Document:

Document

Exhibit 4.9

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

    As of March 3, 2021, Martin Midstream Partners L.P. has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"): (1) our common units.

The following description of our common units is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Second Amended and Restated Agreement of Limited Partnership, dated as of November 25, 2009, as amended by that certain Amendment No. 2 to the Second Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of January 31, 2011, as further amended by that certain Amendment No. 3 to the Second Amended and Restated Limited Partnership Agreement of the Partnership, dated as of October 2, 2012 (as amended, our "Partnership Agreement"), which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.5 is a part. We encourage you to read our Partnership Agreement for additional information

Description of Our Common Units

    Our common units represent limited partner interests that entitle the holders to participate in our partnership distributions and to exercise the rights and privileges available to limited partners under our Partnership Agreement.  References in this "Description of the Common Units" to "we," "us" and "our" mean Martin Midstream Partners L.P.

Number of Units

    We currently have 38,893,342 common units outstanding, 32,778,810 of which are held by the public, 4,203,823 are held by Martin Resource LLC, 889,444 are held by Cross Oil Refining & Marketing Inc. and 1,021,265 are held by Martin Product Sales LLC, each a wholly owned subsidiary of Martin Resource Management. The common units represent an aggregate 98.0% limited partner interest. Our general partner owns an aggregate 2.0% general partner interest in us.

Listing

    Our outstanding common units are traded on the Nasdaq National Market under the symbol "MMLP." 

Transfer Agent and Registrar

    The transfer agent and registrar for our common units is Computershare.

Transfer of Common Units

    Except as otherwise provided in the Partnership Agreement, the transfer of a common unit will not be recorded by the transfer agent or recognized by us unless the transferee executes and delivers a transfer application.  By executing and delivering a transfer application, the transferee of common units:

•becomes the record holder of the common units and is an assignee until admitted into our partnership as a substituted limited partner; 
•automatically requests admission as a substituted limited partner in our partnership; 
•agrees to be bound by the terms and conditions of, and executes, our Partnership Agreement; 
•represents that the transferee has the capacity, power and authority to enter into our Partnership Agreement; 
•grants powers of attorney to officers of our general partner and any liquidator of us as specified in our Partnership Agreement; and 
•makes the consents and waivers contained in our Partnership Agreement. 

    An assignee will become a substituted limited partner of our partnership for the transferred common units upon the consent of our general partner and the recording of the name of the assignee on our books and records. Our general partner may withhold its consent in its sole discretion.

    A transferee’s broker, agent or nominee may complete, execute and deliver a transfer application. We are entitled to treat the record holder of a common unit as the absolute owner. In that case, the beneficial holder’s rights are limited solely to those that it has against the record holder as a result of any agreement between the beneficial owner and the record holder.

    Common units are securities and are transferable according to the laws governing transfer of securities. In addition to other rights acquired upon transfer, the transferor gives the transferee the right to request admission as a substituted limited partner in our partnership for the transferred common units. A purchaser or transferee of common units who does not execute and deliver a transfer application obtains only:

•the right to assign the common unit to a purchaser or other transferee; and 
•the right to transfer the right to seek admission as a substituted limited partner in our partnership for the transferred common units. 

Thus, a purchaser or transferee of common units who does not execute and deliver a transfer application:

•will not receive cash distributions, unless the common units are held in a nominee or "street name" account and the nominee or broker has executed and delivered a transfer application; and 
•may not receive some U.S. federal income tax information or reports furnished to record holders of common units. 

    Our Partnership Agreement requires that a transferor of common units provide the transferee with all information that may be necessary to transfer the common units. The transferor is not required to insure the execution of the transfer application by the transferee and has no liability or responsibility if the transferee neglects or chooses not to execute and forward the transfer application to the transfer agent.

    Until a common unit has been transferred on our books, we and the transfer agent may treat the record holder of the unit as the absolute owner for all purposes, except as otherwise required by law or applicable stock exchange regulations.

