Document:

Exhibit 10.11

 

EXECUTION VERSION

 

PROXY AND VOTING AGREEMENT

 

This Proxy and Voting Agreement, dated as of November 4, 2016 (this “Agreement”), is by and among Barry Diller, an individual (“Diller”), John C. Malone, an individual (“Malone”), and Leslie Malone, an individual (“Mrs. Malone” and together with Malone, the “Malone Group”).

 

WHEREAS, Liberty Interactive Corporation, a Delaware corporation (“Liberty”), has determined to engage in the Split-Off (as defined in the Transaction Agreement) and has received the approval of the holders of LVNTA and LVNTB to redeem a portion of such shares in order to effect the Split-Off;

 

WHEREAS, pursuant to Section 3.3 of that certain Amended and Restated Stockholders Agreement, dated as of December 20, 2011 (the “Stockholders Agreement”), Liberty granted Diller the Liberty Proxy (as defined in the Stockholders Agreement) (as assigned to Splitco pursuant to the Stockholders Agreement Assignment, the “Splitco Proxy”);

 

WHEREAS, Liberty, Splitco, Diller, and the Malone Group have entered into a transaction agreement, dated as of March 24, 2016, as amended and restated as of September 22, 2016, and as may be further amended in accordance with the terms thereof (the “Transaction Agreement”), pursuant to which the parties thereto set forth certain agreements in connection with the Split-Off and the other Transaction Instruments;

 

WHEREAS, as provided in and in accordance with the terms of the Transaction Agreement, subject to the completion of the Split-Off, prior to or concurrently with the execution of this Agreement, (i) Diller, Splitco and Liberty will enter into an Assignment and Assumption of Governance Agreement with Expedia (the “Governance Agreement Assignment”), pursuant to which, in accordance with Section 5.01 of the Amended and Restated Governance Agreement, dated as of December 20, 2011 (the “Governance Agreement”), among other things, all rights and obligations of Liberty under the Governance Agreement will be assigned to Splitco and Splitco will assume such rights and obligations and Expedia will consent to such assignment, (ii) Liberty, Diller and Splitco will enter into an Assignment and Assumption of Stockholders Agreement (the “Stockholders Agreement Assignment”), pursuant to which, in accordance with Section 5.1 of the Stockholders Agreement, all rights and obligations of Liberty under the Stockholders Agreement will be assigned to Splitco, Splitco will assume such rights and obligations and Diller will consent to such assignment, (iii) Splitco and Diller will enter into Amendment No. 1 to Stockholders Agreement (the “Stockholders Agreement Amendment”) to provide for certain waivers under the Stockholders Agreement and agreements relating to the voting of Common Shares (as defined in the Stockholders Agreement) Beneficially Owned by such parties or with respect to which such parties have the power to vote, and (iv) Diller and Splitco will enter into an Assignment Agreement (the “Diller Assignment”), pursuant to which Diller will irrevocably assign, on the terms and conditions set forth therein, the Splitco Proxy to Splitco until the Proxy Swap Termination Date;

 

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WHEREAS, in connection with the Diller Assignment, the Malone Group will grant an irrevocable proxy to Diller to vote, subject to certain limitations, all shares of Splitco Series A Stock and Splitco Series B Stock (together with the Splitco Series A Stock, the “Splitco Common Stock”), Beneficially Owned at the Effective Time or thereafter by one or both members of the Malone Group or with respect to which one or both members of the Malone Group have the power to vote (the “Covered Shares”); and

 

WHEREAS, Diller and the Malone Group are entering into this Agreement in order to set forth the terms and conditions of the Proxy and the other matters as provided herein.

 

NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.                                      CERTAIN DEFINITIONS.

 

As used in this Agreement, the following terms have the respective meanings set forth below.

 

“Affiliate” means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries controls is controlled by or is under common control with such specified Person, for so long as such Person remains so affiliated to the specified Person. For purposes of this definition, (i) natural persons shall not be deemed to be Affiliates of each other, (ii) no member of the Malone Group shall be deemed to be an Affiliate of Liberty, Splitco, Expedia or Diller, (iii) none of Liberty, Splitco, Expedia or Diller shall be deemed to be an Affiliate of any of such other persons, (iv) none of Liberty Media Corporation, Liberty Broadband Corporation, Liberty TripAdvisor Holdings, Inc., Discovery Communications Inc., Starz, CommerceHub, Inc. or Liberty Global plc and, following the Split-Off, Liberty, shall be deemed to be an Affiliate of Splitco or any member of the Malone Group and (v) IAC/InterActiveCorp (“IAC”) shall not be deemed to be an Affiliate of Expedia or Diller.

 

“Agreement” has the meaning set forth in the Preamble.

 

“Beneficial Owner” and “Beneficial Ownership” has the meaning given such term in Rule 13d-3 under the Exchange Act and a Person’s beneficial ownership of Capital Stock which is then entitled to vote generally in the election of directors shall be calculated in accordance with the provisions of such Rule; provided, however, that for purposes of determining beneficial ownership, (i) a Person shall be deemed to be the beneficial owner of any Equity which may be acquired by such Person (disregarding any legal impediments to such beneficial ownership), whether within sixty (60) days or thereafter, upon the conversion, exchange or exercise of any warrants, options, rights or other securities issued by a Person, (ii) no Person shall be deemed to beneficially own any Equity solely as a result of such Person’s execution of any Transaction Instrument (including by virtue of holding a proxy with respect to any shares) or such Person’s filing of any reports, forms or schedules with the Securities and Exchange Commission in connection with any of the matters contemplated hereby or thereby and (iii) no member of the Malone Group will be deemed to beneficially own any Equity held by The Tracy M. Amonette Trust A (also known as the Tracy L. Neal Trust A) or The Evan D.

 

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Malone Trust A, unless and until a member of the Malone Group exercises its right of substitution and acquires such Equity from The Tracy M. Amonette Trust A (also known as the Tracy L. Neal Trust A) or The Evan D. Malone Trust A, respectively.

 

“Board” means the board of directors of Splitco.

 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in the City of New York.

 

“Capital Stock” means, with respect to any Person at any time, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of capital stock, partnership interests (whether general or limited) or equivalent ownership interests in or issued by such Person.

 

“Certificate” means the Amended and Restated Certificate of Incorporation of Splitco, as in effect at the Effective Time (as the same may be amended from time to time).

 

“Common Stock Directors” shall have the meaning assigned to it in the Certificate.

 

“Contract” means any trust agreement, loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, instrument, permit, concession, franchise or license.

 

“Convertible Securities” means (x) any securities of a Person that are convertible into or exercisable or exchangeable for any shares of any class or series of common stock of such Person or any other Person, whether upon conversion, exercise, or exchange, pursuant to antidilution provisions of such securities or otherwise (other than, for purposes of this Agreement, the Class B common stock of Expedia or the Splitco Series B Stock), and (y) any subscriptions, options, rights, warrants or calls (or any similar securities) or agreements or arrangements of any character, in each case to acquire common stock, preferred stock or other Capital Stock.

 

“Covered Series A Shares” has the meaning set forth in Section 4(b).

 

“Covered Series B Shares” has the meaning set forth in Section 4(b).

 

“Covered Shares” has the meaning set forth in the Recitals.

 

“Diller” has the meaning set forth in the Preamble.

 

“Diller Assignment” has the meaning set forth in the Recitals.

 

“Effective Time” has the meaning set forth in the Transaction Agreement.

 

“Equity” means any and all shares of Capital Stock of the applicable Person and Convertible Securities of such Person.

 

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

 

“Excluded Matter” means any matter submitted to a vote of the stockholders of Splitco or by which the stockholders of Splitco may act by written consent to (x) approve any agreement or transaction (i) between Splitco or any of its Affiliates, on the one hand, and Diller, IAC or any of their respective Affiliates, on the other hand, or (ii) between Splitco or any of its Affiliates, on the one hand, and Expedia or its Subsidiaries, on the other hand or (y) remove any Series B Director in accordance with Article V, Section D of the Certificate.

 

“Expedia” means Expedia, Inc., a Delaware corporation and any successor by merger, consolidation or other business combination.

 

“Expedia Board” means the board of directors of Expedia.

 

“Expedia Board Voting Determination” has the meaning set forth in the Certificate.

 

“Expedia Reimbursement Agreement” has the meaning set forth in the Transaction Agreement.

 

“Governance Agreement” has the meaning set forth in the Recitals.

 

“Governance Agreement Assignment” has the meaning set forth in the Recitals.

 

“Group” shall have the meaning assigned to it in Section 13(d)(3) of the Exchange Act.

 

“IAC” has the meaning set forth in this Section 1 in the definition of “Affiliate.”

 

“Letter Agreement” means that certain letter agreement from Diller to Liberty, to be delivered in connection with the Split-Off pursuant to the last sentence of Section 5.1 of the Stockholders Agreement.

 

“Liberty” has the meaning set forth in the Recitals.

 

“LVNTA” means the Series A Liberty Ventures common stock, par value $0.01 per share, of Liberty.

 

“LVNTB” means the Series B Liberty Ventures common stock, par value $0.01 per share, of Liberty.

 

“Malone” has the meaning set forth in the Preamble.

 

“Malone Group” has the meaning set forth in the Preamble.

 

“Mrs. Malone” has the meaning set forth in the Preamble.

 

“NASDAQ” means The Nasdaq Global Select Market.

 

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“Permitted Assigns” has the meaning set forth in the Transaction Agreement.

 

“Permitted Transferee” has the meaning set forth in Section 3.

 

“Person” means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivisions thereof or any Group comprised of two or more of the foregoing.

 

“Proxy” has the meaning set forth in Section 2(a)(i).

 

“Proxy Swap Termination Date” has the meaning assigned to it in the Transaction Agreement.

 

“Removal Consent” has the meaning set forth in the Transaction Agreement.

 

“Series B Director” shall have the meaning assigned to it in the Certificate.

 

“Splitco” means Liberty Expedia Holdings, Inc., a Delaware corporation and any successor by merger, consolidation or other business combination.

 

“Splitco Bylaws” means the amended and restated bylaws of Splitco as in effect at the Effective Time, as the same may be amended from time to time in compliance with the Certificate and such bylaws.

 

“Splitco Common Stock” has the meaning set forth in the Recitals.

 

“Splitco Director Determination” has the meaning set forth in the Certificate.

 

“Splitco Proxy” has the meaning set forth in the Recitals.

 

“Splitco Series A Stock” means Series A common stock, par value $0.01 per share, of Splitco and any securities of Splitco issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, exchange or other similar reorganization.

