Document:

Exhibit 4.1

 

RUNWAY
GROWTH FINANCE CORP.

  

Issuer

  

and

  

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

  

Trustee

  

Indenture

  

Dated as of July 28, 2022

 

Providing for the Issuance

 

Of

 

Debt Securities

 

     

     

    

 

RUNWAY
GROWTH FINANCE CORP.

Reconciliation and tie between Trust Indenture Act of 1939 (the “TIA”)

and Indenture, dated as of July 28, 2022

 

	Trust Indenture

Act Section	 	Indenture

Section
	 	 	 
	§ 310	(a)(1)	607
	 	(a)(2)	607
	 	(b)	609
	§ 312	(c)	701
	§ 314	(a)	704
	 	(a)(4)	1005
	 	(c)(1)	102
	 	(c)(2)	102
	 	(e)	102
	§ 315	(b)	601
	§ 316	(a) (last sentence)	101 (“Outstanding”)
	 	(a)(1)(A)	502,512
	 	(a)(1)(B)	513
	 	(b)	508
	§ 317	(a)(1)	503
	 	(a)(2)	504
	§ 318	(a)	111
	 	(c)	111
	 	 	 	 

 

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

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article One
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 
	SECTION 101.	Definitions	1
	SECTION 102.	Compliance Certificates and Opinions	11
	SECTION 103.	Form of Documents Delivered to Trustee	11
	SECTION 104.	Acts of Holders	12
	SECTION 105.	Notices, Etc., to Trustee and Company	13
	SECTION 106.	Notice to Holders; Waiver	14
	SECTION 107.	Conflict with TIA	15
	SECTION 108.	Effect of Headings and Table of Contents	15
	SECTION 109.	Successors and Assigns	15
	SECTION 110.	Separability Clause	15
	SECTION 111.	Benefits of Indenture	15
	SECTION 112.	Governing Law	16
	SECTION 113.	Legal Holidays	16
	SECTION 114.	Submission to Jurisdiction	16
	SECTION 115. 	Waiver of Jury Trial	16
	 	 	 
	Article Two
	SECURITIES FORMS
	 	 	 
	SECTION 201.	Forms of Securities	17
	SECTION 202.	Form of Trustee’s Certificate of Authentication	17
	SECTION 203.	Securities Issuable in Global Form	17
	SECTION 204.	Certified Securities	18
	 	 	 
	Article Three
	THE SECURITIES
	 	 	 
	SECTION 301.	Amount Unlimited; Issuable in Series	19
	SECTION 302.	Denominations	23
	SECTION 303.	Execution, Authentication, Delivery and Dating	23
	SECTION 304.	Temporary Securities	25
	SECTION 305.	Registration, Registration of Transfer and Exchange	25
	SECTION 306.	Mutilated, Destroyed, Lost and Stolen Securities	28
	SECTION 307.	Payment of Interest; Interest Rights Preserved; Optional Interest Reset	29
	SECTION 308.	Optional Extension of Maturity	31
	SECTION 309.	Persons Deemed Owners	32
	SECTION 310.	Cancellation	32
	SECTION 311.	Computation of Interest	33
	SECTION 312.	Currency and Manner of Payments in Respect of Securities	33
	SECTION 313.	Appointment and Resignation of Successor Exchange Rate Agent	36
	SECTION 314.	CUSIP Numbers	37

 

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	Article Four
	SATISFACTION AND DISCHARGE
	 	 	 
	SECTION 401.	Satisfaction and Discharge of Indenture	37
	SECTION 402.	Application of Trust Funds	38
	 	 	 
	Article Five
	REMEDIES
	 	 	 
	SECTION 501.	Events of Default	39
	SECTION 502.	Acceleration of Maturity; Rescission and Annulment	40
	SECTION 503.	Collection of Indebtedness and Suits for Enforcement by Trustee	42
	SECTION 504.	Trustee May File Proofs of Claim	42
	SECTION 505.	Trustee May Enforce Claims Without Possession of Securities	43
	SECTION 506.	Application of Money Collected	43
	SECTION 507.	Limitation on Suits	44
	SECTION 508.	Unconditional Right of Holders to Receive Principal, Premium and Interest	44
	SECTION 509.	Restoration of Rights and Remedies	45
	SECTION 510.	Rights and Remedies Cumulative	45
	SECTION 511.	Delay or Omission Not Waiver	45
	SECTION 512.	Control by Holders of Securities	45
	SECTION 513.	Waiver of Past Defaults	46
	SECTION 514.	Waiver of Stay or Extension Laws	46
	 	 	 
	Article Six
	THE TRUSTEE
	 	 	 
	SECTION 601.	Notice of Defaults	46
	SECTION 602.	Certain Rights and Duties of Trustee	47
	SECTION 603.	Not Responsible for Recitals or Issuance of Securities	50
	SECTION 604.	May Hold Securities	50
	SECTION 605.	Money Held in Trust	50
	SECTION 606.	Compensation and Reimbursement and Indemnification of Trustee	50
	SECTION 607.	Corporate Trustee Required; Eligibility	51
	SECTION 608.	Disqualification; Conflicting Interests.	52
	SECTION 609.	Resignation and Removal; Appointment of Successor	52
	SECTION 610.	Acceptance of Appointment by Successor	53
	SECTION 611.	Merger, Conversion, Consolidation or Succession to Business	54
	SECTION 612.	Appointment of Authenticating Agent	55

 

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	Article Seven
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	 	 	 
	SECTION 701.	Company to Furnish Trustee Names and Addresses of Holders	57
	SECTION 702.	Preservation of Information; Communications to Holders	57
	SECTION 703.	Reports by Trustee	58
	SECTION 704.	Reports by Company	58
	SECTION 705.	Calculation of Original Issue Discount	59
	 	 	 
	Article Eight
	CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER
	 
	SECTION 801.	Company May Consolidate, Etc., Only on Certain Terms	59
	SECTION 802.	Successor Person Substituted	60
	 	 	 
	Article Nine
	SUPPLEMENTAL INDENTURES
	 	 	 
	SECTION 901.	Supplemental Indentures Without Consent of Holders	60
	SECTION 902.	Supplemental Indentures with Consent of Holders	61
	SECTION 903.	Execution of Supplemental Indentures	62
	SECTION 904.	Effect of Supplemental Indentures	63
	SECTION 905.	Conformity with Trust Indenture Act	63
	SECTION 906.	Reference in Securities to Supplemental Indentures	63
	 	 	 
	Article Ten
	COVENANTS
	 	 	 
	SECTION 1001.	Payment of Principal, Premium, if any, and Interest	63
	SECTION 1002.	Maintenance of Office or Agency	63
	SECTION 1003.	Money for Securities Payments to Be Held in Trust	64
	SECTION 1004.	Additional Amounts	65
	SECTION 1005.	Statement as to Compliance	66
	SECTION 1006.	Waiver of Certain Covenants	66
	 	 	 
	Article Eleven
	REDEMPTION OF SECURITIES
	 	 	 
	SECTION 1101.	Applicability of Article	67
	SECTION 1102.	Election to Redeem; Notice to Trustee	67
	SECTION 1103.	Selection by Trustee of Securities to Be Redeemed	67
	SECTION 1104.	Notice of Redemption	68
	SECTION 1105.	Deposit of Redemption Price	69
	SECTION 1106.	Securities Payable on Redemption Date	69
	SECTION 1107.	Securities Redeemed in Part	70
	 	 	 
	Article Twelve
	SINKING FUNDS
	 	 	 
	SECTION 1201.	Applicability of Article	70
	SECTION 1202.	Satisfaction of Sinking Fund Payments with Securities	70
	SECTION 1203.	Redemption of Securities for Sinking Fund	71

 

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	Article Thirteen
	REPAYMENT AT THE OPTION OF HOLDERS
	 	 	 
	SECTION 1301.	Applicability of Article	71
	SECTION 1302.	Repayment of Securities	71
	SECTION 1303.	Exercise of Option	72
	SECTION 1304.	When Securities Presented for Repayment Become Due and Payable	72
	SECTION 1305.	Securities Repaid in Part	73
	 	 	 
	Article Fourteen
	DEFEASANCE AND COVENANT DEFEASANCE
	 	 	 
	SECTION 1401.	Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance	73
	SECTION 1402.	Defeasance and Discharge	73
	SECTION 1403.	Covenant Defeasance	74
	SECTION 1404.	Conditions to Defeasance or Covenant Defeasance	74
	SECTION 1405.	Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	76
	 	 	 
	Article Fifteen
	MEETINGS OF HOLDERS OF SECURITIES
	 	 	 
	SECTION 1501.	Purposes for Which Meetings May Be Called	77
	SECTION 1502.	Call, Notice and Place of Meetings	77
	SECTION 1503.	Persons Entitled to Vote at Meetings	77
	SECTION 1504.	Quorum; Action	78
	SECTION 1505.	Determination of Voting Rights; Conduct and Adjournment of Meetings	79
	SECTION 1506.	Counting Votes and Recording Action of Meetings	79
	 	 	 
	Article Sixteen
	SUBORDINATION OF SECURITIES
	 	 	 
	SECTION 1601.	Agreement to Subordinate	80
	SECTION 1602.	Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Subordinated Securities	80
	SECTION 1603.	No Payment on Subordinated Securities in Event of Default on Senior Indebtedness	82
	SECTION 1604.	Payments on Subordinated Securities Permitted	82
	SECTION 1605.	Authorization of Holders to Trustee to Effect Subordination	82
	SECTION 1606.	Notices to Trustee	83
	SECTION 1607.	Trustee as Holder of Senior Indebtedness	83
	SECTION 1608.	Modifications of Terms of Senior Indebtedness	83
	SECTION 1609.	Reliance on Judicial Order or Certificate of Liquidating Agent	84

 

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INDENTURE, dated as of July 28,
2022 between RUNWAY GROWTH FINANCE CORP., a Maryland corporation (hereinafter called the “Company”), having its principal
office at 205 N. Michigan Ave., Suite 4200, Chicago, Illinois 60601, and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national
banking association, as Trustee (hereinafter called the “Trustee”), having its office at One Federal Street, 10th Floor, Boston,
MA 02110.

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company deems it necessary to issue
from time to time for its lawful purposes debt securities (hereinafter called the “Securities”) evidencing its secured or
unsecured indebtedness, which may or may not be convertible into or exchangeable for any securities of any Person (as defined herein)
(including the Company), and has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to
time of the Securities, to be issued in one or more series, unlimited as to principal amount, to bear such rates of interest, to mature
at such times and to have such other provisions as shall be fixed as hereinafter provided.

 

WHEREAS, this Indenture (as defined herein) is
subject to the provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of this Indenture and shall, to
the extent applicable, be governed by such provisions.

 

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

 

NOW, THEREFORE, for and in consideration of the
premises and the purchase of the Securities by the Holders (as defined herein) thereof, it is mutually covenanted and agreed, for the
benefit of each other and for the equal and proportionate benefit of all Holders of the Securities, or of a series thereof, as follows:

 

Article One

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

SECTION 101.            Definitions.

 

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

 

(1)            the
terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular
and, pursuant to Section 301, any such item may, with respect to any particular series of Securities, be amended or modified or specified
as being inapplicable;

 

(2)            all
other terms used herein that are defined in the Trust Indenture Act (as defined herein), either directly or by reference therein, have
the meanings assigned to them therein, and the terms “cash transaction” and “self-liquidating paper”, as used
in Section 311 of the Trust Indenture Act, shall have the meanings assigned to them in the rules of the Commission (as defined
herein) adopted under the Trust Indenture Act;

 

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(3)            all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles
in the United States of America; and

 

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

 

(5)            “or”
is not exclusive;

 

(6)            provisions
apply to successive events and transactions; and

 

(7)            references
to sections of or rules under the Securities Exchange Act of 1934 (the “Exchange Act”) shall be deemed to include substitute,
replacement or successor sections or rules adopted by the Commission (as defined below) from time to time.

 

Certain terms, used in other Articles herein, are
defined in those Articles.

 

“Act”, when used with respect
to any Holder of a Security, has the meaning specified in Section 104.

 

“Additional Amounts” means any
additional amounts that are required by a Security or by or pursuant to a Board Resolution, under circumstances specified therein, to
be paid by the Company in respect of certain taxes imposed on certain Holders and that are owing to such Holders.

 

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

 

“Authenticating Agent” means
any authenticating agent appointed by the Trustee pursuant to Section 612 to act on behalf of the Trustee to authenticate Securities
of one or more series.

 

“Authorized Newspaper” means
a newspaper, in the English language or in an official language of the country of publication, customarily published on each Business
Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with which the
term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers,
the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and
in each case on any Business Day.

 

“Bankruptcy Law” has the meaning
specified in Section 501.

 

“Board of Directors” means the
board of directors of the Company, the executive committee or any committee of that board duly authorized to act hereunder.

 

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“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, and delivered to the Trustee.

 

“Business Day”, when used with
respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, means, unless otherwise
specified with respect to any Securities pursuant to Section 301, each Monday, Tuesday, Wednesday, Thursday and Friday that is not
a day on which banking institutions in that Place of Payment or particular location are authorized or obligated by law or executive order
to close.

 

“Code” means the Internal Revenue
Code of 1986, as amended.

 

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

 

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

 

“Company Request” and “Company
Order” mean, respectively, a written request or order signed in the name of the Company by the Chief Executive Officer, President
or a Vice President of the Company, and by the Chief Financial Officer, Chief Operating Officer, Secretary or an Assistant Secretary of
the Company, and delivered to the Trustee.

 

“Component Currency” has the meaning
specified in Section 312(h).

 

“Conversion Date” has the meaning
specified in Section 312(d).

 

“Conversion Event” means the
cessation of use of (i) a Foreign Currency both by the government of the country which issued such currency and for the settlement
of transactions by a central bank or other public institutions of or within the international banking community, (ii) the Euro within
the Economic and Monetary Union of the European Union or (iii) any currency unit (or composite currency) other than the Euro for
the purposes for which it was established.

 

“Corporate Trust Office” means
the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date
hereof for purposes of Section 1002 only is located at 60 Livingston Avenue, St. Paul, MN 55107, Attention: RUNWAY GROWTH FINANCE
CORP, and for all other purposes is located at 1 Federal Street, 10th Floor, Boston, MA 02110, Attention: RUNWAY GROWTH FINANCE CORP,
or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate
trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the
Holders and the Company) or if at any time there is more than one Trustee, means the Corporate Trust Office of any such other Trustee
with respect to the Securities of the applicable series.

 

“Corporation” includes corporations,
associations, companies and business trusts.

 

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“Currency” means any currency
or currencies, composite currency or currency unit or currency units issued by the government of one or more countries or by any reorganized
confederation or association of such governments.

 

“Default” means any event that
is, or after notice or passage of time or both would be, an Event of Default.

 

“Defaulted Interest” has the
meaning specified in Section 307.

 

“Depository” means the clearing
agency registered under the Exchange Act that is designated to act as the Depository for global Securities. DTC (as defined below) shall
be the initial Depository, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture,
and thereafter, “Depository” shall mean or include such successor.

 

“Dollar” or “ $”
means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender
for the payment of public and private debts.

 

“DTC” means The Depository Trust
Company.

 

“Euro” means the euro or other
equivalent unit in such official coin or currency of the European Union.

 

“Election Date” has the meaning
specified in Section 312(h).

 

“Event of Default” has the meaning
specified in Article Five.

 

“Exchange Rate Agent”, with
respect to Securities of or within any series, means, unless otherwise specified with respect to any Securities pursuant to Section 301,
a bank that is a member of the New York Clearing House Association, designated pursuant to Section 301 or Section 313.

 

“Exchange Rate Officer’s Certificate”
means a certificate setting forth (i) the applicable Market Exchange Rate or the applicable bid quotation and (ii) the Dollar
or Foreign Currency amounts of principal (and premium, if any) and interest, if any (on an aggregate basis and on the basis of a Security
having the lowest denomination principal amount determined in accordance with Section 302 in the relevant Currency), payable with
respect to a Security of any series on the basis of such Market Exchange Rate or the applicable bid quotation signed by the Chief Financial
Officer or any Vice President of the Company.

 

“Extension Notice” has the meaning
specified in Section 308.

 

“Extension Period” has the meaning
specified in Section 308.

 

“Final Maturity” has the meaning
specified in Section 308.

 

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“Foreign Currency” means any
Currency, including, without limitation, the Euro issued by the government of one or more countries other than the United States of America
or by any recognized confederation or association of such governments.

 

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

 

“Holder” means the Person in
whose name a Security is registered in the Security Register.

 

“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 pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established as contemplated
by Section 301; provided, however, that, if at any time more than one Person is acting as Trustee under this instrument,
 “Indenture” shall mean, with respect to any one or more series of Securities for which such Person is Trustee, this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof and shall include the terms of the or those particular series of Securities for which
such Person is Trustee established as contemplated by Section 301, exclusive, however, of any provisions or terms that relate solely
to other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted, and exclusive
of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person had
become such Trustee but to which such Person, as such Trustee, was not a party.

 

“Indexed Security” means a Security
as to which all or certain interest payments and/or the principal amount payable at Maturity are determined by reference to prices, changes
in prices, or differences between prices, of securities, Currencies, intangibles, goods, articles or commodities or by such other objective
price, economic or other measures as are specified in or pursuant to Section 301 hereof.

 

“Interest”, when used with respect
to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity, and,
when used with respect to a Security which provides for the payment of Additional Amounts pursuant to Section 1004, includes such
Additional Amounts.

 

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

 

“Market Exchange Rate” means,
unless otherwise specified with respect to any Securities pursuant to Section 301, (i) for any conversion involving a currency
unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency unit and Dollars
or such Foreign Currency calculated by the method specified pursuant to Section 301 for the Securities of the relevant series, (ii) for
any conversion of Dollars into any Foreign Currency, the noon buying rate for such Foreign Currency for cable transfers quoted in New
York City as certified for customs purposes by the Federal Reserve Bank of New York and (iii) for any conversion of one Foreign Currency
into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant market at which, in accordance with normal
banking procedures, the Dollars or Foreign Currency into which conversion is being made could be purchased with the Foreign Currency from
which conversion is being made from major banks located in either New York City, London or any other principal market for Dollars or such
purchased Foreign Currency, in each case determined by the Exchange Rate Agent. Unless otherwise specified with respect to any Securities
pursuant to Section 301, in the event of the unavailability of any of the exchange rates provided for in the foregoing clauses (i),
(ii) and (iii), the Exchange Rate Agent shall use, in its sole discretion and without liability on its part, such quotation of the
Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in New York City, London
or other principal market for such currency or currency unit in question, or such other quotations as the Exchange Rate Agent shall deem
appropriate. Unless otherwise specified by the Exchange Rate Agent, if there is more than one market for dealing in any currency or currency
unit by reason of foreign exchange regulations or otherwise, the market to be used in respect of such currency or currency unit shall
be that upon which a nonresident issuer of securities designated in such currency or currency unit would purchase such currency or currency
unit in order to make payments in respect of such securities as determined by the Exchange Rate Agent, in its sole discretion.

 

“Maturity”, when used with respect
to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of option to elect
repayment, notice of exchange or conversion or otherwise.

 

“Notice of Default” has the
meaning provided in Section 501.

 

“Officers’ Certificate”
means a certificate signed by the Chief Executive Officer, President or a Vice President of the Company, and by the Chief Financial Officer,
Chief Operating Officer, Chief Compliance Officer, Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.

 

“Opinion of Counsel” means a
written opinion of counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company and who shall
be reasonably satisfactory to the Trustee.

 

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“Optional Reset Date” has the
meaning specified in Section 307(b).

 

“Original Issue Discount Security”
means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration
of the Maturity thereof pursuant to Section 502.

 

“Original Stated Maturity” has
the meaning specified in Section 308.