Cash Distributions

Our Partnership Agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash to unitholders of record on the applicable record date. Other than the requirement in our Partnership Agreement to distribute all of our available cash each quarter, we have no legal obligation to make quarterly cash distributions and the board of directors of our general partner has considerable discretion to determine the amount of our available cash each quarter. Available cash generally means, for each fiscal quarter, all cash and cash equivalents on hand at the end of each quarter less the amount of cash reserves our general partner determines in its reasonable discretion is necessary or appropriate to: (i) provide for the proper conduct of our business; (ii) comply with applicable law, any debt instruments or other agreements; or (iii) provide funds for distributions to unitholders and our general partner for any one or more of the next four quarters, plus all cash on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. Working capital borrowings are borrowings that are made under our revolving credit facility or other arrangement requiring all borrowings thereunder to be reduced to a relatively small amount each year for an economically meaningful period of time and in all cases are used solely for working capital purposes or to pay distributions to partners.

Liquidation

If we dissolve in accordance with our Partnership Agreement, we will sell or otherwise dispose of our assets in a process called liquidation. We will first apply the proceeds of liquidation to the payment of our creditors. We will distribute any remaining proceeds to the holders of common units and our general partner, in accordance with their capital account balances, as adjusted to reflect any gain or loss upon the sale or other disposition of our assets in liquidation, all in accordance with the terms of our Partnership Agreement.

Voting Rights

Except as described below regarding a person or group owning 20% or more of any class of units then outstanding, record holders of units on the record date will be entitled to notice of, and to vote at, meetings of our limited partners and to act upon matters for which approvals may be solicited.

Meetings of the unitholders may be called by our general partner or by unitholders owning at least 20% of the outstanding units of the class for which a meeting is proposed. The holders of a majority in voting power of the outstanding units of the class or classes for which a meeting has been called, represented in person or by proxy, will constitute a quorum 

unless any action by the unitholders requires approval by holders of a greater percentage of the units, in which case the quorum will be the greater percentage. For all matters presented to the limited partners at a meeting at which a quorum is present for which no minimum or other vote of the limited partners is specifically required pursuant to our Partnership Agreement, the rules and regulations of any national securities exchange on which the common units are admitted to trading, or applicable law or pursuant to any regulation applicable to us or our partnership interests, a majority of the votes cast by the limited partners holding outstanding common units will be deemed to constitute the act of all limited partners (with abstentions and broker non-votes being deemed to not have been cast with respect to such matter). The general partner interest does not entitle our general partner to any vote other than its rights as general partner under our Partnership Agreement, will not be entitled to vote on any action required or permitted to be taken by the unitholders and will not count toward or be considered outstanding when calculating required votes, determining the presence of a quorum, or for similar purposes.

Each record holder of a unit has a vote according to its percentage interest in us. However, if at any time any person or group, other than our general partner and its affiliates, a direct transferee of our general partner and its affiliates, a transferee of such direct transferee, who is notified by our general partner that it will not lose its voting rights, or a person or a group who acquired 20% or more of any class of units issued by us with the prior approval of the board of directors of our general partner, acquires, in the aggregate, beneficial ownership of 20% or more of any class of units then outstanding, that person or group will lose voting rights on all of its units and the units may not be voted on any matter and will not be considered to be outstanding when sending notices of a meeting of unitholders, calculating required votes, determining the presence of a quorum, or for other similar purposes.

    The following matters require the unitholder vote specified below. Matters requiring the approval of a "unit majority" requires the approval of a majority of the outstanding common units.
									
			
	Matter		Vote Requirement
		
	Issuance of additional units		No approval rights.
		
	Amendment of the Partnership Agreement		Certain amendments may be made by the general partner without the approval of the unitholders. Other amendments generally require the approval of a unit majority.
		
	Merger of our partnership or the sale of all or substantially all of our assets		Unit majority.
		
	Dissolution of our partnership		Unit majority.
		
	Reconstitution of our partnership upon dissolution		Unit majority.
		
	Withdrawal of the general partner		The approval of a majority of the outstanding common units, excluding common units held by the general partner and its affiliates, is required for the withdrawal of the general partner prior to September 30, 2012 in a manner which would cause a dissolution of our partnership.
		