 

“Splitco Series B Stock” means Series B common stock, par value $0.01 per share, of Splitco and any securities of Splitco issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, exchange or other similar reorganization (other than Splitco Series A Stock issued upon conversion of Splitco Series B Stock).

 

“Split-Off” has the meaning set forth in the Recitals.

 

“Stockholders Agreement” has the meaning set forth in the Recitals.

 

“Stockholders Agreement Amendment” has the meaning set forth in the Recitals.

 

“Stockholders Agreement Assignment” has the meaning set forth in the Recitals.

 

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“Subsidiary” means, with respect to any Person, any corporation or other entity of which at least a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by such Person.

 

“Temporary Disability” means a temporary mental or physical disability (as determined by either of Mrs. Malone or a physician selected by Diller and reasonably satisfactory to Malone, Mrs. Malone or a personal representative designated by Malone) preventing Malone from (i) voting Covered Shares or taking action by written consent with respect to Covered Shares on any Excluded Matter (including, for the avoidance of doubt, executing and delivering a Removal Consent or otherwise voting the Covered Shares in respect of any proposed removal of any Series B Directors), or (ii) engaging reasonably with Diller in discussions regarding the composition of the Expedia Board, in any case where such mental or physical disability occurs during the period of 30 days prior to any meeting of stockholders of Expedia or, with respect to any meeting of stockholders of Expedia at which the election of directors is to take place, between the date the Splitco Board has made an Expedia Board Voting Determination or Splitco Director Determination and the date of the upcoming meeting of the Expedia stockholders to which such Expedia Board Voting Determination or Splitco Board Determination relates.

 

“Transaction Agreement” has the meaning set forth in the Recitals.

 

“Transaction Instrument” means any of this Agreement, the Certificate, the Splitco Bylaws, the Diller Assignment, the Stockholders Agreement, the Stockholders Agreement Assignment, the Stockholders Agreement Amendment, the Letter Agreement, the Governance Agreement, the Governance Agreement Assignment, the Transaction Agreement, and the other agreements contemplated by the matters contemplated hereby and thereby.

 

2.                                      PROXY AND OTHER GOVERNANCE MATTERS.

 

(a)                                 Irrevocable Proxy Granted to Diller.

 

(i)                                     Effective immediately following the Effective Time until the Proxy Swap Termination Date, but subject to the terms and conditions of this Agreement, including this Section 2, and the other Transaction Instruments, Diller is hereby irrevocably appointed and constituted as proxy with respect to the Covered Shares and is granted the sole and exclusive power to vote or act by consent with respect to the Covered Shares, on all matters submitted to a vote of Splitco’s stockholders or by which Splitco’s stockholders may act by written consent that are not Excluded Matters, pursuant to this conditional proxy (which proxy is irrevocable and coupled with an interest for purposes of Section 212 of the General Corporation Law of the State of Delaware) (the “Proxy”).  For the avoidance of doubt, Diller’s right to vote or act by written consent with respect to Covered Shares referred to herein will be deemed the right to vote or act by written consent with respect to one or both series of Covered Shares entitled to vote or consent in writing with respect to any particular matter as provided in the Certificate.

 

(ii)                                  Notwithstanding anything to the contrary set forth herein, the Proxy shall not be applicable in connection with any vote or action by written consent on any matter

 

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that is an Excluded Matter and Diller will have no right to vote or act by written consent with respect to the Covered Shares, with the voting of or right to act by written consent with respect to such Covered Shares on such matters to remain with (A) the Malone Group with respect to any of the matters referred to in clause (x) of the definition of Excluded Matter and (B) Malone, or in the event of Malone’s Temporary Disability, with Mrs. Malone, with respect to any of the matters referred to in clause (y) of the definition of Excluded Matters, and the Malone Group shall take and/or refrain from taking all action necessary to ensure that no Person other than Malone or Mrs. Malone shall vote or have the power to vote the Covered Shares with respect to any matter referred to in clause (y) of the definition of Excluded Matters.  Any attempt by Diller to vote the Covered Shares on any Excluded Matter shall be void ab initio.

 

(iii)                               Prior to its termination on the Proxy Swap Termination Date, the Proxy will be binding upon each member of the Malone Group and such member’s respective Permitted Assigns.  The Malone Group represents that any and all other proxies heretofore given in respect of the Covered Shares are revocable, and that such other proxies either have been revoked or are hereby revoked.

 

(iv)                              Notwithstanding anything to the contrary set forth herein, the Proxy is personal to Diller and may not be assigned by Diller by operation of law or otherwise and may not be used by Diller’s successors.

 

(v)                                 Notwithstanding anything to the contrary set forth herein, and without affecting the termination of the Proxy on the Proxy Swap Termination Date, the Proxy will be suspended during any period in which Diller has suffered a mental or physical disability preventing Diller from voting or acting by written consent with respect to the Covered Shares or engaging reasonably with Malone, or receiving or following instruction from Malone, as to the matters contemplated by this Section 2 (as determined by a physician selected by Malone (on behalf of the Malone Group) and reasonably acceptable to Diller, his spouse or a personal representative designated by Diller), and during such period of disability, Malone (on behalf of the Malone Group) will be entitled to vote or consent in writing with respect to all Covered Shares, regardless of any restriction specified herein with respect to such Covered Shares. The Proxy will be reinstated (unless sooner terminated on the Proxy Swap Termination Date) upon Diller ceasing to be so disabled (as determined by a physician selected by Diller and reasonably acceptable to Malone (on behalf of the Malone Group)).

 

(vi)                              Notwithstanding anything to the contrary set forth in this Agreement, the Proxy shall remain in full force and effect and be enforceable (A) against any member of the Malone Group’s estate, executor or personal representative to the fullest extent and in the manner set forth in this Agreement and (B) irrespective of the death of one or both of Malone and/or Mrs. Malone.

 

(b)                                 Voting on Certain Matters.  Subject to Sections 2(a)(ii) and 2(d), in the event that any of the matters specified in clauses (i) through (iv) below is presented to the stockholders of Splitco for approval or the stockholders of Splitco propose to act by written consent on any such matter, Malone (on behalf of the Malone Group) and Diller will seek to agree upon how the

 

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Covered Shares will be voted on such matter.  If Malone and Diller reach an agreement as to how the Covered Shares are to be voted on such matter, Diller will vote the Covered Shares entitled to vote thereon as so agreed.  In the event Malone and Diller do not agree on how the Covered Shares are to be voted on such matter, Diller will be required to vote and will vote all Covered Shares entitled to vote thereon against such proposal.  The foregoing provisions will be applicable to the following matters:

 

(i)                                     any recapitalization, reclassification or other change in the capital structure of Splitco or the voluntary commencement of any liquidation, dissolution or winding up of Splitco;

 

(ii)                                  any merger or other business combination involving Splitco or its Subsidiaries or any sale of all or substantially all of Splitco’s assets;

 

(iii)                               the creation of any new class or series of Splitco Capital Stock or the issuance (other than pursuant to options, warrants or other rights to acquire shares of Splitco Series A Stock or Splitco Series B Stock outstanding immediately following the Effective Time) of Splitco Common Stock (including to the extent required for NASDAQ purposes); and

 

(iv)                              any amendment of the Certificate or Splitco’s bylaws.

 

(c)                                  Election of Splitco Directors; Vacancies.  With respect to the election of or the filling of any vacancy with respect to Series B Directors, Diller will vote all Covered Series B Shares as he determines in his sole discretion.  With respect to the election of Common Stock Directors, Diller will vote all Covered Shares entitled to vote thereon in favor of the Recommended Slate (as defined in the Transaction Agreement) of nominees for election as Common Stock Directors at each meeting of Splitco’s stockholders at which Common Stock Directors are to be elected.

 

(d)                                 Class Vote.  In the event that there is a proposal for any action which requires the approval of the holders of shares of Splitco Series B Stock, voting as a separate class, other than the election of, removal of or the filling of a vacancy with respect to Series B Directors, Diller will, with respect to such class vote, vote all Covered Series B Shares entitled to vote thereon as instructed by Malone (on behalf of the Malone Group) or, to the extent such matter is also an Excluded Matter (1) referred to in clause (x) of the definition thereof, voting of the Covered Series B Shares on such Excluded Matter will remain with the Malone Group and (2) referred to in clause (y) of the definition thereof, voting of the Covered Series B Shares on such Excluded Matter will remain with Malone or in the event of his Temporary Disability, Mrs. Malone; provided, that to the extent such proposed action (i) would result in the decrease in the voting power of a share of Splitco Series B Stock as compared to a share of Splitco Series A Stock (including, for example, as a result of (x) a decrease in the number of votes per share attributable to the Splitco Series B Stock or (y) any required conversion of Splitco Series B Stock into Splitco Series A Stock) or (ii) would change the process, or any other term, related to the election of, removal of, filling of a vacancy with respect to or voting power of Series B Directors, Diller will, with respect to such class vote, vote all such Covered Series B Shares entitled to vote thereon against such proposal.

 

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(e)                                  Removal of Common Stock Directors.  In the event that there is a proposal to remove any Common Stock Director from the Board, Diller will vote all Covered Shares entitled to vote thereon as instructed by Malone (on behalf of the Malone Group) or, in the event of any Temporary Disability of Malone, as instructed by Mrs. Malone.

 

(f)                                   Cooperation.  Diller will (i) vote (or act or not act by written consent with respect to) all Covered Shares subject to the Proxy, (ii) attend all meetings of Splitco stockholders in person or by proxy for purposes of obtaining a quorum, and (iii) execute or not execute all written consents in lieu of meetings, as applicable, in each case in accordance with the terms of the Proxy and this Agreement.  The parties acknowledge and agree that all Covered Shares will be voted in accordance with the provisions of this Agreement.

 

3.                                      TRANSFER RESTRICTIONS.

 

(a)                                 Transfer Restrictions.  Until the Proxy Swap Termination Date, the Malone Group will not sell, transfer or otherwise dispose of any Covered Shares, or any of the voting rights with respect thereto (including by way of a pledge, by tendering Covered Shares into a tender or exchange offer or by conversion of Covered Series B Shares into Covered Series A Shares at the option of the holder), or any interest in such Covered Shares or voting rights and, in the case of any Covered Shares not owned of record by the Malone Group, will cause the applicable record owner or owners not to do any of the foregoing; provided, that, the Malone Group may sell, transfer or otherwise dispose of any Covered Shares pursuant to any sale, transfer, Contract or other disposition (which, for the avoidance of doubt, excludes any pledge or conversion) to an acquiror that agrees to take such Covered Shares subject to this Agreement and that is acceptable to Diller in his sole discretion (a “Permitted Transferee”); provided, further, that the death of any member of the Malone Group shall itself not be a sale, transfer or disposition of any Covered Shares as long as a member of the Malone Group or a Permitted Assign continues to own all the Covered Shares.

