Document:

Exhibit

EXECUTION VERSION
____ November 2019
AMENDMENT DEED
between
INTERNATIONAL FLEET FINANCING NO. 2 B.V. 
as Issuer, Dutch Noteholder, FCT Noteholder, German Noteholder and Spanish Noteholder
HERTZ AUTOMOBIELEN NEDERLAND B.V. 
as Dutch OpCo, Dutch Lessee, Dutch Administrator and Dutch Servicer
STUURGROEP FLEET (NETHERLANDS) B.V.
as Dutch Fleetco, Dutch Lessor 
STUURGROEP FLEET (NETHERLANDS) B.V. SUCURSAL EN ESPAÑA
as Spanish Fleetco and Spanish Lessor
HERTZ FRANCE S.A.S. 
as French OpCo, French Lessee, French Administrator and French Servicer
RAC FINANCE S.A.S.
as French Fleetco and French Lessor
HERTZ DE ESPANA S.L.U. 
as Spanish OpCo, Spanish Lessee, Spanish Administrator and Spanish Servicer
HERTZ AUTOVERMIETUNG GMBH 
as German OpCo, German Lessee, German Administrator and German Servicer 
HERTZ FLEET LIMITED
as German Fleetco and German Lessor
EUROTITRISATION S.A. 
as FCT Management Company on behalf of FCT YELLOW CAR
BNP PARIBAS SECURITIES SERVICES 
as FCT Custodian
BNP PARIBAS SECURITIES SERVICES 
as FCT Registrar
BNP PARIBAS SECURITIES SERVICES 
as FCT Paying Agent
BNP PARIBAS TRUST CORPORATION UK LIMITED

as Issuer Security Trustee, Dutch Security Trustee, French Security Trustee, German Security Trustee and Spanish Security Trustee
BNP PARIBAS SECURITIES SERVICES 
as FCT Account Bank
BNP PARIBAS S.A., NIEDERLASSUNG DEUTSCHLAND
as German Account Bank (German Branch)
BNP PARIBAS S.A.
as French Account Bank
BNP PARIBAS S.A., DUBLIN BRANCH
as Issuer Account Bank and German Account Bank (Irish Branch)
BNP PARIBAS S.A., NETHERLANDS BRANCH
as Dutch Account Bank
SANNE TRUSTEE SERVICES LIMITED
as trustee of the Hertz Funding France Trust
HERTZ EUROPE LIMITED
as Issuer Administrator
BNP PARIBAS S.A.
as French Lender and FCT Servicer
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
as Administrative Agent, Class A Committed Note Purchaser and Class A Funding Agent
THE HERTZ CORPORATION
as the Guarantor
TMF SFS MANAGEMENT B.V. 
as Issuer Back-Up Administrator, Dutch Back-Up Administrator, French Back-Up Administrator, German Back-Up Administrator and Spanish Back-Up Administrator
KPMG LLP 
as Dutch Liquidation Co-ordinator, French Liquidation Co-ordinator,  
German Liquidation Co-ordinator and Spanish Liquidation Co-ordinator
BNP PARIBAS SECURITIES SERVICES, LUXEMBOURG BRANCH 
as Registrar
MATCHPOINT FINANCE PUBLIC LIMITED COMPANY
as Class A Conduit Investor and Class A Committed Note Purchaser

BNP PARIBAS S.A.
as Class A Funding Agent

DEUTSCHE BANK AG, LONDON BRANCH
as Class A Committed Note Purchaser and Class A Funding Agent

SHEFFIELD RECEIVABLES COMPANY LLC
as Class A Conduit Investor

BARCLAYS BANK PLC
as Class A Committed Note Purchaser and Class A Funding Agent

HSBC FRANCE
as Class A Committed Note Purchaser and Class A Funding Agent

MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T.
as Class A Conduit Investor and Class A Committed Note Purchaser

NATIXIS CIB
as Class A Funding Agent

IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY
as Class A Conduit Investor

ROYAL BANK OF CANADA, LONDON BRANCH
as Class A Committed Note Purchaser and Class A Funding Agent

GRESHAM RECEIVABLES (NO. 32) UK LIMITED
as Class A Conduit Investor and Class A Committed Note Purchaser

LLOYDS BANK PLC
as Class A Funding Agent

and

HERTZ HOLDINGS NETHERLANDS B.V. 
as Subordinated Noteholder and Subordinated Note Registrar

TABLE OF CONTENTS

	
			
	Clause
	 
	Page

	1
	DEFINED TERMS & INTERPRETATION
	7

	2
	CONDITIONS PRECEDENT
	9

	3
	AMENDMENTS
	9

	4
	CLASS A MAXIMUM INVESTOR GROUP PRINCIPAL AMOUNT INCREASE
	17

	5
	EU SECURITISATION REGULATION REPORTING
	18

	6
	LIQUIDATION CO-ORDINATOR REPORT
	18

	7
	ISSUER MINIMUM PROFIT AMOUNT
	18

	8
	FURTHER ASSURANCE AND CONTINUING SECURITY
	18

	9
	NOTICES
	19

	10
	PARTIAL INVALIDITY
	20

	11
	REMEDIES AND WAIVERS
	20

	12
	COSTS AND EXPENSES
	20

	13
	MODIFICATIONS
	21

	14
	COUNTERPARTS
	21

	15
	SECURITY TRUSTEE PROVISIONS
	21

	16
	GOVERNING LAW
	21

	17
	ENFORCEMENT
	21

	SCHEDULE 1 CONDITIONS PRECEDENT
	23

	SCHEDULE 2 AMENDED AND RESTATED RISK RETENTION LETTER
	25

	SCHEDULE 3 SCHEDULE 2 TO THE ISSUER FACILITY AGREEMENT: CONDUIT INVESTORS AND COMMITTED NOTE PURCHASERS
	26

	SCHEDULE 4 NOTICE DETAILS
	29

THIS DEED is made on ___ November 2019 between the following parties
		
	(1)
	INTERNATIONAL FLEET FINANCING NO.2 B.V., a private company with limited liability (besloten vernootschap met beperkte aansprakelijkheid) incorporated and existing in The Netherlands and registered with the Dutch Trade Register of the Dutch Chamber of Commerce under number 34394429 and having its principal place of business at Fourth Floor, 3 George’s Dock, IFSC, Dublin 1, Ireland, as Issuer (the “Issuer”; “Dutch Noteholder”, “FCT Noteholder”, “German Noteholder” and “Spanish Noteholder”);

		
	(2)
	HERTZ AUTOMOBIELEN NEDERLAND B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated and existing under Dutch law, with its corporate seat in Amsterdam, the Netherlands, having its registered address at Siriusdreef 62, 2132 WT Hoofddorp, the Netherlands, registered with the Trade Register of the Chamber of Commerce under number 34049337 (“Dutch OpCo”, “Dutch Lessee”, “Dutch Administrator” and “Dutch Servicer”);

		
	(3)
	STUURGROEP FLEET (NETHERLANDS) B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated and existing under the laws of the Netherlands, having its official seat in Amsterdam, the Netherlands, and its office at Siriusdreef 62, 2132 WT Hoofddorp, the Netherlands, registered with the Trade Register of the Dutch Chamber of Commerce under number 34275100 (“Dutch Fleetco” and “Dutch Lessor”);

		
	(4)
	STUURGROEP FLEET (NETHERLANDS) B.V. SUCURSAL EN ESPAÑA, Spanish branch of Dutch FleetCo incorporated and existing under the laws of Spain, whose registered office is at calle Jacinto Benavente, 2, Edificio B, 3a planta, Las Rozas de Madrid, Madrid, Spain and registered with the Commercial Registry of Madrid under Volume 37748, Book M-672439, Folio 1 (“Spanish Fleetco” and “Spanish Lessor”);

		
	(5)
	HERTZ FRANCE S.A.S., a company incorporated as a société par actions simplifiée incorporated and existing under the laws of France, registered with the Commercial and Company Registry of Versailles under number 377839667, whose registered office is at 1/3 avenue Westphalie, Immeuble Futura 3, 78180 Montigny Le Bretonneux, France (“French OpCo”, “French Lessee”, “French Administrator” and “French Servicer”);

		
	(6)
	RAC FINANCE S.A.S., a company incorporated and existing under the laws of France, with registered number 487581498, whose registered address is at 172 avenue Marcel Dassault,  60000 Beauvais, France (“French Fleetco” and “French Lessor”);

		
	(7)
	HERTZ DE ESPANA S.L.U., a limited liability company incorporated and existing under the laws of Spain, with registered office at calle Jacinto Benavente 2, Edificio B, 3a planta, Las Rozas, Madrid, Spain and Spanish Tax Id number B-28121549 (“Spanish OpCo”, “Spanish Lessee”, “Spanish Administrator” and “Spanish Servicer”);

		
	(8)
	HERTZ AUTOVERMIETUNG GMBH, incorporated and existing under the laws of Germany with registered number HRB 52255 in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, a company with limited liability incorporated in Germany with its principal place of business in Germany, whose registered office is at Ginnheimer Straße 4, 65670 Eschborn, Germany (“German OpCo”, “German Lessee”, “German Administrator” and “German Servicer”);

		
	(9)
	HERTZ FLEET LIMITED, a company with limited liability incorporated and existing under the laws of Ireland, with registered number 412465, whose registered office is at Hertz Europe Service Centre, Swords Business Park, Swords, Co. Dublin, Ireland (“German Fleetco” and “German Lessor”);

		
	(10)
	EUROTITRISATION S.A., a société anonyme incorporated and existing under the laws of France, duly licensed as a portfolio management company (société de gestion de portefeuille) under number GP 14000029 authorized to manage alternative investment funds, having its registered office at 12, rue James Watt 93200, Saint-Denis, France, registered with the Trade and Companies Registry of Bobigny (Registre du Commerce et des Societes de Bobigny) under number B 352 458 368 or, as the case may be, any other institution which would be subsequently appointed as management company in accordance with the terms of the FCT Regulations (“FCT Management Company on behalf of FCT Yellow Car”);

		
	(11)
	BNP PARIBAS SECURITIES SERVICES, a société en commandite par actions incorporated under the laws of France, whose registered office is located at 3 rue d'Antin, 75002 Paris, (France), registered with the Trade and Companies Registry of Paris (France) under number 552 108 011, licensed as a credit institution (établissement de crédit) by the French Autorité de contrôle prudentiel et de résolution (“FCT Custodian”);

		
	(12)
	BNP PARIBAS SECURITIES SERVICES, a société en commandite par actions incorporated under the laws of France, whose registered office is located at 3 rue d'Antin, 75002 Paris, (France), registered with the Trade and Companies Registry of Paris (France) under number 552 108 011, licensed as a credit institution (établissement de crédit) by the French Autorité de contrôle prudentiel et de résolution (“FCT Registrar”);

		
	(13)
	BNP PARIBAS SECURITIES SERVICES, a société en commandite par actions incorporated under the laws of France, whose registered office is located at 3 rue d'Antin, 75002 Paris, (France), registered with the Trade and Companies Registry of Paris (France) under number 552 108 011, licensed as a credit institution (établissement de crédit) by the French Autorité de contrôle prudentiel et de résolution (“FCT Paying Agent”);

		
	(14)
	BNP PARIBAS TRUST CORPORATION UK LIMITED, a company incorporated and existing under the laws of England and Wales, with registered number 04042668, whose registered address is at 10 Harewood Avenue,  London NW1 6AA, United Kingdom (“Issuer Security Trustee”, “Dutch Security Trustee”, “French Security Trustee”, “German Security Trustee” and “Spanish Security Trustee”);

		
	(15)
	BNP PARIBAS SECURITIES SERVICES, a société en commandite par actions incorporated under the laws of France, whose registered office is located at 3 rue d'Antin, 75002 Paris, (France), registered with the Trade and Companies Registry of Paris (France) under number 552 108 011, licensed as a credit institution (établissement de crédit) by the French Autorité de contrôle prudentiel et de résolution (“FCT Account Bank”);

		
	(16)
	BNP PARIBAS S.A., NIEDERLASSUNG DEUTSCHLAND, incorporated and existing under the laws of Germany, registered at the Amtsgericht Frankfurt am Main under number HRB 40950, whose registered address is at Europa-Allee 12, 60327 Frankfurt am Main, Germany (“German Account Bank (German Branch)”);

		
	(17)
	BNP PARIBAS, incorporated and existing under the laws of France, with registered number 662 042 449, whose registered address is at 16 boulevard des Italiens 75009 Paris, France (“French Account Bank”);

		
	(18)
	BNP PARIBAS S.A., DUBLIN BRANCH, incorporated and existing under the laws of France, with registered number 662 042 449, acting through its Dublin Branch, whose registered address is at 5 George’s Dock, IFSC, Dublin 1, Ireland, and its registration number in Ireland 903258 (“Issuer Account Bank” and “German Account Bank (Irish Branch)”);

		
	(19)
	BNP PARIBAS S.A., NETHERLANDS BRANCH, incorporated and existing under the laws of Netherlands, with registered number 33148246, whose registered address is at Herengracht 595, 1017 CE Amsterdam, the Netherlands (“Dutch Account Bank”);

		
	(20)
	SANNE TRUSTEE SERVICES LIMITED, incorporated and existing under the laws of Jersey (“trustee of the Hertz Funding France Trust”);

		
	(21)
	HERTZ EUROPE LIMITED, a company incorporated and existing under the laws of  England and Wales, with registered number 01008739, whose registered address is at Hertz House, 11 Vine Street, Uxbridge UB8 1QE,  United Kingdom (“Issuer Administrator”);

		
	(22)
	BNP PARIBAS, a company incorporated and existing under the laws of France, with registered number 662 042 449, whose registered address is at 16 boulevard des Italiens 75009 Paris, France (“French Lender” and “FCT Servicer”);

		
	(23)
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, a company incorporated and existing under the laws of France, with registered number 204187701 (“Administrative Agent”, “Class A Committed Note Purchaser” and “Class A Funding Agent);

		
	(24)
	THE HERTZ CORPORATION, a company incorporated and existing under the laws of Delaware acting through its offices at 225 Brae Boulevard, Park Ridge, New Jersey 07656, U.S.A. (the “Guarantor”);

		
	(25)
	TMF SFS MANAGEMENT B.V.,  a company incorporated and existing under the laws of the Netherlands, whose registered address is at Herikerbergweg 238, 1101 CM Amsterdam,  the Netherlands (“Issuer Back-Up Administrator”, “Dutch Back-Up Administrator”, “French Back-Up Administrator”, “German Back-Up Administrator” and “Spanish Back-Up Administrator”);

		
	(26)
	KPMG LLP, a company incorporated and existing under the laws of England and Wales, with registered number OC30154, whose registered address is at 15 Canada Square,  London, E14 5GL, United Kingdom (“Dutch Liquidation Co-ordinator”, “French Liquidation Co-ordinator”, “German Liquidation Co-ordinator” and “Spanish Liquidation Co-ordinator”);

