Document:

Exhibit 10.11

 

APOLLO STRATEGIC GROWTH CAPITAL II

9 West 57th Street, 43rd Floor

New York, NY 10019

February 9, 2021

 

 

APSG Sponsor II, L.P.

9 West 57th Street, 43rd Floor

New York, NY 10019

 

Re:          Administrative
Services Agreement

 

Gentlemen:

 

This letter agreement by and between Apollo
Strategic Growth Capital II (the “Company”) and APSG Sponsor II, L.P. (“Sponsor”), dated as of the date
hereof, will confirm our agreement that, commencing on the date that securities of the Company are first listed on the New York
Stock Exchange (the “Listing Date”) and continuing until the earlier of the consummation by the Company of an initial
business combination or the Company’s liquidation (in each case as described in the Company’s Registration Statement
on Form S-1 (File No. 333-251920), as amended, filed with the Securities and Exchange Commission) (such earlier date hereinafter
referred to as the “Termination Date”):

 

(i) Sponsor shall make available, or
cause to be made available, to the Company, at 9 West 57th Street, 43rd Floor, New York, NY, 10019 (or any
successor location of Sponsor), certain office space, utilities, secretarial support and administrative services as may be reasonably
requested by the Company. In exchange therefor, the Company shall pay Sponsor the sum of $16,667 per month, for up to 27 months,
commencing on the Listing Date and continuing monthly thereafter until the Termination Date; and

 

(ii) Sponsor hereby irrevocably waives
any and all right, title, interest, causes of action and claims of any kind or nature as a result of, or arising out of, this
letter agreement (each, a “Claim”) in or to, and any and all right to seek payment of any amounts due to it out of,
the trust account established for the benefit of the public shareholders of the Company and into which substantially all of the
proceeds of the Company’s initial public offering will be deposited (the “Trust Account”), and hereby irrevocably
waives any Claim it may have in the future as a result of, or arising out of, this letter agreement, which Claim would reduce,
encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further agrees
not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets
in the Trust Account for any reason whatsoever.

 

This letter agreement constitutes the entire
agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements,
or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter
hereof or the transactions contemplated hereby.

 

     

     

    

 

This letter agreement may not be amended,
modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

 

No party hereto may assign either this letter
agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party; provided
that the Sponsor may assign this letter agreement or any of its rights, interests or obligations hereunder to an affiliate without
the prior written approval of the Company. Any purported assignment in violation of this paragraph shall be void and ineffectual
and shall not operate to transfer or assign any interest or title to the purported assignee.

 

This letter agreement, the entire relationship
of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall
be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without giving effect
to its choice of laws principles.

 

This letter agreement may be executed in
one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute
one and the same letter agreement.

 

[Signature page follows]

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	APOLLO STRATEGIC GROWTH
    CAPITAL II
	 	 
	 	By:	/s/ James Crossen
	 	 	Name:	James Crossen
	 	 	Title:	Chief Financial Officer

 

AGREED TO AND ACCEPTED BY:

 

APSG SPONSOR II, L.P.

 

	By: AP Caps II Holdings GP, LLC, its general partner	 
	 	 
	By: Apollo Principal Holdings III, L.P., its managing member	 
	 	 
	By: Apollo Principal Holdings III GP, Ltd., its general partner	 

 

	By:	/s/ Laurie D. Medley	 
	 	Name:	Laurie D. Medley	 
	 	Title:	Vice PresidentExhibit 4.1

 

Execution Version

 

BABCOCK & WILCOX ENTERPRISES, INC.

 

 

 

INDENTURE

 

Dated as of February 12, 2021

 

THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A., 

 

as Trustee

 

 

 

     

     

    

 

CROSS-REFERENCE TABLE*

 

	
        Trust Indenture

        Act Section
	Indenture

Section
	310(a)(1)	7.10
	(a)(2)	7.10
	(a)(3)	N.A.
	(a)(4)	N.A.
	(a)(5)	7.10
	(b)	7.10
	(c)	N.A.
	311(a)	7.11
	(b)	7.11
	(c)	N.A.
	312(a)	2.06
	(b)	11.03
	(c)	11.03
	313(a)	7.06
	(b)(2)	7.06; 7.07
	(c)	7.06; 11.02
	(d)	7.06
	314(a)	4.03; 4.04; 11.05
	(b)	N.A.
	(c)(l)	11.04
	(c)(2)	11.04
	(c)(3)	N.A.
	(d)	N.A.
	(e)	11.05
	(f)	N.A.
	315(a)	7.01
	(b)	7.05; 11.02
	(c)	7.01
	(d)	7.01
	(e)	6.11
	316(a) (last sentence)	2.10
	(a)(l)(A)	6.05
	(a)(l)(B)	6.04
	(a)(2)	N.A.
	(b)	6.07
	(c)	2.14
	317(a)(l)	6.08
	(a)(2)	6.09
	(b)	2.05
	318(a)	11.01
	(b)	N.A.
	(c)	11.01

 

 

N.A. means not applicable.

 

*This Cross Reference Table is not part of this Indenture.

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    1	DEFINITIONS
    AND INCORPORATION BY REFERENCE	1
	Section
    1.01	Definitions	1
	Section
    1.02	Other
    Definitions	5
	Section
    1.03	Incorporation
    by Reference of Trust Indenture Act	5
	Section
    1.04	Rules
    of Construction	5
	 	 	 
	ARTICLE
    2	THE
    NOTES	6
	Section
    2.01	Issuable
    in Series	6
	Section
    2.02	Establishment
    of Terms of Series of Notes	6
	Section
    2.03	Execution
    and Authentication	8
	Section
    2.04	Registrar
    and Paying Agent	9
	Section
    2.05	Paying
    Agent to Hold Money in Trust	9
	Section
    2.06	Holder
    Lists	9
	Section
    2.07	Transfer
    and Exchange	10
	Section
    2.08	Replacement
    Notes	10
	Section
    2.09	Outstanding
    Notes	10
	Section
    2.10	Treasury
    Notes	11
	Section
    2.11	Temporary
    Notes	11
	Section
    2.12	Cancellation	11
	Section
    2.13	Defaulted
    Interest	11
	Section
    2.14	Global
    Notes	12
	Section
    2.15	CUSIP
    Number	13
	 	 	 
	ARTICLE
    3	REDEMPTION
    AND PREPAYMENT	14
	Section
    3.01	Notice
    to Trustee	14
	Section
    3.02	Selection
    of Notes to Be Redeemed	14
	Section
    3.03	Notice
    of Redemption	14
	Section
    3.04	Effect
    of Notice of Redemption	15
	Section
    3.05	Deposit
    of Redemption Price	15
	Section
    3.06	Notes
    Redeemed in Part	15
	 	 	 
	ARTICLE
    4	COVENANTS	16
	Section
    4.01	Payment
    of Principal and Interest	16
	Section
    4.02	Maintenance
    of Office or Agency	16
	Section
    4.03	Reports	16
	Section
    4.04	Compliance
    Certificate	17
	Section
    4.05	Stay,
    Extension and Usury Laws	17
	Section
    4.06	Corporate
    Existence	17
	 	 	 
	ARTICLE
    5	SUCCESSORS	18
	Section
    5.01	Merger,
    Consolidation, or Sale of Assets	18
	Section
    5.02	Successor
    Corporation Substituted	18

 

     

     

    

 

TABLE OF CONTENTS

continued

 

	 	 	Page
	 	 	 
	ARTICLE
    6	DEFAULTS
    AND REMEDIES	19
	Section
    6.01	Events
    of Default	19
	Section
    6.02	Acceleration	20
	Section
    6.03	Other
    Remedies	20
	Section
    6.04	Waiver
    of Past Defaults	21
	Section
    6.05	Control
    by Majority	21
	Section
    6.06	Limitation
    on Suits	21
	Section
    6.07	Rights
    of Holders of Notes to Receive Payment	22
	Section
    6.08	Collection
    Suit by Trustee	22
	Section
    6.09	Trustee
    May File Proofs of Claim	22
	Section
    6.10	Priorities	22
	Section
    6.11	Undertaking
    for Costs	23
	Section
    6.12	Restoration
    of Rights and Remedies	23
	 	 	 
	ARTICLE
    7	TRUSTEE	23
	Section
    7.01	Duties
    of Trustee	23
	Section
    7.02	Rights
    of Trustee	24
	Section
    7.03	Individual
    Rights of Trustee	26
	Section
    7.04	Trustee’s
    Disclaimer	26
	Section
    7.05	Notice
    of Defaults	27
	Section
    7.06	Reports
    by Trustee to Holders of the Notes	27
	Section
    7.07	Compensation
    and Indemnity	27
	Section
    7.08	Replacement
    of Trustee	28
	Section
    7.09	Successor
    Trustee by Merger, etc	29
	Section
    7.10	Eligibility;
    Disqualification	29
	Section
    7.11	Preferential
    Collection of Claims Against Company	29
	 	 	 
	ARTICLE
    8	LEGAL
    DEFEASANCE AND COVENANT DEFEASANCE	30
	Section
    8.01	Option
    to Effect Legal Defeasance or Covenant Defeasance	30
	Section
    8.02	Legal
    Defeasance and Discharge	30
	Section
    8.03	Covenant
    Defeasance	31
	Section
    8.04	Conditions
    to Legal or Covenant Defeasance	31
	Section
    8.05	Deposited
    Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	32
	Section
    8.06	Repayment
    to Company	33
	Section
    8.07	Reinstatement	33
	 	 	 
	ARTICLE
    9	AMENDMENT,
    SUPPLEMENT AND WAIVER	33
	Section
    9.01	Without
    Consent of Holders of Notes	33
	Section
    9.02	With
    Consent of Holders of Notes	34
	Section
    9.03	Compliance
    with Trust Indenture Act	35
	Section
    9.04	Revocation
    and Effect of Consents	35
	Section
    9.05	Notation
    on or Exchange of Notes	36
	Section
    9.06	Trustee
    to Sign Amendments, etc	36
	 	 	 
	ARTICLE
    10	SATISFACTION
    AND DISCHARGE	36
	Section
    10.01	Satisfaction
    and Discharge	36
	Section
    10.02	Application
    of Trust Money	37

 

    ii

     

    

 

TABLE OF CONTENTS

continued

 

	 	 	Page
	 	 	 
	ARTICLE
    11	MISCELLANEOUS	38
	Section
    11.01	Trust
    Indenture Act Controls	38
	Section
    11.02	Notices	38
	Section
    11.03	Communication
    by Holders of Notes with Other Holders of Notes	39
	Section
    11.04	Certificate
    and Opinion as to Conditions Precedent	40
	Section
    11.05	Statements
    Required in Certificate or Opinion	40
	Section
    11.06	Rules
    by Trustee and Agents	40
	Section
    11.07	Calculation
    of Foreign Currency Amounts	40
	Section
    11.08	No
    Personal Liability of Directors, Officers, Employees and Shareholders	40
	Section
    11.09	Governing
    Law	41
	Section
    11.10	No
    Adverse Interpretation of Other Agreements	41
	Section
    11.11	Successors	41
	Section
    11.12	Severability	41
	Section
    11.13	Counterpart
    Originals	41
	Section
    11.14	Table
    of Contents, Headings, etc	42
	Section
    11.15	Waiver
    of Jury Trial	42
	Section
    11.16	Patriot
    Act Compliance	42

 

    iii

     

    

 

INDENTURE, dated as of February 12, 2021
by and between Babcock & Wilcox Enterprises, Inc., a Delaware corporation (the “Company”), and The Bank
of New York Mellon Trust Company, N.A., a national banking association, as trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its unsecured senior debentures, notes or other
evidences of indebtedness, to be issued in one or more series as in this Indenture provided.