 

“Outstanding”, when used with
respect to Securities or any series of Securities, means, as of the date of determination, all Securities or all Securities of such series,
as the case may be, theretofore authenticated and delivered under this Indenture, except:

 

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

 

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

 

(iii)          Securities,
except to the extent provided in Sections 1402 and 1403, with respect to which the Company has effected defeasance and/or covenant defeasance
as provided in Article Fourteen;

 

(iv)          Securities
that have been changed into any other securities of the Company or any other Person in accordance with this Indenture if the terms of
such Securities provide for convertibility or exchangeability pursuant to Section 301; and

 

(v)           Securities
which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee
proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of
the Company;

 

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provided,
however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes,
and for the purpose of making the calculations required by TIA Section 313, (i) the principal amount of an Original Issue Discount
Security that may be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall
be equal to the amount of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such determination,
upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, (ii) the principal amount of any Security
denominated in a Foreign Currency that may be counted in making such determination or calculation and that shall be deemed Outstanding
for such purpose shall be equal to the Dollar equivalent, determined as of the date such Security is originally issued by the Company
as set forth in an Exchange Rate Officer’s Certificate delivered to the Trustee, of the principal amount (or, in the case of an
Original Issue Discount Security or Indexed Security, the Dollar equivalent as of such date of original issuance of the amount determined
as provided in clause (i) above or (iii) below, respectively) of such Security, (iii) the principal amount of any Indexed
Security that may be counted in making such determination or calculation and that shall be deemed outstanding for such purpose shall be
equal to the principal face amount of such Indexed Security at original issuance, unless otherwise provided with respect to such Security
pursuant to Section 301, and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the
Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent
or waiver or upon any such determination as to the presence of a quorum, only Securities which a Responsible Officer of the Trustee actually
knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and
that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 

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

 

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

 

“Place of Payment”, when used
with respect to the Securities of or within any series, means the place or places where the principal of (and premium, if any) and interest,
if any, on such Securities are payable as specified and as contemplated by Sections 301 and 1002.

 

“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 306 in exchange for or in lieu of
a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen
Security.

 

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

 

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

 

“Registered Security” means
any Security that is registered in the Security Register.

 

“Regular Record Date” for the
interest payable on any Interest Payment Date on the Registered Securities of or within any series means the date specified for that purpose
as contemplated by Section 301, whether or not a Business Day.

 

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“Repayment Date”, when used
with respect to any Security to be repaid at the option of the Holder, means the date fixed for such repayment by or pursuant to this
Indenture.

 

“Repayment Price”, when used
with respect to any Security to be repaid at the option of the Holder, means the price at which it is to be repaid by or pursuant to this
Indenture.

 

“Reset Notice” has the meaning
specified in Section 307(b).

 

“Responsible Officer”, when
used with respect to the Trustee, means any officer of the Trustee assigned by the Trustee to administer its corporate trust matters and
who shall have direct responsibility for the administration of this Indenture.

 

“Security” or “Securities”
has the meaning stated in the first recital of this Indenture and, more particularly, means any Security or Securities authenticated and
delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee
under this Indenture, “Securities” with respect to the Indenture as to which such Person is Trustee shall have the meaning
stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered under this Indenture,
exclusive, however, of Securities of any series as to which such Person is not Trustee.

 

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 305.

 

“Senior Indebtedness” means
the principal of (and premium, if any) and unpaid interest on (a) indebtedness of the Company (including indebtedness of others guaranteed
by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed, for money borrowed, that
has been designated by the Company as “Senior Indebtedness” for purposes of this Indenture, by a Company Order delivered to
the Trustee (b) Senior Securities, and (c) renewals, extensions, modifications and refinancings of any such indebtedness.

 

“Senior Security” or “Senior
Securities” means any Security or Securities designated pursuant to Section 301 as a Senior Security.

 

“Special Record Date” for the
payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by the Trustee pursuant to Section 307.

 

“Specified Amount” has the meaning
specified in Section 312(h).

 

“Stated Maturity”, when used
with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as
the fixed date on which the principal of such Security or such installment of principal or interest is due and payable, as such date may
be extended pursuant to the provisions of Section 308.

 

    	 	 	9

     

    

 

“Subordinated
Indebtedness” means the principal of (and premium, if any) and unpaid interest on (a) indebtedness of the Company (including
indebtedness of others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or
guaranteed, for money borrowed, which in the instrument creating or evidencing the same or pursuant to which the same is outstanding it
is provided that such indebtedness ranks junior in right of payment to the Company’s Senior Indebtedness, equally and pari
passu in right of payment with all other Subordinated Indebtedness, (b) Subordinated Securities, and (c) renewals, extensions,
modifications and refinancings of any such Subordinated Indebtedness.

 

“Subordinated Security” or “Subordinated
Securities” means any Security or Securities designated pursuant to Section 301 as a Subordinated Security.

 

“Subsequent Interest Period”
has the meaning specified in Section 307(b).

 

“Subsidiary” means (1) any
corporation a majority of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other
Subsidiaries of the Company, (2) any other Person (other than a corporation) in which such Person, one or more Subsidiaries of such
Person, or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof has a
majority ownership interest, or (3) a partnership in which such Person or a Subsidiary of such Person is, at the time, a general
partner and in which such Person, directly or indirectly, at the date of determination thereof has a majority ownership interest. For
the purposes of this definition, “voting stock” means stock having voting power for the election of directors, whether at
all times or only so long as no senior class of stock has such voting power by reason of any contingency.

 

“Trust Indenture Act” or “TIA”
means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this Indenture was executed, except as provided
in Section 905.

 

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

 

“United States” means, unless
otherwise specified with respect to any Securities pursuant to Section 301, the United States of America (including the states and
the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.

 

“United States person” means,
unless otherwise specified with respect to any Securities pursuant to Section 301, any individual who is a citizen or resident of
the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state
thereof or the District of Columbia (other than a partnership that is not treated as a United States person under any applicable Treasury
regulations), any estate the income of which is subject to United States federal income taxation regardless of its source, or any trust
if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United
States persons have the authority to control all substantial decisions of the trust. Notwithstanding the preceding sentence, to the extent
provided in the Treasury regulations, certain trusts in existence on August 20, 1996, and treated as United States persons prior
to such date that elect to continue to be treated as United States persons, will also be United States persons.

 

    	 	 	10

     

    

 

“Valuation Date” has the meaning
specified in Section 312(c).

 

“Yield to Maturity” means the
yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of interest on
such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation principles.

 

SECTION 102.            Compliance
Certificates and Opinions.

 

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

 

Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than pursuant to Section 1005) shall include:

 

(1)            a
statement that each individual signing such certificate or opinion has read such condition or covenant and the definitions herein relating
thereto;

 

(2)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;

 

(3)            a
statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to enable
such individual to express an informed opinion as to whether or not such condition or covenant has been complied with; and

 

(4)            a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

SECTION 103.            Form of
Documents Delivered to Trustee.

 

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

 

    	 	 	11

     

    

 

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

 

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

 

SECTION 104.            Acts
of Holders.

 

(a)            Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. Any request,
demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of
Securities of such series may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting
in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly
called and held in accordance with the provisions of Article Fifteen, or a combination of such instruments and any such record. Except
as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered
to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument
or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent,
or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee
and the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting
of Holders of Securities shall be proved in the manner provided in Section 1506.

 

(b)            The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution
or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting in a capacity
other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and
date of the execution of any such instrument or writing or the authority of the Person executing the same may also be proved in any other
reasonable manner that the Trustee deems sufficient.

 

(c)            The
ownership of Registered Securities shall be proved by the Security Register.

 

    	 	 	12

     

    

 

(d)            If
the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice, consent, waiver
or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination
of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall
have no obligation to do so. Such record date shall be the record date specified in or pursuant to such Board Resolution. If such a record
date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such
record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes
of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed
as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record
date.

 

(e)            Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, any Security Registrar, any Paying Agent,
any Authenticating Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Security.

 

SECTION 105.            Notices,
Etc., to Trustee and Company.

 

Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with,

 

(1)            the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished, filed or mailed, first-class
postage prepaid in writing, sent via overnight courier guaranteeing next day delivery, same day messenger service or by electronic mail
(in PDF) to or with the Trustee at its Corporate Trust Office, Attention: RUNWAY GROWTH FINANCE CORP (     , Vice President), or at any other
address previously furnished in writing to the Company by the Trustee (provided that any communication sent to the Trustee hereunder must
be in the form of a document signed by hand, facsimile or with a digital signature using DocuSign or Adobe Sign, or electronic copy thereof),
or

 

(2)            the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if
in writing and mailed, first-class postage prepaid, sent via overnight courier guaranteeing next day delivery, same day messenger service
or by electronic mail (in PDF), to the Company addressed to it at the address of its principal office specified in the first paragraph
of this Indenture, to the attention of its Secretary or at any other address previously furnished in writing to the Trustee by the Company.

 

    	 	 	13

     

    

 

Whenever under this Indenture the Trustee or the
Company is required to provide any notice by mail, in all cases each of the Trustee and the Company may alternatively provide notice by
overnight courier by facsimile, with confirmation of transmission, or by electronic mail, with return receipt requested.

 

The Company or the Trustee, by notice to the other,
may designate additional or different addresses for such subsequent notices or communications.

 

For the avoidance of doubt, all notices, approvals,
consents, requests and any communications hereunder or with respect to this Indenture must be in writing (provided that any communication
sent to the Trustee hereunder must be in the form of a document that is signed by hand, by facsimile, or by way of a digital signature
provided by DocuSign or Adobe (or such other digital signature provider as specified in writing to the Trustee by the authorized representative)),
in English. The Company agrees to assume all risks arising out of the use of digital signatures and electronic methods to submit communications
to the Trustee, including without limitation, the risk of Trustee acting on unauthorized instructions, and the risk of interception and
misuse by third parties.

 

All notices and communications (other than those
sent to Holders) shall be deemed to have been duly given: (i) at the time delivered by hand, if personally delivered; (ii) when
return receipt is delivered, if delivered by electronic mail; (iii) five Business Days after being deposited in the mail, postage
prepaid; and (iv) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next
day delivery. Notice to the Trustee shall be effective only if such receipt is acknowledged.

 

SECTION 106.            Notice
to Holders; Waiver.

 

Where this Indenture provides for notice of any event to Holders of
Registered Securities by the Company or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, by overnight courier guaranteeing next day delivery, by facsimile or by electronic
mail to each such Holder affected by such event, at his address, facsimile number or email address as it appears in the Security Register,
not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice
to Holders of Registered Securities is given as provided herein, neither the failure to send such notice, nor any defect in any notice
so sent, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders of Registered Securities.
Any notice mailed or sent to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder,
whether or not such Holder actually receives such notice. In the case of a global Security, notices shall be given in accordance with
the applicable procedures of the Depository. Notwithstanding any other provision of this Indenture or any Note, where this Indenture or
any Note provides for notice of any event (including any notice of redemption or repurchase) to a Holder of a global Security (whether
by mail or otherwise), such notice shall be sufficiently given if given to the Depository (or its designee) pursuant to the standing instructions
from the Depository or its designee, including by electronic mail in accordance with the applicable procedure.

 

    	 	 	14

     

    

 

If by reason of the suspension of or irregularities
in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
to Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient notification to such
Holders for every purpose hereunder.

 

Any request, demand, authorization, direction,
notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice
may be in an official language of the country of publication.

 

Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not
be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

SECTION 107.            Conflict
with TIA.

 

If any provision of this Indenture limits, qualifies
or conflicts with a provision of the TIA that is required under the TIA to be a part of and govern this Indenture, the provision of the
TIA shall control. If any provision of this Indenture modifies or excludes any provision of the TIA that may be so modified or excluded,
the provision of the TIA shall be deemed to apply to this Indenture as so modified or only to the extent not so excluded, as the case
may be.

 

SECTION 108.            Effect
of Headings and Table of Contents.

 

The Article and Section headings herein,
the TIA cross-reference table and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

SECTION 109.            Successors
and Assigns.

 

All covenants and agreements in this Indenture
by the Company shall bind its successors and assigns, whether so expressed or not.

 

SECTION 110.            Separability
Clause.

 

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

 

SECTION 111.            Benefits
of Indenture.

 

Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent, any Authenticating
Agent and their successors hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

    	 	 	15

     

    

 

SECTION 112.            Governing
Law.

 

This Indenture and the Securities shall be governed
by and construed in accordance with the law of the State of New York without regard to principles of conflicts of laws. This Indenture
is subject to the provisions of the Trust Indenture Act that are required to be part of this Indenture and shall, to the extent applicable,
be governed by such provisions.

 

SECTION 113.            Legal
Holidays.

 

In any case where any Interest Payment Date, Redemption
Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity of any Security shall not be a Business Day at any Place
of Payment, then (notwithstanding any other provision of this Indenture or any Security other than a provision in the Securities of any
series which specifically states that such provision shall apply in lieu of this Section), payment of principal (or premium, if any) or
interest, if any, need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such
Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date, Repayment Date or sinking fund
payment date, or at the Stated Maturity or Maturity; provided that no interest shall accrue on the amount so payable for the period
from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity, as
the case may be.

 

SECTION 114.            Submission
to Jurisdiction.

 

The Company hereby irrevocably submits to the non-exclusive
jurisdiction of any New York state or federal court sitting in The City of New York in any action or proceeding arising out of or relating
to the Indenture and the Securities of any series, and the Company hereby irrevocably agrees that all claims in respect of such action
or proceeding may be heard and determined in such New York state or federal court. The Company hereby irrevocably waives, to the fullest
extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.

 

SECTION 115.            Waiver
of Jury Trial

 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

    	 	 	16

     

    

 

Article Two

SECURITIES FORMS

 

SECTION 201.            Forms
of Securities.

 

The Registered Securities of each series, the temporary
global Securities of each series, if any, and the permanent global Securities of each series, if any, shall be in substantially the forms
as shall be established in one or more indentures supplemental hereto or approved from time to time by or pursuant to a Board Resolution
in accordance with Section 301, shall have such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture or any indenture supplemental hereto, and may have such letters, numbers or other marks of identification
or designation and such legends or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the
provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or
with any rule or regulation of any stock exchange on which the Securities may be listed, or to conform to usage.

 

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

 

SECTION 202.            Form of
Trustee’s Certificate of Authentication.

 

Subject to Section 611, the Trustee’s
certificate of authentication shall be in substantially the following form:

 

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

 

	 	 	U.S. Bank Trust Company, National Association, as Trustee
	 	 	 
		By	 
	 	 	Authorized Officer

 

SECTION 203.            Securities
Issuable in Global Form.

 

If Securities of or within a series are issuable
in global form, as specified as contemplated by Section 301, then, notwithstanding clause (8) of Section 301 and the provisions
of Section 302, any such Security shall represent such of the Outstanding Securities of such series as shall be specified therein
and may provide that it shall represent the aggregate amount of Outstanding Securities of such series from time to time endorsed thereon
and that the aggregate amount of Outstanding Securities of such series represented thereby may from time to time be increased or decreased
to reflect exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, of
Outstanding Securities represented thereby shall be made by the Trustee or the Security Registrar in such manner and upon instructions
given by such Person or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 303
or 304. Subject to the provisions of Section 303 and, if applicable, Section 304, the Trustee or the Security Registrar shall
deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified
therein or in the applicable Company Order. If a Company Order pursuant to Section 303 or 304 has been, or simultaneously is, delivered,
any instructions by the Company with respect to endorsement, delivery or redelivery of a Security in global form shall be in writing but
need not comply with Section 102 and need not be accompanied by an Opinion of Counsel.

 

    	 	 	17

     

    

 

The provisions of the last sentence of Section 303
shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the Company and the
Company delivers to the Trustee or the Security Registrar the Security in global form together with written instructions (which need not
comply with Section 102 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount
of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303.

 

Notwithstanding the provisions of Section 307,
unless otherwise specified as contemplated by Section 301, payment of principal of (and premium, if any) and interest, if any, on
any Security in permanent global form shall be made to the Person or Persons specified therein.

 

Notwithstanding the provisions of Section 309
and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall treat as
the Holder of such principal amount of Outstanding Securities represented by a permanent global Security, the Holder of such permanent
global Security.

 

Unless otherwise specified as contemplated by Section 301
for the Securities evidenced thereby, every global Security authenticated and delivered hereunder shall bear a legend in substantially
the following form:

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT
BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITORY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

    	 	 	18

     

    

 

SECTION 204.            Certified
Securities.

 

Notwithstanding anything to the contrary, Securities
in physical, certificated form will be issued and delivered to each person that the Depository identifies as a beneficial owner of the
related Securities only if:

 

(a) the Depository notifies the Company at
any time that it is unwilling or unable to

 

continue as depositary for the Securities in global form and a successor
depository is not appointed within 90 days;

 

(b) the Depository ceases to be registered
as a clearing agency under the Exchange Act and a successor depository is not appointed within 90 days; or

 

(c) an Event of Default with respect to
the Securities has occurred and is continuing and such beneficial owner requests that its Securities be issued in physical,
certificated form.

 

Article Three

THE SECURITIES

 

SECTION 301.            Amount
Unlimited; Issuable in Series.

 

The aggregate principal amount of Securities which
may be authenticated and delivered under this Indenture is unlimited.

 

The
Securities may be issued in one or more series as Registered Securities, each of which may consist of one or more tranches, and shall
be designated as Senior Securities or Subordinated Securities. Senior Securities are unsubordinated, shall rank equally and pari
passu with all of the Company’s other Senior Indebtedness and senior to all of the Company’s Subordinated Indebtedness.
Subordinated Securities shall rank junior to the Company’s Senior Indebtedness and equally and pari passu with all of the
Company’s other Subordinated Indebtedness. There shall be established in one or more Board Resolutions or pursuant to authority
granted by one or more Board Resolutions and, subject to Section 303, set forth, or determined in the manner provided, in an Officers’
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, any or all
of the following, as applicable (each of which (except for the matters set forth in clauses (1), (2) and (15) below), if so provided,
may be determined from time to time by the Company with respect to unissued Securities of the series when issued from time to time):

 

(1)            the
title of the Securities of the series including CUSIP numbers (which shall distinguish the Securities of such series from all other series
of Securities);

 

(2)            any
limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 304, 305, 306, 906, 1107 or 1305, and except for any Securities which, pursuant to Section 303,
are deemed never to have been authenticated and delivered hereunder);

 

(3)            the
date or dates, or the method by which such date or dates will be determined or extended, on which the principal of the Securities of the
series shall be payable;

 

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(4)            the
rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall be determined,
the date or dates from which such interest shall accrue or the method by which such date or dates shall be determined, the Interest Payment
Dates on which such interest will be payable and the Regular Record Date, if any, for the interest payable on any Registered Security
on any Interest Payment Date, or the method by which such date shall be determined, the basis upon which such interest shall be calculated
if other than that of a 360-day year of twelve 30-day months;

 

(5)            the
place or places, if any, other than or in addition to the Borough of Manhattan, The City of New York, where the principal of (and premium,
if any) and interest, if any, on Securities of the series shall be payable, any Registered Securities of the series may be surrendered
for registration of transfer, Securities of the series may be surrendered for exchange, where Securities of that series that are convertible
or exchangeable may be surrendered for conversion or exchange, as applicable, and where notices or demands to or upon the Company in respect
of the Securities of the series and this Indenture may be served;

 

(6)            the
period or periods within which, or the date or dates on which, the price or prices at which, the Currency or Currencies in which, and
other terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if
the Company is to have the option;

 

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

 

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

 

(9)            if
other than the Trustee, the identity of each Security Registrar and/or Paying Agent;

 

(10)          if
other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to Section 502, upon redemption of the Securities of the series which are redeemable
before their Stated Maturity, upon surrender for repayment at the option of the Holder, or which the Trustee shall be entitled to claim
pursuant to Section 504 or the method by which such portion shall be determined;

 

(11)          if
other than Dollars, the Currency or Currencies in which payment of the principal of (or premium, if any) or interest, if any, on the Securities
of the series shall be made or in which the Securities of the series shall be denominated and the particular provisions applicable thereto
in accordance with, in addition to or in lieu of any of the provisions of Section 312;

 

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(12)            whether
the amount of payments of principal of (or premium, if any) or interest, if any, on the Securities of the series may be determined with
reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or more Currencies,
commodities, equity indices or other indices), and the manner in which such amounts shall be determined;

 

(13)            whether
the principal of (or premium, if any) or interest, if any, on the Securities of the series are to be payable, at the election of the Company
or a Holder thereof, in one or more Currencies other than that in which such Securities are denominated or stated to be payable, the period
or periods within which (including the Election Date), and the terms and conditions upon which, such election may be made, and the time
and manner of determining the exchange rate between the Currency or Currencies in which such Securities are denominated or stated to be
payable and the Currency or Currencies in which such Securities are to be paid, in each case in accordance with, in addition to or in
lieu of any of the provisions of Section 312;

 

(14)            provisions,
if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events as may be specified;

 

(15)            any
deletions from, modifications of or additions to the Events of Default or covenants (including any deletions from, modifications of or
additions to any of the provisions of Section 1006) of the Company with respect to Securities of the series, whether or not such
Events of Default or covenants are consistent with the Events of Default or covenants set forth herein;

 

(16)            whether
any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to be
issuable in permanent global form and, if so, whether beneficial owners of interests in any such permanent global Security may exchange
such interests for Securities of such series in certificated form and of like tenor of any authorized form and denomination and the circumstances
under which any such exchanges may occur, if other than in the manner provided in Section 305, and the circumstances under which
and the place or places where such exchanges may be made and if Securities of the series are to be issuable as a global Security, the
identity of the depository for such series;

 

(17)            the
date as of which any temporary global Security representing Outstanding Securities of the series shall be dated if other than the date
of original issuance of the first Security of the series to be issued;

 

(18)            the
Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose name such Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, and the extent
to which, or the manner in which, any interest payable on a temporary global Security on an Interest Payment Date will be paid; and the
extent to which, or the manner in which, any interest payable on a permanent global Security on an Interest Payment Date will be paid
if other than in the manner provided in Section 307;

 

    	 	 	21

     

    

 

(19)            the
applicability, if any, of Sections 1402 and/or 1403 to the Securities of the series and any provisions in modification of, in addition
to or in lieu of any of the provisions of Article Fourteen;

 

(20)            if
the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security
of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and/or
terms of such certificates, documents or conditions;

 

(21)            whether,
under what circumstances and the Currency in which, the Company will pay Additional Amounts as contemplated by Section 1004 on the
Securities of the series to any Holder who is not a United States person (including any modification to the definition of such term) in
respect of any tax, assessment or governmental charge and, if so, whether the Company will have the option to redeem such Securities rather
than pay such Additional Amounts (and the terms of any such option);

 

(22)            the
designation of the initial Exchange Rate Agent, if any;

 

(23)            if
the Securities of the series are to be issued upon the exercise of warrants, the time, manner and place for such Securities to be authenticated
and delivered;

 

(24)            if
the Securities of the series are to be convertible into or exchangeable for any securities of any Person (including the Company), the
terms and conditions upon which such Securities will be so convertible or exchangeable;

 

(25)            if
the Securities of the series are to be secured, the terms and conditions upon which such Securities will be so secured;

 

(26)            the
appointment of any calculation agent, foreign currency exchange agent or other additional agents;

 

(27)            if
the Securities of the series are to be listed on a securities exchange, the name of such exchange may be indicated; and

 

(28)            any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture or the requirements of the Trust
Indenture Act).