		
	(27)
	BNP PARIBAS SECURITIES SERVICES, LUXEMBOURG BRANCH, a société en commandite par actions (S.C.A.) incorporated under the laws of France, registered with the Registre du Commerce et des Sociétés of Paris under number 552 108 011, whose registered office is at 3, Rue d’Antin – 75002 Paris, France and acting through its Luxembourg Branch whose offices are at 60, avenue J.F. Kennedy, L-1855 Luxembourg, having as postal address L-2085 Luxembourg and registered with the Luxembourg trade and companies register under number B. 86 862 (the “Registrar”);

		
	(28)
	MATCHPOINT FINANCE PUBLIC LIMITED COMPANY, a company incorporated and existing under the laws of Ireland, with registered number 386704 (“Class A Conduit Investor and Class A Committed Note Purchaser”);

		
	(29)
	BNP PARIBAS S.A., a company incorporated and existing under the laws of France, acting through its London Branch, with registered number BR000170, at 10 Harewood Avenue, London NW1 6AA, United Kingdom (“Class A Funding Agent”);

		
	(30)
	DEUTSCHE BANK AG, LONDON BRANCH, a company incorporated and existing under the laws of England and Wales with registered number BR000005, whose registered address is at Winchester House, 1 Great Winchester Street, London, EC2N 2DB United Kingdom (“Class A Committed Note Purchaser and Class A Funding Agent”);

		
	(31)
	SHEFFIELD RECEIVABLES COMPANY LLC, a company incorporated and existing under the laws of the United States of America, whose registered address is at 68 South Service Road,  Suite 120, Melville, NY 11747, USA (“Class A Conduit Investor”);

		
	(32)
	BARCLAYS BANK PLC, a company incorporated and existing under the laws of England and Wales, with registered number 01026167, whose registered address is at 1 Churchill Place London E14 5HP, United Kingdom (acting through its investment bank) (“Class A Committed Note Purchaser and Class A Funding Agent”);

		
	(33)
	HSBC FRANCE, a company incorporated and existing under the laws of France, with registered number 775670284 (“Class A Committed Note Purchaser and Class A Funding Agent”);

		
	(34)
	MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., a company incorporated and existing under the laws of France, with registered number 520563479, whose registered address is at 127 rue Amelot,  75011 Paris, France (“Class A Conduit Investor and Class A Committed Note Purchaser”);

		
	(35)
	NATIXIS CIB, a company incorporated and existing under the laws of France, with registered number 542044524, whose registered address is at  30, avenue Pierre Mendès-France, 75013 Paris, France (“Class A Funding Agent”);

		
	(36)
	IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, a company incorporated and existing under the laws of Ireland, with registered number 408606, whose registered address is at 1st floor, 1-2 Victoria Buildings, Haddington Road, Dublin 4, Ireland (“Class A Conduit Investor”);

		
	(37)
	ROYAL BANK OF CANADA, LONDON BRANCH, a Canadian chartered bank duly organised and validly existing under the laws of Canada acting through its London branch at Riverbank House, 2 Swan Lane, London EC4R 3BF, United Kingdom (“Class A Committed Note Purchaser and Class A Funding Agent”);

		
	(38)
	GRESHAM RECEIVABLES (NO. 32) UK LIMITED, a company incorporated and existing under the laws of England and Wales, with registered number 07805880, whose registered address is at  C/O Wilmington Trust Sp Services (London) Limited Third Floor, 1 King's Arms Yard, London, EC2R 7AF, United Kingdom (“Class A Conduit Investor and Class A Committed Note Purchaser”); 

		
	(39)
	LLOYDS BANK PLC, a company incorporated and existing under the laws of England and Wales, with registered number 00002065, whose registered address is at 25 Gresham Street, London, EC2V 7HN, United Kingdom (“Class A Funding Agent”); and

		
	(40)
	HERTZ HOLDINGS NETHERLANDS B.V., incorporated and existing under the laws of the Netherlands, with registered number 24134976, whose registered address is at Siriusdreef 62, 2132,  WT Hoofddorp, The Netherlands (“Subordinated Noteholder” and “Subordinated Note Registrar”)

WHEREAS
		
	(A)
	The parties to this Deed are party to certain Related Documents, including an issuer facility agreement entered into by (among others) the Issuer, the Issuer Administrator, the Administrative Agent and the Issuer Security Trustee originally dated 25 September 2018 (the “Issuer Facility Agreement”).

		
	(B)
	On or prior to the date of this Deed, Regency Assets Designated Activity Company has entered into an assignment and assumption agreement with HSBC France to transfer its rights, obligations and commitments under the Issuer Facility Agreement and the Class A Notes to HSBC France, as a Class A Committed Note Purchaser. 

		
	(C)
	The parties hereto have agreed to make certain amendments to certain Related Documents as set out herein, including the Issuer Facility Agreement, with effect from the Amendment Date. 

IT IS AGREED as follows

		
	1
	DEFINED TERMS & INTERPRETATION

		
	1.1
	Defined terms

Unless otherwise defined in this Deed or the context requires otherwise, capitalised words and expressions used in this Deed have the meanings ascribed to them in the Master Definitions and Constructions Agreement dated 25 September 2018 (as amended and restated from time to time) and signed for identification by, amongst others, the Issuer and the Issuer Security Trustee (the “MDCA”). In addition:
“Amendment Date” means the effective date of the provisions of Clause 3 (Amendments) and Clause 4 (Class A Maximum Investor Group Principal Amount Increase) of this Deed as determined in accordance with Clause 2 (Conditions Precedent).
		
	1.2
	Construction

The provisions of clause 2 (Principles of Interpretation and Construction) of the MDCA shall apply herein as if set out in full herein and as if references therein to the “Master Definitions and Constructions Agreement” were to this Deed. 
		
	1.3
	Related Document

The parties agree that this Deed is a “Related Document” for the purposes of the MDCA.
		
	1.4
	Security trustee limitation of liability

Each of:
		
	(a)
	Clause 12 (Protection of Issuer Security Trustee) of the Issuer Security Trust Deed;

		
	(b)
	Clause 12 (Protection of Dutch Security Trustee) of the Dutch Security Trust Deed;

		
	(c)
	Clause 12 (Protection of French Security Trustee) of the French Security Trust Deed;

		
	(d)
	Clause 12 (Protection of German Security Trustee) of the German Security Trust Deed; and

		
	(e)
	Clause 12 (Protection of Spanish Security Trustee) of the Spanish Security Trust Deed,

are incorporated in this Deed as if set out in full, mutatis mutandis.
		
	1.5
	Issuer limited recourse

Clauses 11.22 and 11.24 of the Issuer Facility Agreement are incorporated in this Deed as if set out in full, mutatis mutandis.
		
	1.6
	Conduit Investors limited recourse

Clauses 11.23, 11.25 and 11.29 to 11.38 (inclusive) of the Issuer Facility Agreement are incorporated in this Deed as if set out in full, mutatis mutandis.
		
	1.7
	Dutch FleetCo limited recourse

Clauses 11.11 and 11.12 of the Dutch Facility Agreement are incorporated in this Deed as if set out in full, mutatis mutandis.
		
	1.8
	French FleetCo limited recourse

Clauses 12.13 to 12.15 (inclusive) of the French Facility Agreement are incorporated in this Deed as if set out in full, mutatis mutandis.
		
	1.9
	German FleetCo limited recourse

Clauses 11.10 and 11.11 of the German Facility Agreement are incorporated in this Deed as if set out in full, mutatis mutandis.
		
	1.10
	Spanish FleetCo limited recourse

Clauses 11.11 and 11.12 of the Spanish Facility Agreement are incorporated in this Deed as if set out in full, mutatis mutandis.

		
	2
	CONDITIONS PRECEDENT

		
	2.1
	The provisions of Clause 3 (Amendments) and Clause 4 (Class A Maximum Investor Group Principal Amount Increase) of this Deed shall be effective on the later of:

		
	(a)
	the date on which the Administrative Agent has received the documents listed in Schedule 1 (Conditions Precedent) in form and substance reasonably satisfactory to it, and has notified the same to the Issuer and the Issuer Security Trustee; or

		
	(b)
	14 November 2019.

		
	3
	AMENDMENTS 

		
	3.1
	Issuer Facility Agreement 

The parties to this Deed agree that with effect from (and including) the Amendment Date, the following changes to the Issuer Facility Agreement will be made:
		
	(a)
	Subject to Clause 7 of this Deed, Clause 5.3(c) (Application of Funds in the Issuer Interest Collection Account) will be deleted in its entirety and replaced with the following:

		
	(c)
	third, pro rata and pari passu, to pay (i) the Persons to whom the Capped Issuer Operating Expense Amount with respect to such Payment Date are owing, on a pro rata basis (based on the amount owed to each such Person), such Capped Issuer Operating Expense Amounts owing to such persons on such Payment Date and (ii) to the Issuer, one twelfth of the Issuer Minimum Profit Amount.

		
	(b)
	The first sentence of Clause 9.3(a)(vii) (Class A Assignment) will be deleted in its entirety and replaced with the following:

“Notwithstanding any other provision set forth in this Agreement, each Class A Conduit Investor may at any time, without the consent of the Issuer, transfer and assign all or a portion of its rights and obligations in the Issuer Notes (and its rights and obligations hereunder and under other Issuer Related Documents) to its related Class A Committed Note Purchaser or Class A Funding Agent pursuant to an assignment and assumption agreement, substantially in the form of Exhibit G-1, executed by such Class A Conduit Investor, its related Class A Committed Note Purchaser (as applicable), the Class A Funding Agent with respect to such Class A Conduit Investor and the Issuer and delivered to the Administrative Agent.”
		
	(c)
	In Annex 2, Covenant 2(a)(iv), the following language will be added after the second paragraph:

“provided that, the definition of “Reference Rate” may be amended with the consent of the Administrative Agent (acting on the instructions of all of the Noteholders (or, if a unanimous decision has not been made within a calendar month of the proposed amendment to the Reference Rate, Noteholders holding at least two-thirds of the Principal Amount)) and the Issuer Administrator to provide for the use of a Replacement Benchmark following the occurrence of a Reference Rate Replacement Event;”
		
	(d)
	In Annex 2, Covenant 2(b), the following language will be added after limb (ix):

“, provided that, following a Reference Rate Replacement Event, any amendment may be made with the consent of the Administrative Agent (acting on the instruction of the Required Noteholders) and the Issuer Administrator which relates to:
		
	(A)
	aligning any provision of any Related Document to the use of a Replacement Benchmark;

		
	(B)
	enabling that Replacement Benchmark to be used for the calculation of any interest under the Related Documents (including, without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of the Related Documents);

		
	(C)
	implementing market conventions applicable to that Replacement Benchmark;

		
	(D)
	providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

		
	(E)
	adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation).”

		
	(e)
	Annex 2, Covenant 6 shall be deleted in its entirety and replaced with the following:

“Noteholder Statement AUP. On or prior to the Payment Date occurring in March 2019 and on or prior to the Payment Date occurring in July of each year, commencing in 2020, the Issuer Administrator shall cause a firm of independent certified public accountants or independent consultants (reasonably acceptable to both the Administrative Agent and the Issuer Administrator, which may be the Issuer Administrator’s accountants) to deliver to the Administrative Agent and each Funding Agent, a report in a form reasonably acceptable to the Issuer and the Administrative Agent (a “Noteholder Statement AUP”) which shall include customary tests in respect of certificates of title; provided that, such Noteholder Statement AUPs shall be at the Issuer's sole cost and expense (i) for no more than one such Noteholder Statement AUP per annum prior to the occurrence of an Amortization Event or Potential Amortization Event, in each case with respect to the Issuer Notes and (ii) for each such Noteholder Statement AUP after the occurrence and during the continuance of an Amortization Event or Potential Amortization Event, in each case with respect to the Issuer Notes.”
		
	(f)
	Annex 2, Covenant 30 shall be deleted in its entirety and replaced with the following:

EU Securitisation Regulation

		
	(a)
	The Issuer confirms it has been designated as the entity to fulfil the information requirements contemplated by Article 7(2) of the EU Securitisation Regulation as an "SSPE" (as defined in the EU Securitisation Regulation).

		
	(b)
	The Issuer (as the SSPE for the purposes of the EU Securitisation Regulation) represents and undertakes that it shall cause the Issuer Administrator on its behalf to provide such information which is required to be made available by the Issuer pursuant to Article 7(1) of the EU Securitisation Regulation (subject to Article 43(8) of the EU Securitisation Regulation and any published guidance of the relevant regulatory or competent authorities), as further set out in Clause 10.6 of the Issuer Note Framework Agreement.

		
	3.2
	Master Definitions and Construction Agreement

The parties to this Deed agree that with effect from (and including) the Amendment Date, the following changes to the MDCA will be made:
		
	(a)
	The definition of “ABCP Asset Report” shall be included therein as follows:

““ABCP Asset Report” means a monthly report as then required by and in accordance with Article 7(1)(a) of the EU Securitisation Regulation in the form of the applicable ESMA reporting template equivalent to Annex 11 to the Final ESMA Reporting Templates.”
		
	(b)
	The definition of “ABCP Investor Report” shall be included therein as follows:

““ABCP Investor Report” means a monthly report as then required by and in accordance with Article 7(1)(e) of the EU Securitisation Regulation in the form of the applicable ESMA reporting template equivalent to Annex 13 to the Final ESMA Reporting Templates.”
		
	(c)
	The definition of “Asset Report” shall be included therein as follows:

““Asset Report” means a monthly report as then required by and in accordance with Article 7(1)(a) of the EU Securitisation Regulation in the form of the applicable ESMA reporting template equivalent to Annex 9 to the Final ESMA Reporting Templates.”
		
	(d)
	The definition of “Business Day” shall be deleted in its entirety and replaced with the following:

““Business Day” means any day other than a Saturday or Sunday and:
(a) in relation to any date for payment or purchase of Euro or calculation of an amount payable in Euro, a day on which banks are open for general business in London, Paris, Amsterdam, Madrid, Munich, Dublin, New York and in the principal financial centre of the jurisdiction of each of the payer and the payee, and which is a TARGET Day;
(b) in relation to any date for payment or purchase of or calculation of an amount payable in a currency other than Euro, a day on which banks are open for general business in London, Paris, Munich, Dublin, New York and in the principal financial centre of the jurisdiction of each of the payer and the payee, and in the principal financial centre of the country of that currency; or
(c) in relation to any other date, a day on which banks are open for general business in London, Paris, Munich, Dublin, New York and in the principal financial centre of the jurisdiction in which the person(s) to whom the relevant provision relates operates,
provided that for the purposes of any payment to be made:

		
	i.
	by a FleetCo or OpCo to a Manufacturer or Dealer;

		
	ii.
	by any Lessee to a Lessor;

		
	iii.
	by the Issuer to a FleetCo or the Subordinated Noteholder;

		
	iv.
	by the Subordinated Noteholder to the Issuer;

		
	v.
	by a FleetCo to the Issuer or the French Servicer on behalf of the FCT,

“Business Day” shall instead mean any day other than a Saturday or Sunday on which banks are open for general business in the principal financial centre of the jurisdiction of each of the payer and the payee.”
		
