Document:

Exhibit 4.3

 

BERKSHIRE HILLS BANCORP INC. 

 

and

 

[________________________________],

 

as Trustee

 

INDENTURE

 

Dated as of [_______________ __,
_____]

 

SUBORDINATED DEBT SECURITIES

 

     

     

    

  

TABLE OF CONTENTS

 

	ARTICLE I	Definitions And Other Provisions Of General Application	1
	Section 1.1.	Definitions	1
	Section 1.2.	Compliance Certificates and Opinions	8
	Section 1.3.	Form of Documents Delivered to Trustee	9
	Section 1.4.	Acts of Holders; Record Dates	10
	Section 1.5.	Notices, Etc. to Trustee and Company	11
	Section 1.6.	Notice to Holders; Waiver	12
	Section 1.7.	Conflict with Trust Indenture Act	13
	Section 1.8.	Effect of Headings and Table of Contents	13
	Section 1.9.	Successors and Assigns	13
	Section 1.10.	Separability Clause	13
	Section 1.11.	Benefits of Indenture	13
	Section 1.12.	Governing Law; Waiver of Jury Trial; Consent of Jurisdiction	13
	Section 1.13.	Legal Holidays	14
	ARTICLE II	Security Forms	14
	Section 2.1.	Forms Generally	14
	Section 2.2.	Form of Legend for Global Securities	15
	Section 2.3.	Form of Trustee's Certificate of Authentication	15
	ARTICLE III	The Securities	15
	Section 3.1.	Amount Unlimited; Issuable in Series	15
	Section 3.2.	Denominations	18
	Section 3.3.	Execution, Authentication, Delivery and Dating	19
	Section 3.4.	Temporary Securities	21
	Section 3.5.	Registration, Registration of Transfer and Exchange	21
	Section 3.6.	Mutilated, Destroyed, Lost, and Stolen Securities	23
	Section 3.7.	Payment of Interest; Interest Rights Preserved	24
	Section 3.8.	Persons Deemed Owners	25
	Section 3.9.	Cancellation	26
	Section 3.10.	Computation of Interest	26
	Section 3.11.	CUSIP Numbers	26
	ARTICLE IV	Satisfaction and Discharge	27
	Section 4.1.	Satisfaction and Discharge of Indenture	27
	Section 4.2.	Application of Trust Money	28
	ARTICLE V	Remedies	28
	Section 5.1.	Events of Default	28
	Section 5.2.	Acceleration of Maturity; Rescission and Annulment	29
	Section 5.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	30

 

     

     

    

 

	Section 5.4.	Trustee May File Proofs of Claim	31
	Section 5.5.	Trustee May Enforce Claims Without Possession of Securities	31
	Section 5.6.	Application of Money Collected	31
	Section 5.7.	Limitation on Suits	32
	Section 5.8.	Unconditional right of Holders to Receive Principal, Premium, and Interest	33
	Section 5.9.	Restoration of Rights and Remedies	33
	Section 5.10.	Rights and Remedies Cumulative	33
	Section 5.11.	Delay or Omission Not Waiver	33
	Section 5.12.	Control by Holders	33
	Section 5.13.	Waiver of Past Defaults	34
	Section 5.14.	Undertaking for Costs	34
	ARTICLE VI	The Trustee	35
	Section 6.1.	Certain Duties and Responsibilities	35
	Section 6.2.	Notice of Defaults	36
	Section 6.3.	Certain Rights of Trustee	36
	Section 6.4.	Not Responsible for Recitals or Issuance of Securities	38
	Section 6.5.	May Hold Securities	39
	Section 6.6.	Money Held in Trust	39
	Section 6.7.	Compensation and Reimbursement	39
	Section 6.8.	Disqualification; Conflicting Interests	40
	Section 6.9.	Corporate Trustee Required; Eligibility	40
	Section 6.10.	Resignation and Removal; Appointment of Successor	41
	Section 6.11.	Acceptance of Appointment by Successor	42
	Section 6.12.	Merger, Conversion, Consolidation, or Succession to Business	44
	Section 6.13.	Preferential Collection of Claims Against Company	44
	Section 6.14.	Appointment of Authenticating Agent	45
	ARTICLE VII	Holder's Lists and Reports by Trustee and Company	46
	Section 7.1.	Company to Furnish Trustee Names and Addresses of Holders	46
	Section 7.2.	Preservation of Information; Communications to Holders	46
	Section 7.3.	Reports by Trustee	47
	Section 7.4.	Reports by Company	47
	ARTICLE VIII	Consolidation, Merger, Conveyance, Transfer or Lease	48
	Section 8.1.	Company May Consolidate, Etc., Only on Certain Terms	48
	Section 8.2.	Successor Substituted	48
	ARTICLE IX	Supplemental Indentures	49
	Section 9.1.	Supplemental Indentures Without consent of Holders	49
	Section 9.2.	Supplemental Indentures With Consent of Holders	50

 

     

     

    

 

	Section 9.3.	Execution of Supplemental Indentures	51
	Section 9.4.	Effect of Supplemental Indentures	51
	Section 9.5.	Conformity With Trust Indenture Act	51
	Section 9.6.	Reference in Securities to Supplemental Indentures	51
	Section 9.7.	Notice of Supplemental Indentures	52
	ARTICLE X	Covenants	52
	Section 10.1.	Payment of Principal, Premium, and Interest	52
	Section 10.2.	Maintenance of Office or Agency	52
	Section 10.3.	Money for Securities Payments to Be Held in Trust	52
	Section 10.4.	Statement by Officers as to Default	53
	Section 10.5.	Existence	54
	Section 10.6.	Maintenance of Properties	54
	Section 10.7.	Payment of Taxes and Other Claims	54
	Section 10.8.	Waiver of Certain Covenants	54
	Section 10.9.	Calculation of Original Issue Discount	55
	Section 10.10.	Tax Payment and Tax Withholding Obligations	55
	ARTICLE XI	Redemption of Securities	55
	Section 11.1.	Applicability of Article	55
	Section 11.2.	Election to Redeem; Notice to Trustee	55
	Section 11.3.	Selection of trustee of Securities to Be Redeemed	56
	Section 11.4.	Notice of Redemption	56
	Section 11.5.	Deposit of Redemption Price	57
	Section 11.6.	Securities Payable on Redemption Date	57
	Section 11.7.	Securities Redeemed in Part	58
	ARTICLE XII	Sinking Funds	58
	Section 12.1.	Applicability of Article	58
	Section 12.2.	Satisfaction of Sinking Fund Payments with Securities	58
	Section 12.3.	Redemption of Securities for Sinking Fund	59
	ARTICLE XIII	Defeasance and Covenant Defeasance	59
	Section 13.1.	Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance	59
	Section 13.2.	Defeasance and Discharge	59
	Section 13.3.	Covenant Defeasance	60
	Section 13.4.	Conditions to Defeasance or Covenant Defeasance	60
	Section 13.5.	Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	63
	Section 13.6.	Reinstatement	63

 

     

     

    

 

	ARTICLE XIV	Subordination of Securities	64
	Section 14.1.	Securities Subordinate to Senior Debt	64
	Section 14.2.	No Payment When Senior Debt in Default	66
	Section 14.3.	Trustee and Holders of Securities May Rely on Certificate of Liquidating Agent; Trustee May Require Further Evidence as to Ownership of Senior Debt; Trustee Not Fiduciary to Holders of Senior Debt	67
	Section 14.4.	Payment Permitted If No Default	67
	Section 14.5.	Trustee Not Charged with Knowledge of Prohibition	68
	Section 14.6.	Trustee of Effectuate Subordination	68
	Section 14.7.	Rights of Trustee as Holder of Senior Debt	68
	Section 14.8.	Article Applicable to Paying Agents	68
	Section 14.9.	Subordination Rights Not impaired by Acts or Omissions of the Company or Holders of Senior Debt	69
	Section 14.10.	Trustee's Rights to Compensation, Reimbursement of Expenses and Indemnification	69
	Section 14.11.	Modification of Subordination Provisions	69

 

NOTE: This table of contents shall not, for any purpose,
be deemed to be part of the Indenture.

 

     

     

    

 

BERKSHIRE HILLS BANCORP, INC.

Certain Sections of this Indenture relating to

Sections 310 through 318, inclusive, of the

Trust Indenture Act of 1939:

 

	Trust
    Indenture Act Section	 	Indenture
    

    Section
	§310	(a)(1)	 	6.9
	 	(a)(2)	 	6.9
	 	(a)(3)	 	Not Applicable
	 	(a)(4)	 	Not Applicable
	 	(b)	 	6.8
	 	 	 	6.10
	§311	(a)	 	6.13
	 	(b)	 	6.13
	§312	(a)	 	7.1
	 	(b)	 	7.2(a)
	 	(c)	 	7.2(b)
	§313	(a)	 	7.3(a)
	 	(b)	 	7.3(a)
	 	(c)	 	7.3(a)
	 	(d)	 	7.3(b)
	§314	(a)	 	7.4
	 	(a)(4)	 	1.2
	 	 	 	10.4
	 	(b)	 	Not Applicable
	 	(c)(1)	 	1.2
	 	(c)(2)	 	1.2

 

     

     

    

 

	 	(c)(3)	 	Not Applicable
	 	(d)	 	Not Applicable
	 	(e)	 	1.2
	§315	(a)	 	6.1
	 	(b)	 	6.2
	 	(c)	 	6.1
	 	(d)	 	6.1
	 	(d)(1)	 	6.1
	 	(d)(2)	 	6.1
	 	(d)(3)	 	6.1
	 	(e)	 	5.14
	§316	(a)(1)(A)	 	5.12
	 	 (a)(1)(B)	 	5.2
	 	 	 	5.13
	 	(a)(2)	 	Not Applicable
	 	(b)	 	5.8
	 	(c)	 	1.4(c)
	§317	(a)(1)	 	5.3
	 	(a)(2)	 	5.4
	 	(b)	 	10.3
	§318	(a)	 	1.7

 

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

 

     

     

    

 

INDENTURE, dated as of [__________________
__, ____], between BERKSHIRE HILLS BANCORP, INC., a corporation duly organized and existing under the laws of the State of Delaware
(the “Company”), having its principal office address at 60 State Street, Boston, Massachusetts 02109, and [____________________________],
[a national banking association], as Trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

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

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE I

Definitions And Other Provisions

Of General Application

 

		Section 1.1.	Definitions.

 

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

 

	 	(1)	the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 
	 	 	 
	 	(2)	all other terms used in this Indenture which are defined in the Trust Indenture Act, either directly or by reference to the Trust Indenture Act, have the meanings assigned to them in the Trust Indenture Act; 
	 	 	 
	 	(3)	all accounting terms not otherwise defined in this Indenture have the meanings assigned to them in accordance with accounting principles generally accepted in the United States and, except as otherwise expressly provided in this Indenture, the term “accounting principles generally accepted in the United States” with respect to any computation required or permitted under this Indenture shall mean such accounting principles as are generally accepted in the United States at the date of such computation;

 

    	 	1	 

     

    

 

	 	(4)	the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and
	 	 	 
	 	(5)	unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Indenture. 

 

“Act”, when used with respect to any Holder,
has the meaning specified in Section 1.4(a).

 

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

 

“Authenticating Agent” means any Person authorized
by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of one or more series.

 

“Authorized Officer” means any officer of
the Company designated by or pursuant to a Board Resolution to take certain actions as specified in this Indenture.

 

“Board of Directors” means either the board
of directors of the Company or any other duly authorized committee of that board.

 

“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 by
action of an Authorized Officer designated as such pursuant to a resolution of the Board of Directors, and to be in full force
and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day” means, unless otherwise specified,
any day that is not a Saturday or Sunday and that is not a day on which banking institutions are generally authorized or required
by law, regulation or executive order to be closed in The City of New York, New York.

 

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

 

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

 

    	 	2	 

     

    

 

“Company Request” or “Company Order”
means a written request or order signed in the name of the Company by its Chairman, its Chief Executive Officer, its President,
its Chief Financial Officer, or a Vice President, and by its Treasurer, an Assistant Treasurer, its Controller, an Assistant Controller,
its Secretary, or an Assistant Secretary, and delivered to the Trustee.

 

“Corporate Trust Office” means the office
of the Trustee at which any particular time its corporate trust business in [______________________] shall be principally administered,
which office as of the date of this instrument is located at [______________________], except that with respect to presentation
of Securities for payment or for registration of transfer or exchange, such term shall mean the office or agency of the Trustee
at which at any particular time its corporate agency business shall be conducted, which office at the date of this instrument is
located at [______________________], or, in the case of any of such offices or agency, such other address as the Trustee may designate
from time to time by notice to the Company.

 

“Covenant Defeasance” has the meaning specified
in Section 13.3.

 

“Defaulted Interest” has the meaning specified
in Section 3.7.

 

“Defeasance” has the meaning specified in
Section 13.2.

 

“Depositary” means, with respect to the Securities
of any series issuable or issued in whole or in part in the form of one or more Global Securities, the Person designated as Depositary
for such series by the Company pursuant to Section 3.1, which Person shall be a clearing agency registered under the Exchange Act.

 

“Event of Default” has the meaning specified
in Section 5.1.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended now or in the future, and any successor statute.

 

“Global Security” means a Security bearing
the legend prescribed in Section 2.2 evidencing all or part of a series of Securities, authenticated and delivered to the Depositary
for such series or its nominee, and registered in the name of such Depositary or nominee.

 

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

 

“Indenture” means this instrument as originally
executed or as it may from time to time be supplemented or amended by one or more supplemental indentures entered into pursuant
to the applicable provisions of this Indenture, including, for all purposes of this Indenture and any such supplemental indenture,
the provisions of the Trust Indenture Act that are deemed to be a part of and govern this Indenture and any such supplemental indenture,
respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated
by Section 3.1.

 

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

 

    	 	3	 

     

    

 

“Maturity”, when used with respect to any
Security, means the date on which the principal of such Security or an installment of principal becomes due and payable in accordance
with its terms or the terms of this Indenture, whether at the Stated Maturity or by declaration of acceleration, call for redemption,
or otherwise.

 

“Officers’ Certificate” means a certificate
signed by the Chairman, the Chief Executive Officer, the President, the Chief Financial Officer, or a Vice President, and by the
Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary, or an Assistant Secretary, of the Company,
and delivered to the Trustee. One of the officers signing an Officers’ Certificate given pursuant to Section 10.4 shall be
the principal executive, financial, or accounting officer of the Company.

 

“Opinion of Counsel” means a written opinion
of counsel, who may be counsel for the Company, and who, in all cases, shall be reasonably acceptable to the Trustee.

 

“Original Issue Discount Security” means
any Security which provides for an amount less than the principal amount of such Security to be due and payable upon a declaration
of acceleration of the Maturity of such Security pursuant to Section 5.2.

 

“Outstanding”, when used with respect to
Securities, means, as of the date of determination, all Securities previously authenticated and delivered under this Indenture,
except:

 

	 	(i)	Securities previously cancelled by the Trustee or delivered to the Trustee for cancellation; 
	 	 	 
	 	(ii)	Securities for whose payment or redemption money in the necessary amount has been previously deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision for such redemption satisfactory to the Trustee has been made; 
	 	 	 
	 	(iii)	Securities which have been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of the Company; 

 

    	 	4	 

     

    

 

	 	(iv)	Securities which have been defeased pursuant to Section 13.2; and 
	 	 	 
	 	(v)	Securities not deemed outstanding pursuant to Section 11.3 provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent, or waiver under this Indenture, (i) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of the principal that would be due and payable as of the date of such determination upon acceleration of its maturity pursuant to Section 5.2, (ii) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 3.1, and (iii) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 

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

 

“Periodic Offering” means an offering of
Securities of any series from time to time, the specific terms of which Securities, including, without limitation, its rate or
rates of interest, if any, its Stated Maturity, and redemption provisions, if any, with respect to such Securities are to be determined
by the Company or its agents upon the issuance of such Securities.

 

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

 

“Place of Payment”, when used with respect
to the Securities of any series, means the place or places where the principal of and any premium and interest on the Securities
of that series are payable as specified as contemplated by Section 3.1.

 

    	 	5	 

     

    

 

“Predecessor Security” of any particular
Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security;
and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or in
lieu of a mutilated, destroyed, lost, or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost, or stolen Security.

 

“ranking junior to the Securities”, when
used with respect to any obligation of the Company, shall mean any obligation of the Company which (a) ranks junior to and
not equally with or prior to the Securities (or any other obligations of the Company ranking on a parity with the Securities) in
right of payment upon the happening of any event of the kind specified in the first sentence of the second paragraph in Section 14.1
or (b) is specifically designated as ranking junior to the Securities by express provision in the instrument creating or evidencing
such obligation. The securing of any obligations of the Company, otherwise ranking junior to the Securities, shall be deemed to
prevent such obligations from constituting obligations ranking junior to the Securities. For the avoidance of doubt, any junior
subordinated debt securities issued or assumed by the Company shall be deemed securities ranking junior to the Securities other
than any such securities issued after the date hereof that by their terms expressly rank on a parity with the Securities.