 

(b)                                 Permitted Pledge.  Notwithstanding the foregoing Section 3(a), the Malone Group will be permitted to pledge Covered Series A Shares to a bona fide financial institution (so long as such pledge does not prevent or otherwise restrict Diller from voting such shares pursuant to the Proxy and this Agreement prior to any foreclosure of such pledge, but shall not be permitted to pledge any other Covered Shares.  Malone (on behalf of the Malone Group) will take such actions as are reasonably necessary to enable Diller to vote the Covered Series A Shares subject to any such pledge prior to any foreclosure (including, for the avoidance of doubt, delivering instructions to the pledgee or other custodian with respect to Diller’s right to vote such shares).

 

4.                                      REPRESENTATIONS AND WARRANTIES OF THE MALONE GROUP.

 

Each member of the Malone Group hereby represents and warrants to Diller that:

 

(a)                                 Authority for this Agreement.  (i) Each such member of the Malone Group has the power and authority to enter into this Agreement and to carry out his or her obligations hereunder, (ii) the execution and delivery of this Agreement by such member of the Malone Group has been duly authorized by all necessary action on the part of such member of the Malone Group and no other proceedings on the part of such member of the Malone Group are

 

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necessary to authorize this Agreement, (iii) this Agreement has been duly executed and delivered by such member of the Malone Group and constitutes a valid and binding obligation of such member of the Malone Group, and, assuming this Agreement constitutes a valid and binding obligation of Diller, is enforceable against such member of the Malone Group in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity), (iv) neither the execution, delivery or performance of this Agreement by such member of the Malone Group constitutes a breach or violation of or conflicts with any material agreement to which such member of the Malone Group is a party and (v) none of such material agreements would impair in any material respect the ability of such member of the Malone Group to perform his or her obligations hereunder.

 

(b)                                 Ownership of Shares.  As of the date hereof, the Malone Group is the Beneficial Owner of 1,011,650 shares of LVNTA with respect to which approximately 404,659 shares of Splitco Series A Stock will be issued as of the Effective Time (such shares of Splitco Series A Stock so issued, together with any other shares of Splitco Series A Stock that constitute Covered Shares, the “Covered Series A Shares”) and the Beneficial Owner of 6,590,822 shares of LVNTB with respect to which approximately 2,636,328 shares of Splitco Series B Stock will be issued as of the Effective Time (such shares of Splitco Series B Stock so issued, together with any other shares of Splitco Series B Stock that constitute Covered Shares, the “Covered Series B Shares”), in each case, pursuant to the Split-Off.  The Covered Shares, as of the Effective Time, will be free and clear of all pledges, liens, proxies, claims, charges, security interests, preemptive rights, voting trusts, voting agreements, options, rights of first offer or refusal and any other encumbrances whatsoever, other than encumbrances created by this Agreement or any other Transaction Instrument, any restrictions on transfer under applicable federal and state securities laws and, with respect to any Covered Series A Shares, any encumbrances, as described on Schedule 4(b) hereto.  As of the Effective Time, the Malone Group will have the sole authority to direct the voting of the Covered Shares and grant the Proxy in accordance with the provisions of this Agreement and the sole power of disposition with respect to the Covered Shares (subject to the restrictions created by this Agreement or any other Transaction Instrument and any restrictions on transfer under applicable federal and state securities laws).  Except for the Covered Shares and Convertible Securities of Splitco convertible solely into Covered Shares, in each case, received pursuant to the Split-Off, the Malone Group will not Beneficially Own any other Equity of Splitco or any securities of any other Person convertible into or exchangeable for Equity of Splitco, in each case as of the Effective Time.

 

5.                                      REPRESENTATIONS AND WARRANTIES OF DILLER. Diller hereby represents and warrants to the Malone Group that (a) Diller has the power and authority to enter into this Agreement and the Diller Assignment and to carry out his obligations hereunder and thereunder, (b) the execution and delivery of this Agreement and the Diller Assignment by Diller has been duly authorized by all necessary action on the part of Diller and no other proceedings on the part of Diller are necessary to authorize this Agreement or the Diller Assignment, (c) this Agreement has been duly executed and delivered by Diller and constitutes a valid and binding obligation of Diller, and, assuming this Agreement constitutes a valid and binding obligation of the Malone Group, is enforceable against Diller in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity), (d) the Diller Assignment has been

 

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duly executed and delivered by Diller and constitutes a valid and binding obligation of Diller, and, assuming the Diller Assignment constitutes a valid and binding obligation of Splitco, is enforceable against Diller in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity), (e) neither the execution, delivery or performance of this Agreement or the Diller Assignment by Diller constitutes a breach or violation of, or conflicts with any provision of any material agreement to which Diller is a party, and (f) none of such material agreements would impair in any material respect the ability of Diller to perform his obligations hereunder or thereunder.

 

6.                                      TERM; TERMINATION.  This Agreement will terminate upon the Proxy Swap Termination Date, without any requirement to give notice, whereupon the Proxy will be immediately revoked (unless notice of termination is required pursuant to the Transaction Agreement, in which case this Agreement will terminate on the Proxy Swap Termination Date as determined thereby) and the right to vote the Covered Shares subject to the Proxy will revert to and be vested solely in the Malone Group or any Permitted Assign; provided, however, that, nothing in this Section 6 shall relieve any party of any liability for a breach of this Agreement prior to such termination.

 

7.                                      MISCELLANEOUS.

 

(a)                                 Remedies.  Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof.  All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party.  In the event that a party institutes any suit or action under this Agreement, including for specific performance or injunctive relief pursuant to this Section 7, the prevailing party in such proceeding shall be entitled to receive the costs incurred thereby in conducting the suit or action, including reasonable fees and expenses of counsel, accountants, consultants and other experts.

 

(b)                                 Further Assurances.  At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further actions as the other party may reasonably request in order to evidence or effectuate the matters contemplated hereby and to otherwise carry out the intent of the parties hereunder.

 

(c)                                  Expenses.  Except as otherwise provided in any Transaction Instrument, all costs and expenses incurred in connection with the matters contemplated by this Agreement shall be paid by the party incurring such costs and expenses.

 

(d)                                 Governing Law; Jurisdiction and Venue.  This Agreement shall be governed by

 

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and construed in accordance with the laws of the State of Delaware without giving effect to the principles of conflicts of law. The parties hereto hereby irrevocably submit to the jurisdiction of the Delaware Court of Chancery or, in the event (but only in the event) that such court does not have subject matter jurisdiction over such action or proceeding, in the United States District Court for the District of Delaware in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to in this Agreement, and in respect of the matters contemplated hereby, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such document, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in the Delaware Court of Chancery, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such action or proceeding, in the United States District Court for the District of Delaware, or that this Agreement or any such document may not be enforced in or by such courts, and the parties hereto irrevocably agree that all claims with respect to such action or proceeding shall be heard and determined exclusively in the Delaware Court of Chancery, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such action or proceeding, in the United States District Court for the District of Delaware. The parties hereto hereby consent to and grant the Delaware Court of Chancery, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such action or proceeding, the United States District Court for the District of Delaware, jurisdiction over the person of such parties and, to the extent permitted by Law, over the subject matter of such dispute and agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided herein or in such other manner as may be permitted by Law shall be valid and sufficient service thereof. EACH OF THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHTS TO TRIAL BY JURY IN CONNECTION WITH ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

(e)                                  Assignment; Successors.  Except as otherwise provided herein, neither this Agreement nor any of the rights or obligations under this Agreement shall be assigned, in whole or in part, by operation of law or otherwise (except, in the case of a member of the Malone Group, to a Permitted Assign or Permitted Transferee) by a party without the prior written consent of the other party hereto. Subject to the foregoing, this Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns.  All authority conferred herein shall survive the death of any member of the Malone Group and in the event of any member of the Malone Group’s death, any rights or obligation of the Malone Group or such member thereof under this Agreement shall be for the benefit of and binding upon the estate, executor(s) and personal representative(s) of such member of the Malone Group.

 

(f)                                   Entire Agreement; No Third-Party Beneficiaries.  Except as otherwise expressly set forth herein or therein, this Agreement, the other Transaction Instruments and the Expedia Reimbursement Agreement, including any exhibits and schedules hereto or thereto, (i) embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof or thereof and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way and (ii) are not intended to confer any rights, benefits, remedies,

 

12

 

obligations or liabilities upon any Person other than the parties hereto and their respective successors and permitted assigns; provided, that, Splitco is deemed to be a third-party beneficiary of the rights and obligations of the parties set forth in Section 2 of this Agreement and will be entitled to enforce the rights and obligations of the parties under such Section 2 as if it were a party hereto.

 

(g)                                  Notices.  Any notices or other communications required or permitted under, or otherwise in connection with this Agreement, shall be in writing and shall be deemed to have been duly given (A) when delivered in person, (B) upon transmission by electronic mail or facsimile transmission as evidenced by confirmation of transmission to the sender (but only if followed by transmittal of a copy thereof by (x) national overnight courier or (y) hand delivery with receipt, in each case, for delivery by the second (2nd) Business Day following such electronic mail or facsimile transmission), (C) on receipt after dispatch by registered or certified mail, postage prepaid and addressed, or (D) on the next Business Day if transmitted by national overnight courier, in each case as set forth to the parties as set forth below:

 

	
If to the Malone Group,   to:
    
	
 
    
	
John C. Malone
    
	
c/o Liberty Media   Corporation
    
	
12300 Liberty Boulevard
    
	
Englewood, CO 80112
    
	
Facsimile:
    
	
E-Mail:
    
	
 
    
	
with a copy (which   shall not constitute notice) to:
    
	
 
    
	
Sherman &   Howard L.L.C.
    
	
633 Seventeenth Street
    
	
Suite 3000
    
	
Denver, CO 80202
    
	
Attention:
    	
Steven D. Miller
    
	
Facsimile:
    	
(303) 298-0940
    
	
E-Mail:
    	
smiller@shermanhoward.com
    
	
 
    
	
If to Diller, to:
    
	
 
    
	
c/o Arrow   Investments, Inc.
    