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

	Section 1.01	Definitions.

 

“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 purposes of this definition, “control,” as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through
the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling
,” “controlled by” and “under common control with” have correlative meanings.

 

“Agent” means any Registrar,
co-registrar, Custodian, Paying Agent, additional paying agent or authentication agent.

 

“Applicable Procedures”
means, with respect to any payment, tender, redemption, transfer, exchange, or conversion of or for beneficial interests in any
Global Note, the rules and procedures of the Depositary that apply to such payment, tender, redemption, transfer, exchange, or
conversion.

 

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

 

“Board of Directors”
means:

 

(1)       with
respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of
such board;

(2)       with
respect to a partnership, the Board of Directors of the general partner of the partnership;

 

    1

     

    

 

(3)       with
respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof;
and

 

(4)       with
respect to any other Person, the board or committee of such Person serving a similar function.

 

“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 or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate
and delivered to the Trustee.

 

“Business Day” means
any day other than a Legal Holiday. If a payment date falls on a day that is not a Business Day, the related payment shall be made
on the next succeeding Business Day as if made on the date the payment is due, and no interest shall accrue on such payment for
the intervening period.

 

“Capital Stock” means:

 

(1)       in
the case of a corporation, corporate stock;

 

(2)       in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3)       in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests;
and

 

(4)       any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

“Company” means Babcock
 & Wilcox Enterprises, Inc., and, subject to Article 5, any and all successors thereto.

 

“Company Order” means
a written order signed in the name of the Company by an Officer.

 

“Corporate Trust Office of the
Trustee” means the office of the Trustee at which at any particular time its corporate trust business in Chicago, Illinois
shall be principally administered, which office as of the date of this instrument is located at 2 North LaSalle Street, 7th
Floor, Chicago, IL 60602, Attention: Corporate Trust Division - Corporate Finance Unit except that with respect to presentation
of Notes for payment or for registration of transfer, conversion or exchange, such term shall mean the office or agency of the
Trustee at which at any particular time its corporate agency business shall be conducted, which office at the date of this instrument
is located at 240 Greenwich Street, New York, New York 10286; Attention: Corporate Trust Division - Corporate Finance Unit, or,
in the case of any of such offices or agency, such other address as the Trustee may designate from time to time by notice to the
Company.

 

“Custodian” means the
Trustee, as custodian for the Depositary with respect to any Global Notes, or any successor entity thereto.

 

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

 

“Depositary” means,
with respect to the Notes of any Series issuable or issued in whole or in part in the form of one or more Global Notes, the
person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under
the Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the
Notes of any Series shall mean the Depositary with respect to the Notes of such Series.

 

    2

     

    

 

“Discount Note” means
any Note that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.02.

 

“Dollars” and “$”
means the currency of The United States of America.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

“Foreign Currency” means
any currency or currency unit issued by a government other than the government of The United States of America.

 

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

 

“Global Note” or “Global
Notes” means a Note or Notes, as the case may be, in the form established pursuant to Section 2.02 evidencing all or
part of a Series of Notes, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary
or nominee.

 

“Government Securities”
means direct obligations of, or obligations guaranteed by, The United States of America, and the payment for which the United States
pledges its full faith and credit.

 

“Holder” means a Person
in whose name a Note is registered.

 

“Indenture” means this
Indenture, as amended, supplemented or restated from time to time, and shall include the form and terms of particular Series of
Notes established as contemplated hereunder.

 

“Legal Holiday” means
a Saturday, a Sunday or a day on which banking institutions in The City of New York or the city where the Corporate Trust Office
of the Trustee is located at such time are required or authorized by law, regulation or executive order to close or be closed.

 

“Notes” means notes or
other debt instruments of the Company of any Series issued under this Indenture.

 

“Officer” means, with
respect to any Person, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the
Treasurer, any Assistant Treasurer, the Controller, the Secretary, the Assistant Secretary or any Vice-President of such Person.

 

“Officer’s Certificate”
means a certificate signed by an Officer of the Company that meets the requirements of Section 11.05 hereof and delivered to the
Trustee.

 

“Opinion of Counsel”
means a written opinion from legal counsel, who may (except as otherwise expressly provided in this Indenture) be an employee of
or counsel to the Company or any Subsidiary of the Company, and who shall be acceptable to the Trustee, that meets the requirements
of Section 11.05 hereof.

 

    3

     

    

 

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

 

“Responsible Officer”,
when used with respect to the Trustee, means , any officer assigned to the Corporate Trust Division - Corporate Finance Unit (or
any successor division or unit) of the Trustee located at the Corporate Trust Office of the Trustee, who shall have direct responsibility
for the administration of this Indenture, and for the purposes of Section 7.01(c)(2) and second sentence of Section 7.05 shall
also include any other officer of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge
of and familiarity with the particular subject.

“SEC” means the Securities
and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Series” or “Series
of Notes” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections
2.01 and 2.02 hereof.

 

“Significant Subsidiary”
means a Subsidiary of any Person that would be a “significant subsidiary” as defined under Regulation S-X promulgated
under the Securities Act.

 

“Stated Maturity” means,
with respect to any installment of interest or principal on any series of indebtedness, the date on which the payment of interest
or principal was scheduled to be paid in the documentation governing such indebtedness, and will not include any contingent obligations
to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.

 

“Subsidiary” means, with
respect to any specified Person:

 

(1)       any
corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled
(without regard to the occurrence of any contingency and after giving effect to any voting agreement or shareholders’ agreement
that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association
or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person (or a combination thereof); and

 

(2)       any
partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person
or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

“TIA” means the Trust
Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

 

“Trustee” means the person
named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each person who is then a Trustee
hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Notes of any
Series shall mean the Trustee with respect to Notes of that Series.

 

    4

     

    

 

	Section 1.02	Other Definitions.

 

	Term	 	Defined
 in Section	 
	“Authentication Order”	 	 	2.03	 
	“Covenant Defeasance”	 	 	8.03	 
	“Event of Default”	 	 	6.01	 
	“Legal Defeasance”	 	 	8.02	 
	“Paying Agent”	 	 	2.04	 
	“Registrar”	 	 	2.04	 

 

	Section 1.03	Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture.

 

The following TIA terms used in this Indenture
have the following meanings:

 

“indenture securities”
means the Notes;

 

“indenture security Holder”
means a Holder of a Note;

 

“indenture to be qualified”
means this Indenture;

 

“indenture trustee” or
 “institutional trustee” means the Trustee; and

 

“obligor” on the indenture
securities means the Company, and any other obligor upon the Notes.

 

All other terms used in this Indenture that
are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned
to them.

 

	Section 1.04	Rules of Construction.

 

Unless the context otherwise requires:

 

(1)       a
term has the meaning assigned to it;

 

(2)       an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)       “or”
is not exclusive;

 

(4)       words
in the singular include the plural, and in the plural include the singular;

 

(5)       “will”
shall be interpreted to express a command;

 

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

 

(7)       references
to sections of or rules under the Securities Act will be deemed to include substitute, replacement or successor sections or rules
adopted by the SEC from time to time.

 

    5

     

    

 

ARTICLE 2

THE NOTES

 

	Section 2.01	Issuable in Series.

 

The aggregate principal amount of Notes
that may be authenticated and delivered under this Indenture is unlimited. The Notes may be issued in one or more Series. All Notes
of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officer’s
Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution. In the case
of Notes of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture
detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by
which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined.
Notes may differ between Series in respect of any matters, provided that all Series of Notes shall be equally and ratably
entitled to the benefits of this Indenture.

 

	Section 2.02	Establishment of Terms of Series of Notes.

 

At or prior to the issuance of any Notes
within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.02(a) and either as
to such Notes within the Series or as to the Series generally in the case of Subsections 2.02(b) through 2.02(r)) by or pursuant
to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture or an Officer’s
Certificate pursuant to authority granted under a Board Resolution:

 

(a)       the
title of the Series (which shall distinguish the Notes of that particular Series from the Notes of any other Series);

 

(b)       the
price or prices (expressed as a percentage of the principal amount thereof) at which the Notes of the Series will be issued;

 

(c)       any
limit upon the aggregate principal amount of the Notes of the Series which may be authenticated and delivered under this Indenture
(except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes
of the Series pursuant to Section 2.07, 2.08, 2.11, 3.06 or 9.05);

 

(d)       the
date or dates on which the principal of the Notes of the Series is payable;

 

(e)       the
rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including,
but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Notes of the Series shall
bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest,
if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;

 

(f)       the
place or places where the principal of, premium and interest, if any, on the Notes of the Series shall be payable, where the Notes
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company
in respect of the Notes of such Series and this Indenture may be served, and the method of such payment, if by wire transfer, mail
or other means;

 

    6

     

    

 

(g)       if
applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Notes
of the Series may be redeemed, in whole or in part, at the option of the Company;

 

(h)       the
obligation, if any, of the Company to redeem or purchase the Notes of the Series pursuant to any sinking fund or analogous provisions
or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions
upon which Notes of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(i)       the
dates, if any, on which and the price or prices at which the Notes of the Series will be repurchased by the Company at the option
of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

(j)       the
denominations in which the Notes of the Series shall be issuable, if other than minimum denominations of $2,000 and integral multiples
of $1,000 in excess thereof;

 

(k)       the
forms of the Notes of the Series in bearer or fully registered form (and, if in fully registered form, whether the Notes will be
issuable as Global Notes);

 

(l)       if
other than the principal amount thereof, the portion of the principal amount of the Notes of the Series that shall be payable upon
declaration of acceleration of the maturity thereof pursuant to Section 6.02;

 

(m)       the
designation of the currency, currencies or currency units in which payment of the principal of, premium and interest, if any, on
the Notes of the Series will be made if other than U.S. dollars;

 

(n)       whether
the Notes of the Series may be exchangeable for and/or convertible into common shares of the Company or any other security;

 

(o)       the
provisions, if any, relating to any security provided for the Notes of the Series, and any subordination in right of payment, if
any, of the Notes of the Series;

 

(p)       any
addition to or change in the Events of Default which applies to any Notes of the Series and any change in the right of the Trustee
or the requisite Holders of such Notes to declare the principal amount thereof due and payable pursuant to Section 6.02;

 

(q)       any
addition to or change in the covenants set forth in Articles 4 or 5 that applies to Notes of the Series;

 

(r)       any
other terms of the Notes of the Series (which may modify or delete any provision of this Indenture insofar as it applies to such
Series); and

 

(s)       any
depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Notes of such
Series if other than those appointed herein.