 

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 the Board Resolution referred to above (subject
to Section 303) and set forth in the Officers’ Certificate referred to above or in any such indenture supplemental hereto.
All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without
the consent of the Holders, for issuances of additional Securities of such series.

 

If any of the terms of the Securities of any series
are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of such action(s) 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 setting forth the terms of the Securities of such series.

 

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SECTION 302.            Denominations.

 

The Securities of each series shall be issuable
in such denominations as shall be specified as contemplated by Section 301. With respect to Securities of any series denominated
in Dollars, in the absence of any such provisions with respect to the Securities of any series, the Registered Securities of such series,
other than Registered Securities issued in global form (which may be of any denomination) shall be issuable in denominations of $1,000
and any integral multiple thereof.

 

SECTION 303.            Execution,
Authentication, Delivery and Dating.

 

The Securities shall be executed on behalf of the
Company by its Chief Executive Officer, its President, its Chief Operating Officer or its Chief Financial Officer or any of its Vice Presidents
and attested by its Secretary or any of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual
or by facsimile, .pdf attachment or other electronically transmitted signature (with an original manual signature to be sent to the Trustee
via overnight mail immediately thereafter) of the present or any future such authorized officer and may be imprinted or otherwise reproduced
on the Securities.

 

Securities bearing signatures of individuals who
were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have
ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such
Securities.

 

At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company, to the Trustee for authentication,
together with a Company Order and an Officers’ Certificate and Opinion of Counsel in accordance with Section 102 for the authentication
and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities.
If all the Securities of any series are not to be issued at one time and if the Board Resolution or supplemental indenture establishing
such series shall so permit, such Company Order may set forth procedures acceptable to the Trustee for the issuance of such Securities
and determining the terms of particular Securities of such series, such as interest rate, maturity date, date of issuance and date from
which interest shall accrue. 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 shall be fully protected in relying upon,

 

(i)             an
Opinion of Counsel stating,

 

(a)            that
the form or forms of such Securities have been established in conformity with the provisions of this Indenture;

 

(b)            that
the terms of such Securities have been established in conformity with the provisions of this Indenture; and

 

    	 	 	23

     

    

 

(c)            that
such Securities, when completed by appropriate insertions and executed and delivered by the Company to the Trustee for authentication
in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Company
in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and binding obligations
of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization and other similar
laws of general applicability relating to or affecting the enforcement of creditors’ rights, to general equitable principles and
to such other qualifications as such counsel shall conclude do not materially affect the rights of Holders of such Securities; and

 

(ii)           an
Officers’ Certificate stating, to the best of the knowledge of the signers of such certificate, that no Event of Default with respect
to any of the Securities shall have occurred and be continuing.

 

Notwithstanding the provisions of Section 301
and of this Section 303, if all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver
an Officers’ Certificate otherwise required pursuant to Section 301 or the Company Order, Opinion of Counsel or Officers’
Certificate otherwise required pursuant to the preceding paragraph at the time of issuance of each Security of such series, but such order,
opinion and certificates, with appropriate modifications to cover such future issuances, shall be delivered at or before the time of issuance
of the first Security of such series.

 

If such form or terms have been so established,
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, obligations or immunities under the Securities and this Indenture or otherwise in a manner that
is not reasonably acceptable to the Trustee. Notwithstanding the generality of the foregoing, the Trustee will not be required to authenticate
Securities denominated in a Foreign Currency if the Trustee reasonably believes that it would be unable to perform its duties with respect
to such Securities.

 

Each Registered Security shall be dated the date
of its authentication.

 

No Security shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for herein duly executed by the Trustee or an Authenticating Agent by manual signature of an authorized signatory,
and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been
authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee
for cancellation as provided in Section 310 together with a written statement (which need not comply with Section 102 and need
not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes
of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to
the benefits of this Indenture.

 

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SECTION 304.            Temporary
Securities.

 

Pending the preparation of definitive Securities
of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities that are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of
the definitive Securities in lieu of which they are issued, in registered form and with such appropriate insertions, omissions, substitutions
and other variations as the officers executing such Securities may determine, as conclusively evidenced by their execution of such Securities.
In the case of Securities of any series, such temporary Securities may be in global form.

 

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

 

SECTION 305.            Registration,
Registration of Transfer and Exchange.

 

The Company shall cause to be kept at the Corporate
Trust Office of the Trustee or in any office or agency of the Company in a Place of Payment a register for each series of Securities (the
registers maintained in such office or in any such office or agency of the Company in a Place of Payment being herein sometimes referred
to collectively as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company
shall provide for the registration of Registered Securities and of transfers of Registered Securities. The Security Register shall be
in written form or any other form capable of being converted into written form within a reasonable time. The Trustee, at its Corporate
Trust Office, is hereby initially appointed “Security Registrar” for the purpose of registering Registered Securities and
transfers of Registered Securities on such Security Register as herein provided, and for facilitating exchanges of temporary global Securities
for permanent global Securities or definitive Securities, or both, or of permanent global Securities for definitive Securities, or both,
as herein provided. In the event that the Trustee shall cease to be Security Registrar, it shall have the right to examine the Security
Register at all reasonable times. In acting hereunder and in connection with the Securities, the Security Registrar shall act solely as
an agent of the Company, and will not thereby assume any obligations towards or relationship of agency or trust for or with any Holder.

 

Upon surrender for registration of transfer of
any Registered Security of any series at any office or agency of the Company in a Place of Payment for that series, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered
Securities of the same series, of any authorized denominations and of a like aggregate principal amount, bearing a number not contemporaneously
outstanding and containing identical terms and provisions.

 

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At the option of the Holder, Registered Securities
of any series may be exchanged for other Registered Securities of the same series, of any authorized denomination or denominations and
of a like aggregate principal amount, containing identical terms and provisions, upon surrender of the Registered Securities to be exchanged
at any such office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Registered Securities that the Holder making the exchange is entitled to receive.

 

Whenever any Securities are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the Holder making the exchange
is entitled to receive.

 

Notwithstanding the foregoing, except as otherwise specified as contemplated
by Section 301, any permanent global Security shall be exchangeable only as provided in this paragraph. If any beneficial owner of
an interest in a permanent global Security is entitled to exchange such interest for Securities of such series and of like tenor and principal
amount of another authorized form and denomination, as specified as contemplated by Section 301 and provided that any applicable
notice provided in the permanent global Security shall have been given, then without unnecessary delay but in any event not later than
the earliest date on which such interest may be so exchanged, the Company shall deliver to the Trustee definitive Securities in aggregate
principal amount equal to the principal amount of such beneficial owner’s interest in such permanent global Security, executed by
the Company. On or after the earliest date on which such interests may be so exchanged, such permanent global Security shall be surrendered
by the depository specified as contemplated by Section 301 or such other depository as shall be specified in the Company Order with
respect thereto to the Trustee, as the Company’s agent for such purpose, or to the Security Registrar, to be exchanged, in whole
or from time to time in part, for definitive Securities of the same series without charge and the Trustee shall authenticate and deliver,
in exchange for each portion of such permanent global Security, an equal aggregate principal amount of definitive Securities of the same
series of authorized denominations and of like tenor as the portion of such permanent global Security to be exchanged; provided,
however, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of
Securities to be redeemed and ending on the relevant Redemption Date if the Security for which exchange is requested may be among those
selected for redemption. The transferring beneficial owner shall use commercially reasonable efforts to provide or cause to be provided
to the Trustee any information reasonably available to the transferring beneficial owner and necessary to allow the Trustee to comply
with any applicable tax reporting obligations, including without limitation, any cost basis reporting obligations under Code Section 6045.

 

If a Registered Security is issued in exchange
for any portion of a permanent global Security after the close of business at the office or agency where such exchange occurs on (i) any
Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any
Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted
Interest or interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as the
case may be, only to the Person to whom interest in respect of such portion of such permanent global Security is payable in accordance
with the provisions of this Indenture.

 

    	 	 	26

     

    

 

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

 

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

 

No service charge shall be made for any registration
of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 304, 906, 1107 or 1305 not involving any transfer.

 

In connection with any proposed exchange of any
global Securities for definitive Securities, the Company or Depositary shall be required to provide or cause to be provided to the Trustee
all information reasonably requested by the Trustee and reasonably available to the Company or Depository, as applicable, as necessary
to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations
under Code Section 6045.

 

The Company shall not be required (i) to issue,
register the transfer of or exchange any Security if such Security may be among those selected for redemption during a period beginning
at the opening of business 15 days before selection of the Securities to be redeemed under Section 1103 and ending at the close of
business on the day the relevant notice of redemption is sent, or (ii) to register the transfer of or exchange any Registered Security
so selected for redemption in whole or in part, except, in the case of any Registered Security to be redeemed in part, the portion thereof
not to be redeemed or (iii) to issue, register the transfer of or exchange any Security that has been surrendered for repayment at
the option of the Holder, except the portion, if any, of such Security not to be so repaid.

 

The Trustee shall have no responsibility or obligation
to any beneficial owner of a global Security, a member of, or a participant in, DTC or other Person with respect to the accuracy of the
records of DTC or its nominee or of any participant or member thereof, with respect to any ownership interest in the Securities or with
respect to the delivery to any participant, member beneficial owner or other Person (other than DTC) of any notice (including any notice
of redemption or purchase) or the payment of any amount or delivery of any Securities (or other security or property) under or with respect
to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the
Securities shall be given or made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of
a global Security). The rights of beneficial owners in any global Security shall be exercised only through DTC subject to the applicable
rules and procedures of DTC. The Trustee may rely and shall be fully protected in relying upon information furnished by DTC with
respect to its members, participants and any beneficial owners.

 

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The Trustee shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer or any interest in any Security (including any transfer between or among DTC participants, members or beneficial
owners in global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required
by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements thereof. Neither the Trustee nor any of its agents shall have any responsibility for any actions
taken or not taken by DTC.

 

SECTION 306.            Mutilated,
Destroyed, Lost and Stolen Securities.

 

If any mutilated Security is surrendered to the
Trustee or the Company, together with, in proper cases, such security and/or indemnity as may be required by the Company or the Trustee
to save each of them or any agent of either of them harmless, the Company shall execute and the Trustee shall authenticate and deliver
in exchange therefor a new Security of the same series and principal amount, containing identical terms and provisions and bearing a number
not contemporaneously outstanding.

 

If there shall be delivered to the Company and
to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security, and (ii) such security
and/or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall, subject to the following
paragraph, execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security,
a new Security of the same series and principal amount, containing identical terms and provisions and bearing a number not contemporaneously
outstanding.

 

Notwithstanding the provisions of the previous
two paragraphs, in case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company
in its discretion may, instead of issuing a new Security, pay such Security.

 

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

 

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

 

    	 	 	28

     

    

 

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

 

SECTION 307.            Payment
of Interest; Interest Rights Preserved; Optional Interest Reset.

 

(a)            Except
as otherwise specified with respect to a series of Securities in accordance with the provisions of Section 301, interest, if any,
on any Registered Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to
the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest at the office or agency of the Company maintained for such purpose pursuant to Section 1002; provided,
however, that each installment of interest, if any, on any Registered Security may at the Company’s option be paid by (i) mailing
a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 309, to the address
of such Person as it appears on the Security Register or (ii) transfer to an account maintained by the payee located in the United
States.

 

Except as otherwise specified with respect to a
series of Securities in accordance with the provisions of Section 301, any interest on any Registered Security of any series that
is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”)
shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:

 

(1)            The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such series (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 Registered Security of such series and the date of the proposed payment (which shall not be less than 20 days
after such notice is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money in the
Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities
of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) 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 on or 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 be not more than 15 days and not 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 sent pursuant to policies and procedures of the Depository, including mailed, first-class postage prepaid
or overnight courier guaranteeing next day delivery, to each Holder of Registered Securities of such series at his address as it appears
in the Security Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been sent as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names
the Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following clause (2).

 

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(2)            The
Company may make payment of any Defaulted Interest on the Registered Securities of any series 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.

 

(b)            The
provisions of this Section 307(b) may be made applicable to any series of Securities pursuant to Section 301 (with such
modifications, additions or substitutions as may be specified pursuant to such Section 301). The interest rate (or the spread or
spread multiplier used to calculate such interest rate, if applicable) on any Security of such series may be reset by the Company on the
date or dates specified on the face of such Security (each an “Optional Reset Date”). The Company may exercise such option
with respect to such Security by notifying the Trustee of such exercise at least 45 but not more than 60 days prior to an Optional Reset
Date for such Security. Not later than 35 days prior to each Optional Reset Date, the Trustee shall transmit, in the manner provided for
in Section 106, to the Holder of any such Security a notice (the “Reset Notice”) indicating whether the Company has elected
to reset the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable), and if so (i) such
new interest rate (or such new spread or spread multiplier, if applicable) and (ii) the provisions, if any, for redemption during
the period from such Optional Reset Date to the next Optional Reset Date or if there is no such next Optional Reset Date, to the Stated
Maturity of such Security (each such period a “Subsequent Interest Period”), including the date or dates on which or the period
or periods during which and the price or prices at which such redemption may occur during the Subsequent Interest Period.

 

Notwithstanding the foregoing, not later than 20
days prior to the Optional Reset Date, (or, if 20 days does not fall on a Business Day, the next succeeding Business Day), the Company
may, at its option, revoke the interest rate (or the spread or spread multiplier used to calculate such interest rate, if applicable)
provided for in the Reset Notice and establish a higher interest rate (or a spread or spread multiplier providing for a higher interest
rate, if applicable) for the Subsequent Interest Period by causing the Trustee to transmit, in the manner provided for in Section 106,
notice of such higher interest rate (or such higher spread or spread multiplier providing for a higher interest rate, if applicable) to
the Holder of such Security. Such notice shall be irrevocable. All Securities with respect to which the interest rate (or the spread or
spread multiplier used to calculate such interest rate, if applicable) is reset on an Optional Reset Date, and with respect to which the
Holders of such Securities have not tendered such Securities for repayment (or have validly revoked any such tender) pursuant to the next
succeeding paragraph, will bear such higher interest rate (or such higher spread or spread multiplier providing for a higher interest
rate, if applicable).

 

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The Holder of any such Security will have the option
to elect repayment by the Company of the principal of such Security on each Optional Reset Date at a price equal to the principal amount
thereof plus interest accrued to such Optional Reset Date. In order to obtain repayment on an Optional Reset Date, the Holder must follow
the procedures set forth in Article Thirteen for repayment at the option of Holders except that the period for delivery or notification
to the Trustee shall be at least 25 but not more than 35 days prior to such Optional Reset Date and except that, if the Holder has tendered
any Security for repayment pursuant to the Reset Notice, the Holder may, by written notice to the Trustee, revoke such tender or repayment
until the close of business on the tenth day before such Optional Reset Date.

 

Subject to the foregoing provisions of this Section and
Section 305, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other
Security shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security.

 

SECTION 308.            Optional
Extension of Maturity.

 

The provisions of this Section 308 may be
made applicable to any series of Securities pursuant to Section 301 (with such modifications, additions or substitutions as may be
specified pursuant to such Section 301). The Stated Maturity of any Security of such series may be extended at the option of the
Company for the period or periods specified on the face of such Security (each an “Extension Period”) up to but not beyond
the date (the “Final Maturity”) set forth on the face of such Security. The Company may exercise such option with respect
to any Security by notifying the Trustee of such exercise at least 45 but not more than 60 days prior to the Stated Maturity of such Security
in effect prior to the exercise of such option (the “Original Stated Maturity”). If the Company exercises such option, the
Trustee shall transmit, in the manner provided for in Section 106, to the Holder of such Security not later than 35 days prior to
the Original Stated Maturity a notice (the “Extension Notice”), prepared by the Company, indicating (i) the election
of the Company to extend the Stated Maturity, (ii) the new Stated Maturity, (iii) the interest rate (or spread, spread multiplier
or other formula to calculate such interest rate, if applicable), if any, applicable to the Extension Period and (iv) the provisions,
if any, for redemption during such Extension Period. Upon the Trustee’s transmittal of the Extension Notice, the Stated Maturity
of such Security shall be extended automatically and, except as modified by the Extension Notice and as described in the next paragraph,
such Security will have the same terms as prior to the transmittal of such Extension Notice.

 

Notwithstanding the foregoing, not later than 20
days before the Original Stated Maturity (or, if 20 days does not fall on a Business Day, the next succeeding Business Day) of such Security,
the Company may, at its option, revoke the interest rate (or spread, spread multiplier or other formula to calculate such interest rate,
if applicable) provided for in the Extension Notice and establish a higher interest rate (or spread, spread multiplier or other formula
to calculate such higher interest rate, if applicable) for the Extension Period by causing the Trustee to transmit, in the manner provided
for in Section 106, notice of such higher interest rate (or spread, spread multiplier or other formula to calculate such interest
rate, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect to which the Stated
Maturity is extended will bear such higher interest rate.

 

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If the Company extends the Stated Maturity of any
Security, the Holder will have the option to elect repayment of such Security by the Company on the Original Stated Maturity at a price
equal to the principal amount thereof, plus interest accrued to such date. In order to obtain repayment on the Original Stated Maturity
once the Company has extended the Stated Maturity thereof, the Holder must follow the procedures set forth in Article Thirteen for
repayment at the option of Holders, except that the period for delivery or notification to the Trustee shall be at least 25 but not more
than 35 days prior to the Original Stated Maturity and except that, if the Holder has tendered any Security for repayment pursuant to
an Extension Notice, the Holder may by written notice to the Trustee revoke such tender for repayment until the close of business on the
tenth day before the Original Stated Maturity.

 

SECTION 309.            Persons
Deemed Owners.

 

Prior to due presentment of a Registered Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee shall treat the Person in whose name
such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment of principal of (and
premium, if any) and (subject to Sections 305 and 307) interest, if any, on such Registered Security and for all other purposes whatsoever,
whether or not such Registered Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall
be affected by notice to the contrary.

 

None of the Company, the Trustee, any Paying Agent
or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account
of beneficial ownership interests of a Security in global form or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

 

Notwithstanding the foregoing, with respect to
any global temporary or permanent Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the
Trustee, from giving effect to any written certification, proxy or other authorization furnished by any depository, as a Holder, with
respect to such global Security or impair, as between such depository and owners of beneficial interests in such global Security, the
operation of customary practices governing the exercise of the rights of such depository (or its nominee) as Holder of such global Security.

 

SECTION 310.            Cancellation.