	
555 West 18th Street
    
	
New York, NY 10011
    
	
Attention:
    	
Barry Diller
    
	
Facsimile:
    
	
E-Mail:
    
	
 
    
	
with a copy (which   shall not constitute notice) to:
    
	
 
    
	
Wachtell, Lipton,   Rosen & Katz
    

 

13

 

	
51 West 52nd Street
    
	
New York, NY 10019
    
	
Attention:
    	
Andrew J. Nussbaum, Esq.
    
	
Facsimile:
    	
(212) 403-2000
    
	
E-mail:
    	
AJNussbaum@wlrk.com
    

 

or such other address, email address or facsimile number as such party may hereafter specify by like notice to the other parties hereto.

 

(h)                                 Severability.  Whenever possible, each provision (or portion thereof) of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision (or portion thereof) of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, then (subject to Section 6 hereof) such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

(i)                                     Amendments and Waivers.  This Agreement may not be amended, modified, or waived except in a written instrument executed by the parties; provided, that no amendment or modification of the provisions of Section 2 hereof, or any waiver of any right or obligation thereunder, will be effective unless consented to in writing by Splitco. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms.

 

(j)                                    No Implied Waivers.  No action taken pursuant to this Agreement, including any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representations, warranties, covenants or agreements contained herein or made pursuant hereto.  The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by any party to exercise any right or privilege hereunder shall be deemed a waiver of such party’s rights or privileges hereunder or shall be deemed a waiver of such party’s rights to exercise the same at any subsequent time or times hereunder.

 

(k)                                 Interpretation.  To the extent any consent of, or action or instruction by, the Malone Group is required by this Agreement, the consent, action or instruction by Malone, or, in the event (x) Malone should become Disabled (as defined in the Transaction Agreement) or suffer from a Temporary Disability, Mrs. Malone, or (y) of Malone’s death, the executor of Malone’s estate or personal representative following Malone’s death, or any Permitted Assign or Permitted Transferee of Malone, shall be deemed to be the consent, action or instruction by the Malone Group.  When a reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated.  The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”.  The words “hereof”, “herein” and “hereunder” and words of similar import when used in this

 

14

 

Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  When this Agreement contemplates a certain number of securities, whether Splitco Common Stock or otherwise, as of a particular date, such number of securities shall be deemed to be appropriately adjusted to account for stock splits, dividends, recapitalizations, combinations of shares or other change affecting the such securities. In the event of any ambiguity or claimed ambiguity in any provision of a Subject Instrument (as defined in the Transaction Agreement), such provision shall be construed in light of the purpose acknowledged and agreed by the parties that Diller’s rights and interests, including without limitation with respect to the control of Expedia by virtue of the Splitco Proxy, subject to the terms thereof, shall not be affected or changed by any of the Subject Instruments, except to the extent specifically set forth therein.

 

(l)                                     Counterparts.  This Agreement may be executed in separate counterparts each of which shall be an original and all of which taken together shall constitute one and the same agreement.

 

[Signature Page Follows]

 

15

 

IN WITNESS WHEREOF, each of the undersigned has executed this agreement as of the date first above written.

 

 

	
 
    	
/s/   John C. Malone
    
	
 
    	
John   C. Malone
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Leslie Malone
    
	
 
    	
Leslie   Malone
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Barry Diller
    
	
 
    	
Barry   Diller
    

 

[Signature Page to Malone Proxy]

 

 

List of Omitted Exhibits and Schedules

 

The following schedule to the Proxy and Voting Agreement, dated as of November 4, 2016, by and among Barry Diller, John C. Malone and Leslie Malone not been provided herein:

 

Schedule 4(b) — Encumbrances on Covered Shares

 

The undersigned registrant hereby undertakes to furnish supplementally a copy of this omitted schedule to the Securities and Exchange Commission upon request.Exhibit 4.4 

 

 

 

 

 

 

TRINITY PLACE HOLDINGS INC.

 

________________

INDENTURE

DATED AS OF [], 20__

________________

[______________________________], 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; 11.02
	(b)	 	N.A.
	(c)(1)	 	11.04
	(c)(2)	 	11.04
	(c)(3)	 	N.A.

 

     

     

    

 

	Trust Indenture

Act Section	 	Indenture Section

 

	(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)(1)(A)	 	6.05
	(a)(1)(B)	 	6.04
	(a)(2)	 	N.A.
	(b)	 	6.07
	(c)	 	2.13
	317(a)(1)	 	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	6
	Section 1.03   Incorporation by Reference of Trust Indenture Act	6
	Section 1.04   Rules of Construction.	7
	ARTICLE 2. THE NOTES	7
	Section 2.01   Issuable in Series.	7
	Section 2.02   Establishment of Terms of Series of Notes.	8
	Section 2.03   Execution and Authentication.	10
	Section 2.04   Registrar and Paying Agent.	11
	Section 2.05   Paying Agent to Hold Money in Trust.	11
	Section 2.06   Holder Lists.	12
	Section 2.07   Transfer and Exchange.	12
	Section 2.08   Replacement Notes.	12
	Section 2.09   Outstanding Notes.	13
	Section 2.10   Treasury Notes.	13
	Section 2.11   Temporary Notes.	14
	Section 2.12   Cancellation.	14
	Section 2.13   Defaulted Interest.	14
	Section 2.14   Global Notes.	14
	Section 2.15   CUSIP Number.	16
	ARTICLE 3. REDEMPTION AND PREPAYMENT	16
	Section 3.01   Notice to Trustee.	16
	Section 3.02   Selection of Notes to Be Redeemed.	17
	Section 3.03   Notice of Redemption.	17
	Section 3.04   Effect of Notice of Redemption.	18
	Section 3.05   Deposit of Redemption Price.	18
	Section 3.06   Notes Redeemed in Part.	18
	ARTICLE 4. COVENANTS	19
	Section 4.01   Payment of Principal and Interest.	19
	Section 4.02   Maintenance of Office or Agency.	19
	Section 4.03   Reports.	19
	Section 4.04   Compliance Certificate.	20
	Section 4.05   Taxes.	21
	Section 4.06   Stay, Extension and Usury Laws.	21
	Section 4.07   Corporate Existence.	21
	ARTICLE 5. SUCCESSORS	21
	Section 5.01   Merger, Consolidation or Sale of Assets.	21
	Section 5.02   Successor Person Substituted.	21

 

    i 

     

    

 

	ARTICLE 6. DEFAULTS AND REMEDIES	22
	Section 6.01   Events of Default.	22
	Section 6.02   Acceleration.	22
	Section 6.03   Other Remedies.	24
	Section 6.04   Waiver of Past Defaults.	24
	Section 6.05   Control by Majority.	25
	Section 6.06   Limitation on Suits.	25
	Section 6.07   Rights of Holders of Notes to Receive Payment.	25
	Section 6.08   Collection Suit by Trustee.	26
	Section 6.09   Trustee May File Proofs of Claim.	26
	Section 6.10   Priorities.	26
	Section 6.11   Undertaking for Costs.	27
	ARTICLE 7. TRUSTEE	27
	Section 7.01   Duties of Trustee.	27
	Section 7.02   Rights of Trustee.	28
	Section 7.03   Individual Rights of Trustee.	30
	Section 7.04   Trustee’s Disclaimer.	30
	Section 7.05   Notice of Defaults.	30
	Section 7.06   Reports by Trustee to Holders of the Notes.	31
	Section 7.07   Compensation and Indemnity.	31
	Section 7.08   Replacement of Trustee.	32
	Section 7.09   Successor Trustee by Merger, Etc.	33
	Section 7.10   Eligibility; Disqualification.	33
	Section 7.11   Preferential Collection of Claims Against Company.	34
	Section 7.12   Trustee’s Application for Instructions from the Company.	34
	ARTICLE 8. LEGAL DEFEASANCE AND COVENANT DEFEASANCE	34
	Section 8.01   Option to Effect Legal Defeasance or Covenant Defeasance.	34
	Section 8.02   Legal Defeasance and Discharge.	34
	Section 8.03   Covenant Defeasance.	35
	Section 8.04   Conditions to Legal or Covenant Defeasance.	35
	Section 8.05   Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.	36
	Section 8.06   Repayment to Company.	37
	Section 8.07   Reinstatement.	37
	ARTICLE 9. AMENDMENT, SUPPLEMENT AND WAIVER	38
	Section 9.01   Without Consent of Holders of Notes.	38
	Section 9.02   With Consent of Holders of Notes.	39
	Section 9.03   Compliance with Trust Indenture Act.	40
	Section 9.04   Revocation and Effect of Consents.	40
	Section 9.05   Notation on or Exchange of Notes.	40
	Section 9.06   Trustee Protected.	40
	Section 9.07   Notice of Supplemental Indenture.	40

 

    ii 

     

    

 

	ARTICLE 10. SATISFACTION AND DISCHARGE	41
	Section 10.01   Satisfaction and Discharge.	41
	Section 10.02   Application of Trust Money.	41
	ARTICLE 11. MISCELLANEOUS	42
	Section 11.01   Trust Indenture Act Controls.	42
	Section 11.02   Notices.	42
	Section 11.03   Communication by Holders of Notes with Other Holders of Notes.	44
	Section 11.04   Certificate and Opinion as to Conditions Precedent.	44
	Section 11.05   Statements Required in Certificate.	44
	Section 11.06   Rules by Trustee and Agents.	44
	Section 11.07   Calculation of Foreign Currency Amounts.	44
	Section 11.08   Legal Holidays.	45
	Section 11.09   No Personal Liability of Directors, Officers, Employees and Stockholders.	45
	Section 11.10   Governing Law.	45
	Section 11.11   No Adverse Interpretation of Other Agreements.	45
	Section 11.12   Successors.	46
	Section 11.13   Severability.	46
	Section 11.14   Counterpart Originals.	46
	Section 11.15   Table of Contents, Headings, Etc.	46
	ARTICLE 12. SINKING FUNDS	46
	Section 12.01   Applicability of Article.	46
	Section 12.02   Satisfaction of Sinking Fund Payments with Notes.	46
	Section 12.03   Redemption of Notes for Sinking Fund.	47

 

 

    iii 

     

    

 

INDENTURE dated as of [ ], 20__ among TRINITY
PLACE HOLDINGS INC., a Delaware corporation (the “Company”) and [_____], as trustee (the “Trustee”).

 

The Company and the Trustee agree as follows
for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes issued under this Indenture.

 

ARTICLE 1.

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section 1.01Definitions.

 

“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; provided, that beneficial ownership of 10% or more of the
Voting Stock of a Person shall be deemed to be in control. For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” have correlative meanings.

 

“Agent” means any Registrar,
Paying Agent or co-registrar.

