATE:** C3
- **ZIP:** 3161
- **BUSINESS PHONE:** 61-3-9537-1238

**MAIL ADDRESS:**
- **STREET 1:** 242 HAWTHORN ROAD
- **STREET 2:** SUITE 5
- **CITY:** CAULFIELD
- **STATE:** C3
- **ZIP:** 3161

**As confidentially submitted to the Securities and Exchange Commission on November 20, 2025**

**This draft registration statement has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential.**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form F-3**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**NOVA MINERALS LIMITED**

**(Exact name of registrant as specified in its charter)**

**Not Applicable**

**(Translation of registrant's name into English)**

---

| | | |
|:---|:---|:---|
| **Australia** | **1040** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**Suite 5, 242 Hawthorn Road, Caulfield, Victoria 3161**

**Australia<br> +61 3 9537 1238**

(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

**Alaska Range Resources, LLC**

**Christopher Gerteisen**

**1150 S Colony Way, Suite 3**

**Palmer, AK 99645**

**(907) 707-6564**

(Names, address, including zip code, and telephone number, including area code, of agent for service)

**(Name, address, and telephone number of agent for service)** 

***Copies to:***

**Jeffrey Fessler, Esq.**

**Sheppard, Mullin, Richter & Hampton LLP**

**30 Rockefeller Plaza**

**New York, NY 10112**

**Telephone: (212) 653-8700**

**Facsimile: (212) 653-8701**

**APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC:** From time to time after the effective date of this registration statement.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective on filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.** 

**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED November 20, 2025**

**PRELIMINARY PROSPECTUS** 

**$200,000,000**![](formdrs_001.jpg)

**American Depositary Shares representing Ordinary Shares**

**Debt Securities**

**Warrants**

**Rights**

**Units**

This prospectus will allow us to issue, from time to time at prices and on terms to be determined at or prior to the time of the offering, up to $200,000,000 of any combination of the securities described in this prospectus, either individually or in units. We may also offer: American Depositary Shares, or ADSs, representing ordinary shares upon conversion of or exchange for the debt securities or upon the exercise of the warrants or rights.

This prospectus describes the general terms of these securities and the general manner in which these securities will be offered. We will provide you with the specific terms of any offering in one or more supplements to this prospectus. The prospectus supplements will also describe the specific manner in which these securities will be offered and may also supplement, update or amend information contained in this document. You should read this prospectus and any prospectus supplement, as well as any documents incorporated by reference into this prospectus or any prospectus supplement, carefully before you invest.

Our securities may be sold directly by us to you, through agents designated from time to time or to or through underwriters or dealers. For additional information on the methods of sale, you should refer to the section titled "Plan of Distribution" in this prospectus and in the applicable prospectus supplement. If any underwriters or agents are involved in the sale of our securities with respect to which this prospectus is being delivered, the names of such underwriters or agents and any applicable fees, commissions or discounts and over-allotment options will be set forth in a prospectus supplement. The price to the public of such securities and the net proceeds that we expect to receive from such sale will also be set forth in a prospectus supplement.

Our ADSs are listed on The Nasdaq Capital Market under the symbol "NVA." On November 19, 2025, the last reported sale price of our ADSs on The Nasdaq Capital Market was $8.97 per ADS. The applicable prospectus supplement will contain information, where applicable, as to any other listing, if any, on The Nasdaq Capital Market or any securities market or other securities exchange of the securities covered by the prospectus supplement. Prospective purchasers of our securities are urged to obtain current information as to the market prices of our securities, where applicable.

**Investing in our securities involves a high degree of risk. Before deciding whether to invest in our securities, you should consider carefully the risks that we have described on page 5 of this prospectus under the caption "<u>Risk Factors</u>" We may also include specific risk factors in supplements to this prospectus under the caption "Risk Related to This Offering." This prospectus may not be used to sell our securities unless accompanied by a prospectus supplement.** 

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.** 

**The date of this prospectus is , 2025.** 

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **PAGE** |
| [ABOUT THIS PROSPECTUS](#Y-001) | 1 |
| [PROSPECTUS SUMMARY](#Y-002) | 2 |
| [RISK FACTORS](#Y-003) | 5 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#Y-004) | 5 |
| [CAPITALIZATION](#Y-005) | 6 |
| [USE OF PROCEEDS](#Y-006) | 6 |
| [PLAN OF DISTRIBUTION](#Y-007) | 6 |
| [DESCRIPTION OF SHARE CAPITAL](#Y-008) | 8 |
| [DESCRIPTION OF DEBT SECURITIES](#an_001) | 32 |
| [DESCRIPTION OF WARRANTS](#an_002) | 37 |
| [DESCRIPTION OF RIGHTS](#an_003) | 38 |
| [DESCRIPTION OF UNITS](#an_004) | 39 |
| [DESCRIPTION OF AMERICAN DEPOSITARY SHARES](#an_005) | 41 |
| [EXPENSES](#an_006) | 48 |
| [LEGAL MATTERS](#an_007) | 48 |
| [EXPERTS](#an_008) | 48 |
| [ENFORCEMENT OF JUDGMENTS](#an_009) | 48 |
| [WHERE YOU CAN FIND MORE INFORMATION](#an_010) | 49 |

---

i

**ABOUT THIS PROSPECTUS** 

This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or SEC, utilizing a "shelf" registration process. Under this shelf registration process, we may offer ADSs representing our ordinary shares, various series of debt securities or warrants, and rights to purchase any of such securities, either individually or in units, in one or more offerings, with a total value of up to $200,000,000. This prospectus provides you with a general description of the securities we may offer. Each time we offer a type or series of securities under this prospectus, we will provide a prospectus supplement that will contain specific information about the terms of that offering.

This prospectus does not contain all of the information included in the registration statement. For a more complete understanding of the offering of the securities, you should refer to the registration statement, including its exhibits. The prospectus supplement may also add, update or change information contained or incorporated by reference in this prospectus. However, no prospectus supplement will offer a security that is not registered and described in this prospectus at the time of its effectiveness. This prospectus, together with the applicable prospectus supplements and the documents incorporated by reference into this prospectus, includes all material information relating to the offering of securities under this prospectus. You should carefully read this prospectus, the applicable prospectus supplement, the information and documents incorporated herein by reference and the additional information under the headings "Where You Can Find More Information" and "Incorporation of Documents by Reference" before making an investment decision.

You should rely only on the information we have provided or incorporated by reference in this prospectus or any prospectus supplement. We have not authorized anyone to provide you with information different from that contained or incorporated by reference in this prospectus. No dealer, salesperson or other person is authorized to give any information or to represent anything not contained or incorporated by reference in this prospectus. You must not rely on any unauthorized information or representation. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. You should assume that the information in this prospectus or any prospectus supplement is accurate only as of the date on the front of the document and that any information we have incorporated herein by reference is accurate only as of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any sale of a security.

We further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference in this prospectus were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.

This prospectus may not be used to consummate sales of our securities unless it is accompanied by a prospectus supplement. To the extent there are inconsistencies between any prospectus supplement, this prospectus and any documents incorporated by reference, the document with the most recent date will control.

Unless the context requires otherwise, in this prospectus, "we," "us," "our," "the Company," "Nova" and similar references refer to Nova Minerals Limited and its consolidated subsidiaries.

On October 28, 2025, we effectuated a 5-for-1 forward split of the outstanding American Depositary Shares (ADSs) on the October 27, 2025 record date and also changed the ratio to the number of ordinary shares underlying each ADS. The former ratio of sixty (60) ordinary shares to one (1) ADS was changed to twelve (12) ordinary shares per one (1) ADS effective on October 28, 2025. There was no change to the underlying ordinary shares. Except as otherwise indicated, all information in this prospectus gives retroactive effect to the above mentioned ADS ratio changes.

As a result of the share splits and ratio changes, all references included in this document to ADSs or per ADS amounts are reflective of the forward share splits for all periods presented. In addition, the exercise prices and the numbers of ADSs issuable upon the exercise of any outstanding warrants to purchase ADSs were proportionally adjusted pursuant to the respective anti-dilution terms of such warrants.

This prospectus includes statistical, market and industry data and forecasts which we obtained from publicly available information and independent industry publications and reports that we believe to be reliable sources. These publicly available industry publications and reports generally state that they obtain their information from sources that they believe to be reliable, but they do not guarantee the accuracy or completeness of the information. Although we believe that these sources are reliable, we have not independently verified the information contained in such publications. In addition, assumptions and estimates of our and our industry's future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the "Risk Factor Summary". These and other factors could cause our future performance to differ materially from our assumptions and estimates.

Some of our trademarks and trade names are used in this prospectus, which are intellectual property owned by the Company. This prospectus also includes trademarks, trade names, and service marks that are the property of other organizations. Solely for convenience, our trademarks and trade names referred to in this prospectus appear without the <sup>TM</sup> symbol, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor to these trademarks and trade names.

All references in the prospectus to "U.S. dollars," "dollars," "US$" and "$" are to the legal currency of the United States and all references to "A$" are to the legal currency of Australia.

**PROSPECTUS SUMMARY** 

**Overview**

We are a dual ASX and Nasdaq listed gold, antimony and critical minerals mining exploration stage company moving towards development, with our flagship Estelle Gold and Critical Minerals Project ("Estelle Project" or "Project") located in Alaska. Our vision is to concurrently develop the Estelle Project to become a world class, tier-one, global gold producer, and to help secure a U.S. domestic supply chain for the strategic mineral antimony, from mining to a refined product. While we currently have no operating revenues, we expect to complete our first gold pour in 2028, and with the recent US$43.4 million award from the U.S. Department of War to our wholly owned U.S. subsidiary Alaska Range Resources LLC ("ARR") to fast track the establishment of a fully domestic, integrated antimony supply chain in Alaska, we could also be mining and refining the critical mineral antimony within 12 to 24 months, although there is no assurance that we will meet either of those timeframes and consummation of any such commercial production is subject to the risks described herein under "Risk Factors."

The Estelle Project, which is 85% owned by us, is district in scale comprising of 514km<sup>2</sup> of unpatented mining claims located on State of Alaska public lands situated on the Estelle Gold Trend in Alaska's prolific Tintina Gold Belt, a province which hosts a 220 million ounce ("Moz") documented gold endowment and some of the world's largest gold mines and discoveries including Nova Gold and Paulson Advisors Donlin Creek Gold Project and Kinross Gold Corporation's Fort Knox Gold Mine. The belt also hosts significant antimony deposits and was a historical North American antimony producer.

<u>Dual Assets – Gold and Antimony – On the One U.S. Project</u>

The Project hosts one of the largest undeveloped gold deposits globally, with multiple mining complexes spanning a 35km long mineralized corridor of over 20 identified advanced gold prospects, including two already defined multi-million ounce gold resources across four deposits containing a combined S-K 1300 compliant 5.17 Moz Au, of which Nova's 85% attributable interest is 4.41 Moz Au. The deposits, comprising both high-grade and bulk tonnage material, feature thick ore zones starting at surface making them highly suitable for open pit, low strip ratio, bulk mining methods. Feasibility studies are well underway to evaluate the economic potential of the gold assets.

High-grade surface samples of the critical mineral antimony have also been identified at multiple prospects across the Project, and Estelle has been recognized by independent resource experts RFC Ambrian as one of only nine projects worldwide — and one of just two in the United States, alongside Perpetua Resources' Stibnite project — with near-term antimony production potential. Following the US$43.4 million award from the U.S. Department of War to ARR — one of the largest recent U.S. government investments aimed at securing domestic critical mineral supply and a strong validation of the Project's strategic significance — and the successful acquisition of land use permits for an antimony refinery at Port MacKenzie, we are now fast-tracking efforts to establish a mineral resource estimate, advance processing and refining capabilities, and ultimately commence antimony production at Estelle, with the objective of delivering military-spec antimony by 2026/27.

**Recent Developments**

*U.S. Department of War Grant*

On October 1, 2025, we announced that our 100% owned U.S. subsidiary Alaska Range Resources, LLC (ARR), was awarded US$43.4 million in Defense Production Act Title III funding by the U.S. Department of War (DoW) to produce antimony trisulfide at its Estelle Gold and Critical Minerals Project (Estelle Project) in Alaska.

*ADS Ratio Change*

 

On October 28, 2025, we effectuated a 5-for-1 forward split of the outstanding American Depositary Shares (ADSs) on the October 27, 2025 record date and also changed the ratio to the number of ordinary shares underlying each ADS. The former ratio of sixty (60) ordinary shares to one (1) ADS was changed to twelve (12) ordinary shares per one (1) ADS effective on October 28, 2025. There was no change to the underlying ordinary shares.

**Corporate Information**

Our principal executive office is Suite 5, 242 Hawthorn Road, Caulfield, Victoria 3161 Australia. The telephone number at our executive office is +61 3 9537 1238.

Our registered office is located at Suite 5 on 242 Hawthorn Road in Caulfield, Australia.

Our agent for service of process in the United States is our wholly-owned U.S. subsidiary Alaska Range Resources LLC, 1150 S Colony Way, Suite 3-440, Palmer, AK 99645.

Our website can be found at www.novaminerals.com.au. The information contained on our website is not a part of this prospectus and should not be relied upon in determining whether to make an investment in our company.

**Our Risks and Challenges**

Our prospects should be considered in light of the risks, uncertainties, expenses and difficulties frequently encountered by similar companies. Our ability to realize our business objectives and execute our strategies is subject to risks and uncertainties, including, among others, the following:

***Risks Related to Our Business and Industry***

Risks and uncertainties related to our business include, but are not limited to, the following:

● We currently report our financial results under IFRS, which differs in certain significant respect from U.S. generally accepted accounting principles, or U.S. GAAP.

● Our mineral reserves may be significantly lower than expected.

● Our Estelle Project only has estimated measured, indicated and inferred resources identified for gold, there are no known reserves on our property. In addition, we have not yet completed the requisite drilling to establish a MRE for antimony and other critical minerals at Estelle. There is no assurance that we can establish the existence of any mineral reserve on our property in commercially exploitable quantities. Until we can do so, we cannot earn any revenues from this property and if we do not do so we will lose all of the funds that we expend on exploration. If we do not discover any mineral reserve in a commercially exploitable quantity, the exploration component of our business could fail.

● We have no history of producing metals from our current mineral property and there can be no assurance that we will successfully establish mining operations or profitably produce precious metals.

● Any material changes in mineral resource/reserve estimates and grades of mineralization will affect the economic viability of placing a property into production and a property's return on capital.

● The profitability of our operations, and the cash flows generated by our operations, are affected by changes in the market price for gold and antimony, both of which in the past have fluctuated widely.

● Our success depends on the exploration development and operation of the Estelle Project, an exploration stage project which is now moving towards development with a Feasibility Study for our gold assets currently under way.

● We do not operate any mines and the development of our mineral project into a mine is highly speculative in nature, may be unsuccessful and may never result in the development of an operating mine.

● Mineral resource estimates are based on interpretation and assumptions and could be inaccurate or yield less mineral production under actual conditions than is currently estimated. Any material changes in these estimates could affect the economic viability of the Estelle Project, our financial condition and ability to be profitable.

● We have negative cash flows from operating activities.

● We have no history of earnings, and there are no known commercial quantities of mineral reserves on the Estelle Project.

● The development of the Estelle Project or any other projects we may acquire in the future into an operating mine will be subject to all of the risks associated with establishing and operating new mining operations.

● Our growth strategy and future exploration and development efforts may be unsuccessful.

● We may issue additional ordinary shares or ADSs from time to time for various reasons, resulting in the potential for significant dilution to existing securityholders.

● We are subject to various laws and regulations, and the costs associated with compliance with such laws and regulations may cause substantial delays and require significant cash and financial expenditure, which may have a material adverse effect on our business.

● The mining industry is intensely competitive in all of its phases, and we compete with many companies possessing greater financial and technical resources.

● We are currently operating in a period of economic uncertainty and capital markets disruptions, which have been significantly impacted by geopolitical instability due to the ongoing military conflict between Russia and Ukraine.

● If we fail to maintain effective internal controls over financial reporting, the price of the ADSs or ordinary shares may be adversely affected.

● There will be significant hazards associated with our mining activities, some of which may not be fully covered by insurance. To the extent we must pay the costs associated with such risks, our business may be negatively affected.

● Capital and operating cost estimates made in respect of our current and future development projects and mines may not prove to be accurate.

***Risks Related to This Offering and Ownership of the ADSs***

Risks and uncertainties related to this offering and ownership of the ADSs include, but are not limited to, the following:

● If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the price of the ADSs and their trading volume could decline.

● U.S. investors may have difficulty enforcing civil liabilities against our company, our directors or members of senior management and the experts named in this prospectus.

● Our Constitution and Australian laws and regulations applicable to us may adversely affect our ability to take actions that could be beneficial to our shareholders.

● You may be subject to limitations on the transfer of your ADSs and the withdrawal of the underlying ordinary shares.

In addition, we face other risks and uncertainties that may materially affect our business prospects, financial condition, and results of operations. You should consider the risks discussed in "*Risk Factors*" and elsewhere in this prospectus before investing in our securities.

**Offerings Under This Prospectus**

Under this prospectus, we may offer ADSs representing our ordinary shares, various series of debt securities or warrants or rights to purchase any of such securities, either individually or in units, with a total value of up to $200,000,000, from time to time at prices and on terms to be determined by market conditions at the time of the offering. This prospectus provides you with a general description of the securities we may offer. Each time we offer a type or series of securities under this prospectus, we will provide a prospectus supplement that will describe the specific amounts, prices and other important terms of the securities, including, to the extent applicable:

● designation or classification ;

● aggregate principal amount or aggregate offering price;

● maturity, if applicable;

● rates and times of payment of interest or dividends, if any;

● redemption, conversion or sinking fund terms, if any;

● voting or other rights, if any; and

● conversion or exercise prices, if any.

● aggregate principal amount or aggregate offering price;

● maturity, if applicable;

● rates and times of payment of interest or dividends, if any;

● redemption, conversion or sinking fund terms, if any;

● voting or other rights, if any; and

● conversion or exercise prices, if any.

The prospectus supplement also may add, update or change information contained in this prospectus or in documents we have incorporated by reference into this prospectus. However, no prospectus supplement will fundamentally change the terms that are set forth in this prospectus or offer a security that is not registered and described in this prospectus at the time of its effectiveness.

We may sell the securities directly to investors or to or through agents, underwriters or dealers. We, and our agents or underwriters, reserve the right to accept or reject all or part of any proposed purchase of securities. If we offer securities through agents or underwriters, we will include in the applicable prospectus supplement:

● the names of those agents or underwriters;

● applicable fees, discounts and commissions to be paid to them;

● details regarding over-allotment options, if any; and

● the net proceeds to us.

**This prospectus may not be used to consummate a sale of any securities unless it is accompanied by a prospectus supplement.** 

**RISK FACTORS**

Investing in our securities involves significant risk. The prospectus supplement applicable to each offering of our securities will contain a discussion of the risks applicable to an investment in the company. Prior to making a decision about investing in our securities, you should carefully consider the specific factors discussed under the heading "Risk Factors" in the applicable prospectus supplement, together with all of the other information contained or incorporated by reference in the prospectus supplement or appearing or incorporated by reference in this prospectus. You should also consider the risks, uncertainties and assumptions discussed under the heading "Risk Factors" included in our most recent Annual Report on Form 20-F and any subsequent Annual Reports on Form 20-F we file after the date of this prospectus, and all other information contained in or incorporated by reference into this prospectus or the registration statement of which this prospectus forms a part, as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the risk factors and other information contained in any applicable prospectus supplement before acquiring any of our securities. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our operations. The occurrence of any of these risks might cause you to lose all or part of your investment in the offered securities.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This prospectus and the documents incorporated by reference in this prospectus include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Exchange Act that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "may," "plan," "potential," "predict," "project," "targets," "likely," "will," "would," "could," "should," "continue," and similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Although we believe that we have a reasonable basis for each forward-looking statement contained in this prospectus and incorporated by reference in this prospectus, we caution you that these statements are based on our projections of the future that are subject to known and unknown risks and uncertainties and other factors that may cause our actual results, level of activity, performance or achievements expressed or implied by these forward-looking statements, to differ. The sections in our periodic reports, including our Annual Report on Form 20-F for the fiscal year ended June 30, 2025, titled "Business Overview," "Risk Factors," and "Operating and Financial Review and Prospects," as well as other sections in this prospectus and the documents or reports incorporated by reference in this prospectus, discuss some of the factors that could contribute to these differences.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important cautionary statements in this prospectus or in the documents incorporated by reference in this prospectus, particularly in the "Risk Factors" section, that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. For a summary of such factors, please refer to the section titled "Risk Factors" in this prospectus, as updated and supplemented by the discussion of risks and uncertainties under "Risk Factors" contained in any supplements to this prospectus and in our most recent Annual Report on Form 20-F, as revised or supplemented by our subsequent periodic reports filed under the Exchange Act, as well as any amendments thereto, as filed with the SEC and which are incorporated herein by reference. The information contained in this document is believed to be current as of the date of this document. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.

In light of these assumptions, risks and uncertainties, the results and events discussed in the forward-looking statements contained in this prospectus or in any document incorporated herein by reference might not occur. Investors are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this prospectus or the date of the document incorporated by reference in this prospectus. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements attributable to us or to any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.

**CAPITALIZATION**

A prospectus supplement or report on Form 6-K incorporated by reference into the registration statement of which this prospectus forms a part will include information on our consolidated capitalization.

**USE OF PROCEEDS** 

Unless otherwise indicated in the applicable prospectus supplement, we intend to use any net proceeds from the sale of securities under this prospectus to fund activities relating to the planned exploration and development activities on our Estelle Project, and for other general corporate purposes, including, but not limited to, working capital, capital expenditures, investments, acquisitions, should we choose to pursue any, and collaborations. We have not determined the amounts we plan to spend on any of the areas listed above or the timing of these expenditures. As a result, our management will have broad discretion to allocate the net proceeds, if any, we receive in connection with securities offered pursuant to this prospectus for any purpose. Pending application of the net proceeds as described above, we may initially invest the net proceeds in short-term, investment-grade and interest-bearing securities.

**PLAN OF DISTRIBUTION** 

We may offer securities under this prospectus from time to time pursuant to underwritten public offerings, negotiated transactions, block trades or a combination of these methods. We may sell the securities (1) through underwriters or dealers, (2) through agents or (3) directly to one or more purchasers, or through a combination of such methods. We may distribute the securities from time to time in one or more transactions at:

● a fixed price or prices, which may be changed from time to time ;

● market prices prevailing at the time of sale;

● prices related to the prevailing market prices; or

● negotiated prices.

We may directly solicit offers to purchase the securities being offered by this prospectus. We may also designate agents to solicit offers to purchase the securities from time to time, and may enter into arrangements for "at-the-market," equity line or similar transactions. We will name in a prospectus supplement any underwriter or agent involved in the offer or sale of the securities.

If we utilize a dealer in the sale of the securities being offered by this prospectus, we will sell the securities to the dealer, as principal. The dealer may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale.

If we utilize an underwriter in the sale of the securities being offered by this prospectus, we will execute an underwriting agreement with the underwriter at the time of sale, and we will provide the name of any underwriter in the prospectus supplement which the underwriter will use to make resales of the securities to the public. In connection with the sale of the securities, we, or the purchasers of the securities for whom the underwriter may act as agent, may compensate the underwriter in the form of underwriting discounts or commissions. The underwriter may sell the securities to or through dealers, and the underwriter may compensate those dealers in the form of discounts, concessions or commissions.

With respect to underwritten public offerings, negotiated transactions and block trades, we will provide in the applicable prospectus supplement information regarding any compensation we pay to underwriters, dealers or agents in connection with the offering of the securities, and any discounts, concessions or commissions allowed by underwriters to participating dealers. Underwriters, dealers and agents participating in the distribution of the securities may be deemed to be underwriters within the meaning of the Securities Act, and any discounts and commissions received by them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions. We may enter into agreements to indemnify underwriters, dealers and agents against civil liabilities, including liabilities under the Securities Act, or to contribute to payments they may be required to make in respect thereof.

If so indicated in the applicable prospectus supplement, we will authorize underwriters, dealers or other persons acting as our agents to solicit offers by certain institutions to purchase securities from us pursuant to delayed delivery contracts providing for payment and delivery on the date stated in each applicable prospectus supplement. Each contract will be for an amount not less than, and the aggregate amount of securities sold pursuant to such contracts shall not be less nor more than, the respective amounts stated in each applicable prospectus supplement. Institutions with whom the contracts, when authorized, may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and other institutions, but shall in all cases be subject to our approval. Delayed delivery contracts will not be subject to any conditions except that:

● the purchase by an institution of the securities covered under that contract shall not at the time of delivery be prohibited under the laws of the jurisdiction to which that institution is subject; and

● if the securities are also being sold to underwriters acting as principals for their own account, the underwriters shall have purchased such securities not sold for delayed delivery. The underwriters and other persons acting as our agents will not have any responsibility in respect of the validity or performance of delayed delivery contracts.

One or more firms, referred to as "remarketing firms," may also offer or sell the securities, if a prospectus supplement so indicates, in connection with a remarketing arrangement upon their purchase. Remarketing firms will act as principals for their own accounts or as our agents. These remarketing firms will offer or sell the securities in accordance with the terms of the securities. Each prospectus supplement will identify and describe any remarketing firm and the terms of its agreement, if any, with us and will describe the remarketing firm's compensation. Remarketing firms may be deemed to be underwriters in connection with the securities they remarket. Remarketing firms may be entitled under agreements that may be entered into with us to indemnification by us against certain civil liabilities, including liabilities under the Securities Act, and may be customers of, engage in transactions with or perform services for us in the ordinary course of business.

