Document:

Exhibit 4.7

 

____________________

 

SPI ENERGY CO., LTD.

 

FORM OF

 

SENIOR DEBT SECURITIES INDENTURE

 

Dated as of [           ]. 202[ ]

 

[  ]

 

Trustee

____________________

 

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

 

	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	SECTION 1.01   Definitions	1
	SECTION 1.02   Other Definitions	4
	SECTION 1.03   Incorporation by Reference of Trust Indenture Act	4
	SECTION 1.04   Rules of Construction	4
	ARTICLE II THE SECURITIES	5
	SECTION 2.01   Issuable in Series	5
	SECTION 2.02   Establishment of Terms of Series of Securities	5
	SECTION 2.03   Execution and Authentication	7
	SECTION 2.04   Registrar and Paying Agent	7
	SECTION 2.05   Paving Agent to Hold Money in Trust	8
	SECTION 2.06   Securityholder Lists	8
	SECTION 2.07   Transfer and Exchange	8
	SECTION 2.08   Mutilated Destroyed. Lost and Stolen Securities	9
	SECTION 2.09   Outstanding Securities	9
	SECTION 2.10   Treasury Securities	10
	SECTION 2.11   Temporary Securities	10
	SECTION 2.12   Cancellation	10
	SECTION 2.13   Defaulted Interest	10
	SECTION 2.14   Global Securities	10
	SECTION 2.15   CUSIP Numbers	12
	ARTICLE III REDEMPTION	12
	SECTION 3.01   Notice to Trustee	12
	SECTION 3.02   Selection of Securities to be Redeemed	12
	SECTION 3.03   Notice of Redemption	13
	SECTION 3.04   Effect of Notice of Redemption	13
	SECTION 3.05   Deposit of Redemption Price	13

 

 

 

 

 

    	 	i	 

     

    

 

	SECTION 3.06   Securities Redeemed in Part	13
	ARTICLE IV COVENANTS	13
	SECTION 4.01   Payment of Principal and Interest	13
	SECTION 4.02   SEC Reports	14
	SECTION 4.03   Compliance Certificate	14
	SECTION 4.04   Stay	15
	SECTION 4.05   Corporate Existence	15
	SECTION 4.06   Taxes	15
	SECTION 4.07   Additional Interest Notice	15
	SECTION 4.08   Further Instruments and Acts	15
	ARTICLE V SUCCESSORS	15
	SECTION 5.01   When Company May Merge Etc.	15
	SECTION 5.02   Successor Corporation Substituted	16
	ARTICLE VI DEFAULTS AND REMEDIES	16
	SECTION 6.01   Events of Default	16
	SECTION 6.02   Acceleration of Maturity; Rescission and Annulment	18
	SECTION 6.03   Collection of Indebtedness and Suits for Enforcement by Trustee	18
	SECTION 6.04   Trustee May File Proofs of Claim	19
	SECTION 6.05   Trustee May Enforce Claims Without Possession of Securities	19
	SECTION 6.06   Application of Money Collected	19
	SECTION 6.07   Limitation on Suits	20
	SECTION 6.08   Unconditional Right of Holders to Receive Principal and Interest	20
	SECTION 6.09   Restoration of Rights and Remedies	20
	SECTION 6.10   Rights and Remedies Cumulative	20
	SECTION 6.11   Delay or Omission Not Waiver	20
	SECTION 6.12   Control by Holders	21
	SECTION 6.13   Waiver of Past Defaults	21
	SECTION 6.14   Undertaking for Costs	21

 

 

 

 

 

    	 	ii	 

     

    

 

	ARTICLE VII TRUSTEE	22
	SECTION 7.01   Duties of Trustee	22
	SECTION 7.02   Rights of Trustee	23
	SECTION 7.03   Individual Rights of Trustee	23
	SECTION 7.04   Trustee’s Disclaimer	23
	SECTION 7.05   Notice of Defaults	23
	SECTION 7.06   Reports by Trustee to Holders	24
	SECTION 7.07   Compensation and Indemnity	24
	SECTION 7.08   Replacement of Trustee	24
	SECTION 7.09   Successor Trustee by Merger. Etc.	25
	SECTION 7.10   Eligibility; Disqualification	25
	SECTION 7.11   Preferential Collection of Claims Against Company	25
	ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE	25
	SECTION 8.01   Satisfaction and Discharge of Indenture	25
	SECTION 8.02   Application of Trust Funds; Indemnification	26
	SECTION 8.03   Legal Defeasance of Securities of any Series	27
	SECTION 8.04   Covenant Defeasance	28
	SECTION 8.05   Repayment to Company	29
	ARTICLE IX AMENDMENTS AND WAIVERS	29
	SECTION 9.01   Without Consent of Holders	29
	SECTION 9.02   With Consent of Holders	29
	SECTION 9.03   Limitations	30
	SECTION 9.04   Compliance with Trust Indenture Act	31
	SECTION 9.05   Revocation and Effect of Consents	31
	SECTION 9.06   Notation on or Exchange of Securities	31
	SECTION 9.07   Trustee Protected	31
	SECTION 9.08   Effect of Supplemental Indenture	31
	ARTICLE X MISCELLANEOUS	31

 

 

 

 

 

    	 	iii	 

     

    

 

	SECTION 10.01   Trust Indenture Act Controls	31
	SECTION 10.02   Notices	31
	SECTION 10.03   Communication by Holders with Other Holders	32
	SECTION 10.04   Certificate and Opinion as to Conditions Precedent	32
	SECTION 10.05   Statements Required in Certificate or Opinion	33
	SECTION 10.06   Record Date for Vote or Consent of Holders	33
	SECTION 10.07   Rules by Trustee and Agents	33
	SECTION 10.08   Legal Holidays	33
	SECTION 10.09   No Recourse Against Others	33
	SECTION 10.10   Counterparts	34
	SECTION 10.11   Governing Laws and Submission to Jurisdiction	34
	SECTION 10.12   No Adverse Interpretation of Other Agreements	34
	SECTION 10.13   Successors	34
	SECTION 10.14   Severability	34
	SECTION 10.15   Table of Contents	34
	SECTION 10.16   Judgment Currency	34
	SECTION 10.17   Compliance with Applicable Anti-Terrorism and Money Laundering Regulations	35
	ARTICLE XI SINKING FUNDS	35
	SECTION 11.01   Applicability of Article	35
	SECTION 11.02   Satisfaction of Sinking Fund Payments with Securities	35
	SECTION 11.03   Redemption of Securities for Sinking Fund	36

 

This Table of Contents does not constitute
part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 

 

 

 

    	 	iv	 

     

    

 

Reconciliation and tie between Trust Indenture
Act of 1939 and Indenture.

 

Date as of [                             ],
202[  ]

	Section 310(a)(1)	7.10
	(a)(2)	7.10
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(a)(5)	7.10
	(b)	7.10
	(c)	Not Applicable
	Section 311(a)	7.11
	(b)	7.11
	(c)	Not Applicable
	Section 312(a)	2.06
	(b)	10.03
	(c)	10.03
	Section 313(a)	7.06
	(b)(1)	7.06
	(b)(2)	7.06
	(c)(1)	7.06
	(d)	7.06
	Section 314(a)	4.02. 10.05
	(b)	Not Applicable
	(c)(1)	10.04
	(c)(2)	10.04
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	10.05
	(f)	Not Applicable
	Section 315(a)	7.01
	(b)	7.05
	(c)	7.01
	(d)	7.01
	(e)	6.14
	Section 316(a)(1)(A)	6.12
	(a)(1)(B)	6.13
	(a)(2)	Not Applicable
	(b)	6.13
	(c)	10.06
	Section 317(a)(1)	6.03
	(a)(2)	6.04
	(b)	2.05
	Section 318(a)	10.01

 

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

 

 

 

 

    	 	v	 

     

    

 

Indenture dated as of [            ].
202[  ] between SPI Energy Co., Ltd., a company organized under the laws of the Cayman Islands (the “Company”)
and [ ] (the “Trustee”).

 

Each party agrees as follows for the benefit
of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

 

ARTICLE
I

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.01      
Definitions.

 

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

 

“Affiliate”
of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified person. For the purposes of this definition, “control” (including, with correlative
meanings, the terms “controlled by” and “under common control with”), as used with respect to any person,
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such person, whether through the ownership of voting securities or by agreement or otherwise.

 

“Agent”
means any Registrar or Paying Agent.

 

“Bankruptcy
Law” means Title 11 of the United States Code (or any successor thereto) or any similar federal or state law for the
relief of debtors.

 

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

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the
Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the
certificate and delivered to the Trustee.

 

“Business
Day” means any day other than a (x) Saturday, (y) Sunday or (z) day on which state or federally chartered banking institutions
in New York, New York are not required to be open.

 

“Capital Stock”
of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents
of or interests in (however designated) equity of such Person, but excluding any debt securities convertible into such equity.

 

“Certificated
Securities” means Securities in the form of physical, certificated Securities in registered form.

 

“Company”
means the party named as such above until a successor replaces it in accordance with the terms of this Indenture and thereafter
means the successor.

 

“Company Order”
means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal
executive officer, principal financial officer or principal accounting officer.

 

“Company Request”
means a written request signed in the name of the Company by its Chairman of the Board, the Company’s principal executive
officer, a President or a Vice President, and by its Chief Financial Officer, its Secretary or an Assistant Secretary, and delivered
to the Trustee.

 

 

 

 

    	 	 	 

     

    

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered which office at the date of the execution of this Indenture is [ ]. Attention: [ ]. or at such other address as the
Trustee may designate from time to time.

 

“Custodian”
means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law.

 

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

 

“Default Rate”
means the default rate of interest specified in the Securities.

 

“Depository”
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 Depository for such Series by the Company, which Depository shall be a clearing agency registered
under the Exchange Act; and if at any time there is more than one such person, “Depository” as used with respect to
the Securities of any Series shall mean the Depository with respect to the Securities of such Series.

 

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

 

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

 

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

 

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

 

“Foreign Government
Obligations” means with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations
of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit
is pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government
the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either
case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.

 

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

 

“Holder”
or “Securityholder” means a person in whose name a Security is registered.

 

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

 

“Interest,”
in respect of the Securities, unless the context otherwise requires, refers to interest payable on the Securities, including
any additional interest that may become payable pursuant to Section 6.02(b).

 

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

 

“Officer”
means the Chairman of the Board, the Company’s principal executive officer, the President, any Vice-President, the Treasurer,
the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.

 

 

 

 

    	 	2	 

     

    

 

“Officers’
Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive
officer, principal financial officer or principal accounting officer.

 

“Opinion of
Counsel” means a written opinion of legal counsel who is, and which opinion is, acceptable to the Trustee and its counsel.
Such legal counsel may be an employee of or counsel to the Company or the Trustee.

 

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

 

“Principal”
or “principal” of a Security means the principal of the Security plus, when appropriate, the premium, if
any, on, and any Additional Amounts in respect of, the Security.

 

“Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office and also means, any vice president, managing
director, director, associate, assistant vice president, or any other officer of the Trustee customarily performing functions similar
to those performed by any of the above designated officers and also, with respect to a particular corporate trust matter, any other
officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject.

 

“SEC”
means the Securities and Exchange Commission.

 

“Security”
or “Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated
and delivered under this Indenture.

 

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

 

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

 

“Subordinated
Indebtedness” means any indebtedness which is expressly subordinated to the indebtedness evidenced by Securities.

 

“Subsidiary”
means, in respect of any Person, any corporation, association, partnership or other business entity of which more than 50%
of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard
to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at
the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such
Person; or (iii) one or more Subsidiaries of such Person.

 

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

 

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

 

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

 

 

 

 

    	 	3	 

     

    

 

SECTION 1.02      
Other Definitions.

 

	
        TERM
	DEFINED IN

SECTION
	“Applicable Law”	10.18
	“Event of Default”	6.01
	“Instrument”	6.01
	“Journal”	10.16
	“Judgment Currency”	10.17
	“Legal Holiday”	10.08
	“mandatory sinking fund payment”	11.01
	“Market Exchange Rate”	10.16
	“New York Banking Day”	10.17
	“optional sinking fund payment”	11.01
	“Paying Agent”	2.04
	“Registrar”	2.04
	“Required Currency”	10.17
	“successor person”	5.01
	“Temporary Securities”	2.11

 

SECTION 1.03      
Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. This Indenture
shall also include those provisions of the TIA required to be included herein by the provisions of the Trust Indenture Reform Act
of 1990. The following TIA terms used in this Indenture have the following meanings:

 

“indenture
securities” means the Securities.

 

“indenture
security holder” means a Securityholder.

 

“indenture
to be qualified” means this Indenture.

 

“indenture
trustee” or “institutional trustee” means the Trustee.