	Removal of the general partner		Not less than 66 2/3% of the outstanding units, including units held by our general partner and its affiliates.
		
	Transfer of ownership interests in the general partner		Our general partner may transfer its general partner interest without a vote of our unitholders in connection with the general partner’s merger or consolidation with or into, or sale of all or substantially all of its assets to, a third person. Our general partner may also transfer all of its general partner interest to an affiliate without a vote of our unitholders. The approval of a majority of the outstanding common units, excluding common units held by the general partner and its affiliates, is required in other circumstances for a transfer of the general partner interest to a third party prior to September 30, 2012.
		
	Transfer of incentive distribution rights		Except for transfers to an affiliate or another person as part of the general partner’s merger or consolidation with or into, or sale of all or substantially all of its assets to, such affiliate or person, the approval of a majority of the outstanding common units is required in most circumstances for a transfer of the incentive distribution rights to a third party prior to September 30, 2012.
		
	Transfer of ownership interests in the general partner		No approval required at any time.

Amendments of Our Partnership Agreement

Amendments to our Partnership Agreement may be proposed only by or with the consent of our general partner, which consent may be given or withheld in its sole discretion. In order to adopt a proposed amendment, other than the amendments discussed below, our general partner must seek written approval of the holders of the number of units required to approve the amendment 

or call a meeting of the limited partners to consider and vote upon the proposed amendment. Except as described below, an amendment must be approved by a unit majority. 

Prohibited Amendments.  No amendment may be made that would:

•enlarge the obligations of any limited partner without its consent, unless approved by at least a majority of the type or class of limited partner interests so affected;
•enlarge the obligations of, restrict in any way any action by or rights of, or reduce in any way the amounts distributable, reimbursable or otherwise payable by us to our general partner or any of its affiliates without the consent of our general partner, which may be given or withheld in its sole discretion;
•change the duration of our partnership;
•provide that our partnership is not dissolved upon an election to dissolve our partnership by our general partner that is approved by a unit majority; or;
•give any person the right to dissolve our partnership other than our general partner’s right to dissolve our partnership with the approval of a unit majority.

The provision of our Partnership Agreement preventing the amendments having the effects described in any of the clauses above can be amended upon the approval of the holders of at least 90% of the outstanding units voting together as a single class.

Additionally, our general partner may generally make amendments to our Partnership Agreement without the approval of any limited partner in certain circumstances.

Limitations on Liability

Assuming that a limited partner does not participate in the control of our business within the meaning of the Delaware Act and that it otherwise acts in conformity with the provisions of our Partnership Agreement, its liability under the Delaware Act will be limited, subject to possible exceptions, to the amount of capital it is obligated to contribute to us for its common units plus its share of any undistributed profits and assets.

Issuance of Additional Partnership Interests

Subject to certain limitations, our Partnership Agreement authorizes us to issue an unlimited number of additional partnership interests and options, rights, warrants and appreciation rights relating to the partnership interests for any partnership purpose at any time and from time to time to such persons for such consideration and on such terms and conditions as our general partner shall determine in its sole discretion, all without the approval of any partners.

In accordance with Delaware law and the provisions of our Partnership Agreement, we may also issue additional partnership interests that, as determined by our general partner, may have special voting rights to which the common units are not entitled.

Change of Management Provisions

Our Partnership Agreement contains specific provisions that are intended to discourage a person or group from attempting to remove Martin Midstream GP LLC as our general partner or otherwise change our management. If any person or group other than our general partner and its affiliates acquires beneficial ownership of 20% or more of any class of units, that person or group loses voting rights on all of its units. This loss of voting rights does not apply to any person or group that acquires the units from our general partner or its affiliates and any transferees of that person or group who are notified by our general partner that they will not lose their voting rights or to any person or group who acquires the units with the prior approval of the board of directors of our general partner.

Limited Call Right

If at any time our general partner and its affiliates own more than 80% of the then-issued and outstanding limited partner interests of any class, our general partner will have the right, which it may assign in whole or in part to any of its affiliates or to us, to acquire all, but not less than all, of the limited partner interests of such class held by unaffiliated persons as of a record date to be selected by our general partner, on at least 10, but not more than 60, days’ written notice.