Certain underwriters may use this prospectus and any accompanying prospectus supplement for offers and sales related to market-making transactions in the securities. These underwriters may act as principal or agent in these transactions, and the sales will be made at prices related to prevailing market prices at the time of sale. Any underwriters involved in the sale of the securities may qualify as "underwriters" within the meaning of Section 2(a)(11) of the Securities Act. In addition, the underwriters' commissions, discounts or concessions may qualify as underwriters' compensation under the Securities Act and the rules of the Financial Industry Regulatory Authority, Inc., or FINRA.

ADSs representing our ordinary shares sold pursuant to the registration statement of which this prospectus is a part will be authorized for listing and trading on The Nasdaq Capital Market. The applicable prospectus supplement will contain information, where applicable, as to any other listing, if any, on The Nasdaq Capital Market or any securities market or other securities exchange of the securities covered by the prospectus supplement. Underwriters may make a market in our ADSs, but will not be obligated to do so and may discontinue any market making at any time without notice. We can make no assurance as to the liquidity of or the existence, development or maintenance of trading markets for any of the securities.

In order to facilitate the offering of the securities, certain persons participating in the offering may engage in transactions that stabilize, maintain or otherwise affect the price of the securities. This may include over-allotments or short sales of the securities, which involve the sale by persons participating in the offering of more securities than we sold to them. In these circumstances, these persons would cover such over-allotments or short positions by making purchases in the open market or by exercising their over-allotment option. In addition, these persons may stabilize or maintain the price of the securities by bidding for or purchasing the applicable security in the open market or by imposing penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed if the securities sold by them are repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize or maintain the market price of the securities at a level above that which might otherwise prevail in the open market. These transactions may be discontinued at any time.

The underwriters, dealers and agents may engage in other transactions with us, or perform other services for us, in the ordinary course of their business.

**DESCRIPTION OF SHARE CAPITAL** 

*The following describes our issued share capital, summarizes the material provisions of our Constitution and highlights certain differences in corporate law in the Australia and the United States. Please note that this summary is not intended to be exhaustive. For further information please refer to the full version of our Constitution, which is included as an exhibit to the registration statement of which this prospectus is part.* 

**General**

We are a public company limited by shares incorporated under the Corporations Act by the Australian Securities and Investments Commission, or the ASIC. Our corporate affairs are principally governed by our constitution, the Corporations Act, the listing rules of the ASX and the listing rules of the Nasdaq Capital Market.

The following is a description of the material terms of our share capital as set forth in our constitution, the common law applicable in Australia and certain related sections of the Corporations Act. For more detailed information, please see our constitution, a copy of which is filed as an exhibit to the registration statement of which this prospectus forms a part

In general our constitution addresses similar matters to those typically addressed in a U.S. company's charter documents. Notably, however we do not have a limit on our authorized share capital, the concept of par value is not recognized under Australian law, and as further discussed under "—*Our Constitution*."

**Share Capital**

Subject to our constitution, the Corporations Act, the listing rules of the ASX and the Nasdaq Capital Market, and any other applicable law, we may at any time issue shares and give any person a call or option over any shares on any terms, with preferential, deferred or other special rights, privileges or conditions or with restrictions and for the consideration and other terms that the directors determine. We may only issue preference shares if the rights attaching to the preference shares (including relating to repayment of capital, participation in surplus assets and profits, cumulative and non-cumulative dividends, voting and priority of payment of capital and dividends in respect of other shares (including ordinary shares)) are set out in our constitution or otherwise approved by special resolution passed at a general meeting of shareholders, in either case prior to the issue of such preference shares. We do not currently have any preference shares on issue.

Subject to the requirements of our constitution, the Corporations Act, the listing rules of the ASX and the Nasdaq Capital Market and any other applicable law, including relevant shareholder approvals, we may consolidate or divide our share capital into a larger or smaller number by resolution, reduce our share capital in any manner (provided that the reduction is fair and reasonable to our shareholders as a whole, does not materially prejudice our ability to pay creditors and obtains the necessary shareholder approval) or buy back our ordinary shares whether under an equal access buy-back or on a selective basis.

***Ordinary Shares***

The holders of our ordinary shares are entitled to one vote for each share held at any meeting of the shareholders, subject to any voting exclusion or restriction on a resolution-by-resolution basis. Subject to the prior rights of the holders of any preference shares, the holders of our ordinary shares will be entitled to receive dividends as and when declared by our board of directors. Subject to the prior payment to the holders of any preference shares where the terms of such preference shares provide for same, in the event of our liquidation, dissolution or winding-up or other distribution of our assets among our shareholders, the holders of our ordinary shares will be entitled to share pro rata in the distribution of the balance of our assets. Holders of ordinary shares have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to our ordinary shares. There is no provision in our constitution requiring holders of ordinary shares to contribute additional capital, or permitting or restricting the issuance of additional securities or any other material restrictions. The rights, preferences and privileges of the holders of ordinary shares will be subject to, and may be adversely affected by, the rights of the holders of any preference shares that we may issue in the future (which, as noted above, are subject to receipt of prior shareholder approval). For a more complete description of the rights attaching to our ordinary shares, please see "*—Our Constitution"* below.

***Performance Rights***

Class A performance rights, class B performance rights and class C performance rights have common terms but for the milestone applicable for conversion.

(a) A
 Performance Right is a right to receive a fully paid ordinary share in the capital of the Company (Share) subject to satisfaction
 of an Applicable Milestone (refer below).

(b) A
 Performance Right shall convert to a Share upon and subject to satisfaction of an Applicable Milestone.

(c) A
 Performance Right for which an Applicable Milestone has not been satisfied lapses on the date which is five years from issue of that
 Performance Right, November 25, 2026 (Lapse Date).

(d) A
 Performance Right does not entitle the holder to attend or vote on any resolutions proposed at a general meeting of our shareholders.

(e) A
 Performance Right does not entitle the holder to any dividends.

(f) Upon
 our winding up, a Performance Right may not participate in our surplus profits or assets.

(g) A
 Performance Right is not transferable unless otherwise determined by the Board or a delegate of the Board.

(h) A
 Performance Right does not lapse upon the termination or resignation of the holder.

(i) In
 the event that our issued capital is reconstructed, and we are listed on the ASX at the relevant time, all rights of
 a holder will be changed to the extent necessary to comply with the ASX Listing Rules at the time of reorganization provided that,
 subject to compliance with the ASX Listing Rules, following such reorganization the economic and other rights of the Holders are
 not diminished or terminated.

(j) This
 clause applies whilst the Company is listed on the ASX. Performance Rights will not be quoted on the ASX. Upon conversion
 of a Performance Right into a Share in accordance with these terms, we must within seven days from the date of conversion, apply
 for and use best endeavors to obtain official quotation on the ASX of the Shares arising from conversion.

(k) Subject
 to compliance with applicable law (including the ASX Listing Rules as they apply to the Company), Performance Rights shall immediately
 convert to Shares upon a Change of Control occurring. Change of Control means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a
 bona fide takeover bid is declared unconditional and the bidder has acquired a relevant interest in over 50% of our issued shares;

b. the
 sale of all or substantially all of our assets of;

c. a
 court approves under section 411(4)(b) of the Corporations Act, a proposed compromise arrangement for the purpose of, or in connection
 with, our scheme for the reconstruction or our amalgamation with any other company or companies; or

d. in
 any other case, a person obtains voting power in us that the Board (which for the avoidance of doubt will comprise those Directors
 immediately prior to the person acquiring the voting power) determines, acting in good faith and in accordance with their fiduciary
 duties, is sufficient to control the composition of the Board.

(l) Holders
 of Performance Rights will not be entitled to participate in new issues of capital offered to holders of Shares such as bonus issues
 and entitlement issues.

(m) This
 clause applies whilst we are listed on the ASX. The terms of the Performance Rights may be amended as necessary by the Board
 to comply with the ASX Listing Rules, or any direction of the ASX regarding the terms provided that, subject to compliance
 with the ASX listing rules, following such amendment, the economic and other rights of the Holder are not diminished or terminated.

(n) A
 Performance Right gives the Holder no rights other than those expressly provided by these terms and those provided at law where such
 rights at law cannot be excluded by these terms.

(o) A
 Performance Right will convert into a Share upon the achievement of an Applicable Milestone to that Performance Right prior to the
 Lapse Date. An Applicable Milestone for a Performance Right will be specified in the terms of issue of or invitation to apply for
 the Performance Right.

(p) In
 the event an Applicable Milestone is satisfied prior to the Lapse Date, Performance Rights held by a Holder will convert into an
 equal number of Shares.

(q) If
 an Applicable Milestone for a Performance Right is not achieved by the Lapse Date, all Performance Rights will lapse and be deemed
 to have been cancelled without payment or other compensation to the Holder.

(r) The
 Shares into which the Performance Rights will convert will rank pari passu in all respects with existing Shares and, if we are listed
 on the ASX, an application will be made by us to the ASX for official quotation of the Shares issued upon conversion.

(s) The
 conversion of Performance Rights is subject to compliance at all times with the ASX Listing Rules we are listed on the ASX
 at the relevant time and the Corporations Act

The following are the applicable milestones for the class A, class B and class C performance rights:

---

| | |
|:---|:---|
| Class A | Completion of either a pre-feasibility study or a definitive feasibility study of the Korbel Main deposit that demonstrates at the time of reporting that extraction is reasonably justified and economically mineable indicating an internal rate of return to us of greater than 20% and an independently verified JORC classified mineral reserve equal to or greater than 1,500,000 oz Au with an average grade of not less than 0.4g/t for not less than 116Mt. |
| Class B | Completion of the first gold pour (defined as a minimum quantity of 500 oz) from the Korbel Main deposit |
| Class C | Achievement of an EBITDA of more than A$20m in the second half-year reporting period following the commencement of commercial operations at the Korbel Main deposit. |

---

***Options***

We have granted to employees, consultants and directors options to purchase 8,250,000 ordinary shares under the ESOP and we currently have 20,000,000 remaining options available for issuance under the ESOP after the plan was re-approved at the 2023 AGM on November 29, 2023. See "*Management—ESOP*."

***Warrants***

As of November 19, 2025, we have the following warrants outstanding (i) 111,447 public warrants to purchase 557,235 ADSs representing 6,686,820 ordinary shares with an exercise price of US$1.4532 per ADS and expiring on July 25, 2029; (ii) representative warrants to purchase 1,710 ADSs representing 20,520 ordinary shares with an exercise price of US$2.073 per ADS and expiring on July 23, 2028; (iii) representative warrants to purchase 710 ADSs representing 8,520 ordinary shares with an exercise price of US$1.50 per ADS and expiring on September 24, 2029; and (iv) representative warrants to purchase 327,100 ADSs representing 3,925,200 ordinary shares with an exercise price of US$2.775 per ADS and expiring on July 14, 2030.

**American Depositary Shares**

See "*Description of American Depositary Shares*."

**Public Warrants**

The following is a brief summary of certain terms and conditions of the public warrants and is subject in all respects to the provisions contained in the public Warrant Agent Agreement. You should review a copy of the form of Warrant and Warrant Agent Agreement filed with the SEC for a complete description of the terms and conditions applicable to the public warrants.

*Exercisability*. The public warrants are exercisable at any time after their original issuance and at any time up to the date that is five years after their original issuance. The public warrants will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and, at any time a registration statement registering the issuance of the ordinary shares underlying the public warrants and the ADSs under the Securities Act is effective and available for the issuance of such shares, by payment in full in immediately available funds for the number of ordinary shares purchased upon such exercise. If a registration statement registering the issuance of the ordinary shares underlying the public warrants and the ADSs under the Securities Act is not effective or available the holder may, in its sole discretion, elect to exercise the public warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of ADSs determined according to the formula set forth in the public warrant. Pursuant to the Warrant Agreement, a public warrant holder may exercise its public warrants only for a whole number of ADSs. This means only a whole public warrant may be exercised at a given time by a public warrant holder. No fractional public warrants will be issued and only whole warrants will trade. No fractional shares or ADSs will be issued in connection with the exercise of a warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in an ADS, the Company will, upon exercise, round down to the nearest whole number the number of ADSs to be issued to the public warrant holder.

*Exercise Limitation*. A holder will not have the right to exercise any portion of the public warrant if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or 9.99% at the election of the holder) of the number of ordinary shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the public warrants. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days following notice from the holder to us.

*Exercise Price.* The exercise price per whole ADS purchasable upon exercise of the public warrants is US$1.4532 per whole ADS. The exercise price is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our ordinary shares and also upon any distributions of assets, including cash, stock or other property to our stockholders.

*Transferability*. Subject to applicable laws, the public warrants may be offered for sale, sold, transferred or assigned without our consent.

*Exchange Listing*. The public warrants are listed on the Nasdaq Capital Market, under the symbol "NVAWW".

*Warrant Agent*. The public warrants were issued in registered form under a warrant agent agreement between VStock Transfer, LLC, as warrant agent, and us. The public warrants shall initially be represented only by one or more global warrants deposited with the warrant agent, as custodian on behalf of The Depository Trust Company, or DTC, and registered in the name of Cede & Co., a nominee of DTC, or as otherwise directed by DTC.

*Fundamental Transactions.* In the event of a fundamental transaction, as described in the public warrants and generally including any reorganization, recapitalization or reclassification of our ordinary shares, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding ordinary shares, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding ordinary shares, the holders of the public warrants will be entitled to receive upon exercise of the public warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the public warrants immediately prior to such fundamental transaction without regard to any limitations on exercised contained in the public warrants.

*Rights as a Stockholder*. Except as otherwise provided in the public warrants or by virtue of such holder's ownership of ADSs or ordinary shares, the holder of a public warrant does not have the rights or privileges of a holder of ADSs or ordinary shares, including any voting rights, until the holder exercises the public warrant. An exercising public warrant holder will not become a holder of ADSs until the ADS depositary registers and delivers the ADSs.

*Governing Law.* The public warrants are governed by New York law.

**Representative Warrants**

The representative warrants consist of warrants issued to ThinkEquity LLC or its designees as the representative for the underwriters in our July and September 2024, and our July 2025 offerings and have substantially the same terms as the public warrants described above except that (i) the exercise price for the July 2024 representative warrants is $2.073 per ADS; (ii) the July 2024 representative warrants are not exercisable until 180-days after commencement of sales of the July 23, 2024 offering, or January 19, 2025; (iii) the July 2024 representative warrants expire four years after the effective date, or July 23, 2027; (iv) the exercise price for the September 2024 representative warrants is $1.50 per ADS; (v) the September 2024 representative warrants are not exercisable until 180-days after commencement of sales of the September 24, 2024 offering, or March 22, 2025; (vi) the September 2024 representative warrants expire five years after the effective date, or September 24, 2029; (vii) the exercise price for the July 2025 representative warrants is $2.775 per ADS; (viii) the July 2025 representative warrants are not exercisable until 180-days after commencement of sales of the July 14, 2025 offering, or January 10, 2026; (ix) the July 2025 representative warrants expire five years after the effective date, or July 14, 2030 and (x) there is no trading market for the July and September 2024 representative warrants on any securities exchange or nationally recognized trading system; we do not expect a trading market to develop and we do not intend to list the July and September 2024 representative warrants on any securities exchange or other trading market. You should review a copy of the form of the July and September 2024 representative warrants filed with the SEC for a complete description of the terms and conditions applicable to the July and September 2024, and July 2025 representative warrants.

**Changes in Share Capital**

As of November 19, 2025, we had 414,130,817 ordinary shares outstanding (including 15,880,509 ADSs representing 190,566,119 ordinary shares) which were held by approximately 6,424 shareholders on record, options to purchase 1,714,286 ordinary shares at a weighted-average exercise price of A$0.91 per share, options to purchase 8,250,000 ordinary shares under our employee share option plan at a weighted average exercise price of A$1.20, up to 20,000,000 ordinary shares that are available for issuance under our employee share option plan, up to 13,600,000 ordinary shares that are available for issuance under our director share plan, class A performance rights for 600,000 ordinary shares, class B performance rights for 600,000 ordinary shares issued and class C performance rights for 1,200,000 ordinary shares issued outstanding; warrants to purchase 557,235 ADSs representing 6,688,820 ordinary shares, and representative warrants to purchase 329,520 ADSs representing 3,954,240 ordinary shares.

For the past three years through the date of this prospectus, the following events have changed our issued and outstanding ordinary shares.

● From July 1, 2022 through June 30, 2023, we issued 3,458,990 ordinary shares upon the exercising of employee options granted to officers and employees.

● Between November 2022 and February 2023, we issued 27,228,501 ordinary shares to institutional shareholders at an issue price of A$0.70 (approximately US$0.46) per share.

● In May 2023, we issued 182 ordinary shares to institutional shareholders at an issue price of A$0.70 (approximately US$0.46) per share on the exercise of unquoted options.

● In June 2023 we issued 3 ordinary shares to institutional shareholders at an issue price of A$0.70 (approximately US$0.46) per share on the exercise of unquoted options.

● In February 2024, we issued 101 ordinary shares to institutional shareholders at an issue price of A$0.70 (approximately US$0.46) per share on the exercise of unquoted options.

● In April 2024, we issued 2,083,336 ordinary shares to sophisticated shareholders at an issue price of A$0.24 (approximately US$0.16 per share).

● In April 2024, we issued 150 ordinary shares to an institutional shareholder at an issue price of A$0.70 (approximately US$0.46) per share on the exercise of unquoted options.

● In June 2024, we issued 2,083,333 ordinary shares to Company directors at an issue price of A$0.24 (approximately US$0.16 per share).

● In July 2024, we issued 28,500,000 ordinary shares represented by 2,375,000 ADSs in a public offering at an issue price of US$1.384 per ADS (approximately A$0.176 per ordinary share).

● In July 2024 we issued (i) 2,612,500 public warrants to purchase 2,612,500 ADSs representing 31,350,000 ordinary shares with an exercise price of US$1.4532 per ADS and expiring on July 25, 2029 and (ii) representative warrants to purchase 118,750 ADSs representing 1,425,000 ordinary shares with an exercise price of US$2.073 per ADS and expiring on July 23, 2028.

● In September 2024, we issued 28,380,000 ordinary shares represented by 2,365,000 ADSs in a public offering at an issue price of US$1.00 per ADS (approximately A$0.122 per ordinary share).

● In November 2024 we issued representative warrants to purchase 118,250 ADSs representing 1,419,000 ordinary shares with an exercise price of US$1.50 per ADS and expiring on September 24, 2029.

● In November 2024 we issued 600,000 ordinary shares to a consultant on signing an investor relations agreement (estimated value at the date of issue was A$0.21 per share)

● In November 2024 we issued 600,000 ordinary shares to a consultant for investor relations on achievement of a milestone (estimated value at the date of issue was A$0.215 per share)

● In November 2024 we issued 392,472 ordinary shares to a consultant in lieu of US$50,000 in fees (approximately US$0.1972 per share)

● Between November 1, 2024 and November, 2025 we issued 24,663,180 ordinary shares on the exercise of public warrants, represented by 2,055,265 ADS's at an exercise price of US$1.4532 per ADS (approximatelyA$0.1806 per ordinary share).

● In January 2025 we issued 35,007,644 ordinary shares upon conversion of the full outstanding balance of the Nebari convertible loan of US$5,420,934 at a conversion price of A$0.25 per share.

● In July 2025, we issued 78,504,000 ordinary shares represented by 6,542,000 ADSs in a public offering at an issue price of US$1.85 per ADS (approximately A $0.235 per ordinary share).

● In October 2025, we issued 1,179,780 ordinary shares upon exercise of Representative Warrants represented by 98,315 ADSs at an exercise price of US$2.073 per ADS (approximately A$0.258 per ordinary share).

● In October 2025, we issued 1,246,860 ordinary shares upon exercise of Representative Warrants represented by 103,905 ADSs at an exercise price of US$1.50 per ADS (approximately A$0.183 per ordinary share).

● In November 2025 we issued representative warrants to purchase 327,100 ADSs representing 3,925,200 ordinary shares with an exercise price of US$2.775 per ADS and expiring on July 17, 2030.

**Our Constitution**

In general our constitution addresses similar matters to those typically addressed in the bylaws of a U.S. corporation. It does not provide for or prescribe any specific objectives or purposes of our company. Our constitution is subject to the terms of the ASX listing Rules and the Corporations Act. It may be amended or repealed and replaced by special resolution of shareholders, which is a resolution passed by at least 75% of the votes cast by shareholders (in person or by proxy) entitled to vote on the resolution.

Under Australian law, a company has the legal capacity and powers of an individual both within and outside Australia. The material provisions of our constitution are summarized below. This summary is not intended to be complete nor to constitute a definitive statement of the rights and liabilities of our shareholders and is qualified in its entirety by reference to the complete text of our constitution, a copy of which is filed as an exhibit to the registration statement of which this prospectus forms a part.

***Interested Directors***

A director or that director's alternate who has a material personal interest in a matter, contract or arrangement that is being considered at a directors' meeting must not be present while the matter is being considered at the meeting or vote in respect of that matter according to our constitution unless permitted to do so by the Corporations Act, in which case such director may (i) be counted in determining whether or not a quorum is present at any meeting of directors considering that contract or arrangement or proposed contract or arrangement; (ii) vote in respect of, or in respect of any matter arising out of, the contract or arrangement or proposed contract or arrangement.

Unless a relevant exception applies, the Corporations Act requires our directors to provide disclosure of any material personal interest and prohibits directors from voting on matters in which they have a material personal interest and from being present and counted when determining if a quorum is present at the meeting while the matter is being considered. In addition, subject to certain exceptions the Corporations Act and the listing rules of the ASX and the Nasdaq Capital Market may require shareholder approval of any provision of related party benefits to our directors, unless a relevant exception applies.

***Directors' Compensation***

Our non-executive directors are paid remuneration for their services as directors. Subject to the listing rules of the ASX and the Nasdaq Capital Market, non-executive directors as a whole may be paid or provided remuneration for their services a total amount or value not to exceed A$500,000 per annum. Subject to the listing rules of the ASX and the Nasdaq Capital Market, the aggregate, capped sum for non-executive directors' remuneration is to be divided among the non-executive directors in such proportion as the directors themselves agree and in accordance with our constitution. The capped sum remuneration for non-executive directors may not be increased except at a general meeting of shareholders and the particulars of the proposed increase are required to have been provided to shareholders in the notice convening the meeting in accordance with the listing rules of ASX. In addition, our board of directors may fix the remuneration of each executive director, which may comprise salary or commission on or participation in our profits (or comprising a combination of each) as our directors determine.

Fees payable to our non-executive directors must be by way of a fixed sum and not by way of a commission on or a percentage of profits or operating revenue. Remuneration paid to our executive directors must also not include a commission or percentage of operating revenue.

Pursuant to our constitution, any director who performs extra services or makes any special exertions, whether in going or residing abroad or otherwise for any of the purposes of our company, that director may be paid an additional sum for those services and exertions.

In addition to other remuneration provided in our constitution, all of our directors are entitled to be paid by us for all travelling and other expenses properly incurred by the directors in attending general meetings, board meetings, committee meetings or otherwise in connection with our business.

In addition, in accordance with our constitution, a director may be paid a retirement benefit as determined by our board of directors subject to the requirements of the Corporations Act.

***Borrowing Powers Exercisable by Directors***

Pursuant to our constitution, the management and control of our business affairs are vested in our board of directors. Our board of directors has the power to raise or borrow money or obtain other financial accommodation for the purposes of our company, and may grant security for the repayment of that sum or sums or the payment, performance or fulfilment of any debts, liabilities, contracts or obligations incurred or undertaken by our company in any manner and upon any terms and conditions as our board of directors deems appropriate, subject to the provisions of applicable law including the Corporations Act as it relates to related party transactions.

***Retirement of Directors***

Pursuant to our constitution, one-third of our directors (other than the managing director) must retire from office at every annual general meeting. If the number of directors (other than the managing director) is not a multiple of three, then the number nearest, to but not exceeding, one-third must retire from office. The directors who retire in this manner are required to be the directors or director longest in office since last being elected. A director must retire from office at the conclusion of the third annual general meeting after which the director was elected. A retiring director remains in office until the end of the meeting and will be eligible for re-election at the meeting. In addition, a director appointed to fill a casual vacancy between annual general meetings must retire at the next annual general meeting following their appointment and are eligible for election.

***Rights and Restrictions on Classes of Shares***

The rights attaching to our ordinary shares are detailed in our constitution. Our constitution provides that, subject to the Corporations Act, the ASX's listing rules and our constitution, our directors may issue shares with preferential, deferred or special rights, privileges or conditions or with any restrictions, whether in relation to dividends, voting, return of share capital, or otherwise as our board of directors may determine. Subject to the Corporations Act, the ASX's listing rules and our constitution, we may issue further shares on such terms and conditions as our board of directors resolve (see also "*—Change of Control*"). We may only issue preference shares if the rights attaching to the preference shares (including relating to repayment of capital, participation in surplus assets and profits, cumulative and non-cumulative dividends, voting and priority of payment of capital and dividends in respect of other shares (including ordinary shares)) are set out in our constitution or otherwise approved by special resolution passed at a general meeting, in either case prior to the issue of such preference shares. We do not currently have any preference shares on issue. Our outstanding share capital consists of only one class of shares, being ordinary shares.