 

“obligor”
on the indenture securities means the Company and any successor obligor upon the Securities.

 

All other terms used
in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA
and not otherwise defined herein are used herein as so defined.

 

SECTION 1.04      
Rules of Construction.

 

Unless the context
otherwise requires:

 

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

 

(b)               
an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting
principles;

 

 

 

    	 	4	 

     

    

 

(c)                
references to “generally accepted accounting principles” shall mean generally accepted accounting principles
in effect as of the time when and for the period as to which such accounting principles are to be applied;

 

(d)                
“or” is not exclusive;

 

 

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

 

(f)                 
provisions apply to successive events and transactions;

 

(g)                
references to agreements and other instruments include subsequent amendments thereto;

 

(h)               
the term “merger” includes a statutory share exchange, and the term “merged” has a correlative
meaning; and

 

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

 

ARTICLE
II

 

THE SECURITIES

 

SECTION 2.01      
Issuable in Series.

 

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

 

SECTION 2.02      
Establishment of Terms of Series of Securities.

 

At or prior to the
issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection
(a), and either as to such Securities within the Series or as to the Series generally in the case of Subsections (b) through (t)
by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant to authority granted under a Board Resolution:

 

(a)                
the title, designation, aggregate principal amount and authorized denominations of the Securities of the Series;

 

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

 

(c)                
the date or dates on which the principal of the Securities of the Series is payable;

 

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

 

 

 

 

 

    	 	5	 

     

    

 

(e)                 any
optional or mandatory sinking fund provisions or conversion or exchangeability provisions upon which Securities of the Series
shall be redeemed, purchased, converted or exchanged;

 

(f)                 
the date, if any, after which and the price or prices at which the Securities of the Series may be optionally redeemed
or must be mandatorily redeemed and any other terms and provisions of optional or mandatory provisions;

 

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

 

(h)               
if other than the full principal amount, the portion of the principal amount of the Securities of the Series that
shall be payable upon declaration of acceleration pursuant to Section 6.02 or provable in bankruptcy;

 

(i)                 
any addition to 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 thereof due and payable pursuant
to Section 6.02;

 

(j)                 
the currency or currencies, including composite currencies, in which payments of principal of. premium or interest,
if any, on the Securities of the Series will be payable, if other than the currency of the United States of America;

 

(k)                
if payments of principal of. premium or interest, if any, on the Securities of the Series will be payable, at the
Company’s election or at the election of any Holder, in a currency other than that in which the Securities of the Series
are stated to be payable, the period or periods within which, and the terms and conditions upon which, the election may be made;

 

(l)                 
if payments of interest, if any, on the Securities of the Series will be payable, at the Company’s election
or at the election of any Holder, in cash or additional securities, and the terms and conditions upon which the election may be
made;

 

(m)               if
denominated in a currency or currencies other than the currency of the United States of America, the equivalent price of the
Securities of the Series in the currency of the United States of America for purposes of determining the voting rights of
Holders of the Securities of the Series;

 

(n)               
if the amount of payments of principal, premium or interest may be determined with reference to an index, formula
or other method based on a coin or currency other than that in which the Securities of the Series are stated to be payable, the
manner in which the amounts will be determined;

 

(o)               
any restrictive covenants or other material terms relating to the Securities of the Series;

 

(p)               
whether the Securities of the Series will be issued in the form of global securities or certificates in registered
form;

 

(q)               
any terms with respect to subordination;

 

(r)                  any
listing on any securities exchange or quotation system; and

 

(s)                
additional provisions, if any, related to defeasance and discharge of the offered debt securities.

 

All Securities of any
one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture,
if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above,
and the authorized principal amount of any Series may not be increased to provide for issuance of additional Securities of such
Series, unless otherwise provided in such Board Resolution, supplemental Indenture or Officers’ Certificate.

 

 

 

    	 	6	 

     

    

 

SECTION 2.03      
Execution and Authentication.

 

Two Officers shall
sign the Securities for the Company by manual or facsimile signature.

 

If an Officer whose
signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless
be valid.

 

A Security shall not
be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive
evidence that the Security has been authenticated under this Indenture.

 

The Trustee shall at
any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order
may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent
or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its authentication
unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

 

The aggregate principal
amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such
Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section
2.02, except as provided in Section 2.08.

 

Prior to the issuance
of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying
on: (a) the Board Resolution, supplemental indenture hereto or Officers Certificate establishing the form of the Securities of
that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series,
(b) an Officers’ Certificate complying with Section 10.04, and (c) an Opinion of Counsel complying with Section 10.04.

 

The Trustee shall have
the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines
that such action may not lawfully be taken; or (b) if a Responsible Officer of the Trustee in good faith shall determine that such
action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

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

 

If any successor that
has replaced the Company in accordance with Article 5 has executed an indenture supplemental hereto with the Trustee pursuant to
Section 5.01, any of the Securities authenticated or delivered prior to such transaction may. from time to time, at the request
of such successor, be exchanged for other Securities executed in the name of the such successor with such changes in phraseology
and form as may be appropriate, but otherwise identical to the Securities surrendered for such exchange and of like principal amount;
and the Trustee, upon receipt of a Company Order of such successor, shall authenticate and deliver Securities as specified in such
order for the purpose of such exchange. If Securities shall at any time be authenticated and delivered in any new name of such
successor pursuant to this provision of Section 2.03 in exchange or substitution for or upon registration of transfer of any Securities,
such successor, at the option of the Holders but without expense to them, shall provide for the exchange of all Securities then
outstanding for Securities authenticated and delivered in such new name.

 

SECTION 2.04      
Registrar and Paying Agent.

 

The Company shall maintain,
with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.02,
an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”) and
where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”). The Registrar
shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt
written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar and Paying Agent.
If at any time the Company shall fail to maintain any such required Registrar or Paying Agent or shall fail to furnish the Trustee
with the name and address thereof, such presentations and surrenders may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations and surrenders.

 

 

 

 

    	 	7	 

     

    

 

The Company may also
from time to time designate one or more co-registrars or additional paying agents 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 obligations to maintain
a Registrar or Paying Agent in each place so specified pursuant to Section 2.02 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 name
or address of any such co-registrar or additional paying agent. The term “Registrar” includes any co-registrar; and
the term “Paying Agent” includes any additional paying agent.

 

The Company hereby
appoints [        ] as the initial Registrar and Paying Agent for each Series unless another
Registrar or Paying Agent as the case may be, is appointed prior to the time Securities of that Series are first issued. Each Registrar
and Paying Agent shall be entitled to all of the rights, protections, exculpations and indemnities afforded to the Trustee in connection
with its roles as Registrar and Paying Agent.

 

SECTION 2.05      
Paving Agent to Hold Money in Trust.

 

The Company shall require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders
of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on
the Series of Securities, and will notify the Trustee of any default by the Company in making any such payment. While any such
default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying
Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all
money held by it as Paying Agent.

 

SECTION 2.06      
Securityholder Lists.

 

The Trustee shall preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders
of each Series of Securities and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company
shall furnish to the Trustee at least 15 days before each interest payment date and at such other times as the Trustee may request
in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders
of each Series of Securities.

 

SECTION 2.07      
Transfer and Exchange.

 

Where Securities of
a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal
principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements
for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at
the Registrar’s request. Any exchange or transfer shall be without charge, except that the Company or the Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge required by law; provided that this sentence shall not
apply to any exchange pursuant to Section 2.11, 2.08, 3.06 or 9.06.

 

Neither the Company
nor the Registrar shall be required (a) to issue, register the transfer of. or exchange Securities of any Series for the period
beginning at the opening of business 15 days immediately preceding the mailing of a notice of redemption of Securities of that
Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer
of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed
of any such Securities selected, called or being called for redemption in part.

 

 

 

 

 

    	 	8	 

     

    

 

All Securities issued
upon any transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt and entitled to
the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. Any Registrar appointed pursuant
to Section 2.04 shall provide to the Trustee such information as the Trustee may reasonably require in connection with the delivery
by such Registrar of Securities upon transfer or exchange of Securities. Each Holder of a Security agrees to indemnify the Company
and the Trustee against any liability that may result from the transfer, exchange or assigmnent of such Holder’s Security
in violation of any provision of this Indenture and/or applicable U.S. federal or state securities law.

 

SECTION 2.08      
Mutilated Destroyed. Lost and Stolen Securities.

 

If any mutilated Security
is surrendered to the Registrar, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor
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 Registrar (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 Registrar that such Security has been acquired by a bona fide purchaser, the Company shall
execute and upon its request the Trustee shall authenticate and make available for delivery, 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 thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

 

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

 

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 2.09      
Outstanding Securities.

 

The Securities outstanding
at any time are all the Securities authenticated by the Trustee except for those canceled by it. those delivered to it for cancellation,
those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those
described in this Section as not outstanding.

 

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

 

If the Paying Agent
(other than the Company, a Subsidiary or an Affiliate of any thereof) holds on the Maturity of Securities of a Series money sufficient
to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding
and interest on them ceases to accrue.

 

A Security does not
cease to be outstanding because the Company or an Affiliate holds the Security.

 

In determining whether
the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such
purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a
declaration of acceleration of the Maturity thereof pursuant to Section 6.02.

 

 

 

 

    	 	9	 

     

    

 

SECTION 2.10      
Treasury Securities.

 

In determining whether
the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction,
notice, consent or waiver Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for the
purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction,
notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall
be so disregarded.

 

SECTION 2.11      
Temporary Securities.

 

Until definitive Securities
are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary securities upon a Company Order (“Temporary
Securities”). Temporary Securities shall be substantially in the form of definitive Securities but may have variations that
the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee
upon written request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary
Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

SECTION 2.12      
Cancellation.

 

The Company at any
time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee or
its agent any Securities surrendered to them for transfer, exchange, payment or conversion. The Trustee and no one else shall cancel,
in accordance with its standard procedures, all Securities surrendered for transfer, exchange, payment, conversion or cancellation
and shall deliver the cancelled Securities to the Company. No Security shall be authenticated in exchange for any Security cancelled
pursuant to this Section 2.12.

 

The Company may, to
the extent permitted by law, purchase Securities in the open market or by tender offer at any price or by private agreement. Any
Securities purchased or otherwise acquired by the Company or any of its Subsidiaries prior to the final maturity of such Securities
may, to the extent permitted by law, be reissued or resold or may, at the option of the Company, be surrendered to the Trustee
for cancellation. Any Securities surrendered for cancellation may not be reissued or resold and shall be promptly cancelled by
the Trustee, and the Company may not hold or resell such Securities or issue any new Securities to replace any such Securities.

 

SECTION 2.13      
Defaulted Interest.

 

If the Company defaults
in a payment of interest on a Series of Securities, it shall pay defaulted interest, plus, to the extent permitted by law, any
interest payable on the defaulted interest at the Default Rate, to the persons who are Security holders of the Series on a subsequent
special record date. The Company shall fix the record date and payment date. At least 10 days before the record date, the Company
shall mail to the Trustee and the Paying Agent and to each Securityholder of the Series a notice that states the record date, the
payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 

SECTION 2.14      
Global Securities.

 

(a)                
A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the
Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depository for
such Global Security or Securities.

 

(b)               
(i) Notwithstanding any provisions to the contrary contained in Section 2.07and in addition thereto, any Global Security
shall be exchangeable pursuant to Section 2.07 for Securities registered in the names of Holders other than the Depository for
such Security or its nominee only if (A) such Depository notifies the Company that it is unwilling or unable to continue as Depository
for such Global Security or if at any time such Depository ceases to be a clearing agency registered under the Exchange Act, and,
in either case, the Company fails to appoint a successor Depository within 90 days of such event, (B) the Company executes and
delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (C)
an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing.

 

 

 

 

    	 	10	 

     

    

 

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

 

(iii)             
Securities issued in exchange for a Global Security or any portion thereof shall be issued in definitive, fully registered
form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof
to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depository shall designate
and shall bear the applicable legends provided for herein. Any Global Security to be exchanged in whole shall be surrendered by
the Depository to the Trustee, as Registrar. With regard to any Global Security to be exchanged in part, either such Global Security
shall be so surrendered for exchange or, if the Registrar is acting as custodian for the Depository or its nominee with respect
to such Global Security, the principal amount thereof shall be reduced by an amount equal to the portion thereof to be so exchanged,
by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall
authenticate and deliver the Security issuable on such exchange to or upon the order of the Depository or an authorized representative
thereof.

 

(iv)              
The registered Holder may grant proxies and otherwise authorize any Person, including participants in the Depository and
persons that may hold interests through participants in the Depository, to take any action which a Holder is entitled to take under
this Indenture or the Securities.