	(e)
	The definition of “Class A Maximum Principal Amount” shall be deleted in its entirety and replaced with the following:

““Class A Maximum Principal Amount” means €1,100,000,000; provided that such amount may be (i) reduced at any time and from time to time by the Issuer upon notice to each Class A Noteholder, the Administrative Agent, each Class A Conduit Investor and each Class A Committed Note Purchaser in accordance with the terms of the Issuer Facility Agreement, or (ii) increased at any time and from time to time upon the effective date for any Class A Investor Group Maximum Principal Increase.”
		
	(f)
	The definition of “Commitment Termination Date” shall be deleted in its entirety and replaced with the following:

““Commitment Termination Date” means 25 November 2021 or such later date designated in accordance with Clause 2.6 (Commitment Terms and Extensions of Commitments) of the Issuer Facility Agreement.”
		
	(g)
	Subject to Clause 7 of this Deed, the following limb (f) shall be added to the definition of “Dutch Carrying Charges”:

“; and (f)  one twelfth of the Dutch Percentage of the Issuer Minimum Profit Amount.”
		
	(h)
	The definition of “ESMA” shall be included therein as follows:

““ESMA” means the European Securities and Markets Authority.”
		
	(i)
	The definition of “EU Securitisation Regulation” shall be deleted in its entirety and replaced with the following:

““EU Securitisation Regulation” means Regulation (EU) 2017/2402 together with any relevant regulatory and/or implementing technical standards adopted by the European Commission in relation thereto, any relevant regulatory and/or implementing technical standards applicable in relation thereto pursuant to any transitional arrangements made pursuant to Regulation (EU) 2017/2402, and, in each case, any guidelines or related documents published from time to time in relation thereto by the European Banking Authority or ESMA (or successor agency or authority) and adopted by the European Commission.”
		
	(j)
	The definition of “Final ESMA Reporting Templates” shall be included therein as follows:

““Final ESMA Reporting Templates” means the final draft reporting templates published by ESMA as part of the final draft reporting regulatory technical standards on 31 January 2019 (as amended by the reporting regulatory technical standards adopted by the European 

Commission on 16 October 2019) or, immediately following the date the final reporting templates are adopted under the EU Securitisation Regulation, the final disclosure templates published by ESMA.”
		
	(k)
	The definition of “First Amendment Date” shall be included therein as follows:

““First Amendment Date” means the Amendment Date as defined in the amendment deed in respect of certain Related Documents dated ___ November 2019.”
		
	(l)
	Subject to Clause 7 of this Deed, the following limb (f) shall be added to the definition of “French Carrying Charges”:

“; and (f)  one twelfth of the French Percentage of the Issuer Minimum Profit Amount.”
		
	(m)
	Subject to Clause 7 of this Deed, the following limb (f) shall be added to the definition of “German Carrying Charges”:

“; and (f)  one twelfth of the German Percentage of the Issuer Minimum Profit Amount.”
		
	(n)
	The definition of “Investor Report” shall be included therein as follows:

““Investor Report” means a monthly report as then required by and in accordance with Article 7(1)(e) of the EU Securitisation Regulation in the form of the applicable ESMA reporting template equivalent to Annex 12 to the Final ESMA Reporting Templates.”
		
	(o)
	The definition of “Issuer Minimum Profit Amount” shall be included therein as follows:

““Issuer Minimum Profit Amount” means EUR 10,000 per annum.” 
		
	(p)
	The definition of “Reference Rate Replacement Event” shall be included therein as follows:

““Reference Rate Replacement Event” means, in relation to a Reference Rate:
		
	(a)
	the methodology, formula or others means of determining that a Reference Rate has, in the opinion of the Required Noteholders and the Issuer Administrator materially changed;

		
	(b)
	

		
	(i)
	

		
	(A)
	the administrator of that Reference Rate or its supervisor publicly announces that such administrator is insolvent; or

		
	(B)
	information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Reference Rate is insolvent,

provided that, in each case, at that time, there is no successor administrator to continue to provide that Reference Rate;
		
	(ii)
	the administrator of that Reference Rate publicly announces that it has ceased or will cease, to provide that Reference Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Reference Rate; 

		
	(iii)
	the supervisor of the administrator of that Reference Rate publicly announces that such Reference Rate has been or will be permanently or indefinitely discontinued; or

		
	(iv)
	the administrator of that Reference Rate or its supervisor announces that that Reference Rate may no longer be used; or

		
	(c)
	the administrator of that Reference Rate determines that that Reference Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Required Noteholders and the Issuer Administrator) temporary; or

		
	(d)
	in the opinion of the Required Noteholders and the Issuer Administrator, that Reference Rate is otherwise no longer appropriate for the purposes of calculating interest under the Issuer Facility Agreement.”

		
	(q)
	The definition of “Relevant Nominating Body” shall be included therein as follows:

““Relevant Nominating Body” means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.”
		
	(r)
	The definition of “Replacement Reference Rate” shall be included therein as follows:

““Replacement Reference Rate” means a benchmark rate which is:
		
	(a)
	formally designated, nominated or recommended as the replacement for a Reference Rate by:

		
	(i)
	the administrator of that Reference Rate; or

		
	(ii)
	any Relevant Nominating Body,

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the “Replacement Benchmark” will be the replacement under paragraph (ii) above;
		
	(b)
	in the opinion of the Required Noteholders and the Issuer Administrator, generally accepted in the international financial markets as the appropriate successor to a Reference Rate; or

		
	(c)
	in the opinion of the Required Noteholders and the Issuer Administrator, an appropriate successor to a Reference Rate.”  

		
	(s)
	The definition of “Retention Requirement Law” shall be deleted in its entirety and replaced with the following:

““Retention Requirement Law” means the EU Securitisation Regulation.”
		
	(t)
	The definition of “Risk Retention Letter” shall be deleted in its entirety and replaced with the following:

““Risk Retention Letter” means the risk retention letter entered into between the Issuer, the Retention Holder, Hertz and the Issuer Security Trustee originally dated 26 September 2018, as amended and restated on or about the First Amendment Date.”

		
	(u)
	Subject to Clause 7 of this Deed, the following limb (f) shall be added to the definition of “Spanish Carrying Charges”:

“; and (f)  one twelfth of the Spanish Percentage of the Issuer Minimum Profit Amount.”
		
	(v)
	The definition of “Templates Effective Date” shall be included therein as follows:

““Templates Effective Date” means the date on which the final disclosure templates in respect of the EU Securitisation Regulation are adopted.”
		
	3.3
	Issuer Note Framework Agreement

The parties to this Deed agree that with effect from (and including) the Amendment Date, the following changes to the Issuer Note Framework Agreement will be made:
		
	(a)
	A new clause 10.6 will be included therein as follows:

10.6   EU Securitisation Regulation Reporting
		
	(a)
	On each Payment Date, commencing on the Payment Date following the Templates Effective Date, the Issuer (as the designated reporting entity under Article 7(2) of the EU Securitisation Regulation) shall cause the Issuer Administrator to prepare, on its behalf, and deliver to the Administrative Agent (for delivery to the Noteholders) and the relevant competent authorities in accordance with Article 7(1) of the EU Securitisation Regulation (subject to Article 43(8) of the EU Securitisation Regulation and any published guidance of the relevant regulatory or competent authorities): 

		
	(i)
	 the Asset Report pursuant to Article 7(1)(a) of the EU Securitisation Regulation; and

		
	(ii)
	 the Investor Report pursuant to Article 7(1)(e) of the EU Securitisation Regulation.

For the avoidance of doubt, the obligation to prepare the Asset Report and the Investor Report shall not replace the obligation to produce the Noteholders' Monthly Statement pursuant to Clause 10.2(a) and, from the Amendment Date to the Templates Effective Date, the Noteholders agree that provision by the Issuer of the Noteholders' Monthly Statement shall be considered to discharge its obligations to produce the Asset Report and the Investor Report prior to the Templates Effective Date.
		
	(b)
	In accordance with the relevant timing requirements set out in the EU Securitisation Regulation, the Issuer (as the designated reporting entity under Article 7(2) of the EU Securitisation Regulation) shall cause the Issuer Administrator to prepare, on its behalf, and deliver to the Administrative Agent (for delivery to the Noteholders) and the relevant competent authorities in accordance with Article 7(1) of the EU Securitisation Regulation (subject to Article 43(8) of the EU Securitisation Regulation and any published guidance of the relevant regulatory or competent authorities):

		
	(i)
	all underlying documentation required pursuant to Article 7(1)(b) of the EU Securitisation Regulation;

		
	(ii)
	  a transaction summary pursuant to Article 7(1)(c) of the EU Securitisation Regulation;

		
	(iii)
	 any information required pursuant to Articles 7(1)(f) and (g) of the EU Securitisation Regulation, in accordance with the relevant timing requirements.

		
	(c)
	Following the Templates Effective Date, the Issuer (as the designated reporting entity under Article 7(2) of the EU Securitisation Regulation) shall, upon receipt of a written request from a Committed Note Purchaser, cause the Issuer Administrator to prepare, on its behalf, and deliver to such Committed Note Purchaser:

		
	(i)
	on any Payment Date, an ABCP Asset Report pursuant to Article 7(1)(a) of the EU Securitisation Regulation; and

		
	(ii)
	 on any Payment Date, an ABCP Investor Report pursuant to Article 7(1)(e) of the EU Securitisation Regulation.

		
	(d)
	Following the Templates Effective Date, the Issuer (as the designated reporting entity under Article 7(2) of the EU Securitisation Regulation) shall, upon receipt of a written request from a Committed Note Purchaser, cause the Issuer Administrator to prepare, on its behalf, and deliver to such Committed Note Purchaser any other materially relevant data that is in the possession of (or can reasonably be obtained by) the Issuer or the Issuer Administrator, as may be reasonably required by that Committed Note Purchaser to comply with its reporting requirements under Article 7 of the EU Securitisation Regulation; provided that the obligation in this clause 10.6(c)(iii) shall be subject to clause 11.3 of the Issuer Facility Agreement and shall not apply to the extent that any such disclosure is either (y) not permitted by any court of competent jurisdiction, or (z) contrary to any applicable law or regulation; and provided further that the Issuer shall not be in breach of the obligations under this clause 10.6(d) if it fails to so comply due to events, actions or circumstances beyond its control after having used all reasonable efforts to comply with the relevant requirements applicable to it under the Securitisation Regulation. 

		
	3.4
	Dutch Facility Agreement

The parties to this Deed agree that with effect from (and including) the Amendment Date, the following changes to the Dutch Facility Agreement will be made:
		
	(a)
	The third sentence of Clause 2.3(b) shall be deleted in its entirety and replaced with the following:

“Proceeds from any Advance shall be remitted to the Dutch Transaction Account or shall be used to make payments to Manufacturers for the purchase of Vehicles at the direction of Dutch FleetCo in accordance with the related Advance Request.”
		
	3.5
	French Facility Agreement

The parties to this Deed agree that with effect from (and including) the Amendment Date, the following changes to the French Facility Agreement will be made:
		
	(a)
	The third sentence of Clause 2.3(b) shall be deleted in its entirety and replaced with the following:

“Proceeds from any Advance shall be remitted to the French Transaction Account or shall be used to make payments to Manufacturers for the purchase of Vehicles at the direction of French FleetCo in accordance with the related Advance Request.”
		
	3.6
	German Facility Agreement

The parties to this Deed agree that with effect from (and including) the Amendment Date, the following changes to the German Facility Agreement will be made:

		
	(a)
	The third sentence of Clause 2.3(b) shall be deleted in its entirety and replaced with the following:

“Proceeds from any Advance shall be remitted to the German Transaction Account at the direction of German FleetCo in accordance with the related Advance Request.”
		
	3.7
	Spanish Facility Agreement

The parties to this Deed agree that with effect from (and including) the Amendment Date, the following changes to the Spanish Facility Agreement will be made:
		
	(a)
	The third sentence of Clause 2.3(b) shall be deleted in its entirety and replaced with the following:

“Proceeds from any Advance shall be remitted to the Spanish Transaction Account or shall be used to make payments to Manufacturers for the purchase of Vehicles at the direction of Spanish FleetCo in accordance with the related Advance Request.”
		
	3.8
	Interest Rate Cap

The parties to this Deed agree that with effect from (and including) the Amendment Date, the Issuer shall either amend the existing Interest Rate Cap Documents or acquire one or more additional Interest Rate Caps, in each case, in accordance with Clause 4.4(a)(i) (Requirement to Obtain Interest Rate Caps) of the Issuer Facility Agreement.
		
	3.9
	Risk Retention Letter

The parties to this Deed agree that with effect from (and including) the Amendment Date, the Risk Retention Letter shall be amended and restated in the form set out in Schedule 2 (Amended and Restated Risk Retention Letter).
		
	3.10
	Dutch Deed of Non-Possessory Pledge of Vehicles

The parties to this Deed agree that, with effect from the Amendment Date, Dutch FleetCo and the Dutch Security Trustee shall enter into a Dutch law governed amendment deed, which attaches thereto the amended and restated Dutch Deed of Non-Possessory Pledge of Vehicles. 

		
	4
	CLASS A MAXIMUM INVESTOR GROUP PRINCIPAL AMOUNT INCREASE

		
	4.1
	The parties to this Deed agree that with effect from (and including) the Amendment Date:

		
	(a)
	the Class A Maximum Principal Amount shall be increased as set out in Clause 3 (Amendments) hereto;

		
	(b)
	the Class A Maximum Investor Group Principal Amount for each Class A Investor Group shall be the Class A Maximum Investor Group Principal Amounts set out in Schedule 3 hereto;

		
	(c)
	Schedule 2 to the Issuer Facility Agreement shall be deleted in its entirety and replaced with Schedule 3 hereto.

		
	4.2
	Notwithstanding any provision of the Related Documents including, without limitation, Clause 2.1(d) (Investor Group Maximum Principal Increase) of the Issuer Facility Agreement, the Issuer, each Class A Funding Agent and the Administrative Agent agree that they are deemed to have received the required notice contemplated pursuant to the Related Documents in connection with this Clause 4 (Class A Maximum Investor Group Principal Amount Increase).