***Dividend Rights***

Under the Corporations Act, a company must not pay a dividend unless (a) the company's assets exceed its liabilities immediately before the dividend is declared and the excess is sufficient for the payment of the dividend; (b) the payment of the dividend is fair and reasonable to the company's shareholders as a whole; and (c) the payment of the dividend does not materially prejudice the company's ability to pay its creditors. Subject to this requirement, our board of directors may from time to time determine to pay and declare dividends to shareholders. All dividends unclaimed for one year after the time for payment has passed may be invested or otherwise made use of by our board of directors for our benefit until claimed or until dealt with under any law relating to unclaimed moneys. There have been no dividends paid to shareholders to date.

***Voting Rights***

Under our constitution, and subject to any voting exclusions imposed under the ASX's listing rules (which typically exclude parties from voting on resolutions in which they have an interest), the rights and restrictions attaching to a class of shares, each shareholder has one vote on a show of hands at a meeting of the. On a poll vote, each shareholder shall have one vote for each fully paid share and a fractional vote for each share held by that shareholder that is not fully paid, such fraction being equivalent to the proportion of the amount that has been paid to such date on that share. We do not currently have any partly paid shares on issue. The current ASX Recommendations recommend that the voting by ASX-listed entities be conducted by way of a poll on all substantive resolutions. Shareholders may vote in person or by proxy, attorney or representative. Under Australian law, shareholders of a public company are generally not permitted to approve corporate matters by written consent. Our constitution does not provide for cumulative voting.

Under Australian law, an ordinary resolution is passed if a majority of the votes cast on the resolution (in person or by proxy) by members entitled to vote on the resolution are in favor of the resolution and a special resolution is passed if at least 75% of the votes cast on the resolution (in person or by proxy) are in favor of the resolution.

ADSs holders may not directly vote at a meeting of the shareholders but may instruct the depositary to vote the number of deposited ordinary shares that their ADSs represent.

***Right to Share in Our Profits***

Pursuant to our constitution, our shareholders are entitled to participate in our profits only by payment of dividends. Our board of directors may from time to time determine to pay dividends to the shareholders. However, any such dividend may only be payable in accordance with the requirements set out in the Corporations Act described above.

***Rights to Share in the Surplus in the Event of Winding Up***

Our constitution provides for the right of shareholders to participate in a surplus in the event of our winding up, subject to the rights attaching to a class of shares.

***No Redemption Provision for Ordinary Shares***

There are no redemption provisions in our constitution in relation to ordinary shares. Under our constitution, shares may be issued and allotted, which are liable to be redeemed. Under the Corporations Act, redeemable preference shares may only be redeemed if those preference shares are fully paid-up and payment in satisfaction of redemption is out of profits or the proceeds of a new issue of shares made for the purposes of the redemption.

***Variation or Cancellation of Share Rights***

Subject to the Corporations Act, the listing rules of the ASX and the Nasdaq Capital Market, and the terms of issue of shares of that class, the rights and privileges attached to shares in a class of shares may only be varied or cancelled by a special resolution, together with either (i) a special resolution passed at a meeting of members holding shares in the class; or (ii) the written consent of members with at least 75% of the shares in the class.

***Directors May Make Calls***

Our constitution provides that subject to compliance with the Corporations Act and the terms on which partly paid shares are issued, directors may make calls on the holders of the shares for any money unpaid on them. We do not currently have any partly paid shares on issue.

***General Meetings of Shareholders***

General meetings of shareholders may be called by our board of directors. Except as permitted under the Corporations Act, shareholders may not convene a meeting. The Corporations Act requires the directors to call and arrange to hold a general meeting on the request of shareholders with at least 5% of the votes that may be cast at a general meeting. Notice of the proposed meeting of our shareholders is required at least 28 days prior to such meeting under the listing rules of the ASX. Certain resolutions require approval of 75% or more (by number of shares) of the shareholders entitled and present to vote on the relevant resolution, including but not limited to changing the name of the company, amending or replacing the constitution of the company or changing the status of the company from public to private. Other resolutions only require the approval of 50% or more (by number of shares) of the shareholders entitled and present to vote on the relevant resolution, including to consolidate or sub-divide the issued capital of the company, to approve the appointment of the auditor and to approve the giving of a financial benefit to a related party.

***Foreign Ownership Regulation***

Our constitution does not impose specific limitations on the rights of non-residents to own securities in us. However, acquisitions and proposed acquisitions of securities in Australian companies may be subject to review and approval by the Australian Federal Treasurer under the Foreign Acquisitions and Takeovers Act 1975 (Cth), and the Foreign Acquisition and Takeovers Regulations 2015, or the FATA, which generally applies to acquisitions or proposed acquisitions:

● by a foreign person or their associates (as defined in the FATA) of a direct interest (generally constituted by an interest of 10% or more) in a company which operates a business that meets the criteria of a 'national security business' regardless of value;

● by 'foreign government investors' (as defined in the FATA) acquiring a direct interest (generally constituted by an interest of 10% or more) in a company regardless of value;

● by a foreign person (as defined in the FATA) or associated foreign persons that would result in such persons having an interest in 20% or more of the issued shares of, or control of 20% or more of the voting power in, an Australian company; and

● by non-associated foreign persons that would result in such foreign persons having an aggregate interest in 40% or more of the issued shares of, or control of 40% or more of the voting power in, an Australian company, where the Australian company is valued above the monetary threshold prescribed by FATA (as set out above).

However, no such review or approval under the FATA is required if the foreign acquirer is a U.S. entity or an entity from certain other countries and the value of the Australian target is less than A$1,464 million (approximately US$936 million).The above should be considered an overview only. The application of the FATA is complex and requires an assessment of the circumstances and nature of a particular investment. For example, varying rules exist for acquisitions in agricultural land or businesses deemed to be 'sensitive businesses.

The Australian Federal Treasurer may prevent a proposed acquisition in the above categories or impose conditions on such acquisition if the Treasurer is satisfied that the acquisition would be contrary to the national interest. If a foreign person acquires shares or an interest in shares in an Australian company in contravention of the FATA, the Australian Federal Treasurer may make a range of orders including an order the divestiture of such person's shares or interest in shares in that Australian company. There are also civil and criminal penalties which may apply to breaches of the FATA.

In addition, if we were to become a 'foreign person' for the purposes of the FATA we would be required to obtain the approval of the Australian Treasurer to undertake certain acquisitions of Australian entities or businesses.

***Ownership Threshold***

There are no specific provisions in our constitution that require a shareholder to disclose ownership above a certain threshold. The Corporations Act, however, requires a shareholder to notify us and the ASX once it, together with its associates, acquires a 5% relevant interest in our ordinary shares, at which point the shareholder will be considered to be a "substantial" shareholder. Further, once a shareholder owns (alone or together with associates) a 5% relevant interest in us, such shareholder must notify us and the ASX of any increase or decrease of 1% or more in its holding of our ordinary shares and must also notify us and the ASX on its ceasing to be a "substantial" shareholder.

**Issues of Shares and Change in Capital**

Subject to our Constitution, the Corporations Act, the ASX Listing Rules and any other applicable law, we may at any time issue shares and grant options or warrants on any terms, with preferred, deferred or other special rights and restrictions and for the consideration and other terms that the directors determine. Pursuant to the ASX Listing Rules, our Board may (at its discretion) issue securities to persons or entities who are not 'related parties' (as defined in detail in the ASX Listing Rules, however includes directors, their parents and children and other associated companies) without approval from shareholders if such issue, when aggregated with securities issued within the past twelve months, would be an amount that would exceed 15% of our issued ordinary share capital at the commencement of that 12-month period ("**Placement Capacity"**). Certain issues are excluded from the calculation of issues which reduce the Placement Capacity, including any approval made with shareholder approval or issues under an approved ESOP. Certain ASX listed entities can seek shareholder approval to increase the Placement Capacity by a further 10% (i.e. to 25% of our issued ordinary share capital) at annual general meetings ("**Additional Capacity**"). The Additional Capacity is subject to certain further restrictions (including a requirement that securities issued under the Additional Capacity must be quoted securities and must be issued for cash at not more than a 25% market discount). We obtained approval for the Additional Capacity at our 2024 Annual General Meeting. Other allotments of securities require approval by our shareholders subject to certain exemptions existing under the ASX Listing Rules.

Subject to the requirements of our Constitution, the Corporations Act, the ASX Listing Rules and any other applicable law, including relevant shareholder approvals, we may consolidate or divide our share capital into a larger or smaller number by resolution, reduce our share capital (provided that the reduction is fair and reasonable to our shareholders as a whole and does not materially prejudice our ability to pay creditors) or buy back our ordinary shares whether under an equal access buy-back or on a selective basis.

**Change of Control**

Takeovers of listed Australian public companies, including us, are regulated by the Corporations Act, which prohibits the acquisition of a "relevant interest" in issued voting shares in a listed company if the acquisition will lead to that person's or someone else's voting power in our company (when aggregated with their "associates") increasing from 20% or below to more than 20% or increasing from a starting point that is above 20% and below 90%, subject to a range of exceptions.

Generally, a person will have a relevant interest in securities if the person: (i) is the holder of the securities (other than if the person holds those securities as a bare trustee); (ii) has power to exercise, or control the exercise of, a right to vote attached to the securities; or (iii) has the power to dispose of, or control the exercise of a power to dispose of, the securities.

If, at a particular time, a person has a relevant interest in issued securities and the person (whether before or after acquiring the relevant interest) has (i) entered into an agreement with another person with respect to the securities; (ii) given another person an enforceable right, or has been or is given an enforceable right by another person, in relation to the securities (whether the right is enforceable presently or in the future and whether or not on the fulfilment of a condition); or (iii) granted an option to, or has been or is granted an option by, another person with respect to the securities, and the other person would have a relevant interest in the securities if the agreement were performed, the right enforced or the option exercised, then the other person is taken to have a relevant interest in the relevant securities.

There are a number of exceptions to these takeover provisions. In general terms, some of the more significant exceptions include:

● when the acquisition results from the acceptance of an offer under a formal takeover bid;

● when the acquisition is conducted on market by or on behalf of the bidder during the bid period for a full takeover bid that is unconditional or only conditional on certain 'prescribed' matters set out in the Corporations Act;

● when the acquisition has been previously approved by our shareholders by resolution passed at general meeting;

● an acquisition by a person if, throughout the six months before the acquisition, that person or any other person has had voting power in our company of at least 19% and, as a result of the acquisition, none of the relevant persons would have voting power in our company more than three percentage points higher than they had six months before the acquisition;

● when the acquisition results from the issue of securities under a rights issue;

● when the acquisition results from the issue of securities under a dividend reinvestment scheme or bonus share plan;

● when the acquisition results from the issue of securities under certain underwriting arrangements;

● when the acquisition results from the issue of securities through a will or through operation of law;

● an acquisition that arises through the acquisition of a relevant interest in another listed company which is listed on a prescribed financial market or a financial market approved by the ASIC;

● an acquisition arising from an auction of forfeited shares conducted on-market; or

● an acquisition arising through a compromise, arrangement, liquidation or buy-back.

Breaches of these takeover provisions are criminal offenses. The ASIC and the Australian Takeover Panel have a wide range of powers relating to breaches of these takeover provisions, including the ability to make orders, cancelling contracts, freezing transfers of, and rights attached to, securities and forcing a party to dispose of securities. There are certain defenses to breaches of these takeover provisions provided in the Corporations Act.

Our Constitution, which is included as an exhibit to this registration statement to which this prospectus forms a part, also contains a requirement for our shareholders to approve any proportionate takeover bid (i.e. a bid for a specified proportion of a class of securities in us) without the approval of a majority of our shareholders voting at a general meeting (refer Article 28 of the Constitution). For these provisions to be effective they must be approved by shareholders at a general meeting at least every three years. Article 28 of the Constitution was approved by shareholders at the 2019 Annual General Meeting and therefore was operative until November 2022. The Company intends to seek reapproval of Article 28 at its next General Meeting. The existence of these provisions may have the effect of discouraging proportionate takeover bids and limit our shareholders' and ADS holders' opportunity to obtain a premium for their securities from such a transaction.

**Comparison of Australian and Delaware Law**

The table below provides a summary of the Australian law applicable to Nova as an Australian public company, and certain rights attaching to Nova's shares. These laws and/or rights may be different to those which would apply if Nova were incorporated in Delaware and subject to Delaware and US federal laws, the table below provides a summary comparison for illustrative purposes. Investors should also carefully review the relevant risks highlighted in this section in this regard and the summary of the matters set forth under the section entitled "Description of Share Capital", as well as the copy of our Constitution (which is included as an exhibit to the registration statement to which this prospectus forms a part), prior to investing in the Ordinary Shares.

---

| | | | |
|:---|:---|:---|:---|
| **Matter** | **Australian public company** | **Australian public company** | **Listed US company incorporated in Delaware** |
| **Share capital** | The Corporations Act does not: | The Corporations Act does not: | A US company's certificate of incorporation may authorize the issue of up to a maximum number of shares, which may consist of different classes of shares and stipulate the par value for those shares. |
|  | ● | prescribe the minimum amount of share capital that Nova should have; |  |
|  | ● | prescribe a minimum issue price for each share in Nova; or |  |
|  | ● | require Nova to place a maximum limit on the share capital that its members may subscribe. |  |
|  | Australian law does not contain any concept of authorized capital or par value per share. | Australian law does not contain any concept of authorized capital or par value per share. |  |
|  | Under Australian law and our Constitution, the issue price of shares is set by the Nova Directors collectively as a board at the time of each issue. The issue of new classes of shares (not already approved by members or authorized by our Constitution) will require shareholder approval. | Under Australian law and our Constitution, the issue price of shares is set by the Nova Directors collectively as a board at the time of each issue. The issue of new classes of shares (not already approved by members or authorized by our Constitution) will require shareholder approval. |  |
| **Issuing additional shares** | Subject to the Corporations Act, our Constitution authorizes the Nova Board to allot and issue securities in the capital of Nova to any person on such terms and with such rights as the Board determines. The Corporations Act does however require shareholder approval for the issue of shares to related parties (including Directors), subject to certain exceptions which are discussed further below.<br>The ASX Listing Rules do impose limits on the number of securities which may be issued without shareholder approval. In the case of Nova, the current maximum capacity for issues without shareholder approval is 25% of its issue share capital (these limits may be refreshed by shareholder approval and are subject to certain exception including pro-rata rights issues and ESOP issues). | Subject to the Corporations Act, our Constitution authorizes the Nova Board to allot and issue securities in the capital of Nova to any person on such terms and with such rights as the Board determines. The Corporations Act does however require shareholder approval for the issue of shares to related parties (including Directors), subject to certain exceptions which are discussed further below.<br>The ASX Listing Rules do impose limits on the number of securities which may be issued without shareholder approval. In the case of Nova, the current maximum capacity for issues without shareholder approval is 25% of its issue share capital (these limits may be refreshed by shareholder approval and are subject to certain exception including pro-rata rights issues and ESOP issues). | A US company's by-laws will generally permit the issue of authorized and unissued shares of any class by vote of the board of directors in such manner, for such consideration and on such terms as the board of directors may determine, without stockholder approval.<br>Furthermore, under the Nasdaq listing rules, a listed company will not be able to disparately reduce or restrict voting rights of the shares through any corporate action or issuance. |
| **Transfer of shares** | Under Australian law and our Constitution, securities in Nova are generally freely transferable.<br>The Nova Directors may however refuse to register a transfer of shares in limited circumstances as detailed in our Constitution, and where the transfer would be contrary to the Corporations Act. | Under Australian law and our Constitution, securities in Nova are generally freely transferable.<br>The Nova Directors may however refuse to register a transfer of shares in limited circumstances as detailed in our Constitution, and where the transfer would be contrary to the Corporations Act. | Under the Delaware General Corporation Law ("DGCL"), shares are generally freely transferable.<br>Transfer of shares may be subject to restrictions imposed by US federal or state securities laws, by the certificate of incorporation or by-laws or by an agreement signed with the holders of shares at issue.<br>Generally, a transfer of shares shall be made only on the transfer books of a Delaware incorporated company or by a transfer agent designated to transfer shares of a Delaware incorporated company. Where a Delaware incorporated company Shares are certificated, certificates must be surrendered for cancellation before a new certificate, if any, is issued. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Matter** | **Australian public company** | **Australian public company** | **Listed US company incorporated in Delaware** | **Listed US company incorporated in Delaware** |
| **Dividends and distributions** | Our Constitution permits the Board to declare dividends to shareholders from time to time in its sole discretion. | Our Constitution permits the Board to declare dividends to shareholders from time to time in its sole discretion. | Under the DGCL, the board of directors of a company incorporated in Delaware is permitted to declare and pay dividends to stockholders either: | Under the DGCL, the board of directors of a company incorporated in Delaware is permitted to declare and pay dividends to stockholders either: |
|  |  | Under the Corporations Act, a company may only pay a dividend where, in summary, the company's assets exceed its liabilities at the relevant time to the extent of the dividend to be declared, the payment is fair and reasonable to the company's shareholders as a whole and does not materially prejudice the company's ability to pay its creditors. | ● | out of that company's surplus, which is defined to be the net assets less statutory capital; or |
|  |  |  | ● | if no surplus exists, then out of the net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year, provided that the capital of the corporation is not less than the aggregate amount of the capital represented by the corporation's outstanding stock of all classes having a preference on distribution of assets. |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Holders of common stock will generally be entitled to receive dividends when and as declared by the company's Board out of funds legally available for that purpose. |
| **Voting rights and Quorum Requirements** | Our Constitution provides that: | Our Constitution provides that: | Generally speaking, a company incorporated in Delaware's certificate of incorporation provides that each stockholder is entitled to one vote for each share of capital stock entitled to vote, unless otherwise provided by the DGCL or the company's governing documents. |
|  | ● | on a show of hands each individual present who is a member, proxy, attorney or representative of a member entitled to vote has one vote; |  |
|  | ● | on a poll each shareholder has one vote for every fully paid share held and a fraction of a vote for each partly paid share held, with the fraction of the vote being equivalent to the portion of the share paid up; and |  |
|  | ● | two shareholders present constitutes a quorum. |  |
|  |  | In accordance with ASX guidance, it is the Company's current practice that all shareholder resolutions are conducted by way of a poll. |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Matter** | **Australian public company** | **Australian public company** | **Listed US company incorporated in Delaware** | **Listed US company incorporated in Delaware** |
| **Variation in rights** | Under the Corporations Act, if a company has a constitution that sets out a procedure for varying or cancelling rights attached to shares in a class of shares, those rights may be varied or cancelled only in accordance with the procedure. | Under the Corporations Act, if a company has a constitution that sets out a procedure for varying or cancelling rights attached to shares in a class of shares, those rights may be varied or cancelled only in accordance with the procedure. | Under the DGCL, any amendment to the company incorporated Delaware's certificate of incorporation requires approval by holders of the outstanding shares of a particular class if that amendment would: | Under the DGCL, any amendment to the company incorporated Delaware's certificate of incorporation requires approval by holders of the outstanding shares of a particular class if that amendment would: |
|  |  | Under our Constitution, the rights may only be varied or cancelled: | ● | increase or decrease the aggregate number of authorized shares of that class; |
|  | ● | with the consent in writing of the holders of at least 75% of the issued Shares of that class; or | ● | increase or decrease the par value of the shares of that class; or |

---

---

| | | | |
|:---|:---|:---|:---|
| ● | with the sanction of a special resolution passed at a separate general meeting of the holders of the Shares of the class. | ● | alter or change the powers, preferences or special rights of the shares of that class so as to affect them adversely. |
| The company must give written notice of the variation or cancellation to the members of the class within 7 days after the variation or cancellation is made. | The company must give written notice of the variation or cancellation to the members of the class within 7 days after the variation or cancellation is made. | If an amendment would alter or change the powers, preferences or special rights of one or more series of any class so as to adversely affect that series without adversely affecting the entire class, then only the shares of the series so affected shall be considered a separate class and entitled to such separate class approval of the proposed amendment. | If an amendment would alter or change the powers, preferences or special rights of one or more series of any class so as to adversely affect that series without adversely affecting the entire class, then only the shares of the series so affected shall be considered a separate class and entitled to such separate class approval of the proposed amendment. |
| The Corporations Act also provides that where shareholders in an affected class do not all agree (whether by resolution or written consent) to the: | The Corporations Act also provides that where shareholders in an affected class do not all agree (whether by resolution or written consent) to the: | Under the DGCL, amendments to a company incorporated in Delaware's certificate of incorporation also generally require: | Under the DGCL, amendments to a company incorporated in Delaware's certificate of incorporation also generally require: |
| ● | variation or cancellation of their rights; or | ● | a board resolution recommending the amendment; and |
| ● | a modification to the relevant constitution to allow rights to be varied or cancelled, | ● | approval of a majority of the outstanding shares entitled to vote and a majority of the outstanding shares of each class entitled to vote. |
| then shareholders with at least 10% of the votes in the affected class may apply to the court (within a limited time frame) to have the variation, cancellation or modification set aside. | then shareholders with at least 10% of the votes in the affected class may apply to the court (within a limited time frame) to have the variation, cancellation or modification set aside. | Certain amendments to the relevant company's certificate of incorporation could, in the future, require approval of only the majority of the shares of the then issued and outstanding preferred stock, because the DGCL and the company's certificate of incorporation permit the company to issue preferred shares with powers, preferences and rights superior to those of common stock. | Certain amendments to the relevant company's certificate of incorporation could, in the future, require approval of only the majority of the shares of the then issued and outstanding preferred stock, because the DGCL and the company's certificate of incorporation permit the company to issue preferred shares with powers, preferences and rights superior to those of common stock. |
| Subject to the shares' terms of issue, the rights attached to a class of shares are not deemed varied by the issue of further shares of that class. | Subject to the shares' terms of issue, the rights attached to a class of shares are not deemed varied by the issue of further shares of that class. | Pursuant to a company incorporated in Delaware's by-laws, a company incorporated in Delaware's by-laws or certificate of incorporation may be adopted, amended or repealed by the board of directors or by the affirmative vote of the holders of a majority of the voting power of all of the shares of the corporation then issued and outstanding and entitled to vote generally in any election of directors, voting together as a single class. | Pursuant to a company incorporated in Delaware's by-laws, a company incorporated in Delaware's by-laws or certificate of incorporation may be adopted, amended or repealed by the board of directors or by the affirmative vote of the holders of a majority of the voting power of all of the shares of the corporation then issued and outstanding and entitled to vote generally in any election of directors, voting together as a single class. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Matter** | **Australian public company** | **Australian public company** | **Listed US company incorporated in Delaware** | **Listed US company incorporated in Delaware** |
| **Related party and director transactions** | The Corporations Act governs the provision of financial benefits to related parties of public companies and requires that shareholder approval is obtained prior to financial benefits being provided to related parties or giving the financial benefit falls within a specific exception set out in the Corporations Act (for example, a benefit given on arms' length terms or the reasonable remuneration or reimbursement of an officer or employee). | The Corporations Act governs the provision of financial benefits to related parties of public companies and requires that shareholder approval is obtained prior to financial benefits being provided to related parties or giving the financial benefit falls within a specific exception set out in the Corporations Act (for example, a benefit given on arms' length terms or the reasonable remuneration or reimbursement of an officer or employee). | Under the DGCL, no contract or transaction between a company incorporated in Delaware and one or more of its directors or officers, or between the relevant company and any other corporation, partnership, association or other organization in which one or more of its directors or officers are directors or officers or have a financial interest will be void or voidable solely for that reason, or solely because the relevant director or officer is present at or participates in the company board or committee meeting that authorizes the contract or transaction, or solely because the vote of the relevant director or officer is counted for that purpose, if: | Under the DGCL, no contract or transaction between a company incorporated in Delaware and one or more of its directors or officers, or between the relevant company and any other corporation, partnership, association or other organization in which one or more of its directors or officers are directors or officers or have a financial interest will be void or voidable solely for that reason, or solely because the relevant director or officer is present at or participates in the company board or committee meeting that authorizes the contract or transaction, or solely because the vote of the relevant director or officer is counted for that purpose, if: |
|  | Directors, when entering into transactions with Nova, are also subject to the Australian common law and statutory duties to avoid actual and potential conflicts of interest. There are also disclosure requirements and voting restrictions imposed on directors under the Corporations Act on matters involving a material personal interest. | Directors, when entering into transactions with Nova, are also subject to the Australian common law and statutory duties to avoid actual and potential conflicts of interest. There are also disclosure requirements and voting restrictions imposed on directors under the Corporations Act on matters involving a material personal interest. | ● | the material facts as to the director's or officer's relationship or interest, and as to the contract or transaction, are disclosed or known to the board of directors or committee, and the board of directors or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or |
|  | The ASX Listing Rules also require approval for equity issues to our directors (subject to exceptions which include issues under pro-rata entitlement issues and issues made on appointment as a director). | The ASX Listing Rules also require approval for equity issues to our directors (subject to exceptions which include issues under pro-rata entitlement issues and issues made on appointment as a director). | ● | the material facts as to the director's or officer's relationship or interest and as to the contract or transaction are disclosed or known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or |
|  | Within the parameters summarized above, under our Constitution a director's position as such does not disqualify that person from: | Within the parameters summarized above, under our Constitution a director's position as such does not disqualify that person from: | ● | the contract or transaction is fair to the company as of the time that it is authorized, approved or ratified by the board of directors, committee or stockholders. |
|  | ● | holding any other office or place of profit or employment (except with Nova's auditor), on such terms as the Nova Directors approve; |  |  |
|  | ● | being a shareholder in or a director of a company promoted by Nova or in which Nova may be interested as a vendor, shareholder or otherwise; or |  |  |
|  | ● | entering into an agreement with Nova. |  |  |
|  | A director must also comply with: | A director must also comply with: |  |  |
|  | ● | the material personal interest provisions set out in section 191 of the Corporations Act; |  |  |
|  | ● | section 195 of the Corporations Act in relation to being present and voting at a board meeting that considers a matter in which he or she has a material personal interest, |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Matter** | **Australian public company** | **Australian public company** | **Listed US company incorporated in Delaware** | **Listed US company incorporated in Delaware** |
| **Protection against oppression of shareholders** | The Corporations Act empowers the court to make any order it considers appropriate if conduct of a company's affairs is found to be oppressive to a member or members. | The Corporations Act empowers the court to make any order it considers appropriate if conduct of a company's affairs is found to be oppressive to a member or members. | The DGCL contains no equivalent statutory provisions. However, Delaware law may provide judicial remedies to stockholders in comparable circumstances. | The DGCL contains no equivalent statutory provisions. However, Delaware law may provide judicial remedies to stockholders in comparable circumstances. |
|  | Such orders may include winding up, regulating the conduct of the company's affairs, authorizing a member to institute derivative proceedings or requiring a person to engage in or abstain from specified conduct. | Such orders may include winding up, regulating the conduct of the company's affairs, authorizing a member to institute derivative proceedings or requiring a person to engage in or abstain from specified conduct. |  |  |
| **Buy-back of shares** | The Corporations Act allows Nova to buy-back its own shares through a specific buy-back procedure provided that: | The Corporations Act allows Nova to buy-back its own shares through a specific buy-back procedure provided that: | The DGCL generally permits a Delaware incorporated company to purchase or redeem its outstanding shares out of funds legally available for that purpose without obtaining stockholder approval, provided that: | The DGCL generally permits a Delaware incorporated company to purchase or redeem its outstanding shares out of funds legally available for that purpose without obtaining stockholder approval, provided that: |
|  | ● | the buy-back does not materially prejudice Nova's ability to pay its creditors; and | ● | the capital of a Delaware incorporated company is not impaired; |
|  | ● | Nova follows the relevant procedures set out in the Corporations Act. | ● | such purchase or redemption would not cause the capital of a Delaware incorporated company to become impaired; |
|  | The buy-back procedure includes the form of shareholder approval (for example, ordinary, special or unanimous resolutions), a notice period and disclosure to be given to the shareholders, depending on the type of buy-back to be undertaken. | The buy-back procedure includes the form of shareholder approval (for example, ordinary, special or unanimous resolutions), a notice period and disclosure to be given to the shareholders, depending on the type of buy-back to be undertaken. | ● | the purchase price does not exceed the price at which the shares are redeemable at the option of a Delaware incorporated company; and |
|  | There are some instances where a buy-back can occur without shareholder approval, for example where the buy-back relates to less than 10% of the Company's share capital and is not conducted more frequently than once every 12 months. | There are some instances where a buy-back can occur without shareholder approval, for example where the buy-back relates to less than 10% of the Company's share capital and is not conducted more frequently than once every 12 months. | ● | immediately following any such redemption a Delaware incorporated company shall have outstanding one or more shares of one or more classes or series of stock, which shares shall have full voting powers. |