 

(v)               
In the event of the occurrence of any of the events specified in 2.14(b)(i), the Company will promptly make available to
the Trustee a reasonable supply of Certificated Securities in definitive, fully registered form, without interest coupons. If (A)
an event described in Section 2.14(b)(i)(A) or (B) occurs and definitive Certificated Securities are not issued promptly to all
beneficial owners or (B) the Registrar receives from a beneficial owner instructions to obtain definitive Certificated Securities
due to an event described in Section 2.14(b)(i)(C) and definitive Certificated Securities are not issued promptly to any such beneficial
owner, the Company expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.07
hereof, the right of any beneficial owner of Securities to pursue such remedy with respect to the portion of the Global Security
that represents such beneficial owner’s Securities as if such definitive certificated Securities had been issued.

 

(vi)              
Notwithstanding any provision to the contrary in this Indenture, so long as a Global Security remains outstanding and is
held by or on behalf of the Depository, transfers of a Global Security, in whole or in part, or of any beneficial interest therein,
shall only be made in accordance with Section 2.07, this Section 2.14(b) and the rules and procedures of the Depository for such
Global Security to the extent applicable to such transaction and as in effect from time to time.

 

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

 

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

 

 

 

 

    	 	11	 

     

    

 

(d)               
The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request,
demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the
Indenture.

 

(e)                
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02,
payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof at their registered
office.

 

(f)                 
At all times the Securities are held in book-entry form with a Depository, (i) the Trustee may deal with such Depository
as the authorized representative of the Holders, (ii) the rights of the Holders shall be exercised only through the Depository
and shall be limited to those established by law and agreement between the Holders and the Depository and/or direct participants
of the Depository, (iii) the Depository will make book-entry transfers among the direct participants of the Depository and will
receive and transmit distributions of principal and interest on the Securities to such direct participants; and (iv) the direct
participants of the Depository shall have no rights under this Indenture, or any supplement hereto, under or with respect to any
of the Securities held on their behalf by the Depository, and the Depository may be treated by the Trustee and its agents, employees,
officers and directors as the absolute owner of the Securities for all purposes whatsoever.

 

SECTION 2.15      
CUSIP Numbers.

 

The Company in issuing
the Securities may use “CUSIP”, “CCN”, “ISIN” or other identification numbers (if then generally
in use), and, if so, the Trustee shall use “CUSIP”, “CCN”, “ISIN” or such other identification
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 elements of identification printed on the Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers.

 

ARTICLE
III

 

REDEMPTION

 

SECTION 3.01      
Notice to Trustee.

 

The Company may, with
respect to any series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and
pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided
for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated
Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee
and Registrar in writing of the redemption date and the principal amount of Series of Securities to be redeemed. The Company shall
give the notice at least 30 days before the redemption date (or such shorter notice as may be acceptable to the Trustee and Registrar).

 

SECTION 3.02      
Selection of Securities to be Redeemed.

 

Unless otherwise indicated
for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the
Securities of a Series are to be redeemed, the Registrar shall select the Securities of the Series to be redeemed in accordance
with its customary procedures. The Registrar shall make the selection from Securities of the Series outstanding not previously
called for redemption. The Registrar may select for redemption portions of the principal of Securities of the Series that have
denominations larger than $1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole
multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.02(g), the
minimum principal denomination for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities
of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

 

SECTION 3.03      
Notice of Redemption.

 

 

 

 

 

 

    	 	12	 

     

    

 

Unless otherwise indicated
for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days
but not more than 30 days before a redemption date, the Company shall mail a notice of redemption by first- class mail to each
Holder whose Securities are to be redeemed.

 

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

 

(a)                
the redemption date;

 

(b)               
 the redemption price;

 

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

 

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

 

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

 

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

 

At the Company’s
written request, the Trustee shall distribute the notice of redemption prepared by the Company in the Company’s name and
at its expense.

 

SECTION 3.04      
Effect of Notice of Redemption.

 

Once notice of redemption
is mailed or published as provided in Section 3.03, Securities of a Series called for redemption become due and payable on the
redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent,
such Securities shall be paid at the redemption price plus accrued interest to the redemption date.

 

SECTION 3.05      
Deposit of Redemption Price.

 

On or before the redemption
date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if
any, on all Securities to be redeemed on that date.

 

SECTION 3.06      
Securities Redeemed in Part.

 

Upon surrender of a
Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same
maturity equal in principal amount to the unredeemed portion of the Security surrendered.

 

ARTICLE
IV

 

COVENANTS

 

SECTION 4.01      
Payment of Principal and Interest.

 

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

 

Unless otherwise provided
under the terms of a particular Series of Securities:

 

 

 

 

    	 	13	 

     

    

 

(a)                
an installment of principal or interest shall be considered paid on the date it is due if the Paying Agent (other
than the Company) holds by [4:00] [p].m., New York City time, on that date money, deposited by the Company or an Affiliate thereof,
sufficient to pay such installment. The Company shall (in immediately available funds), to the fullest extent permitted by law,
pay interest on overdue principal and overdue installments of interest at the rate borne by the Securities per annum; and

 

(b)               
payment of the principal of and interest on the Securities shall be made at the office or agency of the Company maintained
for that purpose in the Borough of Manhattan, City and State of New York (which shall initially be [        ]
in the Borough of Manhattan, City and State of New York, the Paying Agent) in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option
of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address appears
in the register; provided, further, that a Holder with an aggregate principal amount in excess of $[1,000,000] will be paid
by wire transfer in immediately available funds at the election of such Holder if such Holder has provided wire transfer instructions
to the Company at least five Business Days prior to the payment date.

 

SECTION 4.02      
SEC Reports.

 

So long as any Securities
are outstanding, the Company shall (i) file with the SEC within the time periods prescribed by its rules and regulations and (ii)
furnish to the Trustee and the Holders of the Securities within 30 days after the date on which the Company would be required to
file the same with the SEC pursuant to its rules and regulations (giving effect to any grace period provided by Rule 12b-25 under
the Exchange Act), all quarterly and annual financial information required to be furnished or filed with the SEC pursuant to Section
13 and Section 15(d) of the Exchange Act and, with respect to the annual consolidated financial statements only, a report thereon
by the Company’s independent auditors. The Company also shall comply with the other provisions of TIA Section 314(a).

 

Delivery of such reports,
information and documents to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on
Officers’ Certificates). The Company shall not be required to file any report or other information with the SEC if the SEC
does not permit such filing, although such reports shall be furnished to the Trustee. Documents filed by the Company with the SEC
via the SEC’s EDGAR system (or any successor thereto) will be deemed furnished to the Trustee and the Holders of the Securities
as of the time such documents are filed via EDGAR (or such successor).

 

SECTION 4.03      
Compliance Certificate.

 

The Company shall deliver
to the Trustee, within 120 days after the end of each fiscal year of the Company, an officers certificate signed by two of the
Company’s officers stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate,
that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she
may have knowledge in reasonable detail and the efforts to remedy the same). For purposes of this Section 4.03, compliance shall
be determined without regard to any grace period or requirement of notice provided pursuant to the terms of this Indenture.

 

The Company shall deliver
to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any
Event of Default described in Section 6.01(e). (f). (g) or (h) and any event of which it becomes aware that with the giving of
notice or the lapse of time would become such an Event of Default, its status and what action the Company is taking or proposes
to take with respect thereto. For the avoidance of doubt, a breach of a covenant under an Instrument that is not a payment default
and that has not given rise to a right of acceleration under such Instrument shall not trigger the requirement to provide notice
under this paragraph.

 

 

 

 

 

    	 	14	 

     

    

 

SECTION 4.04      
Stay. Extension and Usury Laws.

 

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

 

SECTION 4.05      
Corporate Existence.

 

Subject to Article
V. the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence
and the corporate, partnership or other existence of each Subsidiary in accordance with the respective organizational documents
of each Subsidiary and the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided,
however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership
or other existence of any Subsidiary, if the Board of Directors shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in
any material respect to the Holders.

 

SECTION 4.06      
Taxes.

 

The Company shall,
and shall cause each of its Subsidiaries to. pay prior to delinquency all taxes, assessments and governmental levies, except as
contested in good faith and by appropriate proceedings.

 

SECTION 4.07      
Additional Interest Notice.

 

In the event that the
Company is required to pay additional interest to Holders of Securities pursuant to Section 6.02(b) hereof, the Company shall provide
a direction or order in the form of a written notice to the Trustee (and if the Trustee is not the Paying Agent, the Paying Agent)
of the Company’s obligation to pay such additional interest no later than 10 Business Days prior to date on which any such
additional interest is scheduled to be paid. Such notice shall set forth the amount of additional interest to be paid by the Company
on such payment date and direct the Trustee (or, if the Trustee is not the Paying Agent, the Paying Agent) to make payment to the
extent it receives funds from the Company to do so. The Trustee shall not at any time be under any duty or responsibility to any
Holder to determine whether additional interest is payable, or with respect to the nature, extent, or calculation of the amount
of additional interest owed, or with respect to the method employed in such calculation of additional interest.

 

SECTION 4.08      
Further Instruments and Acts.

 

The Company will execute
and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively
the purposes of this Indenture.

 

ARTICLE
V

 

SUCCESSORS

 

SECTION 5.01      
When Company May Merge Etc..

 

The Company shall not
consolidate with, enter into a binding share exchange, or merge into any other Person in a transaction in which it is not the surviving
entity, or sell, assign, convey, transfer or lease or otherwise dispose of all or substantially all of its properties and assets
to any Person (a “successor person”), unless:

 

(a)                
the successor person (if any) is a corporation, partnership, trust or other entity organized and validly existing
under the laws of the Cayman Islands, the United States, any state of the United States or the District of Columbia and expressly
assumes 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 interest on, all Securities and the performance or observance of every covenant of this Indenture
on the part of the Company to be performed or observed;

 

 

 

 

    	 	15	 

     

    

 

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

 

(c)                
the Company shall have delivered to the Trustee, prior to the consummation of the proposed transaction, an Officers’
Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture
comply with this Indenture.

 

SECTION 5.02      
Successor Corporation Substituted.

 

Upon any consolidation
or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance
with Section 5.01, the successor person formed by such consolidation or into or with which the Company is merged or to which such
sale, lease, conveyance or other disposition 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 has been named as the Company herein;
provided, however, that the predecessor company in the case of a sale, lease, conveyance or other disposition of all or substantially
all of the assets of the Company shall not be released from the obligation to pay the principal of and interest, if any, on the
Securities.

 

ARTICLE
VI

 

DEFAULTS AND REMEDIES

 

SECTION 6.01      
Events of Default.

 

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

 

(a)                
default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance
of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee
or with a Paying Agent prior to the expiration of such period of 30 days); or

 

(b)                
default in the payment of any principal of any Security of that Series at its Maturity; or

 

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

 

(d)               
the Company fails to perform or comply with any of its other covenants or agreements contained in the Securities
or in this Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with
in clauses (a), (b) or (c) of this Section 6.01) and the default continues for 60 days after notice is given as specified below;

 

(e)                
any indebtedness under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company
or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured
or evidenced any indebtedness for money borrowed by. or any other payment obligation of. the Company or any Subsidiary (an “Instrument”)
with a principal amount then, individually or in the aggregate, outstanding in excess of $[       ].
whether such indebtedness now exists or shall hereafter be created, is not paid at Maturity or when otherwise due or is accelerated,
and such indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within a period
of 30 days after there shall have 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 aggregate principal amount of the outstanding Securities of that Series a written
notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such default to be
cured or waived or such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default”
hereunder. A payment obligation (other than indebtedness under any bond, debenture, note or other evidence of indebtedness for
money borrowed by the Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued
or by which there may be secured or evidenced any indebtedness for money borrowed by the Company or any Subsidiary) shall not be
deemed to have matured, come due. or been accelerated to the extent that it is being disputed by the relevant obligor or obligors
in good faith. For the avoidance of doubt, the Maturity of an Instrument is the Maturity as set forth in that Instrument, as it
may be amended from time to time in accordance with the terms of that Instrument;

 

 

 

 

    	 	16	 

     

    

 

(f)                 the
Company or any Subsidiary fails to pay one or more final and non-appealable judgments entered by a court or courts of competent
jurisdiction, the aggregate uninsured or unbonded portion of which is in excess of $[   ], if the judgments
are not paid, discharged, waived or stayed within 90 days;

 

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

 

(i)                 commences
a voluntary case or proceeding;

 

(ii)               
consents to the entry of an order for relief against it in an involuntary case or proceeding;

 

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

 

(iv)              
makes a general assignment for the benefit of its creditors; or

 

(v)               
or generally is unable to pay its debts as the same become due; or

 

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

 

(i)                 
is for relief against the Company or any of its Subsidiaries in an involuntary case or proceeding;

 

(ii)               
appoints a Custodian of the Company or any of its Subsidiaries for all or substantially all of the property of the Company
or any such Subsidiary; or

 

(iii)              
orders the liquidation of the Company or any of its Subsidiaries;

and the case of each
of clause (i). (ii) and (iii). the order or decree remains unstayed and in effect for 90 consecutive days; or

 

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

 

A default under clause
(d) above is not an Event of Default until the Trustee notifies the Company, or the Holders of at least 25% in aggregate principal
amount of the Securities then outstanding notify the Company and the Trustee, in writing of the default, and the Company does not
cure the default within 60 days after receipt of such notice. The notice given pursuant to this Section 6.01 must specify the default,
demand that it be remedied and state that the notice is a “Notice of Default.” When any default under this Section
6.01 is cured, it ceases.