 

All Notes of any one Series need not
be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided
by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above, and,
unless otherwise provided, a Series may be reopened, without the consent of the Holders, for issuances of additional Notes of
such Series; provided , however , that if such additional Notes are not fungible with the Notes of such Series
for U.S. federal income tax purposes, the additional Notes will have a separate CUSIP number. No Board Resolution or
Officer’s Certificate may affect the Trustee’s own rights, duties or immunities under this Indenture or otherwise
with respect to any series of Notes except as it may agree in writing.

 

    7

     

    

 

	Section 2.03	Execution and Authentication.

 

One Officer shall sign the Notes for the
Company by manual, facsimile or electronic signatures created on an electronic platform (such as DocuSign) or by digital signature
(such as Adobe Sign), in each case that is approved by the Trustee. If an Officer whose signature is on a Note no longer holds
that office at the time such Note is authenticated, such Note shall nevertheless be valid.

 

A Note shall not be valid until authenticated
by the manual (which may be scanned, photocopied or faxed) or other electronic signature (including by DocuSign or Adobe Sign)
of the Trustee. The signature shall be conclusive evidence that the Note, as applicable, has been authenticated under this Indenture.

 

The Trustee shall, upon a written order
of the Company signed by one Officer (an “Authentication Order”), authenticate Notes for original issue in accordance
with this Indenture. The Notes shall be dated their date of authentication.

 

The Trustee may appoint an authenticating
agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may
do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company.

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Notes of any Series executed by the Company to the Trustee
for authentication, together with a Authentication Order for the authentication and delivery of such Notes, and the Trustee in
accordance with the Authentication Order will authenticate and deliver such Notes. In authenticating such Notes, and accepting
the additional responsibilities under this Indenture in relation to such Notes, the Trustee shall receive, and (subject to Section
7.01) will be fully protected in relying upon, an Opinion of Counsel stating:

 

(a)       that
such form has been established in conformity with the provisions of this Indenture;

 

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

 

(c)       that
this Indenture and such Notes, when authenticated and delivered by the Trustee and, with respect to the Notes, when issued by the
Company, in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations
of the Company enforceable in accordance with their terms, except as the enforceability thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium, or other laws relating to or affecting creditors’ rights and by general principles of equity.

 

    8

     

    

 

	Section 2.04	Registrar and Paying Agent.

 

The Company shall maintain an office
or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an
office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a
register with respect to each Series of the Notes and of their transfer and exchange. The Company may appoint one or more
co-registrars and one or more additional paying agents or change the office of such Registrar or Paying Agent. The term
 “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying
agent. The Company may change any Paying Agent or Registrar without notice to any Holder; however, the Company shall maintain
a Paying Agent in each place of payment for the Notes of each Series. The Company shall notify the Trustee in writing of the
name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or
Registrar.

 

The Company initially appoints the Trustee
to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes. The Company shall be responsible
for making calculations called for under the Notes and this Indenture, including, but not limited to, determination of interest,
additional amounts, redemption price, premium, if any, and any other amounts payable on the Notes. The Company will make the calculations
in good faith and, absent manifest error, its calculations will be final and binding on the Holders. The Company will provide a
schedule of its calculations to the Trustee when requested by the Trustee in writing, and the Trustee is entitled to rely conclusively
on the accuracy of the Company’s calculations without independent verification. The Trustee shall forward the Company’s
calculations to any Holder of the Notes upon the written request of such Holder.

 

	Section 2.05	Paying Agent to Hold Money in Trust.

 

The Company shall require each Paying Agent
other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Holders of any Series of
Notes, or the Trustee, all money held by the Paying Agent for the payment of principal or interest on the Series of Notes, and
shall notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee
may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay
all money held by it to the Trustee. Subject to applicable abandoned property law, all payments to a Paying Agent on any Notes
which remain unclaimed for a period of two years after such payment was due shall be repaid to the Company. Thereafter, the Holder
may look only to the Company for repayment. Upon payment over to the Trustee, or to the Company, as the case may be, the Paying
Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary
acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders of any Series of Notes all
money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall
serve as Paying Agent for the Notes.

 

	Section 2.06	Holder Lists.

 

The Trustee shall preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders of each Series of
Notes and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the
Trustee, at least seven Business Days before each interest payment date and at such other times as the Trustee may request in writing,
a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of each Series
of Notes and the Company shall otherwise comply with TIA Section 312(a).

 

    9

     

    

 

	Section 2.07	Transfer and Exchange.

 

Notes may be transferred or exchanged
at the office of the Registrar or co-registrar designated by the Company. Where Notes of a Series are presented to the
Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes
of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions
are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Notes at the Registrar’s
request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly
permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon
exchanges pursuant to Sections 2.11, 3.06 or 9.05).

 

Neither the Company nor the Registrar shall
be required (a) to issue, register the transfer of, or exchange Notes of any Series for the period beginning at the opening of
business fifteen days immediately preceding the mailing of a notice of redemption of Notes of that Series selected for redemption
and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Notes of any Series
selected, called or being called for redemption as a whole or a portion thereof, except the unredeemed portion of Notes being redeemed
in part.

 

None of the Trustee nor and Agent shall
have any 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 of any interest in any Note (including any transfers between or
among Depositary participants or beneficial owners of interests in any Global Note) 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 hereof.

 

	Section 2.08	Replacement Notes.

 

If any mutilated Note is surrendered to
the Trustee, or if the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any
Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order together with an indemnity bond sufficient
in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from
any loss that any of them may suffer if a Note is replaced, shall authenticate a replacement Note of the same Series if the Trustee’s
requirements are met. The Company may charge for its expenses in replacing a Note.

 

Every replacement Note of any Series is
an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately
with all other Notes of that Series duly issued hereunder.

 

	Section 2.09	Outstanding Notes.

 

The Notes outstanding at any time are all
the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions
in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this
Section as not outstanding. Except as set forth in Section 2.10 hereof, a Note does not cease to be outstanding because the Company
or an Affiliate of the Company holds the Note.

 

If a Note is replaced pursuant to Section
2.08 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by
a bona fide purchaser.

 

If the principal amount of any Note is considered
paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent (other than the Company,
a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable
on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.

 

    10

     

    

 

	Section 2.10	Treasury Notes.

 

In determining whether the Holders of the
required principal amount of Notes of a Series have concurred in any direction, waiver or consent, Notes owned by the Company,
or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company,
shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected
in relying on any such direction, waiver or consent, only Notes of a Series that a Responsible Officer of the Trustee actually
knows are so owned shall be so disregarded.

 

	Section 2.11	Temporary Notes.

 

Until certificates representing Notes are
ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary
Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers
appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall
prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes.

 

Holders of temporary Notes shall be entitled
to all of the benefits of this Indenture.

 

	Section 2.12	Cancellation.

 

The Company at any time may deliver Notes
to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for
registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation. The Company may not issue new Notes to replace Notes that it has paid
or that have been delivered to the Trustee for cancellation. Cancelled Notes shall be disposed of by the Trustee (subject to the
record retention requirement of the Exchange Act) pursuant to its customary procedures.

 

	Section 2.13	Defaulted Interest.

 

If the Company defaults in a payment of
interest on a Series of Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable
on the defaulted interest, to the Persons who are Holders of the Series on a subsequent special record date, in each case at the
rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the Trustee in writing of the amount of defaulted
interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each
such special record date and payment date, provided that no such special record date shall be less than 10 days prior to
the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the
written request of the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed (or,
in the case of the Depositary with respect to any Global Note, sent electronically) to Holders a notice that states the special
record date, the related payment date and the amount of such interest to be paid.

 

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	Section 2.14	Global Notes.

 

(a)       
Terms of Notes . A Board Resolution, a supplemental indenture hereto, or an Officer’s Certificate shall establish
whether the Notes of a Series shall be issued in whole or in part in the form of one or more Global Notes and shall name the Depositary
for such Global Note or Notes. Except as provided herein, each Global Note shall be (i) registered in the name of the Depositary
or its nominee, (ii) deposited with the Depositary, its nominee or the Custodian, and (iii) bear the legend indicated in Section
2.14(c).

 

(b)       
Transfer and Exchange . Notwithstanding any provisions to the contrary contained in Section 2.07 and in addition thereto,
any Global Note shall be exchangeable pursuant to Section 2.07 for Notes registered in the names of Holders other than the Depositary
for such Note or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary
for such Global Note or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in
either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within
90 days of such event, (ii) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that
such Global Note shall be so exchangeable or (iii) an Event of Default with respect to the Notes represented by such Global Note
shall have happened and be continuing. Any Global Note that is exchangeable pursuant to the preceding sentence shall be exchangeable
for Notes registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal
amount of the Global Note with like tenor and terms.

 

Except as provided in this Section 2.14(b),
a Global Note may not be transferred except as a whole by the Depositary with respect to such Global Note to a nominee of such
Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary, or any
such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

(c)       
Legend . Any Global Note issued hereunder shall bear a legend in substantially the following form:

 

“This Note is a Global Note
within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee of the
Depositary. This Note is exchangeable for Notes registered in the name of a person other than the Depositary or its nominee only
in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to a nominee
of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or
any such nominee to a successor Depositary or a nominee of such a successor Depositary.”