---

---

| | | |
|:---|:---|:---|
| **Takeovers** | The Corporations Act prohibits the acquisition of a relevant interest in voting shares of a company where the acquisition would increase a person's voting power in the company to over 20% or increases from a starting point that is above 20% and below 90%, except in certain circumstances. | Section 203 of the DGCL applies to a company and provides that if a holder acquires 15% or more of a company's voting stock (an "Interested Holder") without prior approval of the board of directors, then for three years a company cannot engage in a broad range of business combinations with such Interested Holder. Such business combinations include (a) certain mergers or consolidations with the Interested Holder or entities affiliated with the Interested Holder,<br>|
|  |  | (b) certain sales, leases, exchanges, mortgages, pledges, transfers or other dispositions of the company assets to the Interested Holder, which assets have an aggregate market value equal to 10% or more of either all of the assets of a company or all of the outstanding stock of a company,(c) certain transactions which result in the issuance or transfer by a company or by any direct or indirect majority owned subsidiary, to the Interested Holder, of any stock of a company or of such a company subsidiary, (d) certain transactions involving a company or any direct or indirect majority-owned subsidiaries which have the effect, directly or indirectly, of increasing the proportionate share of the stock of any class or series, or securities convertible into the stock of any class or series, of the company or such subsidiary which is owned by the Interested Holder, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any shares of stock not caused, directly or indirectly by the Interested holder, and (e) any receipt by the Interested Holder of the benefit, directly or indirectly (except proportionately as a stockholder of the company), of any loans, advances, guarantees, pledges or other financial benefits (other than those expressly permitted by Section 203(c)(3)(i)-(iv)) provided by or through the company or any direct or indirect majority-owned subsidiary. |

---

---

| | | |
|:---|:---|:---|
| **Matter** | **Australian public company** | **Listed US company incorporated in Delaware** |

---

---

| |
|:---|
| The Section 203 limitation would not apply if (a) the business combination was approved by the board of directors of the company before the holder became an Interested Holder, (b) the business combination is subsequently approved by the a company board of directors and also by two-thirds of the a company stock held by persons other than such Interested Holder at an annual or special meeting of stockholders, or (c) upon consummation of the transaction which resulted in the stockholder becoming an Interested Holder of the company, the Interested Holder owned at least 85% of the company's voting stock which was outstanding at the time the transaction commenced (excluding stock owned by any directors who are also officers and certain employee stock plans). |
| The effect of the restriction is to give the company's board of directors the ability to prevent or inhibit an unsolicited takeover attempt initiated through a merger or asset purchase proposal. It may also dissuade unsolicited tender offer proposals unless the offeror is confident of achieving the 85% shareholding level via the tender offer. |

---

---

| | |
|:---|:---|
| The Corporations Act also sets out disclosure requirements for persons who have or cease to have a substantial holding (>5%) in a company. Compulsory acquisition is permitted by holders with an interest of 90% or more of a class of securities. | The Corporations Act also sets out disclosure requirements for persons who have or cease to have a substantial holding (>5%) in a company. Compulsory acquisition is permitted by holders with an interest of 90% or more of a class of securities. |
| Certain exceptions to this general takeover prohibition are set out in the Corporations Act, including: | Certain exceptions to this general takeover prohibition are set out in the Corporations Act, including: |
| ● | an acquisition approved by members; |
| ● | an acquisition by a person who has had voting power of not less than 19% throughout the prior 6 months increasing their holding by not more than 3% above the position they held 6 months before the acquisition; |
| ● | an acquisition resulting from a scheme of arrangement undertaken in accordance with the Corporations Act and approved by the court; and |
| ● | an acquisition that results from the acceptance of an offer under a takeover bid. |
| In this respect, any takeover bid made for Nova must be on the same terms for all shareholders, subject to minor exceptions, and must comply with the timetable, disclosure and other requirements set out in the Corporations Act. | In this respect, any takeover bid made for Nova must be on the same terms for all shareholders, subject to minor exceptions, and must comply with the timetable, disclosure and other requirements set out in the Corporations Act. |
| The purpose of these provisions is to seek to ensure that shareholders in a target company that they have a reasonable and equal opportunity to share in any premium for control and that they are given reasonable time and sufficient information to assess the merits of the proposal. | The purpose of these provisions is to seek to ensure that shareholders in a target company that they have a reasonable and equal opportunity to share in any premium for control and that they are given reasonable time and sufficient information to assess the merits of the proposal. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Matter** | **Australian public company** | **Listed US company incorporated in Delaware** | **Listed US company incorporated in Delaware** |
| **Annual shareholder meetings** | Under the Corporations Act, the annual general meeting of Nova is required to be held at least once every calendar year and within five months after the end of each financial year. | The DGCL requires a company incorporated in Delaware to have an annual stockholders' meeting to elect directors, unless directors are elected by written consent in lieu of an annual meeting. | The DGCL requires a company incorporated in Delaware to have an annual stockholders' meeting to elect directors, unless directors are elected by written consent in lieu of an annual meeting. |
|  |  | Under the DGCL, a director or stockholder of a company incorporated in Delaware may petition the Court of Chancery of Delaware for an order compelling the holding of an annual meeting if: | Under the DGCL, a director or stockholder of a company incorporated in Delaware may petition the Court of Chancery of Delaware for an order compelling the holding of an annual meeting if: |
|  |  | ● | no annual meeting has been held, or action by written consent to elect directors in lieu of an annual meeting has been taken, for a period of 30 days after the date designated for the annual meeting; or |
|  |  | ● | no date for an annual meeting has been designated for a period of 13 months after the latest to occur of the company's organization, the last annual meeting or the last action by written consent to elect directors in lieu of an annual meeting. |

---

---

| | | |
|:---|:---|:---|
| **Shareholders' right to request or requisition a general meeting** | The Corporations Act requires the Directors to call a general meeting on the request of members with at least 5% of the vote that may be cast at the general meeting. | Annual meetings of stockholders shall be held at a time designated by or in the manner provided in the bylaws. |
|  | Shareholders with at least 5% of the votes that may be cast at the general meeting may also call and arrange to hold a general meeting at their own expense. | Special meetings of stockholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws. |
| **Notice of Meetings** | The Corporations Act requires at least 28 days' notice of a general meeting of company listed on a financial exchange. | The DGCL provide that notice of a stockholders' meeting be delivered not less than ten days nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting, except as otherwise provided in the company's by-laws or as required by the DGCL. |

---

---

| | | |
|:---|:---|:---|
| **Matter** | **Australian public company** | **Listed US company incorporated in Delaware** |
| **Remuneration reports** | The Corporations Act requires that a public company's annual report must include a report by the Directors on the company's remuneration framework (**remuneration report**).<br>At the company's annual general meeting, shareholders must vote to approve or reject the remuneration report.<br>The vote on the resolution is advisory only and does not bind the directors or the company. However, if the company's remuneration report receives a 'no' vote of 25% of more, the company's subsequent remuneration report must explain whether and how shareholders' concerns have been taken into account.<br>If the company's subsequent remuneration report receives a 'no' vote of 25% or more, shareholders will vote at the same annual general meeting to determine whether the directors (other than the managing director) will need to stand for re-election within 90 days.<br>If the resolution passes, then the 'spill meeting' at which the directors face re-election, will take place within 90 days.<br>Our Constitution provides that the directors are entitled to be remunerated. The extend of such remuneration shall be determined by the Nova Board, subject to laws relating to the giving of benefits to related parties, and to the extent applicable, any maximum amount that is from time to time approved by the shareholders of the company in a general meeting in accordance with any applicable listing rules.<br>Our remuneration practices provide that: | In the U.S., the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (U.S.) requires all 'reporting companies' to have an advisory Shareholder vote on pay at least once every three years.<br>Companies must report the results and say how they have responded to these when making decisions on pay the following year.<br>The Company will be required to register as a U.S. reporting company pursuant to Section 12(b) in connection with the Company's initial public offering and listing on a national securities exchange.<br>If Nova qualifies as an 'emerging growth company' at the time it becomes a reporting company, then it will not be required to hold an advisory Shareholder vote on pay until it is no longer an emerging growth company.<br>The Company will be an emerging growth company until the earliest of: (i) the last day of the fiscal year in which our annual gross revenues exceed US$1.235 billion, (ii) the last day of the fiscal year following the fifth anniversary of the date of the first sale of common equity securities of the company pursuant to an effective registration statement under the Securities Act, (iii) the date on which the Company has, during the previous three year period, issued more than US$1 billion in non-convertible debt, or (iv) the date that we become a 'large accelerated filer' as defined in Rule 12b-2 under the U.S. Exchange Act.<br>A company becomes a large accelerated filer if it meets the following conditions as of the end of its fiscal year: (i) it has an aggregate worldwide market value of the voting and non-voting common equity held by non-affiliates of US$700 million or more as of the last business day of its second fiscal quarter; (ii) it has been subject to the requirements of Section 13(a) or 15(d) of the U.S. Exchange Act for at least 12 months; (iii) it has filed at least one annual report pursuant to Section 13(a) or 15(d) of the U.S. Exchange Act; and (iv) it is not eligible to rely on certain requirements for smaller reporting companies for its annual and quarterly reports. |

---

● the
 remuneration may be provided in the form of shares or other securities of the Company or any subsidiary of the Company, or options
 or rights to acquire such shares or other securities, on such terms as the Nova Board may decide; and

● the
 directors may also be paid all travelling, and other expenses properly incurred by them: (a) in attending and returning from: (i)
 meetings of directors or any committee; or (ii) general meetings of the company; or (b) otherwise in connection with the business
 of the company.

---

| | | |
|:---|:---|:---|
| **Matter** | **Australian public company** | **Listed US company incorporated in Delaware** |
| **Approval of Corporate Matters by Written Consent** | Our Constitution provides that anything which may be done by resolution of the Company in a Board meeting, may be done by written resolution. The Company may not pass resolutions required in a general meeting by written resolution. | Unless otherwise specified in a corporation's certificate of incorporation, shareholders may take action permitted to be taken at an annual or special meeting, without a meeting, prior notice or a vote, if consents, in writing, setting forth the action, are signed by shareholders with not less than the minimum number of votes that would be necessary to authorize the action at a meeting. All consents must be dated and are only effective if the requisite signatures are collected within 60 days of the earliest dated consent delivered. |
| **Special resolutions** | Under the Corporations Act, a special resolution must be a resolution that is passed by at least 75% of the votes cast by members entitled to vote on the resolution.<br>Approval by special resolution of shareholders is required for actions such as modifying or repealing our Constitution, changing Nova's name or company type, selectively reducing or buying back capital (in some circumstances), providing financial assistance in connection with the acquisition of shares in the company, and undertaking a voluntary winding up of Nova. | The DGCL contains no concept of special resolutions. |
| **Removing directors** | The Corporations Act provides that a public company may by resolution at a general meeting remove a director from office.<br>Notice of intention to move the resolution must be given by the company at least 2 months before the meeting is to be held, and the company must notify the director as soon as possible after notice of the intention is received. | Subject to certain exceptions, the DGCL provides that directors may be removed with or without cause by the affirmative vote of the holders of a majority of the voting power of all of the outstanding shares of capital stock entitled to vote generally in the election of directors. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Duties and liability of directors** | General duties imposed by the Corporations Act on directors and officers of companies include duties to exercise duties and powers with due care and diligence, in good faith and for a proper purpose, and not to improperly use their position or information obtained through their position to gain advantage or cause detriment to the company.<br>Under the Corporations Act, there is a general prohibition on a company or a related body corporate exempting officers from any liability incurred as an officer of the company. | Under Delaware law, the directors of a company incorporated in Delaware have fiduciary obligations, including the duty of care and the duty of loyalty.<br>The duty of care requires directors to act in good faith, with the care that a reasonable person in a similar position and circumstances would exercise and in a manner the director reasonably believes to be in the best interests of the company and its stockholders. Directors must inform themselves of all reasonably available material information before making business decisions on behalf of the company and to act with requisite care in discharging their duties to the company.<br>The duty of loyalty requires directors to act in good faith and in the company's best interests.<br>Under the DGCL, a company incorporated in Delaware may include in its certificate of incorporation a provision eliminating the personal liability of a director or officer to the company or its stockholders for monetary damages for a breach of fiduciary duty as a director or officer.<br>However, the provision may not eliminate liability for: | Under Delaware law, the directors of a company incorporated in Delaware have fiduciary obligations, including the duty of care and the duty of loyalty.<br>The duty of care requires directors to act in good faith, with the care that a reasonable person in a similar position and circumstances would exercise and in a manner the director reasonably believes to be in the best interests of the company and its stockholders. Directors must inform themselves of all reasonably available material information before making business decisions on behalf of the company and to act with requisite care in discharging their duties to the company.<br>The duty of loyalty requires directors to act in good faith and in the company's best interests.<br>Under the DGCL, a company incorporated in Delaware may include in its certificate of incorporation a provision eliminating the personal liability of a director or officer to the company or its stockholders for monetary damages for a breach of fiduciary duty as a director or officer.<br>However, the provision may not eliminate liability for: |
|  |  | ● | breach of the director's or officer's duty of loyalty; |
|  |  | ● | acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law; |
|  |  | ● | directors for unlawful payment of dividends; |
|  |  | ● | directors for unlawful purchases or redemptions of shares; |
|  |  | ● | any transaction from which the director or officer derived an improper personal benefit; or |
|  |  | ● | an officer in any action by or in the right of the corporation. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Matter** | **Australian public company** | **Australian public company** | **Listed US company incorporated in Delaware** |
| **Bringing or intervening in legal proceedings on behalf of the entity** | A member, former member or person entitled to be a member of a company, or an officer or former officer of a company, may bring proceedings on behalf of a company and in the company's name where the company is unwilling or unable to do so.<br>Proceedings may only be brought if leave is granted by a Court, including Federal Court, the Supreme Court of a State or Territory of Australia, or Federal Circuit and Family Court of Australia, for the person to bring or intervene in proceedings.<br>Leave will generally be granted if the court is satisfied that: | A member, former member or person entitled to be a member of a company, or an officer or former officer of a company, may bring proceedings on behalf of a company and in the company's name where the company is unwilling or unable to do so.<br>Proceedings may only be brought if leave is granted by a Court, including Federal Court, the Supreme Court of a State or Territory of Australia, or Federal Circuit and Family Court of Australia, for the person to bring or intervene in proceedings.<br>Leave will generally be granted if the court is satisfied that: | The DGCL permits a stockholder to bring a derivative action on behalf of a company if those in control of the company have failed to assert a claim belonging to the relevant company.<br>Derivative actions have certain standing and eligibility requirements, including that the plaintiff in the action must generally have been a stockholder of the company at the time that the act complained of occurred and must maintain his or her status as a stockholder of the company throughout the course of the litigation. Derivative plaintiffs must have previously made a demand on the directors of the company to assert the corporate claim, unless such a demand would have been futile. |
|  | ● | it is probable that the company itself will not bring the proceedings or properly take responsibility for them; |  |
|  | ● | the applicant is acting in good faith; |  |
|  | ● | it is in the best interests of the company that the applicant be granted leave; |  |
|  | ● | if the application relates to leave to bring proceedings, there is a serious question to be tried; |  |
|  | ● | either at least 14 days before making the application, the applicant gave written notice of the application to the company, or it is appropriate to grant leave even though the notice period was not provided. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Continuous disclosure** | The Corporations Act contains provisions which require a listed company to comply with the relevant disclosure rules of their financial market, in summary being such information concerning the company that a reasonable person would expect to have a material effect on the price or the value of the company's shares.<br>There are also periodic reporting and disclosure rules that apply, requiring it (among other things) to report to ASIC at the end of every half year and annually in respect of its financial statements and reports. | US reporting companies are subject to US federal securities laws and regulations in relation to its ongoing disclosure obligations.<br>Once listed on a national securities exchange, the US company will also be subject to the ongoing disclosure obligations of such exchange.<br>The Nasdaq listing rules and US federal securities laws and regulations will generally require disclosure to the public of any material information that would reasonably be expected to affect the value of a company's shares or influence investors' decisions. This includes: | US reporting companies are subject to US federal securities laws and regulations in relation to its ongoing disclosure obligations.<br>Once listed on a national securities exchange, the US company will also be subject to the ongoing disclosure obligations of such exchange.<br>The Nasdaq listing rules and US federal securities laws and regulations will generally require disclosure to the public of any material information that would reasonably be expected to affect the value of a company's shares or influence investors' decisions. This includes: |
|  |  | ● | annual reports on Form 10-K; |
|  |  | ● | quarterly reports on Form 10-Q; |
|  |  | ● | current reports containing material information required to be disclosed on Form 8-K; |
|  |  | ● | company insider reports; and |
|  |  | ● | proxy statement. |

---

---

| | | |
|:---|:---|:---|
| **Matter** | **Australian public company** | **Listed US company incorporated in Delaware** |
| **Inspection of Books and Records** | Inspection of our records is governed by the Corporations Act. Any member of the public has the right to inspect or obtain copies of our registers, and the Company may charge a fee not exceeding the prescribed fee set by regulation. Shareholders are not required to pay a fee for inspection of our registers or minute books of the meetings of shareholders. Other corporate records, including minutes of directors' meetings, financial records and other documents, are not open for inspection by the public or shareholders. Where a shareholder is acting in good faith and an inspection is deemed to be made for a proper purpose, a shareholder may apply to the court to make an order for inspection of our books. | All shareholders of a Delaware corporation have the right, upon written demand, to inspect or obtain copies of the corporation's shares ledger and its other books and records for any purpose reasonably related to such person's interest as a shareholder |

---

---

| | | | |
|:---|:---|:---|:---|
| **Insider trading** | The Corporations Act prohibits any person who: | The Corporations Act prohibits any person who: | US federal securities laws generally prohibit any person who possesses material non-public information relating to a company incorporated in the US or its securities from buying or selling those securities or procuring others to do so, or from communicating the material non-public information to third parties. |
|  | ● | possesses information that is not generally available, but if it were generally available, a reasonable person would expect it to have a material effect on the price or value of company's securities (**Inside Information**); and |  |
|  | ● | knew, or ought reasonably to have known, that the information was Inside Information, |  |
|  |  | from applying for, buying or selling those securities (or entering an agreement to do so) or procuring others to do so. The prohibition also extends to the communication of the information (or causing the information to be communicated) directly or indirectly to third parties if the person knew, or ought reasonably to have known, that the recipient would or would be likely to apply for, buy or sell the securities (or enter an agreement to do so), or procure others to do so. |  |
|  |  | This prohibition is subject to certain limited exceptions. |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Matter** | **Australian public company** | **Listed US company incorporated in Delaware** | **Listed US company incorporated in Delaware** |
| **Winding up** | The members of a solvent company may determine to wind-up the company under the Corporations Act. A special resolution is required. | The DGCL permits the board of directors to authorize the dissolution of a company incorporated in Delaware if: | The DGCL permits the board of directors to authorize the dissolution of a company incorporated in Delaware if: |
|  | From the passing of the resolution, the company must cease to carry on its business except so far as the liquidator considers is required for the beneficial disposal or winding up of that business, but the corporate state and corporate powers of the company continue until it is deregistered. | ● | a majority of the directors in office adopt a resolution to approve dissolution at a board meeting called for that purpose; |
|  | Our Constitution states that if Nova is wound up, if the assets available for distribution among the shareholders are insufficient to repay the whole of the paid up capital, the assets must be distributed so that, as nearly as may be, the losses are borne by the shareholders in proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding up, on the Shares held by them respectively, alternatively, if the assets available for distribution among the shareholders are more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess must be distributed among the shareholders in proportion to the capital at the commencement of the winding up paid up, or which ought to have been paid up, on the Shares held by them respectively. | ● | holders of a majority of the issued and outstanding shares entitled to vote on the matter adopt a resolution to approve dissolution at a stockholders' meeting called for that purpose; and |
|  | Further, a liquidator may, with the sanction of a special resolution, divide the assets of Nova among the shareholders in kind. The liquidator cannot compel any member to accept marketable securities in respect of which there is a liability as part of a distribution of assets of Nova. | ● | a certificate of dissolution is filed with the Delaware Secretary of State. |
|  | The Corporations Act also provides that subject to provisions as to preferential payments, the property of a company must, on its winding up, be applied in satisfaction of its liabilities equally and, subject to that application, must, unless the company's constitution otherwise provides, be distributed among the members according to their rights and interests in the company. | The DGCL also permits stockholders to authorize the dissolution of a company incorporated in Delaware without board action if: | The DGCL also permits stockholders to authorize the dissolution of a company incorporated in Delaware without board action if: |
|  |  | ● | all of the stockholders entitled to vote on the matter provide written consent to dissolution; and |
|  |  | ● | a certificate of dissolution is filed with the Delaware Secretary of State. |

---

**Listing** 

The ADSs and our warrants are listed on the Nasdaq Capital Market under the symbol "NVA" and "NVAWW," respectively. Our ordinary shares are listed on the ASX under the symbol "NVA" and quoted on the OTC Pink market under the symbol "NVAAF" and Frankfurt Stock Exchange under the symbol "QM3".

**Transfer Agent and Registrar** 

The transfer agent and depositary for the ADSs is The Bank of New York Mellon. VStock Transfer, LLC is the warrant agent for our public warrants. Automic Group is our transfer agent and registrar for our ordinary shares and currently maintains our share register for our ordinary shares. The address for Automic Group is: Level 5, 126 Phillip Street, Sydney NSW 2000, and the telephone number is 1 300 288 644. The address for The Bank of New York Mellon is 240 Greenwich Street, New York, New York 10286. The address for VStock Transfer, LLC is 18 Lafayette Place, Woodmere, New York 11598.

**DESCRIPTION OF DEBT SECURITIES** 

The following description, together with the additional information we include in any applicable prospectus supplements, summarizes the material terms and provisions of the debt securities that we may offer under this prospectus. While the terms we have summarized below will apply generally to any future debt securities we may offer pursuant to this prospectus, we will describe the particular terms of any debt securities that we may offer in more detail in the applicable prospectus supplement. If we so indicate in a prospectus supplement, the terms of any debt securities offered under such prospectus supplement may differ from the terms we describe below, and to the extent the terms set forth in a prospectus supplement differ from the terms described below, the terms set forth in the prospectus supplement shall control.