		
	5
	EU SECURITISATION REGULATION REPORTING

		
	5.1
	The Issuer and the Issuer Administrator agree that the Issuer shall, promptly following the Amendment Date, cause the Issuer Administrator to, in consultation with the Administrative Agent, commence preparation of draft forms of the Asset Report, the Investor Report, the ABCP Asset Report and the ABCP Investor Report; and use reasonable endeavours to provide copies of such draft reports to the Administrative Agent within 4 weeks following the date of this Deed.

		
	6
	LIQUIDATION CO-ORDINATOR REPORT

		
	6.1
	On or prior to the Payment Date occurring in March 2020, the Issuer Administrator shall cause the Liquidation Co-Ordinator to deliver supplements to the prior internal summary note reports prepared by the Liquidation Co-Ordinator in respect of the Netherlands, France, Germany and Spain dated August 2018 in a form reasonably acceptable to the Issuer Administrator and the Administrative Agent.

		
	6.2
	Clause 6.1 above shall not create any obligations on the Liquidation Co-Ordinator under this Deed. The delivery of the supplements referred to in Clause 6.1 above shall be governed by the terms of the engagement letter to be agreed by the Liquidation Co-Ordinator and the Issuer Administrator.

		
	7
	ISSUER MINIMUM PROFIT AMOUNT

		
	7.1
	The parties to this Deed agree that on the Payment Date falling in November 2019 (or such other date as agreed between the Issuer, the Issuer Administrator and the Administrative Agent) only:

		
	(a)
	the Dutch Carrying Charge set out at limb (f) of the definition thereof shall be eleven twelfths of the Dutch Percentage of the Issuer Minimum Profit Amount; 

		
	(b)
	the French Carrying Charge set out at limb (f) of the definition thereof shall be eleven twelfths of the French Percentage of the Issuer Minimum Profit Amount;

		
	(c)
	the German Carrying Charge set out at limb (f) of the definition thereof shall be eleven twelfths of the German Percentage of the Issuer Minimum Profit Amount;

		
	(d)
	the Spanish Carrying Charge set out at limb (f) of the definition thereof shall be eleven twelfths of the Spanish Percentage of the Issuer Minimum Profit Amount; and

		
	(e)
	the Issuer shall receive, pursuant to clause 5.3(c) of the Issuer Facility Agreement, eleven twelfths of the Issuer Minimum Profit Amount. 

		
	8
	FURTHER ASSURANCE AND CONTINUING SECURITY

		
	(a)
	Each party to this Deed hereto hereby agrees for the benefit of each other party to this Deed that it shall do all acts and things reasonably necessary or reasonably desirable to give effect to the matters effected or to be effected pursuant to this Deed.

		
	(b)
	The Issuer and each FleetCo agree (and each Security Trustee acknowledges) that, save as otherwise set out in this Deed:

		
	(i)
	the Security contained or granted pursuant to the Issuer Security Documents and the FleetCo Security Documents shall remain in force as a continuing security to the Security Trustees (as applicable); 

		
	(ii)
	the liabilities and obligations of each FleetCo arising under the Related Documents as amended by the terms of this Deed shall form part of (but do not limit) the FleetCo Secured Obligations; and

		
	(iii)
	the liabilities and obligations of the Issuer arising under the Related Documents as amended by the terms of this Deed shall form part of (but do not limit) the Issuer Secured Obligations.

		
	(c)
	The Issuer confirms that, with effect from (and including) the Amendment Date, the indemnities set out in Section 11.4 (Payment of Costs and Expenses: Indemnification) of the Issuer Facility Agreement shall apply in full force and effect and extend to the liabilities and obligations of the Issuer under the Related Documents including, for the avoidance of doubt, its obligations under Article 7 of the EU Securitisation Regulation.

		
	(d)
	The Guarantor confirms for the benefit of Dutch FleetCo, French FleetCo, German FleetCo and Spanish FleetCo that with effect from the Amendment Date, all of the guarantee and indemnity obligations under the THC Guarantee and Indemnity shall:

		
	(i)
	remain in full force and effect notwithstanding the designation of any new document as a Related Document or any additions, amendments, novation, substitution, or supplements of or to the Related Documents and the imposition of any amended, new or more onerous obligations under the Related Documents in relation to each Lessee, each Servicer and each Administrator (including, but not limited to, the amendments referred to in Clause 3 (Amendments) of this Deed); and

		
	(ii)
	extend to all new obligations assumed by each Lessee, each Servicer and each Administrator under any amended or new Related Document as a result of this Deed.

		
	(e)
	Each of the parties to this Deed agrees and confirms that the provisions of the Related Documents shall continue in full force and effect with the amendments made by this Deed. Further, nothing in this Deed:

		
	(i)
	prejudices or adversely affects any right, power, discretion or remedy arising under any Related Document before the Amendment Date; or

		
	(ii)
	discharges, releases or otherwise affects any liability or obligation arising under a Related Document before the Amendment Date.

		
	9
	NOTICES

		
	9.1
	Communications in writing

Any communication to be made under or in connection with this Deed shall be made in writing and, unless otherwise stated, may be made by facsimile or letter.
		
	9.2
	Addresses

Any communication to be made under or in connection with this Deed shall be sent to the address, email address or facsimile number (and the department or officer, if any, for whose attention the communication is to be made) of the interested party set out in Schedule 4 to this Deed, or any substitute address, email address, facsimile number or department or officer as the relevant party may notify to the other parties by not less than five (5) Business Days’ notice.
		
	9.3
	Delivery

		
	(a)
	Any notice or communication made or delivered by one person to another under or in connection with this Deed shall:

		
	(i)
	given in person shall be deemed delivered on the date of delivery of such notice;

		
	(ii)
	given by first class mail shall be deemed given five (5) days after the date that such notice is mailed;

		
	(iii)
	delivered by e-mail or facsimile (other than in the case of the Issuer Security Trustee or any FleetCo Security Trustee) shall be deemed given on the date of delivery of such notice; and

		
	(iv)
	delivered by overnight air courier shall be deemed delivered one Business Day after the date that such notice is delivered to such overnight courier.

		
	(b)
	Any notice or communication which is received after 4.00 p.m. (in the location of the applicable addressee) on any particular day or on a day on which commercial banks and foreign exchange markets do not settle payments in the location of the addressee shall be deemed to have been received and shall take effect from 10.00 a.m. on the next following Business Day.

		
	9.4
	English language

		
	(a)
	Unless otherwise provided, any notice given under or in connection with this Deed must be in English.

		
	(b)
	All other documents provided under or in connection with this Deed must be:

		
	(i)
	in English; or

		
	(ii)
	if not in English, and if so required by any party thereto, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

		
	10
	PARTIAL INVALIDITY

If, at any time, any provision hereof is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

		
	11
	REMEDIES AND WAIVERS

No failure to exercise, nor any delay in exercising, on the part of any party to this Deed, any right or remedy under this Deed shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Deed may be exercised as often as necessary, are cumulative and not exclusive of any rights or remedies provided by law and may be waived only in writing and specifically.

		
	12
	COSTS AND EXPENSES

The Issuer agrees to pay all reasonable expenses of the Security Trustees, Administrative Agent, each Funding Agent, each Conduit Investor and each Committed Note Purchaser party hereto in connection with the preparation, execution and delivery of this Deed and the other documents to be delivered hereunder, including, without limitation, the reasonable fees and out of pocket expenses of counsel for the Security Trustees, the Administrative Agent, each Funding Agent, each Conduit Investor and each Committed Note Purchaser party hereto, in accordance with the terms of the applicable Related Documents.

		
	13
	MODIFICATIONS

No amendment of any provision of this Deed shall be effective unless such amendment is in writing and signed by each of the parties hereto.

		
	14
	COUNTERPARTS

This Deed may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Deed.

		
	15
	SECURITY TRUSTEE PROVISIONS

		
	(a)
	Each person that is party to this Deed and is a Required Noteholder by its signing of this Deed hereby authorises, requests, directs and empowers the Issuer Security Trustee to enter into this Deed, and to perform the transactions that this Deed contemplates, pursuant to clause 7 of the Issuer Security Trust Deed.  

		
	(b)
	The Issuer Security Trustee by its signing of this Deed hereby authorises, requests, directs and empowers the Dutch Security Trustee, the French Security Trustee, the German Security Trustee and the Spanish Security Trustee to enter into this Deed, and to perform the transactions that this Deed contemplates, pursuant to clause 7 of the Dutch Security Trust Deed, the French Security Trust Deed, the German Security Trust Deed and the Spanish Security Trust Deed respectively. 

		
	(c)
	Each party to this Deed waives for the purposes of the amendments set out in clause 3 (Amendments) above, any and all formalities described in and required by the Security Trustees in the Related Documents in connection with the execution of this Deed (provided that, in the case of the Issuer Security Trustee, it is acknowledged by the parties hereto that such waiver is made at the direction of the Required Noteholders, and in the case of the Dutch Security Trustee, the French Security Trustee, the German Security Trustee and the Spanish Security Trustee at the direction of the Issuer Security Trustee, each of whom by signing this Deed makes and acknowledges such directions).

		
	(d)
	Each party to this Deed discharges and exonerates each Security Trustee from any and all liability for which it may have become or may become responsible under the Related Documents in respect of the execution of this Deed or the implementation thereof.

		
	16
	GOVERNING LAW

This Deed, and any non-contractual obligations arising out of or in connection with it, shall be governed by the laws of England and Wales.

		
	17
	ENFORCEMENT

		
	17.1
	Jurisdiction of the English courts

		
	(a)
	The parties agree that the courts of England have exclusive jurisdiction to hear and settle any action, suit, proceeding or dispute arising out of or in connection with this Deed and therefore irrevocably submit to the jurisdiction of those courts.

		
	(b)
	The parties agree that the courts of England are an appropriate and convenient forum to settle disputes between them and, accordingly, the parties will not argue to the contrary. 

21

WEIL:\97198639\22\52396.0010

		
	17.2
	Service of process

Each of the Issuer, the Subordinated Noteholder, the Guarantor, Dutch FleetCo, Dutch OpCo, French FleetCo, French OpCo, German FleetCo, German OpCo, Spanish FleetCo and Spanish OpCo agrees that the process by which any proceedings arising out of or in connection with this Deed or any other Related Document may be served on it is by being delivered to Hertz Europe Limited of Hertz House, 11 Vine Street, Uxbridge, Middlesex UB8 1QE and if the appointment of a process agent by a party ceases to be effective, each such party shall immediately appoint another person in England as its process agent in respect of this Deed and notify the other parties of the appointment and, if such party to a Related Document fails to appoint such further person, the Issuer Security Trustee may appoint another agent for this purpose. Each of the Issuer, the Subordinated Noteholder, Dutch FleetCo, Dutch OpCo, French FleetCo, French OpCo, German FleetCo, German OpCo, Spanish FleetCo and Spanish OpCo further agrees that failure by an agent for service of process to notify such party to a Related Document of such process will not invalidate the proceedings concerned.

23

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SCHEDULE 1 
CONDITIONS PRECEDENT

		
	1
	A copy of a resolution of the board of directors of the Issuer, the Issuer Administrator, each FleetCo and each OpCo (for the purposes of this Schedule 1, the “Hertz Entities”):

		
	(a)
	approving the execution, delivery and performance of this Deed and the terms and conditions thereof;

		
	(b)
	authorising a named person or persons to execute this Deed; and

		
	(c)
	authorising a named person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with this Deed.

		
	2
	A power of attorney of the Hertz Entities.

		
	3
	A corporate certificate of the Hertz Entities in the agreed form.

		
	4
	A solvency certificate of the Issuer, each FleetCo and each OpCo. 

		
	5
	Upfront fee letter executed by each party to it.

		
	6
	Programme fee letter executed by each party to it.

		
	7
	Risk retention letter executed by each party to it. 

		
	8
	A transaction summary in the agreed form.

		
	9
	English law legal opinion from Weil, Gotshal & Manges (London) LLP in respect of:

		
	(a)
	the enforceability of this Deed, the upfront fee letter, the program fee letter and the risk retention letter; and

		
	(b)
	the capacity of the Issuer Administrator to enter into this Deed.  

		
	10
	Dutch law legal opinion from Linklaters LLP in respect of:

		
	(a)
	the enforceability of the deed of amendment and restatement in respect of the Dutch Deed of Non-Possessory Pledge of Vehicles; and

		
	(b)
	the capacity of the Issuer, Hertz Holdings Netherlands B.V., Dutch FleetCo, Dutch OpCo and Spanish FleetCo to enter into this Deed.

		
	11
	French law legal opinion from Linklaters LLP in respect of the capacity of French FleetCo and French OpCo to enter into this Deed.

		
	12
	German law legal opinion from Linklaters LLP in respect of the capacity of German OpCo to enter into this Deed.

		
	13
	Irish law legal opinion from A&L Goodbody Solicitors in respect of the capacity of German FleetCo to enter into this Deed.

		
	14
	Spanish law legal opinion from Linklaters, S.L.P. in respect of the capacity of Spanish OpCo to enter into this Deed. 

		
	15
	In-house capacity opinion from The Hertz Corporation in respect of the capacity of The Hertz Corporation to enter into this Deed.