 

 

 

 

 

 

    	 	17	 

     

    

 

The Trustee shall not
be charged with knowledge of any Event of Default unless written notice thereof shall have been given to a Trust Officer at the
Corporate Trust Office of the Trustee by the Company, a Paying Agent, any Holder or any agent of any Holder.

 

SECTION 6.02      
Acceleration of Maturity; Rescission and Annulment.

 

(a)                
If an Event of Default (other than an Event of Default specified in clause (g) or (h) of Section 6.01) occurs and
is continuing with respect to any Securities of any Series, then in every such case, the Trustee may. by notice to the Company,
or the Holders of at least 25% in aggregate principal amount of the Securities of that Series (or, if any Securities of that Series
are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) then outstanding
may. by notice to the Company and the Trustee, declare all unpaid principal of. and accrued and unpaid interest on to the date
of acceleration, the Securities of that Series then outstanding (if not then due and payable) to be due and payable upon any such
declaration, and the same shall become and be immediately due and payable. If an Event of Default specified in clause (g) or (h)
of Section 6.01 occurs, all unpaid principal of the Securities then outstanding, and all accrued and unpaid interest thereon to
the date of acceleration, shall ipso facto become and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder. The Holders of a majority in aggregate principal amount of the Securities of that Series then
outstanding by notice to the Trustee may rescind an acceleration of such Securities of that Series and its consequences if (a)
all existing Events of Default, other than the nonpayment of the principal of the Securities which has become due solely by such
declaration of acceleration, have been cured or waived; (b) to the extent the payment of such interest is lawful, interest (calculated
at the Default Rate) on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration
of acceleration, has been paid; (c) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction;
and (d) all payments due to the Trustee and any predecessor Trustee under Section 7.07 have been made. No such rescission shall
affect any subsequent default or impair any right consequent thereto.

 

(b)               
Notwithstanding any of provision of this Article 6, at the election of the Company in its sole discretion, the sole
remedy under this Indenture for an Event of Default relating to the failure to comply with Section 4.02, and for any failure to
comply with the requirements of Section 314(a)(1) of the TIA, will consist, for the 180 days after the occurrence of such an Event
of Default, exclusively of the right to receive additional interest on the Securities at a rate equal to 0.50% per annum of the
aggregate principal amount of the Securities then outstanding up to. but not including, the 181st day thereafter (or, if applicable,
the earlier date on which the Event of Default relating to Section 4.02 is cured or waived). Any such additional interest will
be payable in the same manner and on the same dates as the stated interest payable on the Securities. In no event shall additional
interest accrue under the terms of this Indenture at a rate in excess of 0.50% per annum, in the aggregate, for any violation or
default caused by the failure of the Company to be current in respect of its Exchange Act reporting obligations. If the Event of
Default is continuing on the 181st day after an Event of Default relating to a failure to comply with Section 4.02, the Securities
will be subject to acceleration as provided in this Section 6.02. The provisions of this Section 6.02(b) will not affect the rights
of Holders in the event of the occurrence of any other Events of Default.

 

In order to elect to
pay additional interest as the sole remedy during the first 180 days after the occurrence of an Event of Default relating to the
failure to comply with Section 4.02 in accordance with the immediately preceding paragraph, the Company shall notify all Holders
and the Trustee and Paying Agent of such election on or before the close of business on the fifth Business Day after the date on
which such Event of Default otherwise would occur. Upon a failure by the Company to timely give such notice or pay additional interest,
the Securities will be immediately subject to acceleration as otherwise provided in this Section 6.02.

 

SECTION 6.03      
Collection of Indebtedness and Suits for Enforcement by Trustee.

 

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

 

 

 

 

    	 	18	 

     

    

 

If an Event of Default
in the payment of principal, interest, if any, specified in clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee
may recover judgment in its own name and as trustee of an express trust against the Company or another obligor on the Securities
for the whole amount of principal, and accrued interest remaining unpaid, if any, together with, to the extent that payment of
such interest is lawful, interest on overdue principal, on overdue installments of interest, if any, in each case at the Default
Rate, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

  

SECTION 6.04      
Trustee May File Proofs of Claim.

 

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

 

(a)                
to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities
and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of
the Holders allowed in such judicial proceeding, and

 

(b)               
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the
same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder 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 7.07.

 

Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee
to vote in respect of the claim of any Holder in any such proceeding.

 

SECTION 6.05      
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 thereof in any proceeding relating thereto, 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 6.06      
Application of Money Collected.

 

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

 

First: To the
payment of all amounts due the Trustee under Section 7.07;

 

Second: To the
payment of the amounts then due and unpaid for principal of 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 interest, respectively; and

 

 

 

 

    	 	19	 

     

    

 

Third: To the
Company.

 

SECTION 6.07      
Limitation on Suits.

 

No Holder of any Security
of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder (except actions for payment of overdue principal and interest),
unless:

 

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

 

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

 

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

 

(d)               
the Trustee for 90 days after its receipt of such notice, request and offer of indemnity has failed to institute
any such proceeding; and

 

(e)                
no direction inconsistent with such written request has been given to the Trustee during such 90-day period by the
Holders of a majority in principal amount of the outstanding Securities of that Series; it being understood and intended that no
one or more of such Holders shall have any right in any manner whatever by virtue of. or by availing of. any provision of this
Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and
for the equal and ratable benefit of all such Holders.

 

SECTION 6.08      
Unconditional Right of Holders to Receive Principal 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 interest, if any, on such Security on the Stated Maturity or Stated 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.

 

SECTION 6.09      
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 hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.

 

SECTION 6.10      
Rights and Remedies Cumulative.

 

Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.08, no right
or remedy herein conferred 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 hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

SECTION 6.11      
Delay or Omission Not Waiver.

 

 

 

 

 

    	 	20	 

     

    

 

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 any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

SECTION 6.12      
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

 

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

 

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

 

(c)                
subject to the provisions of Section 6.01, the Trustee shall have the right to decline to follow any such direction
if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve
the Trustee in personal liability or would be unduly prejudicial to the rights of another Holder or the Trustee.

 

SECTION 6.13      
Waiver of Past Defaults.

 

Subject to Section
9.02, the Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of
the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences,
except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders
of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences,
including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

SECTION 6.14      
Undertaking for Costs.

 

All parties to this
Indenture agree, and each Holder of any Security by his acceptance thereof 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 attorneys’
fees, 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 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 25% 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 interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such Security
(or, in the case of redemption, on the redemption date).

 

 

 

 

 

    	 	21	 

     

    

 

ARTICLE
VII

 

TRUSTEE

 

SECTION 7.01      
Duties of Trustee.

 

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

 

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

 

(i)                 The
Trustee need perform only those duties that are specifically set forth in this Indenture and no implied duties, covenants or obligations
shall be deemed to be imposed upon the Trustee.

 

(ii)               
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming
to the requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which
by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’
Certificates and Opinions of Counsel to determine whether or not they conform on their face to the requirements of this Indenture.

 

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

 

(i)                 This
paragraph does not limit the effect of paragraph (b) of Section 7.01 herein.

 

(ii)               
The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer.

 

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

 

(d)               
Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c)
of this Section.

 

(e)                 The
Trustee may refuse to perform any duty or exercise any right or power unless it receives an indemnity satisfactory to it against
any loss, liability or expense.

 

(f)                 The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)               
No provision of this Indenture shall require the Trustee to risk or expend its own funds or otherwise incur liability,
financial or otherwise, in the performance of any of its duties, 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 indemnity satisfactory to it against such risk is not reasonably
assured to it.

 

(h)               
The Paying Agent, the Registrar and any authenticating agent shall be entitled to the same rights, indemnities, protections
and immunities afforded to the Trustee.

 

 

 

 

 

    	 	22	 

     

    

 

(i)                 
The Trustee shall have no duty to monitor the performance or compliance of the Company with its obligations hereunder
or any under supplement hereto, nor shall it have any liability in connection with the malfeasance or nonfeasance by the Company.
The Trustee shall have no liability in connection with compliance by the Company with statutory or regulatory requirements related
to this Indenture, any supplement or any Securities issued pursuant hereto or thereto.

 

SECTION 7.02      
Rights of Trustee.

 

(a)                
The Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting as a result
of its reasonable belief that any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
direction, approval or other paper or document was genuine and had been signed or presented by the proper person. The Trustee need
not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it sees fit.

 

(b)               
Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel
or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’
Certificate or Opinion of Counsel.

 

(c)                
The Trustee may act through agents and shall not be responsible for the misconduct or negligence of. or for the supervision
of. any agent appointed with due care. No Depository shall be deemed an agent of the Trustee and the Trustee shall not be responsible
for any act or omission by any Depository.

 

(d)               
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers.

 

(e)                
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 hereunder in good faith
and in reliance thereon.

 

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

 

SECTION 7.03      
Individual Rights of Trustee.

 

The Trustee, in its
individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate
with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject
to Sections 7.10 and 7.11.

 

SECTION 7.04      
Trustee’s Disclaimer.

 

The Trustee makes no
representation as to the validity or adequacy of this Indenture or the Securities and the recitals contained herein and in the
Securities shall be taken as statements of the Company and not of the Trustee, and the Trustee has no responsibility for such recitals.
The Trustee shall not be accountable for the Company’s use or application of the proceeds from the Securities or for monies
paid over to the Company pursuant to this Indenture, and it shall not be responsible for any statement in the Securities other
than its authentication.

 

SECTION 7.05      
Notice of Defaults.

 

If a Default or Event
of Default occurs and is continuing with respect to the Securities of any Series and if a Responsible Officer of the Trustee has
knowledge or receives written notice of such event, the Trustee shall mail to each Securityholder of the Securities of that Series,
notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee
has actual knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal
of or interest on any Security of any Series, including any additional interest that may become payable pursuant to Section 6.02(b).
the Trustee may withhold the notice so long as the Trustee in good faith determines that withholding the notice is in the interests
of Securityholders of that Series.

 

 

 

 

    	 	23	 

     

    

 

SECTION 7.06      
Reports by Trustee to Holders.

 

Within 60 days after
[          ] in each year, the Trustee shall transmit by mail to all Securityholders,
as their names and addresses appear on the register kept by the Registrar, a brief report dated as of such [         ],
in accordance with, and to the extent required under, TIA Section 313.

 

A copy of each report
at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock exchange on which the Securities
of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock
exchange.

 

SECTION 7.07      
Compensation and Indemnity.

 

The Company shall pay
to the Trustee from time to time such compensation for its services as shall be agreed upon in writing. The Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon
request for all reasonable out-of-pocket expenses, disbursements and advances incurred by it. Such expenses shall include the reasonable
compensation and expenses of the Trustee’s agents, counsel and other persons not regularly in its employ.

 

The Company shall indemnify,
defend and hold harmless the Trustee and its officers, directors, employees, representatives and agents, from and against and reimburse
the Trustee for any and all claims, expenses, obligations, liabilities, losses, damages, injuries (to person, property, or natural
resources), penalties, stamp or other similar taxes, actions, suits, judgments, reasonable costs and expenses (including reasonable
attorney’s and agent’s fees and expenses) of whatever kind or nature regardless of their merit, demanded, asserted
or claimed against the Trustee directly or indirectly relating to. or arising from, claims against the Trustee by reason of its
participation in the transactions contemplated hereby, including without limitation all reasonable costs required to be associated
with claims for damages to persons or property, and reasonable attorneys’ and consultants’ fees and expenses and court
costs except to the extent caused by the Trustee’s negligence or willful misconduct. The provisions of this Section 7.07
shall survive the termination of this Agreement or the earlier resignation or removal of the Trustee. The Company shall defend
any claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable
fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not
be unreasonably withheld or delayed. This indemnification shall apply to officers, directors, employees, shareholders and agents
of the Trustee.