We may sell from time to time, in one or more offerings under this prospectus, debt securities, which may be senior or subordinated. We will issue any such senior debt securities under a senior indenture that we will enter into with a trustee to be named in the senior indenture. We will issue any such subordinated debt securities under a subordinated indenture, which we will enter into with a trustee to be named in the subordinated indenture. We have filed forms of these documents as exhibits to the registration statement, of which this prospectus is a part. We use the term "indentures" to refer to either the senior indenture or the subordinated indenture, as applicable. The indentures will be qualified under the Trust Indenture Act of 1939, as in effect on the date of the indenture. We use the term "debenture trustee" to refer to either the trustee under the senior indenture or the trustee under the subordinated indenture, as applicable.

The following summaries of material provisions of the senior debt securities, the subordinated debt securities and the indentures are subject to, and qualified in their entirety by reference to, all the provisions of the indenture applicable to a particular series of debt securities.

**General** 

Each indenture provides that debt securities may be issued from time to time in one or more series and may be denominated and payable in foreign currencies or units based on or relating to foreign currencies. Neither indenture limits the amount of debt securities that may be issued thereunder, and each indenture provides that the specific terms of any series of debt securities shall be set forth in, or determined pursuant to, an authorizing resolution and/or a supplemental indenture, if any, relating to such series.

We will describe in each prospectus supplement the following terms relating to a series of debt securities:

● title or designation;

● the aggregate principal amount and any limit on the amount that may be issued;

● the currency or units based on or relating to currencies in which debt securities of such series are denominated and the currency or units in which principal or interest or both will or may be payable;

● whether we will issue the series of debt securities in global form, the terms of any global securities and who the depositary will be;

● the maturity date and the date or dates on which principal will be payable;

● the interest rate, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue, the date or dates interest will be payable and the record dates for interest payment dates or the method for determining such dates;

● whether or not the debt securities will be secured or unsecured, and the terms of any secured debt;

● the terms of the subordination of any series of subordinated debt;

● the place or places where payments will be payable;

● our right, if any, to defer payment of interest and the maximum length of any such deferral period;

● the date, if any, after which, and the price at which, we may, at our option, redeem the series of debt securities pursuant to any optional redemption provisions;

● the date, if any, on which, and the price at which we are obligated, pursuant to any mandatory sinking fund provisions or otherwise, to redeem, or at the holder's option to purchase, the series of debt securities;

● whether the indenture will restrict our ability to pay dividends, or will require us to maintain any asset ratios or reserves;

● whether we will be restricted from incurring any additional indebtedness;

● a discussion of any material or special U.S. federal income tax considerations applicable to a series of debt securities;

● the denominations in which we will issue the series of debt securities, if other than denominations of $1,000 and any integral multiple thereof; and

● any other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities. We may issue debt securities that provide for an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity pursuant to the terms of the indenture. We will provide you with information on the federal income tax considerations and other special considerations applicable to any of these debt securities in the applicable prospectus supplement.

 ****

***C*onversion or Exchange Rights** 

We will set forth in the prospectus supplement the terms, if any, on which a series of debt securities may be convertible into or exchangeable for our ordinary shares or our other securities. We will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may include provisions pursuant to which the number of ordinary shares or our other securities that the holders of the series of debt securities receive would be subject to adjustment.

**Consolidation, Merger or Sale; No Protection in Event of a Change of Control or Highly Leveraged Transaction** 

The indentures do not contain any covenant that restricts our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose of all or substantially all of our assets. However, any successor to or acquirer of such assets must assume all of our obligations under the indentures or the debt securities, as appropriate.

Unless we state otherwise in the applicable prospectus supplement, the debt securities will not contain any provisions that may afford holders of the debt securities protection in the event we have a change of control or in the event of a highly leveraged transaction (whether or not such transaction results in a change of control), which could adversely affect holders of debt securities.

**Events of Default Under the Indenture** 

The following are events of default under the indentures with respect to any series of debt securities that we may issue:

● if we fail to pay interest when due and our failure continues for 90 days and the time for payment has not been extended or deferred;

● if we fail to pay the principal, or premium, if any, when due and the time for payment has not been extended or delayed;

● if we fail to observe or perform any other covenant set forth in the debt securities of such series or the applicable indentures, other than a covenant specifically relating to and for the benefit of holders of another series of debt securities, and our failure continues for 90 days after we receive written notice from the debenture trustee or holders of not less than a majority in aggregate principal amount of the outstanding debt securities of the applicable series; and

● if specified events of bankruptcy, insolvency or reorganization occur as to us.

No event of default with respect to a particular series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily constitutes an event of default with respect to any other series of debt securities. The occurrence of an event of default may constitute an event of default under any bank credit agreements we may have in existence from time to time. In addition, the occurrence of certain events of default or an acceleration under the indenture may constitute an event of default under certain of our other indebtedness outstanding from time to time.

If an event of default with respect to debt securities of any series at the time outstanding occurs and is continuing, then the trustee or the holders of not less than a majority in principal amount of the outstanding debt securities of that series may, by a notice in writing to us (and to the debenture trustee if given by the holders), declare to be due and payable immediately the principal (or, if the debt securities of that series are discount securities, that portion of the principal amount as may be specified in the terms of that series) of and premium and accrued and unpaid interest, if any, on all debt securities of that series. Before a judgment or decree for payment of the money due has been obtained with respect to debt securities of any series, the holders of a majority in principal amount of the outstanding debt securities of that series (or, at a meeting of holders of such series at which a quorum is present, the holders of a majority in principal amount of the debt securities of such series represented at such meeting) may rescind and annul the acceleration if all events of default, other than the non-payment of accelerated principal, premium, if any, and interest, if any, with respect to debt securities of that series, have been cured or waived as provided in the applicable indenture (including payments or deposits in respect of principal, premium or interest that had become due other than as a result of such acceleration). We refer you to the prospectus supplement relating to any series of debt securities that are discount securities for the particular provisions relating to acceleration of a portion of the principal amount of such discount securities upon the occurrence of an event of default.

Subject to the terms of the indentures, if an event of default under an indenture shall occur and be continuing, the debenture trustee will be under no obligation to exercise any of its rights or powers under such indenture at the request or direction of any of the holders of the applicable series of debt securities, unless such holders have offered the debenture trustee reasonable indemnity. The holders of a majority in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the debenture trustee, or exercising any trust or power conferred on the debenture trustee, with respect to the debt securities of that series, provided that:

● the direction so given by the holder is not in conflict with any law or the applicable indenture; and

● subject to its duties under the Trust Indenture Act, the debenture trustee need not take any action that might involve it in personal liability or might be unduly prejudicial to the holders not involved in the proceeding.

A holder of the debt securities of any series will only have the right to institute a proceeding under the indentures or to appoint a receiver or trustee, or to seek other remedies if:

● these limitations do not apply to a suit instituted by a holder of debt securities if we default in the payment of the principal, premium, if any, or interest on, the debt securities;

● the holder previously has given written notice to the debenture trustee of a continuing event of default with respect to that series;

● the holders of at least a majority in aggregate principal amount of the outstanding debt securities of that series have made written request, and such holders have offered reasonable indemnity to the debenture trustee to institute the proceeding as trustee; and

● the debenture trustee does not institute the proceeding, and does not receive from the holders of a majority in aggregate principal amount of the outstanding debt securities of that series (or at a meeting of holders of such series at which a quorum is present, the holders of a majority in principal amount of the debt securities of such series represented at such meeting) other conflicting directions within 60 days after the notice, request and offer.

We will periodically file statements with the applicable debenture trustee regarding our compliance with specified covenants in the applicable indenture.

**Modification of Indenture; Waiver** 

The debenture trustee and we may change the applicable indenture without the consent of any holders with respect to specific matters, including:

● to fix any ambiguity, defect or inconsistency in the indenture; and

● to change anything that does not materially adversely affect the interests of any holder of debt securities of any series issued pursuant to such indenture.

In addition, under the indentures, the rights of holders of a series of debt securities may be changed by us and the debenture trustee with the written consent of the holders of at least a majority in aggregate principal amount of the outstanding debt securities of each series (or, at a meeting of holders of such series at which a quorum is present, the holders of a majority in principal amount of the debt securities of such series represented at such meeting) that is affected. However, the debenture trustee and we may make the following changes only with the consent of each holder of any outstanding debt securities affected:

● extending the fixed maturity of the series of debt securities;

● reducing the principal amount, reducing the rate of or extending the time of payment of interest, or any premium payable upon the redemption of any debt securities;

● reducing the principal amount of discount securities payable upon acceleration of maturity;

● making the principal of or premium or interest on any debt security payable in currency other than that stated in the debt security; or

● reducing the percentage of debt securities, the holders of which are required to consent to any amendment or waiver.

Except for certain specified provisions, the holders of at least a majority in principal amount of the outstanding debt securities of any series (or, at a meeting of holders of such series at which a quorum is present, the holders of a majority in principal amount of the debt securities of such series represented at such meeting) may on behalf of the holders of all debt securities of that series waive our compliance with provisions of the indenture. The holders of a majority in principal amount of the outstanding debt securities of any series may on behalf of the holders of all the debt securities of such series waive any past default under the indenture with respect to that series and its consequences, except a default in the payment of the principal of, premium or any interest on any debt security of that series or in respect of a covenant or provision, which cannot be modified or amended without the consent of the holder of each outstanding debt security of the series affected; *provided*, *however*, that the holders of a majority in principal amount of the outstanding debt securities of any series may rescind an acceleration and its consequences, including any related payment default that resulted from the acceleration.

**Discharge** 

Each indenture provides that we can elect to be discharged from our obligations with respect to one or more series of debt securities, except for obligations to:

● the transfer or exchange of debt securities of the series ;

● replace stolen, lost or mutilated debt securities of the series;

● maintain paying agencies;

● hold monies for payment in trust;

● compensate and indemnify the trustee; and

● appoint any successor trustee.

In order to exercise our rights to be discharged with respect to a series, we must deposit with the trustee money or government obligations sufficient to pay all the principal of, the premium, if any, and interest on, the debt securities of the series on the dates payments are due.

**Form, Exchange, and Transfer** 

We will issue the debt securities of each series only in fully registered form without coupons and, unless we otherwise specify in the applicable prospectus supplement, in denominations of $1,000 and any integral multiple thereof. The indentures provide that we may issue debt securities of a series in temporary or permanent global form and as book-entry securities that will be deposited with, or on behalf of, The Depository Trust Company or another depositary named by us and identified in a prospectus supplement with respect to that series.

At the option of the holder, subject to the terms of the indentures and the limitations applicable to global securities described in the applicable prospectus supplement, the holder of the debt securities of any series can exchange the debt securities for other debt securities of the same series, in any authorized denomination and of like tenor and aggregate principal amount.

Subject to the terms of the indentures and the limitations applicable to global securities set forth in the applicable prospectus supplement, holders of the debt securities may present the debt securities for exchange or for registration of transfer, duly endorsed or with the form of transfer endorsed thereon duly executed if so required by us or the security registrar, at the office of the security registrar or at the office of any transfer agent designated by us for this purpose. Unless otherwise provided in the debt securities that the holder presents for transfer or exchange or in the applicable indenture, we will make no service charge for any registration of transfer or exchange, but we may require payment of any taxes or other governmental charges.

We will name in the applicable prospectus supplement the security registrar, and any transfer agent in addition to the security registrar, that we initially designate for any debt securities. We may at any time designate additional transfer agents or rescind the designation of any transfer agent or approve a change in the office through which any transfer agent acts, except that we will be required to maintain a transfer agent in each place of payment for the debt securities of each series.

If we elect to redeem the debt securities of any series, we will not be required to:

● issue, register the transfer of, or exchange any debt securities of that series during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of any debt securities that may be selected for redemption and ending at the close of business on the day of the mailing; or

● register the transfer of or exchange any debt securities so selected for redemption, in whole or in part, except the unredeemed portion of any debt securities we are redeeming in part.

**Information Concerning the Debenture Trustee** 

The debenture trustee, other than during the occurrence and continuance of an event of default under the applicable indenture, undertakes to perform only those duties as are specifically set forth in the applicable indenture. Upon an event of default under an indenture, the debenture trustee under such indenture must use the same degree of care as a prudent person would exercise or use in the conduct of his or her own affairs. Subject to this provision, the debenture trustee is under no obligation to exercise any of the powers given it by the indentures at the request of any holder of debt securities unless it is offered reasonable security and indemnity against the costs, expenses and liabilities that it might incur.

**Payment and Paying Agents** 

Unless we otherwise indicate in the applicable prospectus supplement, we will make payment of the interest on any debt securities on any interest payment date to the person in whose name the debt securities, or one or more predecessor securities, are registered at the close of business on the regular record date for the interest.

We will pay the principal of and any premium and interest due on the debt securities of a particular series at the office of the paying agents designated by us, except that unless we otherwise indicate in the applicable prospectus supplement, will we make interest payments by check which we will mail to the holder. Unless we otherwise indicate in a prospectus supplement, we will designate the corporate trust office of the debenture trustee in the City of New York as our sole paying agent for payments with respect to debt securities of each series. We will name in the applicable prospectus supplement any other paying agents that we initially designate for the debt securities of a particular series. We will maintain a paying agent in each place of payment for the debt securities of a particular series.

All money we pay to a paying agent or the debenture trustee for the payment of the principal of or any premium or interest on any debt securities which remains unclaimed at the end of two years after such principal, premium or interest has become due and payable will be repaid to us, and the holder of the security thereafter may look only to us for payment thereof.

**Governing Law** 

The indentures and the debt securities will be governed by and construed in accordance with the laws of the State of New York, except to the extent that the Trust Indenture Act is applicable.

**Subordination of Subordinated Debt Securities** 

Our obligations pursuant to any subordinated debt securities will be unsecured and will be subordinate and junior in priority of payment to certain of our other indebtedness to the extent described in a prospectus supplement. The subordinated indenture does not limit the amount of senior indebtedness we may incur. It also does not limit us from issuing any other secured or unsecured debt.

**DESCRIPTION OF WARRANTS** 

**General**

We may issue warrants to purchase our ordinary shares represented by ADSs and/or debt securities in one or more series together with other securities or separately, as described in the applicable prospectus supplement. Below is a description of certain general terms and provisions of the warrants that we may offer. Particular terms of the warrants will be described in the warrant agreements and the prospectus supplement relating to the warrants.

The applicable prospectus supplement will contain, where applicable, the following terms of and other information relating to the warrants:

● the specific designation and aggregate number of, and the price at which we will issue, the warrants ;

● the currency or currency units in which the offering price, if any, and the exercise price payable;

● the designation, amount and terms of the securities purchasable upon exercise of the warrants;

● if applicable, the exercise price for our ADSs and the number of ADSs to be received upon exercise;

● if applicable, the exercise price for our debt securities, the amount of debt securities to be received upon exercise, and a description of that series of debt securities;

● the date on which the right to exercise the warrants will begin and the date on which that right will expire or, if you may not continuously exercise the warrants throughout that period, the specific date or dates on which you may exercise the warrants;

● whether the warrants will be issued in fully registered form or bearer form, in definitive or global form or in any combination of these forms, although, in any case, the form of a warrant included in a unit will correspond to the form of the unit and of any security included in that unit;

● any applicable material U.S. federal income tax consequences and any applicable material Australian tax consequences;

● the identity of the warrant agent for the warrants and of any other depositaries, execution or paying agents, transfer agents, registrars or other agents;

● the proposed listing, if any, of the warrants or any securities purchasable upon exercise of the warrants on any securities exchange;

● if applicable, the date from and after which the warrants and the ADSs and/or debt securities will be separately transferable;

● if applicable, the minimum or maximum amount of the warrants that may be exercised at any one time;

● information with respect to book-entry procedures, if any;

● the anti-dilution provisions of the warrants, if any;

● any redemption or call provisions, if any;

● whether the warrants may be sold separately or with other securities as parts of units; and

● any additional terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.

 ****

***Transfer Agent and Registrar***

The transfer agent and registrar for any warrants will be set forth in the applicable prospectus supplement.

**DESCRIPTION OF RIGHTS** 

**General** 

We may issue rights to our shareholders to purchase our ordinary shares represented by ADSs or the other securities described in this prospectus. We may offer rights separately or together with one or more additional rights, debt securities, ordinary shares represented by ADSs, or warrants, or any combination of those securities in the form of units, as described in the applicable prospectus supplement. Each series of rights will be issued under a separate rights agreement to be entered into between us and a bank or trust company, as rights agent. The rights agent will act solely as our agent in connection with the certificates relating to the rights of the series of certificates and will not assume any obligation or relationship of agency or trust for or with any holders of rights certificates or beneficial owners of rights. The following description sets forth certain general terms and provisions of the rights to which any prospectus supplement may relate. The particular terms of the rights to which any prospectus supplement may relate and the extent, if any, to which the general provisions may apply to the rights so offered will be described in the applicable prospectus supplement. To the extent that any particular terms of the rights, rights agreement or rights certificates described in a prospectus supplement differ from any of the terms described below, then the terms described below will be deemed to have been superseded by that prospectus supplement. We encourage you to read the applicable rights agreement and rights certificate for additional information before you decide whether to purchase any of our rights. We will provide in a prospectus supplement the following terms of the rights being issued:

● the date of determining the shareholders entitled to the rights distribution;

● the aggregate number of ordinary shares represented by ADSs or other securities purchasable upon exercise of the rights;

● the exercise price ;

● the aggregate number of rights issued;

● whether the rights are transferrable and the date, if any, on and after which the rights may be separately transferred;

● the date on which the right to exercise the rights will commence, and the date on which the right to exercise the rights will expire;

● the method by which holders of rights will be entitled to exercise;

● the conditions to the completion of the offering, if any;

● the withdrawal, termination and cancellation rights, if any;

● whether there are any backstop or standby purchaser or purchasers and the terms of their commitment, if any;

● whether shareholders are entitled to oversubscription rights, if any;

● any applicable material U.S. federal income tax considerations and any applicable material Australian tax considerations; and

● any other terms of the rights, including terms, procedures and limitations relating to the distribution, exchange and exercise of the rights, as applicable.

Each right will entitle the holder of rights to purchase for cash the principal amount of ordinary shares represented by ADSs or other securities at the exercise price provided in the applicable prospectus supplement. Rights may be exercised at any time up to the close of business on the expiration date for the rights provided in the applicable prospectus supplement.

Holders may exercise rights as described in the applicable prospectus supplement. Upon receipt of payment and the rights certificate properly completed and duly executed at the corporate trust office of the rights agent or any other office indicated in the prospectus supplement, we will, as soon as practicable, forward the ordinary shares represented by ADS or other securities, as applicable, purchasable upon exercise of the rights. If less than all of the rights issued in any rights offering are exercised, we may offer any unsubscribed securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, including pursuant to standby arrangements, as described in the applicable prospectus supplement.

**Rights Agent** 

The rights agent for any rights we offer will be set forth in the applicable prospectus supplement.

**DESCRIPTION OF UNITS** 

The following description, together with the additional information that we include in any applicable prospectus supplements summarizes the material terms and provisions of the units that we may offer under this prospectus. While the terms we have summarized below will apply generally to any units that we may offer under this prospectus, we will describe the particular terms of any series of units in more detail in the applicable prospectus supplement. The terms of any units offered under a prospectus supplement may differ from the terms described below.

We will incorporate by reference from reports that we file with the SEC, the form of unit agreement that describes the terms of the series of units we are offering, and any supplemental agreements, before the issuance of the related series of units. The following summaries of material terms and provisions of the units are subject to, and qualified in their entirety by reference to, all the provisions of the unit agreement and any supplemental agreements applicable to a particular series of units. We urge you to read the applicable prospectus supplements related to the particular series of units that we may offer under this prospectus, as well as any related free writing prospectuses and the complete unit agreement and any supplemental agreements that contain the terms of the units.

**General** 

We may issue units consisting of any combination of the other types of securities offered under this prospectus in one or more series. Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each security included in the unit. The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date.

We will describe in the applicable prospectus supplement the terms of the series of units being offered, including:

● the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately;

● any provisions of the governing unit agreement that differ from those described below; and

● any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units.

The provisions described in this section, as well as those set forth in any prospectus supplement or as described under "Description of Share Capital," "Description of American Depositary Shares," "Description of Debt Securities," "Description of Warrants," and "Description of Rights" will apply to each unit, as applicable, and to any ordinary shares represented by ADSs, debt security, warrant or right included in each unit, as applicable.

**Unit Agent** 

The name and address of the unit agent, if any, for any units we offer will be set forth in the applicable prospectus supplement.

**Issuance in Series** 

We may issue units in such amounts and in such numerous distinct series as we determine.

**Enforceability of Rights by Holders of Units** 

Each unit agent will act solely as our agent under the applicable unit agreement and will not assume any obligation or relationship of agency or trust with any holder of any unit. A single bank or trust company may act as a unit agent for more than one series of units. A unit agent will have no duty or responsibility in case of any default by us under the applicable unit agreement or unit, including any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a unit may, without the consent of the related unit agent or the holder of any other unit, enforce by appropriate legal action its rights as holder under any security included in the unit.

**DESCRIPTION OF AMERICAN DEPOSITARY SHARES**

**American Depositary Shares**

The Bank of New York Mellon, as depositary, will register and deliver American Depositary Shares, also referred to as ADSs. Each ADS will represent 12 ordinary shares (or a right to receive 12 ordinary shares) deposited with HSBC Bank Australia, as custodian for the depositary in Australia. Each ADS will also represent any other securities, cash or other property that may be held by the depositary. The deposited shares together with any other securities, cash or other property held by the depositary are referred to as the deposited securities. The depositary's office at which the ADSs will be administered and its principal executive office are located at 240 Greenwich Street, New York, New York 10286.

You may hold ADSs either (A) directly (i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific number of ADSs, registered in your name, or (ii) by having uncertificated ADSs registered in your name, or (B) indirectly by holding a security entitlement in ADSs through your broker or other financial institution that is a direct or indirect participant in The Depository Trust Company, also called DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description assumes you are an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures are.

Registered holders of uncertificated ADSs will receive statements from the depositary confirming their holdings.

As an ADS holder, we will not treat you as one of our shareholders and you will not have shareholder rights. Australian law governs shareholder rights. The depositary will be the holder of the shares underlying your ADSs. As a registered holder of ADSs, you will have ADS holder rights. A deposit agreement among us, the depositary, ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreement and the ADSs.

The following is a summary of the material provisions of the deposit agreement. For more complete information, you should read the entire deposit agreement and the form of ADR which are attached as an exhibit to this registration statement.

**Dividends and Other Distributions**

***How will you receive dividends and other distributions on the ordinary shares?***

The depositary has agreed to pay or distribute to ADS holders the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, upon payment or deduction of its fees and expenses. You will receive these distributions in proportion to the number of ordinary shares your ADSs represent.

***Cash***. The depositary will convert any cash dividend or other cash distribution we pay on the ordinary shares into U.S. dollars, if it can do so on a reasonable basis and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and cannot be obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. It will hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest.

Before making a distribution, any withholding taxes, or other governmental charges that must be paid will be deducted. The depositary will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. *If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, you may lose some of the value of the distribution.*

***Shares****.* The depositary may distribute additional ADSs representing any ordinary shares we distribute as a dividend or free distribution. The depositary will only distribute whole ADSs. It will sell ordinary shares which would require it to deliver a fraction of an ADS (or ADSs representing those shares) and distribute the net proceeds in the same way as it does with cash. If the depositary does not distribute additional ADSs, the outstanding ADSs will also represent the new shares. The depositary may sell a portion of the distributed shares (or ADSs representing those ordinary shares) sufficient to pay its fees and expenses in connection with that distribution.

***Rights to purchase additional ordinary shares****.* If we offer holders of our securities any rights to subscribe for additional ordinary shares or any other rights, the depositary may (i) exercise those rights on behalf of ADS holders, (ii) distribute those rights to ADS holders or (iii) sell those rights and distribute the net proceeds to ADS holders, in each case after deduction or upon payment of its fees and expenses. To the extent the depositary does not do any of those things, it will allow the rights to lapse. *In that case, you will receive no value for them.* The depositary will exercise or distribute rights only if we ask it to and provide satisfactory assurances to the depositary that it is legal to do so. If the depositary will exercise rights, it will purchase the securities to which the rights relate and distribute those securities or, in the case of ordinary shares, new ADSs representing the new ordinary shares, to subscribing ADS holders, but only if ADS holders have paid the exercise price to the depositary. U.S. securities laws may restrict the ability of the depositary to distribute rights or ADSs or other securities issued on exercise of rights to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

***Other Distributions****.* The depositary will send to ADS holders anything else we distribute on deposited securities by any means it thinks is legal, fair and practical. If it cannot make the distribution in that way, the depositary has a choice. It may decide to sell what we distributed and distribute the net proceeds, in the same way as it does with cash. Or, it may decide to hold what we distributed, in which case ADSs will also represent the newly distributed property. However, the depositary is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory evidence from us that it is legal to make that distribution. The depositary may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that distribution. U.S. securities laws may restrict the ability of the depositary to distribute securities to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register ADSs, ordinary shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADSs, ordinary shares, rights or anything else to ADS holders. *This means that you may not receive the distributions we make on our ordinary shares or any value for them if it is illegal or impractical for us to make them available to you*.