 

“ranking on a parity with the Securities”,
when used with respect to any obligation of the Company, shall mean any obligation of the Company which (a) ranks equally
with and not prior to the Securities in right of payment upon the happening of any event of the kind specified in the first sentence
of the second paragraph of Section 14.1 or (b) is specifically designated as ranking on a parity with the Securities
by express provision in the instrument creating or evidencing such obligation. The securing of any obligations of the Company,
otherwise ranking on a parity with the Securities, shall not be deemed to prevent such obligations from constituting obligations
ranking on a parity with the Securities.

 

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

 

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

 

“Regular Record Date” for the interest payable
on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 3.1.

 

“Responsible Officer”, when used with respect
to the Trustee, means any officer assigned to the [______________________] (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 Sections, 5.12(3), 6.1(c)(2) and 6.2 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.

 

“Securities” has the meaning stated in the
first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.

 

    	 	6	 

     

    

 

“Security Register” and “Security Registrar”
have the respective meanings specified in Section 3.5.

 

“Senior Debt” means

 

	 	(i)	any of the Company’s indebtedness for borrowed or purchased money, whether or not evidenced by bonds, debentures, notes, or other written instruments, including any obligations of the Company to general creditors or trade creditors,
	 	 	 
	 	(ii)	the Company’s obligations under letters of credit, 
	 	 	 
	 	(iii)	any of the Company’s indebtedness or other obligations with respect to commodity contracts, interest rate and currency swap agreements, cap, floor, and collar agreements, currency spot and forward contracts, and other similar agreements or arrangements designed to protect against fluctuations in currency exchange or interest rates, and
	 	 	 
	 	(iv)	any guarantees, endorsements (other than by endorsement of negotiable instruments for collection in the ordinary course of business), or other similar contingent obligations in respect of obligations of others of a type described in clauses (i), (ii), and (iii), whether or not such obligation is classified as a liability on a balance sheet prepared in accordance with accounting principles generally accepted in the United States, in each case whether outstanding on the date of execution of this Indenture or incurred later, other than obligations ranking on a parity with the Securities or ranking junior to the Securities. Notwithstanding the foregoing, if the Board of Governors of the Federal Reserve (or other competent regulatory agency or authority) promulgates any rule or issues any interpretation that defines general creditor(s), the main purpose of which is to establish a criteria for determining whether the subordinated debt of a bank holding company is to be included in its capital, then the term “general creditors” as used herein the definition of Senior Debt will have the meaning as described in that rule or interpretation.

 

“Special Record Date” for the payment of
any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7.

 

“Stated Maturity”, when used with respect
to any Security or any installment of principal or interest on such Security, means the date specified in such Security as the
fixed date on which the principal of such Security or such installment of principal or interest is due and payable.

 

    	 	7	 

     

    

 

“Subsidiary” means a corporation or other
Person more than 50% of the outstanding voting stock or a majority of the controlling interest of which is owned, directly or indirectly,
by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of
this definition, “voting stock” means stock which ordinarily has voting power for the election of directors, whether
at all times or only so long as no senior class of stock has such voting power by reason of any contingency.

 

“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 or include each Person who is then a Trustee under this Indenture,
and if at any time there is more than one such Person, “Trustee”, as used with respect to the Securities of any series,
shall mean the Trustee with respect to Securities of that series.

 

“Trust Indenture Act” means the Trust Indenture
Act of 1939, as in force at the date as of which this Indenture was executed; provided, however, that in the event
the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by
any such amendment, the Trust Indenture Act of 1939, as so amended.

 

“U.S. Government Obligation” has the meaning
specified in Section 13.4.

 

“Vice President”, when used with respect
to the Company or the Trustee, means any vice president (other than any assistant vice president), whether or not designated by
a number or a word or words added before or after the title “vice president”.

 

“Wholly Owned Subsidiary” means any Subsidiary
all of whose outstanding voting stock (other than directors’ qualifying shares) shall at the time be owned by the Company
or one or more of its Wholly Owned Subsidiaries.

 

		Section 1.2.	Compliance Certificates and Opinions.

 

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

 

Every certificate or opinion (other
than the Officers’ Certificate delivered under Section 10.4 of this Indenture) with respect to compliance with a condition
or covenant provided for in this Indenture shall include:

 

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

 

    	 	8	 

     

    

 

	 	(2)	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
	 	 	 
	 	(3)	a statement that, in the opinion of each such individual, he 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 
	 	 	 
	 	(4)	a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

 

		Section 1.3	Form of Documents Delivered to Trustee.

 

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

 

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

 

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

 

    	 	9	 

     

    

 

		Section 1.4.	Acts of Holders; Record Dates.

 

	 	(a)	
        Any request, demand, authorization, direction, notice,
        consent, waiver, or other action provided or permitted by this Indenture to be given or taken by Holders may be embodied in and
        evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed
        in writing; and, except as otherwise expressly provided in this Indenture, such action shall become effective when such instrument
        or instruments are delivered to the Trustee and, where it is expressly required by this Indenture, to the Company. Such instrument
        or instruments (and the action embodied in and evidenced by such instrument or instruments) are sometimes referred to as the “Act”
        of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any
        such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee
        and the Company, if made in the manner provided in this Section.

        Without limiting the generality of the foregoing, a Holder,
        including a Depositary that (or whose nominee) is a Holder of a Global Security, may make, give, or take, by a proxy or proxies,
        duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver, or other action provided or
        permitted in this Indenture to be made, given, or taken by Holders, and a Depositary that (or whose nominee) is a Holder of a Global
        Security may provide its proxy or proxies to the beneficial owners of interests in any such Global Security.

	 	 	 
	 	(b)	The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him its execution. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
	 	 	 
	 	(c)	The Company may fix any day as the record date for the purpose of determining the Holders of Securities of any series entitled to give or take any request, demand, authorization, direction, notice, consent, waiver, or other action, or to vote on any action, authorized, or permitted to be given or taken by Holders of Securities of such series. If not set by the Company prior to the first solicitation of a Holder of Securities of such series made by any Person in respect of any such action, or, in the case of any such vote, prior to such vote, the record date for any such action or vote shall be the 30th day (or, if later, the date of the most recent list of Holders required to be provided pursuant to Section 7.1) prior to such first solicitation or vote, as the case may be. With regard to any record date for action to be taken by the Holders of one or more series of Securities, only the Holders of Securities of such series on such date (or their duly designated proxies) shall be entitled to give, take, or vote on the relevant action.

 

    	 	10	 

     

    

 

	 	(d)	The ownership of Securities shall be proved by the Security Register. 
	 	 	 
	 	(e)	Any request, demand, authorization, direction, notice, consent, waiver, or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer of, in exchange for, or in lieu of such Security in respect of anything done, omitted, or suffered to be done by the Trustee or the Company in reliance on such action, whether or not notation of such action is made upon such Security. 
	 	 	 
	 	(f)	Without limiting the foregoing, a Holder entitled to give or take any action under this Indenture with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any different part of such principal amount. 

 

		Section 1.5.	Notices, Etc. to Trustee and Company.

 

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

 

	 	(1)	the Trustee by any Holder or by the Company shall be sufficient for every purpose under this Indenture if made, given, furnished, or filed in writing to or with the Trustee at its Corporate Trust Office, Attention: [______________________], or 
	 	 	 
	 	(2)	the Company by the Trustee or by any Holder shall be sufficient for every purpose under this Indenture (unless otherwise expressly provided in this Indenture) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company, Attention: Corporate Secretary.

 

    	 	11	 

     

    

 

The Trustee shall have the right, but shall not be required,
to rely upon and comply with notices, instructions, directions or other communications sent by e-mail, facsimile and other similar
unsecured electronic methods by persons believed by the Trustee to be authorized to give instructions and directions on behalf
of the Company. The Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or
directions is, in fact, a person authorized to give instructions or directions on behalf of the Company; and the Trustee shall
have no liability for any losses, liabilities, costs or expenses incurred or sustained by the Company as a result of such reliance
upon or compliance with such notices, instructions, directions or other communications. The Company agrees to assume all risks
arising out of the use of such electronic methods to submit notices, instructions, directions or other communications to the Trustee,
including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse
by third parties. The Company shall use all reasonable endeavors to ensure that any such notices, instructions, directions or other
communications transmitted to the Trustee pursuant to this Indenture are complete and correct. Any such notices, instructions,
directions or other communications shall be conclusively deemed to be valid instructions from the Company to the Trustee for the
purposes of this Indenture.

 

		Section 1.6	Notice to Holders; Waiver.

 

Where this Indenture provides for
notice to Holders of any event, such notice shall be sufficiently given (unless otherwise expressly provided in this Indenture)
if in writing and (i) mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears
in the Security Register, or (ii) in the event that a Depositary (or a nominee thereof) is a Holder of Securities issued in the
form of Global Securities, then with respect to such Securities given by electronic, email or other means as such be acceptable
to such Depositary, in all cases, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed
for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor
any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other
Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice
by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken
in reliance upon such waiver.

 

In case by reason of the suspension
of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose under this Indenture.

 

    	 	12	 

     

    

 

		Section 1.7.	Conflict with Trust Indenture Act.

 

If any provision of this Indenture
limits, qualifies, or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and
govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision
of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture
as so modified or to be excluded, as the case may be.

 

		Section 1.8.	Effect of Headings and Table of Contents.

 

The Article and Section headings
in this Indenture and the Table of Contents are for convenience only and shall not affect the construction of this Indenture.

 

		Section 1.9.	Successors and Assigns.

 

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

 

		Section 1.10.	Separability Clause.

 

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

 

		Section 1.11.	Benefits of Indenture.

 

Nothing in this Indenture or in the
Securities, express or implied, shall give to any Person, other than the parties to this Indenture and their successors under this
Indenture, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

		Section 1.12.	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.

 

This Indenture and the Securities
shall be governed by and construed in accordance with the laws of the State of New York (including but not limited to N.Y. General
Obligations Law Section 5-1401 and any successor statute thereto).

 

Each of the Company and the Trustee,
and each Holder of a Security by its acceptance thereof, hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right it may have to trial by jury in any legal proceeding directly or indirectly arising out of or relating to
this Indenture, the Securities or the transactions contemplated hereby or thereby.

 

    	 	13	 

     

    

 

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

 

		Section 1.13.	Legal Holidays.

 

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

 

ARTICLE II

Security Forms

 

		Section 2.1.	Forms Generally.

 

The Securities of each series shall
be in substantially such form or forms as shall be established by or pursuant to one or more Board Resolutions or in one or more
indentures supplemental to this Indenture, or in an Officer’s Certificate pursuant to such Board Resolution or any such supplemental
indenture, in each case with such appropriate insertions, omissions, substitutions, and other variations as are required or permitted
by this Indenture, and may have such letters, numbers, or other marks of identification and such legends or endorsements placed
on them as may be required to comply with the rules of any securities exchange or as may, consistently with this Indenture, be
determined by the officers executing such Securities, as evidenced by their execution of the Securities. If the form of Securities
of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall
be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery
of the Company Order contemplated by Section 3.3 for the authentication and delivery of such Securities.

 

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

 

    	 	14	 

     

    

 

		Section 2.2.	Form of Legend for Global Securities.

 

Any Global Security authenticated
and delivered under this Indenture shall bear a legend (in addition to any legend that may be required by the applicable requirements
of the Depositary) in substantially the following form:

 

This Security is a Global Security
within the meaning of the Indenture referred to in this Security and is registered in the name of a Depositary or its nominee.
This Security may not be transferred to, or registered or exchanged for Securities registered in the name of, any Person other
than the Depositary or its nominee or a successor of such Depositary or a nominee of such successor and no such transfer may be
registered, except in the limited circumstances described in the Indenture. Every Security authenticated and delivered upon registration
of transfer of, or in exchange for or in lieu of, this Security shall be a Global Security subject to the foregoing, except in
such limited circumstances.”

 

		Section 2.3.	Form of Trustee’s Certificate of Authentication.

 

The Trustee’s certificates
of authentication shall be in substantially the following form:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Dated:	 	[________________________________________],
	 	 	 
	 	 	 as Trustee
	 	 	 
	 	By:	
	 	 	Authorized Signatory

 

ARTICLE
III 

The
Securities

 

		Section 3.1.	Amount Unlimited; Issuable in Series.

 

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

 

The Securities may be issued in one
or more series. There shall be established in or pursuant to a Board Resolution and, subject to Section 3.3, set forth, or
determined in the manner provided, in an Officers’ Certificate pursuant to a Board Resolution or indenture supplemental to
this Indenture, or established in one or more indentures supplemental to this Indenture, prior to the issuance of Securities of
any series,

 

    	 	15	 

     

    

 

	 	(1)	the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series); 
	 	 	 
	 	(2)	any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.4, 3.5, 3.6, 9.6, or 11.7 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated and delivered under this Indenture); 
	 	 	 
	 	(3)	the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on Regular Record Date for such interest; 
	 	 	 
	 	(4)	the date or dates on which the principal (and premium, if any) of the Securities of the series is payable; 
	 	 	 
	 	(5)	the rate or rates at which the Securities of the series shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable, and the Regular Record Date for any interest payable on any Interest Payment Date; 
	 	 	 
	 	(6)	the place or places in addition to the Borough of Manhattan, The City of New York, where the principal of and any premium and interest on Securities of the series shall be payable; 
	 	 	 
	 	(7)	the period or periods within which, the price or prices at which, and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be evidenced; 
	 	 	 
	 	(8)	the obligation, if any, of the Company to redeem, purchase, or repay Securities of the series pursuant to any mandatory redemption, sinking fund, or analogous provision or at the option of a Holder of the Security, and the period or periods within which, the price or prices at which, and the terms and conditions upon which Securities of the series shall be redeemed, purchased, or repaid, in whole or in part, pursuant to such obligation; 

 

    	 	16	 

     

    

 

	 	(9)	if other than denominations of $1,000 and integral multiples of such denomination, the denomination or denominations in which Securities of the series shall be issuable; 
	 	 	 
	 	(10)	if the amount of payments of principal of or any premium or interest on any Securities of the series may be determined with reference to an index or formula, the manner in which such amounts shall be determined; 
	 	 	 
	 	(11)	if other than the principal amount of the Securities of the series, the portion of the principal amount of Securities which shall be payable upon declaration of acceleration of its Maturity pursuant to Section 5.2; 
	 	 	 
	 	(12)	if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose under the Securities or this Indenture, including the principal amount which shall be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined); 
	 	 	 
	 	(13)	the application, if any, of either or both of Section 13.2 and Section 13.3 to the Securities of the series (including, in the case of Section 13.3, the covenants and any Events of Default not specified therein that are subject thereto) and, if other than by a Board Resolution, the manner in which any election pursuant to such Sections by the Company shall be evidenced; 
	 	 	 
	 	(14)	whether the Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the Depositary or Depositaries for such Global Security or Global Securities (if other than The Depository Trust Company), and any circumstances other than those set forth in Section 3.5 in which any such Global Security may be transferred to, and registered and exchanged for, Securities registered in the name of, a Person other than the Depositary for such Global Security or its nominee and in which any such transfer may be registered;
	 	 	 
	 	(15)	any Authenticating Agents, Paying Agents, or any other agents with respect to the Securities of the series; 

 

    	 	17	 

     

    

 

	 	(16)	any other covenant or warranty included for the benefit of Securities of the series in addition to (and not inconsistent with) those included in this Indenture for the benefit of Securities of all series, or any other covenant or warranty included for the benefit of Securities of the series in lieu of any covenant or warranty included in this Indenture for the benefit of Securities of all series (including any covenant contained in Article X), or any provision that any covenant or warranty included in this Indenture for the benefit of Securities of all series (including any covenant contained in Article X) shall not be for the benefit of Securities of such series, or any change to or combination of the provisions of any such covenant or warranty included in this Indenture for the benefit of Securities of all series (including any covenants contained in Article X) which applies to the Securities of such series; 
	 	 	 
	 	(17)	any addition to, deletion from, or change in the Events of Default which applies to any Securities of the series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount of such Securities due and payable pursuant to Section 5.2; and 
	 	 	 
	 	(18)	any other terms of the Securities of such series, or of any specified tenor thereof.

 

All Securities of any one series
shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board
Resolution referred to above and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officers’
Certificate referred to above or in any indenture supplemental to the Indenture.

 

Unless otherwise provided with respect
to the Securities of any series, at the option of the Company, interest on the Securities of any series that bears interest may
be paid by mailing a check to the address of the Person entitled to such interest as such address shall appear in the Security
Register.

 

If any of the terms of the series
are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified
by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’
Certificate setting forth the terms of the series.

 

		Section 3.2.	Denominations.

 

The Securities of each series shall
be issuable in registered form without coupons in such denominations as shall be specified as contemplated by Section 3.1.
In the absence of any such provisions with respect to the Securities of any series, the Securities of such series shall be issuable
in denominations of $1,000 and any integral multiples of such denominations.

 

    	 	18	 

     

    

 

		Section 3.3.	Execution, Authentication, Delivery and Dating.