		
	16
	This Deed duly executed by each party to it.

SCHEDULE 2 
AMENDED AND RESTATED RISK RETENTION LETTER 

SCHEDULE 3 
SCHEDULE 2 TO THE ISSUER FACILITY AGREEMENT: CONDUIT INVESTORS AND COMMITTED NOTE PURCHASERS

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Committed Note Purchaser
Class A Initial Investor Group Principal Amount: €120,000,000
Class A Committed Note Purchaser Percentage: 16.00%
Class A Maximum Investor Group Principal Amount: €176,000,000
Class A Initial Advance Amount: €120,000,000
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Class A Funding Agent and a Class A Committed Note Purchaser

MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor
Class A Initial Investor Group Principal Amount: €90,000,000
Class A Committed Note Purchaser Percentage: 12.00%
Class A Maximum Investor Group Principal Amount: €132,000,000
Class A Initial Advance Amount: €90,000,000
BNP PARIBAS S.A., as a Class A Funding Agent for MATCHPOINT FINANCE PLC, as a Class A Committed Note Purchaser and Class A Conduit Investor

DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Committed Note Purchaser
Class A Initial Investor Group Principal Amount: €90,000,000
Class A Committed Note Purchaser Percentage: 12.00%
Class A Maximum Investor Group Principal Amount: €132,000,000
Class A Initial Advance Amount: €90,000,000
DEUTSCHE BANK AG, LONDON BRANCH, as a Class A Funding Agent and a Class A Committed Note Purchaser

HSBC FRANCE, as a Class A Committed Note Purchaser 
Class A Initial Investor Group Principal Amount: €90,000,000
Class A Committed Note Purchaser Percentage: 12.00%
Class A Maximum Investor Group Principal Amount: €132,000,000
Class A Initial Advance Amount: €90,000,000
HSBC FRANCE, as a Class A Funding Agent and a Class A Committed Note Purchaser 

SHEFFIELD RECEIVABLES COMPANY LLC, as Class A Conduit Investor
BARCLAYS BANKS PLC, as a Class A Committed Note Purchaser
Class A Initial Investor Group Principal Amount: €90,000,000
Class A Committed Note Purchaser Percentage: 12.00%
Class A Maximum Investor Group Principal Amount: €132,000,000
Class A Initial Advance Amount: €90,000,000
BARCLAYS BANKS PLC, as a Class A Funding Agent and a Class A Committed Note Purchaser, for SHEFFIELD RECEIVABLES COMPANY LLC, as a Conduit Investor

MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor
Class A Initial Investor Group Principal Amount: €90,000,000
Class A Committed Note Purchaser Percentage: 12.00%
Class A Maximum Investor Group Principal Amount: €132,000,000
Class A Initial Advance Amount: €90,000,000
NATIXIS CIB, as a Class A Funding Agent, for MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T., as a Class A Committed Note Purchaser and Class A Conduit Investor

IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor
ROYAL BANK OF CANADA (LONDON BRANCH), as a Class A Committed Note Purchaser
Class A Initial Investor Group Principal Amount: €90,000,000
Class A Committed Note Purchaser Percentage: 12.00%
Class A Maximum Investor Group Principal Amount: €132,000,000
Class A Initial Advance Amount: €90,000,000
ROYAL BANK OF CANADA, LONDON BRANCH, as a Class A Funding Agent and Class A Committed Note Purchaser for IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY, as a Class A Conduit Investor

GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor
Class A Initial Investor Group Principal Amount: €90,000,000
Class A Committed Note Purchaser Percentage: 12.00%
Class A Maximum Investor Group Principal Amount: €132,000,000
Class A Initial Advance Amount: €90,000,000
LLOYDS BANK PLC, as a Class A Funding Agent for GRESHAM RECEIVABLES (NO. 32) UK LIMITED, as a Class A Committed Note Purchaser and a Class A Conduit Investor

SCHEDULE 4 
NOTICE DETAILS

	
		
	NAME OF PARTY
	ADDRESS AND NOTICE DETAILS

	Issuer, Dutch Noteholder, FCT Noteholder, German Noteholder and Spanish Noteholder
	 

	INTERNATIONAL FLEET FINANCING NO. 2 B.V.
	Address:   Fourth Floor
      3 George’s Dock
      IFSC
      Dublin 1, Ireland
Tel:      +353 1 612 5555
Fax:      +353 1 612 5550
Email:      ireland@wilmingtontrust.com

	Dutch OpCo, Dutch Lessee, Dutch Administrator and Dutch Servicer
	 

	HERTZ AUTOMOBIELEN NEDERLAND B.V.
	Address:   Siriusdreef 62, 2132
      WT Hoofddorp
      The Netherlands 
Email:      bdavies@hertz.com/fbagchi@hertz.com
Attention:   Bryn Davies / Falguni Bagchi

	Dutch FleetCo and Dutch Lessor
	 

	STUURGROEP FLEET (NETHERLANDS) B.V.
	Address:   Siriusdreef 62, 2132
      WT Hoofddorp
      The Netherlands
Email:      bdavies@hertz.com/fbagchi@hertz.co
Attention:   Bryn Davies / Falguni Bagchi

With a copy to the board of directors:
INTERTRUST MANAGEMENT B.V.

Address:    Prins Bernhardplein 200
      1097 JB Amsterdam
      The Netherlands
Telephone:    +31 20 521 4777
Fax:       +31 20 521 4832
Email:       NL-dutchfleetco@intertrustgroup.com
Attention:    Floor Coomans-Piscaer and Kristina Adamovich         

	Spanish FleetCo and Spanish Lessor
	 

	
		
	STUURGROEP FLEET (NETHERLANDS) B.V. SUCURSAL EN ESPAÑA

	Address:   Calle Jacinto Benavente
      2, Edificio B, 3a planta
      Las Rozas de Madrid, Madrid
      Spain
Telephone:   +34 91 509 73 00
Email:      mporrero@hertz.com / bdavies@hertz.com / 
      fbagchi@hertz.com
Attention:   Maria José Porrero Valor / Bryn Davies / 
      Falguni Bagchi

With a copy to the board of directors:
INTERTRUST MANAGEMENT B.V.

Address:    Prins Bernhardplein 200
      1097 JB Amsterdam
      The Netherlands
Telephone:    +31 20 521 4777
Fax:       +31 20 521 4832
Email:       NL-dutchfleetco@intertrustgroup.com
Attention:    Floor Coomans-Piscaer and Kristina Adamovich

	French OpCo, French Lessee, French Administrator and French Servicer
	 

	HERTZ FRANCE S.A.S.
	Address:    1/3 avenue Westphalie
      Immeuble Futura 3
      78180 Montigny Le Bretonneux, 
      France
Email:      bdavies@hertz.com / fbagchi@hertz.com
Attention:   Bryn Davies / Falguni Bagchi

	French FleetCo and French Lessor
	 

	RAC FINANCE S.A.S.
	Address:   172 avenue Marcel Dassault
      60000 Beauvais
      France
Email:       bdavies@hertz.com / fbagchi@hertz.com
Attention:    Bryn Davies / Falguni Bagchi

With a copy to 
TMF France Management SARL, President
Email:      yvette.van.loon@TMF-Group.com
      

	Spanish OpCo, Spanish Lessee, Spanish Administrator and Spanish Servicer
	 

	
		
	HERTZ DE ESPANA S.L.U.
	Address:   Calle Jacinto Benavente
      2, Edificio B, 3a planta
      Las Rozas de Madrid, Madrid
      Spain
Telephone:   +34 91 509 73 00
Email:      mporrero@hertz.com / bdavies@hertz.com /
      fbagchi@hertz.com
Attention:   Maria José Porrero Valor / Bryn Davies / 
      Falguni Bagchi
With a copy to the board of directors:
INTERTRUST MANAGEMENT B.V.

Address:    Prins Bernhardplein 200
      1097 JB Amsterdam
      The Netherlands
Telephone:    +31 20 521 4777
Fax:       +31 20 521 4832
Email:       NL-dutchfleetco@intertrustgroup.com
Attention:    Floor Coomans-Piscaer and Kristina Adamovich          

	German OpCo, German Lessee, German Administrator and German Servicer
	 

	HERTZ AUTOVERMIETUNG GMBH
	Address:   Ludwig-Erhard-Strasse 12, 
      65760 Eschborn, 
      Germany 
Email:      bdavies@hertz.com / fbagchi@hertz.com
Attention:   Bryn Davies/Falguni Bagchi

	German FleetCo and German Lessor
	 

	HERTZ FLEET LIMITED
	Address:   Hertz Europe Service Centre
      Swords Business Park, Swords, 
      Co. Dublin
      Ireland
Tel:      00353 1 649 2000
Fax:      00353 1 649 2649
Email:      bdavies@hertz.com / fbagchi@hertz.com
Attention:   Bryn Davies / Falguni Bagchi

With a copy to:
Email:      Ireland@WilmingtonTrust.com/                GSL@algoodbody.com
Attention:    The Directors

	FCT Management Company on behalf of FCT Yellow CAR
	 

	EUROTITRISATION S.A.
	Address:   12 rue James Watt
93200 Saint Denis
France
Telephone:   +33 1 74 73 04 74
Facsimile:   +33 1 74 73 04 51
Email:      fctyellowcar@eurotitrisation.fr 
Attention:   FCT Manager

	FCT Custodian
	 

	BNP PARIBAS SECURITIES SERVICES

	Address:     ACI: CKA02B1
      3, 5, 7 rue Général Compans
      93500 Pantin, France 
Email:        paris_bp2s_fdo_titrisation@bnpparibas.com 
Attention:     Contrôle Dépositaire France Equipe

	FCT Registrar
	 

	
		
	BNP PARIBAS SECURITIES SERVICES
	Address:   3, 5, 7 rue Général Compans
      93500 Pantin 
Email:      paris_bp2s_support_clients_fcpr_opci@bnpparibas.com 
Attention:   Clients FCPR OPCI

	FCT Paying Agent
	 

	BNP PARIBAS SECURITIES SERVICES
	Address:   AFS-FCPR-FCPI processing
      9, rue du débarcadère
      93500 Pantin
E-mail:                paris_bp2s_support_clients_fcpr_opci@bnpparibas.com
Attention:    FCT Yellow CAR

	FCT Account Bank
	 

	BNP PARIBAS SECURITIES SERVICES
	Address:   3, 5, 7 rue Général Compans
      93500 Pantin 
Fax:      +33 1 55 77 78 90 (securities instruction) 
Fax:       +33(0) 1 42 98 41 94 (cash instruction) 
Email:      paris_bp2s_mc_do_settlement@bnpparibas.com 
      (securities instruction)
      CAM.FCT@bnpparibas.com
(cash instruction)

	German Account Bank (German Branch)
	 

	BNP PARIBAS S.A., NIEDERLASSUNG DEUTSCHLAND

	Address:   Europa-Allee 12
      60327 Frankfurt am Main 
Telephone:   +49 (0) 69 7193 1002
Fax:      +49 (0) 69 7193 849561 
Email:      csd_germany@bnpparibas.com 
Attention:   Ana Tomas

	French Account Bank
	 

	BNP PARIBAS S.A.

	Address:   Centre d’Affaires La Defense Entreprises
                           85-93 Rue des Trois Fontanot
      92000 Nanterre 
Telephone:   +33 (0) 1 47 67 53 34 
Fax:      +33 (0) 1 47 67 53 09 
Email:      celine.vachez@bnpparibas.com 
Attention:   Céline Vachez

	Issuer Account Bank and German Account Branch (Irish Branch)
	 

	BNP PARIBAS S.A., DUBLIN BRANCH

	Address:   5 George’s Dock
      IFSC
      Dublin 1 
Telephone:   +353 (0) 1612 5000 
Fax:      +353 1 612 5100
Email:      dl.dublin.legal@bnpparibas.com /
      emer.gallagher@bnpparibas.com 
Attention:   BNPP Dublin Branch Legal Team / Emer Gallagher

	Dutch Account Bank
	 

	
		
	BNP PARIBAS S.A., NETHERLANDS BRANCH
	Address:   Herengracht 595, 
      1017 CE Amsterdam
      The Netherlands 
Telephone:   +31 (0) 20 5501 384
Fax:       +31 20 5501 307
Email:      robbert.dooijes@bnpparibas.com/
/asd_cmd@bnpparibas.com
 
Attention:   Robbert Dooijes (Senior Cash Management Officer) 

	Trustee of the Hertz Funding France Trust
	 

	SANNE TRUSTEE SERVICES LIMITED
	Address:   IFC 5
      St. Helier
      Jersey
      JE1 1ST
      Channel Islands 
Telephone:   +44 1534 700 925 
Fax:      +44 1534 769 770 
Email:      laura.tadier@sannegroup.com 
Attention:   Laura Tadier

	Issuer Security Trustee, Dutch Security Trustee, French Security Trustee, German Security Trustee and Spanish Security Trustee
	 

	BNP PARIBAS TRUST CORPORATION UK LIMITED
	Address:   10 Harewood Avenue
      London NW1 6AA
      United Kingdom
Tel:      +44 (0) 20 7595 5078
Email:      trustee.london@bnpparibas.com

	Issuer Administrator
	 

	HERTZ EUROPE LIMITED
	Address:   Hertz House 
      11 Vine Street
      Uxbridge UB8 1QE
      United Kingdom
Email:       bdavies@hertz.com / fbagchi@hertz.com
Attention:    Bryn Davies/Falguni Bagchi

	French Lender and FCT Servicer
	 

	BNP PARIBAS S.A.
	Address:   ACI: CAA05B1 – 3
      rue d’Antin, 75002
      Paris
Tel:      +33 (0)1 42 98 19 40 / +33 (0) 1 55 77 47 36
Fax:      +33 (0) 1 42 98 60 02
Email:       paris_cib_sec_hertz@bnpparibas.com /             jerome.eschbach@bnpparibas.com / 
      eric.moulinet @bnpparibas.com  
Attention:    Jérôme Eschbach / Eric Moulinet

	Administrative Agent, Class A Committed Note Purchaser and Class A Funding Agent
	 

	
		
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
	Address:    12 Place des Etats-Unis
      CS 70052
      92547 Montrouge Cedex
      France
Telephone:    +33 1 57 87 17 48 (Carole D’Haeyere) 
      or +33 1 57 87 25 26 (Sarah Abounour) 
      or +33 1 41 89 87 35 (Stephane Boitéux)
Fax:       +33 1 57 87 17 58
Email:      mo_titrisation_cacib@ca-cib.com / 
      carole.dhaeyere@ca-cib.com / 
       sarah.abounour@ca-cib.com / 
      dienaba.haidara@ca-cib.com / 
      philippe.favre@ca-cib.com
Attention:    Mo Securitization Cacib/ 
      Carole D’haeyere / Stephane Boitéux

	 
	 

	Guarantor
	 

	THE HERTZ CORPORATION
	Address:   8501 Williams Road
      Estero, 
      Florida 33928
Tel:      +1 201 307 2607
Fax:      +1 866 444 2755
Attention:    Treasurer

	 
	With copies to:

Address:   The Hertz Corporation
      8501 Williams Road
      Estero, Florida 33928
Telephone:    +1 239 301 7290
Fax:       +1 866 888 3765
Attention:    General Counsel

Address:   The Hertz Corporation
      255 Brae Boulevard
      Park Ridge, NJ 07656
Telephone:    +1 201 307 2000
Fax:       +1 201 307 2746
Attention:    Treasury Department

	Issuer Back-Up Administrator, Dutch Back-Up Administrator, French Back-Up Administrator, German Back-Up Administrator and Spanish Back-Up Administrator
	 

	TMF SFS MANAGEMENT B.V.
	Address:   Herikerbergweg 238
      1101 CM Amsterdam
      The Netherlands 
Telephone:   +31(0) 20 5755600 
Fax:      +31 (0)20 6730016 
Email:      AMS.Secretary.SFS@TMG-Group.com
                            Jakob.Boonman@tmf-group.com
                            Desire.Waijeret-Doffer@tmf-group.com
      (“Hertz Issuer Back-Up Administrator” in
      subject line) 
Attention:   The Managing Director

	
		
	Dutch Liquidation Co-ordinator, French Liquidation Co-ordinator, German Liquidation Co-ordinator and Spanish Liquidation Co-ordinator
	 

	KPMG LLP

	Address:   15 Canada Square
      London, E14 5GL
      United Kingdom 
Telephone:   +44 7976 323262 
Email:      Craig.Masters@kpmg.co.uk / Ed.Boyle@kpmg.co.uk / 
      ProjectMalachite@kpmg.co.uk 
Attention:   Craig Masters