**Deposit, Withdrawal and Cancellation**

***How are ADSs issued?***

The depositary will deliver ADSs if you or your broker deposits ordinary shares or evidence of rights to receive ordinary shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names you request and will deliver the ADSs to or upon the order of the person or persons that made the deposit.

***How can ADS holders withdraw the deposited securities?***

You may surrender your ADSs to the depositary for the purpose of withdrawal. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will deliver the ordinary shares and any other deposited securities underlying the ADSs to the ADS holder or a person the ADS holder designates at the office of the custodian. Or, at your request, risk and expense, the depositary will deliver the deposited securities at its office, if feasible. However, the depositary is not required to accept surrender of ADSs to the extent it would require delivery of a fraction of a deposited share or other security. The depositary may charge you a fee and its expenses for instructing the custodian regarding delivery of deposited securities.

***How do ADS holders interchange between certificated ADSs and uncertificated ADSs?***

You may surrender your ADR to the depositary for the purpose of exchanging your ADR for uncertificated ADSs. The depositary will cancel that ADR and will send to the ADS holder a statement confirming that the ADS holder is the registered holder of uncertificated ADSs. Upon receipt by the depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the depositary will execute and deliver to the ADS holder an ADR evidencing those ADSs.

**Voting Rights**

***How do you vote?***

ADS holders may instruct the depositary how to vote the number of deposited ordinary shares their ADSs represent. If we request the depositary to solicit your voting instructions (and we are not required to do so), the depositary will notify you of a shareholders' meeting and send or make voting materials available to you. Those materials will describe the matters to be voted on and explain how ADS holders may instruct the depositary how to vote. For instructions to be valid, they must reach the depositary by a date set by the depositary. The depositary will try, as far as practical, subject to the laws of Australia and the provisions of our articles of association or similar documents, to vote or to have its agents vote the ordinary shares or other deposited securities as instructed by ADS holders. If we do not request the depositary to solicit your voting instructions, you can still send voting instructions, and, in that case, the depositary may try to vote as you instruct, but it is not required to do so.

*Except by instructing the depositary as described above, you will not be able to exercise voting rights unless you surrender your ADSs and withdraw the ordinary shares. However, you may not know about the meeting enough in advance to withdraw the ordinary shares.* In any event, the depositary will not exercise any discretion in voting deposited securities and it will only vote or attempt to vote as instructed.

We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to vote the ordinary shares represented by your ADSs. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. *This means that you may not be able to exercise voting rights and there may be nothing you can do if the ordinary shares represented by your ADSs are not voted as you requested.*

In order to give you a reasonable opportunity to instruct the depositary as to the exercise of voting rights relating to Deposited Securities, if we request the Depositary to act, we agree to give the depositary notice of any such meeting and details concerning the matters to be voted upon at least 30 days in advance of the meeting date.

**Fees and Expenses**

---

| | |
|:---|:---|
| ***Persons depositing or withdrawing ordinary shares or ADS holders must pay*:** | ***For*:** |
| $5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | Issuance of ADSs, including issuances resulting from a distribution of ordinary shares or rights or other property<br>Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates |
| $.05 (or less) per ADS | Any cash distribution to ADS holders |
| A fee equivalent to the fee that would be payable if securities distributed to you had been ordinary shares and the ordinary shares had been deposited for issuance of ADSs | Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders |
| $.05 (or less) per ADS per calendar year | Depositary services |
| Registration or transfer fees | Transfer and registration of ordinary shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw ordinary shares |
| Expenses of the depositary | Cable (including SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement)<br>Converting foreign currency to U.S. dollars |
| Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or ordinary shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes | As necessary<br>|
| Any charges incurred by the depositary or its agents for servicing the deposited securities | As necessary |

---

The depositary collects its fees for delivery and surrender of ADSs directly from investors depositing ordinary shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable (or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.

From time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.

The depositary may convert currency itself or through any of its affiliates, or the custodian or we may convert currency and pay U.S. dollars to the depositary. Where the depositary converts currency itself or through any of its affiliates, the depositary acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used or obtained by it or its affiliate in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to the depositary's obligation to act without negligence or bad faith. The methodology used to determine exchange rates used in currency conversions made by the depositary is available upon request. Where the custodian converts currency, the custodian has no obligation to obtain the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined will be the most favorable to ADS holders, and the depositary makes no representation that the rate is the most favorable rate and will not be liable for any direct or indirect losses associated with the rate. In certain instances, the depositary may receive dividends or other distributions from us in U.S. dollars that represent the proceeds of a conversion of foreign currency or translation from foreign currency at a rate that was obtained or determined by us and, in such cases, the depositary will not engage in, or be responsible for, any foreign currency transactions and neither it nor we make any representation that the rate obtained or determined by us is the most favorable rate and neither it nor we will be liable for any direct or indirect losses associated with the rate.

**Payment of Taxes**

You will be responsible for any taxes or other governmental charges payable on your ADSs or on the deposited securities represented by any of your ADSs. The depositary may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented by your ADSs until those taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented by your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property, remaining after it has paid the taxes.

**Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities**

The depositary will not tender deposited securities in any voluntary tender or exchange offer unless instructed to do so by an ADS holder surrendering ADSs and subject to any conditions or procedures the depositary may establish.

If deposited securities are redeemed for cash in a transaction that is mandatory for the depositary as a holder of deposited securities, the depositary will call for surrender of a corresponding number of ADSs and distribute the net redemption money to the holders of called ADSs upon surrender of those ADSs.

If there is any change in the deposited securities such as a sub-division, combination or other reclassification, or any merger, consolidation, recapitalization or reorganization affecting the issuer of deposited securities in which the depositary receives new securities in exchange for or in lieu of the old deposited securities, the depositary will hold those replacement securities as deposited securities under the deposit agreement. However, if the depositary decides it would not be lawful and practical to hold the replacement securities because those securities could not be distributed to ADS holders or for any other reason, the depositary may instead sell the replacement securities and distribute the net proceeds upon surrender of the ADSs.

If there is a replacement of the deposited securities and the depositary will continue to hold the replacement securities, the depositary may distribute new ADSs representing the new deposited securities or ask you to surrender your outstanding ADSs in exchange for new ADSs identifying the new deposited securities.

If there are no deposited securities underlying ADSs, including if the deposited securities are cancelled, or if the deposited securities underlying ADSs have become apparently worthless, the depositary may call for surrender of those ADSs or cancel those ADSs upon notice to the ADS holders.

**Amendment and Termination**

***How may the deposit agreement be amended?***

We may agree with the depositary to amend the deposit agreement and the ADRs without your consent for any reason. If an amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items, or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary notifies ADS holders of the amendment. *At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs, to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended*.

***How may the deposit agreement be terminated?***

The depositary will initiate termination of the deposit agreement if we instruct it to do so. The depositary may initiate termination of the deposit agreement if

● 60 days have passed since the depositary told us it wants to resign but a successor depositary has not been appointed and accepted its appointment;

● we delist the ADSs from an exchange in the United States on which they were listed and do not list the ADSs on another exchange in the United States or make arrangements for trading of ADSs on the U.S. over-the-counter market;

● we delist our ordinary shares from an exchange outside the United States on which they were listed and do not list the ordinary shares on another exchange outside the United States;

● the depositary has reason to believe the ADSs have become, or will become, ineligible for registration on Form F-6 under the Securities Act;

● we appear to be insolvent or enter insolvency proceedings;

● all or substantially all the value of the deposited securities has been distributed either in cash or in the form of securities;

● there are no deposited securities underlying the ADSs or the underlying deposited securities have become apparently worthless; or

● there has been a replacement of deposited securities.

If the deposit agreement will terminate, the depositary will notify ADS holders at least 90 days before the termination date. At any time after the termination date, the depositary may sell the deposited securities. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under the deposit agreement, unsegregated and without liability for interest, for the <u>pro rata</u> benefit of the ADS holders that have not surrendered their ADSs. Normally, the depositary will sell as soon as practicable after the termination date.

After the termination date and before the depositary sells, ADS holders can still surrender their ADSs and receive delivery of deposited securities, except that the depositary may refuse to accept a surrender for the purpose of withdrawing deposited securities or reverse previously accepted surrenders of that kind that have not settled if it would interfere with the selling process. The depositary may refuse to accept a surrender for the purpose of withdrawing sale proceeds until all the deposited securities have been sold. The depositary will continue to collect distributions on deposited securities, <u>but</u>, after the termination date, the depositary is not required to register any transfer of ADSs or distribute any dividends or other distributions on deposited securities to ADS holders (until they surrender their ADSs) or give any notices or perform any other duties under the deposit agreement except as described in this paragraph.

**Limitations on Obligations and Liability**

***Limits on our Obligations and the Obligations of the Depositary; Limits on Liability to Holders of ADSs***

The deposit agreement expressly limits our obligations and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and the depositary:

● are only obligated to take the actions specifically set forth in the deposit agreement without negligence or bad faith, and the depositary will not be a fiduciary or have any fiduciary duty to holders of ADSs;

● are not liable if we are or it is prevented or delayed by law or by events or circumstances beyond our or its ability to prevent or counteract with reasonable care or effort from performing our or its obligations under the deposit agreement;

● are not liable if we or it exercises discretion permitted under the deposit agreement;

● are not liable for the inability of any holder of ADSs to benefit from any distribution on deposited securities that is not made available to holders of ADSs under the terms of the deposit agreement, or for any special, consequential or punitive damages for any breach of the terms of the deposit agreement;

● have no obligation to become involved in a lawsuit or other proceeding related to the ADSs or the deposit agreement on your behalf or on behalf of any other person;

● may rely upon any documents we believe or it believes in good faith to be genuine and to have been signed or presented by the proper person;

● are not liable for the acts or omissions of any securities depository, clearing agency or settlement system; and

● the depositary has no duty to make any determination or provide any information as to our tax status, or any liability for any tax consequences that may be incurred by ADS holders as a result of owning or holding ADSs or be liable for the inability or failure of an ADS holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit.

In the deposit agreement, we and the depositary agree to indemnify each other under certain circumstances.

**Requirements for Depositary Actions**

Before the depositary will deliver or register a transfer of ADSs, make a distribution on ADSs, or permit withdrawal of ordinary shares, the depositary may require:

● payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third parties for the transfer of any ordinary shares or other deposited securities;

● satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and

● compliance with regulations it may establish, from time to time, consistent with the deposit agreement, including presentation of transfer documents.

The depositary may refuse to deliver ADSs or register transfers of ADSs when the transfer books of the depositary or our transfer books are closed or at any time if the depositary or we think it advisable to do so.

**Your Right to Receive the Ordinary shares Underlying your ADSs**

ADS holders have the right to cancel their ADSs and withdraw the underlying ordinary shares at any time except:

● when temporary delays arise because: (i) the depositary has closed its transfer books or we have closed our transfer books; (ii) the transfer of ordinary shares is blocked to permit voting at a shareholders' meeting; or (iii) we are paying a dividend on our ordinary shares;

● when you owe money to pay fees, taxes and similar charges; or

● when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of ordinary shares or other deposited securities.

This right of withdrawal may not be limited by any other provision of the deposit agreement.

**Direct Registration System**

In the deposit agreement, all parties to the deposit agreement acknowledge that

the Direct Registration System, also referred to as DRS, and Profile Modification System, also referred to as Profile, will apply to the ADSs. DRS is a system administered by DTC that facilitates interchange between registered holding of uncertificated ADSs and holding of security entitlements in ADSs through DTC and a DTC participant. Profile is a feature of DRS that allows a DTC participant, claiming to act on behalf of a registered holder of uncertificated ADSs, to direct the depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the depositary of prior authorization from the ADS holder to register that transfer.

In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement understand that the depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery as described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the deposit agreement, the parties agree that the depositary's reliance on and compliance with instructions received by the depositary through the DRS/Profile system and in accordance with the deposit agreement will not constitute negligence or bad faith on the part of the depositary.

**Shareholder Communications; Inspection of Register of Holders of ADSs**

The depositary will make available for your inspection at its office all communications that it receives from us as a holder of deposited securities that we make generally available to holders of deposited securities. The depositary will send you copies of those communications or otherwise make those communications available to you if we ask it to. You have a right to inspect the register of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to our business or the ADSs.

**Jury Trial Waiver**

The deposit agreement provides that, to the extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of or relating to our ordinary shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable case law.

You will not, by agreeing to the terms of the deposit agreement, be deemed to have waived our or the depositary's compliance with U.S. federal securities laws or the rules and regulations promulgated thereunder.

**EXPENSES** 

The following is an estimate of the expenses (all of which are to be paid by us) that we may incur in connection with the securities being registered hereby.

---

| | | |
|:---|:---|:---|
| SEC registration fee | $27620.0 |  |
| FINRA filing fee | 30500.0 |  |
| Legal fees and expenses |  | (1) |
| Accounting fees and expenses |  | (1) |
| Printing expenses |  | (1) |
| Miscellaneous expenses |  | (1) |
| Total | $— | (1) |

---

(1) These
 fees are calculated based on the securities offered and the number of issuances and accordingly cannot be estimated at this time.

**LEGAL MATTERS** 

Unless the applicable prospectus supplement indicates otherwise, the validity of the debt securities, warrants and units governed by U.S. law and certain other matters of U.S. law will be passed upon for us by Sheppard, Mullin, Richter & Hampton LLP. Unless the applicable prospectus supplement indicates otherwise, the validity of our ordinary shares represented by ADSs and certain matters governed by Australia law will be passed on for us by QR Lawyers, Melbourne, Australia. Additional legal matters may be passed upon for any underwriters, dealers or agents by counsel that we will name in the applicable prospectus supplement.

**EXPERTS** 

The consolidated financial statements of Nova Minerals Limited for the years ended June 30, 2025 and 2024 incorporated by reference in Nova Minerals Limited Annual Report on Form 20-F for the fiscal year ended June 30, 2025, have been audited by Grassi & Co., CPAs, P.C., independent registered public accounting firm, as set forth in their report thereon, included therein, and incorporated herein by reference. Such consolidated financial statements are incorporated herein by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

The offices of Grassi & Co., CPAs, P.C. are located at 50 Jericho Quadrangle, STE 200, Jericho, NY 11753.

**ENFORCEMENT OF JUDGMENTS**

We are a corporation organized under the laws of Australia. Half of our directors and executive officers are located and reside, respectively, outside the United States. Because of the location of our assets and board members, it may not be possible for investors to serve process within the United States upon us or those persons with respect to matters arising under the United States federal securities laws or to enforce against us or persons located outside the United States judgments of United States courts asserted under the civil liability provisions of the United States federal securities laws. We understand that there is doubt as to the enforceability in Australia, in original actions or in actions for enforcement of judgments of United States courts, of civil liabilities predicated solely upon the federal securities laws of the United States insofar as they are fines or penalties. In addition, awards of punitive damages in actions brought in the United States or elsewhere may be unenforceable in Australia by reason of being a penalty. Alaska Range Resources, LLC, an Alaska limited liability company, with a registered office at 1150 S Colony Way, Suite 3-440, Palmer, Alaska 99645, has been appointed agent to receive service of process in any action against us in any state or federal court in the State of New York.

**WHERE YOU CAN FIND MORE INFORMATION**

We are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we file Annual Reports and other information with the SEC. As a foreign private issuer, we are exempt from, among other things, the rules under the Exchange Act prescribing the furnishing and content of proxy statements and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

The SEC maintains a web site that contains reports and information statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *www.sec.gov*.

This prospectus and any prospectus supplement are part of a registration statement that we filed with the SEC and do not contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. Forms of the documents establishing the terms of the offered securities are or may be filed as exhibits to the registration statement of which this prospectus forms a part. Statements in this prospectus or any prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement through the SEC's website, as provided above.

We maintain a corporate website at https://*www.novaminerals.com.au*/. Information contained on, or that can be accessed through, our website does not constitute a part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference. We will post on our website any materials required to be so posted on such website under applicable corporate or securities laws and regulations, including, posting any XBRL interactive financial data required to be filed with the SEC and any notices of general meetings of our shareholders.

**INCORPORATION OF DOCUMENTS BY REFERENCE** 

The SEC allows us to "incorporate by reference" information that we file with them. Incorporation by reference allows us to disclose important information to you by referring you to those other documents. The information incorporated by reference is an important part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information. We filed a registration statement on Form F-3 under the Securities Act with the SEC with respect to the securities we may offer pursuant to this prospectus. This prospectus omits certain information contained in the registration statement, as permitted by the SEC. You should refer to the registration statement, including the exhibits, for further information about us and the securities we may offer pursuant to this prospectus. Statements in this prospectus regarding the provisions of certain documents filed with, or incorporated by reference in, the registration statement are not necessarily complete and each statement is qualified in all respects by that reference. Copies of all or any part of the registration statement, including the documents incorporated by reference or the exhibits, may be obtained upon payment of the prescribed rates at the offices of the SEC listed above in "Where You Can Find More Information." The documents we are incorporating by reference are:

● our Annual Report on [Form 20-F](https://www.sec.gov/Archives/edgar/data/1852551/000149315225014226/form20-f.htm) for the fiscal year ended June 30, 2025, filed with the SEC on September 19, 2025;

● our Current Reports on Form 8-K (other than Current Reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits filed on such form that are related to such items) or Reports of Foreign Private Issuer on Form 6-K filed with the SEC on [July 7, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000164117225017925/form6-k.htm) ; [July 16, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225011262/form6-k.htm) ; [July 21, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225011315/form6-k.htm) ; [July 21, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225011310/form6-k.htm) ; [July 24, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225011361/form6-k.htm) ; [July 28, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225011436/form6-k.htm) ; [July 29, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225011465/form6-k.htm) ; [July 30, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225011483/form6-k.htm) ; [August 4, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225011552/form6-k.htm) ; [August 7, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225011673/form6-k.htm) ; [August 14, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000164117225023701/form6-k.htm) ; [August 25, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225012289/form6-k.htm) ; [September 9, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225012839/form6-k.htm) ; [September 18, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225014058/form6-k.htm) ; [September 19, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225014129/form6-k.htm) ; [September 19, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225014128/form6-k.htm) ; [October 1, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225016461/form6-k.htm) ; [October 10, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225017693/form6-k.htm) ; [October 14, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225017904/form6-k.htm) ; [October 15, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225018165/form6-k.htm) ; [October 23, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225018986/form6-k.htm) ; [October 27, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225019412/form6-k.htm) ; [October 28, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225019819/form6-k.htm) ; and [November 10, 2025](https://www.sec.gov/Archives/edgar/data/1852551/000149315225021394/form6-k.htm) and

● the description of ADSs representing our ordinary shares contained in our Registration Statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1852551/000149315224028029/form8a-12ba.htm) filed with the SEC on July 16, 2024, including our Report of Foreign Issuer on [Form 6-K](https://www.sec.gov/Archives/edgar/data/1852551/000149315225018165/form6-k.htm) filed with the SEC on October 15, 2025 regarding the change to ADS ratio and any amendments or reports filed for the purpose of updating such description.

by reference all subsequent Annual Reports on Form 20-F that we file with the SEC and certain reports on Form 6-K that we furnish to the SEC after the date of this prospectus (if they state that they are incorporated by reference into this prospectus) prior to the termination of this offering. In all cases, you should rely on the later information over different information included in this prospectus or any accompanying prospectus supplement.

Unless expressly incorporated by reference, nothing in this prospectus shall be deemed to incorporate by reference information furnished to, but not filed with, the SEC. Copies of all documents incorporated by reference in this prospectus, other than exhibits to those documents unless such exhibits are specifically incorporated by reference in this prospectus, will be provided at no cost to each person, including any beneficial owner, who receives a copy of this prospectus on the written or oral request of that person made to:

**Nova Minerals Limited**

**Suite 5, 242 Hawthorn Road, Caulfield, Victoria 3161**

**Australia**

**+61 3 9537 1238**

We maintain an internet site at https://*<u>www.novaminerals.com.au</u>*/. Our website and the information contained on or connected to it shall not be deemed to be incorporated into this prospectus or the registration statement of which it forms a part.

You should rely only on information contained in, or incorporated by reference into, this prospectus. We have not authorized anyone to provide you with information different from that contained in this prospectus or incorporated by reference in this prospectus. We are not making offers to sell the securities in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.

**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 8. Indemnification of Directors and Officers.** 

*Australian law*. Australian law provides that a company or a related body corporate of the company may provide for indemnification of officers and directors, except to the extent of any of the following liabilities incurred as an officer or director of the company:

● a liability owed to the company or a related body corporate of the company;

● a liability for a pecuniary penalty order made under section 1317G or a compensation order under section 961M, 1317H, 1317HA, 1317HB 1317HC or 1317HE of the Corporations Act;

● a liability that is owed to someone other than the company or a related body corporate of the company and did not arise out of conduct in good faith; or

● legal costs incurred in defending an action for a liability incurred as an officer or auditor of the company if the costs are incurred:

○ in defending or resisting proceedings in which the person is found to have a liability for which they cannot be indemnified as set out above;

○ in defending or resisting criminal proceedings in which the person is found guilty;

○ in defending or resisting proceedings brought by the Australian Securities & Investments Commission or a liquidator for a court order if the grounds for making the order are found by the court to have been established (except costs incurred in responding to actions taken by the Australian Securities & Investments Commission or a liquidator as part of an investigation before commencing proceedings for a court order); or

○ in connection with proceedings for relief to the person under the Corporations Act in which the court denies the relief.

*Constitution*. Our constitution provides, except to the extent prohibited by the law and the restrictions in section 199A of the Corporations Act and, to the extent that the officer is not otherwise indemnified by us pursuant to an indemnity, we indemnify every person who is or has been an officer of our company against any liability or claim (other than legal costs that are unreasonable) incurred by that person as an officer or on behalf of or bona fide in the interests of our company. This includes any liability or claim incurred by that person in their capacity as an officer of a subsidiary of our company where we requested that person to accept that appointment.

*Indemnification and Insurance Agreements*. We have agreed to indemnify our executive officers and non-employee directors against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer. We also maintain insurance policies that indemnify our directors and executive officers against various liabilities arising under the Securities Act and the Exchange Act that might be incurred by any director or officer in his or her capacity as such.

*SEC Position*. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 9. Exhibits.** 

(a) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\* | Form of Underwriting Agreement |
| 4.1 | [Form of Deposit Agreement, incorporated by reference to Exhibit 4.1 filed with the registrant's Form F-1 Registration Statement (File No 333-278695) on May 28, 2024](https://www.sec.gov/Archives/edgar/data/1852551/000149315224021638/ex4-1.htm) |
| 4.2 | [Form of American Depositary Receipt evidencing American Depositary Shares, incorporated by reference the registrant's prospectus supplement on Form 424(b)(3) to the registrant's Form F-6 registration statement (File No. 333-279673) filed on October 16, 2025](https://www.sec.gov/Archives/edgar/data/1927844/000101915525000427/nova424.htm) |
| 4.3\* | Form of Senior Debt Security |
| 4.4\* | Form of Subordinated Debt Security |
| 4.5 | [Form of Senior Indenture](ex4-5.htm) |
| 4.6 | [Form of Subordinated Indenture](ex4-6.htm) |
| 4.7\* | Form of Warrant Agreement and Warrant Certificate |
| 4.8\* | Form of Rights Agreement and Right Certificate |
| 4.9\* | Form of Unit Agreement and Unit |
| 5.1\*\*\* | Opinion of QR Lawyers regarding the legality of the American Depositary Shares |
| 5.2\*\*\* | Opinion of Sheppard, Mullin, Richter & Hampton LLP |
| 23.1\*\*\* | Consent of Grassi & Co., CPAs, P.C. |
| 23.2\*\*\* | Consent of QR Lawyers (included in Exhibit 5.1) |
| 23.3\*\*\* | Sheppard, Mullin, Richter & Hampton LLP (included in Exhibit 5.2) |
| 23.4\*\*\* | Consent of Roughstock Mining Services, LLC |
| 23.5\*\*\* | Consent of Hans Hoffman |
| 23.6\*\*\* | Consent of Yukuskokon Professional Services |
| 23.7\*\*\* | Consent of Vannu Khouphakdee |
| 23.8\*\*\* | Consent of METS Engineering |
| 23.9\*\*\* | Consent of Matrix Resource Consultants Pty Ltd |
| 23.10\*\*\* | Consent of Christopher Gerteisen |
| 23.11\*\*\* | Consent of Jade North, LLC |
| 24.1\*\*\* | Power of Attorney (included on the signature page of this registration statement) |
| 25.1\*\* | The Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the Trustee under the Senior Indenture will be incorporated herein by reference from a subsequent filing in accordance with Section 305(b)(2) of the Trust Indenture Act of 1939.<br>|
| 25.2\*\* | The Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the Trustee under the Subordinated Indenture will be incorporated herein by reference from a subsequent filing in accordance with Section 305(b)(2) of the Trust Indenture Act of 1939.<br>|
| 96.1 | [Technical Report Summary, incorporated by reference to Exhibit 96.1 filed with the registrant's Form F-1 Registration Statement (File No 333-278695) on May 28, 2024](https://www.sec.gov/Archives/edgar/data/1852551/000149315224021638/ex96-1.htm) |
| 107\*\*\* | Filing Fee Table |

---

\* To be subsequently filed, if applicable, by an amendment to this registration statement or by a Report on Form 6-K

\*\* To be filed pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939

\*\*\* To be filed by amendment

**Item 10. Undertakings.** 

(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended, or the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in Exhibit 107 of the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

 

*provided*, *however*, that paragraphs (a)(1)(i), (a)(1)(ii), and (a)(1)(iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is a part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act, or 3-19 of Regulation S-X if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the Form F-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. *Provided*, *however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communications that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) That, for purposes of determining any liability under the Securities Act, each filing of the registrant's Annual Report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's Annual Report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) To file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Securities and Exchange Commission under Section 305(b)(2) of the Trust Indenture Act.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Melbourne, Australia, on the __<sup>th</sup> day of November, 2025.