 

All Securities surrendered for payment, redemption,
repayment at the option of the Holder, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee, and any such Securities surrendered directly to the Trustee for any
such purpose shall be promptly cancelled by the Trustee. The Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which
the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall
so 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 surrendered to the Trustee for cancellation. No Securities shall be authenticated in
lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. Cancelled
Securities held by the Trustee shall be destroyed by the Trustee in accordance with its customary procedures, unless by a Company Order
the Company directs the Trustee to deliver a certificate of such destruction to the Company or to return them to the Company.

 

    	 	 	32

     

    

 

SECTION 311.            Computation
of Interest.

 

Except as otherwise specified as contemplated by
Section 301 with respect to Securities of any series, interest, if any, on the Securities of each series shall be computed on the
basis of a 360-day year consisting of twelve 30-day months.

 

SECTION 312.            Currency
and Manner of Payments in Respect of Securities.

 

(a)            Unless
otherwise specified with respect to any Securities pursuant to Section 301, with respect to Registered Securities of any series not
permitting the election provided for in paragraph (b) below or the Holders of which have not made the election provided for in paragraph
(b) below, payment of the principal of (and premium, if any, on) and interest, if any, on any Registered Security of such series
will be made in the Currency in which such Registered Security is payable. The provisions of this Section 312 may be modified or
superseded with respect to any Securities pursuant to Section 301.

 

(b)            It
may be provided pursuant to Section 301 with respect to Registered Securities of any series that Holders shall have the option, subject
to paragraphs (d) and (e) below, to receive payments of principal of (or premium, if any, on) or interest, if any, on such Registered
Securities in any of the Currencies which may be designated for such election by delivering to the Trustee for such series of Registered
Securities a written election with signature guarantees and in the applicable form established pursuant to Section 301, not later
than the close of business on the Election Date immediately preceding the applicable payment date. If a Holder so elects to receive such
payments in any such Currency, such election will remain in effect for such Holder or any transferee of such Holder until changed by such
Holder or such transferee by written notice to the Trustee for such series of Registered Securities (but any such change must be made
not later than the close of business on the Election Date immediately preceding the next payment date to be effective for the payment
to be made on such payment date and no such change of election may be made with respect to payments to be made on any Registered Security
of such series with respect to which an Event of Default has occurred or with respect to which the Company has deposited funds pursuant
to Article Four or Fourteen or with respect to which a notice of redemption has been given by the Company or a notice of option to
elect repayment has been sent by such Holder or such transferee). Any Holder of any such Registered Security who shall not have delivered
any such election to the Trustee of such series of Registered Securities not later than the close of business on the applicable Election
Date will be paid the amount due on the applicable payment date in the relevant Currency as provided in Section 312(a). The Trustee
for each such series of Registered Securities shall notify the Exchange Rate Agent as soon as practicable after the Election Date of the
aggregate principal amount of Registered Securities for which Holders have made such written election.

 

    	 	 	33

     

    

 

(c)            Unless
otherwise specified pursuant to Section 301, if the election referred to in paragraph (b) above has been provided for pursuant
to Section 301, then, not later than the fourth Business Day after the Election Date for each payment date for Registered Securities
of any series, the Exchange Rate Agent will deliver to the Company a written notice specifying the Currency in which Registered Securities
of such series are payable, the respective aggregate amounts of principal of (and premium, if any, on) and interest, if any, on the Registered
Securities to be paid on such payment date, specifying the amounts in such Currency so payable in respect of the Registered Securities
as to which the Holders of Registered Securities denominated in any Currency shall have elected to be paid in another Currency as provided
in paragraph (b) above. Unless the Trustee is acting as the Exchange Rate Agent, the Trustee shall have no obligation to complete
the actual exchange of distribution amounts from one Currency to another Currency. If the election referred to in paragraph (b) above
has been provided for pursuant to Section 301 and if at least one Holder has made such election, then, unless otherwise specified
pursuant to Section 301, on the second Business Day preceding such payment date the Company will deliver to the Trustee for such
series of Registered Securities an Exchange Rate Officer’s Certificate in respect of the Dollar or Foreign Currency or Currencies
payments to be made on such payment date. Unless otherwise specified pursuant to Section 301, the Dollar or Foreign Currency or Currencies
amount receivable by Holders of Registered Securities who have elected payment in a Currency as provided in paragraph (b) above shall
be determined by the Company on the basis of the applicable Market Exchange Rate in effect on the second Business Day (the “Valuation
Date”) immediately preceding each payment date, and such determination shall be conclusive and binding for all purposes, absent
manifest error.

 

(d)            If
a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable other than pursuant
to an election provided for pursuant to paragraph (b) above, then with respect to each date for the payment of principal of (and
premium, if any) and interest, if any, on the applicable Securities denominated or payable in such Foreign Currency occurring after the
last date on which such Foreign Currency was used (the “Conversion Date”), the Dollar shall be the currency of payment for
use on each such payment date. Unless otherwise specified pursuant to Section 301, the Dollar amount to be paid by the Company to
the Trustee of each such series of Securities and by such Trustee or any Paying Agent to the Holders of such Securities with respect to
such payment date shall be, in the case of a Foreign Currency other than a currency unit, the Dollar Equivalent of the Foreign Currency
or, in the case of a currency unit, the Dollar Equivalent of the Currency Unit, in each case as determined by the Exchange Rate Agent
in the manner provided in paragraph (f) or (g) below.

 

(e)            Unless
otherwise specified pursuant to Section 301, if the Holder of a Registered Security denominated in any Currency shall have elected
to be paid in another Currency as provided in paragraph (b) above, and a Conversion Event occurs with respect to such elected Currency,
such Holder shall receive payment in the Currency in which payment would have been made in the absence of such election; and if a Conversion
Event occurs with respect to the Currency in which payment would have been made in the absence of such election, such Holder shall receive
payment in Dollars as provided in paragraph (d) of this Section 312.

 

    	 	 	34

     

    

 

(f)            The
 “Dollar Equivalent of the Foreign Currency” shall be determined by the Exchange Rate Agent and shall be obtained for each
subsequent payment date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Conversion Date.

 

(g)            The
 “Dollar Equivalent of the Currency Unit” shall be determined by the Exchange Rate Agent and subject to the provisions of paragraph
(h) below shall be the sum of each amount obtained by converting the Specified Amount of each Component Currency into Dollars at
the Market Exchange Rate for such Component Currency on the Valuation Date with respect to each payment.

 

(h)            For
purposes of this Section 312, the following terms shall have the following meanings:

 

A “Component Currency”
shall mean any currency which, on the Conversion Date, was a component currency of the relevant currency unit.

 

A “Specified Amount”
of a Component Currency shall mean the number of units of such Component Currency or fractions thereof which were represented in the relevant
currency unit on the Conversion Date. If after the Conversion Date the official unit of any Component Currency is altered by way of combination
or subdivision, the Specified Amount of such Component Currency shall be divided or multiplied in the same proportion. If after the Conversion
Date two or more Component Currencies are consolidated into a single currency, the respective Specified Amounts of such Component Currencies
shall be replaced by an amount in such single currency equal to the sum of the respective Specified Amounts of such consolidated Component
Currencies expressed in such single currency, and such amount shall thereafter be a Specified Amount and such single currency shall thereafter
be a Component Currency. If after the Conversion Date any Component Currency shall be divided into two or more currencies, the Specified
Amount of such Component Currency shall be replaced by amounts of such two or more currencies, having an aggregate Dollar Equivalent value
at the Market Exchange Rate on the date of such replacement equal to the Dollar Equivalent of the Specified Amount of such former Component
Currency at the Market Exchange Rate immediately before such division, and such amounts shall thereafter be Specified Amounts and such
currencies shall thereafter be Component Currencies. If, after the Conversion Date of the relevant currency unit, a Conversion Event (other
than any event referred to above in this definition of “Specified Amount”) occurs with respect to any Component Currency of
such currency unit and is continuing on the applicable Valuation Date, the Specified Amount of such Component Currency shall, for purposes
of calculating the Dollar Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange Rate in effect on the Conversion
Date of such Component Currency.

 

An “Election Date”
shall mean the Regular Record Date for the applicable series of Registered Securities or at least 16 days prior to Maturity, as the case
may be, or such other prior date for any series of Registered Securities as specified pursuant to clause 13 of Section 301 by which
the written election referred to in Section 312(b) may be made.

 

    	 	 	35

     

    

 

All decisions and determinations of the Exchange
Rate Agent regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market Exchange Rate
and changes in the Specified Amounts as specified above shall be in its sole discretion and shall, in the absence of manifest error, be
conclusive for all purposes and irrevocably binding upon the Company, the Trustee for the appropriate series of Securities and all Holders
of such Securities denominated or payable in the relevant Currency. The Exchange Rate Agent shall promptly give written notice to the
Company and the Trustee for the appropriate series of Securities of any such decision or determination.

 

In the event that the Company determines in good
faith that a Conversion Event has occurred with respect to a Foreign Currency, the Company will immediately give written notice thereof
to the Trustee of the appropriate series of Securities and to the Exchange Rate Agent (and such Trustee will promptly thereafter give
notice in the manner provided in Section 106 to the affected Holders) specifying the Conversion Date. In the event the Company so
determines that a Conversion Event has occurred with respect to any other currency unit in which Securities are denominated or payable,
the Company will immediately give written notice thereof to the Trustee of the appropriate series of Securities and to the Exchange Rate
Agent (and such Trustee will promptly thereafter give notice in the manner provided in Section 106 to the affected Holders) specifying
the Conversion Date and the Specified Amount of each Component Currency on the Conversion Date. In the event the Company determines in
good faith that any subsequent change in any Component Currency as set forth in the definition of Specified Amount above has occurred,
the Company will similarly give written notice to the Trustee of the appropriate series of Securities and to the Exchange Rate Agent.

 

The Trustee of the appropriate series of Securities
shall be fully justified and protected in relying and acting upon information received by it from the Company and the Exchange Rate Agent
and shall not otherwise have any duty or obligation to determine the accuracy or validity of such information independent of the Company
or the Exchange Rate Agent.

 

SECTION 313.            Appointment
and Resignation of Successor Exchange Rate Agent.

 

(a)            Unless
otherwise specified pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a Foreign
Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture,
then the Company will engage and maintain with respect to each such series of Securities, or as so required, at least one Exchange Rate
Agent. The Company will cause the Exchange Rate Agent to make the necessary foreign exchange determinations at the time and in the manner
specified pursuant to Section 301 for the purpose of determining the applicable rate of exchange and, if applicable, for the purpose
of converting the issued Foreign Currency into the applicable payment Currency for the payment of principal (and premium, if any) and
interest, if any, pursuant to Section 312.

 

    	 	 	36

     

    

 

(b)            No
resignation of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this Section shall become
effective until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a written instrument delivered to the
Company and the Trustee of the appropriate series of Securities accepting such appointment executed by the successor Exchange Rate Agent.

 

(c)            If
the Exchange Rate Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Exchange
Rate Agent for any cause, with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall
promptly appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to the Securities of that or those series (it being
understood that any such successor Exchange Rate Agent may be appointed with respect to the Securities of one or more or all of such series
and that, unless otherwise specified pursuant to Section 301, at any time there shall only be one Exchange Rate Agent with respect
to the Securities of any particular series that are originally issued by the Company on the same date and that are initially denominated
and/or payable in the same Currency).

 

SECTION 314.            CUSIP
Numbers.

 

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

 

Article Four

SATISFACTION AND DISCHARGE

 

SECTION 401.            Satisfaction
and Discharge of Indenture.

 

Except as set forth below, this Indenture shall
upon Company Request cease to be of further effect with respect to any series of Securities specified in such Company Request (except
as to any surviving rights of registration of transfer or exchange of Securities of such series expressly provided for herein or pursuant
hereto, any surviving rights of tender for repayment at the option of the Holders and any right to receive Additional Amounts, as provided
in Section 1004), and the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture as to such series when

 

(1)            either

 

(A)            all
Securities of such series theretofore authenticated and delivered (other than (i) Securities of such series which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities of such series for whose
payment money has theretofore been deposited in trust with the Trustee or any Paying Agent or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee
for cancellation; or

 

    	 	 	37

     

    

 

(B)            all
Securities of such series

 

(i)            have
become due and payable, or

 

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

 

(iii)          if
redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the case of (i), (ii) or (iii) above,
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, solely for the benefit
of the Holders, an amount in the Currency in which the Securities of such series are payable, sufficient to pay and discharge the entire
indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest,
if any, to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption
Date, as the case may be;

 

(2)            the
Company has irrevocably paid or caused to be irrevocably paid all other sums payable hereunder by the Company; and

 

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

 

Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee and any predecessor Trustee under Section 606, the obligations of the Company to any Authenticating
Agent under Section 612 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of
this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive any termination
of this Indenture.

 

SECTION 402.            Application
of Trust Funds.

 

Subject to the provisions of the last paragraph
of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any)
and interest, if any, for whose payment such money has been deposited with or received by the Trustee, but such money need not be segregated
from other funds except to the extent required by law. In acting under this Indenture and in connection with the Securities, the Paying
Agent shall act solely as an agent of the Company, and will not thereby assume any obligations towards or relationship of agency or trust
for or with any Holder.

 

    	 	 	38

     

    

 

Article Five

REMEDIES

 

SECTION 501.            Events
of Default.

 

“Event of Default”, wherever used herein
with respect to any particular series of Securities, means any one of the following events (whatever the reason for such Event of Default
and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order
of any court or any order, rule or regulation of any administrative or governmental body), unless it is either inapplicable to a
particular series or is specifically deleted or modified in or pursuant to the supplemental indenture or a Board Resolution establishing
such series of Securities or is in the form of Security for such series:

 

(1)            default
in the payment of any interest upon any Security of that series when such interest becomes due and payable, and continuance of such default
for a period of 30 days; or

 

(2)            default
in the payment of the principal of (or premium, if any, on) any Security of that series when it becomes due and payable at its Maturity,
and continuance of such default for a period of 5 Business Days; or

 

(3)            default
in the deposit of any sinking fund payment, when and as due by the terms of any Security of that series, and continuance of such default
for a period of 5 Business Days; or

 

(4)            default
in the performance, or breach, of any covenant or agreement of the Company in this Indenture with respect to any Security of that series
(other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section specifically dealt
with or which has expressly been included in this Indenture solely for the benefit of a series of Securities other than that series),
and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the
Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities
of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder;

 

(5)            the
Company, pursuant to or within the meaning of any Bankruptcy Law:

 

(A)            commences
a voluntary case or proceeding under any Bankruptcy Law,

 

(B)            consents
to the commencement of any bankruptcy or insolvency case or proceeding against it, or files a petition or answer or consent seeking reorganization
or relief against it,

 

(C)            consents
to the entry of a decree or order for relief against it in an involuntary case or proceeding,

 

    	 	 	39

     

    

 

(D)            consents
to the filing of such petition or to the appointment of or taking possession by a Custodian of the Company or for all or substantially
all of its property, or

 

(E)            makes
an assignment for the benefit of creditors, or admits in writing of its inability to pay its debts generally as they become due or takes
any corporate action in furtherance of any such action; or

 

(6)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)            is
for relief against the Company in an involuntary case or proceeding, or

 

(B)            adjudges
the Company bankrupt or insolvent, or approves as properly filed a petition seeking reorganization, arrangement, adjustment or composition
of or in respect of the Company, or

 

(C)            appoints
a Custodian of the Company or for all or substantially all of its property, or

 

(D)            orders
the winding up or liquidation of the Company,

 

and the continuance of any such decree or order for relief or any such
other decree or order unstayed and in effect for a period of 90 consecutive days; or

 

(7)            if,
pursuant to Sections 18(a)(1)(c)(ii) and 61 of the Investment Company Act of 1940, as amended, on the last business day of each of
twenty-four consecutive calendar months Securities of that series shall have an asset coverage (as such term is used in the Investment
Company Act of 1940) of less than 100 per centum, after giving effect to any exemptive relief granted to the Company by the Commission;

 

(8)            any
other Event of Default provided with respect to Securities of that series.

 

The term “Bankruptcy Law” means title 11, U.S. Code or
any applicable federal or state bankruptcy, insolvency, reorganization or other similar law. The term “Custodian” means any
custodian, receiver, trustee, assignee, liquidator, sequestrator or other similar official under any Bankruptcy Law.

 

SECTION 502.            Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default with respect to Securities
of any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than
25% in principal amount of the Outstanding Securities of that series may (and the Trustee shall at the request of such Holders) declare
the principal (or, if any Securities are Original Issue Discount Securities or Indexed Securities, such portion of the principal as may
be specified in the terms thereof) of all the Securities of that series to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or specified portion thereof shall
become immediately due and payable.

 

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Any application by the Trustee for written instructions
from the requisite amount of Holders (as determined pursuant to this Indenture) may, at the option of the Trustee, set forth in writing
any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be
taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance
with a proposal included in such application on or after the date specified in such application unless prior to taking any such action
(or the effective date in the case of an omission), the Trustee shall have received written instructions from the requisite amount of
Holders (as determined pursuant to this Indenture) in response to such application specifying the action to be taken or omitted.

 

At any time after such a declaration of acceleration
with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter provided in this Article, the Holders of a majority in principal amount of the Outstanding Securities of
that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if:

 

(1)            the
Company has paid or deposited with the Trustee a sum sufficient to pay in the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in
Sections 312(b), 312(d) and 312(e)):

 

(A)            all
overdue installments of interest, if any, on all Outstanding Securities of that series,

 

(B)            the
principal of (and premium, if any, on) all Outstanding Securities of that series which have become due otherwise than by such declaration
of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities,

 

(C)            to
the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or rates borne by or provided
for in such Securities, and

 

(D)            all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel; and

 

(2)            all
Events of Default with respect to Securities of that series, other than the nonpayment of the principal of (or premium, if any) or interest
on Securities of that series that have become due solely by such declaration of acceleration, have been cured or waived as provided in
Section 513.

 

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

 

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SECTION 503.            Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if:

 

(1)            default
is made in the payment of any installment of interest on any Security of any series when such interest becomes due and payable and such
default continues for a period of 30 days, or

 

(2)            default
is made in the payment of the principal of (or premium, if any, on) any Security of any series at its Maturity,

 

then the Company will, upon demand of the Trustee, pay to the Trustee,
for the benefit of the Holders of Securities of such series, the whole amount then due and payable on such Securities for principal (and
premium, if any) and interest, if any, with interest upon any overdue principal (and premium, if any) and, to the extent that payment
of such interest shall be legally enforceable, upon any overdue installments of interest, if any, at the rate or rates borne by or provided
for in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel.

 

If the Company fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company
or any other obligor upon Securities of such series and collect the moneys adjudged or decreed to be payable in the manner provided by
law out of the property of the Company or any other obligor upon such Securities of such series, wherever situated.

 

If an Event of Default with respect to Securities
of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of
the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect
and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise
of any power granted herein, or to enforce any other proper remedy.

 

SECTION 504.            Trustee
May File Proofs of Claim.

 

In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or
any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective
of whether the principal of the Securities of any series shall then be due and payable as therein expressed or by declaration or otherwise
and irrespective of whether the Trustee shall have made any demand on the Company for the payment of any overdue principal, premium or
interest) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(i)            to
file and prove a claim for the whole amount of principal (or in the case of Original Issue Discount Securities or Indexed Securities,
such portion of the principal as may be provided for in the terms thereof) (and premium, if any) and interest, if any, owing and unpaid
in respect of the Securities and to file such other papers or documents, and take such other actions, including voting for the election
of a Trustee in bankruptcy or similar official and serving on a committee of creditors, as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel) and of the Holders allowed in such judicial proceeding, and

 

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(ii)           to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian,
receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized
by each Holder 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 the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee
or any predecessor Trustee under Section 606.

 

Subject to Article Eight and Section 902
and unless otherwise provided as contemplated by Section 301, nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder of a Security any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim
of any Holder of a Security in any such proceeding.

 

SECTION 505.            Trustee
May Enforce Claims Without Possession of Securities.

 

All rights of action and claims under this Indenture
or any of the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production
thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name and as
trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect
of which such judgment has been recovered.

 

SECTION 506.            Application
of Money Collected.

 

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

 

FIRST: To the payment of all amounts
due the Trustee and any predecessor Trustee under Section 606 and any other agent hereunder;

 

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

 

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THIRD: To the payment of the remainder,
if any, to the Company or any other Person or Persons entitled thereto.

 

SECTION 507.            Limitation
on Suits.