Books and Reports

Our Partnership Agreement states that we will mail or make available to record holders of common units, within 120 days after the close of each fiscal year, an annual report containing audited financial statements and a report on those financial statements by our independent public accountants. Except for our fourth quarter, we will also mail or make available summary financial information within 90 days after the close of each quarter. We will furnish each record holder of a unit with information reasonably required for tax reporting purposes within 90 days after the close of each calendar year.

Right to Inspect Our Books and Records

In addition to information that a limited partner would otherwise have under Delaware law,  our Partnership Agreement provides that a limited partner can, for a purpose reasonably related to its interest as a limited partner, upon reasonable written demand stating the purpose of such demand and at its own expense, have furnished to such limited partner, certain information regarding the status of our business and financial condition, in addition to certain information related to our record holders.EXHIBIT 4.3(a)

 

 

 

FIRST
SUPPLEMENTAL SENIOR DEBT FUNDING INDENTURE

 

AMONG

 

DEUTSCHE
BANK AKTIENGESELLSCHAFT

 

Issuer

 

AND

DELAWARE TRUST COMPANY

Trustee

AND

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS  

Paying
Agent, Authenticating Agent, Issuing Agent and Registrar

 

DATED AS
OF MARCH 1, 2021

 

SUPPLEMENTAL
TO SENIOR DEBT FUNDING INDENTURE

 

DATED AS
OF JULY 30, 2018

 

 

     

     

    

THIS
FIRST SUPPLEMENTAL SENIOR DEBT FUNDING INDENTURE, dated as of March 1, 2021, among DEUTSCHE BANK AKTIENGESELLSCHAFT (the
“Issuer”), DELAWARE TRUST COMPANY, as trustee (the “Trustee”), and DEUTSCHE BANK TRUST
COMPANY AMERICAS, as Paying Agent, Authenticating Agent, Issuing Agent and Registrar.

 

W I T N E
S S E T H :

 

WHEREAS,
the Issuer and the Trustee are parties to that certain Senior Debt Funding Indenture, dated as of July 30, 2018, among
the Issuer, the Trustee and Deutsche Bank Trust Company Americas (the “Indenture”);

 

WHEREAS,
Section 9.01(c) of the Indenture provides that, without the consent of the Holders of any Securities, the Issuer and the Trustee
may enter into indentures supplemental to the Indenture for the purpose of, among other things, making any provisions as the Issuer
may deem necessary or desirable; provided that no such action shall adversely affect the interests of the Holders of the
Securities or Coupons;

 

WHEREAS,
there are no Securities Outstanding of any series created prior to the execution of this First Supplemental Senior Debt Funding
Indenture which are entitled to the benefit of the provisions set forth herein or would be adversely affected by such provisions;

 

WHEREAS,
the Issuer desires and the Trustee has agreed to amend Sections 2.03, 2.06, 6.01, 7.06, 10.01, 12.09, and 13.01 of the Indenture
with respect to the Securities to be issued under the Indenture on or after the date of this First Supplemental Senior Debt Funding
Indenture;

 

WHEREAS,
the entry into this First Supplemental Senior Debt Funding Indenture by the parties hereto is in all respects authorized by the
provisions of the Indenture; and

 

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

 

NOW, THEREFORE:

 

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

 

    2 

     

    

Article
1

Amendments to the Indenture

 

Section
1.01.   Amendment to Section 2.03 of the Indenture.
With respect to the Securities to be issued under the Indenture on or after the date of this First Supplemental Senior Debt
Funding Indenture, Section 2.03 of the Indenture is hereby amended by:

 

(a)           deleting
the following text:

 

“The Securities
may be issued in one or more series and are intended to qualify as eligible liabilities instruments for the minimum requirement
for own funds and eligible liabilities as applicable to the Issuer.