 

The Securities shall be executed
on behalf of the Company by its Chairman, its Chief Executive Officer, its President, or one of its Vice Presidents, and may (but
need not) have the corporate seal of the Company affixed or reproduced thereon and, if so affixed or reproduced, attested by its
Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.

 

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

 

At any time and from time to time
after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to
the Trustee for authentication, together with the documents referred to below in this Section 3.3, for the authentication
and delivery of such Securities, and the Trustee shall authenticate and deliver such Securities to or upon a Company Order or pursuant
to such procedures acceptable to the Trustee and to such recipients as may be specified from time to time by a Company Order. If
so provided in or pursuant to the Board Resolution or supplemental indenture establishing the Securities of any series, the maturity
date, original issue date, interest rate, and any other terms of any or all of the Securities of such series may be determined
by or pursuant to such Company Order and procedures. If provided for in such procedures, such Company Order may authorize authentication
and delivery pursuant to electronic instructions from the Company or its duly authorized agent, which instructions shall be promptly
confirmed in writing. In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation
to such Securities, the Trustee shall be entitled to receive and (subject to Section 6.1) shall be fully protected in relying
upon, unless and until such documents have been superseded or revoked:

 

	 	(a)	a Company Order requesting such authentication and setting forth delivery instructions if the Securities are not to be delivered to the Company, provided that, with respect to Securities of a series subject to a Periodic Offering, (i) such Company Order may be delivered by the Company to the Trustee at any time prior to the delivery to the Trustee of the Securities of such series for authentication and delivery, (ii) the Trustee shall authenticate and deliver the Securities of such series for original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal amount established for such series, pursuant to a Company Order or pursuant to such procedures acceptable to the Trustee as may be specified from time to time by a Company Order, and (iii) if so provided in or pursuant to the Board Resolution or supplemental indenture establishing the Securities of such series, the maturity date, original issue date, interest rate, and any other terms of any or all of the Securities of such series may be determined by a Company Order or pursuant to such procedures;

 

    	 	19	 

     

    

 

	 	(b)	any Board Resolution, Officers’ Certificate and/or executed supplemental indenture referred to in Sections 2.1 and 3.1 by or pursuant to which the form or forms and terms of the Securities of such series were established;
	 	 	 
	 	(c)	an Officers’ Certificate setting forth the form or forms and the terms of the Securities of such series, stating that such form or forms and terms have been established pursuant to Sections 2.1 and 3.1 and comply with this Indenture, and covering such other matters as the Trustee may reasonably request; and
	 	 	 
	 	(d)	an Opinion of Counsel, substantially to the effect that:

 

	 	(i)	the form or forms of the Securities of such series have been duly authorized and established in conformity with the provisions of this Indenture; 
	 	 	 
	 	(ii)	the terms of the Securities of such series (or the manner of determining such terms) have been established in conformity with the provisions of this Indenture; and
	 	 	 
	 	(iii)	that such Securities, 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, fraudulent transfer, reorganization, moratorium, and similar laws of general applicability relating to or affecting creditors rights and to general equity principles and other customary qualifications and assumptions. 

 

The Trustee shall not be required
to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own
rights, duties, liabilities or immunities under the Securities or this Indenture or otherwise.

 

Notwithstanding the provisions of
Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it
shall not be necessary to deliver the above specified documents at or prior to the time of authentication of each Security of such
series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series
to be issued.

 

Each Security shall be dated the
date of its authentication.

 

    	 	20	 

     

    

 

No Security shall be entitled to
any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate
of authentication substantially in the form provided for in this Indenture executed by the Trustee by manual signature of an authorized
signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered under this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated
and delivered but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation
as provided in Section 3.9, for all purposes of this Indenture, such Security shall be deemed never to have been authenticated
and delivered under this Indenture and shall never be entitled to the benefits of this Indenture.

 

		Section 3.4.	Temporary Securities.

 

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

 

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

 

		Section 3.5.	Registration, Registration of Transfer and Exchange.

 

The Company shall cause to be kept
at the Corporate Trust Office of the Trustee a register (the register maintained in such office or in any other office or agency
of the Company in a Place of Payment may sometimes be collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities
and transfers of Securities as provided in this Indenture.

 

Upon surrender for registration of
transfer of any Security of any series at the office or agency of the Company in a Place of Payment for that series, the Company
shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or
more new Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor.

 

    	 	21	 

     

    

 

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

 

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

 

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

 

No service charge shall be made for
any registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 3.4, 9.6, or 11.7 not involving any transfer.

 

The Company shall not be required
(i) to issue, register the transfer of, or exchange Securities of any series during a period beginning at the opening of business
15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption under
Section 11.3 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange
any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 

Notwithstanding the foregoing and
except as otherwise specified as contemplated by Section 3.1, if at any time the Depositary for the Securities of a series represented
by a Global Security or Global Securities notifies the Company that it is unwilling or unable to continue as a Depositary for the
Securities of such series or if at any time the Depositary for Securities of a series shall no longer be registered or in good
standing under the Exchange Act or other applicable statute or regulation, the Company shall appoint a successor Depositary with
respect to the Securities of such series. If a successor Depositary for the Securities of such series is not appointed by the Company
or, if appointed, has not accepted such appointment, within 90 days after the Company receives such notice or becomes aware
of such condition, the Company will execute, and the Trustee, upon Company Request, will authenticate and deliver, Securities of
such series in definitive form in an aggregate principal amount equal to the principal amount of the Global Security or Global
Securities representing Securities of such series in exchange for such Global Security or Global Securities.

 

    	 	22	 

     

    

 

In the event that (i) the Company
at any time and in its sole discretion determines that the Securities of any series issued in the form of one or more Global Securities
shall no longer be represented by such Global Security or Global Securities or (ii) there shall have occurred and be continuing
an Event of Default with respect to the Securities of any series, the Company will execute, and the Trustee, upon Company Request
or instructions from the Depositary, will authenticate and deliver, Securities of such series in definitive form and in an aggregate
principal amount equal to the principal amount of the Global Security or Global Securities representing such series in exchange
for such Global Security or Global Securities.

 

Upon the occurrence in respect of
any Global Security of any series of any one or more of the conditions specified in the preceding two paragraphs or such other
conditions as may be specified as contemplated by Section 3.1 for such series, such Global Security may be exchanged for Securities
registered in the names of, and the transfer of such Global Security may be registered to, such Persons (including Persons other
than the Depositary with respect to such series and its nominees) as such Depositary shall direct. Notwithstanding any other provision
of this Indenture, any Security authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
any Global Security shall also be a Global Security and shall bear the legend or legends specified in Section 2.2 except for
any Security authenticated and delivered in exchange for, or upon registration of transfer of, a Global Security pursuant to the
preceding sentence.

 

		Section 3.6.	Mutilated, Destroyed, Lost, and Stolen Securities.

 

If any mutilated Security is surrendered
to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange a new Security of the same
series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

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

 

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

 

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

 

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

 

    	 	23	 

     

    

 

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

 

Section 3.7.          Payment
of Interest; Interest Rights Preserved.

 

Except as otherwise provided as contemplated
by Section 3.1 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid
or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest.

 

Any interest on any Security of any series
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (“Defaulted Interest”)
shall cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted
Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below:

 

		(1)	The Company may elect to make payment of any Defaulted
Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security
of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount
of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory
to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as provided in this Clause. At such time the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days
prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest and the related Special Record Date to be mailed,
first-class postage prepaid, to each Holder of Securities of such series at his address as it appears in the Security Register,
not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the
related Special Record Date having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities
of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date
and shall no longer be payable pursuant to the following Clause (2).

 

    	 	24	 

     

    

 

		(2)	The Company may make payment of any Defaulted Interest
on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on
which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company
to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

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

 

Section 3.8.          Persons
Deemed Owners.

 

Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name
such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium
and (subject to Section 3.7) any interest on such Security and for all other purposes whatsoever, whether or not such Security
be overdue, and neither the Company, the Trustee, nor an agent of the Company or the Trustee shall be affected by notice to the
contrary.

 

No holder of any beneficial interest in
any Global Security registered in the name of a Depositary or its nominee shall have any rights under this Indenture with respect
to such Global Security, and such Depositary or nominee, as the case may be, may be treated by the Company, the Trustee, and any
agent of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing,
nothing in this Indenture shall prevent the Company, the Trustee, or any agent of the Company or the Trustee from giving effect
to any written certification, proxy, or other authorization furnished by a Depositary or its nominee pursuant to this Indenture.
Furthermore, none of the Company, the Trustee, any Paying Agent, the Security Registrar, or any other agent of the Company or the
Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests in any such Global Security or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests. The Company, the Trustee, any Paying Agent, the Security Registrar, or any other agent of the Company or the
Trustee shall be entitled to deal with the Depositary, and any nominee thereof, that is the registered holder of any Global Security
for all purposes of this Indenture relating to such Global Security (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 Security) as the sole holder of such Global Security and shall have no obligations to the beneficial owners
thereof. None of the Trustee, the Paying Agent or the Security Registrar shall have any responsibility or liability for any acts
or omissions of the Depositary with respect to such Global Security, for the records of any such depositary, including records
in respect of beneficial ownership interests in respect of any such Global Security, for any transactions between the Depositary
and any Depositary participant or between or among the Depositary, any such Depositary participant and/or any holder or owner of
a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.         

 

    	 	25	 

     

    

 

Section 3.9.          Cancellation.

 

All Securities surrendered for payment,
conversion, redemption, registration of transfer or exchange, or for credit against any sinking fund payment shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered which the Company may have acquired
in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation
any Securities previously authenticated which the Company has not issued and sold, and all Securities so delivered shall be promptly
cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed
of by the Trustee in accordance with its then customary procedures.

 

Section 3.10.        Computation
of Interest.

 

Except as otherwise specified as contemplated
by Section 3.1 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a
360-day year of twelve 30-day months.

 

Section 3.11.        CUSIP
Numbers.

 

The Company in issuing the Securities 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 Securities
or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed
on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall
promptly notify the Trustee in writing of any change in “CUSIP”, “ISIN” or other similar numbers.

 

    	 	26	 

     

    

 

ARTICLE IV

Satisfaction and Discharge

 

Section 4.1.          Satisfaction
and Discharge of Indenture.

 

This Indenture shall upon Company Request
cease to be of further effect, including the provisions of Article XIV (except as to any surviving rights of registration
of transfer or exchange of Securities expressly provided for in this Indenture), and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

		(1)	either:

 

		(A)	all Securities previously authenticated and delivered
(other than (i) Securities which have been destroyed, lost, or stolen and which have been replaced or paid as provided in
Section 3.6 and (ii) Securities for whose payment money has previously been deposited in trust or segregated and held
in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.3)
have been delivered to the Trustee for cancellation; or

 

		(B)	all such Securities not previously delivered to the Trustee
for cancellation

 

		(i)	have become due and payable, or

 

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

 

		(iii)	are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense,
of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with
the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such
Securities not previously delivered to the Trustee for cancellation (other than Securities which have been destroyed, lost, or
stolen and which have been replaced or paid as provided in Section 3.6), for principal and any premium and interest to the
date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date,
as the case may be;

 

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

 

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

 

    	 	27	 

     

    

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations (if any) of the Company
to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause
(B) of Clause (1) of this Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3
shall survive.

 

In the event Securities of two or more series
were at any time issued under this Indenture, the Trustee shall be required to execute an instrument acknowledging satisfaction
and discharge of this Indenture only if requested to do so with respect to the Securities of all series as to which it is Trustee
and if the conditions of satisfaction and discharge of this Indenture contained in this Section 4.1 in respect of such Securities
have been satisfied. In the event there are two or more Trustees under this Indenture, the effectiveness of any such instrument
shall be conditioned upon receipt of such instruments from all such Trustees.

 

Section 4.2           Application
of Trust Money.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it,
in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled to such money, of
the principal and any premium and interest for whose payment such money has been deposited with the Trustee.

 

ARTICLE V

Remedies

 

Section 5.1.          Events
of Default.

 

“Events of Default”, wherever
used in this Indenture with respect to Securities of any series, means any one of the following events (whatever the reason for
such Event of Default, whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree, or order of any court or any order, rule, or regulation of any administrative or governmental body):

 

		(1)	the entry of a decree or order for relief in respect
of the Company by a court having jurisdiction in the premises in an involuntary case under any applicable bankruptcy, insolvency,
or reorganization law, now or hereafter in effect of the United States of America or any political subdivision thereof, and such
decree or order shall have continued unstayed and in effect for a period of 60 consecutive days; or

 

		(2)	the commencement by the Company of a voluntary case under
any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States of America or any
political subdivision thereof, or the consent by the Company to the entry of a decree or order for relief in an involuntary case
under any such law; or

 

    	 	28	 

     

    

 

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

 

Section 5.2.          Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default specified in Sections 5.1(1)
or 5.1(2) with respect to Securities of any series then Outstanding shall have occurred and be continuing, then, in each and every
such case, the principal amount and interest, if any, on all of the Securities of all series then Outstanding shall become immediately
due and payable without any declaration or other act on the part of the Trustee or any Holders.

 

At any time after the occurrence of an Event
of Default with respect to Securities of one or more series and before a judgment or decree for payment of the money due has been
obtained by the Trustee as provided below in this Article, the Holders of a majority in principal amount of the Outstanding Securities
of all affected series (voting as one class), by written notice to the Company and the Trustee may waive all defaults with respect
to all affected series, and may rescind and annul the consequences of the Event of Default if:

 

		(1)	the Company has paid or deposited with the Trustee a
sum sufficient to pay (A) all overdue interest on all Securities of all affected series, (B) the principal of (and premium,
if any, on) any Securities of all affected series which have become due otherwise than by such declaration of acceleration and
any interest on such Securities at the rate or rates prescribed in such Securities, (C) to the extent that payment of such
interest is lawful, interest upon overdue interest at the rate or rates prescribed in such Securities, and (D) all sums paid
or advanced by the Trustee under this Indenture and the reasonable compensation, expenses, disbursements, and advances of the
Trustee, its agents, and counsel; and

 

		(2)	all Events of Default with respect to Securities of all
affected series, other than the non-payment of the principal of Securities of the affected series which has become due solely
by such acceleration, have been cured or waived as provided in Section 5.13.

 

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

 

For all purposes under this Indenture, if
a portion of the principal of any Original Issue Discount Securities shall have been accelerated and declared due and payable pursuant
to the provisions of this Indenture, then, from and after the date of such Event of Default, unless such Event of Default has been
rescinded and annulled as provided above, the principal amount of such Original Issue Discount Securities shall be deemed, for
all purposes under this Indenture, to be such portion of the principal as shall be due and payable as a result of such acceleration,
and the payment of such portion of the principal as shall be due and payable as a result of such acceleration, together with interest,
if any, on such portion and all other amounts owing under such Original Issue Discount Security, shall constitute payment in full
of such Original Issue Discount Securities.

 

    	 	29	 

     

    

 

Except for an Event of Default specified
in Sections 5.1(1) or 5.1(2), no other Events of Default with respect to Securities of any series then Outstanding shall result
in the acceleration of the principal or interest on Securities then Outstanding. For any Event of Default, other than those specified
in Sections 5.1(1) or 5.1(2), and for any default, or failure to perform, or breach of any covenant or warranty of the Company,
there shall not be a right to accelerate the principal or interest due under the Securities then Outstanding.

 

Section 5.3.          Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if:

 

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

 

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

 

		(3)	default is made in the making or satisfaction of any
sinking fund or analogous obligation when the same becomes due pursuant to the terms of any Security, or

 

		(4)	default is made in the performance, or breach, of any
covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose
breach is elsewhere in this Section specifically dealt with or which has been expressly included in this Indenture solely for
the benefit of a series of Securities other than such series), and such default or breach continues for a period of 30 days
after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by
the Holders of at least 25% in principal amount of the Outstanding Securities of such series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under this
Indenture, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole
amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such
interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate
or rates prescribed in such Securities, and, in addition, 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.

 

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

 

    	 	30	 

     

    

 

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

 

Section 5.4.          Trustee
May File Proofs of Claim.

 

In case of any judicial proceeding relative
to the Company (or any other obligor upon the Securities), its property, or its creditors, the Trustee shall be entitled and empowered,
by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order
to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator, or other similar official in any such judicial proceeding is
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 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 6.7.

 

No provision of this Indenture 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 Securities 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; provided, however, the Trustee may vote on behalf of the Holders
for the election of a trustee in bankruptcy or similar official and may be a member of a creditors, or other similar committee.

 

Section 5.5.          Trustee
May Enforce Claims Without Possession of Securities.

 

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

 

Section 5.6.          Application
of Money Collected.

 

Any money collected by the Trustee pursuant
to this Article or, after an Event of Default, any money or other property distributable in respect of the Company’s obligations
under this Indenture shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation on such
Securities of the payment if only partially paid and upon surrender of such Securities if fully paid:

 

    	 	31	 

     

    

 

FIRST: To the payment of all amounts
due the Trustee (including any predecessor trustee) under Section 6.7; and 

 

SECOND: To the payment of amounts then due and unpaid to the
holders of Senior Debt, to the extent required by Article XIV; and

 

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

 

Section 5.7.          Limitation
on Suits.