 

No Holder of any Security of any series shall have
any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless:

 

(1)            such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;

 

(2)            the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(3)            such
Holder or Holders have offered to the Trustee indemnity, security, or both, satisfactory to the Trustee, against the costs, expenses and
liabilities to be incurred in compliance with such request;

 

(4)            the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity and/or security has failed to institute any such
proceeding; and

 

(5)            no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of that series;

 

it being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to
enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.

 

SECTION 508.            Unconditional
Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right which is absolute and unconditional to receive payment of the principal of (and premium,
if any) and (subject to Sections 305 and 307) interest, if any, on such Security on the Stated Maturity or Maturities expressed in such
Security (or, in the case of redemption, on the Redemption Date or, in the case of repayment at the option of the Holders on the Repayment
Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such
Holder.

 

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SECTION 509.            Restoration
of Rights and Remedies.

 

If the Trustee or any Holder of a Security has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for
any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and
the Holders of Securities shall, subject to any determination in such proceeding, be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding
had been instituted.

 

SECTION 510.            Rights
and Remedies Cumulative.

 

Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders of Securities is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

SECTION 511.            Delay
or Omission Not Waiver.

 

No delay or omission of the Trustee or of any Holder
of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute
a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of Securities,
as the case may be.

 

SECTION 512.            Control
by Holders of Securities.

 

Subject to Section 602, the Holders of a majority
in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities
of such series, provided that

 

(1)            such
direction shall not be in conflict with any rule of law or with this Indenture,

 

(2)            the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction

 

(3)            the
Trustee need not take any action that might involve it in personal liability or be unjustly prejudicial to the Holders of Securities of
such series not consenting (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions
or forbearances are unduly prejudicial to such Holders), and

 

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(4)            prior
to taking any such action hereunder, the Trustee may demand security and/or indemnity satisfactory to it in accordance with Section 602.

 

SECTION 513.            Waiver
of Past Defaults.

 

Subject to Section 502, the Holders of not
less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities
of such series waive any past default hereunder with respect to Securities of such series and its consequences, except a default

 

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

 

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

 

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

 

SECTION 514.            Waiver
of Stay or Extension Laws.

 

The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance
of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any
such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been enacted.

 

Article Six

THE TRUSTEE

 

SECTION 601.            Notice
of Defaults.

 

Within 90 days after the occurrence of any Default
hereunder with respect to the Securities of any series, the Trustee shall transmit in the manner and to the extent provided in TIA Section 313(c),
notice of such Default hereunder known to a Responsible Officer of the Trustee, unless such Default shall have been cured or waived; provided,
however, that, except in the case of a Default in the payment of the principal of (or premium, if any) or interest, if any, on
any Security of such series, or in the payment of any sinking or purchase fund installment with respect to the Securities of such series,
the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust
committee of directors and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the
interest of the Holders of the Securities of such series; and provided further that in the case of any Default or breach of the
character specified in Section 501 (4) with respect to the Securities of such series, no such notice to Holders shall be given
until at least 60 days after the occurrence thereof.

 

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SECTION 602.            Certain
Rights and Duties of Trustee.

 

		(1)	Prior to the time when the occurrence of an Event of Default becomes known to a Responsible Officer of the Trustee and after the curing
or waiving of all such Events of Default with respect to a series of Securities that may have occurred:

 

(a)            the
duties and obligations of the Trustee hereunder and with respect to the Securities of any series shall be determined solely by the express
provisions of this Indenture, including without limitation Section 107 of this Indenture, and the Trustee shall not be liable with
respect to the Securities except for the performance of such duties and obligations as are specifically set forth in this Indenture, including
without limitation Section 107 of 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 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 on their face to the requirements
of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated herein).

 

(2)            If
an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct
of such person’s own affairs.

 

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

 

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

 

(5)            Any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other than
delivery of any Security, to the Trustee for authentication and delivery pursuant to Section 303 which shall be sufficiently evidenced
as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution.

 

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(6)            Whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may require and, in the absence
of bad faith on its part, rely upon a Board Resolution, an Opinion of Counsel or an Officers’ Certificate.

 

(7)            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, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

(8)            The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall have offered to the Trustee security
and/or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with
such request or direction.

 

(9)            The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled upon reasonable notice and at reasonable times during normal
business hours to examine the books, records and premises of the Company, personally or by agent or attorney.

 

(10)          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.

 

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

 

(12)          The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder.

 

(13)          The
permissive rights of the Trustee enumerated herein shall not be construed as duties and the Trustee shall not be answerable for other
than its own negligent action, its own negligent failure to act or its own willful misconduct with respect to such permissive rights.

 

(14)          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 Outstanding Securities of a series 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 such Securities.

 

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(15)            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.

 

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

 

(17)            In
no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind (including, but not limited
to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action.

 

(18)            The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes;
fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities,
computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military authorities and governmental
action.

 

Every provision of this Indenture relating to the
conduct of, or affecting the liability of, or affording protection to, the Trustee shall be subject to the relevant provisions of this
Section 602 and the TIA.

 

The Trustee shall not be required to expend or
risk its own funds, give any bond or surety in respect of the performance of its powers and duties hereunder, or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity and/or security against such risk or liability is not reasonably
assured to it.

 

The parties hereto acknowledge that in order to
help the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations that
became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act) all financial institutions are required to obtain,
verify, record and update information that identifies each person establishing a relationship or opening an account. The parties to this
Indenture agree that they will provide to the Trustee such information as it may request, from time to time, in order for the Trustee
to satisfy the requirements of the USA PATRIOT Act, including but not limited to the name, address, tax identification number and other
information that will allow it to identify the individual or entity who is establishing the relationship or opening the account and may
also ask for formation documents such as articles of incorporation or other identifying documents to be provided.

 

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SECTION 603.            Not
Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein and in the Securities,
except the Trustee’s certificate of authentication, shall be taken as the statements of the Company, and neither the Trustee nor
any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities, except that the Trustee represents that it is duly authorized to execute and deliver
this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of
Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither the
Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

SECTION 604.            May Hold
Securities.

 

The Trustee, any Paying Agent, Security Registrar,
Authenticating Agent or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities
and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with the same rights it would have if it were not
Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other agent.

 

SECTION 605.            Money
Held in Trust.

 

Money held by the Trustee in trust hereunder need
not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed with the Company.

 

SECTION 606.            Compensation
and Reimbursement and Indemnification of Trustee.

 

The
Company agrees:

 

(1)            To
pay to the Trustee or any predecessor Trustee from time to time such compensation for all services rendered by it hereunder as has been
agreed upon from time to time in writing (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust).

 

(2)            Except
as otherwise expressly provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee or any predecessor Trustee in accordance with any provision of this
Indenture (including the reasonable compensation and the expenses and disbursements of its agents, counsel, accountants and experts),
except any such expense, disbursement or advance as may be attributable to its negligence or willful misconduct.

 

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(3)            To
indemnify each of the Trustee or any predecessor Trustee and their respective officers, directors, employees, representatives and agents,
for, and to hold it harmless against, any loss, liability or expense incurred without negligence or willful misconduct on its own part,
arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses
(including reasonable fees and expenses of its agents and counsel) of defending itself against any claim or liability in connection with
the exercise or performance of any of its powers or duties hereunder. The Trustee shall notify the Company of any third-party claim for
which it may seek indemnity promptly upon obtaining actual knowledge thereof. Failure by the Trustee to so notify the Company shall not
relieve the Company of its obligations hereunder unless, and solely to the extent that, such failure materially prejudices the Company’s
defense of such claim. The Company shall defend the claim, with counsel satisfactory to the Trustee, and the Trustee shall provide reasonable
cooperation at the Company’s expense in the defense; provided that if the defendants in any such claim include both the Company
and the Trustee and the Trustee shall have concluded that there may be legal defenses available to it which are different from or additional
to those available to the Company, or the Trustee has concluded that there may be any other actual or potential conflicting interests
between the Company and the Trustee, the Trustee shall have the right to select one separate counsel and the Company shall be required
to pay the reasonable and documented fees and expenses of such separate counsel. Any settlement that involves the Trustee may not be entered
into without the written consent of the Trustee (which consent shall not be unreasonably withheld), unless the Trustee is given a full
and unconditional release from liability with respect to the claims covered thereby and such settlement does not include a statement or
admission of fault, culpability or failure to act by or on behalf of the Trustee. Any settlement by the Trustee which affects the Company
may not be entered into without the written consent of the Company, unless such settlement does not include a statement or admission of
fault, culpability or failure to act by or on behalf of the Company.

 

As security for the performance of the obligations
of the Company under this Section, the Trustee shall have a claim prior to the Securities upon all property and funds held or collected
by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest, if any, on particular
Securities.

 

When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 501 occurs, the expenses and compensation for such services are intended to constitute
expenses of administration under Title 11, U.S. Code, or any similar Federal, State or analogous foreign law for the relief of debtors.

 

The provisions of this Section 606 shall survive
the resignation or removal of the Trustee and the satisfaction, termination or discharge of this Indenture.

 

SECTION 607.            Corporate
Trustee Required; Eligibility.

 

There shall at all times be a Trustee hereunder
that shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least
$50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of Federal,
State, Territorial or the District of Columbia supervising or examining authority, then for the purposes of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

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SECTION 608.            Disqualification;
Conflicting Interests.

 

If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and
in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

 

SECTION 609.            Resignation
and Removal; Appointment of Successor.

 

(a)            No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until
the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 610. All outstanding
fees, expenses and indemnities of the Trustee shall be satisfied by the Company upon resignation or removal.

 

(b)            The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.

 

(c)            The
Trustee may be removed at any time with respect to the Securities of any series by (i) the Company, by an Officers’ Certificate
delivered to the Trustee, provided that contemporaneously therewith (x) the Company immediately appoints a successor Trustee
with respect to the Securities of such series meeting the requirements of Section 607 hereof and (y) the terms of Section 610
hereof are complied with in respect of such appointment (the Trustee being removed hereby agreeing to execute the instrument contemplated
by Section 610(b) hereof, if applicable, under such circumstances) and provided further that no Default with respect
to such Securities shall have occurred and then be continuing at such time, or (ii) Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to the Trustee and to the Company.

 

(d)            If
at any time:

 

(1)            the
Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company or by any
Holder of a Security who has been a bona fide Holder of a Security for at least six months, or

 

(2)            the
Trustee shall cease to be eligible under Section 607 and shall fail to resign after written request therefor by the Company or by
any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or

 

(3)            the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then, in any such case, (i) the Company by or pursuant to a Board Resolution may remove
the Trustee and appoint a successor Trustee with respect to all Securities, or (ii) subject to TIA Section 315(e), any Holder
of a Security who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment
of a successor Trustee or Trustees.

 

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(e)            If
an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of a notice
of resignation or the delivery of an Act of removal, the Trustee resigning or being removed may petition any court of competent jurisdiction
for the appointment of a successor Trustee.

 

(f)            If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause
with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be
appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series). If, within one year after such resignation, removal or incapability, or the occurrence
of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority
in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee
so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Securities of
such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Company or the Holders of Securities and accepted appointment in the manner hereinafter
provided, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to Securities of such series.

 

(g)            The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series in the manner provided for notices to the Holders of Securities in
Section 106. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address
of its Corporate Trust Office.

 

SECTION 610.            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 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 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, subject nevertheless to its claim, if any, provided for in Section 606.

 

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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 that (1) shall contain such provisions as shall
be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates,
(2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary
or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that
or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such Trustees co-trustees of the same trust and 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 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 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 all 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. Whenever there is a successor Trustee with respect to one or more (but less than all) series of securities
issued pursuant to this Indenture, the terms “Indenture” and “Securities” shall have the meanings specified in
the provisos to the respective definition of those terms in Section 101 which contemplate such situation.

 

(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.

 

SECTION 611.            Merger,
Conversion, Consolidation or Succession to Business.

 

Any corporation into which the Trustee may be merged
or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 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. In case any Securities shall not have been authenticated by such predecessor
Trustee, any such successor Trustee may authenticate and deliver such Securities, in either its own name or that of its predecessor Trustee,
with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee; provided, however,
that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities in the name of any
predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

 

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SECTION 612.            Appointment
of Authenticating Agent.

 

At any time when any of the Securities remain Outstanding,
the Trustee may appoint an Authenticating Agent or Agents (which may be an Affiliate or Affiliates of the Company) with respect to one
or more series of Securities that shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued
upon original issue or upon exchange, registration of 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.
Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, a copy of which instrument
shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication and delivery of Securities
by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery
on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and, except as may otherwise be provided pursuant to Section 301,
shall at all times be a bank or trust company or corporation organized and doing business and in good standing under the laws of the United
States of America or of any State or the District of Columbia, authorized under such laws to act as Authenticating Agent, eligible to
serve as trustee hereunder pursuant to Section 607. If such Authenticating Agent publishes reports of condition at least annually,
pursuant to law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.

 

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

 

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An Authenticating Agent for any series of Securities
may at any time resign by giving written notice of resignation to the Trustee for such series and to the Company. The Trustee for any
series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of termination to such Authenticating
Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee for such series may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall promptly give written notice of such appointment to all Holders
of Securities of the series with respect to which such Authenticating Agent will serve in the manner set forth in Section 106. Any
successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties
of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent herein. No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section.

 

The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services under this Section.

 

If an appointment with respect to one or more series
is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu of the Trustee’s
certificate of authentication, an alternate certificate of authentication substantially in the following form:

 

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

 

	 	 	U.S. Bank Trust Company, National Association, as Trustee
	 	 	 
	 	By:	 
	 	 	as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

If all of the Securities of a series may not be
originally issued at one time, and the Trustee does not have an office capable of authenticating Securities upon original issuance located
in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if
so requested by the Company in writing (which writing need not comply with Section 102 and need not be accompanied by an Opinion
of Counsel), shall appoint in accordance with this Section an Authenticating Agent (which, if so requested by the Company, shall
be an Affiliate of the Company) having an office in a Place of Payment designated by the Company with respect to such series of Securities,
provided that the terms and conditions of such appointment are acceptable to the Trustee.

 

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Article Seven

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

SECTION 701.            Company
to Furnish Trustee Names and Addresses of Holders.

 

The Company will furnish or cause to be furnished
to the Trustee:

 

(a)            Semi-annually,
not later than March 15 and September 15 in each year, a list, in such form as the Trustee may reasonably require, of the names
and addresses of the Holders of Securities of each series as of the preceding March 1 or September 1, as the case may be; and

 

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

 

Excluding
from any such list names and addresses received by the Trustee in its capacity as Security Registrar.

 

Every Holder of Securities, by receiving and holding
the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any Authenticating Agent nor any Paying
Agent nor any Security Registrar nor any agent of any of them shall be held accountable by reason of the disclosure of any information
as to the names and addresses of the Holders of Securities in accordance with TIA Section 312, regardless of the source from which
such information was derived.

 

SECTION 702.            Preservation
of Information; Communications to Holders.

 

(a)            The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity
as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so
furnished.

 

(b)            The
rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the
corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act.

 

(c)            Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee
nor any Authenticating Agent nor any Paying Agent nor any Security Registrar nor any agent of any of them shall be held accountable by
reason of the disclosure of any information as to the names and addresses of the Holders of Securities in accordance with TIA Section 312,
regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under TIA Section 312(b).

 

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SECTION 703.            Reports
by Trustee.

 

Within 60 days after May 15 of each year commencing
with the first May 15 after the first issuance of Securities pursuant to this Indenture, the Trustee shall transmit by mail to all
Holders of Securities in the manner and to the extent provided in TIA Section 313(c) a brief report dated as of such May 15
which meets the requirements of TIA Section 313(a).

 

A copy of each such report shall, at the time of
such transmission to such Holders, be filed by the Trustee with each stock exchange, if any, upon which the Securities are listed, with
the Commission and with the Company. The Company will promptly notify the Trustee of the listing of the Securities on any stock exchange.
In the event that, on any such reporting date, no events have occurred under the applicable sections of the TIA within the 12 months preceding
such reporting date, the Trustee shall be under no duty or obligation to provide such reports.

 

SECTION 704.            Reports
by Company.

 

The Company will:

 

(1)            file
with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports and
of the information, documents, and other reports (or copies of such portions of any of the foregoing as the Commission may from time to
time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13
or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or
reports pursuant to either of such Sections, then it will file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports
which may be required pursuant to Section 13 of the Securities Exchange Act of 1934 in respect of a security listed and registered
on a national securities exchange as may be prescribed from time to time in such rules and regulations; and

 

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

 

Delivery of such reports, information, and documents
to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of
any information contained therein or determinable from information contained therein, including the Company’s compliance with any
of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on Officers’ Certificates). Notwithstanding
anything to the contrary set forth herein, for the purposes of this Section, any information, documents or reports filed electronically
with the Commission and made publicly available shall be deemed filed with and delivered to the Trustee at the same time as filed with
the Commission.

 

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The Trustee shall transmit by mail to the Holders
of Securities, within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in TIA Section 313(c),
such summaries of any information, documents and reports required to be filed by the Company pursuant to subparagraphs (1) and (2) of
this Section as may be required by rules and regulations prescribed from time to time by the Commission. In no event shall the
Trustee be obligated to determine whether or not any report, information or document shall have been filed with the Commission.

 

SECTION 705.            Calculation
of Original Issue Discount.

 

Upon request of the Trustee, the Company shall
file with the Trustee promptly at the end of each calendar year a written notice specifying the amount of original issue discount (including
daily rates and accrual periods), if any, accrued on Outstanding Securities as of the end of such year.

 

Article Eight

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

 

SECTION 801.            Company
May Consolidate, Etc., Only on Certain Terms.

 

The Company shall not consolidate with or merge
with or into any other entity or convey or transfer all or substantially all of its properties and assets to any Person, unless:

 

(1)            either
the Company shall be the continuing entity, or the entity (if other than the Company) formed by such consolidation or into which the Company
is merged or the Person which acquires by conveyance or transfer the properties and assets of the Company substantially as an entirety
shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee,
the due and punctual payment of the principal of (and premium, if any) and interest, if any, on all the Securities and the performance
of every covenant of this Indenture on the part of the Company to be performed or observed;

 

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

 

(3)            the
Company and the successor Person have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that
such consolidation, merger, conveyance or transfer and such supplemental indenture comply with this Article and that all conditions
precedent herein provided for relating to such transaction have been complied with.

 

For the purposes of this Section 801, the
sale, transfer, lease, conveyance or other disposition of all the property of one or more Subsidiaries of the Company, which property,
if held by the Company instead of such Subsidiaries, would constitute all or substantially all the property of the Company on a consolidated
basis, shall be deemed to be the transfer of all or substantially all the property of the Company.

 

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SECTION 802.            Successor
Person Substituted.

 

Upon any consolidation or merger, or any conveyance
or transfer of the properties and assets of the Company substantially as an entirety in accordance with Section 801, the successor
entity formed by such consolidation or into which the Company is merged or the successor Person to which such conveyance or transfer is
made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same
effect as if such successor had been named as the Company herein; and in the event of any such conveyance or transfer, the Company shall
be discharged from all obligations and covenants under this Indenture and the Securities and may be dissolved and liquidated.

 

Article Nine

SUPPLEMENTAL INDENTURES

 

SECTION 901.            Supplemental
Indentures Without Consent of Holders.

 

Without the consent of any Holders of Securities,
the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for any of the following purposes:

 

(1)            to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein
and in the Securities contained; or

 

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

 

(3)            to
add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such Events of Default
are to be for the benefit of less than all series of Securities, stating that such Events of Default are expressly being included solely
for the benefit of such series); provided, however, that in respect of any such additional Events of Default such supplemental
indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case
of other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee upon
such default or may limit the right of the Holders of a majority in aggregate principal amount of that or those series of Securities to
which such additional Events of Default apply to waive such default; or

 

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

 

(5)            to
secure the Securities; or

 

(6)            to
establish the form or terms of Securities of any series as permitted by Sections 201 and 301, including the provisions and procedures
relating to Securities convertible into or exchangeable for any securities of any Person (including the Company), or to authorize the
issuance of additional Securities of a series previously authorized or to add to the conditions, limitations or restrictions on the authorized
amount, terms or purposes of issue, authentication or delivery of the Securities of any series, as herein set forth, or other conditions,
limitations or restrictions thereafter to be observed; or

 

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

 

(8)            to
cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make
any other provisions with respect to matters or questions arising under this Indenture; provided that such action shall not adversely
affect the interests of the Holders of Securities of any series in any material respect; or

 

(9)            to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge
of any series of Securities pursuant to Sections 401, 1402 and 1403; provided that any such action shall not adversely affect the
interests of the Holders of Securities of such series or any other series of Securities in any material respect.