	Registrar
	 

	BNP PARIBAS SECURITIES SERVICES, LUXEMBOURG BRANCH

	Attention:            Corporate Trust Operations
Address:              60, avenue J.F. Kennedy
               L-1855 Luxembourg
               (Postal Address : L – 2085 Luxembourg)
Tel:                      +352 2696 2000
Fax:                     +352 2696 97 57
Email:                  lux.ostdomiciliees@bnpparibas.com

	Class A Conduit Investor and Class A Committed Note Purchaser
	 

	MATCHPOINT FINANCE PLC
	Address:   4th Floor
      25–28 Adelaide Road
      Dublin 2
      Ireland
Telephone:   +353 1 605 3000
Fax:      +353 1 605 3010
Email:      john.hetherington@marsh.com/
      alessandro.bortolin@marsh.com
Attention:   The Directors

	Class A Funding Agent
	 

	BNP PARIBAS S.A.
	Address:   10 Harewood Avenue 
      London 
      NW1 6AA 
      United Kingdom
Telephone:   +44 20 7595 3104/ 0459/ 5761
Fax:       +44 20 7595 5079
Email:      dl.sec_mp_mgt@uk.bnpparibas.com
Attention:   Asset Finance and Securitisation (Conduit)

	Class A Committed Note Purchaser and Class A Funding Agent
	 

	DEUTSCHE BANK AG, LONDON BRANCH
	Address:   Winchester House
      1 Great Winchester Street
      London
      EC2N 2DB
      United Kingdom
Telephone:   0207 5450917
Fax:      0207 5459763
Email:      Gareth.James@db.com/ Harlan.Rothman@db.com/ 
      Fei.Qi@db.com
Attention:   Gareth James/ Harlan Rothman/ Fei Qi

	Class A Conduit Investor
	 

	
		
	SHEFFIELD RECEIVABLES COMPANY LLC
	Address:   68 South Service Road
      Suite 120
      Melville
      NY 11747
      USA
Telephone:   +1 212 412 6736/ +1 212 412 5669/ +44 20 7773 7956
Fax    + 44 20 773 7963
Email:      sean.white2@barclays.com/ 
      Charles.siew@barclays.com /
      Joseph.Muscari@barclays.com
      barcapconduitops@barclayscapital.com
Attention:   Sean White/ Charles Siew/ Joseph Muscari 

	Class A Committed Note Purchaser and Class A Funding Agent
	 

	BARCLAYS BANK PLC
	Address:   5 The North Colonnade
      Canary Wharf
      London
      E14 4BB
Telephone:   +1 212 412 6736/ +1 212 412 5669/ +44 20 7773 7956
Fax:       + 44 20 773 7963
Email:      sean.white2@barclays.com/ 
      Charles.siew@barclays.com /
      Joseph.Muscari@barclays.com /
      barcapconduitops@barclayscapital.com
Attention:   Sean White/ Charles Siew/ Joseph Muscari 

	Class A Committed Note Purchaser and Class A Funding Agent
	 

	HSBC FRANCE
	Address:   103 avenue des Champs-Elysées
      75008 Paris
      France
Telephone:   + 33 (0)1 40 70 26 99 / + 33 (0)1 40 70 27 90 /
      + 33 (0)1 40 70 28 24
Fax:       N/A
Email:      guillaume.bouet@hsbc.fr / edouard.deneyrieu@hsbc.fr
/ cso-securitisation@hsbc.fr / 
asu-infax.hbfr-gbao@hsbc.fr/ ctlaparis.operations@hsbc.fr
Attention:   Guillaume Bouet /Edouard de Neyrieu/Sebastien Poutas

	Class A Committed Note Purchaser and Class A Conduit Investor
	 

	MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T.
	Address:   127 rue Amelot
      75011 Paris
      France
Telephone:   +33 (0)1 74 73 04 75 / +33 (0)1 74 73 04 66
Fax:      +33 (0)1 74 73 04 50
Email:      satmagenta@eurotitrisation.fr
Attention:   Sophie Chocron / Christiane Rochard

	Class A Funding Agent
	 

	
		
	NATIXIS CIB
	Address:   30, avenue Pierre Mendès-France
      75013 Paris
      France
Telephone:   +33 (0)1 58 55 21 38
Fax:       +33 (0)1 58 19 44 20
Email:      securitisation_middleoffice@natixis.com
Attention:   Caroline Pedregno / Frédérique Perrier

	Class A Conduit Investor
	 

	IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY
	Address:   1-2 Victoria Buildings
      Haddington Road
      Dublin 4
      Ireland
Telephone:   +353 1 697 5350
Fax:      +353 1 697 5375
Email:      directors-ie@intertrustgroup.com
Attention:   Kathleen Athayde/ Gustavo Nicolosi

	

Class A Committed Note Purchaser and Class A Funding Agent
	 

	ROYAL BANK OF CANADA, LONDON BRANCH
	Address:   Riverbank House
      2 Swan Lane
      London
      EC4R 3BF
Telephone:    +44 (0)207 653 4334
Fax:      N/A
Email:      rbccm-SF-Europe@rbccm.com
Attention:   Securitization Finance

	Class A Committed Note Purchaser and Class A Conduit Investor
	 

	GRESHAM RECEIVABLES (NO. 32) UK LIMITED
	Address:   C/O Wilmington Trust Sp Services (London) Limited
      Third Floor
      1 King's Arms Yard
      London,
      EC2R 7AF
      United Kingdom
Telephone:    +44 (0) 207 397 3600
Fax:       N/A
Email:      Transaction Team <TTeam@WilmingtonTrust.com>
Attention:    Mr Stuart Watson 

	Class A Funding Agent
	 

	LLOYDS BANK PLC
	Address:   10 Gresham Street
      London
      EC2V 7AE
Telephone:   0207 158 1798
Fax:      N/A
Email:      Michael.Hodgson@lloydsbanking.com / 
      Batool.Arif@LloydsBanking.com / 
      Edward.Leng@lloydsbanking.com
Attention:    Michael Hodgson / Batool Arif /Edward Leng

	Subordinated Noteholder and Subordinated Note Registrar
	 

	
		
	HERTZ HOLDINGS NETHERLANDS B.V.
	Address:   Siriusdreef 62, 2132
      WT Hoofddorp
      The Netherlands
Email:                 bdavies@hertz.com/fbagchi@hertz.com
Attention:            Bryn Davies/Falguni Bagchi

EXECUTION PAGE

INTERNATIONAL FLEET FINANCING NO. 2 B.V.  
as Issuer, Dutch Noteholder, FCT Noteholder, German Noteholder and Spanish Noteholder
EXECUTED as a DEED by     )
INTERNATIONAL FLEET FINANCING    )
NO. 2 B.V. acting by its duly authorised    )
attorney:    )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

HERTZ AUTOMOBIELEN NEDERLAND B.V. 
as Dutch OpCo, Dutch Lessee, Dutch Administrator, and Dutch Servicer
EXECUTED as a DEED by         )
HERTZ AUTOMOBIELEN NEDERLAND        )
B.V. acting by its duly authorised        )
attorney:        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

STUURGROEP FLEET (NETHERLANDS) B.V. 
as Dutch FleetCo, Dutch Lessor and, acting through its Spanish branch, Spanish FleetCo and Spanish Lessor
EXECUTED as a DEED by         )
STUURGROEP FLEET(NETHERLANDS)        )
B.V. acting by its duly authorised        )
attorney:        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

HERTZ FRANCE S.A.S. 
as French OpCo, French Lessee, French Administrator and French Servicer
EXECUTED as a DEED by         )
HERTZ FRANCE S.A.S.        )
acting by its duly authorised        )
attorney:        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

RAC FINANCE S.A.S. 
as French Fleetco and French Lessor
EXECUTED as a DEED by         )
RAC FINANCE S.A.S.        )
acting by its duly authorised        )
legal representative:        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

HERTZ DE ESPANA S.L.U 
as Spanish OpCo, Spanish Lessee, Spanish Administrator and Spanish Servicer
EXECUTED as a DEED by         )
HERTZ DE ESPANA S.L.U.        )
acting by its duly authorised        )
attorney:        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

HERTZ AUTOVERMIETUNG GMBH 
as German OpCo, German Lessee, German Administrator and German Servicer
EXECUTED as a DEED by         )
HERTZ AUTOVERMIETUNG GMBH        )
acting by its duly authorised        )
attorney:        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

HERTZ FLEET LIMITED 
as German FleetCo and German Lessor
SIGNED AND DELIVERED as a DEED              
for and on behalf of HERTZ FLEET LIMITED            
by its lawfully appointed attorney: _________________        _______________________________
in the presence of:                (Attorney signature)

_________________________
(Witness’ Signature)

_________________________
(Witness’ Name)

_________________________
(Witness’ Address)

_________________________
(Witness’ Occupation)

[Amendment Deed Execution Page]

EUROTITRISATION S.A.
FCT Management Company 
on behalf of FCT YELLOW CAR

EXECUTED as a DEED by         )
EUROTITRISATION S.A.            )
acting by its duly authorised        )
attorney:        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

BNP PARIBAS SECURITIES SERVICES 
as FCT Custodian
	
		
	SIGNED AND DELIVERED for and on behalf of and as the deed of  
BNP PARIBAS SECURITIES 
SERVICES,  
by its lawfully appointed attorneys:

	

____________________________
Signature

____________________________
Print Name of Attorney

____________________________
Signature

____________________________
Print Name of Attorney

[Amendment Deed Execution Page]

BNP PARIBAS SECURITIES SERVICES 
as FCT Registrar, FCT Paying Agent and FCT Account Bank
	
		
	SIGNED AND DELIVERED for and on behalf of and as the deed of  
BNP PARIBAS SECURITIES 
SERVICES,  
by its lawfully appointed attorneys:

	

____________________________
Signature

____________________________
Print Name of Attorney

____________________________
Signature

____________________________
Print Name of Attorney

[Amendment Deed Execution Page]

BNP PARIBAS TRUST CORPORATION UK LIMITED 
as Issuer Security Trustee, Dutch Security Trustee, French Security Trustee, German Security Trustee and Spanish Security Trustee
	
		
	SIGNED AND DELIVERED for and on 
behalf of and as the deed of  
BNP PARIBAS TRUST 
CORPORATION UK LIMITED 
by its lawfully 
appointed attorney in the presence of:

   
 (Witness’ Signature)

   

   
(Witness’ Address)

   
(Witness’ Occupation)

	

____________________________
Signature

____________________________
Print Name of Attorney

[Amendment Deed Execution Page]

BNP PARIBAS S.A., NIEDERLASSUNG DEUTSCHLAND
as German Account Bank (German Branch)

	
		
	SIGNED AND DELIVERED for and on 
behalf of and as the deed of  
BNP PARIBAS S.A., 
NIEDERLASSUNG DEUTSCHLAND 

	

____________________________
Signature

____________________________
Print Name 

____________________________
Signature

____________________________
Print Name 

[Amendment Deed Execution Page]

BNP PARIBAS S.A.,  
as French Account Bank
EXECUTED as a DEED by             )
BNP PARIBAS S.A.                    )  
acting by its duly authorised                )  
attorney:                        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

BNP PARIBAS S.A., DUBLIN BRANCH 
as Issuer Account Bank and German Account Bank (Irish Branch)

	
		
	SIGNED AND DELIVERED for and on 
behalf of and as the deed of  
BNP PARIBAS S.A., DUBLIN 
BRANCH 
by its lawfully appointed attorneys:

	

____________________________
Signature

____________________________
Print Name of Attorney

____________________________
Signature

____________________________
Print Name of Attorney

[Amendment Deed Execution Page]

BNP PARIBAS S.A., NETHERLANDS BRANCH 
as Dutch Account Bank

	
		
	SIGNED AND DELIVERED for and on 
behalf of and as the deed of  
BNP PARIBAS S.A., NETHERLANDS BRANCH 
by its lawfully appointed attorneys:

	

____________________________
Signature

____________________________
Print Name of Attorney

____________________________
Signature

____________________________
Print Name of Attorney

[Amendment Deed Execution Page]

SANNE TRUSTEE SERVICES LIMITED 
as trustee of The Hertz Funding France Trust 

EXECUTED as a DEED by         )
SANNE TRUSTEE SERVICES LIMITED     ) 
acting by its duly authorised            )
attorney:        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

HERTZ EUROPE LIMITED  
as Issuer Administrator
EXECUTED as a DEED by         )
HERTZ EUROPE LIMITED            )
acting by its duly authorised        )
attorney:        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

BNP PARIBAS S.A. 
as French Lender and FCT Servicer
	
		
	SIGNED AND DELIVERED for and on 
behalf of and as the deed of  
BNP PARIBAS S.A. 
by its lawfully appointed attorneys:

	

____________________________
Signature

____________________________
Print Name of Attorney

____________________________
Signature

____________________________
Print Name of Attorney

[Amendment Deed Execution Page]

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
as Administrative Agent, Class A Committed Note Purchaser and Class A Funding Agent 
EXECUTED as a DEED by             )
CREDIT AGRICOLE CORPORATE            ) 
AND INVESTMENT BANK                ) 
acting  by its duly authorised attorneys            ) 

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

THE HERTZ CORPORATION 
as Guarantor
EXECUTED AS A DEED by 
THE HERTZ CORPORATION

By: ____________________________

[Amendment Deed Execution Page]

TMF SFS MANAGEMENT B.V. 
as Issuer Back-Up Administrator, Dutch Back-Up Administrator, French Back-Up Administrator, German Back-Up Administrator and Spanish Back-Up Administrator 

EXECUTED as a DEED by         )
TMF SFS MANAGEMENT B.V.        ) 
acting  by its managing director:            )  

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

KPMG LLP
as Dutch Liquidation Co-ordinator, French Liquidation Co-ordinator, German Liquidation Co-ordinator and Spanish Liquidation Co-ordinator 
EXECUTED as a DEED by         )
KPMG LLP                    )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

BNP PARIBAS SECURITIES SERVICES, LUXEMBOURG BRANCH
as Registrar 
EXECUTED as a DEED by         )
BNP PARIBAS SECURITIES SERVICES,     )
LUXEMBOURG BRANCH            )
acting by its duly authorised attorneys:        )
____________________________
Signature

____________________________
Print Name of Attorney

____________________________
Signature

____________________________
Print Name of Attorney

 

[Amendment Deed Execution Page]

MATCHPOINT FINANCE PLC
as Class A Conduit Investor, Class A Committed Note Purchaser 

	
		
	SIGNED AND DELIVERED for and on behalf of and as the deed of MATCHPOINT FINANCE PUBLIC LIMITED COMPANY by its lawfully appointed attorney in the presence of:

   
(Witness’ Signature)

   

   
(Witness’ Address)

   
(Witness’ Occupation)

	

____________________________
Signature

____________________________
Print Name of Attorney

[Amendment Deed Execution Page]