 

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

 

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

 

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

 

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

 

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

 

		(5)	no direction inconsistent with such written request has
been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities
of that series; it being understood and intended that no one or more of such Holders shall have any right in any manner whatever
by virtue of, or by availing of, any provision of this Indenture to affect, disturb, or prejudice the rights of any other of such
Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under
this Indenture, except in the manner provided in this Indenture and for the equal and ratable benefit of all of such Holders.

 

    	 	32	 

     

    

 

Section 5.8.          Unconditional
Right of Holders to Receive Principal, Premium, and Interest.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of and any premium and (subject to Section 3.7) any interest on such Security on the Stated Maturity or Maturities expressed
in such Security (or, in the case of redemption, on the Redemption Date), and to institute suit for the enforcement of any such
payment and such rights shall not be impaired without the consent of such Holder, subject, however, to the provisions of Article XIV.

 

Section 5.9.          Restoration
of Rights and Remedies.

 

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

 

Section 5.10.        Rights
and Remedies Cumulative.

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost, or stolen Securities in the last paragraph of Section 3.6, no
right or remedy conferred in this Indenture upon or reserved to the Trustee or to the Holders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given under this Indenture or now or in the future existing at law or in equity or otherwise. The assertion
or employment of any right or remedy under this Indenture, or otherwise, shall not prevent the concurrent assertion or employment
of any other appropriate right or remedy.

 

Section 5.11.        Delay
or Omission Not Waiver.

 

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

 

Section 5.12.        Control
by Holders.

 

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

 

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

 

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

 

		(3)	the Trustee shall have the right to decline to follow
any such direction if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the
proceeding so directed would involve the Trustee in personal liability.

 

Section 5.13.       Waiver
of Past Defaults.

 

Subject to Section 5.2, the Holders
of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all
the Securities of such series waive any past default under this Indenture with respect to such series and its consequences, except
a default (1) in the payment of the principal of or any premium or interest on any Security of such series, or (2) in
respect of a covenant or provision of this Indenture which under Article IX cannot be modified or amended without the consent
of the Holder of each Outstanding Security of such affected series.

 

Upon any such waiver, such default shall
cease to exist, and any Event of Default arising from such default 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 impair any consequent right.

 

Section 5.14.       Undertaking
for Costs.

 

All parties to this Indenture agree, and
each Holder of any Securities by his acceptance of such Securities shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered, or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the
costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney’s fees
and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section 5.14 shall not apply to any suit instituted by the Company,
to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more
than 10% in principal amount of the outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of (or premium, if any) or interest on any Securities on or after the Stated Maturity or Maturities
expressed in such Securities (or, in the case of redemption, on or after the Redemption Date).

 

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ARTICLE VI

The Trustee

 

Section 6.1.         Certain
Duties and Responsibilities.

 

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

 

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

 

		(2)	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, statements, opinions or conclusions stated therein).

 

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

 

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

 

		(1)	this Subsection (c) shall not be construed to limit the
effect of Subsections (a) or (d) of this Section;

 

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

 

		(3)	the Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount
of the Outstanding Securities of any series, determined as provided herein, relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this
Indenture with respect to the Securities of such series.

 

		(d)	No provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it.

 

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		(e)	Whether or not therein expressly so provided, every provision
of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject
to the provisions of this Section 6.1.

 

Section 6.2.          Notice
of Defaults.

 

Within 90 days after the occurrence of any
default hereunder with respect to the Securities of any series, the Trustee shall transmit by first-class mail, postage prepaid,
to all Holders of Securities of such series, as their names and addresses appear in the Security Register (or in case that a Depositary
(or a nominee thereof) is a Holder of Securities issued in the form of Global Securities, then with respect to such Securities
give by electronic, email or other means as such be acceptable to such Depositary), notice of such default hereunder known to the
Trustee, unless such default shall have been cured or waived; provided, however, that except in the case of default
in the payment of the principal of or the interest on any of the Securities of such series, or in the payment of any sinking fund
installment or analogous payment on such series, the Trustee shall be protected in withholding such notice if and so long as the
board of directors or trustees or a committee comprised of Responsible Officers of the Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders of such series. For the purpose of this Section, the term “default”
means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities
of such series.

 

Section 6.3.          Certain
Rights of Trustee.

 

Subject to the provisions of Section 6.1:

 

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

 

		(b)	any request or direction of the Company mentioned in
this Indenture shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

 

		(c)	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 under
this Indenture, the Trustee (unless other evidence be specifically prescribed in this Indenture) may, in the absence of bad faith
on its part, conclusively rely upon an Officers’ Certificate;

 

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		(d)	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 in respect of
any action taken, suffered, or omitted by it under this Indenture in good faith and in reliance on such advice or Opinion of Counsel;

 

		(e)	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 pursuant to this
Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to the Trustee
against the costs, expenses, and liabilities which might be incurred by it in compliance with such request or direction;

 

		(f)	the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness, or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine
to make such further inquiry or investigation, it shall be entitled to examine the books, records, and premises of the Company,
personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any
kind by reason of such inquiry or investigation;

 

		(g)	the Trustee may execute any of the trusts or powers or
perform any duties under this Indenture either directly or by or through agents or attorneys and the Trustee shall not be responsible
for any misconduct or negligence on the part of any agent or attorney appointed with due care by it;

 

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

 

		(i)	the Trustee shall not be charged with knowledge of any
default or Event of Default with respect to the Securities unless written notice of such default or Event of Default shall have
been given to a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee by the Company or by any Holder
of the Securities, and such notice references the Securities and this Indenture;

 

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		(j)	the permissive rights of the Trustee enumerated herein
shall not be construed as duties;

 

		(k)	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 each agent, custodian and other Person employed to act hereunder;

 

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

 

		(m)	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; and

 

		(n)	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, any provision of any law or regulation or any act of any governmental
authority, 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.

 

Section 6.4.          Not
Responsible for Recitals or Issuance of Securities.

 

The recitals contained in this Indenture
and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company,
and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be
accountable for the use or application by the Company of Securities or the proceeds from such Securities. The Trustee shall not
be responsible to make any calculation with respect to any matter under this Indenture. The Trustee shall have no duty to monitor
or investigate the Company’s compliance with or the breach of, or cause to be performed or observed, any representation,
warranty, or covenant, or agreement of any Person, other than the Trustee, made in this Indenture.

 

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Section 6.5.          May
Hold Securities.

 

The Trustee, any Authenticating Agent, any
Paying Agent, any Security Registrar, or any other agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights
it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar, or such other agent.

 

Section 6.6.          Money
Held in Trust.

 

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

 

Section 6.7.          Compensation
and Reimbursement.

 

The Company agrees:

 

		(1)	to pay to the Trustee from time to time such compensation
as shall be agreed in writing between the Company and the Trustee for all services rendered by it under this Indenture (which
compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

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

 

(3)         to
indemnify each of the Trustee and any predecessor Trustee and their officers, agents, directors and employees for, and to hold
them harmless against, any and all loss, damage, claim, liability, or expense, including fees and expenses of counsel and including
taxes (other than taxes based upon, measured by or determined by the income of the Trustee), incurred without gross negligence
or willful misconduct on their part, 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 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 under
this Indenture, or in connection with enforcing the provisions of this Section.

 

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To secure the Company’s obligations
under this Section, the Trustee shall have a lien prior to the Securities upon all money or property held or collected by the Trustee
in its capacity as Trustee, except for such money and property which is held in trust to pay principal (and premium, if any) or
interest on particular Securities, and the claims of the Trustee under this Section shall not be subject to the provisions of Article XIV;

 

In addition to, and without prejudice to
its other rights under this Indenture, when the Trustee incurs any expenses or renders any services after the occurrence of an
Event of Default specified in Section 5.1(1) or (2), such expenses (including the fees and expenses of its counsel) and the
compensation for such services are intended to constitute expenses of administration under the United States Bankruptcy Code (Title
11 of the United States Code) or any similar Federal or State law for the relief of debtors; and

 

The provisions of this Section 6.7
shall survive the satisfaction and discharge of the Indenture, the resignation or removal of the Trustee and the termination for
any reason of this Indenture.

 

“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.

 

Section 6.8.          Disqualification;
Conflicting Interests.

 

If the Trustee has or shall acquire a conflicting
interest within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign,
to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. For
the purpose of the second paragraph of Section 310(b) of the Trust Indenture Act, the phrase “default (as such term is defined
in such indenture, but exclusive of any period of grace or requirement of notice)” is hereby defined to mean any event which
is, or after notice or lapse of time or both would become, an Event of Default. To the extent permitted by the Trust Indenture
Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect
to Securities of more than one series.

 

Section 6.9.          Corporate
Trustee Required; Eligibility.

 

There shall at all times be a Trustee under
this Indenture which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital
and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the
requirements of its supervising or examining authority, then for the purposes of this Section (and to the extent permitted by the
Trust Indenture Act), the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in this Article.

 

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Section 6.10.        Resignation
and Removal; Appointment of Successor.

 

		(a)	No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee
in accordance with the applicable requirements of Section 6.11.

 

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

 

		(c)	The Trustee may be removed at any time with respect to
the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series,
delivered to the Trustee and to the Company.

 

		(d)	If at any time:

 

		(1)	the Trustee shall fail to comply with Section 6.8
after written request for such compliance by the Company or by any Holder who has been a bona fide Holder of a Security for at
least six months, or

 

		(2)	the Trustee shall cease to be eligible under Section 6.9
and shall fail to resign after written request by the Company or by any such Holder, or

 

		(3)	the Trustee shall become incapable of acting or shall
be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall
take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation, or liquidation,
then, in any such case, (i) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (ii) subject
to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to
all Securities and the appointment of a successor Trustee or Trustees.

 

		(e)	If the instrument of acceptance by a successor Trustee
required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice
of resignation or removal, the Trustee resigning or being removed may petition any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

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		(f)	If the Trustee shall resign, be removed, or become incapable
of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series,
the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that
or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal,
or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be
appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the
Company and the retiring Trustee, the successor Trustee so appointed shall, immediately upon its acceptance of such appointment
in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities
of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect
to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner
required by Section 6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months
may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

		(g)	The Company shall give notice of each resignation and
each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect
to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.6. Each notice
shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate
Trust Office.

 

Section 6.11.       Acceptance
of Appointment by Successor.

 

		(a)	In case of the appointment of a successor Trustee under
this Indenture with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge, and deliver
to the Company and to the retiring Trustee an instrument accepting such appointment. Upon such delivery, the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed, or conveyance, shall
become vested with all the rights, powers, trusts, and duties of the retiring Trustee; but, on the request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of its charges and all other amounts payable to it hereunder, execute
and deliver an instrument transferring to such successor Trustee all the rights, powers, and trusts of the retiring Trustee and
shall duly assign, transfer, and deliver to such successor Trustee all property and money held by such retiring Trustee under
this Indenture, subject nevertheless to its lien provided for in Section 6.7.

 

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		(b)	In case of the appointment under this Indenture of a
successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee, and each
successor Trustee with respect to the Securities of one or more series shall execute and deliver a supplemental indenture wherein
each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable
to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts, and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if
the retiring Trustee is not retiring with respect to the Securities of all series, shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts, and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts under this Indenture by more than one Trustee, it being understood that nothing in this Indenture
or in such supplemental indenture shall constitute such Trustees cotrustees of the same trust and that each such Trustee shall
be trustee of a trust or trusts under this Indenture separate and apart from any trust or trusts under this Indenture administered
by any other such Trustee; and, upon the execution and delivery of such supplemental indenture, the resignation or removal of
the retiring Trustee shall become effective to the extent provided in such supplemental indenture and each such successor Trustee,
without any further act, deed, or conveyance, shall become vested with all the rights, powers, trusts, and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; and
such retiring Trustee shall duly assign, transfer, and deliver to such successor Trustee all property and money held by such retiring
Trustee under this Indenture with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates, subject nevertheless to its lien provided for in Section 6.7.

 

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

 

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

 

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Section 6.12.         Merger,
Conversion, Consolidation, or Succession to Business.

 

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 under this Indenture, 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 to this Indenture.
In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger,
conversion, or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated
with the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section 6.13.         Preferential
Collection of Claims Against Company.

 

If and when the Trustee shall be or become
a creditor of the Company or any other obligor upon the Securities (other than by reason of a relationship described in Section
311(b) of the Trust Indenture Act), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection
of claims against the Company or any such other obligor. For purposes of Section 311(b) of the Trust Indenture Act:

 

		(A)	the term "cash transaction" means any transaction
in which full payment for goods or securities sold is made within seven days after delivery of the goods or securities in currency
or in checks or other orders drawn upon banks or bankers and payable upon demand; and

 

		(B)	the term "self-liquidating paper" means any
draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated or incurred by the Company or such obligor
for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise
and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or merchandise or the receivables
or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security
is received by the Trustee simultaneously with the creation of the creditor relationship with the Company or such obligor arising
from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.

 

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Section 6.14.         Appointment
of Authenticating Agent.

 

The Trustee may appoint an Authenticating
Agent or Agents (which may be an affiliate of the Company) with respect to one or more series of Securities which shall be authorized
to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration
of transfer, or partial redemption or conversion, or pursuant to Section 3.6, and Securities so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee. Wherever
reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate
of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating
Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent
shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United
States of America, any of its states, or the District of Columbia, authorized under such laws to act as Authenticating Agent, having
a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal or state authority.
If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall
be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time
an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such authenticating Agent
shall resign immediately in the manner and with the effect specified in this Section.

 

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

 

An Authenticating Agent may resign at any
time by giving written notice to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail
written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect
to which such Authenticating Agent will serve, as their names and addresses appear in the Security Register. Any successor Authenticating
Agent upon acceptance of its appointment under this Indenture shall become vested with all the rights, powers, and duties of its
predecessor, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

 

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

 

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

 

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

 

    	 	45	 

     

    

 

[________________________________],
as Trustee

 

	 	By:	
	 	 	As Authenticating Agent
	 	 	 
	 	By:	
	 	 	 Authorized Officer

 

ARTICLE VII

Holder’s Lists and Reports by Trustee and Company

 

Section 7.1.          Company
to Furnish Trustee Names and Addresses of Holders.

 

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

 

		(a)	semi-annually, not later than June 30 and December 31
in each year, a list for each series, in such form as the Trustee may reasonably require, of the names and addresses of the Holders
of Securities of such series as of the preceding June 15 or December 15, as the case may be, and

 

		(b)	at such other times as the Trustee may request in writing,
within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not
more than 15 days prior to the time such list is furnished; provided, that if and so long as the Trustee shall be
the Security Registrar for such series, such lists shall not be required to be furnished.

 

Section 7.2.          Preservation
of Information; Communications to Holders.

 

		(a)	The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided
in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The
Trustee may dispose of as it deems fit any list furnished to it as provided in Section 7.1 upon receipt of a new list so
furnished.

 

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

 

    	 	46	 

     

    

 

		(c)	Every Holder of Securities, by receiving and holding
the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall
be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust
Indenture Act.

 

Section 7.3.          Reports
by Trustee.

 

		(a)	The Trustee shall transmit to Holders such reports concerning
the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant to the Trust Indenture Act. To the extent that any such report is required by the Trust Indenture Act
with respect to any 12-month period, such report shall cover the 12-month period ending May 15 and shall be transmitted (in
accordance with the Trust Indenture Act) by the next succeeding July 15.

 

		(b)	A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission,
and with the Company. The Company will promptly notify the Trustee when any Securities are listed on any stock exchange.

 

Section 7.4.          Reports
by Company.

 

The Company shall file with the Trustee
and the Commission, and transmit to Holders, such information, documents, and other reports, and such summaries, as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Trust Indenture Act; provided
that any such information, documents, or reports required to be filed with the Commission pursuant to Section 13 or 15(d)
of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission.

 

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 actual
or 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 shall be entitled to rely exclusively on Officers’
Certificates).

 

    	 	47	 

     

    

 

ARTICLE VIII

Consolidation, Merger, Conveyance, Transfer or Lease

 

Section 8.1.          Company
May Consolidate, Etc., Only on Certain Terms.

 

The Company shall not consolidate with or
merge into any other Person or convey, transfer, or lease its properties and assets substantially as an entirety to any Person,
and the Company shall not permit any Person to consolidate with or merge into the Company or convey, transfer, or lease its properties
and assets substantially as an entirety to the Company, unless:

 

		(1)	in case the Company shall consolidate with or merge into
another Person or convey, transfer, or lease its properties and assets substantially as an entirety to any Person, the Person
formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which
leases, the properties and assets of the Company substantially as an entirety shall be a corporation, shall be organized and validly
existing under the laws of the United States of America, any of its states or the District of Columbia, and shall expressly assume,
by a supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual
payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant
of this Indenture on the part of the Company to be performed or observed;

 

		(2)	immediately after giving effect to such transaction and
treating any indebtedness which becomes an obligation of the Company or a Subsidiary as a result of such transaction as having
been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after
notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and

 

		(3)	the Company has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer, or lease and, if a
supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Article
and that all conditions precedent in this Indenture provided for relating to such transaction have been complied with.