 

SECTION 902.            Supplemental
Indentures with Consent of Holders.

 

With the consent of the Holders of not less than
a majority in aggregate principal amount of all Outstanding Securities affected by such supplemental indenture, by Act of said Holders
delivered to the Company and the Trustee, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee may enter
into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture that affects such series of Securities or of modifying in any manner the rights of the Holders
of such series of Securities under this Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Security affected thereby:

 

(1)            change
the Stated Maturity of the principal of (or premium, if any) or any installment of principal of or interest on, any Security, subject
to the provisions of Section 308; or the terms of any sinking fund with respect to any Security; or reduce the principal amount thereof
or the rate of interest (or change the manner of calculating the rate of interest, thereon, or any premium payable upon the redemption
thereof, or change any obligation of the Company to pay Additional Amounts pursuant to Section 1004 (except as contemplated by Section 801(1) and
permitted by Section 901(1)), or reduce the portion of the principal of an Original Issue Discount Security or Indexed Security that
would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or upon the redemption
thereof or the amount thereof provable in bankruptcy pursuant to Section 504, or adversely affect any right of repayment at the option
of the Holder of any Security, or change any Place of Payment where, or the Currency in which, any Security or any premium or interest
thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof
(or, in the case of redemption or repayment at the option of the Holder, on or after the Redemption Date or the Repayment Date, as the
case may be), or adversely affect any right to convert or exchange any Security as may be provided pursuant to Section 301 herein,
or modify the subordination provisions set forth in Article Sixteen in a manner that is adverse to the Holder of any Outstanding
Security, or

 

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(2)            reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any waiver with respect to such series (of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or reduce the requirements
of Section 1504 for quorum or voting, or

 

(3)            modify
any of the provisions of this Section, Section 513 or Section 1006, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder of a Security
with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this
proviso, in accordance with the requirements of Sections 610(b) and 901(8).

 

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

 

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

 

The Company may, but shall not be obligated to,
fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto. If a record date
is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such
supplemental indenture, whether or not such Holders remain Holders after such record date; provided, that unless such consent shall have
become effective by virtue of the requisite percentage having been obtained prior to the date that is 90 days after such record date,
any such consent previously given shall automatically and without further action by any Holder be cancelled and of no further effect.

 

SECTION 903.            Execution
of Supplemental Indentures.

 

In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and shall be fully protected in relying upon, in addition to the documents required by Section 102
of this Indenture, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this
Indenture. The Trustee may, but 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.

 

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SECTION 904.            Effect
of Supplemental Indentures.

 

Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby.

 

SECTION 905.            Conformity
with Trust Indenture Act.

 

Every supplemental indenture executed pursuant
to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 

SECTION 906.            Reference
in Securities to Supplemental Indentures.

 

Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article may, and shall, if required by the Trustee, bear a notation
in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities
of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared
and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.

 

Article Ten

COVENANTS

 

SECTION 1001.            Payment
of Principal, Premium, if any, and Interest.

 

The Company covenants and agrees for the benefit
of the Holders of each series of Securities that it will duly and punctually pay the principal of (and premium, if any, on) and interest,
if any, on the Securities of that series in accordance with the terms of such series of Securities and this Indenture. Unless otherwise
specified with respect to Securities of any series pursuant to Section 301, at the option of the Company, all payments of principal
may be paid by check to the registered Holder of the Registered Security or other person entitled thereto against surrender of such Security.

 

SECTION 1002.            Maintenance
of Office or Agency.

 

The Company shall maintain in each Place of Payment
for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities
of that series may be surrendered for registration of transfer or exchange, where Securities of that series that are convertible or exchangeable
may be surrendered for conversion or exchange, as applicable, and where notices and demands to or upon the Company in respect of the Securities
of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change
in the location, of each such office or agency. If at any time the Company shall fail to maintain any such required office or agency in
respect of any series of Securities or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee at its Corporate
Trust Office as its agent to receive such respective presentations, surrenders, notices and demands.

 

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The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all of such
purposes, and may from time to time rescind such designations; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements set forth
above for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency. Unless otherwise specified with respect to any Securities
pursuant to Section 301 with respect to a series of Securities, the Company hereby designates as a Place of Payment for each series
of Securities the office or agency of the Company in the Borough of Manhattan, The City of New York, and initially appoints the Trustee
at its corporate trust office in the Borough of Manhattan, The City of New York as its agent to receive all such presentations, surrenders,
notices and demands.

 

Unless otherwise specified with respect to any
Securities pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a currency other than
Dollars or (ii) may be payable in a currency other than Dollars, or so long as it is required under any other provision of the Indenture,
then the Company will maintain with respect to each such series of Securities, or as so required, at least one Exchange Rate Agent.

 

SECTION 1003.            Money
for Securities Payments to Be Held in Trust.

 

If the Company shall at any time act as its own
Paying Agent with respect to any series of any Securities, it will, on or before each due date of the principal of (or premium, if any)
or interest, if any, on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto
a sum in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for
the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)), sufficient to pay the
principal (and premium, if any) and interest, if any, on Securities of such series so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act.

 

Whenever the Company shall have one or more Paying
Agents for any series of Securities, it will, on or before each due date of the principal of (or premium, if any) or interest, if any,
on any Securities of that series, deposit with a Paying Agent a sum (in the Currency or Currencies described in the preceding paragraph)
sufficient to pay the principal (or premium, if any) or interest, if any, so becoming due, such sum of money 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 its action or failure so to act.

 

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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 by Company Order direct any Paying Agent
to pay, to the Trustee all sums of money held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the
same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to
the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.

 

Except as otherwise provided in the Securities
of any series, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of (or premium, if any) or interest, if any, on any Security of any series and remaining unclaimed for two years after such
principal, premium or interest has become due and payable shall be paid to the Company upon Company Request, or (if then held by the Company)
shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to
the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such money held in trust, and all
liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper,
notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date
of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

SECTION 1004.            Additional
Amounts.

 

If the Securities of a series provide for the payment
of Additional Amounts, the Company will pay to the Holder of any Security of such series such Additional Amounts as may be specified as
contemplated by Section 301. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of (or premium,
if any) or interest, if any, on any Security of any series or the net proceeds received on the sale or exchange of any Security of any
series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for by the terms of such series
established pursuant to Section 301 to the extent that, in such context, Additional Amounts are, were or would be payable in respect
thereof pursuant to such terms and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall
not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made.

 

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Except as otherwise specified as contemplated by
Section 301, if the Securities of a series provide for the payment of Additional Amounts, at least 10 days prior to the first Interest
Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest prior to Maturity,
the first day on which a payment of principal premium is made), and at least 10 days prior to each date of payment of principal, premium
or interest if there has been any change with respect to the matters set forth in the below-mentioned Officers’ Certificate, the
Company will furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officers’
Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal, premium or interest on the
Securities of that series shall be made to Holders of Securities of that series who are not United States persons without withholding
for or on account of any tax, assessment or other governmental charge described in the Securities of that series. If any such withholding
shall be required, then such Officers’ Certificate shall specify by country the amount, if any, required to be withheld on such
payments to such Holders of Securities of that series and the Company will pay to the Trustee or such Paying Agent the Additional Amounts
required by the terms of such Securities. In the event that the Trustee or any Paying Agent, as the case may be, shall not so receive
the above-mentioned certificate, then the Trustee or such Paying Agent shall be entitled (i) to assume that no such withholding or
deduction is required with respect to any payment of principal or interest with respect to any Securities of a series until it shall have
received a certificate advising otherwise and (ii) to make all payments of principal and interest with respect to the Securities
of a series without withholding or deductions until otherwise advised. The Company covenants to indemnify the Trustee and any Paying Agent
for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part
arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished
pursuant to this Section or in reliance on the Company’s not furnishing such an Officers’ Certificate.

 

SECTION 1005.            Statement
as to Compliance.

 

(1)            The
Company will deliver to the Trustee, within 120 days after the end of each fiscal year ending after the date hereof (which fiscal year
ends on December 31), so long as any Security is Outstanding hereunder, a brief certificate from one signer who is either the principal
executive officer, principal financial officer or principal accounting officer of the Company, that need not comply with Section 102
stating to the knowledge of the signer thereof whether the Company is in default in the performance of any of the terms, provisions or
conditions and covenants under this Indenture. For purposes of this Section 1005, such compliance shall be determined without regard
to any period of grace or requirement of notice under this Indenture.

 

(1)            The
Company will, so long as any series of Securities are Outstanding, deliver to the Trustee, within 5 Business Days of any officer listed
in (1) above becoming aware of any Default, Event of Default or default in the performance of any covenant, agreement or condition
contained in this Indenture, an Officers’ Certificate specifying such Default, Event of Default, default or event of default and
what action the Company is taking or proposes to take with respect thereto and the status thereof.

 

SECTION 1006.            Waiver
of Certain Covenants.

 

As specified pursuant to Section 301(15),
for Securities of any series, the Company may omit in any particular instance to comply with any covenant or condition set forth in any
covenants of the Company added to Article Ten pursuant to Section 301(14) or Section 301 (15) in connection with the Securities
of a series, if before or after the time for such compliance the Holders of at least a majority in aggregate principal amount of all Outstanding
Securities of such series, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such
covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived,
and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant
or condition shall remain in full force and effect.

 

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Article Eleven

REDEMPTION OF SECURITIES

 

SECTION 1101.            Applicability
of Article.

 

Securities of any series that are redeemable before
their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301
for Securities of any series) in accordance with this Article.

 

SECTION 1102.            Election
to Redeem; Notice to Trustee.

 

The election of the Company to redeem any Securities
shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company of less than all of
the Securities of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter
notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date and of the principal amount of Securities
of such series to be redeemed, and, if applicable, of the tenor of the Securities to be redeemed, and shall deliver to the Trustee such
documentation and records as shall enable the Trustee to select the Securities to be redeemed pursuant to Section 1103. In the case
of any redemption of Securities of any series 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 such restriction.

 

SECTION 1103.            Selection
by Trustee of Securities to Be Redeemed.

 

If less than all the Securities of any series issued
on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee in accordance with the applicable Depository procedures. If the Securities to be redeemed
or repurchased are not global Securities then held by the Depository, the Trustee shall select the Securities to be redeemed (i) if
the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities
exchange on which the securities are listed, (ii) on a pro rata basis to the extent practicable or (iii) to the extent that
selection on a pro rata basis is not practicable, by lot or such other similar method the Trustee deems to be fair and appropriate, from
the Outstanding Securities of such series issued on such date with the same terms not previously called for redemption; provided that
such method complies with the rules of any national securities exchange or quotation system on which the Securities are listed, and
may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or
any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized
denomination for Securities of that series; provided, however, that no such partial redemption shall reduce the portion
of the principal amount of a Security not redeemed to less than the minimum authorized denomination for Securities of such series.

 

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The Trustee shall promptly notify the Company and
the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be redeemed.

 

For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed
or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed.

 

SECTION 1104.            Notice
of Redemption.

 

Notice of redemption shall be given in the manner
provided in Section 106, not less than 30 days nor more than 60 days prior to the Redemption Date, unless a shorter period is specified
by the terms of such series established pursuant to Section 301, to each Holder of Securities to be redeemed, but failure to give
such notice in the manner herein provided to the Holder of any Security designated for redemption as a whole or in part, or any defect
in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other such Security or portion
thereof.

 

Any notice that is mailed to the Holders of Registered
Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the
notice.

 

All notices of redemption shall state:

 

(1)            the
Redemption Date,

 

(2)            the
Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 1106,

 

(3)            if
less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the
principal amount) of the particular Security or Securities to be redeemed,

 

(4)            in
case any Security is to be redeemed in part only, the notice that relates to such Security shall state that on and after the Redemption
Date, upon surrender of such Security, the Holder will receive, without a charge, a new Security or Securities of authorized denominations
for the principal amount thereof remaining unredeemed,

 

(5)            that
on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 1106
will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon
shall cease to accrue on and after said date,

 

(6)            the
Place or Places of Payment where such Securities, are to be surrendered for payment of the Redemption Price and accrued interest, if any,

 

(7)            that
the redemption is for a sinking fund, if such is the case, and

 

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(8)            the
CUSIP number of such Security, if any.

 

A notice of redemption published as contemplated
by Section 106 need not identify particular Registered Securities to be redeemed. Notice of redemption of Securities to be redeemed
shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company.

 

SECTION 1105.            Deposit
of Redemption Price.

 

On or prior to 10:00 am, New York City time, on
any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, which it may not do in the case of a sinking fund payment under Article Twelve, segregate and hold in trust as provided in
Section 1003) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and
312(e)) sufficient to pay on the Redemption Date the Redemption Price of, and (unless otherwise specified pursuant to Section 301)
accrued interest on, all the Securities or portions thereof which are to be redeemed on that date; provided, however, that to the extent
any such funds are received by the Trustee or a Paying Agent from the Company after 10:00 am, New York City time, on the due date, such
funds will be deemed deposited within one Business Day of receipt thereof.

 

SECTION 1106.            Securities
Payable on Redemption Date.

 

Notice of redemption having been given as aforesaid,
the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified in the
Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities
of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) (together with accrued interest, if
any, to the Redemption Date), and from and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest, if any) such Securities shall if the same were interest-bearing cease to bear interest. Upon surrender of any such Security
for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued
interest, if any, to the Redemption Date; provided, however, that unless otherwise specified as contemplated by Section 301,
installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the
Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record
Dates according to their terms and the provisions of Section 307.

 

If any Security called for redemption shall not
be so paid upon surrender thereof for redemption, the Redemption Price shall, until paid, bear interest from the Redemption Date at the
rate of interest set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield to Maturity of such Security.

 

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SECTION 1107.            Securities
Redeemed in Part.

 

Any Registered Security that is to be redeemed
only in part (pursuant to the provisions of this Article or of Article Twelve) shall be surrendered at a Place of Payment therefor
(with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing) and the Company
shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge a new Security or Securities
of the same series and of like tenor, of any authorized denomination as requested by such Holder in aggregate principal amount equal to
and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a temporary global Security or permanent
global Security is so surrendered, such new Security so issued shall be a new temporary global Security or permanent global Security,
respectively. However, if less than all the Securities of any series with differing issue dates, interest rates and stated maturities
are to be redeemed, the Company in its sole discretion shall select the particular Securities to be redeemed and shall notify the Trustee
in writing thereof at least 45 days prior to the relevant redemption date.

 

Article Twelve

SINKING FUNDS

 

SECTION 1201.            Applicability
of Article.

 

The provisions of this Article shall be applicable
to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 301 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 such Securities of any series is herein referred to as an “optional
sinking fund payment”. If provided for by the terms of any Securities of any series, the cash amount of any mandatory sinking fund
payment may be subject to reduction as provided in Section 1202. 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 1202.            Satisfaction
of Sinking Fund Payments with Securities.

 

The Company may, in satisfaction of all or any
part of any mandatory sinking fund payment with respect to the Securities of a series, (1) deliver Outstanding Securities of such
series (other than any previously called for redemption) and (2) apply as a credit Securities of such series which 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, as provided for by the terms of such Securities; provided that such Securities
so delivered or applied as a credit have not been previously so credited. Such Securities shall be received and credited for such purpose
by the Trustee at the applicable Redemption Price specified in such Securities for redemption through operation of the sinking fund and
the amount of such mandatory sinking fund payment shall be reduced accordingly.

 

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SECTION 1203.            Redemption
of Securities for Sinking Fund.

 

Not less than 60 days prior to each sinking fund
payment date for Securities of any series, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount
of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash in the Currency in which the Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and
312(e)) and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 1202,
and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the
Trustee any Securities to be so delivered and credited. If such Officers’ Certificate shall specify an optional amount to be added
in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified.
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 1103 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 1104. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107.

 

Article Thirteen

REPAYMENT AT THE OPTION OF HOLDERS

 

SECTION 1301.            Applicability
of Article.

 

Repayment of Securities of any series before their
Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities and (except as otherwise
specified by the terms of such series established pursuant to Section 301) in accordance with this Article.

 

SECTION 1302.            Repayment
of Securities.

 

Securities of any series subject to repayment in
whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid at the
Repayment Price thereof, together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant to the terms of
such Securities. The Company covenants that on or before 10:00 am, New York City time, on the Repayment Date it will deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003)
an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301
for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay
the Repayment Price of, and (unless otherwise specified pursuant to Section 301) accrued interest on, all the Securities or portions
thereof, as the case may be, to be repaid on such date; provided, however, that to the extent any such funds are received by the Trustee
or a Paying Agent from the Company after 10:00 a.m., New York City time, on the due date, such funds will be distributed to the Holders
within one Business Day of receipt thereof.

 

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SECTION 1303.            Exercise
of Option.

 

Securities of any series subject to repayment at the option of the
Holders thereof will contain an “Option to Elect Repayment” form on the reverse of such Securities. To be repaid at the option
of the Holder, any Security so providing for such repayment, with the “Option to Elect Repayment” form on the reverse of such
Security duly completed by the Holder (or by the Holder’s attorney duly authorized in writing), must be received by the Company
at the Place of Payment therefor specified in the terms of such Security (or at such other place or places of which the Company shall
from time to time notify the Holders of such Securities) not earlier than 45 days nor later than 30 days prior to the Repayment Date.
If less than the entire Repayment Price of such Security is to be repaid in accordance with the terms of such Security, the portion of
the Repayment Price of such Security to be repaid, in increments of the minimum denomination for Securities of such series, and the denomination
or denominations of the Security or Securities to be issued to the Holder for the portion of such Security surrendered that is not to
be repaid, must be specified. Any Security providing for repayment at the option of the Holder thereof may not be repaid in part if, following
such repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination of Securities of the
series of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any Security providing for repayment
at the option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company.
If the Security is in global form, the exercise of such option and payment thereof shall also be made in compliance with the applicable
procedures of the Depositary.

 

SECTION 1304.            When
Securities Presented for Repayment Become Due and Payable.

 

If Securities of any series providing for repayment
at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided by or pursuant to the
terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and shall
be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the Company shall default
in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest-bearing, cease to bear interest.
Upon surrender of any such Security for repayment in accordance with such provisions, the Repayment Price of such Security so to be repaid
shall be paid by the Company, together with accrued interest, if any, to the Repayment Date; provided, however, that installments
of interest on Registered Securities, whose Stated Maturity is prior to (or, if specified pursuant to Section 301, on) the Repayment
Date shall be payable (but without interest thereon, unless the Company shall default in the payment thereof) to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms
and the provisions of Section 307.

 

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If any Security surrendered for repayment shall
not be so repaid upon surrender thereof, the Repayment Price shall, until paid, bear interest from the Repayment Date at the rate of interest
set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield to Maturity of such Security.

 

SECTION 1305.            Securities
Repaid in Part.

 

Upon surrender of any Registered Security that
is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security,
without service charge and at the expense of the Company, a new Registered Security or Securities of the same series, and of like tenor,
of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the
principal of such Security so surrendered that is not to be repaid. If a temporary global Security or permanent global Security is so
surrendered, such new Security so issued shall be a new temporary global Security or a new permanent global Security, respectively.

 

Article Fourteen

DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 1401.            Applicability
of Article; Company’s Option to Effect Defeasance or Covenant Defeasance.

 

If pursuant to Section 301 provision is made
for either or both of (a) defeasance of the Securities of or within a series under Section 1402 or (b) covenant defeasance
of the Securities of or within a series under Section 1403, then the provisions of such Section or Sections, as the case may
be, together with the other provisions of this Article (with such modifications thereto as may be specified pursuant to Section 301
with respect to any Securities), shall be applicable to such Securities, and the Company may at its option by Board Resolution, at any
time, with respect to such Securities, elect to have either Section 1402 (if applicable) or Section 1403 (if applicable) be
applied to such Outstanding Securities upon compliance with the conditions set forth below in this Article.

 

SECTION 1402.            Defeasance
and Discharge.

 

Upon the Company’s exercise of the above
option applicable to this Section with respect to any Securities of or within a series, the Company shall be deemed to have been
discharged from its obligations with respect to such Outstanding Securities on and after the date the conditions set forth in Section 1404
are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by such Outstanding Securities, which shall thereafter be deemed to be “Outstanding”
only for the purposes of Section 1405 and the other Sections of this Indenture referred to in clauses (A) and (B) of this
Section, and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned
(and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which
shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of such Outstanding Securities to receive,
solely from the trust fund described in Section 1404 and as more fully set forth in such Section, payments in respect of the principal
of (and premium, if any, on) and interest, if any, on such Securities when such payments are due, (B) the Company’s obligations
with respect to such Securities under Sections 305, 306, 1002 and 1003 and with respect to the payment of Additional Amounts, if any,
on such Securities as contemplated by Section 1004, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder
and (D) this Article. Subject to compliance with this Article Fourteen, the Company may exercise its option under this Section notwithstanding
the prior exercise of its option under Section 1403 with respect to such Securities. Following a defeasance, payment of such Securities
may not be accelerated because of an Event of Default.