 

The Company need not
reimburse any expense or indemnify against any loss liability incurred by the Trustee or by any officer, director, employee, shareholder
or agent of the Trustee through negligence or bad faith.

 

To secure the Company’s
payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property
held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities of that Series.

 

When the Trustee incurs
expenses or renders services after an Event of Default specified in Section 6.01(f) or (g) occurs, the expenses and the compensation
for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

SECTION 7.08      
Replacement of Trustee.

 

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

 

The Trustee may resign
with respect to the Securities of one or more Series by so notifying the Company. The Holders of a majority in principal amount
of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company.
The Company may remove the Trustee with respect to Securities of one or more Series if:

 

 

 

 

    	 	24	 

     

    

 

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

 

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

 

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

 

(d)               
the Trustee becomes incapable of acting.

 

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

 

If a successor Trustee
with respect to the Securities of any one or more Series does not take office within 30 days after the retiring Trustee resigns
or is removed, the retiring Trustee, the Company or the Holders of at least25% in principal amount of the Securities of the applicable
Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

A successor
Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after
that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien
provided for in Section 7.07, and subject to the payment of any and all amounts then due and owing to the retiring Trustee,
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the
rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under
this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series.
Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07
hereof shall continue for the benefit of the retiring trustee with respect to expenses and liabilities incurred by it prior
to such replacement.

 

SECTION 7.09      
Successor Trustee by Merger. Etc.

 

If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all of its corporate trust business to. another corporation, the
successor corporation without any further act shall be the successor Trustee with the same effect as if the successor Trustee had
been named as the Trustee herein.

 

SECTION 7.10      
Eligibility; Disqualification.

 

This Indenture shall
always have a Trustee who satisfies the requirements of TIA Section 310(a)(1). (2) and (5). The Trustee shall always have a combined
capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall
comply with TIA Section 310(b).

 

SECTION 7.11      
Preferential Collection of Claims Against Company.

 

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

 

ARTICLE
VIII

 

SATISFACTION AND DISCHARGE; DEFEASANCE

 

SECTION 8.01      
Satisfaction and Discharge of Indenture.

 

 

 

 

 

    	 	25	 

     

    

 

This Indenture shall
upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.01), and the Trustee, on the
demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when

 

(a)                
either

 

(i)                 
all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and
that have been replaced or paid) have been delivered to the Trustee for cancellation; or

 

(ii)               
all such Securities not theretofore delivered to the Trustee for cancellation:

 

(1)     have become due and payable,
or

 

(2)     will
become due and payable at their Stated Maturity within [     ], or

 

(3)     are
to be called for redemption within [                  ]
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, or

 

(4)     are deemed paid and discharged
pursuant to section 8.03, as applicable; and the Company, in the case of (1). (2) or (3) above, has deposited or caused to be deposited
with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness
on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit
(in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity
or redemption date, as the case may be;

 

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

 

(c)                
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each meeting the
applicable requirements of Sections 10.04 and 10.05 and each stating that all conditions precedent herein relating to the satisfaction
and discharge of this Indenture have been complied with and the Trustee receives written demand from the Company to discharge.

 

Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.07, and, if money shall
have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.04, 2.07, 2.08, 8.01
8.02 and 8.05 shall survive.

 

SECTION 8.02      
Application of Trust Funds; Indemnification.

 

(a)                
Subject to the provisions of Section 8.05, all money deposited with the Trustee pursuant to Section 8.01, all money
and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and
all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the
Trustee pursuant to Section 8.03 or 8.04, shall be held in trust and applied by it. in accordance with the provisions of the Securities
and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money
has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated
by Sections 8.03 or 8.04.

 

(b)               
The Company shall pay and shall indemnify the Trustee and the Agents against any tax, fee or other charge imposed
on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.03 or 8.04
or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.

 

 

 

 

 

    	 	26	 

     

    

 

(c)                
The Trustee shall, in accordance with the terms of this Indenture, deliver or pay to the Company from time to time,
upon Company Request and at the expense of the Company any U.S. Government Obligations or Foreign Government Obligations or money
held by it pursuant to this Indenture as provided in Sections 8.03 or 8.04 which, in the opinion of a nationally recognized firm
of independent certified public accountants, expressed in a written certification thereof and delivered to the Trustee together
with such Company Request, are then in excess of the amount thereof which then would have been required to be deposited for the
purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This
provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held
under this Indenture.

 

SECTION 8.03      
Legal Defeasance of Securities of any Series.

 

Unless this Section
8.03 is otherwise specified, pursuant to Section 2.02(s). to be inapplicable to Securities of any Series, the Company shall be
deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of such Series on the [ ] day after
the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding
Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the company, shall, at Company Request,
execute proper instruments acknowledging the same), except as to:

 

(a)                
the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d)
hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such
Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking
fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with
the terms of this Indenture and the Securities of such Series;

 

(b)               
the provisions of Sections 2.04, 2.07, 2.08, 2.14, 8.02, 8.03 and 8.05; and

 

(c)                 the
rights, powers, trust and immunities of the Trustee hereunder; provided that, the following conditions shall have been satisfied:

 

(d)               
the Company shall have deposited or caused to be deposited irrevocably with the Paying Agent as trust funds in trust
for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the
Holders of such Securities in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money
or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities
of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations,
which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without
reinvestment and assuming no tax liability will be imposed on such Paying Agent), not later than [ ] day before the due date of
any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee and the Paying Agent, to pay and discharge each installment
of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such Series
on the dates such installments of interest or principal are due;

 

(e)                
such deposit will 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;

 

(f)                 
no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing
on the date of such deposit or during the period ending on the [  ] day after such date;

 

(g)               
the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect
that (i) the Company has received from, or there has been published by. the Internal Revenue Service a ruling, or (ii) since the
date of execution of this Indenture, there has been a change in the applicable Federal income tax law. in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize
income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject
to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit,
defeasance and discharge had not occurred;

 

 

 

 

    	 	27	 

     

    

 

(h)               
the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made
by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the company
or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company;

 

(i)                 
such deposit shall not result in the trust arising from such deposit constituting an investment company (as defined
in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder;
and

 

(j)                  the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section have been complied with.

 

SECTION 8.04      
Covenant Defeasance.

 

Unless this Section
8.04 is otherwise specified pursuant to Section 2.02(s) to be inapplicable to Securities of any Series, on and after the [ ] day
after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or
condition set forth under Sections 4.02, 4.03, 4.04, 4.05, 4.06, and 5.01 as well as any additional covenants contained in a supplemental
indenture hereto for a particular Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant
to Section 2.02(s) (and the failure to comply with any such covenants shall not constitute a Default or Event of Default under
Section 6.01) and the occurrence of any event described in clause (e) of Section 6.01 shall not constitute a Default or Event of
Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:

 

(a)                
With reference to this Section 8.04, the Company has deposited or caused to be irrevocably deposited (except as provided
in Section 8.02(c)) with the Paying Agent as trust funds in trust, specifically pledged as security for, and dedicated solely to,
the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars
(or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii)
in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign
Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms,
will provide (and without reinvestment and assuming no tax liability will be imposed on such Paying Agent), not later than [ ]
day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm
of independent certified public accountants expressed in a written certification thereof delivered to the Paying Agent, to pay
principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such
installments of interest or principal are due;

 

(b)               
Such deposit will 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;

 

(c)                
No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing
on the date of such deposit or during the period ending on the [ ] day after such date;

 

(d)               
the company shall have delivered to the Trustee an Opinion of Counsel confirming that Holders of the Securities of
such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and 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 deposit and defeasance had not occurred;

 

 

 

 

    	 	28	 

     

    

 

(e)                
the Company shall have delivered to the Trustee an Officers’ Certificate stating the deposit was not made by
the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company
or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(f)                 
The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to the defeasance contemplated by this Section have been complied with.

 

SECTION 8.05      
Repayment to Company.

 

The Paying Agent shall
pay to the Company upon request any money held by them for the payment of principal and interest that remains unclaimed for two
years. After that. Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable
abandoned property law designates another person and all liability of the Paying Agent with respect to that money shall cease.

 

ARTICLE
IX

 

AMENDMENTS AND WAIVERS

 

SECTION 9.01      
Without Consent of Holders.

 

The Company and the
Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:

 

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

 

(b)                
to comply with Article V;

 

(c)                
to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d)                
to make any change that does not adversely affect the rights of any Securityholder;

 

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

 

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

 

(g)               
to comply with requirements of the TIA and any rules promulgated under the TIA; and

 

(h)               
to add to the covenants of the Company for the equal and ratable benefit of the Holders or to surrender any right,
power or option conferred upon the Company.

 

Any amendment or supplement
made solely to conform the provisions of this Indenture or the Securities of any Series to the description thereof contained in
the final prospectus relating to such Series will be deemed not to adversely affect the rights of any Holder.

 

SECTION 9.02      
With Consent of Holders.

 

The Company and the
Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount
of the outstanding Securities of all Series affected by such supplemental indenture, taken together as one class (including consents
obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture
or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in Section 6.13, the Holders
of at least a majority in principal amount of the outstanding Securities of all Series affected by such waiver by notice to the
Trustee, taken together as one class (including consents obtained in connection with a tender offer or exchange offer for the Securities
of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such
Series.

 

 

 

 

 

    	 	29	 

     

    

 

It shall not be necessary
for the consent of the Holders of Securities under this Section 9.02 to approve the particular form of any proposed supplemental
indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture
or waiver under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby a notice briefly
describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein,
shall not. however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

SECTION 9.03      
Limitations.

 

Without the consent
of each Securityholder affected, an amendment or waiver may not:

 

(a)                
change the amount of Securities whose Holders must consent to an amendment, supplement or waiver, except to increase
any such amount or to provide that certain provisions of this Indenture cannot be modified, amended or waived without the consent
of the Holder of each outstanding Security affected thereby;

 

(b)               
reduce the amount of interest, or change the interest payment time, on any Security;

 

(c)                
waive a redemption payment or alter the redemption provisions (other than any alteration that would not materially
adversely affect the legal rights of any Holder under this Indenture) or the price at which the Company is required to offer to
purchase the Securities;

 

(d)               
reduce the principal or change the Stated Maturity of any Security or reduce the amount of. or postpone the date
fixed for, the payment of any sinking fund or analogous obligation;

 

(e)                
reduce the principal amount payable of any Security upon Maturity;

 

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

 

(g)               
change the place or currency of payment of principal of or interest, if any, on any Security other than that stated
in the Security;

 

(h)               
impair the right of any Holder to receive payment of principal or, or interest on, the Securities of such Holder
on or after the due dates therefor;

 

(i)                 
impair the right to institute suit for the enforcement of any payment on, or with respect to, any Security;

 

(j)                 
make any change in Sections 10.15 or 10.16;

 

(k)               
change the ranking of the Securities; or

 

(l)                 
make any other change which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate as a limitation under this Section.

 

 

 

 

 

    	 	30	 

     

    

 

SECTION 9.04      
Compliance with Trust Indenture Act.

 

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

 

SECTION 9.05      
Revocation and Effect of Consents.

 

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

 

Any amendment or waiver
once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (g) of Section 9.03 in that case, the amendment or waiver shall bind each Holder of a Security who
has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security.

 

SECTION 9.06      
Notation on or Exchange of Securities.

 

If an amendment, supplement
or waiver changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee and
the Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder. Alternatively,
if the Company or the Trustee so determines, the Company shall issue and the Trustee shall authenticate upon request new Securities
of that Series that reflect the changed terms.

 

SECTION 9.07      
Trustee Protected.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in
relying upon, an Opinion of Counsel or an Officer’s Certificate, or both stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures, except that the Trustee
need not sign any supplemental indenture that adversely affects its rights, duties or indemnities.

 

SECTION 9.08      
Effect of Supplemental Indenture.

 

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

 

ARTICLE
X

 

MISCELLANEOUS

 

SECTION 10.01  
Trust Indenture Act Controls.

 

If any provision of
this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture
by the TIA, such required or deemed provision shall control.

 

SECTION 10.02  
Notices.

 

Any notice or communication
by the Company, the Trustee, the Paying Agent or the Registrar to another is duly given if in writing and delivered in person or
mailed by first-class mail:

 

 

 

 

    	 	31	 

     

    

 

if to the Company:

 

SPI Energy Co., Ltd.

#1128, 11/F, No. 52 Hung To Road

Kwun Tong

Kowloon

Hong Kong S.A.R.

Attn: Xiaofeng Peng, CEO

Fax: +852-2291 6030

 

if to the Trustee:

 

[                           ]

Attn: [                 ]

Fax: [                   ]

 

If to the Registrar or Paying Agent:

 

[                           ]

Attn: [                 ]

Fax: [                   ]

 

With copy to:

 

[                           ]

Attn: [                 ]

Fax: [                   ]

 

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

 

Any notice or communication
to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar. Failure to
mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect
to other Security holders of that or any other Series.