BNP PARIBAS S.A. 
as Class A Funding Agent
EXECUTED as a DEED by     
BNP PARIBAS S.A.                        ) 
acting by its duly authorised                    )     
attorneys:                            )        

____________________________
Signature

____________________________
Print Name of Attorney

____________________________
Signature

____________________________
Print Name of Attorney

[Amendment Deed Execution Page]

DEUTSCHE BANK AG, LONDON BRANCH 
as Class A Committed Note Purchaser and Class A Funding Agent
EXECUTED as a DEED by             )
DEUTSCHE BANK AG, LONDON BRANCH        ) 
acting by its duly authorised attorneys            )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

SHEFFIELD RECEIVABLES COMPANY LLC
as Class A Conduit Investor 
EXECUTED as a DEED by             )
SHEFFIELD RECEIVABLES COMPANY LLC    ) 
acting  by BARCLAYS BANK PLC            )
as attorney-in-fact             )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

BARCLAYS BANK PLC     
as Class A Committed Note Purchaser and Class A Funding Agent
EXECUTED as a DEED by             )
BARCLAYS BANK PLC                ) 
acting  by its duly authorised                )  
attorney:                        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

HSBC FRANCE 
as Class A Committed Note Purchaser and Class A Funding Agent
EXECUTED as a DEED by             )
HSBC FRANCE                    ) 
acting  by its duly authorised                )  
attorney:                        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

MANAGED AND ENHANCED TAP (MAGENTA) FUNDING S.T.
as Class A Committed Note Purchaser and Class A Conduit Investor
EXECUTED as a DEED by             )
MANAGED AND ENHANCED TAP            ) 
(MAGENTA) FUNDING S.T.                ) 
acting  by its duly authorised                )  
attorney:                        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

NATIXIS CIB
as Class A Funding Agent
EXECUTED as a DEED by             )
NATIXIS CIB                        ) 
acting  by its duly authorised                )  
attorney:                        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

IRISH RING RECEIVABLES PURCHASER DESIGNATED ACTIVITY COMPANY
as Class A Conduit Investor 

SIGNED AND DELIVERED as a Deed
for and on behalf of  
IRISH RING RECEIVABLES PURCHASER         

by its lawfully appointed 
attorney 

__________________
Attorney Signature

__________________
Print Attorney Name
in the presence of:

 
__________________
Witness Signature

__________________
Print Witness Name

__________________
Witness Address

__________________
Witness Occupation

[Amendment Deed Execution Page]

ROYAL BANK OF CANADA, LONDON BRANCH 
as Class A Committed Note Purchaser and Class A Funding Agent
EXECUTED as a DEED by             )
ROYAL BANK OF CANADA                ) 
LONDON BRANCH                    ) 
acting by two duly authorised                )  
attorneys:                        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

GRESHAM RECEIVABLES (NO. 32) UK LIMITED 
as Class A Committed Note Purchaser and Class A Conduit Investor
EXECUTED as a DEED by             )
GRESHAM RECEIVABLES (NO. 32) UK LIMITED    ) 
acting  by its duly authorised                )  
attorney:                        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]

LLOYDS BANK PLC 
as Class A Funding Agent
EXECUTED as a DEED by             )
LLOYDS BANK PLC                    ) 
acting  by its duly authorised                )  
attorney:                        )

...............................................    
 
Name:     

...............................................     
Name: 

[Amendment Deed Execution Page]

HERTZ HOLDINGS NETHERLANDS B.V. 
as Subordinated Noteholder and Subordinated Note Registrar
EXECUTED as a DEED by         )
HERTZ HOLDINGS NETHERLANDS        )
B.V. acting by its duly authorised        )
attorney:        )

...............................................    
 
Name:     

In the presence of:

...............................................
 
Signature and name of witness

[Amendment Deed Execution Page]Exhibit 4.5

 

 

 

 

 

HUITAO TECHNOLOGY CO., LTD.

 

Issuer

 

AND

 

[TRUSTEE]

 

Trustee 

 

INDENTURE

 

Dated as of [●], 20[●]

 

 

 

 

Senior Debt Securities

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1 DEFINITIONS	1
	 	 	 
	Section 1.01	Definitions of Terms	1
	 	 	 
	ARTICLE 2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	5
	 	 	 
	Section 2.01	Designation and Terms of Securities	5
	 	 	 
	Section 2.02	Form of Securities and Trustee’s Certificate	7
	 	 	 
	Section 2.03	Denominations: Provisions for Payment	7
	 	 	 
	Section 2.04	Execution and Authentication	9
	 	 	 
	Section 2.05	Registration of Transfer and Exchange	10
	 	 	 
	Section 2.06	Temporary Securities	11
	 	 	 
	Section 2.07	Mutilated, Destroyed, Lost or Stolen Securities	11
	 	 	 
	Section 2.08	Cancellation	12
	 	 	 
	Section 2.09	Benefits of Indenture	12
	 	 	 
	Section 2.10	Authenticating Agent	12
	 	 	 
	Section 2.11	Global Securities	13
	 	 	 
	ARTICLE 3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	14
	 	 	 
	Section 3.01	Redemption	14
	 	 	 
	Section 3.02	Notice of Redemption	14
	 	 	 
	Section 3.03	Payment Upon Redemption	15
	 	 	 
	Section 3.04	Sinking Fund	16
	 	 	 
	Section 3.05	Satisfaction of Sinking Fund Payments with Securities	16
	 	 	 
	Section 3.06	Redemption of Securities for Sinking Fund	16
	 	 	 
	ARTICLE 4 COVENANTS	17
	 	 	 
	Section 4.01	Payment of Principal, Premium and Interest	17

 

    i

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 4.02	Maintenance of Office or Agency	17
	 	 	 
	Section 4.03	Paying Agents	17
	 	 	 
	Section 4.04	Appointment to Fill Vacancy in Office of Trustee	19
	 	 	 
	Section 4.05	Compliance with Consolidation Provisions	19
	 	 	 
	ARTICLE 5 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	19
	 	 	 
	Section 5.01	Company to Furnish Trustee Names and Addresses of Securityholders	19
	 	 	 
	Section 5.02	Preservation Of Information; Communications With Securityholders	19
	 	 	 
	Section 5.03	Reports by the Company	20
	 	 	 
	Section 5.04	Reports by the Trustee	20
	 	 	 
	ARTICLE 6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	20
	 	 	 
	Section 6.01	Events of Default	20
	 	 	 
	Section 6.02	Collection of Indebtedness and Suits for Enforcement by Trustee	22
	 	 	 
	Section 6.03	Application of Moneys or Property Collected	24
	 	 	 
	Section 6.04	Limitation on Suits	24
	 	 	 
	Section 6.05	Rights and Remedies Cumulative; Delay or Omission Not Waiver	25
	 	 	 
	Section 6.06	Control by Securityholders	25
	 	 	 
	Section 6.07	Undertaking to Pay Costs	26
	 	 	 
	ARTICLE 7 CONCERNING THE TRUSTEE	26
	 	 	 
	Section 7.01	Certain Duties and Responsibilities of Trustee	26
	 	 	 
	Section 7.02	Certain Rights of Trustee	27
	 	 	 
	Section 7.03	Trustee Not Responsible for Recitals or Issuance or Securities	29

 

 

    ii

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 7.04	May Hold Securities	29
	 	 	 
	Section 7.05	Moneys Held in Trust	29
	 	 	 
	Section 7.06	Compensation and Reimbursement	29
	 	 	 
	Section 7.07	Reliance on Officers’ Certificate	30
	 	 	 
	Section 7.08	Disqualification; Conflicting Interests	30
	 	 	 
	Section 7.09	Corporate Trustee Required; Eligibility	30
	 	 	 
	Section 7.10	Resignation and Removal; Appointment of Successor	31
	 	 	 
	Section 7.11	Acceptance of Appointment By Successor	32
	 	 	 
	Section 7.12	Merger, Conversion, Consolidation or Succession to Business	33
	 	 	 
	Section 7.13	Preferential Collection of Claims Against the Company	34
	 	 	 
	Section 7.14	Notice of Default	34
	 	 	 
	ARTICLE 8 CONCERNING THE SECURITYHOLDERS	34
	 	 	 
	Section 8.01	Evidence of Action by Securityholders	34
	 	 	 
	Section 8.02	Proof of Execution by Securityholders	35
	 	 	 
	Section 8.03	Who May be Deemed Owners	35
	 	 	 
	Section 8.04	Certain Securities Owned by Company Disregarded	35
	 	 	 
	Section 8.05	Actions Binding on Future Securityholders	36
	 	 	 
	ARTICLE 9 SUPPLEMENTAL INDENTURES	36
	 	 	 
	Section 9.01	Supplemental Indentures Without the Consent of Securityholders	36
	 	 	 
	Section 9.02	Supplemental Indentures With Consent of Securityholders	38
	 	 	 
	Section 9.03	Effect of Supplemental Indentures	38
	 	 	 
	Section 9.04	Securities Affected by Supplemental Indentures	38
	 	 	 
	Section 9.05	Execution of Supplemental Indentures	39

 

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TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 10 SUCCESSOR ENTITY	39
	 	 	 
	Section 10.01	Company May Consolidate, Etc.	39
	 	 	 
	Section 10.02	Successor Entity Substituted	40
	 	 	 
	Section 10.03	Evidence of Consolidation, Etc. to Trustee	40
	 	 	 
	ARTICLE 11 SATISFACTION AND DISCHARGE	40
	 	 	 
	Section 11.01	Satisfaction and Discharge of Indenture	40
	 	 	 
	Section 11.02	Discharge of Obligations	41
	 	 	 
	Section 11.03	Deposited Moneys to be Held in Trust	41
	 	 	 
	Section 11.04	Payment of Moneys Held by Paying Agents	41
	 	 	 
	Section 11.05	Repayment to Company	42
	 	 	 
	ARTICLE 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	42
	 	 	 
	Section 12.01	No Recourse	42
	 	 	 
	ARTICLE 13 MISCELLANEOUS PROVISIONS	43
	 	 	 
	Section 13.01	Effect on Successors and Assigns	43
	 	 	 
	Section 13.02	Actions by Successor	43
	 	 	 
	Section 13.03	Surrender of Company Powers	43
	 	 	 
	Section 13.04	Notices	43
	 	 	 
	Section 13.05	Governing Law	43
	 	 	 
	Section 13.06	Treatment of Securities as Debt	44
	 	 	 
	Section 13.07	Certificates and Opinions as to Conditions Precedent	44
	 	 	 
	Section 13.08	Payments on Business Days	44
	 	 	 
	Section 13.09	Conflict with Trust Indenture Act	44
	 	 	 
	Section 13.10	Indenture and Securities Solely Corporate Obligations	45
	 	 	 
	Section 13.11	Counterparts	45
	 	 	 
	Section 13.12	Separability	45
	 	 	 
	Section 13.13	Compliance Certificates	45

 

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

 

    iv

     

    

 

INDENTURE

 

INDENTURE, dated as of [●], 20[●], among
Huitao Technology Co., Ltd., a Cayman Islands corporation (the “Company”), and [TRUSTEE], 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 1

 

DEFINITIONS

 

Section 1.01 Definitions of Terms.

 

The terms defined in this Section (except as in this Indenture
or any indenture supplemental hereto 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 or
any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings
assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this
instrument.

 

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

 

“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.

 

    1

     

    

 

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

 

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

 

“Certificate” means a certificate
signed by any Officer. The Certificate need not comply with the provisions of Section 13.07.

 

“Company” means Huitao Technology
Co., Ltd., a Cayman Islands corporation, and, subject to the provisions of Article Ten, shall also include its successors and assigns.

 

“Corporate Trust Office” means the
office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office
at the date hereof is located at .

 

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

 

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

 

“Depositary” means, with respect to
Securities of any series for which the Company shall determine that such Securities will be issued as a Global Security, The Depository
Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing agency under the Securities
and Exchange Act of 1934, as amended (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 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.

 

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

 

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

 

    2

     

    

 

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

 

“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.

 

“Officer” means, with respect to the
Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial officer, chief operating
officer, any executive vice president, any senior vice president, any vice president, the treasurer or any assistant treasurer,
the controller or any assistant controller or the secretary or any assistant secretary.

 

“Officers’ Certificate” means
a certificate signed by any two Officers. Each such 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 an opinion
in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that is delivered
to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07,
if and to the extent required by the provisions thereof.

 

“Outstanding”, when used with reference
to Securities of any series, means, subject to the provisions of Section 8.04, 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 Three 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.

 

    3

     

    

 

“Person” means any individual, corporation,
partnership, joint venture, joint-stock company, limited liability company, association, trust, unincorporated organization, any
other entity or organization, including a government or political subdivision or an agency or instrumentality 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 lost, destroyed
or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

“Responsible Officer” when used with
respect to the Trustee means the chairman of its board of directors, the chief executive officer, the president, any vice president,
the secretary, the treasurer, any trust officer, any corporate trust officer or any other officer or assistant officer of the Trustee
customarily performing functions similar to those performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject.

 

“Securities” means the debt Securities
authenticated and delivered under this Indenture.

 

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

 

“Security Register” and “Security
Registrar” shall have the meanings as set forth in Section 2.05.

 

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

 

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

 

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

 

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

 

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ARTICLE 2

 

ISSUE, DESCRIPTION, TERMS, EXECUTION,
REGISTRATION AND EXCHANGE OF SECURITIES

 

Section 2.01 Designation and Terms of Securities.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(9) the form of the Securities
of the series including the form of the Certificate of Authentication for such series;

 

(10) 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;

 

(11) any and all other terms (including
terms, to the extent applicable, relating to any auction or remarketing of the Securities of that series and any security for the
obligations of the Company with respect to such Securities) 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;

 

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

 

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

 

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

 

(15) any additional or different
Events of Default or restrictive covenants (which may include, among other restrictions, restrictions on the Company’s ability
or the ability of the Company’s Subsidiaries to: incur additional indebtedness; issue additional securities; create liens;
pay dividends or make distributions in respect of their capital stock; redeem capital stock; place restrictions on such Subsidiaries
placing restrictions on their ability to pay dividends, make distributions or transfer assets; make investments or other restricted
payments; sell or otherwise dispose of assets; enter into sale-leaseback transactions; engage in transactions with stockholders
and affiliates; issue or sell stock of their Subsidiaries; or effect a consolidation or merger) or financial covenants (which may
include, among other financial covenants, financial covenants that require the Company and its Subsidiaries to maintain specified
interest coverage, fixed charge, cash flow-based or asset-based ratios) provided for with respect to the Securities of the series;

 

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

 

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

 

(18) any restrictions on transfer,
sale or assignment 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 secretary
or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate
of the Company setting forth the terms of the series.

 

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

 

Section 2.02 Form of Securities and Trustee’s Certificate.