 

(d)       
Acts of Holders . The Depositary may appoint agents and otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under this Indenture.
The Company may establish a record date for purposes of determining the identity of Holders entitled to vote or consent to any
action by vote or consent authorized or permitted under this Indenture.

 

(e)        Payments
.. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment
of the principal of and interest, if any, on any Global Note shall be made to the Holder thereof. Prior to due presentment of
a Note for registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the
Person in whose name such Note is registered as the owner of such Note at the close of business on the regular record date
for the purpose of receiving payment of principal of and any premium and (subject to Section 2.13) any interest on such Note
and for all other purposes whatsoever, whether or not such Note shall be overdue, and neither the Company, the Trustee nor
any agent of the Company or the Trustee will be affected by notice to the contrary.

 

    12

     

    

 

(f)       
Consents, Declaration and Directions . Except as provided in Section 2.14(e), the Company, the Trustee and any Agent shall
treat a person as the Holder of such principal amount of outstanding Notes of such Series represented by a Global Note as shall
be specified in a written statement of the Depositary with respect to such Global Note, for purposes of obtaining any consents,
declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

 

(g)       
Responsibility of Trustee or Agents . Neither the Trustee nor any Agent shall have any responsibility or liability for any
actions taken or not taken by the Depositary. The Company has entered into a letter of representations with the Depositary in the
form provided by the Depositary and the Trustee and each Agent is hereby authorized to act in accordance with such letter and the
Applicable Procedures.

 

Neither the Trustee nor any Agent shall
have any responsibility or obligation to any beneficial owner in a Global Note, a Depositary participant or other Person with respect
to the accuracy of the records of the Depositary or its nominee or of any Depositary participant, with respect to any ownership
interest in the Notes or with respect to the delivery to any Depositary participant, beneficial owner or other Person (other than
the Depositary) of any notice (including any notice of redemption) or the payment of any amount, 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 under the Notes and
this Indenture shall be given or made only to or upon the order of the registered holders (which shall be the Depositary or its
nominee in the case of the Global Note). The rights of beneficial owners in the Global Note shall be exercised only through the
Depositary subject to the applicable procedures. The Trustee and each Agent shall be entitled to rely and shall be fully protected
in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. The
Trustee and each Agent shall be entitled to deal with the Depositary, and any nominee thereof, that is the registered holder of
any Global Note for all purposes of this Indenture relating to such Global Note (including the payment of principal, premium, if
any, and interest and additional amounts, if any, and the giving of instructions or directions by or to the owner or holder of
a beneficial ownership interest in such Global Note) as the sole holder of such Global Note and shall have no obligations to the
beneficial owners thereof. None of the Trustee nor any Agent shall have any responsibility or liability for the records of any
such depositary, including records in respect of beneficial ownership interests in respect of any such Global Note, for any transactions
between the Depositary and any Depositary participant or between or among the Depositary, any such Depositary participant and/or
any holder or owner of a beneficial interest in such Global Note, or for any transfers of beneficial interests in any such Global
Note

 

Notwithstanding the foregoing, with respect
to any Global Note, 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 Depositary (or its nominee), as a Holder, with
respect to such Global Note or shall impair, as between such Depositary and owners of beneficial interests in such Global Note,
the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee) as Holder of such
Global Note.

 

	Section 2.15	CUSIP Number.

 

The Company in issuing the Notes may
use “CUSIP”, “ISIN” or other similar numbers (if then generally in use), and, if so, the Trustee
shall use CUSIP, ISIN or other similar numbers in notices 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 Notes or as contained
in any notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any such
notice shall not be affected by any defect in or the omission of such numbers. The Company shall promptly notify the Trustee
in writing of any change in the CUSIP, ISIN or other similar numbers.

 

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ARTICLE 3

REDEMPTION AND PREPAYMENT

 

	Section 3.01	Notice to Trustee.

 

The Company may, with respect to any Series
of Notes, reserve the right to redeem and pay the Series of Notes or may covenant to redeem and pay the Series of Notes or any
part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Notes. If a Series of
Notes is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series
of Notes pursuant to the terms of such Notes, it shall notify the Trustee in writing of the redemption date and the principal amount
of Series of Notes to be redeemed. The Company shall give the notice at least 15 days prior to the mailing or sending of notice
of redemption to the Holders of the Notes to be redeemed (or such shorter notice as may be acceptable to the Trustee).

 

	Section 3.02	Selection of Notes to Be Redeemed.

 

If less than all of the Notes of a Series
are to be redeemed or purchased in an offer to purchase at any time, the Trustee (subject to the applicable procedures of the Depositary)
shall select the Notes of a Series to be redeemed or purchased among the Holders of the Notes (a) in compliance with the requirements
of the principal national securities exchange, if any, on which the Notes are listed, (b) if the Notes are not so listed,
on a pro rata basis to the extent practicable or (c) by lot or such other method in accordance with the procedures of DTC.

 

The Trustee shall promptly notify the Company
in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount
thereof to be redeemed. Notes of a Series and portions of them selected shall be in amounts of no less than $2,000 and whole multiples
of $1,000 in excess thereof, or with respect to Notes of any Series issuable in other denominations pursuant to Section 2.02(j),
the minimum principal denomination for each Series and integral multiples thereof. Except as provided in the preceding sentence,
provisions of this Indenture that apply to Notes of a Series called for redemption or repurchase also apply to portions of Notes
of a Series called for redemption or repurchase.

 

	Section 3.03	Notice of Redemption.

 

Unless otherwise indicated for a particular
Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at least 30 days but not more than
60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, or, in the case of the Depositary
with respect to any Global Note, sent electronically, a notice of redemption to each Holder whose Notes are to be redeemed at its
registered address.

 

The notice shall identify the Notes of the
Series to be redeemed and shall state:

 

(1)       the
redemption date;

 

(2)       the
redemption price (or manner of calculation if not then known);

 

(3)       the
name and address of the Paying Agent;

 

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(4)       that
Notes of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(5)       that
interest on Notes of the Series called for redemption ceases to accrue on and after the redemption date;

 

(6)       the
CUSIP number, if any, provided that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed
in such notice or printed on the Notes;

 

(7)       the
conditions precedent, if any, to the redemption; and

 

(8)       any
other information as may be required by the terms of the particular Series of the Notes or the Notes of a Series being redeemed.

 

At the Company’s request, and upon
receipt of an Officer’s Certificate complying with Section 11.04 hereof at least 15 days prior to the date notice is
to be given (unless a shorter period shall be satisfactory to the Trustee), together with the notice to be given setting forth
the information to be stated therein as provided in the preceding paragraph, the Trustee shall give the notice of redemption in
the Company’s name and at its expense.

 

	Section 3.04	Effect of Notice of Redemption.

 

Once notice of redemption is sent in accordance
with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption
price. Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s
Certificate, a notice of redemption may not be conditional.

 

	Section 3.05	Deposit of Redemption Price.

 

At least one Business Day prior to the redemption
date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued
interest on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money
deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of,
and accrued interest on, all Notes to be redeemed.

 

If the Company complies with the provisions
of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes
called for redemption. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure
of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date
until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate
provided in the Notes and in Section 4.01 hereof.

 

	Section 3.06	Notes Redeemed in Part.

 

Upon surrender of a Note that is redeemed
in part, the Company shall issue and, upon the Company’s written request, the Trustee shall authenticate for the Holder,
or transfer by book-entry, at the expense of the Company, a new Note equal in principal amount to the unredeemed portion of the
Note surrendered.

 

No Notes of $2,000 or less can be redeemed
in part (or with respect to Notes of any Series issuable in other denominations pursuant to Section 2.02(j), the minimum denomination
for each Series and integral multiples thereof).

 

    15

     

    

 

ARTICLE 4

COVENANTS

 

	Section 4.01	Payment of Principal and Interest.

 

The Company covenants and agrees for the
benefit of the Holders of each Series of Notes that it will pay or cause to be paid the principal of, premium, if any, and interest
on such Series of Notes on the dates and in the manner provided in such Notes. Principal, premium, if any, and interest on any
Series of Notes will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof,
holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated
for and sufficient to pay all principal, premium, if any, and interest then due.

 

	Section 4.02	Maintenance of Office or Agency.

 

The Company covenants and agrees for the
benefit of the Holders of each Series of Notes that it will maintain an office or agency (which may be an office of the Trustee
for such Notes or an affiliate of the Trustee, Registrar for such Notes or co-registrar) where Notes may be surrendered for registration
of transfer or for exchange and where notices and demands to or upon the Company in respect of such Notes and this Indenture may
be served. The Company will give prompt written notice to the Trustee for such Notes of the location, and any change in the location,
of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails 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.

 

With respect to each Series of Notes, the
Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with
Section 2.04.

 

	Section 4.03	Reports.

 

The Company shall file with the Trustee,
within 15 days after the Company files the same with the SEC, 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 SEC may from time to time by rules and regulations prescribe)
which the Company may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the
Company is not required to file information, documents or reports pursuant to either of said Sections, then it shall file with
the Trustee and the SEC, in accordance with, and to the extent required by, rules and regulations prescribed from time to time
by the SEC, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section
13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange as may be prescribed from
time to time in such rules and regulations.

 

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
or actual notice or knowledge 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 rely exclusively on
Officer’s Certificates).

 

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	Section 4.04	Compliance Certificate.

 

The Company and each guarantor of any Series
of Notes (to the extent that such guarantor is so required under the TIA) shall deliver to the Trustee with respect to such Series,
within 120 days after the end of each fiscal year, an Officer’s Certificate signed by the principal executive officer, the
principal financial officer or the principal accounting officer, stating that a review of the activities of the Company and its
Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining
whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to
the Officer signing such certificate, that to his or her knowledge the Company has kept, observed, performed and fulfilled each
and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions
and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events
of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto).

 

The Company shall deliver
to the Trustee, as soon as possible and in any event within five days after the Company becomes aware of the occurrence of any
Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officer’s
Certificate setting forth the details of such Event of Default or default and the action which the Company proposes to take with
respect thereto.

 

	Section 4.05	Stay, Extension and Usury Laws.

 

The Company covenants (to the extent that
it may lawfully do so) that it will not, and each guarantor of such Notes will not, at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury 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 and each of such guarantors (to the
extent that it may lawfully do so), as applicable, hereby expressly waives all benefit or advantage of any such law, and covenants
that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee for
such Notes, but will suffer and permit the execution of every such power as though no such law has been enacted.

 

	Section 4.06	Corporate Existence.