 

The obligations under
the Securities constitute unsecured and unsubordinated obligations of the Issuer ranking pari passu among themselves and
with all other unsecured and unsubordinated obligations of the Issuer, subject, however, to statutory priorities conferred on
certain unsecured and unsubordinated obligations in the event of any Resolution Measures imposed on the Issuer or in the event
of the dissolution, liquidation, insolvency or composition of the Issuer, or if other proceedings are opened for the avoidance
of the insolvency of, or against, the Issuer; and pursuant to Section 46f(5) of the German Banking Act (Kreditwesengesetz),
the obligations under the Securities rank in priority to the Issuer’s obligations under any of its debt instruments (Schuldtitel)
within the meaning of Section 46f(6) sentence 1 of the German Banking Act (including the obligations under any such
debt instruments that were issued by the Issuer before July 21, 2018 and that are subject to Section 46f(9) of the German
Banking Act) or any successor provision.”

 

and replacing the deleted text
with the following:

 

“The Securities
may be issued in one or more series and are intended to qualify as eligible liabilities instruments within the meaning of Articles 72a,
72b(2) of Regulation (EU) No 575/2013 of the European Parliament and of the Council, as amended, supplemented or replaced
from time to time (the “CRR”), with the exception of point (d), for the minimum requirement for own funds and
eligible liabilities as applicable to the Issuer.

 

Status. The obligations
under the Securities constitute unsecured and unsubordinated obligations of the Issuer and shall rank pari passu among
themselves and with all other unsecured and unsubordinated obligations of the Issuer, subject, however, to statutory priorities
conferred on certain unsecured and unsubordinated obligations in the event of any Resolution

 

    3 

     

    

Measures imposed on
the Issuer or in the event of the dissolution, liquidation, insolvency or composition of the Issuer, or if other proceedings are
opened for the avoidance of the insolvency of, or against, the Issuer; in accordance with Section 46f(5) of the German Banking
Act (Kreditwesengesetz), the obligations of the Issuer under the Securities shall rank in priority to the Issuer’s
obligations under debt instruments (Schuldtitel) of the Issuer within the meaning of Section 46f(6) sentence 1
of the German Banking Act (Kreditwesengesetz) (including the obligations under any such debt instruments that were issued
by the Issuer before July 21, 2018 and that are subject to Section 46f(9) of the German Banking Act (Kreditwesengesetz))
or any successor provision, this includes eligible liabilities within the meaning of Articles 72a and 72b(2) CRR.”;

 

(b)           deleting
Section 2.03(b) of the Indenture, which reads as follows, in its entirety:

 

“the
qualification of the Securities of the series as eligible liabilities for bank regulatory purposes;”

 

and replacing
the deleted text with the following:

 

“[intentionally
omitted];”; and

 

(c)           adding
the following paragraph after the current third paragraph and before the current fourth paragraph:

 

“No
subsequent agreement may enhance the seniority of the Issuer’s obligations under the Securities or shorten the term of any
of the Securities or any applicable notice period. No Holder may set off its claims arising under the Securities against any claims
of the Issuer. No security or guarantee shall be provided at any time securing claims of the Holders under the Securities; any
security or guarantee already provided or granted in the future in connection with other liabilities of the Issuer may not be
used for claims under the Securities.”

 

Section
1.02.   Amendment to Section 2.06 of the Indenture.
With respect to the Securities to be issued under the Indenture on or after the date of this First Supplemental Senior Debt Funding
Indenture, the first sentence in Section 2.06 of the Indenture, which read as follows, shall be deleted:

 

“Only
such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed
by the Trustee by the manual signature of one of its authorized officers, shall be entitled to the benefits of this Indenture
or be valid or obligatory for any purpose.”

 

    4 

     

    

and shall be
replaced with the following:

 

“Only
such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed
by the Trustee by the manual or electronic signature (including any electronic signature complying with the U.S. federal ESIGN
Act of 2000, e.g., www.docusign.com) of one of its authorized officers, shall be entitled to the benefits of this Indenture or
be valid or obligatory for any purpose.”