 

“Attributable Debt” in
respect of a sale and leaseback transaction means, at the time of determination, the present value of the obligation of the lessee
for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period
for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated
using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP.

 

“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;

 

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

 

“Capital Lease Obligation”
means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would
at that time be required to be capitalized on a balance sheet in accordance with GAAP.

 

“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 or membership interests, whether general or limited;
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 Trinity
Place Holdings Inc., a Delaware corporation, and any and all successors thereto.

 

“Company Order” means
a written order signed in the name of the Company by the principal executive officer, the principal financial officer, any executive
vice president, the treasurer or the principal accounting officer of the Company.

 

“Corporate Trust Office of the
Trustee” shall be at the address of the Trustee specified in Section 11.02 hereof or such other address as to which the
Trustee may give notice to the Holders and the Company.

 

“Custodian” means the
Trustee, as custodian with respect to the 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.

 

“ECU” means the European
Currency Unit as determined by the Commission of the European Union.

 

“Equity Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is convertible
into, or exchangeable for, Capital Stock.

 

“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 (or any successor thereto), the statements and pronouncements of the Financial Accounting
Standards Board (or any successor thereto), the statements and pronouncements of the Securities and Exchange Commission, and such
other statements by such other entity as have been approved by a significant segment of the accounting profession, which are applicable
as of the date of this Indenture.

 

“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
of America pledges its full faith and credit.

 

“Guarantee” means a guarantee,
other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any
manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in
respect thereof, of all or any part of any Indebtedness.

 

“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under:

 

		(1)	interest rate swap agreements, interest rate cap agreements and interest rate collar agreements; and

 

    3 

     

    

 

		(2)	other agreements or arrangements in respect of such Person’s exposure to fluctuations in commodity prices, currency exchange
rates or interest rates and, in each case, not entered into for speculative purposes.

 

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

 

“Indebtedness” means,
with respect to any specified Person, any indebtedness of such Person, whether or not contingent:

 

		(1)	in respect of borrowed money;

 

		(2)	evidenced by bonds, notes, debentures or similar instruments or letters of credit, or reimbursement agreements in respect thereof;

 

		(3)	in respect of banker’s acceptances;

 

		(4)	representing Capital Lease Obligations;

 

		(5)	representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes
an accrued expense or trade payable; or

 

		(6)	representing any Hedging Obligations,

 

if and to the extent any of the preceding items, other than
letters of credit and Hedging Obligations, would appear as a liability upon a balance sheet of the specified Person prepared in
accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on
any asset of the specified Person, whether or not such Indebtedness is assumed by the specified Person, and, to the extent not
otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person or any liability of any person,
whether or not contingent and whether or not it appears on the balance sheet of such Person.

 

The amount of any Indebtedness outstanding as of any date shall
be:

 

		(1)	the accreted value of the Indebtedness, in the case of any Indebtedness that does not require the current payment of interest;
and

 

		(2)	principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in
the case of any other Indebtedness.

 

“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 by Section 2.02.

 

“Legal Holiday” means
a Saturday, a Sunday or a day on which banking institutions in The City of New York, the city in which the principal office of
the Trustee is located or at a place of payment are required or authorized by law, regulation or executive order to remain closed.

 

    4 

     

    

 

“Lien” means, with respect
to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether
or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement
or any lease in the nature thereof; provided that in no event shall an operating lease be deemed to constitute a Lien.

 

“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 Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the
Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the 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 Sections 11.04 and 11.05 hereof and is delivered
to the Trustee.

 

“Opinion of Counsel”
means an opinion from legal counsel, who may be an employee of or counsel to the Company, any Subsidiary of the Company and who
is acceptable to the Trustee, that meets the requirements of Sections 11.04 and 11.05 hereof.

 

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

 

“Responsible Officer”
means, with respect to the Trustee, any officer assigned to the corporate trust department (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)(ii) and the 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.

 

“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 original documentation governing such Indebtedness, and shall 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.

 

    5 

     

    

 

“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, to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by such Person; and

 

		(2)	partnership (a) the sole general partner or the managing general partner of which is such Person or an entity described in
clause (1) and related to such Person or (b) the only general partners of which are such Person or one or more entities described
in clause (1) and related to such Person, or any combination thereof.

 

“TIA” means the Trust
Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that
in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any
such amendment, the Trust Indenture Act as so amended.

 

“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.

 

“Voting Stock” of any
Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board
of Directors of such Person.

 

Section 1.02Other Definitions

 

	Term	 	Defined in

Section
	“Authentication Order”	 	2.03
	“Covenant Defeasance”	 	8.03
	“Event of Default”	 	6.01
	“Legal Defeasance”	 	8.02
	“Mandatory Sinking Fund Payment”	 	12.01
	“Optional Sinking Fund Payment”	 	12.01
	“Paying Agent”	 	2.04
	“Registrar”	 	2.04

 

Section 1.03Incorporation 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:

 

“Commission” means the
SEC;

 

    6 

     

    

 

“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 successor 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 1.04Rules of Construction.

 

Unless the context otherwise requires:

 

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

 

		(2)	an accounting term not otherwise defined herein 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)	the words “hereof,” “herein,” “hereunder” and similar words refer to this Indenture as
a whole and not to any particular provisions of this Indenture; and any subsection, Section, Article and Exhibit references
are to this Indenture unless otherwise specified;

 

		(6)	“including” means including without limitation;

 

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

 

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

 

ARTICLE 2.

THE NOTES

 

Section 2.01Issuable 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 the Indenture.

 

    7 

     

    

 

Section 2.02Establishment 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(w)) 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 Sections 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 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;

 

(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;

 

    8 

     

    

 

(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)       if
other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Notes of the Series shall
be issuable;

 

(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
currency of denomination of the Notes of the Series, which may be Dollars or any Foreign Currency, including, but not limited to,
the ECU, and if such currency of denomination is a composite currency other than the ECU, the agency or organization, if any, responsible
for overseeing such composite currency;

 

(n)       the
designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Notes
of the Series will be made;

 

(o)       if
payments of principal of or interest, if any, on the Notes of the Series are to be made in one or more currencies or currency units
other than that or those in which such Notes are denominated, the manner in which the exchange rate with respect to such payments
will be determined;

 

(p)       the
manner in which the amounts of payment of principal of or interest, if any, on the Notes of the Series will be determined, if such
amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity
index, stock exchange index or financial index;

 

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

 

(r)       the
provisions, if any, relating to any conversion or exchange right of the Notes of the Series;

 

(s)       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;

 

    9 

     

    

 

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

 

(u)       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);

 

(v)       any
depositories, authenticating agents, paying agents, registrars, calculation agents, exchange rate agents, conversion agents or
other agents with respect to Notes of such Series if other than those appointed herein; and

 

(w)       the
conditions, if any, under which a default under any mortgage, indenture or instrument under which there may be issued or by which
there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Subsidiaries (or the payment
of which is guaranteed by the Company or any of its Subsidiaries) will constitute an Event of Default with respect to Notes of
the Series.

 

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 the authorized
principal amount of any Series may not be increased to provide for issuances of additional Notes of such Series, unless otherwise
provided in such Board Resolution, supplemental indenture or Officer’s Certificate.

 

Section 2.03Execution and Authentication.

 

One Officer shall sign the Notes for the
Company by manual or facsimile signature. 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 signature of the Trustee. The signature shall be conclusive evidence that the Note, as applicable, has been authenticated
under this Indenture. All Notes shall be dated the date of their authentication.

 

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. When issuing Notes, the Company shall provide the Trustee with an Officer’s Certificate and an Opinion
of Counsel in compliance with TIA Section 314(c).

 

In authenticating additional Notes, and
accepting the additional responsibilities under this Indenture in relation to such Notes, the Trustee shall receive and (subject
to Section 7.01) shall be fully protected in relying upon:

 

(a)       A
copy of the resolution or resolutions of the Board of Directors in or pursuant to which the terms and form of the Notes were established,
certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to
be in full force and effect as of the date of such certificate, and if the terms and form of such Notes are established by an Officer’s
Certificate pursuant to general authorization of the Board of Directors, such Officer’s Certificate;

 

    10 

     

    

 

(b)       an
executed supplemental indenture, if any;

 

(c)       an
Officers' Certificate delivered in accordance with Section 11.04; and

 

(d)       an
Opinion of Counsel which shall state:

 

(1)       that
the form of such Notes has been established by a supplemental indenture or by or pursuant to a resolution of the Board of Directors
in accordance with Sections 2.01 and 2.02 and in conformity with the provisions of this Indenture;

 

(2)       that
the terms of such Notes have been established in accordance with Section 2.01 and in conformity with the other provisions of this
Indenture; and

 

(3)       that
such Notes, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance
with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting
the enforcement of creditors' rights and to general equity principles.

 

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.

 

Section 2.04Registrar 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; provided, however, that there shall be only one registrar for each Series of Notes. 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. 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.

 

Section 2.05Paying 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. Upon payment over to the Trustee, 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.

 

    11 

     

    

 

Section 2.06Holder 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 by the record date for the interest payable on any 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).

 

Section 2.07Transfer and Exchange.

 

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.
Every Note presented or surrendered for registration of transfer or exchange will (if so required by the Company or the Trustee)
be duly endorsed, or be accompanied by a written instrument or instruments of transfer, in form reasonably satisfactory to the
Company and the Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 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 delivery 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 delivery, or (b) to register the transfer of or exchange Notes of any Series
selected, called or being called for redemption as a whole or the portion being redeemed of any such Notes selected, called or
being called for redemption in part.

 

    12 

     

    

 

Section 2.08Replacement Notes.

 

If any mutilated Note is surrendered to
the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note,
the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note of the
same Series if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied
by the Holder that is 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. 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 2.09Outstanding 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.

 

Section 2.10Treasury 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.

 

    13 

     

    

 

Section 2.11Temporary 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 2.12Cancellation.

 

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 and shall, in the absence of any request of the Company that the Trustee
deliver to the Company cancelled Notes held by the Trustee, dispose of canceled Notes in accordance with the Trustee’s standard
practices (subject to the record retention requirement of the Exchange Act). The Company may not issue new Notes to replace Notes
that it has paid or that have been delivered to the Trustee for cancellation.

 

Section 2.13Defaulted 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 deliver or cause to be
delivered to Holders of the Series a notice that states the special record date, the related payment date and the amount of such
interest to be paid.

 

Section 2.14Global 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 the Depositary for such Global
Note or Notes.

 

(b)       Transfer
and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 hereof and in addition thereto, any
Global Note shall be exchangeable pursuant to Section 2.07 of the Indenture 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.