 

Subject to Articles 5 hereof, the Company
shall do or cause to be done all things necessary to preserve and keep in full force and effect:

 

(a)       the
corporate, partnership or other existence of itself and each of its Subsidiaries, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and

(b)       the
rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries;

 

provided, however, that the Company shall not be required to preserve any such right, license or franchise, or
the corporate, partnership or other existence of any of its Subsidiaries, if an Officer shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss
thereof is not adverse in any material respect to the Holders of the Notes.

 

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ARTICLE 5

SUCCESSORS

 

	Section 5.01	Merger, Consolidation, or Sale of Assets.

 

The Company shall not, directly or indirectly:

 

(a)       merge
or consolidate with or into another Person or Persons; or

 

(b)       sell,
convey, transfer, lease or otherwise dispose of all or substantially all of the properties or assets of the Company and its Subsidiaries,
taken as a whole, in one or more related transactions, to another Person or Persons, unless:

 

(1)       either:

 

(A)       the
transaction is a merger or consolidation and the Company is the surviving entity; or

 

(B)       the
Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, conveyance, transfer,
lease or other disposition has been made is a corporation, limited liability company, partnership, trust or other entity organized
and existing under the laws of the United States, any state of the United States or the District of Columbia and expressly assumes
all the obligations of the Company under the Notes and this Indenture pursuant to a supplemental indenture in form reasonably satisfactory
to the Trustee;

 

(2)       immediately
after giving effect to such transaction and treating the Company’s obligations in connection with or as a result of such
transaction as having been incurred as of the time of such transaction, no Default or Event of Default shall have occurred and
be continuing; and

 

(3)       the
Company or the surviving entity delivers to the Trustee (a) an Officer’s Certificate stating that the conditions in (1) and
(2) above have been satisfied and any other conditions precedent in this Indenture relating to such transaction have been satisfied
and (b) an Opinion of Counsel stating that the conditions in (1) above have been satisfied and any other conditions precedent in
this Indenture relating to such transaction have been satisfied.

 

	Section 5.02	Successor Corporation Substituted.

 

Upon any merger or consolidation, or any
sale, conveyance, transfer, lease or other disposition of all or substantially all of the properties or assets of the Company and
its Subsidiaries, taken as a whole, in a transaction that is subject to, and that complies with the provisions of, Section 5.01
hereof, the successor Person into which the Company is merged or formed by such consolidation or to which such sale, conveyance,
transfer, lease or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such
merger, consolidation, sale, conveyance, transfer, lease or other disposition, the provisions of this Indenture referring to the
 “Company” shall refer instead to the successor Person and not to the Company), and may exercise every right and power
of the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and
(except in the case of a lease) when the successor Person duly assumes all the obligations of the Company under the Notes and this
Indenture, the predecessor Company shall be relieved from all such obligations.

 

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ARTICLE 6

DEFAULTS AND REMEDIES

 

	Section 6.01	Events of Default.

 

“Event of Default,”
wherever used herein with respect to Notes of any Series, means any one of the following events, unless in the establishing Board
Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of
said Event of Default:

 

(a)       default
in the payment of any interest on any Note of that Series when it becomes due and payable, and continuance of such default for
a period of 30 days; or

 

(b)       default
in payment when due of the principal of, or premium, if any, on any Note of that Series; or

 

(c)       failure
on the part of the Company to comply with Article 5;

 

(d)       default
in the performance or breach of any covenant or warranty of the Company in this Indenture or in any Board Resolution, supplemental
indenture or Officer’s Certificate with respect to such Series (other than a covenant or warranty that has been included
in this Indenture or a Board Resolution, supplemental indenture or Officer’s Certificate solely for the benefit of Series
of Notes other than that Series), which default continues uncured for a period of 90 days after (i) the Company receives written
notice from the Trustee for such Notes or (ii) the Company and the Trustee receive written notice from Holders of not less than
25% in aggregate principal amount of Notes of that Series outstanding; or

 

(e)       the
Company or any of its Significant Subsidiaries:

 

(1)       commences
a voluntary case in bankruptcy,

 

(2)       consents
to the entry of an order for relief against it in an involuntary bankruptcy case,

 

(3)       applies
for or consents to the appointment of any custodian, receiver, trustee, conservator, liquidator, rehabilitator or similar officer
of it or a Significant Subsidiary or for all or substantially all of any of its property,

 

(4)       makes
a general assignment for the benefit of its creditors, or

 

(5)       generally
is unable to pay its debts as they become due;

 

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

 

(1)       is
for relief against the Company or any of its Significant Subsidiaries;

 

(2)       appoints
a custodian of the Company or any of its Significant Subsidiaries or for all or substantially all of the property of the Company
or any of its Significant Subsidiaries; or

 

(3)       orders
the winding up or liquidation of the Company or any of its Significant Subsidiaries;

 

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and the order or decree remains unstayed and in effect
for 60 consecutive days; or

 

(g)       any
other Event of Default provided with respect to Notes of that Series, which is specified in a Board Resolution, a supplemental
indenture hereto or an Officer’s Certificate, in accordance with Section 2.02.

 

The Company shall deliver to the Trustee
promptly after becoming aware of the occurrence thereof, written notice in the form of an Officer’s Certificate of any event
which with the giving of notice and the lapse of time would become an Event of Default under clause (d) or (g), its status and
what action the Company is taking or proposes to take with respect thereto.

 

	Section 6.02	Acceleration.

 

If an Event of Default with respect to Notes
of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.01(e) or
(f)) (in either case with respect to the Company) then in every such case the Trustee or the Holders of not less than 25% in aggregate
principal amount of the outstanding Notes of that Series may declare the principal amount (or, if any Notes of that Series are
Discount Notes, such portion of the principal amount as may be specified in the terms of such Notes) of and accrued and unpaid
interest, if any, on all of the Notes of that Series to be due and payable immediately, by a notice in writing to the Company (and
to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and
unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 6.01(e) or (f) (in
either case with respect to the Company) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest,
if any, on all outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder.

 

At any time after such a declaration of
acceleration with respect to any Series has been made, the Holders of a majority in principal amount of the outstanding Notes of
that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if the
rescission and annulment would not conflict with any judgment or decree already rendered and if all existing Events of Default
with respect to that Series (except nonpayment of principal, interest or premium that has become due solely because of the acceleration)
have been cured or waived and all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses and
disbursements of the Trustee and its agents and counsel have been paid.

 

No such rescission shall affect any subsequent
Event of Default or impair any right consequent thereon.

 

	Section 6.03	Other Remedies.

 

If an Event of Default with respect to Notes
of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available remedy to collect the payment
of principal, premium, if any, and interest on such Notes or to enforce the performance of any provision of such Notes or this
Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or
any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.

 

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	Section 6.04	Waiver of Past Defaults.

 

Prior to the acceleration of the maturity
of the Notes of any Series as provided in Section 6.02, the Holders of a majority in aggregate principal amount of the Notes of
any Series then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes of such Series waive any
existing Default or Event of Default with respect to such Series and its consequences under this Indenture except (i) a continuing
Default or Event of Default in the payment of premium or interest on, or the principal of, the Notes of such Series (including
in connection with an offer to purchase) or (ii) a Default or Event of Default in respect of a provision that under Section 9.02
cannot be amended without the consent of each Holder affected thereby. Upon any such waiver, such Default or Event of 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 6.05	Control by Majority.

 

Holders of a majority in aggregate principal
amount of the then outstanding Notes of any Series may in writing direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or exercising any trust or power conferred on it, subject to Section 7.02(f).
However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may
be unduly prejudicial to the rights of other Holders of Notes of such Series (it being understood that the Trustee does not have
an affirmative duty to ascertain whether any such directions are unduly prejudicial to such Holders) or that may involve the Trustee
in personal liability. The Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.

 

	Section 6.06	Limitation on Suits.

 

A Holder of any Series of Notes may pursue
a remedy with respect to this Indenture or the Notes only if:

 

(a)       the
Holder of a Note gives to the Trustee written notice of a continuing Event of Default;

 

(b)       the
Holders of at least 25% in aggregate principal amount of the then outstanding Notes of such Series make a written request to the
Trustee to pursue the remedy;

 

(c)       such
Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee security or indemnity satisfactory to the
Trustee against any loss, liability or expense;

 

(d)       the
Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision
of security or indemnity; and

 

(e)       during
such 60-day period the Holders of a majority in aggregate principal amount of the then outstanding Notes of such Series do not
give the Trustee a direction inconsistent with the request.

 

A Holder of any Series of Notes may not
use this Indenture to prejudice the rights of another Holder of Notes or to obtain a preference or priority over another Holder
of Notes (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such use prejudices
the rights of another Holders or obtains priority or preference over another Holders).

 

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	Section 6.07	Rights of Holders of Notes to Receive Payment.

 

Notwithstanding any other provision of this
Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and interest on the Note, on or
after the respective due dates expressed in the Note, or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such Holder.

 

	Section 6.08	Collection Suit by Trustee.

 

If an Event of Default specified in Section
6.01 (a) or (b) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of
an express trust against the Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on, the
Notes and interest on overdue principal and, to the extent lawful, interest and 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,
its agents and counsel.

 

	Section 6.09	Trustee May File Proofs of Claim.

 

The Trustee for each Series of Notes is
authorized to file such proofs of claim and other papers or documents 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 the Holders of the Notes of such Series allowed in any judicial proceedings relative to the Company (or any other
obligor upon the Notes of such Series), its creditors or its property and shall be entitled and empowered to collect, receive and
distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding
is hereby authorized by each Holder 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 of such Series, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due
the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any
such proceeding, shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any
and all distributions, dividends, money, securities and other properties that the Holders of such Series may be entitled to receive
in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.

 

	Section 6.10	Priorities.

 

If the Trustee collects any money or property
with respect to a Series of Notes pursuant to this Article 6, or, after an Event of Default, any money or other property distributable
in respect of the Company’s obligations under this Indenture, it shall pay out the money or property in the following order:

 

First : to the Trustee
(including any predecessor trustee), its agents and attorneys for all amounts due under Section 7.07 hereof applicable to the Notes
of such Series, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee
and the costs and expenses of collection;

 

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Second : to Holders of
Notes of such Series for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
and

 

Third : to the Company
or to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix a record date and payment
date for any payment to Holders pursuant to this Section 6.10.

 

	Section 6.11	Undertaking for Costs.

 

In any suit for the enforcement of any right
or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in
its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party
litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders
or group of Holders of more than 10% in principal amount of the then outstanding Notes of any Series.

 

	Section 6.12	Restoration of Rights and Remedies.