 

Section
1.03.   Amendment to Section 6.01 of the Indenture.
With respect to the Securities to be issued under the Indenture on or after the date of this First Supplemental Senior Debt Funding
Indenture, Section 6.01 of the Indenture is hereby amended by:

 

(a)           deleting
Section 6.01(a)(ii) of the Indenture, which reads as follows, in its entirety:

 

“convert
the Securities into ordinary shares of (i) the Issuer or (ii) any group entity or (iii) any bridge bank or other instruments of
ownership of such entities qualifying as common equity tier one capital (and issue to or confer on the Holders (including the
Beneficial Owners) such ordinary shares or instruments); and/or”

 

and replacing
the deleted text with the following:

 

“convert
the Securities into ordinary shares of (A) the Issuer or (B) any group entity or (C) any bridge bank or other instruments of ownership
of such entities qualifying as common equity tier one capital (and the issue to or conferral on the Holders (including the Beneficial
Owners) of such ordinary shares or instruments); and/or”; and

 

(b)           deleting
the following language in Section 6.01 of the Indenture, which reads as follows, in its entirety:

 

“The
Issuer’s obligations to indemnify the Trustee and the Agents in accordance with Sections ‎7.02 and ‎7.06, and to
the extent applicable, the obligations of the Holders to indemnify the Trustee and the Agents under this Indenture shall survive
the imposition of a Resolution Measure by the competent resolution authority with respect to the Securities.”

 

and replacing
the deleted text with the following:

 

“Any
obligations of the Holders to indemnify the Trustee and the Agents under this Indenture shall survive the imposition of a Resolution
Measure by the competent resolution authority with respect to the Issuer or the

 

    5 

     

    

Securities. To the
extent not otherwise precluded by a Resolution Measure, the Issuer’s obligations to indemnify the Trustee and the Agents
in accordance with Sections 7.02 and 7.06 shall survive the imposition of a Resolution Measure by the competent resolution authority
with respect to the Issuer or the Securities.”

 

Section
1.04.   Amendment to Section 7.06 of the Indenture.
With respect to the Securities to be issued under the Indenture on or after the date of this First Supplemental Senior Debt Funding
Indenture, Section 7.06 of the Indenture is hereby amended by deleting the following language in Section 7.06, which read as follows,
in its entirety:

 

“Such
additional indebtedness shall be a senior claim to that of the Securities upon all property and funds held or collected by the
Trustee or Agent as such, except funds held in trust for the benefit of the Holders of particular Securities or Coupons, and the
Securities are hereby subordinated to such senior claim. The Issuer’s payment obligations pursuant to this Section and any
lien arising hereunder shall survive the discharge of this Indenture and the resignation or removal of the Trustee or Agent. When
the Trustee or Agent incurs expenses after the occurrence of an Event of Default with respect to the Issuer, the expenses are
intended to constitute expenses of administration under any bankruptcy or insolvency law.”

 

and replacing
the deleted text with the following:

 

“Consistent
with Section 5.03, the Trustee shall have a right prior to the Holders to any funds held or collected by the Trustee or Agent,
except funds held in trust for the benefit of the Holders of particular Securities or Coupons. The Issuer’s payment obligations
pursuant to this Section and any right to payment arising hereunder shall survive the discharge of this Indenture and the resignation
or removal of the Trustee or Agent.”

 

Section
1.05.   Amendment to Section 10.01 of the Indenture.
With respect to the Securities to be issued under the Indenture on or after the date of this First Supplemental Senior Debt Funding
Indenture, the first paragraph of Section 10.01 of the Indenture, which reads as follows, shall be deleted in its entirety:

 

“In
case of any merger or consolidation or sale, lease or conveyance of all or substantially all of the Issuer’s assets to any
other Person, the successor legal entity or the Person which acquires by sale, lease or conveyance substantially all the assets
of the Issuer (if other than the Issuer) may succeed to and be substituted for the Issuer, with the same effect as if it had been
named herein; provided that no such succession or substitution shall occur unless (i) it is effected in a manner as prescribed
by applicable

 

    6 

     