 

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SECTION 1403.            Covenant
Defeasance.

 

Upon the Company’s exercise of the above
option applicable to this Section with respect to any Securities of or within a series, if specified pursuant to Section 301,
the Company shall be released from its obligations under any covenant, with respect to such Outstanding Securities on and after the date
the conditions set forth in Section 1404 are satisfied (hereinafter, “covenant defeasance”), and such Securities shall
thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders
(and the consequences of any thereof) in connection with such covenant, but shall continue to be deemed “Outstanding” for
all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities, the
Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section or
such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other
covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document
and such omission to comply shall not constitute a Default or an Event of Default under Section 501(4) or 501(8) or otherwise,
as the case may be, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. Following
a covenant defeasance, payment of such Securities may not be accelerated because of an Event of Default solely by reference to such Sections
specified above in this Section 1403.

 

SECTION 1404.            Conditions
to Defeasance or Covenant Defeasance.

 

The following shall be the conditions to application
of either Section 1402 or Section 1403 to any Outstanding Securities of or within a series:

 

(a)            The
Company shall have irrevocably deposited or caused to be irrevocably deposited with the Trustee (or another trustee satisfying the requirements
of Section 607 who shall agree to comply with the provisions of this Article Fourteen applicable to it) as trust funds in trust
for the purpose of making the following payments, specifically pledged as security for the benefit of, and dedicated solely to, the Holders
of such Securities, (1) an amount (in such Currency in which such Securities are then specified as payable at Stated Maturity), or
(2) Government Obligations applicable to such Securities (determined on the basis of the Currency in which such Securities are then
specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than one day before the due date of any payment of principal of (and premium, if any, on) and
interest, if any, on such Securities, money in an amount, or (3) a combination thereof in an amount, sufficient, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal
of (and premium, if any, on) and interest, if any, on such Outstanding Securities on the Stated Maturity of such principal or installment
of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities
on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities.

 

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(b)            Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other
material agreement or instrument to which the Company is a party or by which it is bound.

 

(c)            No
Default or Event of Default with respect to such Securities shall have occurred and be continuing on the date of such deposit or, insofar
as Sections 501(5) and 501(6) are concerned, at any time during the period ending on the 91st day after the date of such deposit
(it being understood that this condition shall not be deemed satisfied until the expiration of such period).

 

(d)            In
the case of an election under Section 1402, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution
of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon
such opinion shall confirm that, the Holders of such Outstanding Securities will not recognize income, gain or loss for Federal income
tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such defeasance had not occurred.

 

(e)            In
the case of an election under Section 1403, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that
the Holders of such Outstanding Securities will not recognize income, gain or loss for Federal income tax purposes as a result of such
covenant defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such covenant defeasance had not occurred.

 

(f)            The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent to either the defeasance under Section 1402 or the covenant defeasance under Section 1403 (as the case may be) have
been complied with and an Opinion of Counsel to the effect that as a result of a deposit pursuant to subsection (a) above and the
related exercise of the Company’s option under Section 1402 or Section 1403 (as the case may be), registration is not
required under the Investment Company Act of 1940, as amended, by the Company, with respect to the trust funds representing such deposit
or by the trustee for such trust funds.

 

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(g)            Notwithstanding
any other provisions of this Section, such defeasance or covenant defeasance shall be effected in compliance with any additional or substitute
terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 301.

 

SECTION 1405.            Deposited
Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.

 

Subject to the provisions of the last paragraph
of Section 1003, all money and Government Obligations (or other property as may be provided pursuant to Section 301) (including
the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 1405, the
 “Trustee”) pursuant to Section 1404 in respect of any Outstanding Securities of any series shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities
of all sums due and to become due thereon in respect of principal (and premium, if any) and interest, if any, but such money need not
be segregated from other funds except to the extent required by law.

 

Unless otherwise specified with respect to any
Security pursuant to Section 301, if, after a deposit referred to in Section 1404(a) has been made, (a) the Holder
of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 312(b) or the terms
of such Security to receive payment in a Currency other than that in which the deposit pursuant to Section 1404(a) has been
made in respect of such Security, or (b) a Conversion Event occurs as contemplated in Section 312(d) or 312(e) or
by the terms of any Security in respect of which the deposit pursuant to Section 1404(a) has been made, the indebtedness represented
by such Security shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and
premium, if any, on) and interest, if any, on such Security as the same becomes due out of the proceeds yielded by converting (from time
to time as specified below in the case of any such election) the amount or other property deposited in respect of such Security into the
Currency in which such Security becomes payable as a result of such election or Conversion Event based on the applicable Market Exchange
Rate for such Currency in effect on the second Business Day prior to each payment date, except, with respect to a Conversion Event, such
conversion shall be based on the applicable Market Exchange Rate for such Currency in effect (as nearly as feasible) at the time of the
Conversion Event.

 

The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the money or Government Obligations deposited pursuant to Section 1404
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account
of the Holders of such Outstanding Securities.

 

Anything in this Article to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Obligations (or other property
and any proceeds therefrom) held by it as provided in Section 1404 which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would
then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with this Article.

 

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Article Fifteen

MEETINGS OF HOLDERS OF SECURITIES

 

SECTION 1501.            Purposes
for Which Meetings May Be Called.

 

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

 

SECTION 1502.            Call,
Notice and Place of Meetings.

 

(a)            The
Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1501, to be held
at such time and at such place in the Borough of Manhattan, The City of New York as the Trustee shall determine. Notice of every meeting
of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms the action proposed
to be taken at such meeting, shall be given, in the manner provided in Section 106.

 

(b)            In
case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding Securities
of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified
in Section 1501, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have made the first publication or mailing of the notice of such meeting within 21 days after receipt of such request or shall
not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series
in the amount above specified, as the case may be, may determine the time and the place in the Borough of Manhattan, The City of New York
for such meeting and may call such meeting for such purposes by giving notice thereof as provided in subsection (a) of this Section.

 

SECTION 1503.            Persons
Entitled to Vote at Meetings.

 

To be entitled to vote at any meeting of Holders
of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person
appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder
or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall
be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives
of the Company and its counsel.

 

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SECTION 1504.            Quorum;
Action.

 

The Persons entitled to vote a majority in principal
amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series; provided,
however, that if any action is to be taken at such meeting with respect to a consent, waiver, request, demand, notice, authorization,
direction or other action that this Indenture expressly provides may be made, given or taken by the Holders of not less than a specified
percentage in principal amount of the Outstanding Securities of a series, the Persons entitled to vote such specified percentage in principal
amount of the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes of the time
appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In
any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to
the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned
for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting.
Notice of the reconvening of any adjourned meeting shall be given as provided in Section 1502(a), except that such notice need be
given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening
of any adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Securities
of such series which shall constitute a quorum.

 

Except
as limited by the proviso to Section 902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum
is present as aforesaid may be adopted by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities
of that series; provided, however, that, except as limited by the proviso to Section 902, any resolution with
respect to any consent, waiver, request, demand, notice, authorization, direction or other action which this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding
Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid
by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series.

 

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

 

Notwithstanding the foregoing provisions of this
Section 1504, if any action is to be taken at a meeting of Holders of Securities of any series with respect to any consent, waiver,
request, demand, notice, authorization, direction or other action that this Indenture expressly provides may be made, given or taken by
the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby, or of the Holders of such series
and one or more additional series:

 

(i)            there
shall be no minimum quorum requirement for such meeting; and

 

(ii)           the
principal amount of the Outstanding Securities of such series that vote in favor of such consent, waiver, request, demand, notice, authorization,
direction or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent,
waiver or other action has been made, given or taken under this Indenture.

 

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SECTION 1505.            Determination
of Voting Rights; Conduct and Adjournment of Meetings.

 

(a)            Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders
of Securities of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard
to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the
right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted
or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 104 and the appointment
of any proxy shall be proved in the manner specified in Section 104. Such regulations may provide that written instruments appointing
proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 104 or other proof.

 

(b)            The
Trustee shall, by an instrument in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called by the
Company or by Holders of Securities as provided in Section 1502(b), in which case the Company or the Holders of Securities of the
series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting.

 

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

 

(d)            Any
meeting of Holders of Securities of any series duly called pursuant to Section 1502 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented
at the meeting, and the meeting may be held as so adjourned without further notice.

 

SECTION 1506.            Counting
Votes and Recording Action of Meetings.

 

The vote upon any resolution submitted to any meeting
of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities
of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such
series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes
cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders
of Securities of any Series shall be prepared by the secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the fact,
setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 1502 and, if applicable,
Section 1504. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and
one such copy shall be delivered to the Company and another to the Trustee to be preserved by the Trustee, the latter to have attached
thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.

 

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Article Sixteen

SUBORDINATION OF SECURITIES

 

SECTION 1601.            Agreement
to Subordinate.

 

The Company, for itself, its successors and assigns,
covenants and agrees, and each Holder of Subordinated Securities by his acceptance thereof, likewise covenants and agrees, that the payment
of the principal of (and premium, if any) and interest, if any, on each and all of the Subordinated Securities is hereby expressly subordinated,
to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior Indebtedness.

 

SECTION 1602.            Distribution
on Dissolution, Liquidation and Reorganization; Subrogation of Subordinated Securities.

 

Upon any distribution of assets of the Company
upon any dissolution, winding up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency, reorganization or receivership
proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company or
otherwise (subject to the power of a court of competent jurisdiction to make other equitable provision reflecting the rights conferred
in this Indenture upon the

 

Senior Indebtedness and the Holders thereof with
respect to the Securities and the Holders thereof by a lawful plan of reorganization under applicable bankruptcy law):

 

(a)            the
Holders of all Senior Indebtedness shall be entitled to receive payment in full of the principal thereof (and premium, if any) and interest
due thereon (including post-petition interest) before the Holders of the Subordinated Securities are entitled to receive any payment upon
the principal (or premium, if any) or interest, if any, on indebtedness evidenced by the Subordinated Securities; and

 

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

 

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

 

Subject to the payment in full of all Senior Indebtedness,
the Holders of the Subordinated Securities shall be subrogated to the rights of the Holders of Senior Indebtedness to receive payments
or distributions of cash, property or securities of the Company applicable to Senior Indebtedness until the principal of (and premium,
if any, on) and interest, if any, on the Subordinated Securities shall be paid in full and no such payments or distributions to the Holders
of the Subordinated Securities of cash, property or securities otherwise distributable to the Holders of Senior Indebtedness shall, as
between the Company, its creditors other than the Holders of Senior Indebtedness, and the Holders of the Subordinated Securities be deemed
to be a payment by the Company to or on account of the Subordinated Securities. It is understood that the provisions of this Article Sixteen
are and are intended solely for the purpose of defining the relative rights of the Holders of the Subordinated Securities, on the one
hand, and the holders of the Senior Indebtedness, on the other hand. Nothing contained in this Article Sixteen or elsewhere in this
Indenture or in the Subordinated Securities is intended to or shall impair, as between the Company, its creditors other than the Holders
of Senior Indebtedness, and the Holders of the Subordinated Securities, the obligation of the Company, which is unconditional and absolute,
to pay to the Holders of the Subordinated Securities the principal of (and premium, if any) and interest, if any, on the Subordinated
Securities as and when the same shall become due and payable in accordance with their terms, or to affect the relative rights of the Holders
of the Subordinated Securities and creditors of the Company other than the Holders of Senior Indebtedness, nor shall anything herein or
in the Subordinated Securities prevent the Trustee or the Holder of any Subordinated Security from exercising all remedies otherwise permitted
by applicable law upon default under this Indenture, subject to the rights, if any, under this Article Sixteen of the Holders of
Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy. Upon any
payment or distribution of assets of the Company referred to in this Article Sixteen, the Trustee, subject to the provisions of Section 601,
shall be entitled to rely upon a certificate of the liquidating trustee or agent or other person making any distribution to the Trustee
for the purpose of ascertaining the Persons entitled to participate in such distribution, the Holders of Senior Indebtedness and other
indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article Sixteen.

 

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If the Trustee or any Holder of Subordinated Securities
does not file a proper claim or proof of debt in the form required in any proceeding referred to above prior to 30 days before the expiration
of the time to file such claim in such proceeding, then the holder of any Senior Indebtedness is hereby authorized, and has the right,
to file an appropriate claim or claims for or on behalf of such Holder of Subordinated Securities.

 

With respect to the Holders of Senior Indebtedness,
the Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in this Article and
no implied covenants or obligations with respect to Holders of Senior Indebtedness shall be read into this Indenture against the Trustee.
The Trustee does not owe any fiduciary duties to the Holders of Senior Indebtedness other than Securities issued under this Indenture.

 

SECTION 1603.            No
Payment on Subordinated Securities in Event of Default on Senior Indebtedness.

 

No payment by the Company on account of principal
(or premium, if any), sinking funds or interest, if any, on the Subordinated Securities shall be made unless full payment of amounts then
due for principal (premium, if any), sinking funds and interest on Senior Indebtedness has been made or duly provided for in money or
money’s worth.

 

SECTION 1604.            Payments
on Subordinated Securities Permitted.

 

Nothing contained in this Indenture or in any of
the Subordinated Securities shall (a) affect the obligation of the Company to make, or prevent the Company from making, at any time
except as provided in Sections 1602 and 1603, payments of principal of (or premium, if any) or interest, if any, on the Subordinated Securities,
(b) without limiting clause (c) of this sentence, prevent the application by the Trustee of any moneys deposited with it hereunder
to the payment of or on account of the principal of (or premium, if any) or interest, if any, on the Subordinated Securities, unless the
Trustee shall have received at its Corporate Trust Office written notice of any event prohibiting the making of such payment more than
three Business Days prior to the date fixed for such payment or (c) prevent the application by the Trustee of any moneys or the proceeds
of Government Obligations deposited with it pursuant to Section 1404(a) to the payment of or on account of the principal of
(or premium, if any, on) or interest, if any, on the Subordinated Securities if all the conditions specified in Section 1404 to the
application of Section 1402 or Section 1403, as applicable, have been satisfied prior to the date the Trustee shall have received
at its Corporate Trust Office written notice of any event prohibiting the making of such payment.

 

SECTION 1605.            Authorization
of Holders to Trustee to Effect Subordination.

 

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

 

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SECTION 1606.            Notices
to Trustee.

 

Notwithstanding the provisions of this Article or
any other provisions of this Indenture, neither the Trustee nor any Paying Agent (other than the Company) shall be charged with knowledge
of the existence of any Senior Indebtedness or of any event that would prohibit the making of any payment of moneys to or by the Trustee
or such Paying Agent, unless and until the Trustee or such Paying Agent shall have received (in the case of the Trustee, at its Corporate
Trust Office) written notice thereof from the Company or from the Holder of any Senior Indebtedness or from the trustee for any such Holder,
together with proof satisfactory to the Trustee of such holding of Senior Indebtedness or of the authority of such trustee; provided,
however, that if at least three Business Days prior to the date upon which by the terms hereof any such moneys may become payable for
any purpose (including, without limitation, the payment of either the principal (or premium, if any) or interest, if any, on any Subordinated
Security) the Trustee shall not have received with respect to such moneys the notice provided for in this Section 1606, then, anything
herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such moneys and to apply
the same to the purpose for which they were received, and shall not be affected by any notice to the contrary, which may be received by
it within three Business Days prior to such date. The Trustee shall be entitled to rely on the delivery to it of a written notice by a
Person representing himself to be a Holder of Senior Indebtedness (or a trustee on behalf of such Holder) to establish that such a notice
has been given by a Holder of Senior Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee determines
in good faith that further evidence is required with respect to the right of any Person as a Holder of Senior Indebtedness to participate
in any payment or distribution pursuant to this Article Sixteen, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to
participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article Sixteen
and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right
of such Person to receive such payment.

 

SECTION 1607.            Trustee
as Holder of Senior Indebtedness.

 

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

 

Nothing in this Article Sixteen shall apply
to claims of, or payments to, the Trustee under or pursuant to Section 606.

 

SECTION 1608.            Modifications
of Terms of Senior Indebtedness.

 

Any renewal or extension of the time of payment
of any Senior Indebtedness or the exercise by the Holders of Senior Indebtedness of any of their rights under any instrument creating
or evidencing Senior Indebtedness, including, without limitation, the waiver of default thereunder, may be made or done all without notice
to or assent from the Holders of the Subordinated Securities or the Trustee.

 

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No compromise, alteration, amendment, modification,
extension, renewal or other change of, or waiver, consent or other action in respect of, any liability or obligation under or in respect
of, or of any of the terms, covenants or conditions of any indenture or other instrument under which any Senior Indebtedness is outstanding
or of such Senior Indebtedness, whether or not any of the foregoing are in accordance with the provisions of any applicable document,
shall in any way alter or affect any of the provisions of this Article Sixteen or of the Subordinated Securities relating to the
subordination thereof.

 

SECTION 1609.            Reliance
on Judicial Order or Certificate of Liquidating Agent.

 

Upon any payment or distribution of assets of the
Company referred to in this Article Sixteen, the Trustee and the Holders of the Securities shall be entitled to rely upon any order
or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization,
dissolution, winding up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating trustee,
custodian, receiver, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered to the
Trustee or to the Holders of Subordinated Securities, for the purpose of ascertaining the persons entitled to participate in such payment
or distribution, the Holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Sixteen.

 

* * * * *

 

This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one
and the same Indenture. The exchange of copies of this Indenture and delivery of signature pages by facsimile, .pdf transmission,
e-mail or other electronic means shall constitute effective execution and delivery of this Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile, .pdf transmission, e-mail or other electronic means (including, without limitation, DocuSign
or Adobe Sign) shall be deemed to be their original signatures for all purposes.

 

    	 	 	84

     

    

 

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

 

	 	RUNWAY GROWTH FINANCE CORP
	 	 	 	 
	 	By:	/s/ R. David Spreng
	 	 	Name:	R. David Spreng
	 	 	Title:	President, Chief Executive Officer
	 	 	 	 
	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
    as Trustee
	 	 	 	 
	 	By:	/s/ Karen Beard
	 	 	Name: 	Karen Beard
	 	 	Title:	Vice President

 

[Signature
Page to Base Indenture]Exhibit 4.2

 

FIRST SUPPLEMENTAL INDENTURE

 

between

 

RUNWAY GROWTH FINANCE CORP.

 

and

 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

 

as Trustee

 

Dated as of July 28, 2022

 

 

 

FIRST SUPPLEMENTAL INDENTURE

 

THIS FIRST SUPPLEMENTAL INDENTURE
(this “First Supplemental Indenture”), dated as of July 28, 2022, is between Runway Growth Finance Corp., a Maryland
corporation (the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
All capitalized terms used herein shall have the meaning set forth in the Base Indenture (as defined below).

 

RECITALS OF THE COMPANY

 

The Company and the Trustee
executed and delivered an Indenture, dated as of July 28, 2022 (the “Base Indenture” and, as supplemented by
this First Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time
of the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued
in one or more series as provided in the Base Indenture.

 

The Company desires to initially
issue and sell up to $70,000,000 aggregate principal amount (or up to $80,500,000 aggregate principal amount if the underwriters’
overallotment option to purchase additional 2027 Notes (as defined herein) is exercised in full) of the Company’s 7.50% Notes
due 2027 (the “2027 Notes”).

 

Sections 901(4) and
901(6) of the Base Indenture provide that, without the consent of Holders of the Securities of any series issued under the Indenture,
the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture when
there is no Security Outstanding of any series created prior to the execution of a supplemental indenture that is entitled to the benefit
of such provision and (ii) establish the form or terms of Securities of any series as permitted by Section 201 and Section 301
of the Base Indenture.

 

The Company desires to establish
the form and terms of the 2027 Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit
of the Holders of the 2027 Notes (except as may be provided in a future supplemental indenture to the Indenture (“Future Supplemental
Indenture”)).