 

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

 

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

 

Whenever a notice is
required to be given by the Company, such notice may be given by the Trustee or Registrar on the Company’s behalf (and the
Company will make any notice it is required to give to Holders available on its website).

 

SECTION 10.03  
Communication by Holders with Other Holders.

 

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

 

SECTION 10.04  
Certificate and Opinion as to Conditions Precedent.

 

 

 

 

 

    	 	32	 

     

    

 

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

 

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

 

(b)               
an Opinion of Counsel stating that, in the opinion of counsel, all such conditions precedent (including any covenants,
compliance with which constitutes a condition precedent) have been complied with.

 

SECTION 10.05  
Statements Required in Certificate or Opinion.

 

Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:

 

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

 

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

 

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

 

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

provided, however, that with respect
to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials.

 

SECTION 10.06  
Record Date for Vote or Consent of Holders.

 

The Company (or, in
the event deposits have been made pursuant to Section 11.02, the Trustee) may set a record date for purposes of determining the
identity of Holders entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture,
which record date shall not be more than 90 days prior to the date of the commencement of solicitation of such action. Notwithstanding
the provisions of Section 9.05, if a record date is fixed, those persons who were Holders of Securities at the close of business
on such record date (or their duly designated proxies), and only those persons, shall be entitled to take such action by vote or
consent or to revoke any vote or consent previously given, whether or not such persons continue to be Holders after such record
date.

 

SECTION 10.07  
Rules by Trustee and Agents.

 

The Trustee may make
reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set
reasonable requirements for its functions.

 

SECTION 10.08  
Legal Holidays.

 

Unless otherwise provided
by Board Resolution, Officers’ Certificate or supplemental indenture for a particular Series, a “Legal Holiday”
is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that
place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

SECTION 10.09  
No Recourse Against Others.

 

 

 

 

    	 	33	 

     

    

 

A director, officer,
employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities
or the Indenture or for any claim based on. in respect of or by reason of such obligations or their creation. Each Securityholder
by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue
of the Securities.

 

SECTION 10.10  
Counterparts.

 

This Indenture may
be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

SECTION 10.11  
Governing Laws and Submission to Jurisdiction.

 

THIS INDENTURE AND
THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK EXCLUDING ANY RULE OF LAW THAT WOULD CAUSE THE APPLICATION
OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

 

The Company agrees
that any legal suit, action or proceeding arising out of or based upon this Indenture may be instituted in any federal or state
court sitting in New York City. and. to the fullest extent permitted by law. waives any objection which it may now or hereafter
have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such court in
any suit, action or proceeding. The Company, as long as any Securities remain outstanding or the parties hereto have any obligation
under this Indenture, shall have an authorized agent in the United States upon whom process may be served in any such legal action
or proceeding. Service of process upon such agent and written notice of such service mailed or delivered to it shall to the extent
permitted by law be deemed in every respect effective service of process upon it in any such legal action or proceeding and. if
it fails to maintain such agent, any such process or summons may be served by mailing a copy thereof by registered mail, or a form
of mail substantially equivalent thereto, addressed to it at its address as provided for notices hereunder. The Company hereby
appoints Loeb & Loeb LLP, 345 Park Avenue. New York, NY 10154, as its agent for such purposes, and covenants and agrees that
service of process in any legal action or proceeding may be made upon it at such office of such agent.

 

SECTION 10.12  
No Adverse Interpretation of Other Agreements.

 

This Indenture may
not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or
debt agreement may not be used to interpret this Indenture.

 

SECTION 10.13  
Successors.

 

All agreements of the
Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind
its successor.

 

SECTION 10.14  
Severability.

 

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 thereby.

 

SECTION 10.15  
Table of Contents. Headings. Etc.

 

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

 

SECTION 10.16  
Judgment Currency.

 

 

 

 

 

    	 	34	 

     

    

 

The Company agrees,
to the fullest extent that it may effectively do so under applicable law. that (a) if for the purpose of obtaining judgment in
any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of
any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”),
the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in
The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered,
unless such day is not a New York Banking Day. then, the rate of exchange used shall be the rate at which in accordance with normal
banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New
York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture
to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any
judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to
the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency
expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action
for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the
full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for
any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except
a Saturday. Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law.
regulation or executive order to close.

 

SECTION 10.17  
Compliance with Applicable Anti-Terrorism and Money Laundering Regulations.

 

In order to comply
with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including
those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Trustee is required
to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with
the Trustee. Accordingly, each of the parties agree to provide to the Trustee, upon its request from time to time such identifying
information and documentation as may be available for such party in order to enable the Trustee to comply with the Applicable Law.

 

ARTICLE
XI

 

SINKING FUNDS

 

SECTION 11.01  
Applicability of Article.

 

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

 

The minimum amount
of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory
sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to 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 11.02. Each sinking fund payment shall be applied to the
redemption of Securities of any Series as provided for by the terms of the securities of such Series.

 

SECTION 11.02  
Satisfaction of Sinking Fund Payments with Securities.

 

The Company may. in
satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to
the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable
(other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities
of such Series to which such sinking fund payment is applicable and which have been redeemed either at the election of the Company
pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of
permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that
such Securities have not been previously so credited. Such Securities shall be received by the Registrar, together with an Officers’
Certificate with respect thereto, not later than 45 days prior to the date on which the Registrar begins the process of selecting
Securities for redemption, and shall be credited for such purpose by the Registrar at the 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. If as
a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.02, the principal amount
of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $[], the Registrar
need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such
cash payment shall be held by the Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that
the Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so
being held by the Paying Agent upon delivery by the Company to the Registrar of Securities of that Series purchased by the Company
having an unpaid principal amount equal to the cash payment required to be released to the Company.

 

 

 

 

    	 	35	 

     

    

 

SECTION 11.03  
Redemption of Securities for Sinking Fund.

 

Not less than 45 days
(unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in respect of
a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver
to the Trustee and the Paying Agent an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking
fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment
of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant
to Section 11.02., and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and
the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated
in the Board Resolution. Officers’ Certificate or supplemental indenture in respect of a particular Series of Securities)
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 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 3.03. Such notice having been duly given, the redemption of such Securities shall
stated in Sections 3.04, 3.05 and 3.06.

 

[The remainder of this page is intentionally
left blank]

 

 

 

 

 

 

 

 

    	 	36	 

     

    

 

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

 

 

SPI ENERGY CO., LTD.

 

By: ________________________

Name:

Its:

 

[                   ]

as Trustee

 

By: ________________________

Name:

Its:

 

By: ________________________

Name:

Its:

 

[                           ]

as Registrar and Paying Agent

 

By: ________________________

Name:

Its:

 

By: ________________________

Name:

Its:

 

 

 

 

    	 	37Exhibit 4.8

 

SPI ENERGY CO., LTD.

 

FORM OF

 

SUBORDINATED DEBT SECURITIES INDENTURE

 

Dated as of [                                ],
202[ ]

 

[                      ]

 

Trustee

 

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

Page

	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	SECTION 1.1   Definitions	1
	SECTION 1.2   Other Definitions	5
	SECTION 1.3   Incorporation by Reference of Trust Indenture Act	5
	SECTION 1.4   Rules of Construction	5
	ARTICLE II THE SECURITIES	6
	SECTION 2.1   Issuable in Series	6
	SECTION 2.2   Establishment of Terms of Series of Securities	6
	SECTION 2.3   Execution and Authentication	7
	SECTION 2.4   Registrar and Paying Agent	8
	SECTION 2.5   Paying Agent to Hold Money in Trust	9
	SECTION 2.6   Securityholder Lists	9
	SECTION 2.7   Transfer and Exchange	9
	SECTION 2.8   Mutilated, Destroyed, Lost and Stolen Securities	10
	SECTION 2.9   Outstanding Securities	10
	SECTION 2.10   Treasury Securities	11
	SECTION 2.11   Temporary Securities	11
	SECTION 2.12   Cancellation	11
	SECTION 2.13   Defaulted Interest	11
	SECTION 2.14   Global Securities	11
	SECTION 2.15   CUSIP Numbers	13
	ARTICLE III REDEMPTION	13
	SECTION 3.1   Notice to Trustee	13
	SECTION 3.2   Selection of Securities to be Redeemed	13
	SECTION 3.3   Notice of Redemption	14
	SECTION 3.4   Effect of Notice of Redemption	14
	SECTION 3.5   Deposit of Redemption Price	14
	SECTION 3.6   Securities Redeemed in Part	14
	ARTICLE IV COVENANTS	14
	SECTION 4.1   Payment of Principal and Interest	14
	SECTION 4.2   SEC Reports	15
	SECTION 4.3   Compliance Certificate	15
	SECTION 4.4   Stay, Extension and Usury Laws	16
	SECTION 4.5   Corporate Existence	16
	SECTION 4.6   Taxes	16
	SECTION 4.7   Additional Interest Notice	16
	SECTION 4.8   Further Instruments and Acts	16
	ARTICLE V SUCCESSORS	16
	SECTION 5.1   When Company May Merge, Etc.	16
	SECTION 5.2   Successor Corporation Substituted	17

 

 

 

 

 

    	 	i	 

     

    

 

	ARTICLE VI DEFAULTS AND REMEDIES	17
	SECTION 6.1   Events of Default	17
	SECTION 6.2   Acceleration of Maturity; Rescission and Annulment	19
	SECTION 6.3   Collection of Indebtedness and Suits for Enforcement by Trustee	19
	SECTION 6.4   Trustee May File Proofs of Claim	20
	SECTION 6.5   Trustee May Enforce Claims Without Possession of Securities	20
	SECTION 6.6   Application of Money Collected	20
	SECTION 6.7   Limitation on Suits	21
	SECTION 6.8   Unconditional Right of Holders to Receive Principal and Interest	21
	SECTION 6.9   Restoration of Rights and Remedies	21
	SECTION 6.10   Rights and Remedies Cumulative	21
	SECTION 6.11   Delay or Omission Not Waiver	22
	SECTION 6.12   Control by Holders	22
	SECTION 6.13   Waiver of Past Defaults	22
	SECTION 6.14   Undertaking for Costs	22
	ARTICLE VII	23
	SECTION 7.1   Duties of Trustee	23
	SECTION 7.2   Rights of Trustee	24
	SECTION 7.3   Individual Rights of Trustee	24
	SECTION 7.4   Trustee’s Disclaimer	24
	SECTION 7.5   Notice of Defaults	24
	SECTION 7.6   Reports by Trustee to Holders	25
	SECTION 7.7   Compensation and Indemnity	25
	SECTION 7.8   Replacement of Trustee	25
	SECTION 7.9   Successor Trustee by Merger, Etc.	26
	SECTION 7.10   Eligibility; Disqualification	26
	SECTION 7.11   Preferential Collection of Claims Against Company	26
	ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE	27
	SECTION 8.1   Satisfaction and Discharge of Indenture	27
	SECTION 8.2   Application of Trust Funds; Indemnification	27
	SECTION 8.3   Legal Defeasance of Securities of any Series	28
	SECTION 8.4   Covenant Defeasance	29
	SECTION 8.5   Repayment to Company	30
	ARTICLE IX AMENDMENTS AND WAIVERS	30
	SECTION 9.1   Without Consent of Holders	30
	SECTION 9.2   With Consent of Holders	31
	SECTION 9.3   Limitations	31
	SECTION 9.4   Compliance with Trust Indenture Act	32
	SECTION 9.5   Revocation and Effect of Consents	32
	SECTION 9.6   Notation on or Exchange of Securities	32
	SECTION 9.7   Trustee Protected	32
	SECTION 9.8   Effect of Supplemental Indenture	32
	ARTICLE X MISCELLANEOUS	32
	SECTION 10.1   Trust Indenture Act Controls	32
	SECTION 10.2   Notices	33
	SECTION 10.3   Communication by Holders with Other Holders	33

 

 

 

 

 

    	 	ii	 

     

    

 

	SECTION 10.4   Certificate and Opinion as to Conditions Precedent	34
	SECTION 10.5   Statements Required in Certificate or Opinion	34
	SECTION 10.6   Record Date for Vote or Consent of Holders	34
	SECTION 10.7   Rules by Trustee and Agents	34
	SECTION 10.8   Legal Holidays	34
	SECTION 10.9   No Recourse Against Others	35
	SECTION 10.10   Counterparts	35
	SECTION 10.11   Governing Laws and Submission to Jurisdiction	35
	SECTION 10.12   No Adverse Interpretation of Other Agreements	35
	SECTION 10.13   Successors	35
	SECTION 10.14   Severability	35
	SECTION 10.15   Table of Contents, Headings, Etc.	35
	SECTION 10.16   Judgment Currency	36
	SECTION 10.17   Compliance with Applicable Anti-Terrorism and Money Laundering Regulations	36
	ARTICLE XI SINKING FUNDS	36
	SECTION 11.1   Applicability of Article	36
	SECTION 11.2   Satisfaction of Sinking Fund Payments with Securities	36
	SECTION 11.3   Redemption of Securities for Sinking Fund	37
	ARTICLE XII SUBORDINATION OF SECURITIES	37
	SECTION 12.1   Agreement of Subordination	37
	SECTION 12.2   Payments to Securityholders	38
	SECTION 12.3   Subrogation of Securities	39
	SECTION 12.4   Authorization by Securityholders	39
	SECTION 12.5   Notice to Trustee	39
	SECTION 12.6   Trustee’s Relation to Senior Indebtedness	40
	SECTION 12.7   No Impairment of Subordination	40
	SECTION 12.8   Rights of Trustee	40

 

This Table of Contents does not constitute part of the Indenture
and shall not have any bearing on the interpretation of any of its terms or provisions.