---

| | |
|:---|:---|
| **NOVA MINERALS LIMITED** | **NOVA MINERALS LIMITED** |
| By: |  |
| Name: | Christopher Gerteisen |
| Title: | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

NOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Christopher Gerteisen and Michael Melamed, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments, including post-effective amendments, to this registration statement, and any registration statement relating to the offering covered by this registration statement and filed pursuant to Rule 462(b) under the Securities Act of 1933, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that each of said attorneys in fact and agents or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
|  | Chief Executive Officer and Executive Director (Principal Executive Officer) | November __, 2025 |
| Christopher Gerteisen |  |  |
|  | Chief Financial Officer (Principal Financial and Accounting Officer) | November __, 2025 |
| Michael Melamed |  |  |
|  | Non-Executive Chairman and Non-Executive Director | November __, 2025 |
| Richard Beazley |  |  |
|  | Executive Director | November __, 2025 |
| Louie Simens |  |  |
|  | Director of Finance & Compliance and Executive Director | November __, 2025 |
| Craig Bentley |  |  |
|  | Non-Executive Director | November __, 2025 |
| Avi Geller |  |  |
|  | Non-Executive Director | November __, 2025 |
| Chaim Berger |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Nova Minerals Limited has signed this registration statement or amendment thereto in Alaska on November __, 2025.

---

| | |
|:---|:---|
| **Authorized U.S. Representative** | **Authorized U.S. Representative** |
| ***Alaska Range Resources LLC*** | ***Alaska Range Resources LLC*** |
| By: |  |
| Name: | Christopher Gerteisen |
| Title: | Manager |

---

## Exhibit 4.5

**Exhibit 4.5** 

INDENTURE, dated as of [ ], by and between Nova Minerals Limited, an Australian public company limited by shares (the "Company"), and [ ], as trustee (the "Trustee"):

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

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

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

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

ARTICLE I

DEFINITIONS

SECTION 1.01 Definitions of Terms.

The terms defined in this Section (except as in this Indenture otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument.

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

"Bankruptcy Law" means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

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

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

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

"Certificate" means a certificate signed by the chief executive officer, the chief financial officer or the chief accounting officer of the Company. The Certificate need not comply with the provisions of Section 13.07.

"Commission" means the Securities and Exchange Commission.

"Company" means the corporation named as the "Company" in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter "Company" shall mean such successor Person.

"Corporate Trust Office" means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at [ ], except that whenever a provision herein refers to an office or agency of the Trustee in the Borough of Manhattan, the City and State of New York, such office is located, at the date hereof, at [ ].

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

"Default" means an event which is, or after notice or lapse of time, or both, would constitute an Event of Default.

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

"Event of Default" means, with respect to Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated.

"Exchange Act" means the Securities Exchange Act of 1934, as amended.

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

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

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

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

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

"Officers' Certificate" means a certificate signed by the Chief Executive Officer, President or a Vice President and by the Chief Financial Officer, Vice President of Finance, the Treasurer or an Assistant Treasurer or the Controller or an Assistant Controller or the Company Secretary or an Assistant Company Secretary of the Company that is delivered to the Trustee in accordance with the terms hereof. Certificate shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.

"Opinion of Counsel" means a written opinion of counsel, who may be counsel to the Company (and may include directors or employees of the Company) and which opinion is acceptable to the Trustee which acceptance shall not be unreasonably withheld.

"Outstanding", when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as in Article III provided, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.07.

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

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

"Responsible Officer," when used with respect to the Trustee, means any officer of the Trustee, including any vice president, assistant vice president, company secretary, assistant company secretary, the treasurer, any assistant treasurer, the managing director or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject.

"Securities" means the debt Securities authenticated and delivered under this Indenture.

"Security Register" has the meaning specified in Section 2.05.

"Security Registrar" has the meaning specified in Section 2.05.

"Securityholder," "holder of Securities," "registered holder," or other similar term, means the Person or Persons in whose name or names a particular Security shall be registered in the Security Register.

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

"Trustee" means the Person named as the "Trustee" in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter "Trustee" shall mean such successor Trustee. The term "Trustee" as used with respect to a particular series of the Securities shall mean the trustee with respect to that series.

"Trust Indenture Act" means the Trust Indenture Act of 1939, as amended, subject to the provisions of Sections 9.01, 9.02, and 10.01, as in effect at the date of execution of this instrument; provided, however, that in the event the Trust Indenture Act is amended after such date, Trust Indenture Act means, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended, or any successor statute.

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

ARTICLE II

ISSUE, DESCRIPTION, TERMS, EXECUTION,

REGISTRATION AND EXCHANGE OF SECURITIES

SECTION 2.01 Designation and Terms of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited, subject at all
 times to compliance by the Company with any requirements under its articles of association. The Securities may be issued in one or
 more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board
 Resolution of the Company or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities
 of a given series, there shall be established in or pursuant to a Board Resolution of the Company, and set forth in an Officers'
 Certificate of the Company, or established in one or more indentures supplemental hereto:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the
 title of the Security of the series (which shall distinguish the Securities of the series from all other Securities);

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) the
 currency or units based on or relating to currencies in which debt securities of such series are denominated and the currency or
 units in which principal or interest or both will or may be payable;

&nbsp;&nbsp;&nbsp;&nbsp;(4) the
 date or dates on which the principal of the Securities of the series is payable and the place(s) of payment;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(7) the
 right, if any, to extend the interest payment periods or to defer the payment of interest and the duration of such extension;

&nbsp;&nbsp;&nbsp;&nbsp;(8) the
 period or periods within which, the price or prices at which and the terms and conditions upon which, Securities of the series may
 be redeemed, in whole or in part, at the option of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(9) the
 obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions
 (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder thereof and the
 period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of the series shall
 be redeemed or purchased, in whole or in part, pursuant to such obligation;

&nbsp;&nbsp;&nbsp;&nbsp;(10) whether
 or not the debt securities will be secured or unsecured, and the terms of any secured debt;

&nbsp;&nbsp;&nbsp;&nbsp;(11) the
 form of the Securities of the series including the form of the Certificate of Authentication for such series;

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

&nbsp;&nbsp;&nbsp;&nbsp;(13) any
 and all other terms with respect to such series (which terms shall not be inconsistent with the terms of this Indenture, as amended
 by any supplemental indenture) including any terms which may be required by or advisable under United States laws or regulations
 or advisable in connection with the marketing of Securities of that series;

&nbsp;&nbsp;&nbsp;&nbsp;(14) whether
 the Securities are issuable as a Global Security and, in such case, the identity of the Depositary for such series;

&nbsp;&nbsp;&nbsp;&nbsp;(15) whether
 the Securities will be convertible into ordinary shares or other securities of the Company and, if so, the terms and conditions upon
 which such Securities will be so convertible, including the conversion price and the conversion period;

&nbsp;&nbsp;&nbsp;&nbsp;(16) if
 other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon
 declaration of acceleration of the maturity thereof pursuant to Section 6.01; and

&nbsp;&nbsp;&nbsp;&nbsp;(17) any
 additional or different Events of Default or restrictive covenants provided for with respect to the Securities of the series.

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

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

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

SECTION 2.02 Form of Securities and Trustee's Certificate.

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

SECTION 2.03 Denominations: Provisions for Payment.

The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(12). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. The principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months.

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

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

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

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

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

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

SECTION 2.04 Execution and Authentications.

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

A Security shall not be valid or obligatory for any purpose and shall not be entitled to any benefit under this Indenture, in each case, until authenticated with a certificate of authentication manually signed by an authorized signatory of the Trustee, or by an Authenticating Agent. Such certificate shall be conclusive evidence, and the only evidence, that the Security so authenticated has been duly authenticated and delivered hereunder and that the Security is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed by its Chief Executive Officer, or its Chief Financial Officer, or its President or any Vice President and its Company Secretary or any Assistant Company Secretary, and the Trustee in accordance with such written order shall authenticate and deliver such Securities.

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

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

SECTION 2.05 Registration of Transfer and Exchange.

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

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

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

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

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

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

SECTION 2.06 Temporary Securities.

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

SECTION 2.07 Mutilated, Destroyed, Lost or Stolen Securities.

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

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

SECTION 2.08 Cancellation.

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

SECTION 2.09 Benefits of Indenture.

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

SECTION 2.10 Authenticating Agent.

So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating

Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by Federal or State authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately.

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

SECTION 2.11 Global Securities

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

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

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

ARTICLE III

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

SECTION 3.01 Redemption.

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

SECTION 3.02 Notice of Redemption.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 30 days' notice in
 advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon
 the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide
 for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the
 principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly
 notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever
 it shall so elect, by delivery of instructions signed on its behalf by its Chief Executive Officer, or its Chief Financial Officer,
 or its President or any Vice President, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular
 series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of
 the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is
 to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with,
 the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies
 or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under
 the provisions of this Section.

SECTION 3.03 Payment Upon Redemption.

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

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

SECTION 3.04 Sinking Fund.

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

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

SECTION 3.05 Satisfaction of Sinking Fund Payments with Securities.

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

SECTION 3.06 Redemption of Securities for Sinking Fund.

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

ARTICLE IV

COVENANTS

SECTION 4.01 Payment of Principal, Premium and Interest.

The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner provided herein and established with respect to such Securities.

SECTION 4.02 Maintenance of Office or Agency.

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

SECTION 4.03 Paying Agents.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(4) that
 it will perform all other duties of paying agent as set forth in this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of
 the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit
 of the Persons entitled thereto a sum sufficient with monies held by all other paying agents to pay such principal (and premium,
 if any)

or interest so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (an premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act.

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

SECTION 4.04 Appointment to Fill Vacancy in Office of Trustee.

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

SECTION 4.05 Compliance with Consolidation Provisions.

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

ARTICLE V

SECURITYHOLDERS' LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

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

If the Company is not the Security Register, the Company will furnish or use reasonable efforts to cause to be furnished to the Trustee (a) on each regular record date (as defined in Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar.

SECTION 5.02 Preservation of Information; Communications with Securityholders.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders
 of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of
 holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity) and shall otherwise
 comply with Section 312(a) of the Trust Indenture Act.

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

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

SECTION 5.03 Reports by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company covenants and agrees to file with the Trustee, within 15 days after the Company is required to file the same with the Commission,
 copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing
 as the Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with the Commission
 pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or
 reports pursuant to either of such sections, then to file with the Trustee and the Commission, in accordance with the rules and regulations
 prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports that may
 be required pursuant to Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange
 as may be prescribed from time to time in such rules and regulations; provided, however, the Company shall not be required to deliver
 to the Trustee any materials for which the Company has sought and received confidential treatment by the Commission. The Company
 also shall comply with the other provisions of Section 314(a) of the Trust Indenture Act.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company covenants and agrees to transmit by mail, first class postage prepaid, or reputable over-night delivery service that provides
 for evidence of receipt, to the Securityholders, as their names and addresses appear upon the Security Register, within 30 days after
 the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company
 pursuant to subsections (a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the
 Commission.

SECTION 5.04 Reports by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trustee shall transmit to holders as provided in Section 313 of the Trust Indenture Act such reports concerning the Trustee and its
 actions under this Indenture as may be required by Section 313 of the Trust Indenture Act at the times and in the manner provided
 by the Trust Indenture Act.

&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with
 each stock exchange upon which any Securities are listed (if so listed) and, if required by Section 313 of the Trust Indenture Act,
 also with the Commission. The Company agrees to notify the Trustee when any Securities become listed on any stock exchange.

ARTICLE VI

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

ON EVENT OF DEFAULT

SECTION 6.01 Events of Default.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever
 used herein with respect to Securities of a particular series, "Event of Default" means any one or more of the following
 events that has occurred and is continuing:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) the
 Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture
 or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement
 that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series)
 for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that
 such notice is a "Notice of Default" hereunder, shall have been given to the Company by the Trustee, by registered or
 certified mail, or to the Company and the Trustee by the holders of not less than a majority in principal amount of the Securities
 of that series at the time Outstanding;

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

&nbsp;&nbsp;&nbsp;&nbsp;(5) a
 court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
 case, (ii) appoints a Custodian of the Company for all or substantially all of its property, or (iii) orders the liquidation of the
 Company, and the order or decree remains unstayed and in effect for 90 consecutive days.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 each and every such case, unless the principal of all the Securities of that series shall have already become due and payable, either
 the Trustee or the holders of not less than a majority in aggregate principal amount of the Securities of that series then Outstanding
 hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal (or,
 if any Securities of that series are discount securities, that portion of the principal amount as may be specified in the terms of
 that series pursuant to Section 2.01(a)(16)) of (and premium, if any, on) and accrued and unpaid interest, if any, on all the Securities
 of that series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due
 and payable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 any time after the principal of the Securities of that series shall have been so declared due and payable, and before a judgment
 or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority
 in aggregate principal amount of the Securities of that series then Outstanding hereunder (or, by action at a meeting of holders
 of the Securities of such series in accordance with Section 8.09, the holders of a majority in aggregate principal amount of the
 Securities of such series then Outstanding represented at such meeting), by written notice to the Company and the Trustee, may rescind
 and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay
 all matured installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and
 all Securities of that series that shall have become due otherwise than by acceleration and (ii) any and all Events of Default under
 this Indenture with respect to such series, other than the nonpayment of principal of (and premium, if any, on) and accrued and unpaid
 interest, if any, on Securities of that series that shall have become due solely because of such acceleration, shall have been remedied,
 cured or waived as provided in Section 6.06. No such rescission and annulment shall extend to or shall affect any subsequent default
 or impair any right consequent thereon.

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

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

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

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

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

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

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

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

SECTION 6.03 Application of Moneys Collected.

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

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

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

SECTION 6.04 Limitation on Suits.

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

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

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

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

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

SECTION 6.06 Control by Securityholders.

The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.01, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture or be unduly prejudicial to the rights of holders of Securities of any other series at the time Outstanding determined in accordance with Section 8.01. Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability. The holders either (a) through the written consent of not less than a majority in aggregate principal amount of the Securities of any series at the time Outstanding or (b) by action at a meeting of holders of the Securities of such series in accordance with Section 8.09, by the holders of a majority in aggregate principal amount of the Securities of such series then Outstanding represented at such meeting, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.01(c)) and except in respect a provision hereof which, under Section 9.02, cannot be modified or amended without the consent of the holders of each Outstanding Security affected; provided however that this Section shall not limit the right of holders of Securities of a series to rescind and annul any acceleration as set forth in Section 6.01. Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. The provisions which otherwise would be automatically deemed to be contained in this Indenture pursuant to Section (316)(a)(1) of the Trust Indenture Act are hereby expressly excluded from this Indenture, except to the extent such provisions are expressly included herein.

SECTION 6.07 Undertaking to Pay Costs.

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

ARTICLE VII

CONCERNING THE TRUSTEE

SECTION 7.01 Certain Duties and Responsibilities of Trustee.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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:

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

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

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

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

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

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

SECTION 7.02 Certain Rights of Trustee.

Except as otherwise provided in Section 7.01:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
 opinion, report, notice, request, consent, order, approval, bond, 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;

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

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

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

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

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

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

SECTION 7.03 Trustee Not Responsible for Recitals or Issuance of Securities.

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

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

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

SECTION 7.04 May Hold Securities.

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

SECTION 7.05 Moneys Held in Trust.

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

SECTION 7.06 Compensation and Reimbursement.

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

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

SECTION 7.07 Reliance on Officers' Certificate.

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

SECTION 7.08 Disqualification; Conflicting Interests.

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

SECTION 7.09 Corporate Trustee Required; Eligibility.

There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and subject to supervision or examination by Federal, State, Territorial, or District of Columbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.

SECTION 7.10 Resignation and Removal; Appointment of Successor.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) the
 Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding,
 or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control
 of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case,
 the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate,
 executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy
 to the successor trustee, or, unless the Trustee's duty to resign is stayed as provided herein, any Securityholder who has
 been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly
 situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee.
 Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor
 trustee.

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

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

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

SECTION 7.11 Acceptance of Appointment By Successor.

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

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

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

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

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

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

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

SECTION 7.13 Preferential Collection of Claims Against the Company.

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

ARTICLE VIII

CONCERNING THE SECURITYHOLDERS

SECTION 8.01 Evidence of Action by Securityholders.

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

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

SECTION 8.02 Proof of Execution by Securityholders.

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

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

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

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

SECTION 8.03 Who May be Deemed Owners.

Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security (whether or not such Security shall be overdue and

notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

SECTION 8.04 Certain Securities Owned by Company Disregarded.

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

SECTION 8.05 Actions Binding on Future Securityholders.

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

SECTION 8.06 Purposes for Which Meetings May Be Called.

A meeting of holders of any series of Securities may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by holders of such series of Securities.

Notwithstanding anything contained in this Article VIII, the Trustee may, during the pendency of a Default or an Event of Default, call a meeting of holders of any series of Securities in accordance with its standard practices.

SECTION 8.07 Call Notice and Place of Meetings.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trustee may at any time call a meeting of holders of any series of Securities for any purpose specified in Section 8.06 hereof, to
 be held at such time and at such place in The City of New York or Boston, Massachusetts. Notice of every meeting of holders of any
 series of Securities, setting forth the time and the place of such meeting, in general terms the action proposed to be taken at such
 meeting and the percentage of the principal amount of the Outstanding Securities of such series which shall constitute a quorum at
 such meeting, shall be given, in the manner provided in Section 13.04 hereof, not less than 21 nor more than 180 days prior to the
 date fixed for the meeting to holders of Outstanding Securities of such series.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 case at any time the Company, pursuant to a Board Resolution, or the holders of at least 10% in principal amount of the Outstanding
 Securities of any series shall have requested the Trustee to call a meeting of the holders of Securities of such series for any purpose
 specified in Section 8.06 hereof, by written request setting forth in reasonable detail the action proposed to be taken at the meeting,
 and the Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request
 or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the holders of Securities
 of such series in the amount specified, as the case may be, may determine the time and the place in The City of New York or Boston,
 Massachusetts for such meeting and may call such meeting for such purposes by giving notice thereof as provided in paragraph (a)
 of this Section.

SECTION 8.08 Persons Entitled To Vote at Meetings.

To be entitled to vote at any meeting of holders of Securities of a given series, a Person shall be (a) a holder of one or more Outstanding Securities of such series or (b) a Person appointed by an instrument in writing as proxy for a holder or holders of one or more Outstanding Securities of such series by such holder or holders. The only Persons who shall be entitled to be present or to speak at any meeting of holders shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.

SECTION 8.09 Quorum; Action.

The Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of a given series shall constitute a quorum with respect to a meeting of holders of Outstanding Securities of such series. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of holders of Securities of such series, be dissolved. In any other case, the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 8.07(a) hereof, except that such notice need be given only once and not less than five days prior to the date on which the meeting is scheduled to be reconvened.

At a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid, any resolution and all matters (except as limited by the proviso to the first paragraph of Section 9.02 hereof) shall be effectively passed and decided if passed or decided by the Persons entitled to vote not less than a majority in aggregate principal amount of Outstanding Securities of a series represented and voting at such meeting with respect to a meeting of holders of Outstanding Securities of such series.

Any resolution passed or decisions taken at any meeting of holders of Securities duly held in accordance with this Section shall be binding on all the holders of Securities of such series, whether or not present or represented at the meeting.

SECTION 8.10 Determination of Voting Rights; Conduct and Adjournment of Meetings.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Trustee shall, by an instrument in writing, appoint a temporary chairman (which may be the Trustee) of the meeting, unless the meeting
 shall have been called by the Company or by holders of Securities of a given series as provided in Section 8.07(b) hereof, in which
 case the Company or the holders of Securities of such series calling the meeting, as the case may be, shall in like manner appoint
 a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled
 to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 any meeting, each holder of a Security of the series in respect of which such meeting is being held or proxy shall be entitled to
 one vote for each $1,000 principal amount of Securities of such series held or represented by him; provided, however, that no vote
 shall be cast or counted at any meeting in respect of any Security of such series challenged as not Outstanding and ruled by the
 chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a holder of a Security
 of such series or proxy.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 meeting of holders of Securities duly called pursuant to Section 8.07 hereof at which a quorum is present may be adjourned from time
 to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of the series in respect of which
 such meeting is being held represented at the meeting, and the meeting may be held as so adjourned without further notice.

SECTION 8.11 Counting Votes and Recording Action of Meetings.

The vote upon any resolution submitted to any meeting of holders of Securities of a given series shall be by written ballots on which shall be subscribed the signatures of the holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of holders of Securities of such series shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 8.07 hereof and, if applicable, Section 8.09 hereof. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.

ARTICLE IX

SUPPLEMENTAL INDENTURES

SECTION 9.01 Supplemental Indentures Without the Consent of Securityholders.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) cure
 any ambiguity, correct or supplement any provision herein which may be inconsistent with any other provision herein or which is otherwise
 defective, or make any other provisions with respect to matters or questions arising under this Indenture which the Company and the
 Trustee may deem necessary or desirable and which shall not be inconsistent with the provisions of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 comply with Article X;

&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 provide for uncertificated Securities in addition to or in place of certificated Securities;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) comply
 with the requirements of the Commission in order to effect or maintain the qualification of this Indenture under the Trust Indenture
 Act.

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

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

SECTION 9.02 Supplemental Indentures With Consent of Securityholders.

With the written consent of the holders of at least a majority in aggregate principal amount of the Outstanding Securities of any series or by action at a meeting of holders of the Securities of such series in accordance with Section 8.09, by the holders of a majority in aggregate principal amount of the Securities of such series then Outstanding represented at such meeting, the Company, when authorized by Board Resolutions, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (i) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, (ii) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture, or any consent or waiver, (iii) reduce the principal amount of discount securities payable upon acceleration of the maturity of any Securities of any series or (iv) make the principal of or premium or interest on any Security of a series payable in currency or currency units other than that stated in the Securities of such series.

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

SECTION 9.03 Effect of Supplemental Indentures.

Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

SECTION 9.04 Securities Affected by Supplemental Indentures.

Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements of any exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors of the Company, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

SECTION 9.05 Execution of Supplemental Indentures.

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

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

ARTICLE X

SUCCESSOR ENTITY

SECTION 10.01 Company May Consolidate, Etc.

Nothing contained in this Indenture or in any of the Securities shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property.

SECTION 10.02 Successor Entity Substituted.

&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
 entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual
 payment of the principal of, premium, if any, and interest on all of the Securities of all series Outstanding and the due and punctual
 performance of all of the covenants and conditions of this Indenture or established with respect to each series of the Securities
 pursuant to Section 2.01 to be performed by the Company with respect to each series, such successor entity shall succeed to and be
 substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation
 shall be relieved of all obligations and covenants under this Indenture and the Securities.

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

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

SECTION 10.03 Evidence of Consolidation, Etc. to Trustee.

The Trustee, subject to the provisions of Section 7.01, may receive an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this Article.

ARTICLE XI

SATISFACTION AND DISCHARGE

SECTION 11.01 Satisfaction and Discharge of Indenture.

If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07) and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company (and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations sufficient or a combination thereof, sufficient (assuming that no tax liability will be imposed on the Trustee) in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series.

SECTION 11.02 Discharge of Obligations.

If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall mature and be paid thereafter, Sections 7.06 and 11.05 shall survive.

SECTION 11.03 Deposited Moneys to be Held in Trust.

Subject to Section 11.05, all moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

SECTION 11.04 Payment of Moneys Held by Paying Agents.

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

SECTION 11.05 Repayment to Company.

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

ARTICLE XII

IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS

SECTION 12.01 No Recourse.

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

ARTICLE XIII

MISCELLANEOUS PROVISIONS

SECTION 13.01 Effect on Successors and Assigns.

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

SECTION 13.02 Actions by Successor.

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

SECTION 13.03 Surrender of Company Powers.

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

SECTION 13.04 Notices.

Except as otherwise expressly provided herein any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the holders of Securities to or on the Company may be given or served by being deposited first class postage prepaid in a post-office letterbox addressed (until another address is filed in writing by the Company with the Trustee), as follows: Nova Minerals Limited, Attn: Chief Executive Officer, Suite 5, 242 Hawthorn Road, Caulfield, Victoria 3161, Australia. Any notice, election, request or demand by the Company or any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee. Any notice or communication to a holder shall be mailed by first-class mail to his address shown on the Security Register kept by the Security Registrar.

Failure to mail a notice or communication to a holder or any defect in such notice or communication shall not affect its sufficiency with respect to other holders. If a notice or communication is mailed or sent in the manner provided above within the time prescribed, it is duly given as of the date it is mailed, whether or not the addressee receives it, except that notice to the Trustee or the Company shall only be effective upon receipt thereof by the Trustee or the Company, respectively. If the Company mails a notice or communication to holders of Securities, it shall mail a copy to the Trustee at the same time.