 

Section 8.2.          Successor
Substituted.

 

Upon any consolidation of the Company with,
or merger of the Company into, any other Person or any conveyance, transfer, or lease of the properties and assets of the Company
substantially as an entirety in accordance with Section 8.1, the successor Person formed by such consolidation or into which
the Company is merged or to which such conveyance, transfer, or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named
as the Company in this Indenture, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Securities.

 

    	 	48	 

     

    

 

ARTICLE IX

Supplemental Indentures

 

Section 9.1.          Supplemental
Indentures Without Consent of Holders.

 

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

 

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

 

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

 

		(3)	to add any additional Events of Default for the benefit
of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less
than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit
of such series); or

 

		(4)	to add to or change any of the provisions of this Indenture
to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable
as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated
form; or

 

		(5)	to add to, change, or eliminate any of the provisions
of this Indenture in respect of one or more series of Securities, provided that any such addition, change, or elimination
(i) shall neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and
entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such Security with respect to such
provision or (ii) shall become effective only when there is no such Security Outstanding; or

 

		(6)	to secure the Securities; or

 

		(7)	to establish the form or forms or terms of Securities
of any series as permitted by Sections 2.1 and 3.1; or

 

    	 	49	 

     

    

  

		(8)	to evidence and provide for the acceptance of appointment
under this Indenture by a successor Trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts under this
Indenture by more than one Trustee, pursuant to the requirements of Section 6.11(b); or

 

		(9)	to comply with any requirements of the Commission in
connection with qualifying this Indenture under the Trust Indenture Act;

 

		(10)	to cure any ambiguity, mistake, defect or inconsistency;
or

 

		(11)	to make any change, provided that such change shall
not adversely affect the interests of the Holders of Securities of any series in any material respect.

 

Section 9.2.          Supplemental
Indentures With Consent of Holders.

 

With the consent of the Holders of not less
than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act
of such Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may
enter into a supplemental indenture or indentures for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under
this Indenture; provided, however, that no such supplemental indenture entered into pursuant to this Section 9.2
shall, without the consent of the Holder of each Outstanding Security affected by such supplemental indenture,

 

		(1)	change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Security, or reduce its principal amount or rate of interest or any premium payable
upon its redemption, or reduce the amount of the principal of an Original Issue Discount Security or any other Security that would
be due and payable upon a declaration of acceleration of its Maturity pursuant to Section 5.2, or adversely affect any right
of repayment at the option of the Holder of any Security, or change any Place of Payment where any Security or any premium or
interest is payable, or impair the right to institute suit for the enforcement of any such payment on or after its Stated Maturity
(or, in the case of redemption, on or after the Redemption Date), or modify the provisions of this Indenture with respect to the
subordination of the Securities in a manner adverse to the Holders, or

 

		(2)	reduce the percentage in principal amount of the Outstanding
Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose
Holders is required for any waiver of compliance with the provisions of or defaults under this Indenture and their consequences
provided for in this Indenture, or

 

    	 	50	 

     

    

 

		(3)	modify any of the provisions of this Section, Section 5.13,
or Section 10.8, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot
be modified or waived without the consent of the Holder of each affected Outstanding Security, provided, however,
that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the
Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements of
Section 6.11(b) and 9.1(8).

 

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

 

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

 

Section 9.3.          Execution
of Supplemental Indentures.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications of the trusts created by this Indenture,
the Trustee shall be entitled to receive in addition to the documents required by Section 1.2, and (subject to Section 6.1)
shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee’s own rights, duties, liabilities or immunities under this
Indenture or otherwise.

 

Section 9.4.          Effect
of Supplemental Indentures.

 

Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance with such supplemental indenture, and such supplemental indenture
shall form a part of this Indenture for all purposes; and every Holder of Securities previously or subsequently authenticated and
delivered under this Indenture shall be bound by such supplemental indenture.

 

Section 9.5.          Conformity
With Trust Indenture Act.

 

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

 

Section 9.6.          Reference
in Securities to Supplemental Indentures.

 

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

 

    	 	51	 

     

    

 

Section 9.7.          Notice
of Supplemental Indentures.

 

After any supplemental indenture under this
Article becomes effective, the Company may give to the Holders of Securities, in the manner referred to in Section 1.6, a notice
briefly describing such supplemental indenture; provided, however, that the failure to give such notice to all Holders of Securities,
or any defect therein, shall not impair or affect the validity of such supplemental indenture.

 

ARTICLE X

Covenants

 

Section 10.1.        Payment
of Principal, Premium, and Interest.

 

The Company covenants and agrees for the
benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the
Securities of that series in accordance with the terms of the Securities and this Indenture.

 

Section 10.2.        Maintenance
of Office or Agency.

 

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

 

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

 

Section 10.3.        Money
for Securities Payments to Be Held in Trust.

 

If the Company shall at any time act as
its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium
or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled to such
principal, premium, or interest a sum sufficient to pay the principal and any premium and interest so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as provided in this Indenture and will promptly notify the Trustee of its
action or failure to act.

 

    	 	52	 

     

    

 

Whenever the Company shall have one or more
Paying Agents for any series of Securities, it will, prior to each due date of the principal of or any premium or interest on any
Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by
the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing
of its action or failure to act.

 

The Company will cause each Paying Agent
for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (i) comply with the provisions
of the Trust Indenture Act applicable to it as a Paying Agent and (ii) during the continuance of any default by the Company
(or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series,
and upon the written request of the Trustee, immediately pay to the Trustee all sums held in trust by such Paying Agent for payment
in respect of the Securities of that series.

 

The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 

Subject to applicable abandoned property
laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal
of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium,
or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to
the Company for payment, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee, shall cease at such time.

 

Section 10.4.         Statement
by Officers as to Default.

 

The Company will deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company ending after the date of this Indenture, an Officers’
Certificate (one of the signers of which shall be the principal executive officer, principal financial officer, or principal accounting
officer of the Company), stating whether or not, to the best knowledge of the signers, the Company is in default in the performance
and observance of any of the terms, provisions, and conditions of this Indenture (without regard to any period of grace or requirement
of notice provided under this Indenture) and, if the Company shall be in default, specifying all such defaults and their nature
and status of which they may have knowledge. The Company will deliver to the Trustee written notice of the occurrence of any Event
of Default or default (which word has the meaning of the word “default” as used in Section 6.2), within ten (10) Business
Days of the Company becoming aware of any such Event of Default or default and setting forth the detail of such Event of Default
or default and the action the Company proposes to take with respect thereto.

 

    	 	53	 

     

    

 

Section 10.5.        Existence.

 

Subject to Article VIII, the Company
will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and
statutory), and franchises; provided, however, that the Company shall not be required to preserve any such right
or franchise if the Board of Directors shall determine that its preservation is no longer desirable in the conduct of the business
of the Company and that its loss is not disadvantageous in any material respect to the Holders.

 

Section 10.6.        Maintenance
of Properties.

 

The Company will cause all material properties
used or useful in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair,
and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements,
betterments, and improvements, all as in the judgment of the Company may be necessary so that the business carried on by it may
be properly and advantageously conducted at all times; provided, however, that nothing in this Section shall prevent
the Company from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment
of the Company, desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous in any material
respect to the Holders.

 

Section 10.7.        Payment
of Taxes and Other Claims.

 

The Company will pay or discharge or cause
to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments, and governmental charges levied
or imposed upon the Company or any Subsidiary or upon the income, profits, or property of the Company or any Subsidiary, and (2) all
lawful claims for labor, materials, and supplies which, if unpaid, might by law become a lien upon the property of the Company
or any Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid
or discharged any such tax, assessment, charge, or claim whose amount, applicability, or validity is being contested in good faith
by appropriate proceedings and for which adequate provision is made.

 

Section 10.8.        Waiver
of Certain Covenants.

 

The Company may, with respect to the Securities
of any series, omit in any particular instance to comply with any term, provision, or condition set forth in Sections 10.5
to 10.7 (excluding Section 10.7(1)), or in any covenant provided pursuant to Section 3.1(16) or 9.1(2) for the benefit of
the Holders of such series, if before the time for such compliance the Holders of a majority in principal amount of the Outstanding
Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance
with such term, provision, or condition, but no such waiver shall extend to or affect such term, provision, or condition except
to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties
of the Trustee in respect of any such term, provision, or condition shall remain in full force and effect.

 

    	 	54	 

     

    

 

Section 10.9.        Calculation
of Original Issue Discount.

 

If the Company has Outstanding any Original
Issue Discount Securities, the Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice
specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities
as of the end of such year and (ii) such other specific Trustee, any Paying Agent or the holders of the Notes pursuant to the Internal
Revenue Code of 1986, as amended, and the regulations issued thereunder.

 

Section 10.10.      Tax
Payment and Tax Withholding Obligations.

 

In order to enable the Trustee and any other Paying Agent to
comply with any tax payment or tax withholding obligation or obligations imposed on it or them by virtue of applicable law in connection
with any payment made by it or them to Holders pursuant to any of the provisions of this Indenture, the Company hereby agrees that,
upon receipt of a request from time to time from the Trustee or such Paying Agent, the Company will provide to the Trustee and
such Paying Agent promptly a notice in writing as to whether and to what extent, together with any and all information necessary
to enable the Trustee and such Paying Agent to determine whether and to what extent, any such tax payment or tax withholding obligation
or obligations shall apply, and, if any do so apply, the amount and other relevant details of such tax payment and/or tax withholding
obligation or obligations. In addition to and notwithstanding such agreement, the Trustee and any such Paying Agent shall have
full right and warrant to withhold from any payment made by it or them pursuant to any of the provisions of this Indenture (if
required to comply with such tax payment or tax withholding obligation or obligations) and shall not be liable to any Person for
so doing.

 

ARTICLE XI

Redemption of Securities

 

Section 11.1.        Applicability
of Article.

 

Securities of any series which are redeemable
before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 3.1 for Securities of any series) in accordance with this Article.

 

Section 11.2.        Election
to Redeem; Notice to Trustee.

 

The election of the Company to redeem any
Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such
Securities. In case of any redemption at the election of the Company, the Company shall, at least 60 calendar days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities
to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided
in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with such restriction.

 

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Section 11.3.        Selection
by Trustee of Securities to Be Redeemed.

 

If less than all the Securities of any series
are to be redeemed (unless all of the Securities of such series and of a specified tenor are to be redeemed or such series is comprised
of a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption
Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption by such method as the
Trustee shall deem fair and appropriate (which may include pro rata or by lot) and which may provide for the selection for
redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple of
such denomination) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination
for Securities of that series. If less than all of the Securities of such series and of a specified tenor are to be redeemed (unless
such series is comprised of a single Security), the particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously
called for redemption in accordance with the preceding sentence.

 

Unless all of the Securities of such series
and of a specified tenor are to be redeemed or such series is comprised of a single Security, the Trustee shall promptly notify
the Company in writing of the Securities selected for redemption and, in the case of any Securities (other than Securities comprised
of a single Security) selected for partial redemption, the principal amount thereof to be redeemed. In the case of any such redemption
in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not
be less than the minimum authorized denomination) of such Security.

 

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

 

Section 11.4.        Notice
of Redemption.

 

Notice of redemption shall be given by first-class
mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities
to be redeemed, at his address appearing in the Security Register.

 

All notices of redemption shall state:

 

		(1)	the Redemption Date,

 

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		(2)	the Redemption Price and accrued interest, if any,

 

		(3)	if less than all the Outstanding Securities of any series
are to be redeemed, the identification (and, in the case of partial redemption of any Securities, the principal amounts) of the
particular Securities to be redeemed, and that on or after the date fixed for redemption, upon surrender of such Security, a new
Security or Securities of such series in authorized denominations for an aggregate principal amount equal to the unredeemed portion
will be issued,

 

		(4)	that on the Redemption Date the Redemption Price and
accrued interest, if any, will become due and payable upon each such Security to be redeemed and that interest on such Security
will cease to accrue on and after such date,

 

		(5)	the place or places where such Securities are to be surrendered
for payment of the Redemption Price and accrued interest, if any,

 

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

 

		(7)	the CUSIP numbers”, “ISIN” or other
similar numbers, if any, of the Securities to be redeemed.

 

Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Company or, at the Company’s request (delivered to the Trustee,
together with a form of notice of redemption, at least 45 days (unless a shorter period shall be acceptable to the Trustee) prior
to the Redemption Date) , by the Trustee in the name and at the expense of the Company and shall be irrevocable.

 

Section 11.5.        Deposit
of Redemption Price.

 

Prior to 10:00 a.m., New York City
time on the Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as
its own Paying Agent, segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are
to be redeemed on that date.

 

Section 11.6.         Securities
Payable on Redemption Date.

 

Notice of redemption having been given in
accordance with this Indenture, the Securities to be redeemed shall, on the Redemption Date, become due and payable at the Redemption
Price specified in the notice, and from and after such date (unless the Company shall default in the payment of the Redemption
Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in
accordance with such notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest
to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 3.1,
installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their
terms and the provisions of Section 3.7.

 

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If any Security called for redemption shall
not be so paid upon surrender for redemption, the principal and any premium shall, until paid, bear interest from the Redemption
Date at the rate prescribed in the Security.

 

Section 11.7.        Securities
Redeemed in Part.

 

Any Security which is to be redeemed only
in part shall be surrendered at a Place of Payment (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder or his attorney duly authorized
in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without
service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested
by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security
so surrendered.

 

ARTICLE XII

Sinking Funds

 

Section 12.1.        Applicability
of Article.

 

The provisions of this Article shall be
applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 3.1
for Securities of such series.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is referred to in this Indenture as a “mandatory sinking fund payment”,
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is referred to in this Indenture
as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of
any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be applied
to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

Section 12.2.        Satisfaction
of Sinking Fund Payments with Securities.

 

The Company (1) may deliver Securities
of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which previously
have been redeemed by the Company either at the election of the Company pursuant to the terms of such Securities or through the
application of permitted optional sinking fund payments pursuant to the terms of such Securities, or have been otherwise acquired
by the Company as permitted by such Securities, in each case in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms
of such series; provided that such Securities have not been previously so credited. Such Securities shall be received and
credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

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Section 12.3.        Redemption
of Securities for Sinking Fund.

 

Not less than 90 days prior to each
sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion,
if any, which is to be satisfied by payment of cash and the portion, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 12.2 and the basis for such credit and will also deliver to the Trustee any
Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.3 and cause notice of
redemption to be given in the name of and at the expense of the Company in the manner provided in Section 11.4. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 11.6
and 11.7.

 

ARTICLE XIII

Defeasance and Covenant Defeasance

 

Section 13.1.        Applicability
of Article; Company’s Option to Effect Defeasance or Covenant Defeasance.

 

If, pursuant to Section 3.1, provision
is made for either or both of (a) Defeasance of the Securities of a series under Section 13.2 or (b) Covenant Defeasance
of the Securities of a series under Section 13.3, then the provisions of such Section or Sections, as the case may be, together
with the other provisions of this Article XIII, shall be applicable to the Securities of such series, and the Company may
at its option by Board Resolution or in any other manner specified as contemplated by Section 3.1, at any time, with respect
to the Securities of such series, elect to have either Section 13.2 (if applicable) or Section 13.3 (if applicable) be
applied to the Outstanding Securities of such series upon compliance with the conditions set forth below in this Article XIII.

 

Section 13.2.        Defeasance
and Discharge.

 

Upon the Company’s exercise of the
above option applicable to this Section, the Company shall be deemed to have been discharged from its obligations with respect
to the Outstanding Securities of such series on and after the date the conditions precedent set forth in Section 13.3 are satisfied
(“Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged
the entire indebtedness represented by the Outstanding Securities of such series and to have satisfied all its other obligations
under such Securities and this Indenture, insofar as such Securities are concerned (and the Trustee, upon Company Order and at
the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive
until otherwise terminated or discharged under this Indenture: (A) the rights of Holders of Outstanding Securities of such
series to receive, solely from the trust fund described in Section 13.4 as more fully set forth in such Section, payments of the
principal of (any premium, if any) and interest on such Securities when such payments are due, (B) the Company’s obligations
with respect to such Securities under Sections 3.4, 3.5, 3.6, 6.7, 10.2, and 10.3, and any ancillary obligations, (C) the
rights, powers, trusts, duties, immunities, and other provisions in respect of the Trustee under this Indenture, and (D) this
Article XIII. Subject to compliance with this Article XIII, the Company may exercise its option under this Section 13.2
notwithstanding the prior exercise of its option under Section 13.3 with respect to the Securities of such series. Following
a Defeasance, payment of the Securities of such series may not be accelerated because of an Event of Default.

 

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Section 13.3.        Covenant
Defeasance.