 

If the Trustee or any Holder 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, subject to any determination
in such proceeding, the Company, the Trustee, and the Holders will be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and the Holders will continue as though no such proceeding had
been instituted.

 

ARTICLE 7

TRUSTEE

 

	Section 7.01	Duties of Trustee.

 

		(a)	Except during the continuance of an Event of Default,

 

		1)	the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

		2)	the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon 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 which by any provision hereof are specifically required to
be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts,
statements, opinions or conclusions stated therein).

 

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		(b)	In case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested
in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of his or her own affairs.

 

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

 

		1)	this paragraph (C) does not limit the effect of paragraphs (a) or (d) of this Section 7.01;

 

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

 

		3)	the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.05 hereof.

 

		(d)	No provision of this Indenture shall require the Trustee to expend or risk its own funds 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 against such risk or liability is not reasonably assured
to it.

 

		(e)	Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of this Section 7.01.

 

		(f)	The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the
Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. The Trustee
shall not be required to give any bond or surety in respect of the performance of its duties or the exercise of its powers hereunder.
The permissive rights or powers of the Trustee to do things enumerated in this Indenture shall not be construed as a duty of the
Trustee.

 

	Section 7.02	Rights of Trustee.

 

(a)       The
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the
proper party or parties. 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, other evidence of indebtedness 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 to examine the books, records and premises of the Company, personally
or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by
reason of such inquiry or investigation.

 

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(b)       Before
the Trustee acts or refrains from acting or as specifically called for in this Indenture, it may require an Officer’s Certificate
or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance
on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice
of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

(c)       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.

 

(d)       The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the
rights or powers conferred upon it by this Indenture.

 

(e)        Any
demand, request, notice or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Order, or as
otherwise expressly provided herein, and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;

 

(f)       The
Trustee will 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 pursuant to this Indenture (including, without limitation, instituting, conducting or defending any litigation),
unless such Holders have offered to the Trustee indemnity and/or security satisfactory to the Trustee against the costs, losses,
liabilities and expenses which might be incurred by it in compliance with such request or direction.

 

(g)       In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, labor disputes, epidemics, pandemics, acts of war or terrorism, civil or military disturbances, governmental action,
nuclear or natural catastrophes or acts of God, riots, sabotage, interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services, or other unavailability of the Federal Reserve Bank wire or facsimile or other wire
or communication facility.

 

(h)       In
no event shall the Trustee be responsible or liable for special, indirect, punitive, or consequential loss or damage of any kind
whatsoever (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.

 

(i)       The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be compensated,
reimbursed, and indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and
each agent, custodian and other Person employed to act hereunder, except that the standard of care applicable to each agent, custodian
and other Person employed to act hereunder shall be that of gross negligence and willful misconduct.

 

(j)       The
Trustee shall not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless written
notice of such Default or Event of Default from the Company or by the Holders of at least 25% in aggregate principal amount
of the then outstanding Notes of such Series is received by a Responsible Officer of the Trustee at the Corporate Trust
Office of the Trustee, and such notice references the Notes and this Indenture.

 

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

 

(l)       The
Trustee will 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, other evidence of indebtedness,
or other paper or document, or inquire as to the performance by the Company or any guarantor of any of their covenants in this
Indenture, 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 will be entitled to examine
the books, records, and premises of the Company or any such guarantor, personally or by agent or attorney at the sole cost of the
Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.

 

(m)       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, in the absence
of bad faith on its part, conclusively rely upon an Officer’s Certificate.

 

(n)       The
Trustee shall have no responsibility for any information in any offering document or other disclosure material distributed with
respect to any series of Securities, and the Trustee shall have no responsibility for compliance with any state or federal securities
laws in connection with the Securities, other than the filing of any documents required to be filed by an indenture trustee pursuant
to the Trust Indenture Act or otherwise required in the Indenture.

 

	Section 7.03	Individual Rights of Trustee.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with
the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest
as defined in the TIA it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if
this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee
is also subject to Sections 7.10 and 7.11 hereof.

 

	Section 7.04	Trustee’s Disclaimer.

 

The Trustee will not be responsible
for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable
for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s
direction under any provision of this Indenture, it will not be responsible for the use or application of any money received
by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any
statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication. Under no circumstances shall the Trustee be liable in its individual capacity for the
obligations evidenced by any Notes. The Trustee shall not be responsible to make any calculation with respect to any matter
under this Indenture. The Trustee shall have no duty to monitor or investigate the Company’s compliance with or the
breach of, or cause to be performed or observed, any representation, warranty, or covenant, or agreement of any Person, other
than the Trustee, made in this Indenture.

 

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	Section 7.05	Notice of Defaults.

 

If a Default or Event of Default occurs
and is continuing and if it is known to a Responsible Officer of the Trustee as provided in Section 7.02(j) hereof, the Trustee
will deliver electronically or mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it is
so known. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on, any
Note, the Trustee may withhold the notice from Holders of the Notes if and so long as the board of directors, the executive committee
or a trust committee of directors or Responsible Officers of the Trustee in good faith determines that withholding the notice is
in the interests of the Holders of the Notes.

 

	Section 7.06	Reports by Trustee to Holders of the Notes.

 

(a)       Within
60 days after each July 15 beginning with the July 15 following the date of this Indenture, and for so long as Notes remain outstanding,
the Trustee will send to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a)
(but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report
need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports
as required by TIA § 313(c).

 

(b)       A
copy of each report at the time of its transmission to the Holders of Notes will be sent by the Trustee to the Company and filed
by the Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The
Company will promptly notify the Trustee when the Notes are listed on any stock exchange or delisted therefrom.

 

	Section 7.07	Compensation and Indemnity.

 

(a)       The
Company agrees to pay to the Trustee from time to time such compensation for its acceptance of this Indenture and all services
hereunder as the Trustee and the Company may agree from time to time in writing. The Trustee’s compensation will not be limited
by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all
reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses
will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel and of all Persons
not regularly in its employ.

 

(b)       The
Company will indemnify, defend, protect and hold harmless the Trustee, its officers, directors, employees, representatives
and agents from and against any and all losses, damages, claims, liabilities or expenses (including reasonable and documented
out-of-pocket attorneys’ fees and expenses), including taxes (other than the taxes based upon, measured by or
determined by the income of the Trustee) incurred by it arising out of or in connection with this Indenture, the Notes, the
acceptance or administration of it’s the trust or trusts or duties hereunder, including the costs and expenses of
enforcing this Indenture against the Company (including this Section 7.07) and defending itself against any claim (whether
asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any
of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its gross
negligence or willful misconduct as finally adjudicated by a court of competent jurisdiction. The Trustee will notify the
Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company will not
relieve the Company of its obligations hereunder. The Company will defend the claim and the Trustee will cooperate in the
defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. The
Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld.

 

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(c)       The
obligations of the Company under this Section 7.07 will survive the resignation or removal of the Trustee, the termination for
any reason of this indenture and the satisfaction and discharge of this Indenture.

 

(d)       To
secure the Company’s payment obligations in this Section 7.07, the Trustee will have a lien prior to the Notes on all money
or property held or collected by the Trustee. Such lien will survive the resignation or removal of the Trustee, the termination
for any reason of this Indenture and the satisfaction and discharge of this Indenture.

 

(e)       In
addition to, but without prejudice to its other rights under this Indenture, when the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.01(e) or (f) hereof occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy
Law.

 

(f)       The
Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable.

 

(g)       “Trustee”
for the purposes of this Section 7.07 shall include any predecessor Trustee and the Trustee in each of its capacities hereunder
and each agent, custodian and other person employed to act hereunder; provided , however , that the negligence, willful
misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

	Section 7.08	Replacement of Trustee.

 

(a)       A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08.

 

(b)       The
Trustee may resign in writing at any time and be discharged from the trust hereby created with respect to one or more Series of
Notes by so notifying the Company with 30 days prior written notice. The Holders of a majority in aggregate principal amount of
the then outstanding Notes of such Series may remove the Trustee by so notifying the Trustee and the Company with 30 days prior
notice in writing. The Company may remove the Trustee with respect to one or more Series of Notes with 30 days prior written notice
if:

 

(1)       the
Trustee fails to comply with Section 7.10 hereof;

 

(2)       the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

 

(3)       a
custodian or public officer takes charge of the Trustee or its property; or

 

(4)       the
Trustee becomes incapable of acting.

 

(c)       If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal
amount of the then outstanding Notes of such Series may appoint a successor Trustee to replace the successor Trustee appointed
by the Company.

 

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(d)       If
a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes of such Series may petition
any court of competent jurisdiction, at the expense of the Company, for the appointment of a successor Trustee.

 

(e)       If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

(f)       A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring
Trustee will promptly transfer all properly held by it as Trustee to the successor Trustee; provided all sums owing to the
Trustee hereunder have been paid and subject to the lien provided for in Section 7.07 hereof. Notwithstanding replacement of the
Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue for the benefit
of the retiring Trustee.

 

	Section 7.09	Successor Trustee by Merger, etc.

 

If the Trustee consolidates, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another Person, the successor Person without any
further act will be the successor Trustee. In case any Notes 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 Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes.

 

	Section 7.10	Eligibility; Disqualification.

 

There will at all times be a Trustee hereunder
that is a Person organized and doing business under the laws of the United States of America or of any state thereof that is authorized
under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities
and that has a combined capital and surplus of at least $50.0 million as set forth in its most recent published annual report of
condition.

 

This Indenture will always have a Trustee
who satisfies the requirements of TIA § 310(a)(l), (2) and (5). The Trustee is subject to TIA § 310(b). There
shall be excluded from the operation of TIA § 310(b)(1) any series of Notes under this Indenture if the requirements
for such exclusion set forth in TIA § 310(b)(1) are met.

 

	Section 7.11	Preferential Collection of Claims Against Company.

 

The Trustee is subject to TIA § 311(a),
excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject
to TIA § 311(a) to the extent indicated therein.

 

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	Section 7.12	FATCA.

 

Notwithstanding any other provision of
this Indenture, the Trustee shall be entitled to make a deduction or withholding from any payment which it makes under this
Indenture for or on account of any present or future taxes, duties or charges if and to the extent so required by any
applicable law and any current or future regulations or agreements thereunder or official interpretations thereof or any law
implementing an intergovernmental approach thereto or by virtue of the relevant holder failing to satisfy any certification
or other requirements in respect of the Notes, in which event the Trustee shall make such payment after such withholding or
deduction has been made and shall account to the relevant authorities for the amount so withheld or deducted and shall have
no obligation to gross up any payment hereunder or pay any additional amount as a result of such withholding tax.