 

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

 

Section 2.03 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)(10). The
Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series.
Subject to Section 2.01(a)(16), 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.

 

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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:

 

(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 (as hereinafter defined),
not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special
record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such
Securities (or their respective Predecessor Securities) are registered on such special record date.

 

(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.

 

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Unless otherwise set forth in a Board Resolution or one or more
indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term “regular
record date” as used in this Section with respect to a series of Securities and any Interest Payment Date for such series
shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established
for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a month, or the
first day of 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 Authentication.

 

The Securities shall be signed on behalf of the Company by one
of its Officers. Signatures may be in the form of a manual or facsimile signature.

 

The Company may use the facsimile signature of any Person who
shall have been an Officer, notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed
of such Person shall have ceased to be such an officer of the Company. The Securities may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee.

 

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

 

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Section 2.05 Registration of Transfer and Exchange.

 

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

 

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

 

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

 

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

 

(c) Except as provided pursuant
to Section 2.01 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more
indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities,
or issue of new Securities in case of partial 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.

 

(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, other than the unredeemed portion of any such Securities being redeemed
in part. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

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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.

 

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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. 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.

 

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

 

Section 2.11 Global Securities.

 

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

 

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

 

(c) If at any time the Depositary
for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such series or
if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other
applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days after
the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred
and is continuing and the Company has received a request from the Depositary, this Section 2.11 shall no longer be applicable to
the Securities of such series and the Company will execute, and subject to Section 2.04, 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 2.04, 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.

 

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ARTICLE 3

 

REDEMPTION OF SECURITIES AND SINKING
FUND PROVISIONS

 

Section 3.01 Redemption.

 

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

 

Section 3.02 Notice of Redemption.

 

(a) In case the Company shall
desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance with
any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee
to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first class postage prepaid,
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.

 

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Each such notice of redemption shall specify the date fixed
for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of
the redemption price of such Securities to be redeemed will be made at the office or agency of the 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 part shall specify the particular Securities to be so redeemed.

 

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

 

(b) If less than all the Securities
of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice (unless a shorter notice shall
be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of Securities
of the series to be redeemed, and thereupon the Trustee shall select, 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 an
Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption
and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own
name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee
or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such
paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom,
sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this
Section.

 

Section 3.03 Payment Upon Redemption.

 

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

 

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(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
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 (unless a shorter period shall be satisfactory to the Trustee), 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.

 

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ARTICLE 4

 

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 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 any officer authorized to sign an Officers’ Certificate and delivered to the Trustee, designate
some other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive
all such presentations, notices and demands. The Company initially appoints the Corporate Trust Office of the Trustee located in
the Borough of Manhattan, the City of New York as its paying agent with respect to the Securities.

 

Section 4.03 Paying Agents.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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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 Person unless the provisions of Article Ten hereof are complied
with.

 

ARTICLE 5

 

SECURITYHOLDERS’ LISTS AND REPORTS
BY THE COMPANY AND THE TRUSTEE

 

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

 

The Company will furnish or cause to be furnished to the Trustee
(a) within 15 days after 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.

 

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

 

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

 

(c) Securityholders may communicate
as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture
or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section
312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.

 

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Section 5.03 Reports by the Company.

 

The Company covenants and agrees to provide a copy to the Trustee,
after the Company files the same with the Securities and Exchange 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 Securities and Exchange Commission may from
time to time by rules and regulations prescribe) that the Company files with the Securities and Exchange Commission pursuant to
Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to the Trustee
any materials for which the Company has sought and received confidential treatment by the SEC. The Company shall also comply with
the requirements of Section 314 of the Trust Indenture Act, but only to the extent then applicable to the Company.

 

Section 5.04 Reports by the Trustee.

 

(a) On or before July 1 in each
year in which any of the Securities are Outstanding, the Trustee shall transmit by mail, first class postage prepaid, to the Securityholders,
as their names and addresses appear upon the Security Register, a brief report dated as of the preceding May 1, if and to the extent
required under Section 313(a) of the Trust Indenture Act.

 

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

 

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

 

ARTICLE 6

 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
ON EVENT OF DEFAULT

 

Section 6.01 Events of Default.

 

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

 

(1) the Company defaults in the
payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due and payable,
and such default continues for a period of 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;

 

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(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;

 

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

 

(4) 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

 

(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 days.

 

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

 

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(c) At any time after the principal
of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have been so declared due and
payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter
provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder,
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company
has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of
that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise
than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable
under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to
the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and all Events of Default
under the Indenture with respect to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued
and unpaid interest on Securities of that series that shall not have become due by their terms, shall have been remedied or waived
as provided in Section 6.06.

 

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

 

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

 

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

 

(a) The Company covenants that
(i) in case it shall default in the payment of any installment of interest on any of the Securities of a series, or in any payment
required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and
payable, and such default shall have continued for a period of 90 Business Days, or (ii) in case it shall default in the payment
of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable,
whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise 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.

 

(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 or equity out of the property of the Company or other obligor upon the Securities of that series, wherever
situated.

 

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

 

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

 

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

 

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

 

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Section 6.03 Application of Moneys or Property Collected.

 

Any moneys or property 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 or property on account of principal (or premium, if any) or interest,
upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender
thereof if fully paid:

 

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

 

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

 

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

 

Section 6.04 Limitation on Suits.

 

No holder of any Security of any series shall have any right
by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance
thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders
of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such holder or holders
shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be
incurred therein or thereby; (iv) the Trustee for 90 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 90 day period, the holders of a majority in principal
amount of the Securities of that series do not give the Trustee a direction inconsistent with the request.

 

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

 

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

 

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

 

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

 

Section 6.06 Control by Securityholders.

 

The holders of a majority in aggregate principal amount of the
Securities of any series at the time Outstanding, determined in accordance with Section 8.04, shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
on the Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of law
or with this Indenture. 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, subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability
or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.04, 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)). 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.

 

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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 7

 

CONCERNING THE TRUSTEE

 

Section 7.01 Certain Duties and Responsibilities of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 7.02 Certain Rights of Trustee.

 

Except as otherwise provided in Section 7.01:

 

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

 

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

 

(c) The Trustee may consult
with counsel and the 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;

 

(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;

 

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

 

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

 

(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.

 

In addition, the Trustee shall not be deemed to have knowledge
of any Default or Event of Default except (1) any Event of Default occurring pursuant to Sections 6.01(a)(1), 6.01(a)(2) and 4.01
hereof or (2) any Default or Event of Default of which the Trustee shall have received written notification in the manner set forth
in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge. Delivery of reports, information
and documents to the Trustee under Section 5.03 is for informational purposes only and the information and the Trustee’s
receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information
contained therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee is entitled
to rely conclusively on an Officers’ Certificate).

 

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

 

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

 

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

 

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

 

Section 7.04 May Hold Securities.

 

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

 

Section 7.05 Moneys Held in Trust.

 

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

 

Section 7.06 Compensation and Reimbursement.

 

(a) The Company covenants and
agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by
any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee may from time
to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and
performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company
will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by
the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses
and disbursements of its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance
as may arise from its negligence or bad faith and except as the Company and Trustee may from time to time agree in writing. The
Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless
against, any loss, 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 reasonable costs and expenses of defending
itself against any claim of liability in the premises.

 

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(b) The obligations of the Company
under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable 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 reasonably necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence
in respect thereof be herein specifically prescribed) may, in the absence of negligence or 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 Securities and Exchange Commission, authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal,
state, territorial, or District of Columbia authority.

 

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

 

Section 7.10 Resignation and Removal; Appointment of Successor.

 

(a) The Trustee or any successor
hereafter appointed may at any time resign with respect to the Securities of one or more series by giving written notice thereof
to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of such series,
as their names and addresses appear upon the Security Register.

 

Upon receiving such notice of resignation, the Company shall
promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by
order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor
trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of
such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor
trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security
or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the
appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint
a successor trustee.

 

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

 

(i) the Trustee shall fail to
comply with the provisions of Section 7.08 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

 

(ii) 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

 

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

 

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(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.

 

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

 

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

 

Section 7.11 Acceptance of Appointment By Successor.

 

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

 

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

 

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

 

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

 

(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.

 

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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.

 

Section 7.14 Notice of Default

 

If any Default or any Event of Default occurs and is continuing
and if such Default or Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder
in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Default or Event of Default
within 45 days after it occurs and becomes known to the Trustee, unless such Default or Event of Default has been cured; provided,
however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security,
the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or
a trust committee of directors and/or Responsible

 

Officers of the Trustee in good faith determine that the withholding
of such notice is in the interest of the Securityholders.

 

ARTICLE 8

 

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.

 

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Section 8.02 Proof of Execution by Securityholders.

 

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

 

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

 

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

 

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

 

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Section 8.05 Actions Binding on Future Securityholders.

 

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

 

Indenture in connection with such action shall be conclusively
binding upon the Company, the Trustee and the holders of all the Securities of that series.

 

ARTICLE 9

 

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:

 

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

 

(b) to comply with Article Ten;

 

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(c) to provide for uncertificated
Securities in addition to or in place of certificated Securities and to make all appropriate changes for such purpose;

 

(d) to add to the covenants,
restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any series of Securities
(and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities,
stating that such covenants, restrictions, conditions or provisions are expressly being included solely for the benefit of such
series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions,
conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company;

 

(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;

 

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

 

(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;

 

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

 

(i) to comply with any requirements
of the Securities and Exchange Commission or any successor in connection with 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.

 

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Section 9.02 Supplemental Indentures With Consent of Securityholders.

 

With the consent (evidenced as provided in Section 8.01) of
the holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental
indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time
to time and at any time enter into an indenture or indentures supplemental hereto (which shall 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, (a) 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 or (b) reduce the aforesaid percentage of Securities, the holders
of which are required to consent to any such supplemental indenture.

 

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 securities
exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification
of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and
delivered in exchange for the Securities of that series then Outstanding.

 

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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
Security holders 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, will be entitled to receive and will be fully protected in relying upon
an Officers’ Certificate and an Opinion of Counsel stating 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 Officers’ Certificate or 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 10

 

SUCCESSOR ENTITY

 

Section 10.01 Company May Consolidate, Etc.

 

Except as provided pursuant to Section 2.01 pursuant to a Board
Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental to this Indenture,
nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether
or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors
shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company
or its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated
with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, the Company hereby
covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction),
sale, conveyance, transfer or other disposition, 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) reasonably 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.

 

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Section 10.02 Successor Entity Substituted.

 

(a) In case of any such consolidation,
merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.01
on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted for the Company with
the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all
obligations and covenants under this Indenture and the Securities.

 

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

 

(c) Nothing contained in this
Article 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 Officers’ Certificate or 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 11

 

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 and not delivered to the Trustee for cancellation
(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 or a combination
thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered
to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity
or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable
hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect
to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the
date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter,
and the Trustee, on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging
satisfaction of and discharging this Indenture with respect to such series.

 

 

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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, 7.05, 7.10 and 11.05 hereof that shall survive until
such Securities shall mature and be paid.

 

Thereafter, Sections 7.06 and 11.05 shall survive.

 

Section 11.03 Deposited Moneys to be Held in Trust.

 

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

 

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.

 

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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, if any, or interest on the
Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two
years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively become
due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be
repaid to the Company on May 31 of each year or upon the Company’s request or (if then held by the Company) shall be discharged
from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such
moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter,
as a general creditor, look only to the Company for the payment thereof.

 

ARTICLE 12

 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
OFFICERS AND DIRECTORS

 

Section 12.01 No Recourse.

 

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

 

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ARTICLE 13

 

MISCELLANEOUS PROVISIONS

 

Section 13.01 Effect on Successors and Assigns.

 

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

 

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 corporation.

 

Section 13.04 Notices.

 

Except as otherwise expressly provided herein, any notice, request
or demand that by any provision of this Indenture is required or permitted to be given, made or served by the Trustee or by the
holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being deposited
in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as
follows: 9 North West Fourth Ring Road, Yingu Mansion Ste 1708, Haidian District, Beijing F4 100190, with a copy to Hunter Taubman
Fischer & Li LLC, 1450 Broadway, 26th Floor, New York, NY 10018, Attn: Joan Wu, Esq. Any notice, election, request
or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be
deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of
the Trustee.

 

Section 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, except to the extent that the Trust Indenture Act is applicable.

 

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Section 13.06 Treatment of Securities as Debt.

 

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

 

Section 13.07 Certificates and Opinions as to Conditions
Precedent.

 

(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 (other than
the certificate to be delivered pursuant to Section 13.13) relating to the proposed action have been complied with and an Opinion
of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the
case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of
this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.

 

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

 

Section 13.08 Payments on Business Days.

 

Except as provided pursuant to Section 2.01 pursuant to a Board
Resolution, and 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.

 

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Section 13.10 Indenture and Securities Solely Corporate Obligations.

 

No recourse for the payment of the principal of, premium, if
any, or interest on any Securities, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon
any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any Security, or
because of the creation of any indebtedness represented thereby, shall be had against any incorporator, shareholder, employee,
agent, officer, director or subsidiary, as such, past, present or future, of the Company or of any successor entity, either directly
or through the Company or any successor entity, 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 all such liability is hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of the Securities.

 

Section 13.11 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 13.12 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 13.13 Compliance Certificates.

 

The Company shall deliver to the Trustee, within 120 days after
the end of each fiscal year during which any Securities of any series were outstanding, a compliance certificate stating whether
or not the signer knows of any Default or Event of Default that occurred during such fiscal year. Such certificate shall contain
a certification from the principal executive officer, principal financial officer or principal accounting officer of the Company
that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and
that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section 13.13, such
compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If
the officer of the Company signing such certificate has knowledge of such a Default or Event of Default, the certificate shall
describe any such Default or Event of Default and its status.

 

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

 

	 	HUITAO TECHNOLOGY CO., LTD.
	 	 
	 	By:	                     
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	 
	 	[TRUSTEE], as Trustee
	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

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CROSS-REFERENCE TABLE (1)

 

	Section of Trust Indenture Act of 1939, as Amended	 	Section of Indenture
	310(a)	 	7.09
	310(b)	 	7.08
	 	 	7.10
	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	 	 	 
	311(c)	 	Inapplicable
	312(a)	 	5.01
	 	 	5.02(a)
	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	5.04(a)
	 	 	5.04(b)
	313(d)	 	5.04(c)
	314(a)	 	5.03
	 	 	13.12
	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	7.01(a)
	 	 	7.01(b)
	315(b)	 	7.14
	315(c)	 	7.01
	315(d)	 	7.01(b)
	 	 	 
	315(e)	 	6.07
	316(a)	 	6.06
	 	 	8.04
	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	13.09

 

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

 

 

47

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