 

    14 

     

    

 

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, as a Holder, 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 the
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.

 

(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.

 

None of the Trustee, the Paying Agent or
the Registrar shall have any responsibility or obligation to any beneficial owner in a Global Note, an agent member or other Person
with respect to the accuracy of the records of the Depositary or its nominee or of any agent member, with respect to any ownership
interest in the Notes or with respect to the delivery to any agent member, 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 Notes. 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
its applicable procedures. The Trustee, the Paying Agent and the Registrar 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, the Paying Agent and the Registrar 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, the Paying Agent or the Registrar shall have any responsibility
or liability for any acts or omissions of the Depositary with respect to such Global Note, 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 agent member or between or among the Depositary, any such agent member 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.

 

    15 

     

    

 

Section 2.15CUSIP 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 of redemption as a convenience to Holders; provided
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes
or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed
on the Notes, and any such redemption shall not be affected by any defect in or the omission of such numbers. The Company shall
promptly notify the Trustee of any change in the “CUSIP”, “ISIN” or other similar numbers.

 

ARTICLE 3.

REDEMPTION AND PREPAYMENT

 

Section 3.01Notice 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 of the redemption date and the principal amount of Series
of Notes to be redeemed. The Company shall give the notice at least 45 days but not more than 60 days before the redemption date
(or such shorter notice as may be acceptable to the Trustee).

 

    16 

     

    

 

Section 3.02Selection 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 Notes of a Series to be redeemed or purchased shall be
selected on a pro rata basis, by lot or in accordance with applicable depository procedures or, in the case of definitive
Notes, any other method the Trustee considers fair and appropriate. In the event of partial redemption or purchase by lot, the
particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior
to the redemption date from the outstanding Notes of such Series not previously called for redemption or purchase. The Trustee
or the Depositary, as applicable, may select for redemption or repurchase portions of the principal of Notes of such Series that
are in integral multiples of authorized denominations in excess of the minimum authorized denomination. 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 $1,000 or whole multiples of $1,000 or, with respect to Notes of any Series issuable in other denominations
pursuant to Section 2.02(j) hereof, 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 3.03Notice 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 deliver or cause to be delivered, electronically or by first class mail, 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;

 

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

 

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

 

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

 

		(6)	the CUSIP, ISIN or other similar number, if any;

 

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

 

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At the Company’s request, the Trustee
shall give the notice of redemption in the Company’s name and at its expense, provided that the Company shall have
delivered to the Trustee, at least 45 days prior to the redemption date (unless a shorter time period is acceptable to the Trustee),
an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such
notice as provided in the preceding paragraph.

 

Section 3.04Effect of Notice of Redemption.

 

Once notice of redemption is delivered in
accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the
redemption price. A notice of redemption may not be conditional.

 

Section 3.05Deposit of Redemption Price.

 

On or before 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 a Note is redeemed on or after an interest record date but on or prior to the related interest payment
date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business
on such record date. 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 3.06Notes 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,
at the expense of the Company, a new Note equal in principal amount to the unredeemed portion of the Note surrendered.

 

No Notes of $1,000 or less can be redeemed
in part.

 

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ARTICLE 4.

COVENANTS

 

Section 4.01Payment 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 the 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 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 4.02Maintenance of Office or Agency.

 

The Company will maintain an office or agency
(which may be an office of the Trustee or an affiliate of the Trustee, Registrar 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 the Notes and this
Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location,
of 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.

 

The Company may also from time to time designate
one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from
time to time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve
the Company of its obligation to maintain an office or agency for such purposes. The Company will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

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 hereof.

 

Section 4.03Reports.

 

(a)       Whether
or not the Company is required by the SEC, so long as any Series of Notes are outstanding, the Company shall furnish to the Holders
of such Notes, within the time periods (including any extensions thereof) specified in the SEC’s rules and regulations:

 

		(1)	all quarterly and annual reports that would be required to be filed with the Commission on Forms 10-Q and 10-K if the Company
were required to file such reports; and

 

		(2)	all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.

 

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In addition, whether or not required by the rules and regulations
of the SEC, the Company shall file a copy of all such information and reports referred to in clauses (1) and (2) above with the
SEC for public availability within the time periods specified in the SEC’s rules and regulations, unless the SEC will not
accept such a filing, and make such information available to securities analysts and prospective investors upon request. It is
understood that the Company’s compliance with the above filing requirement with the SEC will satisfy the Company’s
obligation to “furnish” the Holders of Notes with the information described in clauses (1) and (2) of this Section
4.03(a). The Company shall at all times comply with TIA Section 314(a). Delivery of such reports, information and documents to
the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

 

(b)       For
so long as any Series of Notes remain outstanding, if at any time they are not required to file with the Commission the reports
required by paragraphs (1) and (2) of this Section 4.03, the Company will furnish to the Holders of such Notes and to securities
analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act.

 

Section 4.04Compliance Certificate.

 

The Company shall deliver to the Trustee
with respect to such Series, within 120 days after the end of each fiscal year, commencing [ , 20_], an Officer’s Certificate
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 such Officer signing such certificate, that to the best of 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) and that to the best of his or her knowledge no
event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on
the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes
to take with respect thereto.

 

In addition, the Company shall deliver to
the Trustee, within 30 days after the occurrence thereof, written notice of any events which constitute an Event of Default, or
which, with the passage of time or the giving of notice or both would constitute an Event of Default, under clause (5), (6), (7),
(8) or (9) of Section 6.01 hereof, the status of such Default or Event of Default and what actions the Company is taking or proposes
to take in respect thereof.

 

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Section 4.05Taxes.

 

The Company shall pay, and shall cause each
of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested
in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect
to the Holders of the Notes.

 

Section 4.06Stay, Extension and Usury Laws.

 

The Company covenants (to the extent that
it may lawfully do so) that it shall 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 (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 shall 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 shall suffer and permit the execution
of every such power as though no such law has been enacted.

 

Section 4.07Corporate Existence.

 

Subject to Articles 5 and 10 hereof, the
Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) its corporate existence,
and the corporate, partnership or other existence of each of its material Subsidiaries, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Company and any such Subsidiary and (ii) the rights (charter and
statutory), licenses and franchises of the Company and its material 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 the Board of Directors 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.

 

ARTICLE 5.

SUCCESSORS

 

Section 5.01Merger, Consolidation or Sale of Assets.

 

The Company shall not: (1) consolidate with,
enter into a binding share exchange with, or merge with or into, another Person, or (2) sell, assign, convey, transfer, lease or
otherwise dispose of the properties and assets of the Company substantially as an entirety to another Person, unless:

 

(a)       either:
(i) the Company is the surviving Person; or (ii) the Person surviving any such consolidation, share exchange or merger, if other
than the Company, or to which such sale, assignment, transfer, conveyance, lease or other disposition shall have been made (the
“Successor Person”) is a corporation organized or existing under the laws of the United States of America, any
state of the United States or the District of Columbia, or any other country recognized by the United States of America with an
investment grade sovereign debt rating from either Standard & Poor's Ratings Services or Moody's Investors Service, Inc.;

 

    21 

     

    

 

(b)       the
Successor Person assumes all the obligations of the Company under the Notes and this Indenture pursuant to a supplemental indenture,
executed and delivered to the Trustee;

 

(c)       immediately
after giving effect to the transaction, no Default or Event of Default shall have occurred and be continuing; and

 

(d)       the
Company has delivered to the Trustee an Officer's Certificate stating, and an Opinion of Counsel stating, in the opinion of such
counsel, that such transaction and, if applicable, the supplemental indenture required in connection with such transaction pursuant
to Section 5.01(ii) complies with this Section 5.01 and that all conditions precedent herein provided for relating to such transaction
have been complied with.

 

Section 5.02Successor Person Substituted.

 

Upon any consolidation or merger, or any
sale, assignment, transfer, conveyance, lease or other disposition of the properties and assets of the Company substantially as
an entirety in accordance with Section 5.01, the Successor Person formed by such consolidation or into or with which the Company
is merged or to which such sale, assignment, transfer, conveyance, lease or other disposition is made shall succeed to, and be
substituted for (so that from and after the date of such consolidation, merger, sale, assignment, conveyance, 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 upon satisfaction of the requirements of Section 5.01, except in the case of a
lease or other conditional or temporally limited assignment, conveyance or disposition, the predecessor Company shall be released
from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture.

 

ARTICLE 6.

DEFAULTS AND REMEDIES

 

Section 6.01Events 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:

 

		(1)	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

 

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

 

    22 

     

    

 

		(3)	default in the deposit of any sinking fund payment, when and as due in respect of any Note of that Series; or

 

		(4)	default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or
warranty that has been included in this Indenture solely for the benefit of Series of Notes other than that Series), which default
continues uncured for a period of 60 days after written notice given by the Trustees for Notes of that Series or Holders of not
less than 25% in principal amount of the outstanding Notes of that Series; or

 

		(5)	default under a mortgage, indenture or instrument under such conditions as may be provided pursuant to Section 2.02(w) in respect
of Notes of that Series; or

 

		(6)	one or more judgments for the payment of money in an aggregate amount in excess of $50.0 million (excluding therefrom any amount
reasonably expected to be covered by insurance) shall be rendered against the Company any Subsidiary or any combination thereof
and the same shall not have been paid, discharged or stayed for a period of 60 days after such judgment became final and nonappealable;
or

 

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

 

		(a)	commences a voluntary case,

 

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

 

		(c)	consents to the appointment of a Custodian of it or for
all or substantially all of its property, or

 

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

 

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

 

		(a)	is for relief against the Company in an involuntary case,

 

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

 

		(c)	orders the liquidation of the Company, and the order
or decree remains unstayed and in effect for 60 days; or

 

		(9)	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.

 

    23 

     

    

 

Section 6.02Acceleration.

 

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 Sections 6.01(7)
or (8) hereof) then in every such case the Trustee or the Holders of not less than 25% in 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 Sections 6.01(7) or (8) hereof 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 would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal,
interest or premium that has become due solely because of the acceleration) have been cured or waived.

 

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

 

Section 6.03Other 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.

 

Section 6.04Waiver of Past Defaults.

 

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 and its consequences under this Indenture except a continuing Default
or Event of Default in the payment of interest on, or the principal of, such Notes (including in connection with an offer to purchase);
provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes of
any Series may rescind an acceleration of such Notes and its consequences, including any related payment default that resulted
from such acceleration. 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.

 

    24 

     

    

 

Section 6.05Control by Majority.

 

Holders of a majority in principal amount
of the then outstanding Notes of any Series may 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. 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 or that may involve the Trustee in personal liability.