 

Upon the Company’s exercise of the
above option applicable to this Section and after the date the conditions set forth below are satisfied (“Covenant Defeasance”),
(1) the Company shall be released from its obligations under any covenant applicable to such Securities that is determined
pursuant to Section 3.1 to be subject to this provision, and (2) the occurrence of any event specified in Section 5.1(1)
or (2) or determined pursuant to Section 3.1 to be subject to this provision shall not be deemed to be or result in an
Event of Default. For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Securities 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 Section whether directly or indirectly by reason of any reference elsewhere in this Indenture to any such Section or by reason
of any reference in any such Section to any other provision in this Indenture or in any other document, but the remainder of this
Indenture and such Securities shall be unaffected by such Covenant Defeasance.

 

Section 13.4.         Conditions
to Defeasance or Covenant Defeasance.

 

The following shall be the conditions precedent
to application of either Section 13.2 or Section 13.3 to the Outstanding Securities of such series:

 

		(1)	The Company shall irrevocably have deposited or caused
to be deposited with the Trustee (or another trustee which satisfies the requirements contemplated by Section 6.9 and agrees
to comply with the provisions of the Indenture applicable to it as if it were the Trustee under this Indenture), as trust funds
in trust for the purpose of making the following payments, and dedicated solely to, the benefit of the Holders of such Securities,
(A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest
in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or
(C) a combination of such money and U.S. Government Obligations, in each case sufficient, without reinvestment, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification delivered to the Trustee,
to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee as previously provided)
to pay and discharge, the principal of (and premium, if any) and interest on the Outstanding Securities of such series on the
Maturity of such principal, any premium or interest, and any mandatory sinking fund payments or analogous payments applicable
to the Outstanding Securities of such series on their due dates. Before such a deposit, the Company may make arrangements satisfactory
to the Trustee for the redemption of Securities at a future date or dates in accordance with Article XI, which shall be given
effect in applying the foregoing provisions. For this purpose, “U.S. Government Obligations” means securities that
are (x) direct obligations of the United States of America for the payment of which its full faith and credit is pledged,
or (y) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States
of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America,
which, in either case, are not callable or redeemable at the option of the issuer, and shall also include a depository receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended), which may include the Trustee,
as custodian with respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such
U.S. Government Obligation held by such custodian for the account of the holder of such depository receipt, provided that (except
as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal
of or interest on the U.S. Government Obligation evidenced by such depository receipt.

 

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		(2)	No Event of Default or event which with notice or lapse
of time or both would become an Event of Default with respect to the Securities of such series shall have occurred and be continuing
(A) on the date of such deposit or (B) insofar as subsections 5.1(1) and (2) are concerned, at any time during
the period ending on the 120th day after the date of such deposit or, if longer, ending on the day following the expiration
of the preference period applicable to the Company under federal law in respect of such deposit (it being understood that the
condition in this clause (B) shall not be deemed satisfied until the expiration of such period).

 

		(3)	Such Defeasance or Covenant Defeasance shall not (A) cause
the Trustee in respect of the Securities of such series to have a conflicting interest as defined in Section 6.8 or for purposes
of the Trust Indenture Act with respect to any Securities of the Company or (B) result in the trust arising from such deposit
to constitute, unless it is qualified as, a regulated investment company under the Investment Company Act of 1940, as amended.

 

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

 

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		(5)	Such Defeasance or Covenant Defeasance shall not cause
any Securities of such series then listed on any registered national securities exchange under the Securities Exchange Act of
1934, as amended, to be delisted.

 

		(6)	In the case of an election under Section 13.2, the
Company shall have delivered to the Trustee an Opinion of Counsel stating that (x) the Company has received from, or there
has been published by, the Internal Revenue Service a ruling, or (y) since the date of this Indenture there has been a change
in the applicable federal income tax law, in either case to the effect that, and based on such ruling or change such opinion shall
confirm that, the Holders of the Outstanding Securities of such series will not recognize income, gain, or loss for federal income
tax purposes as a result of such Defeasance and will be subject to federal income tax on the same amounts, in the same manner,
and at the same times as would have been the case if such Defeasance had not occurred.

 

		(7)	In the case of an election under Section 13.3, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the Outstanding Securities
of such series will not recognize income, gain, or loss for federal income tax purposes as a result of such Covenant Defeasance
and will be subject to federal income tax on the same amounts, in the same manner, and at the same times as would have been the
case if such Covenant Defeasance had not occurred.

 

		(8)	The Company shall have delivered to the Trustee an Opinion
of Counsel to the effect that (subject to customary qualifications and assumptions) after the period described in Section 13.4(2),
the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization, or similar laws affecting
creditors’ rights generally.

 

		(9)	Such Defeasance or Covenant Defeasance shall be effected
in compliance with any additional terms, conditions, or limitations which may be imposed on the Company in connection with such
Defeasance or Covenant Defeasance pursuant to Section 3.1.

 

		(10)	The Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to either
the Defeasance under Section 13.2 or the Covenant Defeasance under Section 13.3 (as the case may be) have been complied
with.

 

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Section 13.5         Deposited
Money and U.S. Government Obligatons to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money and U.S. Government Obligations (including any proceeds) deposited with the Trustee or other qualifying
trustee (solely for purposes of this Section and Section 13.6, the Trustee and any such other qualifying trustee are referred
to collectively as the “Trustee”) pursuant to Section 13.4 in respect of the Outstanding Securities of such series
shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to
the payment, either directly or through any Paying Agent (but not including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Holders of such Securities, of all sums due and to become due on such Securities in respect of principal
(and premium, if any) and interest, but such money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the
Trustee against any tax, fee, or other charge imposed on or assessed against the money or U.S. Government Obligations deposited
pursuant to Section 13.4 or the principal and interest received in respect of such money or U.S. Government Obligations other
than any such tax, fee, or other charge which by law is for the account of the Holders of Outstanding Securities.

 

Anything in this Indenture to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government
Obligations held by it as provided in Section 13.4 which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification delivered to the Trustee, are in excess of the amount which would then be required
to be deposited to effect an equivalent Defeasance or Covenant Defeasance.

 

Section 13.6.        Reinstatement.

 

If the Trustee or the Paying Agent is unable
to apply any money or U.S. Government Obligations in accordance with Section 13.5 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 the Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to this Article XIII
until such time as the Trustee or Paying Agent is permitted to apply all such money and U.S. Government Obligations in accordance
with Section 13.5; provided, however, that if the Company makes any payment of principal of (and premium, if any)
or interest on any such Security following the reinstatement of its obligations, the Company shall be entitled, at its election,
(a) to receive from the Trustee or Paying Agent, as applicable, that portion of such money or U.S. Government Obligations
held by the Trustee or the Paying Agent, as applicable, equal to the amount of such payment, or (b) to be subrogated to the
rights of the Holders of such Securities to receive such payment from the money and U.S. Government Obligations held by the Trustee
or the Paying Agent.

 

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ARTICLE XIV

Subordination Of Securities

 

Section 14.1.         Securities
Subordinate to Senior Debt.

 

The Company covenants and agrees that anything
in this Indenture or the Securities of any series to the contrary notwithstanding, the indebtedness evidenced by the Securities
of each series is subordinate and junior in right of payment to all Senior Debt to the extent provided in this Indenture, and each
Holder of Securities of each series, by such Holder’s acceptance of such Securities, likewise covenants and agrees to the
subordination provided in this Indenture and shall be bound by the provisions of this Indenture. Senior Debt shall continue to
be Senior Debt and entitled to the benefits of these subordination provisions irrespective of any amendment, modification, or waiver
of any term of the Senior Debt or extension or renewal of the Senior Debt.

 

In the event of

 

		(a)	any insolvency, bankruptcy, receivership, liquidation,
reorganization, readjustment, composition, or other similar proceeding relating to the Company or its property,

 

		(b)	any proceeding for the liquidation, dissolution, or other
winding up of the Company, voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings,

 

		(c)	any assignment by the Company for the benefit of creditors,
or

 

		(d)	any other marshaling of the assets of the Company, all
Senior Debt (including any interest on such Senior Debt accruing after the commencement of any such proceedings) shall first be
paid in full before any payment or distribution, whether in cash, securities, or other property, shall be made to any Holder of
any of the Securities on account of such Securities. Any payment or distribution, whether in cash, securities, or other property
(other than securities of the Company or any other corporation provided for by a plan of reorganization or readjustment the payment
of which is subordinate, at least to the extent provided in these subordination provisions with respect to the indebtedness evidenced
by the Securities, to the payment of all Senior Debt at the time outstanding and to any securities issued in respect of such Senior
Debt under any such plan of reorganization or readjustment), which would otherwise (but for these subordination provisions) be
payable or deliverable in respect of the Securities of any series shall be paid or delivered directly to the holders of Senior
Debt in accordance with the priorities then existing among such holders until all Senior Debt (including any interest on such
Senior Debt accruing after the commencement of any such proceedings) shall have been paid in full. In the event of any such proceeding,
after payment in full of all sums owing with respect to Senior Debt, the Holders of the Securities, together with the holders
of any obligations of the Company ranking on a parity with the Securities, shall be entitled to be paid from the remaining assets
of the Company the amounts at the time due and owing on account of unpaid principal of (and premium, if any) and interest on the
Securities and such other obligations before any payment or other distribution, whether in cash, property, or otherwise, shall
be made on account of any capital stock or any obligations of the Company ranking junior to the Securities and such other obligations.
The rights of holders of Senior Debt under this Section do not extend to any payment or distribution, whether in cash, securities
or other property, to the extent applied to the Trustee’s rights to compensation, reimbursement of expenses or indemnification.

 

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In the event that, notwithstanding the foregoing,
any payment or distribution of any character or any security, whether in cash, securities, or other property (other than securities
of the Company or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate,
at least to the extent provided in these subordination provisions with respect to the indebtedness evidenced by the Securities,
to the payment of all Senior Debt at the time outstanding and to any securities issued in respect of such Senior Debt under any
such plan of reorganization or readjustment), shall be received by the Trustee or any Holder in contravention of any of the terms
of this Indenture such payment or distribution or security shall be received in trust for the benefit of, and shall be paid over
or delivered and transferred to, the holders of the Senior Debt at the time outstanding in accordance with the priorities then
existing among such holders for applications to the payment of all Senior Debt remaining unpaid to the extent necessary to pay
all such Senior Debt in full. In the event of the failure of the Trustee or any Holder to endorse or assign any such payment, distribution,
or security, each holder of Senior Debt is irrevocably authorized to endorse or assign the same.

 

No present or future holder of any Senior
Debt shall be prejudiced in the right to enforce subordination of the indebtedness evidenced by the Securities by any act or failure
to act on the part of the Company. Nothing contained in this Indenture shall impair, as between the Company and the Holders of
Securities of each series, the obligation of the Company to pay to such Holders the principal of (and premium, if any) and interest
on such Securities or prevent the Trustee or the Holder from exercising all rights, powers and remedies otherwise permitted by
applicable law or under this Indenture upon a default or Event of Default, all subject to the rights of the holders of the Senior
Debt to receive cash, securities, or other property otherwise payable or deliverable to the Holders.

 

Senior Debt shall not be deemed to have
been paid in full unless the holders thereof shall have received cash, securities, or other property equal to the amount of such
Senior Debt then outstanding. Upon the payment in full of all Senior Debt, the Holders of Securities of each series shall be subrogated
to all rights of any holders of Senior Debt to receive any further payments or distributions applicable to the Senior Debt until
the indebtedness evidenced by the Securities of such series shall have been paid in full, and such payments or distributions received
by such Holders, by reason of such subrogation, of cash, securities, or other property which otherwise would be paid or distributed
to the holders of Senior Debt shall, as between the Company and its creditors other than the holders of Senior Debt, on the one
hand, and such Holders, on the other hand, be deemed to be a payment by the Company on account of Senior Debt, and not on account
of the Securities of such series.

 

Notwithstanding the foregoing or anything
else in this Article XIV contained, at any time after the 123rd day following the date of deposit of money and U.S. Government
Obligations pursuant to Article IV or XIII (provided all conditions set out in the applicable Article shall have been satisfied),
the funds (including U.S. Government Obligations) so deposited and any interest thereon will not be subject to any rights of holders
of Senior Debt including, without limitation, those arising under this Article XIV; provided that no event described in clauses
(1) and (2) of Section 5.1 has occurred during such 123-day period.

 

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The provisions of this Section 14.1
shall not impair any rights, interests, remedies, or powers of any secured creditor of the Company in respect of any security interest
the creation of which is not prohibited by the provisions of this Indenture.

 

Section 14.2.        No
Payment When Senior Debt in Default.

 

In the event and during the continuation
of any default in the payment of the principal of or any premium or interest on any Senior Debt beyond any applicable grace period
with respect to such Senior Debt, or in the event that any event of default with respect to any Senior Debt shall have occurred
and be continuing permitting the holders of such Senior Debt (or the trustee on behalf of the holders of such Senior Debt) to declare
such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable, unless and until such
event of default shall have been cured or waived or shall have ceased to exist and any such declaration and its consequences shall
have been rescinded or annulled, or (b) in the event any judicial proceeding shall be pending with respect to any such default
in payment or event of default, then no payment (including any payment which may be payable by reason of the payment of any other
indebtedness of the Company being subordinated to the payment of the Securities) shall be made by the Company on account of the
principal of or any premium or interest on the Securities or on account of the purchase or other acquisition of Securities, provided,
however, that nothing in this Section 14.2 shall prevent the satisfaction of any sinking fund payment in accordance
with Article XII by delivering and crediting pursuant to Section 12.2 Securities which have been acquired (upon redemption
or otherwise) prior to such default in payment or event of default.

 

Subject to Section 14.5, in the event that,
notwithstanding the foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the
foregoing provisions of this Section 14.2, and if such fact shall, at or prior to the time of such payment, have been made
known in a writing delivered to a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee by a holder of
Senior Debt or the Company or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered
to the Company.

 

The provisions of this Section 14.2
shall not apply to any payment with respect to which Section 14.1 would be applicable.

 

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		Section 14.3.	Trustee and Holders of Securities May Rely on Certificate
of Liquidating Agent; Trustee May Require Further Evidence as to Ownership of Senior Debt; Trustee Not Fiduciary to Holders of
Senior Debt.

 

Upon any payment or distribution of assets
of the Company referred to in this Article XIV, the Trustee and the Holders shall be entitled to conclusively rely upon an
order or decree made by any court of competent jurisdiction in which such dissolution or winding up or liquidation or reorganization
or arrangement proceedings are pending or upon a certificate of the trustee in bankruptcy, receiver, assignee for the benefit of
creditors, or other Person making such payment or distribution, delivered to the Trustee or to the Holders, for the purpose of
ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Debt and other indebtedness of
the Company, the amount of or payable on and the amount or amounts paid or distributed on such Senior Debt or other indebtedness,
and all other facts pertinent to such Senior Debt or other indebtedness or to this Article XIV. In the absence of any such
bankruptcy trustee, receiver, assignee, or other Person, the Trustee shall be entitled to conclusively rely upon a written notice
by a Person representing itself, himself or herself to be a holder of Senior Debt (or a trustee or representative on behalf of
such holder) as evidence that such Person is a holder of such Senior Debt (or is such a trustee or representative), the amount
of or payable on and the amount or amounts paid or distributed on such Senior Debt or other indebtedness, and all other facts pertinent
to such Senior Debt or other indebtedness. In the event that the Trustee determines, in good faith, that further evidence is required
with respect to the right of any Person as a holder of Senior Debt to participate in any payments or distributions pursuant to
this Article XIV, the Trustee may request such person to furnish evidence to the reasonable satisfaction of the Trustee as
to the amount of Senior Debt held by such Person, as to the extent to which such Person is entitled to participate in such payment
or distribution, and as to other facts pertinent to the rights of such Person under this Article XIV, and if such evidence
is not furnished, the Trustee may withhold any payment to such Person pending judicial determination as to the right of such Person
to receive payment. The Trustee, however, shall not be deemed to owe any fiduciary duty to the holders of Senior Debt, and shall
not be liable to any such holders if it shall pay over or deliver to the Holders or the Company or any other Person, cash, securities,
or other property to which any holders of Senior Debt shall be entitled by virtue of this Article or otherwise. With respect to
the holders of Senior Debt, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically
set forth in this Indenture, and no implied covenants or obligations with respect to the holders of Senior Debt shall be read into
this Indenture against the Trustee.

 

Section 14.4.         Payment
Permitted If No Default.

 

Nothing contained in this Article XIV
(except in Section 14.5) or elsewhere in this Indenture, or in any of the Securities, shall prevent (a) the Company at any
time, except during the pendency of any dissolution, winding up, liquidation, or reorganization proceedings referred to in Section 14.1
or under the conditions specified in Section 14.2, from making payments of the principal of (or premium, if any) or interest
on the Securities or (b) the application by the Trustee or any Paying Agent of any moneys deposited with it under this Indenture
to payments of the principal of or interest on the Securities, if, at the time of such deposit, a Responsible Officer of the Trustee
or such Paying Agent, as the case may be, had not received at the Corporate Trust Office of the Trustee the Officers’ Certificate
or written notice provided for in Section 14.5 of any event prohibiting the making of such deposit, or if, at the time of
such deposit (whether or not in trust) by the Company with the Trustee or any Paying Agent (other than the Company) such payment
would not have been prohibited by the provisions of this Article, and the Trustee or any Paying Agent shall not be affected by
any notice to the contrary received by it on or after such date.