SECTION 13.05 Governing Law.

This Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State.

SECTION 13.06 Treatment of Securities as Debt.

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

SECTION 13.07 Compliance Certificates and Opinions.

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

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

SECTION 13.08 Payments on Business Days.

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

SECTION 13.09 Conflict with Trust Indenture Act.

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

SECTION 13.10 Counterparts.

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

SECTION 13.11 Separability.

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

SECTION 13.12 Assignment.

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

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

---

| | |
|:---|:---|
| NOVA MINERALS LIMITED | NOVA MINERALS LIMITED |
| By: |  |
|  | Name: |
|  | Title: |
| [ ], | [ ], |
| As Trustee | As Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

## Exhibit 4.6

**Exhibit 4.6** 

INDENTURE, dated as of [ ], by and between Nova Minerals Limited, an Australian public company limited by shares (the "Company"), and [ ], as trustee (the "Trustee"):

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

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

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

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

ARTICLE I

DEFINITIONS

SECTION 1.01 Definitions of Terms.

The terms defined in this Section (except as in this Indenture otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument.

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

"Bankruptcy Law" means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

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

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

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

"Certificate" means a certificate signed by the chief executive officer, the chief financial officer or the chief accounting officer of the Company. The Certificate need not comply with the provisions of Section 13.07.

"Commission" means the Securities and Exchange Commission.

"Company" means the corporation named as the "Company" in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter "Company" shall mean such successor Person.

"Corporate Trust Office" means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at [ ], except that whenever a provision herein refers to an office or agency of the Trustee in the Borough of Manhattan, the City and State of New York, such office is located, at the date hereof, at [ ].

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

"Default" means an event which is, or after notice or lapse of time, or both, would constitute an Event of Default.

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

"Event of Default" means, with respect to Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated.

"Exchange Act" means the Securities Exchange Act of 1934, as amended.

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

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

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

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

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

"Officers' Certificate" means a certificate signed by the Chief Executive Officer, or the President or a Vice President and by the Chief Financial Officer, Vice President of Finance, the Treasurer or an Assistant Treasurer or the Controller or an Assistant Controller or the Company Secretary or an Assistant Company Secretary of the Company that is delivered to the Trustee in accordance with the terms hereof. Certificate shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.

"Opinion of Counsel" means a written opinion of counsel, who may be counsel to the Company (and may include directors or employees of the Company) and which opinion is acceptable to the Trustee which acceptance shall not be unreasonably withheld.

"Outstanding", when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as in Article III provided, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.07.

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

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

"Responsible Officer," when used with respect to the Trustee, means any officer of the Trustee, including any vice president, assistant vice president, company secretary, assistant company secretary, the treasurer, any assistant treasurer, the managing director or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject.

"Securities" means the debt Securities authenticated and delivered under this Indenture.

"Security Register" has the meaning specified in Section 2.05.

"Security Registrar" has the meaning specified in Section 2.05.

"Securityholder," "holder of Securities," "registered holder," or other similar term, means the Person or Persons in whose name or names a particular Security shall be registered in the Security Register.

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

"Trustee" means the Person named as the "Trustee" in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter

"Trustee" shall mean such successor Trustee. The term "Trustee" as used with respect to a particular series of the Securities shall mean the trustee with respect to that series.

"Trust Indenture Act" means the Trust Indenture Act of 1939, as amended, subject to the provisions of Sections 9.01, 9.02, and 10.01, as in effect at the date of execution of this instrument; provided, however, that in the event the Trust Indenture Act is amended after such date, Trust Indenture Act means, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended, or any successor statute.

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

ARTICLE II

ISSUE, DESCRIPTION, TERMS, EXECUTION,

REGISTRATION AND EXCHANGE OF SECURITIES

SECTION 2.01 Designation and Terms of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited, subject at all
 times to compliance by the Company with any requirements under its articles of association. The Securities may be issued in one or
 more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board
 Resolution of the Company or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities
 of a given series, there shall be established in or pursuant to a Board Resolution of the Company, and set forth in an Officers'
 Certificate of the Company, or established in one or more indentures supplemental hereto:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the
 title of the Security of the series (which shall distinguish the Securities of the series from all other Securities);

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) the
 currency or units based on or relating to currencies in which debt securities of such series are denominated and the currency or
 units in which principal or interest or both will or may be payable;

&nbsp;&nbsp;&nbsp;&nbsp;(4) the
 date or dates on which the principal of the Securities of the series is payable and the place(s) of payment;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(7) the
 right, if any, to extend the interest payment periods or to defer the payment of interest and the duration of such extension;

&nbsp;&nbsp;&nbsp;&nbsp;(8) the
 period or periods within which, the price or prices at which and the terms and conditions upon which, Securities of the series may
 be redeemed, in whole or in part, at the option of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(9) the
 obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions
 (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder thereof and the
 period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of the series shall
 be redeemed or purchased, in whole or in part, pursuant to such obligation;

&nbsp;&nbsp;&nbsp;&nbsp;(10) whether
 or not the debt securities will be secured or unsecured, and the terms of any secured debt;

&nbsp;&nbsp;&nbsp;&nbsp;(11) the
 form of the Securities of the series including the form of the Certificate of Authentication for such series;

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

&nbsp;&nbsp;&nbsp;&nbsp;(13) any
 and all other terms with respect to such series (which terms shall not be inconsistent with the terms of this Indenture, as amended
 by any supplemental indenture) including any terms which may be required by or advisable under United States laws or regulations
 or advisable in connection with the marketing of Securities of that series;

&nbsp;&nbsp;&nbsp;&nbsp;(14) whether
 the Securities are issuable as a Global Security and, in such case, the identity of the Depositary for such series;

&nbsp;&nbsp;&nbsp;&nbsp;(15) whether
 the Securities will be convertible into ordinary shares or other securities of the Company and, if so, the terms and conditions upon
 which such Securities will be so convertible, including the conversion price and the conversion period;

&nbsp;&nbsp;&nbsp;&nbsp;(16) if
 other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon
 declaration of acceleration of the maturity thereof pursuant to Section 6.01;

&nbsp;&nbsp;&nbsp;&nbsp;(17) any
 additional or different Events of Default or restrictive covenants provided for with respect to the Securities of the series; and

&nbsp;&nbsp;&nbsp;&nbsp;(18) the
 subordination terms of the Securities of the series.

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

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

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

SECTION 2.02 Form of Securities and Trustee's Certificate.

The Securities of any series and the Trustee's certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution of the Company and as set forth in an Officers' Certificate of the Company and may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed,

lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which Securities of that series may be listed, or to conform to usage.

SECTION 2.03 Denominations: Provisions for Payment.

The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(12). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. The principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months.

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

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

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

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

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

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

SECTION 2.04 Execution and Authentications.

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

A Security shall not be valid or obligatory for any purpose and shall not be entitled to any benefit under this Indenture, in each case, until authenticated with a certificate of authentication manually signed by an authorized signatory of the Trustee, or by an Authenticating Agent. Such certificate shall be conclusive evidence, and the only evidence, that the Security so authenticated has been duly authenticated and delivered hereunder and that the Security is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed by its Chief Executive Officer, or its Chief Financial Officer, or its President or any Vice President and its Company Secretary or any Assistant Company Secretary, and the Trustee in accordance with such written order shall authenticate and deliver such Securities.

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

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

SECTION 2.05 Registration of Transfer and Exchange.

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

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

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

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

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

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

SECTION 2.06 Temporary Securities.

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

SECTION 2.07 Mutilated, Destroyed, Lost or Stolen Securities.

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

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

SECTION 2.08 Cancellation.

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

SECTION 2.09 Benefits of Indenture.

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

SECTION 2.10 Authenticating Agent.

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

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

SECTION 2.11 Global Securities

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

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

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

ARTICLE III

REDEMPTION OF SECURITIES AND

SINKING FUND PROVISIONS

SECTION 3.01 Redemption.

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

SECTION 3.02 Notice of Redemption.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 30 days' notice in
 advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon
 the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide
 for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the
 principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly
 notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever
 it shall so elect, by delivery of instructions signed on its behalf by its Chief Executive Officer, or its Chief Financial Officer,
 or its President or any Vice President, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular
 series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of
 the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is
 to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with,
 the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies
 or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under
 the provisions of this Section.

SECTION 3.03 Payment Upon Redemption.

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

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

SECTION 3.04 Sinking Fund.

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

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

SECTION 3.05 Satisfaction of Sinking Fund Payments with Securities.

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

SECTION 3.06 Redemption of Securities for Sinking Fund.

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

ARTICLE IV

COVENANTS

SECTION 4.01 Payment of Principal, Premium and Interest.

The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner provided herein and established with respect to such Securities.

SECTION 4.02 Maintenance of Office or Agency.

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

SECTION 4.03 Paying Agents.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(4) that
 it will perform all other duties of paying agent as set forth in this Indenture.

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

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

SECTION 4.04 Appointment to Fill Vacancy in Office of Trustee.

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

SECTION 4.05 Compliance with Consolidation Provisions.

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

ARTICLE V

SECURITYHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

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

If the Company is not the Security Register, the Company will furnish or use reasonable efforts to cause to be furnished to the Trustee (a) on each regular record date (as defined in Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar.

SECTION 5.02 Preservation of Information; Communications with Securityholders.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders
 of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of
 holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity) and shall otherwise
 comply with Section 312(a) of the Trust Indenture Act.

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

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

SECTION 5.03 Reports by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company covenants and agrees to file with the Trustee, within 15 days after the Company is required to file the same with the Commission,
 copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing
 as the Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with the Commission
 pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or
 reports pursuant to either of such sections, then to file with the Trustee and the Commission, in accordance with the rules and regulations
 prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports that may
 be required pursuant to Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange
 as may be prescribed from time to time in such rules and regulations; provided, however, the Company shall not be required to deliver
 to the Trustee any materials for which the Company has sought and received confidential treatment by the Commission. The Company
 also shall comply with the other provisions of Section 314(a) of the Trust Indenture Act.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company covenants and agrees to transmit by mail, first class postage prepaid, or reputable over-night delivery service that provides
 for evidence of receipt, to the Securityholders, as their names and addresses appear upon the Security Register, within 30 days after
 the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company
 pursuant to subsections (a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the
 Commission.

SECTION 5.04 Reports by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trustee shall transmit to holders as provided in Section 313 of the Trust Indenture Act such reports concerning the Trustee and its
 actions under this Indenture as may be required by Section 313 of the Trust Indenture Act at the times and in the manner provided
 by the Trust Indenture Act.

&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with
 each stock exchange upon which any Securities are listed (if so listed) and, if required by Section 313 of the Trust Indenture Act,
 also with the Commission. The Company agrees to notify the Trustee when any Securities become listed on any stock exchange.

ARTICLE VI

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

SECTION 6.01 Events of Default.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever
 used herein with respect to Securities of a particular series, "Event of Default" means any one or more of the following
 events that has occurred and is continuing:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) the
 Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture
 or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement
 that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series)
 for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that
 such notice is a "Notice of Default" hereunder, shall have been given to the Company by the Trustee, by registered or
 certified mail, or to the Company and the Trustee by the holders of not less than a majority in principal amount of the Securities
 of that series at the time Outstanding;

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

&nbsp;&nbsp;&nbsp;&nbsp;(5) a
 court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
 case, (ii) appoints a Custodian of the Company for all or substantially all of its property, or (iii) orders the liquidation of the
 Company, and the order or decree remains unstayed and in effect for 90 consecutive days.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 each and every such case, unless the principal of all the Securities of that series shall have already become due and payable, either
 the Trustee or the holders of not less than a majority in aggregate principal amount of the Securities of that series then Outstanding
 hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal (or,
 if any Securities of that series are discount securities, that portion of the principal amount as may be specified in the terms of
 that series pursuant to Section 2.01(a)(16)) of (and premium, if any, on) and accrued and unpaid interest, if any, on all the Securities
 of that series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due
 and payable. Notwithstanding the foregoing, the payment of such principal (or,
if any Securities of that series are discount securities, that portion of the principal amount as may be specified in the terms of that
series pursuant to Section 2.01(a)(16)) of (and premium, if any, on) and accrued and unpaid interest, if any, on the Securities of such
series shall remain subordinated to the extent provided in Article XIV.

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 any time after the principal of the Securities of that series shall have been so declared due and payable, and before a judgment
 or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority
 in aggregate principal amount of the Securities of that series then Outstanding hereunder (or, by action at a meeting of holders
 of the Securities of such series in accordance with Section 8.09, the holders of a majority in aggregate principal amount of the
 Securities of such series then Outstanding represented at such meeting), by written notice to the Company and the Trustee, may rescind
 and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay
 all matured installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and
 all Securities of that series that shall have become due otherwise than by acceleration and (ii) any and all Events of Default under
 this Indenture with respect to such series, other than the nonpayment of principal of (and premium, if any, on) and accrued and unpaid
 interest, if any, on Securities of that series that shall have become due solely because of such acceleration, shall have been remedied,
 cured or waived as provided in Section 6.06. No such rescission and annulment shall extend to or shall affect any subsequent default
 or impair any right consequent thereon.

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

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

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

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

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

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

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

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

SECTION 6.03 Application of Moneys Collected.

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

---

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

---

SECOND: To the payment of all Senior Indebtedness of the Company if and to the extent required by Article XIV; and

---

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

---

SECTION 6.04 Limitation on Suits.

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

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

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

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

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

SECTION 6.06 Control by Securityholders.

The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.01, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture or be unduly prejudicial to the rights of holders of Securities of any other series at the time Outstanding determined in accordance with Section 8.01. Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.

The holders either (a) through the written consent of not less than a majority in aggregate principal amount of the Securities of any series at the time Outstanding or (b) by action at a meeting of holders of the Securities of such series in accordance with Section 8.09, by the holders of a majority in aggregate principal amount of the Securities of such series then Outstanding represented at such meeting, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.01(c)) and except in respect a provision hereof which, under Section 9.02, cannot be modified or amended without the consent of the holders of each Outstanding Security affected; provided however that this Section shall not limit the right of holders of Securities of a series to rescind and annul any acceleration as set forth in Section 6.01. Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. The provisions which otherwise would be automatically deemed to be contained in this Indenture pursuant to Section 316(a)(1) of the Trust Indenture Act are hereby expressly excluded from this Indenture, except to the extent such provisions are expressly included herein.

SECTION 6.07 Undertaking to Pay Costs.

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

ARTICLE VII

CONCERNING THE TRUSTEE

SECTION 7.01 Certain Duties and Responsibilities of Trustee.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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:

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

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

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

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

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

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

SECTION 7.02 Certain Rights of Trustee.

Except as otherwise provided in Section 7.01:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
 opinion, report, notice, request, consent, order, approval, bond, 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;

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

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

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

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

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

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

SECTION 7.03 Trustee Not Responsible for Recitals or Issuance of Securities.

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

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

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

SECTION 7.04 May Hold Securities.

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

SECTION 7.05 Moneys Held in Trust.

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

SECTION 7.06 Compensation and Reimbursement.

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

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

SECTION 7.07 Reliance on Officers' Certificate.

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

SECTION 7.08 Disqualification; Conflicting Interests.

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

SECTION 7.09 Corporate Trustee Required; Eligibility.

There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and subject to supervision or examination by Federal, State, Territorial, or District of Columbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.

SECTION 7.10 Resignation and Removal; Appointment of Successor.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) the
 Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding,
 or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control
 of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case,
 the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate,
 executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy
 to the successor trustee, or, unless the Trustee's duty to resign is stayed as provided herein, any Securityholder who has
 been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly
 situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee.
 Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor
 trustee.

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

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

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

SECTION 7.11 Acceptance of Appointment By Successor.

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

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

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

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

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

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

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

SECTION 7.13 Preferential Collection of Claims Against the Company.

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

ARTICLE VIII

CONCERNING THE SECURITYHOLDERS

SECTION 8.01 Evidence of Action by Securityholders.

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

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

SECTION 8.02 Proof of Execution by Securityholders.

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

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

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

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

SECTION 8.03 Who May be Deemed Owners

.

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

SECTION 8.04 Certain Securities Owned by Company Disregarded.

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

SECTION 8.05 Actions Binding on Future Securityholders.

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

SECTION 8.06 Purposes for Which Meetings May Be Called.

A meeting of holders of any series of Securities may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by holders of such series of Securities.

Notwithstanding anything contained in this Article VIII, the Trustee may, during the pendency of a Default or an Event of Default, call a meeting of holders of any series of Securities in accordance with its standard practices.

SECTION 8.07 Call Notice and Place of Meetings.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trustee may at any time call a meeting of holders of any series of Securities for any purpose specified in Section 8.06 hereof, to
 be held at such time and at such place in The City of New York or Boston, Massachusetts. Notice of every meeting of holders of any
 series of Securities, setting forth the time and the place of such meeting, in general terms the action proposed to be taken at such
 meeting and the percentage of the principal amount of the Outstanding Securities of such series which shall constitute a quorum at
 such meeting, shall be given, in the manner provided in Section 13.04 hereof, not less than 21 nor more than 180 days prior to the
 date fixed for the meeting to holders of Outstanding Securities of such series.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 case at any time the Company, pursuant to a Board Resolution, or the holders of at least 10% in principal amount of the Outstanding
 Securities of any series shall have requested the Trustee to call a meeting of the holders of Securities of such series for any purpose
 specified in Section 8.06 hereof, by written request setting forth in reasonable detail the action proposed to be taken at the meeting,
 and the Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request
 or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the holders of Securities
 of such series in the amount specified, as the case may be, may determine the time and the place in The City of New York or Boston,
 Massachusetts for such meeting and may call such meeting for such purposes by giving notice thereof as provided in paragraph (a)
 of this Section.

SECTION 8.08 Persons Entitled To Vote at Meetings.

To be entitled to vote at any meeting of holders of Securities of a given series, a Person shall be (a) a holder of one or more Outstanding Securities of such series or (b) a Person appointed by an instrument in writing as proxy for a holder or holders of one or more Outstanding Securities of such series by such holder or holders. The only Persons who shall be entitled to be present or to speak at any meeting of holders shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.

SECTION 8.09 Quorum; Action.

The Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of a given series shall constitute a quorum with respect to a meeting of holders of Outstanding Securities of such series. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of holders of Securities of such series, be dissolved. In any other case, the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 8.07(a) hereof, except that such notice need be given only once and not less than five days prior to the date on which the meeting is scheduled to be reconvened.

At a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid, any resolution and all matters (except as limited by the proviso to the first paragraph of Section 9.02 hereof) shall be effectively passed and decided if passed or decided by the Persons entitled to vote not less than a majority in aggregate principal amount of Outstanding Securities of a series represented and voting at such meeting with respect to a meeting of holders of Outstanding Securities of such series.

Any resolution passed or decisions taken at any meeting of holders of Securities duly held in accordance with this Section shall be binding on all the holders of Securities of such series, whether or not present or represented at the meeting.

SECTION 8.10 Determination of Voting Rights; Conduct and Adjournment of Meetings.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Trustee shall, by an instrument in writing, appoint a temporary chairman (which may be the Trustee) of the meeting, unless the meeting
 shall have been called by the Company or by holders of Securities of a given series as provided in Section 8.07(b) hereof, in which
 case the Company or the holders of Securities of such series calling the meeting, as the case may be, shall in like manner appoint
 a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled
 to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 any meeting, each holder of a Security of the series in respect of which such meeting is being held or proxy shall be entitled to
 one vote for each $1,000 principal amount of Securities of such series held or represented by him; provided, however, that no vote
 shall be cast or counted at any meeting in respect of any Security of such series challenged as not Outstanding and ruled by the
 chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a holder of a Security
 of such series or proxy.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 meeting of holders of Securities duly called pursuant to Section 8.07 hereof at which a quorum is present may be adjourned from time
 to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of the series in respect of which
 such meeting is being held represented at the meeting, and the meeting may be held as so adjourned without further notice.

SECTION 8.11 Counting Votes and Recording Action of Meetings.

The vote upon any resolution submitted to any meeting of holders of Securities of a given series shall be by written ballots on which shall be subscribed the signatures of the holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of holders of Securities of such series shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 8.07 hereof and, if applicable, Section 8.09 hereof. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.

ARTICLE IX

SUPPLEMENTAL INDENTURES

SECTION 9.01 Supplemental Indentures Without the Consent of Securityholders.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) cure
 any ambiguity, correct or supplement any provision herein which may be inconsistent with any other provision herein or which is otherwise
 defective, or make any other provisions with respect to matters or questions arising under this Indenture which the Company and the
 Trustee may deem necessary or desirable and which shall not be inconsistent with the provisions of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 comply with Article X;

&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 provide for uncertificated Securities in addition to or in place of certificated Securities;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) comply
 with the requirements of the Commission in order to effect or maintain the qualification of this Indenture under the Trust Indenture
 Act.

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

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

SECTION 9.02 Supplemental Indentures With Consent of Securityholders.

With the written consent of the holders of at least a majority in aggregate principal amount of the Outstanding Securities of any series or by action at a meeting of holders of the Securities of such series in accordance with Section 8.09, by the holders of a majority in aggregate principal amount of the Securities of such series then Outstanding represented at such meeting, the Company, when authorized by Board Resolutions, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (i) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, (ii) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture, or any consent or waiver, (iii) reduce the principal amount of discount securities payable upon acceleration of the maturity of any Securities of any series or (iv) make the principal of or premium or interest on any Security of a series payable in currency or currency units other than that stated in the Securities of such series.

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

SECTION 9.03 Effect of Supplemental Indentures.

Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

SECTION 9.04 Securities Affected by Supplemental Indentures.

Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements of any exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors of the Company, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

SECTION 9.05 Execution of Supplemental Indentures.

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

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

ARTICLE X

SUCCESSOR ENTITY

SECTION 10.01 Company May Consolidate, Etc.

Nothing contained in this Indenture or in any of the Securities shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property.

SECTION 10.02 Successor Entity Substituted.

&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
 entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual
 payment of the principal of, premium, if any, and interest on all of the Securities of all series Outstanding and the due and punctual
 performance of all of the covenants and conditions of this Indenture or established with respect to each series of the Securities
 pursuant to Section 2.01 to be performed by the Company with respect to each series, such successor entity shall succeed to and be
 substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation
 shall be relieved of all obligations and covenants under this Indenture and the Securities.

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

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

SECTION 10.03 Evidence of Consolidation, Etc. to Trustee.

The Trustee, subject to the provisions of Section 7.01, may receive an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this Article.

ARTICLE XI

SATISFACTION AND DISCHARGE

SECTION 11.01 Satisfaction and Discharge of Indenture.

If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07) and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company (and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations sufficient or a combination thereof, sufficient (assuming that no tax liability will be imposed on the Trustee) in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series.

SECTION 11.02 Discharge of Obligations.

If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall mature and be paid. Thereafter, Sections 7.06 and 11.05 shall survive.

SECTION 11.03 Deposited Moneys to be Held in Trust.

Subject to Section 11.05, all moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

SECTION 11.04 Payment of Moneys Held by Paying Agents.

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

SECTION 11.05 Repayment to Company.

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

ARTICLE XII

IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS

SECTION 12.01 No Recourse.

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

ARTICLE XIII

MISCELLANEOUS PROVISIONS

SECTION 13.01 Effect on Successors and Assigns.

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

SECTION 13.02 Actions by Successor.

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

SECTION 13.03 Surrender of Company Powers.

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

SECTION 13.04 Notices.

Except as otherwise expressly provided herein any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the holders of Securities to or on the Company may be given or served by being deposited first class postage prepaid in a post-office letterbox addressed (until another address is filed in writing by the Company with the Trustee), as follows: Nova Minerals Limited, Attn: Chied Executive Officer, Suite 5, 242 Hawthorn Road, Caulfield, Victoria 3161, Australia. Any notice, election, request or demand by the Company or any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee. Any notice or communication to a holder shall be mailed by first-class mail to his address shown on the Security Register kept by the Security Registrar. Failure to mail a notice or communication to a holder or any defect in such notice or communication shall not affect its sufficiency with respect to other holders. If a notice or communication is mailed or sent in the manner provided above within the time prescribed, it is duly given as of the date it is mailed, whether or not the addressee receives it, except that notice to the Trustee or the Company shall only be effective upon receipt thereof by the Trustee or the Company, respectively. If the Company mails a notice or communication to holders of Securities, it shall mail a copy to the Trustee at the same time.

SECTION 13.05 Governing Law.

This Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State.

SECTION 13.06 Treatment of Securities as Debt.

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

SECTION 13.07 Compliance Certificates and Opinions.

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

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

SECTION 13.08 Payments on Business Days.

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

SECTION 13.09 Conflict with Trust Indenture Act.

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

SECTION 13.10 Counterparts.

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

SECTION 13.11 Separability.

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

SECTION 13.12 Assignment.

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

ARTICLE XIV

SUBORDINATION OF SECURITIES

SECTION 14.01 Subordination Terms.

The payment by the Company of the principal of, premium, if any, and interest on any series of Securities issued hereunder shall be subordinated to the extent set forth in an indenture supplemental hereto relating to the Securities of such series.

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

---

| | |
|:---|:---|
| NOVA MINERALS LIMITED | NOVA MINERALS LIMITED |
| By: |  |
|  | Name: |
|  | Title: |
| [ ], | [ ], |
| As Trustee | As Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---