 

Section 6.06Limitation on Suits.

 

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

 

(a)       such
Holder has given to the Trustee written notice of a continuing Event of Default;

 

(b)       the
Holders of at least 25% in 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 of such Series or Holders of Notes of such Series offer and, if requested, provide to the Trustee indemnity or
security 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 indemnity; and

 

(e)       during
such 60-day period the Holders of a majority in 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 such Series of Notes or to obtain a preference or priority over
another Holder of Notes of such Series.

 

Section 6.07Rights 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 (including in connection with an offer to purchase), 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.

 

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Section 6.08Collection Suit by Trustee.

 

If an Event of Default specified in Sections
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 6.09Trustee 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 allowed in any judicial proceedings relative to the Company (or any other obligor upon
the Notes), 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 to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances
of the Trustee, 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 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 6.10Priorities.

 

Any money collected by the Trustee pursuant
to this Article 6 and any money or other property distributable in respect of the Company’s obligations under this Indenture
after the occurrence of an Event of Default shall be applied in the following order:

 

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

 

    26 

     

    

 

Second: to Holders of the
Notes 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
as a court of competent jurisdiction may direct in a final, non-appealable judgment.

 

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

 

Section 6.11Undertaking 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
of more than 10% in principal amount of the then outstanding Notes of any Series.

 

ARTICLE 7.

TRUSTEE

 

Section 7.01Duties of Trustee.

 

(a)       If
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 its exercise, as a prudent person would exercise or use under the circumstances
in the conduct of his or her own affairs.

 

(b)       Except
during the continuance of an Event of Default:

 

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

 

(ii)       in
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
stated therein).

 

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(c)       The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(i)       this
paragraph does not limit the effect of paragraphs (b) or (e) of this Section;

 

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

 

(iii)       the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith (x) in accordance with a direction
received by it pursuant to Section 6.05 hereof, or (y) in exercising any trust or power conferred upon the Trustee, under this
Indenture with respect to any Series of Notes.

 

(d)       Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), (c), (e) and (f) of this Section and Section 7.02.

 

(e)       No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any liability. The Trustee
shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless
such Holder shall have offered to the Trustee security and indemnity reasonably satisfactory to it against any loss, liability
or expense.

 

(f)       The
Trustee shall 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.

 

Section 7.02Rights of Trustee.

 

(a)       The
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any document believed by it
to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated
in the document.

 

(b)       Before
the Trustee acts or refrains from acting, 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 shall
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 act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney
or agent appointed with due care.

 

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

 

(e)       Any
demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company issuing such demand,
request or notice.

 

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

 

(g)       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.

 

(h)       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 any event which is in fact such a Default or Event of Default 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.

 

(i)       The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each Agent or other agent,
custodian and other Person employed to act hereunder.

 

(j)       The
Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s 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.

 

(k)       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.

 

(l)       Anything
in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss
or damage of any kind whatsoever (including but not limited to loss of profit), even if the Trustee has been advised as to the
likelihood of such loss or damage and regardless of the form of action.

 

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

 

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(n)       The
Company agrees (i) to provide the Trustee, to the extent reasonably available to the Company, sufficient information as it has
in its possession to enable the Trustee to determine whether any payments pursuant to the Indenture are subject to the withholding
requirements described in Section 1471(b) of the US Internal Revenue Code of 1986 (the “Code”) or otherwise imposed
pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof
(“Applicable Law”), and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments
under the Indenture to the extent necessary to comply with Applicable Law, for which the Trustee shall not have any liability.

 

Section 7.03Individual Rights of Trustee.

 

The Trustee, Agent or any other agent of
the Company, 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, Agent or such other agent. However,
in the event the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for
permission to continue as Trustee, or resign. Any Agent may exercise the same rights, with the same duties, as the Trustee under
this Section 7.03. The Trustee is also subject to Sections 7.10 and 7.11 hereof.

 

Section 7.04Trustee’s Disclaimer.

 

The Trustee (i) shall not be responsible
for and makes no representation as to the validity or adequacy of this Indenture or the Notes, (ii) 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, (iii) shall not be responsible for the use or application of any money received by any Paying
Agent other than the Trustee, and (iv) shall 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.
The Trustee shall not be responsible to make any calculation with respect to any matter under this Indenture and shall have no
duty to monitor or investigate the Issuers’ compliance with or the breach of, or cause to be performed or observed, any representation,
warranty or covenant made in this Indenture.

 

Section 7.05Notice of Defaults.

 

If a Default or Event of Default occurs
and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to Holders of Notes
a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default
relating to the payment of principal of or interest on any Note or in the payment of any sinking fund installment with respect
to any Note, the Trustee may withhold the notice from Holders of the Notes if and so long as a Responsible Officer(s) in good faith
determines that withholding the notice is in the interests of the Holders of the Notes.

 

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Section 7.06Reports by Trustee to Holders of the Notes.

 

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

 

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

 

Section 7.07Compensation and Indemnity.

 

The Company shall pay to the Trustee from
time to time such compensation as agreed upon in writing for its acceptance of this Indenture and services hereunder. The Trustee’s
compensation shall not be limited by any law on compensation of a Trustee of an express trust. The Company shall reimburse the
Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by the Trustee in addition
to the compensation for its services, except to the extent any such expense, advance or disbursement may be attributable to the
Trustee’s negligence or willful misconduct. Such expenses shall include the reasonable compensation, disbursements and expenses
of the Trustee’s agents and counsel and of all Persons not regularly in its employ.

 

The Company shall indemnify the Trustee
or any predecessor Trustee and their officers, agents, directors and employees for, and to hold them harmless against, any and
all losses, liabilities, claims, damages or expenses (including taxes other than taxes based upon the income of the Trustee) incurred
by it arising out of or in connection with the acceptance or administration of the trust or trusts under this Indenture, 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 or 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 negligence or willful misconduct.  The Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company
shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall
pay the reasonable fees and expenses of such counsel.  The Company need not pay for any settlement made without its consent,
which consent shall not be unreasonably withheld.

 

The obligations of the Company under this
Section 7.07 shall survive the satisfaction and discharge of the Notes, the termination for any reason of this Indenture and the
resignation or removal of the Trustee.

 

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To secure the Company’s payment obligations
in this Section, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except
that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of
the Notes, the termination for any reason of this Indenture and the resignation or removal of the Trustee.

 

In addition to and without prejudice to
its other rights hereunder, when the Trustee incurs expenses or renders services after an Event of Default specified in Section
6.01(7) or (8) hereof occurs, the expenses (including the fees and expenses of its agents and counsel) and the compensation for
the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

“Trustee” for purposes of this
Section shall include any predecessor Trustee; provided, however, that the negligence, willful misconduct or bad faith of
any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

The Trustee shall comply with the provisions
of TIA Section 313(b)(2) to the extent applicable.

 

Section 7.08Replacement of Trustee.

 

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

 

The Trustee may resign in writing at any
time and be discharged from the trust hereby created by so notifying the Company. The Holders of Notes of a majority in principal
amount of the then outstanding Notes of a given Series may remove the Trustee with respect to the Notes of such Series by so notifying
the Trustee and the Company in writing. The Company may remove the Trustee if:

 

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

 

(b)       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;

 

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

 

(d)       the
Trustee becomes incapable of acting.

 

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

 

If a successor Trustee does not take office
within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of Notes of
at least 10% in principal amount of the then outstanding Notes of a given Series may petition at the expense of the Company any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes of such Series.

 

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

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring
Trustee shall become effective, and the successor Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the Trustee under this Indenture. The successor Trustee shall deliver a notice of
its succession to Holders of the Notes. The retiring Trustee shall promptly transfer all property held by it as Trustee to the
successor Trustee, provided all sums owing to the Trustee (including its agents and/or counsel) 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 shall continue for the benefit of the retiring Trustee.

 

Section 7.09Successor Trustee by Merger, Etc.

 

Any Person into which the Trustee may be
merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such Person shall be otherwise qualified and eligible under
this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case
any 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 7.10Eligibility; Disqualification.

 

There shall at all times be a Trustee hereunder
that is a corporation organized and doing business under the laws of the United States of America or of any state or territory
thereof or the District of Columbia 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 (together with that of its
parent and affiliates) of at least $50 million (or is a wholly-owned subsidiary of a bank or trust company, or of a bank holding
company, having 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 shall always have a Trustee
who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to TIA Section 310(b).

 

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Section 7.11Preferential Collection of Claims Against
Company.

 

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

 

Section 7.12Trustee’s Application for Instructions
from the Company.

 

Any application by the Trustee for written
instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted
by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective.
The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in
such application on or after the date specified in such application (which date shall not be less than three Business Days after
the date any officer of the Company actually receives such application, unless any such officer shall have consented in writing
to any earlier date) unless prior to the taking of such action (or the effective date in the case of an omission), the Trustee
shall have received written instructions in response to such application specifying the action to be taken or omitted.

 

ARTICLE 8.

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01Option to Effect Legal Defeasance or Covenant
Defeasance.

 

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

 

Section 8.02Legal Defeasance and Discharge.

 

Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.02, the Company shall, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be deemed to have been discharged from their 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 shall be deemed to have paid and discharged the entire Indebtedness represented
by the outstanding Notes of such Series, which shall 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 (a) and (b) below, and to have satisfied all of
their other obligations under such Notes, and this Indenture (and the Trustee, on demand of and at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise
terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described
in Section 8.05 hereof, and as more fully set forth in such Section, payments in respect of the principal of, interest and premium,
if any, on such Notes when such payments are due, (b) the Company’s obligations with respect to the Notes under Article 2
and Section 4.01 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 8.03Covenant Defeasance.

 

Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, the Company 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, 4.04 and 4.05
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, subject to the satisfaction of the conditions set forth
in Section 8.04 hereof, Sections 6.01(4) through 6.01(6) hereof shall not constitute Events of Default.

 

Section 8.04Conditions to Legal or Covenant Defeasance.