    

laws and regulations
and the competent supervisory or resolution authority has raised no objection to such succession or substitution, and (ii) the
Trustee has received an Officer’s Certificate and Opinion of Counsel each stating that the conditions set forth in clause
(i) have been satisfied. Such successor corporation may, subject to all the terms, conditions and limitations provided in this
Indenture, cause to be signed, and may issue either in its own name or in the name of the Issuer prior to such succession any
or all holders of the Securities issuable hereunder which together with any Coupons appertaining thereto theretofore shall not
have been signed by the Issuer and delivered to the Trustee; upon an Issuer Order of such successor corporation, instead of the
Issuer, the Trustee shall authenticate and shall deliver any Securities together with any Coupons appertaining thereto which previously
shall have been signed and delivered by the officers of the Issuer to the Trustee for authentication, and any Securities which
such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities
so issued together with any Coupons appertaining thereto shall in all respects have the same legal rank and benefit under this
Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such
Securities had been issued at the date of the execution hereof.”

 

and shall be
replaced with the following:

 

“In
case of any merger or consolidation or sale, lease or conveyance of all or substantially all of the Issuer’s assets to any
other Person, the successor legal entity or the Person which acquires by sale, lease or conveyance substantially all the assets
of the Issuer (if other than the Issuer) may succeed to and be substituted for the Issuer, with the same effect as if it had been
named herein; provided that no such succession or substitution shall occur unless (i) it is effected in a manner as prescribed
by applicable laws and regulations and the competent supervisory or resolution authority has raised no objection to or has approved
of, as the case may be, such succession or substitution, and (ii) the Trustee has received an Officer’s Certificate and
Opinion of Counsel each stating that the conditions set forth in clause (i) have been satisfied. Such successor corporation may,
subject to all the terms, conditions and limitations provided in this Indenture, cause to be signed, and may issue either in its
own name or in the name of the Issuer prior to such succession any or all holders of the Securities issuable hereunder which together
with any Coupons appertaining thereto theretofore shall not have been signed by the Issuer and delivered to the Trustee; upon
an Issuer Order of such successor corporation, instead of the Issuer, the Trustee shall authenticate and shall deliver any Securities
together with any Coupons appertaining thereto

 

    7 

     

    

which previously shall
have been signed and delivered by the officers of the Issuer to the Trustee for authentication, and any Securities which such
successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities
so issued together with any Coupons appertaining thereto shall in all respects have the same legal rank, be subject to the imposition
of Resolution Measures, and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with
the terms of this Indenture as though all of such Securities had been issued at the date of the execution hereof.”

 

Section
1.06.   Amendment to Section 12.09 of the Indenture.
With respect to the Securities to be issued under the Indenture on or after the date of this First Supplemental Senior Debt Funding
Indenture, Section 12.09 of the Indenture is hereby amended by adding the following paragraph after the first sentence:

 

“Counterparts
may be delivered via facsimile, electronic mail (including .pdf or any electronic signature complying with the U.S. federal ESIGN
Act of 2000, e.g., www.docusign.com) or other transmission method, and any counterpart so delivered shall be deemed to have been
duly and validly delivered and be valid and effective as delivery of a manually executed counterpart of this Indenture. Each of
the parties to this Indenture represents that it has undertaken commercially reasonable steps to verify the identity of each individual
person executing any such counterparts via electronic signature on behalf of such party and has and will maintain sufficient records
of the same. This Indenture shall become effective when each party shall have received a counterpart hereof signed by all of the
other parties to this Indenture.”

 

Section
1.07.   Amendment to Section 13.01 of the Indenture.
With respect to the Securities to be issued under the Indenture on or after the date of this First Supplemental Senior Debt Funding
Indenture, Section 13.01 of the Indenture, which reads as follows, shall be deleted in its entirety:

 

“The
provisions of this Article shall be applicable to the Securities of any series which are redeemable before their maturity. Any
redemption of Securities of any series prior to their stated maturity shall be subject to (i) receipt by the Issuer of prior written
approval of the competent authority, if then required under applicable law, capital adequacy guidelines, regulations or policies
of such competent authority; and (ii) compliance with any other regulatory requirements. If the Securities are redeemed without
prior written approval of such competent authority, then the amounts paid on the Securities must be returned to the Issuer irrespective
of any agreement to the contrary.”