 

The Company has duly authorized
the execution and delivery of this First Supplemental Indenture to provide for the issuance of the 2027 Notes and all acts and things
necessary to make this First Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement
of the Company, in accordance with its terms, have been done and performed.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration
of the premises and the purchase of the 2027 Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit
of all Holders of the 2027 Notes, as follows:

 

    	 	 	 

     

    

 

ARTICLE I

TERMS OF THE 2027 NOTES

 

Section 101.
Terms of the 2027 Notes. The following terms relating to the 2027 Notes are hereby established:

 

(a) The 2027 Notes shall
constitute a series of Securities having the title “7.50% Notes due 2027” and shall be designated as “Senior Securities”
under the Indenture. The 2027 Notes shall bear a CUSIP number of 78163D 209 and an ISIN number of US78163D2099.

 

(b) The aggregate principal
amount of the 2027 Notes that may be initially authenticated and delivered under the Indenture (except for 2027 Notes authenticated and
delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2027 Notes pursuant to Sections 304, 305,
306, 906 or 1107 of the Base Indenture) shall be $70,000,000 aggregate principal amount (or up to $80,500,000 aggregate principal amount
if the underwriters’ overallotment option to purchase additional 2027 Notes is exercised in full). Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or a Future Supplemental Indenture, the Company may from time to time, without the consent
of the Holders of 2027 Notes, issue additional 2027 Notes (in any such case, “Additional Notes”) having the same ranking
and the same interest rate, maturity and other terms as the 2027 Notes initially issued. Any Additional Notes and the existing 2027 Notes
shall constitute a single series under the Indenture, and all references to the relevant 2027 Notes herein shall include the Additional
Notes unless the context otherwise requires.

 

(c) The entire outstanding
principal of the 2027 Notes shall be payable on July 28, 2027 unless earlier redeemed or repurchased in accordance with the provisions
of the Indenture.

 

(d) The rate at which
the 2027 Notes shall bear interest shall be 7.50% per annum. The date from which interest shall accrue on the 2027 Notes shall be July 28,
2022, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the 2027
Notes shall be March 1, June 1, September 1 and December 1 of each year, commencing September 1, 2022 (provided
that, if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment shall be made on
the next succeeding Business Day, and no additional interest shall accrue as a result of such delayed payment); the initial interest
period shall be the period from and including July 28, 2022 (or the most recent Interest Payment Date to which interest has been
paid or provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods shall be the periods
from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may
be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, shall be paid to the Person in whose
name the 2027 Note (or one or more predecessor 2027 Notes) is registered at the close of business on the Regular Record Date for such
interest, which shall be February 15, May 15, August 15 and November 15 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Payment of principal of (and premium, if any) and any such interest on the 2027 Notes
shall be made at Corporate Trust Office of the Trustee located at 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Runway Growth Finance
Corp. (7.50% Notes Due 2027) and at such other address as designated by the Trustee from time to time, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that, at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register; provided, further, however, that so long as the 2027 Notes are registered
to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established by The Depository Trust
Company and the Trustee. Interest on the 2027 Notes shall be computed on the basis of a 360-day year of twelve 30-day months.

 

(e) The 2027 Notes shall
be initially issuable in global form (each such 2027 Note, a “Global Note”). The Global Notes and the Trustee’s
certificate of authentication thereon shall be substantially in the form of Exhibit A to this First Supplemental Indenture.
Each Global Note shall represent the outstanding 2027 Notes as shall be specified therein and each shall provide that it shall represent
the aggregate amount of outstanding 2027 Notes from time to time endorsed thereon and that the aggregate amount of outstanding 2027 Notes
represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement
of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding 2027 Notes represented thereby shall
be made by the Trustee or the Security Registrar, in accordance with Sections 203 and 305 of the Base Indenture.

 

    	 	 	 

     

    

 

(f) The depositary for
such Global Notes (the “Depositary”) shall be The Depository Trust Company, New York, New York. The Security Registrar
with respect to the Global Notes shall be the Trustee.

 

(g) The 2027 Notes shall
be defeasible pursuant to Section 1402 or Section 1403 of the Base Indenture. Covenant defeasance contained in Section 1403
of the Base Indenture shall apply to the covenants contained in Sections 1007 and 1008 of the Indenture.

 

(h) The 2027 Notes shall
be redeemable pursuant to Section 1101 of the Base Indenture and as follows:

 

(i) The 2027
Notes shall be redeemable in whole or in part at any time or from time to time, at the option of the Company, on or after July 28,
2024, at a redemption price of $25 per 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly
interest period accrued to, but excluding, the date fixed for redemption.

 

(ii) Notice
of redemption shall be given in writing and mailed, first-class postage prepaid, by overnight courier guaranteeing next-day delivery
or sent electronically in accordance with the applicable procedures of DTC with respect to the 2027 Notes in global form, to each Holder
of the 2027 Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at
the Holder’s address, facsimile number or email address appearing in the Security Register. All notices of redemption shall contain
the information set forth in Section 1104 of the Base Indenture.

 

(iii) Any
exercise of the Company’s option to redeem the 2027 Notes shall be done in compliance with the Investment Company Act.

 

(iv) If the
Company elects to redeem only a portion of the 2027 Notes, the Trustee shall determine the method for selecting the particular 2027 Notes
to be redeemed, in accordance with Section 1103 of the Base Indenture and the Investment Company Act.

 

(v) Unless
the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the 2027
Notes called for redemption hereunder.

 

(i) The 2027 Notes shall
not be subject to any sinking fund pursuant to Section 1201 of the Base Indenture.

 

(j) The 2027 Notes shall
be issuable in denominations of $25 and integral multiples of $25 in excess thereof.

 

(k) Holders of the 2027
Notes shall not have the option to have the 2027 Notes repaid prior to the Stated Maturity.

 

ARTICLE II

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 201.
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the 2027 Notes but no other series of
Securities under the Base Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be
amended by adding or amending and restating, as applicable, the following defined terms to Section 101 thereof in appropriate alphabetical
sequence, as follows:

 

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

 

    	 	 	 

     

    

 

“‘Corporate
Trust Office’, means the principal designated office of the Trustee at which at any time its corporate trust business
shall be administered, which office at the date hereof is (i) solely for purposes of surrender for registration of transfer or exchange
or for presentation for payment or repurchase or for conversion is located at 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Runway
Growth Finance Corp., and (ii) for all other purposes is located as One Federal Street, 10th Floor, Boston, MA 02110, Attention:
Runway Growth Finance Corp., or such other address as the Trustee may designate from time to time by notice to the Holders and the Company,
or the principal designated corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate
from time to time by notice to the Holders and the Company).”

 

“‘Exchange
Act’ means the Securities Exchange Act of 1934, as amended, and any statute successor thereto.”

 

“‘FATCA’
means sections 1471 through 1474 of the Code (or any amended or successor version) and any current or future regulations or official
interpretations thereof.”

 

“‘FATCA Withholding
Tax’ means any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise
imposed pursuant to FATCA.”

 

“‘GAAP’
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight
Board and the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity
as have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to time.”

 

“‘Investment
Company Act’ means the Investment Company Act of 1940, as amended, and the rules, regulations and interpretations promulgated
thereunder, to the extent applicable, and any statute successor thereto.”

 

“‘Noteholder
FATCA Information’ means, with respect to any Holder of a 2027 Note or Holder of an interest in a 2027 Note, information sufficient
to eliminate the imposition of, or determine the amount of, U.S. withholding tax under FATCA.”

 

“‘Noteholder
Tax Identification Information’ means properly completed and signed tax certifications (generally, in the case of U.S. federal
income tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a “United States Person”
within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the
case of a person that is not a "United States Person" within the meaning of Section 7701(a)(30) of the Code).”

 

ARTICLE III

THE SECURITIES

 

Section 301.
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the 2027 Notes but no other series of
Securities under the Base Indenture, whether now or hereafter issued and Outstanding, Article Three of the Base Indenture shall
be amended with respect to the 2027 Notes by adding the following Section 315:

 

“Section 315.
FATCA Withholding. Each Holder of a 2027 Note or Holder of an interest in a 2027 Note shall provide to the Trustee, any Paying
Agent or the Company, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable,
the Noteholder FATCA Information. The Trustee has the right to withhold any amounts of interest (properly withholdable under law and
without any corresponding gross-up) payable to a Holder of a 2027 Note or a Holder of an interest in a 2027 Note that fails to comply
with the requirements of the preceding sentence.”

 

    	 	 	 

     

    

 

ARTICLE IV

SATISFACTION AND DISCHARGE

 

Section 401. Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the 2027 Notes but no other series of Securities under the Base
Indenture, whether now or hereafter issued and Outstanding, Section 401 of the Base Indenture shall be amended by replacing clause
(2) thereof with the following:

 

“(2) the Company has irrevocably paid
or caused to be irrevocably paid all other sums payable hereunder by the Company, including sums payable to the Trustee; and.”

 

ARTICLE V

COVENANTS

 

Section 501.
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the 2027 Notes but no other series of
Securities under the Base Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be
amended by adding the following new Sections 1007 and 1008 , each as set forth below:

 

“Section 1007 Section 18(a)(1)(A) of
the Investment Company Act.

 

The Company hereby
agrees that for the period of time during which 2027 Notes are Outstanding, the Company will not violate, whether or not it is subject
to, Section 18(a)(1)(A) as modified by Section 61(a)(1) of the Investment Company Act or any successor provisions
thereto of the Investment Company Act.”

 

“Section 1008 Commission
Reports and Reports to Holders.

 

If, at any time,
the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports
with the Securities and Exchange Commission, the Company agrees to furnish to the Holders of 2027 Notes and the Trustee for the period
of time during which the 2027 Notes are Outstanding: (i) within 90 days after the end of the each fiscal year of the Company,
audited annual financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company
(other than the Company’s fourth fiscal quarter), unaudited interim financial statements of the Company. All such financial statements
shall be prepared, in all material respects, in accordance with GAAP.”

 

ARTICLE VI

DEFEASANCE

 

Section 601.
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the 2027 Notes but no other series of
Securities under the Base Indenture, whether now or hereafter issued and Outstanding, Section 1404 of the Base Indenture shall be
amended by adding the following clause (h):

 

“(h) In the case
of an election under Section 1402, in addition to the amounts deposited for the benefit of the Holders pursuant to clause (a) of
this Section 1404, the Company shall have irrevocably deposited or caused to be irrevocably deposited with the Trustee all amounts
then due to the Trustee under the Indenture.”

 

    	 	 	 

     

    

 

ARTICLE VII

MEETINGS OF HOLDERS OF SECURITIES

 

Section 701. Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the 2027 Notes but no other series of Securities under the Base
Indenture, whether now or hereafter issued and Outstanding, Section 1505 of the Base Indenture shall be amended by replacing clause
(c) thereof with the following:

 

“(c) At any meeting of Holders,
each Holder of a 2027 Note or proxy shall be entitled to one vote for each $25.00 principal amount of the Outstanding Securities of such
series held or represented by such Holder; provided, however, that no vote shall be cast or counted at any meeting
in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman
of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.”

 

ARTICLE VIII

MISCELLANEOUS

 

Section 801.
This First Supplemental Indenture and the 2027 Notes shall be governed by and construed in accordance with the laws of the State of New
York, without regard to principles of conflicts of laws that would cause the application of laws of another jurisdiction. This First
Supplemental Indenture is subject to the provisions of the Trust Indenture Act, that are required to be part of the Indenture and shall,
to the extent applicable, be governed by such provisions.

 

Section 802.
Except as may be provided in a Future Supplemental Indenture, Article Six of the Base Indenture shall be amended by adding the following
Section 613:

 

“Section 613
Trustee’s Cooperation.

 

So long as the outstanding
2027 Notes are registered in the name of Cede & Co. or its registered assigns, the Trustee shall cooperate with Cede &
Co., as sole registered owner, and its registered assigns in effecting payment of the principal of, Redemption Price and interest on
the 2027 Notes by arranging for payment in such manner that funds for such payments are properly identified and are made immediately
available on the date they are due. The Company acknowledges that in order for the Trustee to make funds for such payments immediately
available to the Depository on the date they are due, the Company shall ensure the funds for such payments are remitted and made immediately
available to the Trustee, no later than 10:00 a.m. Eastern Time on the date they are due to Cede & Co. in order for the
Trustee to conform to the payment guidelines of the Depository. Funds for such payments received by the Trustee after 10:00 a.m. Eastern
Time on the date they are due to Cede & Co. may not be assured of timely payment and detail payment notification to the Depository
for subsequent allocation to the noteholders.”

 

Section 803.
In case any provision in this First Supplemental Indenture or in the 2027 Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 804.
This First Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same First Supplemental Indenture. The exchange of copies of this First
Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or other electronic means shall constitute
effective execution and delivery of this First Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted
by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their original signatures for all purposes. All
notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent to the
Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or
such other digital signature provider as specified in writing to the Trustee by the authorized representative), in English.  The
Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications
to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties.  The Trustee shall have no liability for relying on such digital signatures or electronic methods.

 

    	 	 	 

     

    

 

Section 805.
The Base Indenture, as supplemented and amended by this First Supplemental Indenture, is in all respects ratified and confirmed, and
the Base Indenture and this First Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect
to the 2027 Notes. All provisions included in this First Supplemental Indenture supersede any conflicting provisions included in the
Base Indenture with respect to the 2027 Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture,
as supplemented by this First Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture,
as supplemented by this First Supplemental Indenture.

 

Section 806.
The provisions of this First Supplemental Indenture shall become effective as of the date hereof.

 

Section 807.
Notwithstanding anything else to the contrary herein, the terms and provisions of this First Supplemental Indenture shall apply only
to the 2027 Notes and shall not apply to any other series of Securities under the Base Indenture, and this First Supplemental Indenture
shall not and does not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities
under the Base Indenture, whether now or hereafter issued and Outstanding.

 

Section 808.
The recitals contained herein and in the 2027 Notes, except the Trustee’s certificate of authentication, shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to
the validity or sufficiency of this First Supplemental Indenture, the 2027 Notes or any Additional Notes, except that the Trustee represents
that it is duly authorized to execute and deliver this First Supplemental Indenture, authenticate the 2027 Notes and any Additional Notes
and perform its obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of the 2027 Notes
or any Additional Notes or the proceeds thereof. All rights, protections, privileges, indemnities, immunities and benefits granted or
afforded to the Trustee under the Indenture shall be deemed incorporated herein by this reference and shall be deemed applicable to all
actions taken, suffered or omitted by the Trustee in each of its capacities hereunder.

 

    	 	 	 

     

    

 

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

 

	 	RUNWAY GROWTH FINANCE CORP.
	 	 
	 	By:	/s/ R. David Spreng
	 	Name:	R. David Spreng
	 	Title:   	President and Chief Executive Officer
	 	 
	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	/s/ Karen Beard
	 	Name:	Karen Beard
	 	Title:	Vice President

 

[Signature page to First Supplemental
Indenture]

 

    	 	 	 

     

    

 

Exhibit A — Form of Global
Note

 

This Security is a Global Note within the
meaning of the Indenture hereinafter referred to and is registered in the name of The Depository Trust Company or a nominee thereof.
This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or in part
may be registered, in the name of any Person other than The Depository Trust Company or a nominee thereof, except in the limited circumstances
described in the Indenture.

 

Unless this certificate is presented by an
authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer, exchange or payment
and such certificate issued in exchange for this certificate is registered in the name of Cede & Co., or such other name as
requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other use hereof for value or otherwise
by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an interest herein.

 

Runway Growth Finance Corp.

 

	No.  	 	$

    Units

	 	 	CUSIP No. 78163D 209
	 	 	ISIN No.  US78163D2099

 

7.50% Notes due 2027

 

Runway Growth Finance Corp.,
a corporation duly organized and existing under the laws of Maryland (herein called the “Company”, which term includes any
successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of ___________ dollars (U.S. $___________; ____________ Units) on July 28, 2027, and to pay
interest thereon from July 28, 2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, quarterly on March 1, June 1, September 1 and December 1 in each year, commencing September 1, 2022 (provided,
that if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment shall be made on the
next succeeding Business Day and no additional interest shall accrue as a result of such delayed payment), at the rate of 7.50% per annum,
until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Security is registered at
the close of business on the Regular Record Date for such interest, which shall be February 15, May 15, August 15 or November 15
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture. This Security may be issued as part of a series.

 

Payment of the principal
of (and premium, if any) and any such interest on this Security shall be made at the Corporate Trust Office of the Trustee  located
at 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Runway Growth Finance Corp. (7.50% Notes Due 2027) in such coin or currency of
the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register; provided, further, however, that so long as the 2027 Notes are registered to Cede &
Co., such payment will be made by wire transfer in accordance with the procedures established by The Depository Trust Company and the
Trustee.

 

Reference is hereby made
to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    	 	A-1	 

     

    

 

In Witness
Whereof, the Company has caused this instrument to be duly executed.

 

Dated:

 

	 	RUNWAY GROWTH FINANCE CORP.
	 	 	 
	 	By:	              
	 	 	 
	 	 	Name: R. David Spreng
	 	 	Title:   Chief Executive Officer and President

 

	Attest	 
	 	 	 
	By:	              	 
	Name: Thomas B. Raterman	 
	Title: Chief Operating Officer and Chief Financial Officer	 

 

    	 	A-2	 

     

    

 

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

 

Dated:

 

	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

    as Trustee
	 	 	 
	 	By:	       
	 	 	 
	 	 	Authorized Signatory

 

    	 	A-3	 

     

    

 

Runway Growth Finance
Corp. 

7.50% Notes due 2027

 

This Security is one of a
duly authorized issue of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of July 28, 2022 (herein called the “Base Indenture”), between the Company
and U.S. Bank Trust Company, National Association, as Trustee (herein called the “Trustee”, which term includes any successor
trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of the terms upon which
the Securities are, and are to be, authenticated and delivered, as supplemented by the First Supplemental Indenture, dated as of July 28,
2022, by and between the Company and the Trustee (herein called the “First Supplemental Indenture”, the First Supplemental
Indenture and the Base Indenture collectively are herein called the “Indenture”). In the event of any conflict between the
Base Indenture and the First Supplemental Indenture, the First Supplemental Indenture shall govern and control.

 

This Security is one of the
series designated on the face hereof, initially limited in aggregate principal amount to $__________ (__________ Units). Under a Board
Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time,
without the consent of the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”)
having the same ranking and the same interest rate, maturity and other terms as the Securities. Any Additional Securities and the existing
Securities will constitute a single series under the Indenture and all references to the relevant Securities herein shall include the
Additional Securities unless the context otherwise requires. The aggregate amount of outstanding Securities represented hereby may from
time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.

 

The Securities of this series
are subject to redemption in whole or in part at any time or from time to time, at the option of the Company, on or after July 28,
2024, at a redemption price of $25 per security plus accrued and unpaid interest payments otherwise payable for the then-current quarterly
interest period accrued to, but excluding, the date fixed for redemption.

 

Notice of redemption shall
be given in writing and mailed, first-class postage prepaid, by overnight courier guaranteeing next-day delivery or sent electronically
in accordance with the applicable procedures of DTC with respect to 2027 Notes in global form, to each Holder of the Securities to be
redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address,
facsimile or email address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 1104
of the Base Indenture.

 

Any exercise of the Company’s
option to redeem the Securities shall be done in compliance with the Investment Company Act, and the rules, regulations and interpretations
promulgated thereunder, to the extent applicable.

 

If the Company elects to
redeem only a portion of the Securities, the particular Securities to be redeemed will be selected by the Trustee in accordance with
the applicable procedures of the Depositary and in accordance with Section 1103 of the Base Indenture and the Investment Company
Act, and the rules and regulations promulgated thereunder, to the extent applicable. In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof shall be issued in the
name of the Holder hereof upon the cancellation hereof.

 

Unless the Company defaults
in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the Securities called for redemption.

 

Holders of Securities do
not have the option to have the Securities repaid prior to July 28, 2027.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect
to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

    	 	A-4	 

     

    

 

If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the
rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee
with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series
to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

 

As provided in and subject
to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to
the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously
given the Trustee written notice of a continuing Event of Default, other than an Event of Default referred to in Section 501(5) or
Section 501(6) of the Indenture with respect to the Company, with respect to the Securities of this series, the Holders of
not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity and/or security against
the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the
Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request,
and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity
and/or security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment
of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. If an Event of Default referred
to in Section 501(5) or Section 501(6) of the Indenture with respect to the Company has occurred, the entire principal
amount of all the Securities of this series shall automatically become due and immediately payable.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin
or currency, herein prescribed.

 

As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium
and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of $25 and any integral multiples of $25 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the
Holder surrendering the same.

 

No service charge shall be
made for any such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

    	 	A-5	 

     

    

 

All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

The Indenture and this Security
shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of
laws.

 

    	 	A-6

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