 

 

 

    	 	3	 

     

    

 

Reconciliation and tie between Trust Indenture
Act of 1939 and Indenture,

 

Dated as of [                                ],
202[ ]

 

	Section 310(a)(1)	7.10
	(a)(2)	7.10
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(a)(5)	7.10
	(b)	7.10
	(c)	Not Applicable
	Section 311(a)	7.11
	(b)	7.11
	(c)	Not Applicable
	Section 312(a)	2.06
	(b)	10.03
	(c)	10.03
	Section 313(a)	7.06
	(b)(1)	7.06
	(b)(2)	7.06
	(c)(1)	7.06
	(d)	7.06
	Section 314(a)	4.02, 10.05
	(b)	Not Applicable
	(c)(1)	10.04
	(c)(2)	10.04
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	10.05
	(f)	Not Applicable
	Section 315(a)	7.01
	(b)	7.05
	(c)	7.01
	(d)	7.01
	(e)	6.14
	Section 316(a)(1)(A)	6.12
	(a)(1)(B)	6.13
	(a)(2)	Not Applicable
	(b)	6.13
	(c)	10.06
	Section 317(a)(1)	6.03
	(a)(2)	6.04
	(b)	2.05
	Section 318(a)	10.01

 

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

 

 

 

 

    	 	4	 

     

    

 

Indenture dated as of [                                                      ],
202[ ] between SPI Energy Co., Ltd., a company organized under the laws of the Cayman Islands (the “Company”) and [ ]
(the “Trustee”).

 

Each party agrees as follows for the benefit
of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

 

ARTICLE
I

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.1      
Definitions.

 

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

 

“Affiliate”
of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified person. For the purposes of this definition, “control” (including, with correlative
meanings, the terms “controlled by” and “under common control with”), as used with respect to any person,
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such person, whether through the ownership of voting securities or by agreement or otherwise.

 

“Agent”
means any Registrar or Paying Agent.

 

“Bankruptcy
Law” means Title 11 of the United States Code (or any successor thereto) or any similar federal or state law for the
relief of debtors.

 

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

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the
Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the
certificate and delivered to the Trustee.

 

“Business
Day” means any day other than a (x) Saturday, (y) Sunday or (z) day on which state or federally chartered banking institutions
in New York, New York are not required to be open.

 

“Capital Stock”
of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents
of or interests in (however designated) equity of such Person, but excluding any debt securities convertible into such equity.

 

“Certificated
Securities” means Securities in the form of physical, certificated Securities in registered form.

 

“Company”
means the party named as such above until a successor replaces it in accordance with the terms of this Indenture and thereafter
means the successor.

 

“Company Order”
means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal
executive officer, principal financial officer or principal accounting officer.

 

“Company Request”
means a written request signed in the name of the Company by its Chairman of the Board, the Company’s principal executive
officer, a President or a Vice President, and by its Chief Financial Officer, its Secretary or an Assistant Secretary, and delivered
to the Trustee.

 

 

 

 

    	 	 	 

     

    

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered which office at the date of the execution of this Indenture is [ ]. Attention: [ ]. or at such other address as the
Trustee may designate from time to time.

 

“Currency Agreement”
means any foreign exchange contract, currency swap agreement or other similar agreement with respect to currency values.

 

“Custodian”
means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law.

 

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

 

“Default Rate”
means the default rate of interest specified in the Securities.

 

“Depository”
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 Depository for such Series by the Company, which Depository shall be a clearing agency registered
under the Exchange Act; and if at any time there is more than one such person, “Depository” as used with respect to
the Securities of any Series shall mean the Depository with respect to the Securities of such Series.

 

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

 

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

 

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

 

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

 

“Foreign Government
Obligations” means with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations
of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit
is pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government
the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either
case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.

 

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

 

“Holder”
or “Securityholder” means a person in whose name a Security is registered.

 

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

 

“Interest,”
in respect of the Securities, unless the context otherwise requires, refers to interest payable on the Securities, including
any additional interest that may become payable pursuant to Section 6.02(b).

 

“Interest Rate Agreement”
means any interest rate swap agreement, interest rate cap agreement or other financial agreement or arrangement with respect to
exposure to interest rates.

 

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

 

 

 

 

    	 	2	 

     

    

 

“Officer”
means the Chairman of the Board, the Company’s principal executive officer, the President, any Vice-President, the Treasurer,
the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.

 

“Officers’
Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive
officer, principal financial officer or principal accounting officer.

 

“Opinion of
Counsel” means a written opinion of legal counsel who is, and which opinion is, acceptable to the Trustee and its counsel.
Such legal counsel may be an employee of or counsel to the Company or the Trustee.

 

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

 

“Principal”
or “principal” of a Security means the principal of the Security plus, when appropriate, the premium, if
any, on, and any Additional Amounts in respect of, the Security.

 

“Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office and also means, any vice president, managing
director, director, associate, assistant vice president, or any other officer of the Trustee customarily performing functions similar
to those performed by any of the above designated officers and also, with respect to a particular corporate trust matter, any other
officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject.

 

“SEC”
means the Securities and Exchange Commission.

 

“Security”
or “Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated
and delivered under this Indenture.

 

“Senior Indebtedness”
of a Person means the principal of, premium, if any, interest on, and any other payment due pursuant to any of the following, whether
outstanding at the date hereof or hereafter incurred or created:

 

		(a)	all of the principal of (and premium, if any) and interest due on indebtedness of that Person for money borrowed;

 

		(b)	all of the indebtedness of that Person evidenced by notes, debentures, bonds or other securities sold by that Person for money;

 

		(c)	all of the lease obligations which are capitalized on the books of that Person in accordance with generally accepted accounting
principles;

 

		(d)	all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar
credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described
in (a) through (c) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are
not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day following receipt
by such Person of a demand for reimbursement following payment on the letter of credit);

 

		(e)	the amount of all obligations of such Person with respect to Interest Rate Agreements or Currency Agreements;

 

 

 

 

 

    	 	3	 

     

    

 

		(f)	all obligations of the type referred to in clauses (a) through (e) above of other Persons and all dividends of other Persons
for the payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or
otherwise, including by means of any guarantee;

 

		(g)	all obligations of the type referred to in clauses (a) through (f) above of other Persons secured by any lien on any property
of such Person (whether or not such obligation is assumed by such Person);

 

		(h)	all renewals, extensions or refundings of indebtedness of the kinds described in any of the preceding clauses (a), (b), (d),
(e), (f) and (g) and all renewals or extensions of leases of the kinds described in the preceding clause (c) above;

 

unless, in the case of any particular indebtedness, lease,
renewal, extension or refunding, the instrument or lease creating or evidencing it or the assumption or guarantee relating to it
expressly provides that such indebtedness, lease, renewal, extension or refunding is not superior in right of payment to the Securities,
and provided, however that Senior Indebtedness shall not include (i) Subordinated Indebtedness; and
(ii) indebtedness in respect of Securities or indebtedness of any Subsidiary.

 

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

 

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

 

“Subordinated
Indebtedness” means any indebtedness which is expressly subordinated to the indebtedness evidenced by Securities.

 

“Subsidiary”
means, in respect of any Person, any corporation, association, partnership or other business entity of which more than 50%
of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard
to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at
the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such
Person; or (iii) one or more Subsidiaries of such Person.

 

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

 

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

 

“U.S. Government
Obligations” means securities which are (i) direct obligations of The United States of America for the payment of which
its full faith and credit is pledged or

 

(ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality
of The United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by The
United States of America, and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof,
and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government
Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for
the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in
respect of the U.S. Government Obligation evidenced by such depository receipt.

 

 

 

 

    	 	4	 

     

    

 

SECTION 1.2      
Other Definitions.

 

	
        TERM
	DEFINED IN

SECTION
	“Applicable Law”	10.18
	“Event of Default”	6.01
	“Instrument”	6.01
	“Journal”	10.16
	“Judgment Currency”	10.17
	“Legal Holiday”	10.08
	“mandatory sinking fund payment”	11.01
	“Market Exchange Rate”	10.16
	“New York Banking Day”	10.17
	“optional sinking fund payment”	11.01
	“Paying Agent”	2.04
	“Registrar”	2.04
	“Required Currency”	10.17
	“successor person”	5.01
	“Temporary Securities”	2.11

 

SECTION 1.3      
Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. This Indenture
shall also include those provisions of the TIA required to be included herein by the provisions of the Trust Indenture Reform Act
of 1990. The following TIA terms used in this Indenture have the following meanings:

 

“indenture
securities” means the Securities.

 

“indenture
security holder” means a Securityholder.

 

“indenture
to be qualified” means this Indenture.

 

“indenture
trustee” or “institutional trustee” means the Trustee.

 

“obligor”
on the indenture securities means the Company and any successor obligor upon the Securities.

 

All other terms used
in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA
and not otherwise defined herein are used herein as so defined.

 

SECTION 1.4      
Rules of Construction.

 

Unless the context
otherwise requires:

 

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

 

(b)               
an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting
principles;

 

 

 

    	 	5	 

     

    

 

(c)                
references to “generally accepted accounting principles” shall mean generally accepted accounting principles
in effect as of the time when and for the period as to which such accounting principles are to be applied;

 

(d)                
“or” is not exclusive;

 

 

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

 

(f)                 
provisions apply to successive events and transactions;

 

(g)                
references to agreements and other instruments include subsequent amendments thereto;

 

(h)               
the term “merger” includes a statutory share exchange, and the term “merged” has a correlative
meaning; and

 

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

 

ARTICLE
II

 

THE SECURITIES

 

SECTION 2.1      
Issuable in Series.

 

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

 

SECTION 2.2      
Establishment of Terms of Series of Securities.

 

At or prior to the
issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection
(a), and either as to such Securities within the Series or as to the Series generally in the case of Subsections (b) through (t)
by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant to authority granted under a Board Resolution:

 

(a)                
the title, designation, aggregate principal amount and authorized denominations of the Securities of the Series;

 

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

 

(c)                
the date or dates on which the principal of the Securities of the Series is payable;

 

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

 

(e)                 any
optional or mandatory sinking fund provisions or conversion or exchangeability provisions upon which Securities of the Series
shall be redeemed, purchased, converted or exchanged;

 

 

 

 

    	 	6	 

     

    

 

(f)                 
the date, if any, after which and the price or prices at which the Securities of the Series may be optionally redeemed
or must be mandatorily redeemed and any other terms and provisions of optional or mandatory provisions;

 

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

 

(h)               
if other than the full principal amount, the portion of the principal amount of the Securities of the Series that
shall be payable upon declaration of acceleration pursuant to Section 6.02 or provable in bankruptcy;

 

(i)                 
any addition to 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 thereof due and payable pursuant
to Section 6.02;

 

(j)                 
the currency or currencies, including composite currencies, in which payments of principal of, premium or interest,
if any, on the Securities of the Series will be payable, if other than the currency of the United States of America;

 

(k)                
if payments of principal of, premium or interest, if any, on the Securities of the Series will be payable, at the
Company’s election or at the election of any Holder, in a currency other than that in which the Securities of the Series
are stated to be payable, the period or periods within which, and the terms and conditions upon which, the election may be made;

 

(l)                 
if payments of interest, if any, on the Securities of the Series will be payable, at the Company’s election
or at the election of any Holder, in cash or additional securities, and the terms and conditions upon which the election may be
made;

 

(m)               if
denominated in a currency or currencies other than the currency of the United States of America, the equivalent price of the
Securities of the Series in the currency of the United States of America for purposes of determining the voting rights of
Holders of the Securities of the Series;

 

(n)               
if the amount of payments of principal, premium or interest may be determined with reference to an index, formula
or other method based on a coin or currency other than that in which the Securities of the Series are stated to be payable, the
manner in which the amounts will be determined;

 

(o)               
any restrictive covenants or other material terms relating to the Securities of the Series;

 

(p)               
whether the Securities of the Series will be issued in the form of global securities or certificates in registered
form;

 

(q)               
any terms with respect to subordination;

 

(r)                  any
listing on any securities exchange or quotation system; and

 

(s)                
additional provisions, if any, related to defeasance and discharge of the offered debt securities.