 

    8 

     

    

and shall be
replaced with the following:

 

“The
provisions of this Article shall be applicable to the Securities of any series which are redeemable before their maturity. Any
redemption of Securities of any series prior to their stated maturity shall be subject to (i) receipt by the Issuer of prior written
approval of the competent authority; and (ii) compliance with any other regulatory requirements. If the Securities are redeemed
without prior written approval of such competent authority, then the amounts paid on the Securities must be returned to the Issuer
irrespective of any agreement to the contrary.”

 

Article
2

Miscellaneous Provisions

 

Section 2.01.
Further Assurances. The Issuer will, upon request by the Trustee, execute and deliver such further instruments and do such
further acts as may reasonably be necessary or proper to carry out more effectively the purposes of this First Supplemental Senior
Debt Funding Indenture.

 

Section 2.02.
Other Terms of Indenture. Except insofar as herein otherwise expressly provided, all provisions, terms and conditions of
the Indenture are in all respects ratified and confirmed and shall remain in full force and effect.

 

Section 2.03.
Terms Defined. All terms defined elsewhere in the Indenture shall have the same meanings when used herein.

 

Section 2.04.
Governing Law. This First Supplemental Senior Debt Funding Indenture shall be deemed to be a contract under the laws of the
State of New York, and for all purposes shall be construed in accordance with the laws of such State, except as may otherwise
be required by mandatory provisions of law.

 

Section 2.05.
Counterparts. This First Supplemental Senior Debt Funding Indenture may be executed in any number of counterparts, each
of which shall be an original, but such counterparts shall together constitute but one and the same instrument. Counterparts may
be delivered via facsimile, electronic mail (including .pdf or any electronic signature complying with the U.S. federal ESIGN
Act of 2000, e.g., www.docusign.com) or other transmission method, and any counterpart so delivered shall be deemed to have been
duly and validly delivered and be valid and effective as delivery of a manually executed counterpart of this First Supplemental
Senior Debt Funding Indenture. Each of the parties to this First Supplemental Senior Debt Funding Indenture represents that it
has undertaken commercially reasonable steps to verify the identity of each individual person executing any such counterparts
via electronic signature on

 

    9 

     

    

behalf of such party and has
and will maintain sufficient records of the same. This First Supplemental Senior Debt Funding Indenture shall become effective
when each party shall have received a counterpart hereof signed by all of the other parties to this First Supplemental Senior
Debt Funding Indenture.

 

Section 2.06.
Responsibility of the Trustee. The recitals contained herein shall be taken as the statements of the Issuer, and the Trustee
assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency
of this First Supplemental Senior Debt Funding Indenture or the Securities.

 

[SIGNATURE
PAGE FOLLOWS]

 

    10 

     

    

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

 

 

 

	 	 	 	DEUTSCHE BANK AKTIENGESELLSCHAFT	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	/s/
    Jonathan Blake	 
	 	 	 	 	Name:	Jonathan
    Blake	 
	 	 	 	 	Title:	Managing Director	 
	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 
	 	 	 	By:	/s/
    Thomas Rueckert	 
	 	 	 	 	Name:	Thomas
    Rueckert	 
	 	 	 	 	Title:	Vice
    President	 
	 	 	 	 	 	 	 

 

	 	 	 	DELAWARE TRUST COMPANY, as Trustee	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	/s/
    Thomas Musarra	 
	 	 	 	 	Name:	Thomas
    Musarra	 
	 	 	 	 	Title:	Vice
    President	 
	 	 	 	 	 	 	 

 

	 	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Paying Agent,
    Authenticating Agent, Issuing Agent and Registrar	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	/s/
    Chris Niesz	 
	 	 	 	 	Name:	Chris Niesz	 
	 	 	 	 	Title:	Vice President	 
	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	 	By:	/s/
Kathryn Fischer	 
	 	 	 	 	Name:	Kathryn Fischer	 
	 	 	 	 	Title:	Vice President

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