 

The following shall be the conditions to
the application of either Sections 8.02 or 8.03 hereof to any outstanding Series of Notes:

 

In order to exercise either Legal Defeasance
or Covenant Defeasance:

 

(a)       the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in Dollars, non-callable Government
Securities, or a combination of cash in Dollars and non-callable Government Securities in such amounts as will be sufficient, in
the opinion of a nationally recognized firm of independent public accountants, to pay and discharge the principal of, interest
and premium, if any, on the outstanding Notes of such Series on the stated maturity or on the applicable redemption date, as the
case may be, and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date;

 

(b)       in
the case of an election under Section 8.02 hereof with respect to any Series of Notes, the Company shall have delivered to the
Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that (A) the Company has received from, or there
has been published by, the Internal Revenue Service a ruling or (B) since the date of this Indenture, there has been a change in
the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall
confirm that, the Holders of the outstanding Notes of such Series will not recognize income, gain or loss for U.S. federal income
tax purposes as a result of such Legal Defeasance and will be subject to U.S. 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;

 

    35 

     

    

 

(c)       in
the case of an election under Section 8.03 hereof with respect to any Series of Notes, the Company shall have delivered to the
Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes of such
Series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and
will be subject to U.S. 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 incurrence of Indebtedness all or a portion of the proceeds of which will be used to defease the Notes
of any Series pursuant to this Article 8 concurrently with such incurrence, or insofar as Sections 6.01(7) or 6.01(8) hereof is
concerned, at any time in the period ending on the 91st day after the date of deposit;

 

(e)       such
Legal Defeasance or Covenant Defeasance shall 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 shall have delivered 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 the Notes over the other creditors of the Company with the intent of defeating, hindering,
delaying or defrauding creditors of the Company or others; and

 

(g)       the
Company shall have delivered 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 8.05Deposited 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 shall 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.

 

    36 

     

    

 

The Company shall 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.

 

Anything in this Article 8 to the contrary
notwithstanding, the Trustee shall 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.

 

Section 8.06Repayment 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, and premium, if any, or interest has become due and
payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the
Holder of such Note shall thereafter 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, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the reasonable 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 shall not be less than 30 days from the
date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company.

 

Section 8.07Reinstatement.

 

If the Trustee or Paying Agent is unable
to apply any 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 obligations under this Indenture and the applicable Notes shall 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 shall 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.

 

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ARTICLE 9.

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01Without 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 a Note:

 

		(1)	to cure any ambiguity, defect or inconsistency;

 

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

 

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

 

		(4)	to make any change that would provide any additional rights or benefits to the Holders of Notes of a given Series or that does
not adversely affect the legal rights hereunder of any Holder of a Note of such Series in any material respect;

 

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

 

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

 

		(7)	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; or

 

		(8)	to comply with the rules of any securities exchange or automated quotation system on which the Notes of such Series may be
listed or traded.

 

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 Sections 7.02 and 9.06 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.

 

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Section 9.02With 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 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 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.

 

However, without the consent of each Holder
affected, an amendment or waiver under this Section 9.02 may not:

 

(a)       reduce
the principal amount of Notes whose Holders must consent to an amendment or waiver;

 

(b)       reduce
the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption
of the Notes;

 

(c)       reduce
the rate of or change the time for payment of interest, including default interest, on any Note;

 

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

 

(e)       make
any Note payable in money other than that stated in the Notes;

 

(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; or

 

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

 

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 Board
Resolution 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 Sections 7.02 and 9.06 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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Section 9.03Compliance with Trust Indenture Act.

 

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

 

Section 9.04Revocation and Effect of Consents.

 

Until an amendment or waiver becomes effective,
consent to it by a Holder of a Note is a continuing consent by the Holder 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 or subsequent Holder may revoke the consent as to his Note or portion of a Note if the Trustee receives
the 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.

 

Section 9.05Notation 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.

 

Section 9.06Trustee Protected.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article 9 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 each stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental
indenture that adversely affects its rights.

 

Section 9.07Notice of Supplemental Indenture.

 

After any supplemental indenture or waiver
under this Article becomes effective, the Trustee shall mail to the Holders of Notes a notice provided by the Company, and at the
Company’s expense, briefly describing such supplemental indenture or waiver. Any failure by the Company to mail such notice
to all Holders of Notes, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture or waiver.

 

 

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ARTICLE 10.

SATISFACTION AND DISCHARGE

 

Section 10.01Satisfaction and Discharge.

 

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

 

		(1)	either:

 

(a)       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

 

(b)       all
such Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing 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 Dollars,
non-callable Government Securities, or a combination of cash in Dollars and non-callable Government Securities, in such amounts
as will be sufficient without consideration of any reinvestment of interest, 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;

 

		(2)	no Default or Event of Default has occurred and is continuing on the date of such deposit or will occur as a result of such
deposit and such 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;

 

		(3)	the Company has paid or caused to be paid all sums payable by it under this Indenture; and

 

		(4)	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 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.

 

Section 10.02Application of Trust Money.

 

Subject to the provisions of Section 8.06
hereof, all money deposited with a Trustee pursuant to Section 10.1 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 such 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 such
Trustee; but such money need not be segregated from other funds except to the extent required by law.

 

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If such 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 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.

 

ARTICLE 11.

MISCELLANEOUS

 

Section 11.01Trust Indenture Act Controls.

 

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

 

Section 11.02Notices.

 

Any notice or communication by the Company
or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified,
return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the others’ address.

 

If to the Company:

 

Trinity Place Holdings Inc.

717 Fifth Avenue, Suite 1303

New York, New York 10022

Facsimile: (212) 235-2199

Attention: Steven Kahn

 

If to the Trustee:

 

[___]

 

[___]

 

[___]

Attention: [___]

Facsimile: [___]

 

 

 

with a copy to:

 

 

[___]

 

[___]

 

[___]

Attention: [___]

Facsimile: [___]

 

 

    42 

     

    

 

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 or the Trustee) shall 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 telecopied; 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 given to the
Trustee shall be effective only upon actual receipt by the Trustee at the Corporate Trust Office of the Trustee.

 

The Trustee agrees to accept and act upon
instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured
electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated
to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate
shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee
e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act
upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. 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 instructions conflict or are inconsistent with a subsequent written instruction. The
Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions 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.

 

Any notice or communication to a Holder
shall be mailed by first class mail postage prepaid, certified or registered mail, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication
shall also be so mailed to any Person described in TIA Section 313(c), to the extent required by the TIA. Failure to mail a notice
or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.

 

If a notice or communication is mailed to
the Holders or the Company 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 shall mail a copy to the Trustee and each Agent at the same time.

 

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

 

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

 

Section 11.04Certificate 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:

 

(a)       an
Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with; and

 

(b)       an
Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied
with.

 

Section 11.05Statements Required in Certificate.

 

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 Section
314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:

 

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

 

(b)       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;

 

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

 

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

 

Section 11.06Rules by Trustee and Agents.

 

The Trustee 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 11.07Calculation of Foreign Currency Amounts.

 

The calculation of the 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.

 

    44 

     

    

 

Section 11.08Legal Holidays.

 

If a payment date is a Legal Holiday, payment
shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening
period.  If a regular record date is a Legal Holiday, the record date shall not be affected.

 

Section 11.09No Personal Liability of Directors, Officers,
Employees and Stockholders.

 

No past, present or future director, officer,
employee, incorporator or stockholder of the Company, as such, shall 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
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.

 

Section 11.10Governing Law; Waiver of a Trial by Jury.

 

THE INTERNAL LAWS OF THE STATE OF NEW YORK
SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES 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.

 

EACH PARTY HERETO, AND EACH HOLDER OF A
NOTE BY ITS ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE.

 

The parties irrevocably submit to the non-exclusive
jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action
or proceeding arising out of or relating to this Indenture. To the fullest extent permitted by applicable law, the parties irrevocably
waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction
of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum.

 

Section 11.11No 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.

 

    45 

     

    

 

Section 11.12Successors.

 

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

 

Section 11.13Severability.

 

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

 

Section 11.14Counterpart Originals.

 

The parties may sign any number of copies
of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

 

Section 11.15Table 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 shall in no way modify or restrict any of the terms or provisions hereof.

 

ARTICLE 12.

SINKING FUNDS

 

Section 12.01Applicability of Article.

 

The provisions of this Article 12 shall
be applicable to any sinking fund for the retirement of the Notes of a Series, except as otherwise permitted or required by any
form of Notes of such Series issued pursuant to this Indenture.

 

The minimum amount of any sinking fund payment
provided for by the terms of the Notes of any Series is herein referred to as a “mandatory sinking fund payment”
and any other amount provided for by the terms of Notes of such Series is herein referred to as an “optional sinking fund
payment.” If provided for by the terms of Notes of any Series, the cash amount of any sinking fund payment may be subject
to reduction as provided in Section 12.02 hereof. Each sinking fund payment shall be applied to the redemption of Notes of any
Series as provided for by the terms of the Notes of such Series.

 

Section 12.02Satisfaction of Sinking Fund Payments with
Notes.

 

The Company may, in satisfaction of all
or any part of any sinking fund payment with respect to the Notes of any Series to be made pursuant to the terms of such Notes
(1) deliver outstanding Notes of such Series to which such sinking fund payment is applicable (other than any of such Notes previously
called for mandatory sinking fund redemption) and (2) apply as credit Notes of such Series to which such sinking fund payment is
applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms
of such Series of Notes (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking
fund payments or other optional redemptions pursuant to the terms of such Notes, provided that such Notes have not been
previously so credited. Such Notes shall be received by the Trustee, together with an Officer’s Certificate with respect
thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Notes for redemption, and
shall be credited for such purpose by the Trustee at the price specified in such Notes for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit
of Notes in lieu of cash payments pursuant to this Section 12.02, the principal amount of Notes of such Series to be redeemed in
order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Notes of such Series for redemption,
except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying
Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent
shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the
Trustee or such Paying Agent upon delivery by the Company to the Trustee of Notes of that Series purchased by the Company having
an unpaid principal amount equal to the cash payment required to be released to the Company.

 

    46 

     

    

 

Section 12.03Redemption of Notes for Sinking Fund.

 

Not less than 45 days (unless a shorter
period is satisfactory to the Trustee) prior to each sinking fund payment date for any Series of Notes, the Company will deliver
to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that
Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of Notes of that Series pursuant to Section 12.02 hereof,
and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall
thereupon be obligated to pay the amount therein specified. Not less than 15 days nor more than 45 days (unless otherwise indicated
in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Notes) before
each such sinking fund payment date the Trustee shall select the Notes to be redeemed upon such sinking fund payment date in the
manner specified in Section 3.02 hereof and cause notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 3.03 hereof. Such notice having been duly given, the redemption of such Notes
shall be made upon the terms and in the manner stated in Sections 3.04, 3.05 and 3.06 hereof.

 

[Signatures on following page]

 

 

 

 

 

 

    47 

     

    

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

 

 

	 	TRINITY PLACE HOLDINGS INC.	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 	 
	 	 	 	 
	 	[__], as Trustee	 
	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:

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