 

The Company hereby covenants with the Trustee
that it will provide the Trustee with sufficient information so as to enable the Trustee to determine whether or not the Trustee
is obliged, in respect of any payments to be made by it pursuant to this Indenture, to make any withholding or deduction pursuant
to an agreement described in Section 1471(b) of the US Internal Revenue Code of 1986, as amended (the “Code”) or otherwise
imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations
thereof or any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof
(or any law implementing such an intergovernmental agreement).

 

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance.

 

The Company may at any time, at the option
of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate, elect to have either Section 8.02
or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

 

	Section 8.02	Legal Defeasance and Discharge.

 

Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.02, the Company will, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes
of such Series on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For
this purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the entire indebtedness represented
by the outstanding Notes of such Series, which will thereafter be deemed to be “outstanding” only for the purposes
of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (a) and (b) below, and to have satisfied
all their other obligations under such Notes and this Indenture (and the Trustee, on written demand of and at the expense of the
Company, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until
otherwise terminated or discharged hereunder:

 

(a)       the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on,
such Notes when such payments are due from the trust referred to in Section 8.04 hereof;

 

(b)       the
Company’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof;

 

(c)       the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;
and

 

(d)       this
Article 8.

 

Subject to compliance with this Article
8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03
hereof.

 

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	Section 8.03	Covenant Defeasance.

 

Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the guarantors, if any, will, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants
contained in Section 4.03 and any other covenants specified in the applicable Board Resolutions, supplemental indenture or Officer’s
Certificate as being subject to covenant defeasance pursuant to this Section 8.03, in each case, with respect to the outstanding
Notes of the applicable Series on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes shall thereafter be deemed 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 covenants, but shall
continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not
be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding
Notes of such Series, 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 covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant
or by reason of any reference in any such 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 6.01 hereof, but, except as specified above, the remainder
of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01
hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section
8.04 hereof, (i) the failure to comply with any such covenants shall not constitute an Event of Default pursuant to Section 6.01(d)
and (ii) Section 6.01(f) (with respect to Significant Subsidiaries only) and (g) (with respect to Significant Subsidiaries only)
shall not constitute an Event of Default.

 

	Section 8.04	Conditions to Legal or Covenant Defeasance.

 

In order to exercise either Legal Defeasance
or Covenant Defeasance under either Section 8.02 or 8.03 hereof:

 

(a)       the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment
of interest, in the written opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants
delivered to the Trustee, to pay the principal of, premium, if any, and interest on, the outstanding Notes on the stated date for
payment thereof or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being
defeased to such stated date for payment or to a particular redemption date;

 

(b)       in
the case of an election under Section 8.02 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming that:

 

(1)       the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

(2)       since
the date of this Indenture, there has been a change in the applicable federal income tax law,

 

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in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the beneficial owners of the outstanding Notes will not recognize income, gain or loss
for federal income tax purposes as a result of such Legal 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 Legal Defeasance had not occurred;

 

(c)       in
the case of an election under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming that
the beneficial owners of the outstanding Notes 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;

 

(d)       no
Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation
of, or constitute a default under, any other instrument to which the Company is a party or by which the Company is bound;

 

(e)       such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the
Company or any of its Subsidiaries is bound;

 

(f)       the
Company must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying
or defrauding any creditors of the Company or others; and

 

(g)       the
Company must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

	Section 8.05	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section 8.06 hereof, all money
and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of
the outstanding Notes of any Series will be held in trust and applied by the Trustee, in accordance with the provisions of such
Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent)
as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium,
if any, and interest, but such money need not be segregated from other funds except to the extent required by law.

 

The Company will pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant
to Section 8.04 hereof 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 the outstanding Notes of the applicable Series.

 

Notwithstanding anything in this
Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company
any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would
then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

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	Section 8.06	Repayment to Company.

 

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, premium, if any, or interest on, any
Series of Notes and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable
shall, subject to applicable abandoned property law, be paid to the Company on its request or (if then held by the Company) will
be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, will 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 The New York Times
and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified
therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money
then remaining will be repaid to the Company.

 

	Section 8.07	Reinstatement.

 

If the Trustee or Paying Agent is unable
to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may
be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company’s and any applicable guarantors’ obligations under this Indenture and the applicable
Notes and the guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof
until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof,
as the case may be; provided , however , that, if the Company makes any payment of principal of, premium, if any,
or interest on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders
of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

 

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

 

	Section 9.01	Without Consent of Holders of Notes.

 

Notwithstanding Section 9.02 of this Indenture,
the Company and the Trustee may amend or supplement this Indenture or the Notes of one or more Series without the consent of any
Holder of Note:

 

(a)       to
cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture that may be defective
or inconsistent with any other provision contained herein or in any supplemental indenture, or to conform the provisions of this
Indenture to the description of the Notes contained in the prospectus or other offering document pursuant to which the Notes of
one or more Series were sold, as evidenced by an Officer’s Certificate stating that such text constitutes an unintended conflict
with the description of the corresponding provision in the offering document;

 

(b)       to
provide for uncertificated Notes in addition to or in place of certificated Notes;

 

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(c)       to
provide for the assumption of the Company’s obligations to the Holders of the Notes by a successor to the Company pursuant
to Article 5 hereof;

 

(d)       to
make any change that would provide any additional rights or benefits to the Holders of all or any Series of Notes or that does
not adversely affect the rights hereunder of any Holder in any material respect, as evidenced by an Officer’s Certificate;

 

(e)       to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;

 

(f)       to
provide for the issuance of and establish the form and terms and conditions of Notes of any Series as permitted by this Indenture;

 

(g)       to
add guarantees with respect to the Notes of any Series or to provide security for the Notes of any Series; or

 

(h)       to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes 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.

 

Upon the request of the Company accompanied
by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee
of the documents described in Section 7.02 hereof, the Trustee will join with the Company in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations
that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that
affects its own rights, duties or immunities under this Indenture or otherwise.

 

	Section 9.02	With Consent of Holders of Notes.

 

The Company and the Trustee may enter into
a supplemental indenture with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding
Notes of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or
exchange offer for the Notes of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders
of Notes of each such Series. Except as otherwise provided herein, the Holders of at least a majority in aggregate principal amount
of the outstanding Notes of each Series, by notice to the Trustee (including consents obtained in connection with a tender offer
or exchange offer for the Notes of such Series) may waive compliance by the Company with any provision of this Indenture or the
Notes with respect to such Series.

 

It shall not be necessary for the
consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed supplemental indenture
or waiver, but it shall be sufficient if such consent approves the substance thereof. Upon the request of the Company
accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of
Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join
with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture
directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture.

 

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After a supplemental indenture or waiver
under this section becomes effective, the Company shall mail to the Holders of Notes affected thereby a notice briefly describing
the supplemental indenture or waiver. Any failure by the Company to mail such notice, or any defect therein, shall not, however,
in any way impair or affect the validity of any such supplemental indenture or waiver. However, without the consent of each Holder
affected, an amendment or waiver under this Section 9.02 may not, with respect to any Notes held by a non-consenting Holder:

 

(a)       reduce
the principal amount, any premium or change the Stated Maturity of any Note or alter or waive any of the provisions with respect
to the redemption or repurchase of the Notes;

 

(b)       reduce
the rate (or alter the method of computation) of or extend the time for payment of interest, including defaulted interest, on any
Note;

 

(c)       waive
a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Notes, except a rescission
of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes
of such Series with respect to a nonpayment default and a waiver of the payment default that resulted from such acceleration;

 

(d)       make
the principal of or premium, if any or interest on any Note payable in currency other than that stated in the Notes;

 

(e)       change
any place of payment where the Notes of any series or interest thereon is payable;

 

(f)       make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of the Notes to receive
payments of principal of or premium, interest, if any, on the Notes and to institute suit for the enforcement of any such payments;

 

(g)       make
any change in the foregoing amendment and waiver provisions; or

 

(h)       reduce
the percentage in principal amount of any Notes, the consent of the Holders of which is required for any of the foregoing modifications
or otherwise necessary to modify or amend this Indenture or to waive any past Defaults.

 

	Section 9.03	Compliance with Trust Indenture Act.

 

Every amendment to this Indenture or the
Notes of one or more Series will be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

 

	Section 9.04	Revocation and Effect of Consents.

 

Until an amendment or waiver becomes effective,
a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or
portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made
on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee
receives written notice of revocation before the date the amendment or waiver becomes effective. An amendment or waiver becomes
effective in accordance with its terms and thereafter binds every Holder.

 

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	Section 9.05	Notation on or Exchange of Notes.

 

The Trustee may place an appropriate notation
about an amendment or waiver on any Note of any Series thereafter authenticated. The Company in exchange for Notes of that Series
may issue and the Trustee shall authenticate upon request new Notes of that Series that reflect the amendment or waiver.

 

Failure to make the appropriate notation
or issue a new Note will not affect the validity and effect of such amendment or waiver.

 

	Section 9.06	Trustee to Sign Amendments, etc.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an
Officer’s Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture, and an Opinion of Counsel to the effect that such supplemental indenture is the legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms, subject to customary exceptions. The Trustee
shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects
its rights, duties, liabilities or immunities under this Indenture or otherwise.

 

ARTICLE 10

SATISFACTION AND DISCHARGE

 

	Section 10.01	Satisfaction and Discharge.

 

This Indenture will be discharged and will
cease to be of further effect as to a Series of Notes issued hereunder, when:

 

(a)       either:

 

(1)       all
such Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has theretofore been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee
for cancellation; or

 

(2)       all
such Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the sending of
a notice of redemption or otherwise or will become due and payable within one year and the Company has irrevocably deposited or
caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of such Notes, cash in U.S.
dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration
of any reinvestment of interest, in the written opinion of a nationally recognized investment bank, appraisal firm, or firm of
independent public accountants delivered to the Trustee (which opinion need only be given if Government Securities have been so
deposited), to pay and discharge the entire indebtedness on the Notes not delivered to the Trustee for cancellation for principal,
premium, if any, and accrued interest to the date of maturity or redemption;

 

(b)       no
Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or
violation of, or constitute a default under, any other material instrument to which the Company or any guarantor, as
applicable, is a party or by which the Company, or any guarantor, as applicable, is bound;

 

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(c)       the
Company or any guarantor of such Notes has paid or caused to be paid all sums payable by it under this Indenture; and

 

(d)       the
Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity or on the redemption date, as the case may be.