 

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Section 14.5.        Trustee
Not Charged with Knowledge of Prohibition.

 

Anything in this Article XIV or elsewhere
contained in this Indenture to the contrary notwithstanding, the Trustee shall not at any time be charged with knowledge of the
existence of any facts which would prohibit the making of any payment of moneys to or by the Trustee, and shall be entitled conclusively
to assume that no such facts exist and that no event specified in Section 14.1 or Section 14.2 has happened, unless and until
a Responsible Officer of the Trustee shall have received at the Corporate Trust Office of the Trustee (i) an Officers’ Certificate
to that effect or (ii) notice in writing to that effect signed by or on behalf of the holder or holders, or their representatives,
of Senior Debt who shall have been certified by the Company or otherwise established to the reasonable satisfaction of the Trustee
to be such holder or holders or representatives or from any trustee under any indenture pursuant to which such Senior Debt shall
be outstanding; and before the receipt of any such Officers’ Certificate or written notice, the Trustee shall be entitled
in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the Officers’
Certificate or the written notice provided for in this Section at least three (3) Business Days prior to the date upon which by
the terms hereof any money may become payable for any purpose (including, without limitation, the payment of the principal of or
interest on any Security) then, anything herein contained to the contrary notwithstanding, the Trustee shall have all power and
authority to receive such money and to apply the same to the purpose for which such money were received and shall not be affected
by any notice to the contrary which may be received by it during or after such three (3) Business Day period.

 

The Company shall give prompt written notice
to the Trustee and to the Paying Agent of any facts which would prohibit the payment of money or assets to or by the Trustee or
any Paying Agent.

 

Section 14.6.         Trustee
to Effectuate Subordination.

 

Each Holder of Securities by such Holder’s
acceptance thereof authorizes and directs the Trustee on such Holder’s behalf to take such action as may be necessary or
appropriate to effectuate the subordination as between such Holder and holders of Senior Debt as provided in this Article and appoints
the Trustee its attorney-in-fact for any and all such purposes.

 

Section 14.7.         Rights
of Trustee as Holder of Senior Debt.

 

The Trustee shall be entitled to all the
rights set forth in this Article with respect to any Senior Debt which may at the time be held by it, to the same extent as any
other holder of Senior Debt. Nothing in this Article shall deprive the Trustee of any rights as such holder.

 

Section 14.8.        Article Applicable
to Paying Agents.

 

In case at any time any Paying Agent other
than the Trustee shall have been appointed by the Company and be then acting under this Indenture, the term “Trustee”
as used in this Article shall in such case (unless the context shall otherwise require) be construed as extending to and including
such Paying Agent within its meaning as fully for all intents and purposes as if the Paying Agent were named in this Article in
addition to or in place of the Trustee, provided, however, that Sections 14.5 and 14.7 shall not apply to the Company or any
Affiliate of the Company if the Company or such Affiliate acts as Paying Agent.

 

    	 	68	 

     

    

 

Section 14.9.        Subordination
Rights Not Impaired by Acts or missions of the Company or Holders of Senior Debt..

 

No right of any present or future holders
of any Senior Debt to enforce subordination as provided in this Indenture shall at any time in any way be prejudiced or impaired
by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or
by any noncompliance by the Company with the terms, provisions, and covenants of this Indenture, regardless of any knowledge which
any such holder may have or be otherwise charged with. The holders of Senior Debt may, at any time or from time to time and in
their absolute discretion, change the manner, place, or terms of payment, change or extend the time of payment of, or renew or
alter, any such Senior Debt, or amend or supplement any instrument pursuant to which any such Senior Debt is issued or by which
it may be secured, or release any security, or exercise or refrain from exercising any other of their rights under the Senior Debt
including, without limitation, the waiver of default, all without notice to or assent from the Holders of the Securities or the
Trustee and without affecting the obligations of the Company, the Trustee, or the Holders of the Securities under this Article.

 

Section 14.10.      Trustee’s
Rights to Compensation, Reimbursement of Expenses and Indemnification.

 

Nothing in this Article shall apply to claims
of, or payments to, the Trustee under or pursuant to Sections 5.6 or 6.7.

 

Section 14.11.      Modification
of Subordination Provisions .

 

Anything in Article IX or elsewhere
contained in this Indenture to the contrary notwithstanding, no modification or amendment and no supplemental indenture shall modify
the subordination provisions of this Article XIV in a manner that would adversely affect the holders

 

    	 	69	 

     

    

 

This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or electronic
format (i.e., “pdf” or “tif”) transmission shall constitute effective execution and delivery of
this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile or electronic format (i.e., “pdf” or “tif”) shall be deemed to be
their original signatures for all purposes.

 

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

 

	 	BERKSHIRE HILLS BANCORP, INC.
	 	 	   
	 	By:	                                  
	 	Name:	 
	 	Title:	 
	 	 	 
	[________________________________],
    as Trustee
	 	 	   
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	70Exhibit 4.5

  

  
     

    

    DESCRIPTION OF SECURITIES OF

    SOUTH MOUNTAIN MERGER CORP.

    REGISTERED PURSUANT TO SECTION 12 OF THE

    SECURITIES EXCHANGE ACT OF 1934

    
       

      As of December 31, 2019, South Mountain Merger Corp. (the “Company,” “South Mountain,” “we,” “us” and “our”) had three classes of securities registered under Section 12 of the Securities Exchange Act
        of 1934, as amended (the “Act”): Units, consisting of one share of Class A common stock and one half of one redeemable warrant, Class A common stock, par value $0.0001, and warrants. The following description of South Mountain’s capital stock
        summarizes certain provisions of its amended and restated certificate of incorporation and amended and restated bylaws. The description is intended as a summary, and is qualified in its entirety by reference to South Mountain’s amended and restated
        certificate of incorporation and our amended and restated bylaws, copies of which have been filed as exhibits to this Annual Report on Form 10-K. Defined terms used herein, but otherwise not defined, shall have the meaning ascribed to them in this
        Annual Report on Form 10-K. 

       

    

    Pursuant to our amended and restated certificate of incorporation, our authorized capital stock consists of 200,000,000 shares of Class A common stock, $0.0001 par value, 20,000,000 shares of Class B common stock, $0.0001
      par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description summarizes the material terms of our capital stock. Because it is only a summary, it may not contain all the information that is important
      to you.

     

    Units

     

    Each unit consists of one share of Class A common stock and one half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of our Class A common stock at a price of $11.50 per
      share, subject to adjustment. Pursuant to a warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of the company’s Class A common stock. This means only a whole warrant may be exercised at any given time by a
      warrant holder. No fractional warrants are issued upon separation of the units and only whole warrants will trade.

     

    The common stock and warrants constituting the units began separate trading on July 29, 2019. Upon the commencement of separate trading, holders have the option to continue to hold units or separate their units into the
      component securities. Holders need to have their brokers contact our transfer agent in order to separate the units into shares of Class A common stock and warrants. No fractional warrants are issued upon separation of the units and only whole
      warrants trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.

     

    Common Stock

     

    As of December 31, 2019, 31,250,000 shares of our common stock are outstanding, including:

     

    
      
        	

              	•	
                25,000,000 shares of our Class A common stock, including shares of Class A common stock underlying the Units; and

              

      

    

     

    
      
        	

              	•	
                6,250,000 shares of Class B common stock held by our initial stockholders.

              

      

    

     

    Common stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of our Class B common stock have the right to elect all of our directors prior to the
      consummation of our initial business combination. On any other matter submitted to a vote of our stockholders, holders of our Class B common stock and holders of our Class A common stock vote together as a single class, except as required by
      applicable law or stock exchange rule. These provisions of our amended and restated certificate of incorporation may only be amended if approved by a majority of at least 90% of our common stock voting at a stockholder meeting. Unless specified in
      our amended and restated certificate of incorporation or bylaws, or as required by applicable law or stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on
      by our stockholders (other than the election of directors). Directors are divided into three classes, each of which generally serve for a term of three years with only one class elected in each year. There is no cumulative voting with respect to the
      election of directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.

     

    
      
        

      2

    

    
    Because our amended and restated certificate of incorporation authorizes the issuance of up to 200,000,000 shares of Class A common stock, if we were to enter into a business combination, we may (depending on the terms of
      such a business combination) be required to increase the number of shares of common stock which we are authorized to issue at the same time as our stockholders vote on the business combination to the extent we seek stockholder approval in connection
      with our initial business combination.

     

    In accordance with the Nasdaq corporate governance requirements, we are not required to hold an annual meeting until not later than one year after our first fiscal year end following our listing on the Nasdaq. Under Section
      211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for the purposes of electing directors in accordance with our bylaws unless such election is made by written consent in lieu of such a meeting. We may not hold an
      annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our
      stockholders want us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of
      the DGCL.

     

    We will provide our public stockholders with the opportunity to redeem all or a portion of their shares upon the completion of our initial business combination at a per share price, payable in cash, equal to the aggregate
      amount then on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest (net of permitted withdrawals), divided by the number of then outstanding public shares, subject to
      the limitations described herein. The amount in the trust account is approximately $10.00 per public share (or $250,000,000 in the aggregate). The per share amount we will distribute to investors who properly redeem their shares will not be reduced
      by the deferred underwriting commissions we will pay to the underwriter of the Initial Public Offering. The redemption right will include the requirement that any beneficial owner on whose behalf a redemption right is being exercised must identify
      itself in order to validly redeem its shares. Our initial stockholders, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and
      any public shares held by them in connection with the completion of our initial business combination. Permitted transferees of our sponsor, officers or directors will be subject to the same obligations. Unlike many blank check companies that hold
      stockholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not
      required by applicable law or stock exchange listing requirements, if a stockholder vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a stockholder vote for business or other reasons, we will,
      pursuant to our amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended
      and restated certificate of incorporation requires these tender offer documents to contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s proxy
      rules. If, however, a stockholder approval of the transaction is required by applicable law or stock exchange rules, or we decide to obtain stockholder approval for business or other reasons, we will, like many blank check companies, offer to redeem
      shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, unless a different vote is required by applicable law or stock exchange rules, we will complete
      our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the business combination. Unless otherwise required by applicable law or stock exchange rules, a quorum for such meeting will
      consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting.
      However, the participation of our sponsor, officers, directors, advisors or any of their respective affiliates in privately-negotiated transactions, if any, could result in the approval of our initial business combination even if a majority of our
      public stockholders vote, or indicate their intention to vote, against such business combination. We intend to give approximately 30 days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if required, at
      which a vote shall be taken to approve our initial business combination. These quorum and voting thresholds and agreements may make it more likely that we will consummate our initial business combination.

     

    
      
        

      3

    

    If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated
      certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act),
      will be restricted from redeeming more than an aggregate of 15% of our public shares, without our prior consent, which we refer to as the “Excess Shares.” However, we would not be restricting our stockholders’ ability to vote all of their shares
      (including Excess Shares) for or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such stockholders could
      suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete the business combination. And,
      as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their stock in open market transactions, potentially at a loss.

     

    If we seek stockholder approval in connection with our initial business combination, our initial stockholders, officers and directors have agreed (and their permitted transferees, as applicable, will agree) to vote any
      founder shares and any public shares held by them in favor of our initial business combination. As a result, in addition to our initial stockholders’ founder shares, we would need 9,375,001, or 37.5%, of the 25,000,000 public shares (other than
      securities purchased, directly or indirectly, by a fund managed by an affiliate of our sponsor) to be voted in favor of our initial business combination (assuming all issued and outstanding shares are voted and the option to purchase additional units
      is not exercised) in order to have such initial business combination approved. Additionally, each public stockholder may elect to redeem its public shares without voting, and if they do vote, irrespective of whether they vote for or against the
      proposed transaction.

     

    Pursuant to our amended and restated certificate of incorporation, if we are unable to complete our initial business combination within 24 months from the closing of the Initial Public Offering (the “completion window”), we
      will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but no more than ten business days thereafter, subject to lawfully available funds therefor, redeem the public shares, at a per share price,
      payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (net of permitted withdrawals and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public
      shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law; and (3) as promptly as reasonably possible
      following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of
      other applicable law. Our initial stockholders, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to any
      founder shares held by them if we fail to complete our initial business combination within the completion window. However, if our sponsor or any of our officers or directors acquires public shares, they will be entitled to liquidating distributions
      from the trust account with respect to such public shares if we fail to complete our initial business combination within the completion window.

     

    
      
        

      4

    

    In the event of a liquidation, dissolution or winding up of the company after a business combination, our stockholders are entitled to share ratably in all assets remaining available for distribution to them after payment
      of liabilities and after provision is made for each class of stock, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the common
      stock, except that we will provide our stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount on deposit in the trust account as of two business days prior to the consummation of
      our initial business combination, including interest (net of permitted withdrawals), upon the completion of our initial business combination, subject to the limitations described herein.

     

    Founder Shares

     

    The founder shares are identical to the shares of Class A common stock included in the units, except that: (1) only holders of the founder shares have the right to vote on the election of directors prior to our initial
      business combination; (2) the founder shares are subject to certain transfer restrictions, as described in more detail below; (3) our initial stockholders, officers and directors have entered into a letter agreement with us, pursuant to which they
      have agreed to: (a) waive their redemption rights with respect to any founder shares and any public shares held by them in connection with the completion of our initial business combination, (b) waive their redemption rights with respect to any
      founder shares and public shares held by them in connection with a stockholder vote to approve an amendment to our amended and restated certificate of incorporation to modify the substance or timing of our obligation to provide for the redemption of
      our public shares in connection with an initial business combination or to redeem 100% of our public shares if we have not consummated our initial business combination within the completion window; and (c) waive their rights to liquidating
      distributions from the trust account with respect to any founder shares held by them if we fail to complete our initial business combination within the completion window (although they will be entitled to liquidating distributions from the trust
      account with respect to any public shares they hold if we fail to complete our initial business combination within the completion window); (4) the founder shares are automatically convertible into shares of our Class A common stock at the time of our
      initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein; and (5) the holders of founder shares are entitled to registration
      rights. If we submit our initial business combination to our public stockholders for a vote, our initial stockholders, officers and directors have agreed (and their permitted transferees, as applicable, will agree) to vote any founder shares and any
      public shares held by them in favor of our initial business combination.

     

    The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of our initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to
      adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to the closing of our initial
      business combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such
      anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis,
      20% of the total number of all shares of common stock outstanding upon completion of the Initial Public Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with our initial business
      combination (net of the number of shares of Class A common stock redeemed in connection with our initial business combination), excluding any shares or equity-linked securities issued, or to be issued, to any seller in our initial business
      combination and any private placement warrants issued upon the conversion of working capital loans made to us.

     

    
      
        

      5

    

    With certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor and other permitted
      transferees, each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our initial business combination, (B) subsequent to our initial business combination, if the closing price of our
      Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our
      initial business combination, and (C) following the completion of our initial business combination, such future date on which we complete a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of our
      public stockholders having the right to exchange their shares of common stock for cash, securities or other property.

     

    Preferred Stock

     

    Our amended and restated certificate of incorporation authorizes 1,000,000 shares of preferred stock and provides that shares of preferred stock may be issued from time to time in one or more series. Our board of directors
      is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series.
      Our board of directors is able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects.
      The ability of our board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no preferred stock
      outstanding at the date hereof. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.

     

    Warrants

     

    Public Stockholders’ Warrants

     

    Each whole warrant entitles the registered holder to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 12 months
      from the closing of the Initial Public Offering and 30 days after the completion of our initial business combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common
      stock. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants were issued upon separation of the units and only whole warrants trade. Accordingly, unless you purchase at least two units, you are
      not able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

     

    We will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities
      Act covering the issuance of the shares of Class A common issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available, subject to our satisfying our obligations
      described below with respect to registration. No warrant will be exercisable for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such
      exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is available. In the event that the conditions in the two immediately preceding sentences are not satisfied with
      respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In the event that a registration statement is not effective for the exercised warrants, the
      purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock underlying such unit.

     

    
      
        

      6

    

    We have agreed that as soon as practicable, but in no event later than 15 business days after the closing of our initial business combination, we will use our reasonable best efforts to file with the SEC, and within 60
      business days following our initial business combination to have declared effective, a registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants and to maintain a current prospectus
      relating to those shares of Class A common stock until the warrants expire or are redeemed. Notwithstanding the above, if our Class A common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it
      satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of
      the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but will use our reasonable best efforts to qualify the shares under applicable blue sky laws to the extent an exemption
      is not available.

     

    Redemption of Warrants for Cash. Once the warrants become exercisable, we may call the warrants for redemption:

     

    
      
        	

              	•	
                in whole and not in part;

              

      

    

     

    
      
        	

              	•	
                at a price of $0.01 per warrant;

              

      

    

     

    
      
        	

              	•	
                upon a minimum of 30 days’ prior written notice of redemption, which we refer to as the 30-day redemption period; and

              

      

    

     

    
      
        	

              	•	
                if, and only if, the closing price of our Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20
                  trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders.

              

      

    

     

    If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.

     

    We have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions
      are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A common stock may fall below the
      $18.00 redemption trigger price as well as the $11.50 warrant exercise price after the redemption notice is issued.

     

    Redemption Procedures and Cashless Exercise. If we call the warrants for redemption as described above, our management will have the option to require all holders
      that wish to exercise warrants to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of
      warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. In such event, each holder would pay the exercise price by
      surrendering the warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair
      market value” (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value” shall mean the average closing price of the Class A common stock for the 10 trading days ending on the third trading day prior
      to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A common
      stock to be received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant
      redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take advantage
      of this option, our sponsor and its permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required
      to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.

     

    
      
        

      7

    

    A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such
      exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the shares of Class A common stock outstanding
      immediately after giving effect to such exercise.

     

    Anti-Dilution Adjustments. If the number of outstanding shares of Class A common stock is increased by a stock dividend payable in shares of Class A common stock,
      or by a split-up of shares of Class A common stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be
      increased in proportion to such increase in the outstanding shares of Class A common stock. A rights offering to holders of Class A common stock entitling holders to purchase shares of Class A common stock at a price less than the fair market value
      will be deemed a stock dividend of a number of shares of Class A common stock equal to the product of (1) the number of shares of Class A common stock actually sold in such rights offering (or issuable under any other equity securities sold in such
      rights offering that are convertible into or exercisable for Class A common stock) multiplied by (2) one minus the quotient of (x) the price per share of Class A common stock paid in such rights offering divided by (y) the fair market value. For
      these purposes (1) if the rights offering is for securities convertible into or exercisable for Class A common stock, in determining the price payable for Class A common stock, there will be taken into account any consideration received for such
      rights, as well as any additional amount payable upon exercise or conversion and (2) fair market value means the volume weighted average price of Class A common stock as reported during the ten trading day period ending on the trading day prior to
      the first date on which the shares of Class A common stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

     

    In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A common stock on account of such shares of
      Class A common stock (or other shares of our capital stock into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of Class A common stock
      in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of Class A common stock in connection with a stockholder vote to (i) amend our amended and restated certificate of incorporation (i) to
      modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our Class A common stock if we do not complete our initial business
      combination within the completion window, or (ii) with respect to any provisions relating to the rights of holders of our Class A common stock or (e) in connection with the redemption of our public shares upon our failure to complete our initial
      business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Class A
      common stock in respect of such event.

     

    If the number of outstanding shares of our Class A common stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Class A common stock or other similar event, then, on the
      effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion to such decrease in
      outstanding shares of Class A common stock.

     

    Whenever the number of shares of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price
      immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of Class A common stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which
      will be the number of shares of Class A common stock so purchasable immediately thereafter.

     

    
      
        

      8

    

    In case of any reclassification or reorganization of the outstanding shares of Class A common stock (other than those described above or that solely affects the par value of such shares of Class A common stock), or in the
      case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding shares
      of Class A common stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the
      warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the shares of our Class A common stock immediately theretofore purchasable and receivable upon
      the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following
      any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. However, if such holders were entitled to exercise a right of election as to the kind or
      amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average of the kind
      and amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or
      redemption offer made by the company in connection with redemption rights held by stockholders of the company as provided for in the company’s amended and restated certificate of incorporation or as a result of the redemption of shares of Class A
      common stock by the company if a proposed initial business combination is presented to the stockholders of the company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with
      members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members
      of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding shares of Class A common stock, the holder of a warrant will be entitled
      to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such warrant holder had exercised the warrant prior to the expiration of such tender or exchange offer,
      accepted such offer and all of the Class A common stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent
      as possible to the adjustments provided for in the warrant agreement. Additionally, if less than 70% of the consideration receivable by the holders of Class A common stock in such a transaction is payable in the form of common stock in the successor
      entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant
      properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the per share consideration minus Black-Scholes Warrant Value
      (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant
      to which the holders of the warrants otherwise do not receive the full potential value of the warrants in order to determine and realize the option value component of the warrant. This formula is to compensate the warrant holder for the loss of the
      option value portion of the warrant due to the requirement that the warrant holder exercise the warrant within 30 days of the event. The Black-Scholes model is an accepted pricing model for estimating fair market value where no quoted market price
      for an instrument is available.

     

    In addition, if we issue additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at a newly issued price of less than
      $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by our board of directors, and in the case of any such issuance to our initial stockholders or their respective affiliates, without taking
      into account any founder shares held by them, as applicable, prior to such issuance), the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the newly issued price.

     

    
      
        

      9

    

    Other than as described in the preceding six paragraphs, we will not be required to adjust the exercise price of the warrants.

     

    Other. The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the
      exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the
      number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise their warrants and receive shares of Class A common stock. After the issuance of
      shares of Class A common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

     

    The warrants are issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. You should review a copy of the warrant agreement, which is filed as an
      exhibit to this Annual Report on Form 10-K, for a description of the terms and conditions applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity
      or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders of public warrants.

     

    Private Placement Warrants

     

    The private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) are not transferable, assignable or salable until 30 days after the completion of our initial
      business combination (except, among other limited exceptions as described in our Annual Report on Form 10-K to our officers and directors and other persons or entities affiliated with our sponsor) and they will not be redeemable by us so long as they
      are held by our sponsor or its permitted transferees. Our sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis and will be entitled to certain registration rights. Otherwise, the private
      placement warrants have terms and provisions that are identical to those of the warrants sold as part of the units in the Initial Public Offering. If the private placement warrants are held by holders other than our sponsor or its permitted
      transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units.

     

    If holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares of Class A common stock equal to the
      quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value” (defined below) over the exercise price of the warrants by (y) the fair market
      value. The “fair market value” shall mean the average closing price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. The reason
      that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by our sponsor and its permitted transferees is because it is not known at this time whether they will be affiliated with us following a business
      combination. If they remain affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that prohibit insiders from selling our securities except during specific
      periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public
      stockholders who could exercise their warrants and sell the shares of Class A common stock received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling
      such securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.

     

    
      
        

      10

    

    In order to finance transaction costs in connection with an intended initial business combination, our sponsor, an affiliate of our sponsor or our officers and directors may, but none of them is obligated to, loan us funds
      as may be required. If we complete our initial business combination, we would repay such loaned amounts out of the proceeds of the trust account released to us. In the event that our initial business combination does not close, we may use a portion
      of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00
      per warrant at the option of the lender. The warrants would be identical to the private placement warrants issued to our sponsor.

     

    Dividends

     

    We have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of our initial business combination. The payment of cash dividends in the future will be
      dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of our initial business combination. The payment of any cash dividends subsequent to a business combination will be within
      the discretion of our board of directors at such time. In addition, our board of directors is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any indebtedness, our
      ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

     

    Our Transfer Agent and Warrant Agent

     

    The transfer agent for our common stock and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as
      transfer agent and warrant agent, its agents and each of its stockholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable counsel fees that may arise out of acts performed or omitted for its
      activities in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

     

    Our Amended and Restated Certificate of Incorporation

     

    Our amended and restated certificate of incorporation contains certain requirements and restrictions relating to the Initial Public Offering that will apply to us until the completion of our initial business combination.
      These provisions (other than amendments relating to the appointment of directors, which require the approval of a majority of at least 90% of our common stock voting in a stockholder meeting) cannot be amended without the approval of the holders of
      at least 65% of our common stock. Our initial stockholders, who collectively beneficially own 20% of our common stock, may participate in any vote to amend our amended and restated certificate of incorporation and have the discretion to vote in any
      manner they choose. Prior to an initial business combination, we may not issue additional securities that can vote on amendments to our amended and restated certificate of incorporation. Specifically, our amended and restated certificate of
      incorporation will provide, among other things, that:

     

    
      
        	

              	•	
                if we are unable to complete our initial business combination within the completion window, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not
                  more than ten business days thereafter, subject to lawfully available funds therefor, redeem 100% of the public shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
                  interest (net of permitted withdrawals and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as
                  stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law; and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining
                  stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law;

              

      

    

     

    
      
        

      11

    

    
      
        	

              	•	
                prior to our initial business combination, we may not issue additional shares of capital stock that would entitle the holders thereof to: (1) receive funds from the trust account; or (2) vote on any initial
                  business combination;

              

      

    

    

    

    
      
        	

              	•	
                although we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so. In the event we seek
                  to complete our initial business combination with a company that is affiliated with our sponsor, officers or directors, we, or a committee of independent and disinterested directors, will obtain an opinion from an independent investment
                  banking firm that is a member of FINRA or from an independent accounting firm that such a business combination is fair to our company from a financial point of view;

              

      

    

    

    

    
      
        	

              	•	
                if a stockholder vote on our initial business combination is not required by applicable law or stock exchange rules and we do not decide to hold a stockholder vote for business or other reasons, we will offer to
                  redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial
                  and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act;

              

      

    

    

    

    
      
        	

              	•	
                if required by applicable stock-exchange rules, our initial business combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in
                  the trust account (excluding the amount of any deferred underwriting discount);

              

      

    

    

    

    
      
        	

              	•	
                if our stockholders approve an amendment to our amended and restated certificate of incorporation to modify the substance or timing of our obligation to provide for the redemption of our public shares in
                  connection with an initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within the completion window, we will provide our public stockholders with the opportunity to
                  redeem all or a portion of their shares of common stock upon such approval at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (net of permitted withdrawals),
                  divided by the number of then outstanding public shares; and

              

      

    

    

    

    
      
        	

              	•	
                we will not effectuate our initial business combination with another blank check company or a similar company with nominal operations.

              

      

    

     

    In addition, our amended and restated certificate of incorporation provides that under no circumstances will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001.

     

    Certain Anti-Takeover Provisions of Delaware Law and our Amended and Restated Certificate of Incorporation and Bylaws

     

    We have elected to be exempt from the restrictions imposed under Section 203 of the DGCL. However, our certificate of incorporation contains similar provisions providing that we may not engage in certain “business
      combinations” with any “interested stockholder” for a three-year period following the time that such stockholder becomes an interested stockholder unless:

     

    
      
        	

              	•	
                prior to such time, our board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

              

      

    

     

    
      
        	

              	•	
                upon consummation of the transaction which resulted in the stockholder becoming an “interested stockholder,” the interested stockholder owned at least 85% of our voting stock outstanding at the time the
                  transaction commenced (excluding certain shares); or

              

      

    

     

    
      
        

      12

    

    
      
        	

              	•	
                on or subsequent to such time, the business combination is approved by the Board and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least
                  two-thirds of the outstanding voting stock not owned by the interested stockholder.

              

      

    

     

    Generally, a “business combination” includes a merger, asset or stock sale to the interested stockholder. Subject to certain exceptions, an “interested stockholder” is a person who, together with that person’s affiliates
      and associates, owns, or within the previous three years owned, 15% or more of our voting stock.

     

    Under some circumstances, this provision will make it more difficult for a person who is an interested stockholder to effect various business combinations with us for a three-year period.

     

    Our certificate of incorporation provides that our sponsor and its affiliates, successors and transferees will not be deemed to be “interested stockholders” regardless of the percentage of our voting stock owned by them,
      and accordingly will not be subject to this provision.

     

    Our authorized but unissued common stock and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise
      additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy
      contest, tender offer, merger or otherwise.

     

    Exclusive Forum For Certain Lawsuits

     

    Our amended and restated certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers and employees for breach of fiduciary
      duty and other similar actions may be brought only in the Court of Chancery in the State of Delaware and, if brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder’s
      counsel. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our
      directors and officers. Despite the fact that our amended and restated certificate of incorporation provides for the exclusive forum provision to be applicable to the fullest extent permitted by applicable law, Section 27 of the Exchange Act creates
      exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder and Section 22 of the Securities Act creates concurrent jurisdiction for federal and state
      courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. As a result, the exclusive forum provision does not apply to suits brought to enforce any duty or liability created
      by the Exchange Act, the Securities Act, or any other claim for which the federal courts have exclusive jurisdiction.

     

    Special Meeting of Stockholders

     

    Our bylaws provide that special meetings of our stockholders may be called only by a majority vote of our board of directors, by our chief executive officer or by our chairman, if any.

     

    Advance Notice Requirements for Stockholder Proposals and Director Nominations

     

    Our bylaws provide for advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors
      or a committee of our board of directors. In order for any matter to be “properly brought” before a meeting, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally, to be timely, a
      stockholder’s notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. Pursuant to Rule 14a-8 of the
      Exchange Act, proposals seeking inclusion in our annual proxy statement must comply with the notice periods contained therein. Our bylaws also specify requirements as to the form and content of a stockholder’s notice. Our bylaws allow the chairman of
      the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These
      provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to influence or obtain control of us.

     

    
      
        

      13

    

    Action by Written Consent

     

    Any action required or permitted to be taken by our stockholders must be effected by a duly called annual or special meeting of such stockholders and may not be effected by written consent of the stockholders other than
      with respect to our Class B common stock.

     

    Classified Board of Directors

     

    Our board of directors is divided into three classes, Class I, Class II and Class III, with members of each class serving staggered three-year terms. Our amended and restated certificate of incorporation provides that the
      authorized number of directors may be changed only by resolution of the board of directors. Subject to the terms of any preferred stock, any or all of the directors may be removed from office at any time, but only for cause and only by the
      affirmative vote of holders of a majority of the voting power of all then outstanding shares of our capital stock entitled to vote generally in the election of directors, voting together as a single class. Any vacancy on our board of directors,
      including a vacancy resulting from an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office.

     

    Class B Common Stock Consent Right

     

    For so long as any shares of Class B common stock remain outstanding, we may not, without the prior vote or written consent of the holders of a majority of the shares of Class B common stock then outstanding, voting
      separately as a single class, amend, alter or repeal any provision of our certificate of incorporation, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would alter or change the powers, preferences or relative,
      participating, optional or other or special rights of the Class B common stock. Any action required or permitted to be taken at any meeting of the holders of Class B common stock may be taken without a meeting, without prior notice and without a
      vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of the outstanding Class B common stock having not less than the minimum number of votes that would be necessary to authorize or take such
      action at a meeting at which all shares of Class B common stock were present and voted.

     

    Securities Eligible for Future Sale

     

    We have 25,000,000 shares of Class A common stock outstanding. All of these shares were sold in the Initial Public Offering and are freely tradable without restriction or further registration under the Securities Act,
      except for any shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act, including 2,227,500 units purchased, directly or indirectly, by a fund managed by an affiliate of our sponsor in the Initial Public
      Offering. All of the 6,250,000 Class B founder shares and all 6,954,500 private placement warrants are restricted securities under Rule 144, in that they were issued in private transactions not involving a public offering, and are subject to transfer
      restrictions as set forth elsewhere in the Annual Report on Form 10-K.

     

    Rule 144

     

    Pursuant to Rule 144, a person who has beneficially owned restricted shares of our common stock or warrants for at least six months would be entitled to sell their securities provided that: (1) such person is not deemed to
      have been one of our affiliates at the time of, or at any time during the three months preceding, a sale; and (2) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required
      reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file reports) preceding the sale.

     

    
      
        

      14

    

    Persons who have beneficially owned restricted shares of our common stock or warrants for at least six months but who are our affiliates at the time of, or at any time during the three months preceding, a sale, would be
      subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:

     

    
      
        	

              	•	
                1% of the total number of shares of Class A common stock then outstanding, which equals 250,000 shares; or

              

      

    

     

    
      
        	

              	•	
                the average weekly reported trading volume of the common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

              

      

    

     

    Sales by our affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public information about us.

     

    Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies

     

    Rule 144 is not available for the resale of securities initially issued by shell companies (other than a business combination related shell companies) or issuers that have been at any time previously a shell company.
      However, Rule 144 also includes an important exception to this prohibition if the following conditions are met:

     

    
      
        	

              	•	
                the issuer of the securities that was formerly a shell company has ceased to be a shell company;

              

      

    

     

    
      
        	

              	•	
                the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

              

      

    

     

    
      
        	

              	•	
                the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such
                  reports and materials), other than Current Reports on Form 8-K; and

              

      

    

     

    
      
        	

              	•	
                at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.

              

      

    

     

    As a result, our initial stockholders will be able to sell their founder shares and our sponsor will be able to sell its private placement warrants, as applicable, pursuant to Rule 144 without registration one year after we
      have completed our initial business combination.

     

    Registration Rights

     

    The holders of the founder shares, private placement warrants and warrants that may be issued upon conversion of working capital loans (and any shares of common stock issuable upon the exercise of the private placement
      warrants or warrants issued upon conversion of the working capital loans and upon conversion of the founder shares) are entitled to registration rights pursuant to a registration rights agreement requiring us to register such securities for resale
      (in the case of the founder shares, only after conversion into shares of Class A common stock). The holders of these securities are entitled to make up to three demands, excluding short form registration demands, that we register such securities. In
      addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination and rights to require us to register for resale such securities
      pursuant to Rule 415 under the Securities Act. We will bear the expenses incurred in connection with the filing of any such registration statements.

     

    Listing of Securities

     

    Our units, Class A common stock and warrants are listed on the Nasdaq under the symbols “SMMCU,” “SMMC” and “SMMCW,” respectively.

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