 

In addition, the Company must deliver an Officer’s Certificate
and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

 

Notwithstanding the satisfaction and discharge
of this Indenture, if money has been deposited with the Trustee pursuant to subclause (2) of clause (a) of this Section 10.01,
the provisions of Sections 10.02 and 8.06 hereof will survive. In addition, nothing in this Section 10.01 will be deemed to discharge
those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. After
the conditions to discharge contained in this Article Ten have been satisfied, and the Company has paid or caused to be paid all
other sums payable hereunder by the Company, and delivered to the Trustee an Officer’s Certificate and Opinion of Counsel,
each stating that all conditions precedent to satisfaction and discharge have been satisfied, the Trustee upon Company request
shall acknowledge in writing the discharge of the obligations of the Company (except for those surviving obligations specified
in this Section 10.01 and the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s
obligations in connection therewith).

 

	Section 10.02	Application of Trust Money.

 

Subject to the provisions of Section 8.06
hereof, all money deposited with the Trustee pursuant to Section 10.01 hereof shall be held in trust and applied by it, in accordance
with the provisions of the Notes with respect to which such deposit was made 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 for whose payment such money has been deposited with the
Trustee; but such money need not be segregated from other funds except to the extent required by law.

 

The Company will pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant
to Section 10.01 hereof 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 the outstanding Notes of the applicable Series.

 

If the Trustee or Paying Agent is unable
to apply any money or Government Securities in accordance with Section 10.01 hereof by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Company’s and any applicable guarantor’s obligations under this Indenture and the applicable Notes shall be revived
and reinstated as though no deposit had occurred pursuant to Section 10.01 hereof; provided that if the Company has made
any payment of principal of, premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Company
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities
held by the Trustee or Paying Agent.

 

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ARTICLE 11

MISCELLANEOUS

 

	Section 11.01	Trust Indenture Act Controls.

 

If any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed duties will control.

 

	Section 11.02	Notices.

 

Any notice or communication by the Company
or the Trustee to the others is duly given if in writing and delivered in Person or by first class mail (registered or certified,
return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’
address, except in the case of notices or communications given to the Trustee, which shall be effective only upon actual receipt
by the Trustee at its Corporate Trust Office:

 

If to the Company:

 

Babcock & Wilcox Enterprises, Inc.

1200 East Market Street, Suite 650

Akron, OH 44305

Attention: Lou Salamone

Facsimile: 330-860-6873

 

If to the Trustee:

 

The Bank of New York Mellon Trust Company, N.A.

2 North LaSalle Street, 7th Floor

Chicago, IL 60602

Attention: Corporate Trust Division – Corporate
Finance Unit

Facsimile: 312-827-8522

 

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

 

All notices and communications (other than
those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and
the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

Any notice or communication to a
Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the Registrar (or in the case of Notes in global
form, pursuant to the applicable procedures of the Depositary). Any notice or communication will also be so mailed to any
Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a
Holder or any defect in it will not affect its sufficiency with respect to other Holders. Notwithstanding any other provision
of this Indenture or any Global Note, where this Indenture or any Global Note provides for notice of any event (including any
notice of redemption or repurchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be
sufficiently given if given to the Depositary (or its designee) pursuant to the Applicable Procedures, including by
electronic mail in accordance with the standing instructions from the Depositary.

 

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If a notice or communication is mailed in
the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

 

If the Company mails a notice or communication
to Holders, it will mail a copy to the Trustee and each Agent at the same time.

 

“Electronic Means” shall mean
the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable authorization
codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available
for use in connection with its services hereunder.

 

The Trustee shall have the right to accept
and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Indenture
and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate
listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures
of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted
from the listing.  If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion
elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. 
The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and
that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the
incumbency certificate provided to the Trustee have been sent by such Authorized Officer.  The Company shall be responsible
for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers
are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication
keys upon receipt by the Company.  The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly
from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent
with a subsequent written instruction.  The Company agrees: (i) to assume all risks arising out of the use of Electronic Means
to submit Instructions 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; (ii) that it is fully informed of the protections and risks associated
with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting
Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to be followed in connection
with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs
and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security
procedures.

 

	Section 11.03	Communication by Holders of Notes with Other Holders of Notes.

 

Holders may communicate pursuant to TIA
 § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Trustee,
the Registrar and anyone else shall have the protection of TIA § 312(c).

 

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	Section 11.04	Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application by the Company
to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)       an
Officer’s Certificate stating that, in the opinion of the signers (who may rely upon an Opinion of Counsel as to matters
of law), all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with;
and

 

(2)       an
Opinion of Counsel stating that, in the opinion of such counsel (who may rely upon an Officer’s Certificate as to matters
of fact), all such conditions precedent and covenants have been complied with.

 

	Section 11.05	Statements Required in Certificate or Opinion.

 

Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4))
must include:

 

(1)       a
statement that the Person making such certificate or opinion has read such covenant or condition;

 

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

 

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

(4)       a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

	Section 11.06	Rules by Holders and Agents.

 

Holders may make reasonable rules for action
by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its
functions.

 

	Section 11.07	Calculation of Foreign Currency Amounts.

 

The calculation of the U.S. dollar equivalent
amount for any amount denominated in a foreign currency shall be the noon buying rate in the City of New York as certified by the
Federal Reserve Bank of New York on the date on which such determination is required to be made or, if such day is not a day on
which such rate is published, the rate most recently published prior to such day.

 

	Section 11.08	No Personal Liability of Directors, Officers, Employees and Shareholders.

 

No past, present or future director, officer,
employee, incorporator or shareholder of the Company, as such, will have any liability for any obligations of the Company under
the Notes, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder
of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance
of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

 

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	Section 11.09	Governing Law; Submission to Jurisdiction.

 

THE LAWS OF THE STATE OF NEW YORK WILL
GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES, AND THE GUARANTEES, IF ANY, WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

 

The Company irrevocably consents and submits,
for itself and in respect of any of its assets or property, to the nonexclusive jurisdiction of any court of the State of New York
or any United States Federal court sitting, in each case, in the Borough of Manhattan, The City of New York, New York, United States
of America, and any appellate court from any thereof in any suit, action or proceeding that may be brought in connection with this
Indenture or the Securities, and waives any immunity from the jurisdiction of such courts. The Company irrevocably waives, to the
fullest extent permitted by law, any objection to any such suit, action or proceeding that may be brought in such courts whether
on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in an
inconvenient forum. The Company agrees, to the fullest extent that it lawfully may do so, that final judgment in any such suit,
action or proceeding brought in such a court shall be conclusive and binding upon the Company, and waives, to the fullest extent
permitted by law, any objection to the enforcement by any competent court in the Company’s jurisdiction of organization of
judgments validly obtained in any such court in New York on the basis of such suit, action or proceeding.

 

	Section 11.10	No Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret
any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan
or debt agreement may not be used to interpret this Indenture.

 

	Section 11.11	Successors.

 

All agreements of the Company in this Indenture
and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors.

 

	Section 11.12	Severability.

 

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

 

	Section 11.13	Counterpart Originals.

 

The parties may
sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the
same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or electronic
(i.e., “pdf” or “tif”) transmission shall constitute effective execution and delivery
of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. The exchange
of copies of this Indenture and of signature pages that are executed by manual signatures that are scanned, photocopied or
faxed or by other electronic signing created on an electronic platform (such as DocuSign) or by digital signing (such as
Adobe Sign), in each case that is approved by the Trustee, shall constitute effective execution and delivery of this
Indenture for all purposes. Signatures of the parties hereto that are executed by manual signatures that are scanned,
photocopied or faxed or by other electronic signing created on an electronic platform (such as DocuSign) or by digital
signing (such as Adobe Sign), in each case that is approved by the Trustee, shall be deemed to be their original signatures
for all purposes of this Indenture as to the parties hereto and may be used in lieu of the original.

 

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Anything in this Indenture
or the Notes to the contrary notwithstanding, for the purposes of the transactions contemplated by this Indenture, the Notes and
any document to be signed in connection with the Indenture or the Notes (including the Notes and amendments, supplements, waivers,
consents and other modifications, the Trustee’s certificate of authentication on the Notes, Authentication Orders, Officer’s
Certificates, Company Orders and Opinions of Counsel and other issuance, authentication and delivery documents) or the transactions
contemplated hereby may be signed by manual signatures that are scanned, photocopied or faxed or other electronic signatures created
on an electronic platform (such as DocuSign) or by digital signature (such as Adobe Sign), in each case that is approved by the
Trustee, and contract formations on electronic platforms approved by the Trustee, and the keeping of records in electronic form,
are hereby authorized, and each shall be of the same legal effect, validity or enforceability as a manually executed signature
in ink or the use of a paper-based recordkeeping system, as the case may be.

 

	Section 11.14	Table of Contents, Headings, etc.

 

The Table of Contents, Cross-Reference Table
and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be
considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.

 

	Section 11.15	Waiver of Jury Trial

 

EACH OF THE COMPANY AND THE TRUSTEE, AND
EACH HOLDER OF A NOTE BY ITSS ACCEPTANCE THEREOF, 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 NOTES OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

	Section 11.16	Patriot Act Compliance

 

The parties hereto acknowledge that in accordance
with Section 326 of the USA Patriot Act the Trustee, like all financial institutions and in order to help fight the funding of
terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity
that establishes a relationship or opens an account, which information includes the name, address, tax identification number and
formation documents and other information that will allow Trustee to identify the person or legal entity in accordance with the
USA Patriot Act. The parties to this Agreement agree that they will provide the Trustee with such information in order for the
Trustee to satisfy the requirements of the USA Patriot Act.

 

	Section 11.17	OFAC

 

(i) The Company covenants and represents
that neither they nor any of their affiliates, subsidiaries, directors or officers are the target or subject of any sanctions enforced
by the US Government, (including, the Office of Foreign Assets Control of the US Department of the Treasury (“OFAC”)),
the United Nations Security Council, the European Union, HM Treasury, or other relevant sanctions authority (collectively “Sanctions”).

 

(ii) The Company covenants and represents
that neither they nor any of their affiliates, subsidiaries, directors or officers will use any payments made pursuant to this
Indenture, (i) to fund or facilitate any activities of or business with any person who, at the time of such funding or facilitation,
is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business with any country or territory that
is the target or subject of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any person.

 

[Signatures on following page]

 

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

 

	 	BABCOCK & WILCOX ENTERPRISES, INC.
	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	 	 
	 	By:	              
	 	Name:	 
	 	Title:	 

 

    43

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