 

All Securities of any
one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture,
if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above,
and the authorized principal amount of any Series may not be increased to provide for issuance of additional Securities of such
Series, unless otherwise provided in such Board Resolution, supplemental Indenture or Officers’ Certificate.

 

SECTION 2.3      
Execution and Authentication.

 

Two Officers shall
sign the Securities for the Company by manual or facsimile signature.

 

 

 

 

    	 	7	 

     

    

 

If an Officer whose
signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless
be valid.

 

A Security shall not
be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive
evidence that the Security has been authenticated under this Indenture.

 

The Trustee shall at
any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order
may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent
or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its authentication
unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

 

The aggregate principal
amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such
Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section
2.02, except as provided in Section 2.08.

 

Prior to the issuance
of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying
on: (a) the Board Resolution, supplemental indenture hereto or Officers Certificate establishing the form of the Securities of
that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series,
(b) an Officers’ Certificate complying with Section 10.04, and (c) an Opinion of Counsel complying with Section 10.04.

 

The Trustee shall have
the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines
that such action may not lawfully be taken; or (b) if a Responsible Officer of the Trustee in good faith shall determine that such
action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

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

 

If any successor that
has replaced the Company in accordance with Article 5 has executed an indenture supplemental hereto with the Trustee pursuant to
Section 5.01, any of the Securities authenticated or delivered prior to such transaction may, from time to time, at the request
of such successor, be exchanged for other Securities executed in the name of the such successor with such changes in phraseology
and form as may be appropriate, but otherwise identical to the Securities surrendered for such exchange and of like principal amount;
and the Trustee, upon receipt of a Company Order of such successor, shall authenticate and deliver Securities as specified in such
order for the purpose of such exchange. If Securities shall at any time be authenticated and delivered in any new name of such
successor pursuant to this provision of Section 2.03 in exchange or substitution for or upon registration of transfer of any Securities,
such successor, at the option of the Holders but without expense to them, shall provide for the exchange of all Securities then
outstanding for Securities authenticated and delivered in such new name.

 

SECTION 2.4      
Registrar and Paying Agent.

 

The Company shall maintain,
with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.02,
an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”) and
where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”). The Registrar
shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt
written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar and Paying Agent.
If at any time the Company shall fail to maintain any such required Registrar or Paying Agent or shall fail to furnish the Trustee
with the name and address thereof, such presentations and surrenders may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations and surrenders.

 

 

 

 

    	 	8	 

     

    

 

The Company may also
from time to time designate one or more co-registrars or additional paying agents 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 obligations to maintain
a Registrar or Paying Agent in each place so specified pursuant to Section 2.02 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 name
or address of any such co-registrar or additional paying agent. The term “Registrar” includes any co-registrar; and
the term “Paying Agent” includes any additional paying agent.

 

The Company hereby
appoints [        ] as the initial Registrar and Paying Agent for each Series unless another
Registrar or Paying Agent as the case may be, is appointed prior to the time Securities of that Series are first issued. Each Registrar
and Paying Agent shall be entitled to all of the rights, protections, exculpations and indemnities afforded to the Trustee in connection
with its roles as Registrar and Paying Agent.

 

SECTION 2.5      
Paving Agent to Hold Money in Trust.

 

The Company shall require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders
of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on
the Series of Securities, and will notify the Trustee of any default by the Company in making any such payment. While any such
default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying
Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all
money held by it as Paying Agent.

 

SECTION 2.6      
Securityholder Lists.

 

The Trustee shall preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders
of each Series of Securities and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company
shall furnish to the Trustee at least 15 days before each interest payment date and at such other times as the Trustee may request
in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders
of each Series of Securities.

 

SECTION 2.7      
Transfer and Exchange.

 

Where Securities of
a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal
principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements
for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at
the Registrar’s request. Any exchange or transfer shall be without charge, except that the Company or the Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge required by law; provided that this sentence shall not
apply to any exchange pursuant to Section 2.11, 2.08, 3.06 or 9.06.

 

Neither the Company
nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period
beginning at the opening of business 15 days immediately preceding the mailing of a notice of redemption of Securities of that
Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer
of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed
of any such Securities selected, called or being called for redemption in part.

 

 

 

 

 

    	 	9	 

     

    

 

All Securities issued
upon any transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt and entitled to
the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. Any Registrar appointed pursuant
to Section 2.04 shall provide to the Trustee such information as the Trustee may reasonably require in connection with the delivery
by such Registrar of Securities upon transfer or exchange of Securities. Each Holder of a Security agrees to indemnify the Company
and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Security
in violation of any provision of this Indenture and/or applicable U.S. federal or state securities law.

 

SECTION 2.8      
Mutilated Destroyed. Lost and Stolen Securities.

 

If any mutilated Security
is surrendered to the Registrar, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor
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 Registrar (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 Registrar that such Security has been acquired by a bona fide purchaser, the Company shall
execute and upon its request the Trustee shall authenticate and make available for delivery, 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 thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

 

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

 

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 2.9      
Outstanding Securities.

 

The Securities outstanding at any time are
all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those
reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described
in this Section as not outstanding.

 

If a Security is replaced pursuant to Section
2.08, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona
fide purchaser.  If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds on the Maturity
of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities
of the Series cease to be outstanding and interest on them ceases to accrue.

 

A Security does not cease to be outstanding
because the Company or an Affiliate holds the Security.

 

In determining whether
the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such
purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a
declaration of acceleration of the Maturity thereof pursuant to Section 6.02.

 

 

 

 

    	 	10	 

     

    

 

SECTION 2.10      
Treasury Securities.

 

In determining whether
the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction,
notice, consent or waiver Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for the
purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction,
notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall
be so disregarded.

 

SECTION 2.11      
Temporary Securities.

 

Until definitive Securities
are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary securities upon a Company Order (“Temporary
Securities”). Temporary Securities shall be substantially in the form of definitive Securities but may have variations that
the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee
upon written request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary
Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

SECTION 2.12      
Cancellation.

 

The Company at any
time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee or
its agent any Securities surrendered to them for transfer, exchange, payment or conversion. The Trustee and no one else shall cancel,
in accordance with its standard procedures, all Securities surrendered for transfer, exchange, payment, conversion or cancellation
and shall deliver the cancelled Securities to the Company. No Security shall be authenticated in exchange for any Security cancelled
pursuant to this Section 2.12.

 

The Company may, to
the extent permitted by law, purchase Securities in the open market or by tender offer at any price or by private agreement. Any
Securities purchased or otherwise acquired by the Company or any of its Subsidiaries prior to the final maturity of such Securities
may, to the extent permitted by law, be reissued or resold or may, at the option of the Company, be surrendered to the Trustee
for cancellation. Any Securities surrendered for cancellation may not be reissued or resold and shall be promptly cancelled by
the Trustee, and the Company may not hold or resell such Securities or issue any new Securities to replace any such Securities.

 

SECTION 2.13      
Defaulted Interest.

 

If the Company defaults
in a payment of interest on a Series of Securities, it shall pay defaulted interest, plus, to the extent permitted by law, any
interest payable on the defaulted interest at the Default Rate, to the persons who are Security holders of the Series on a subsequent
special record date. The Company shall fix the record date and payment date. At least 10 days before the record date, the Company
shall mail to the Trustee and the Paying Agent and to each Securityholder of the Series a notice that states the record date, the
payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 

SECTION 2.14      
Global Securities.

 

(a)                
A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the
Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depository for
such Global Security or Securities.

 

(b)                (i)
Notwithstanding any provisions to the contrary contained in Section 2.07 and in addition thereto, any Global Security shall
be exchangeable pursuant to Section 2.07 for Securities registered in the names of Holders other than the Depository for such
Security or its nominee only if (A) such Depository notifies the Company that it is unwilling or unable to continue as
Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a successor Depository within 90 days of such event, (B) the
Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be
so exchangeable or (C) an Event of Default with respect to the Securities represented by such Global Security shall have
happened and be continuing.

 

 

 

 

    	 	11	 

     

    

 

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

 

(iii)             
Securities issued in exchange for a Global Security or any portion thereof shall be issued in definitive, fully registered
form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof
to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depository shall designate
and shall bear the applicable legends provided for herein. Any Global Security to be exchanged in whole shall be surrendered by
the Depository to the Trustee, as Registrar. With regard to any Global Security to be exchanged in part, either such Global Security
shall be so surrendered for exchange or, if the Registrar is acting as custodian for the Depository or its nominee with respect
to such Global Security, the principal amount thereof shall be reduced by an amount equal to the portion thereof to be so exchanged,
by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall
authenticate and deliver the Security issuable on such exchange to or upon the order of the Depository or an authorized representative
thereof.

 

(iv)              
The registered Holder may grant proxies and otherwise authorize any Person, including participants in the Depository and
persons that may hold interests through participants in the Depository, to take any action which a Holder is entitled to take under
this Indenture or the Securities.

 

(v)               
In the event of the occurrence of any of the events specified in 2.14(b)(i), the Company will promptly make available to
the Trustee a reasonable supply of Certificated Securities in definitive, fully registered form, without interest coupons. If (A)
an event described in Section 2.14(b)(i)(A) or (B) occurs and definitive Certificated Securities are not issued promptly to all
beneficial owners or (B) the Registrar receives from a beneficial owner instructions to obtain definitive Certificated Securities
due to an event described in Section 2.14(b)(i)(C) and definitive Certificated Securities are not issued promptly to any such beneficial
owner, the Company expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.07
hereof, the right of any beneficial owner of Securities to pursue such remedy with respect to the portion of the Global Security
that represents such beneficial owner’s Securities as if such definitive certificated Securities had been issued.

 

(vi)              
Notwithstanding any provision to the contrary in this Indenture, so long as a Global Security remains outstanding and is
held by or on behalf of the Depository, transfers of a Global Security, in whole or in part, or of any beneficial interest therein,
shall only be made in accordance with Section 2.07, this Section 2.14(b) and the rules and procedures of the Depository for such
Global Security to the extent applicable to such transaction and as in effect from time to time.

 

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

 

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

 

(d)               
The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request,
demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the
Indenture.

 

 

 

 

    	 	12	 

     

    

 

(e)                
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02,
payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof at their registered
office.

 

(f)                 
At all times the Securities are held in book-entry form with a Depository, (i) the Trustee may deal with such Depository
as the authorized representative of the Holders, (ii) the rights of the Holders shall be exercised only through the Depository
and shall be limited to those established by law and agreement between the Holders and the Depository and/or direct participants
of the Depository, (iii) the Depository will make book-entry transfers among the direct participants of the Depository and will
receive and transmit distributions of principal and interest on the Securities to such direct participants; and (iv) the direct
participants of the Depository shall have no rights under this Indenture, or any supplement hereto, under or with respect to any
of the Securities held on their behalf by the Depository, and the Depository may be treated by the Trustee and its agents, employees,
officers and directors as the absolute owner of the Securities for all purposes whatsoever.

 

SECTION 2.15      
CUSIP Numbers.

 

The Company in issuing
the Securities may use “CUSIP”, “CCN”, “ISIN” or other identification numbers (if then generally
in use), and, if so, the Trustee shall use “CUSIP”, “CCN”, “ISIN” or such other identification
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 elements of identification printed on the Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers.

 

ARTICLE
III

 

REDEMPTION

 

SECTION 3.1      
Notice to Trustee.

 

The Company may, with
respect to any series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and
pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided
for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated
Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee
and Registrar in writing of the redemption date and the principal amount of Series of Securities to be redeemed. The Company shall
give the notice at least 30 days before the redemption date (or such shorter notice as may be acceptable to the Trustee and Registrar).

 

SECTION 3.2      
Selection of Securities to be Redeemed.

 

Unless otherwise indicated
for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the
Securities of a Series are to be redeemed, the Registrar shall select the Securities of the Series to be redeemed in accordance
with its customary procedures. The Registrar shall make the selection from Securities of the Series outstanding not previously
called for redemption. The Registrar may select for redemption portions of the principal of Securities of the Series that have
denominations larger than $1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole
multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.02(g), the
minimum principal denomination for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities
of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

 

 

 

 

 

    	 	13	 

     

    

 

SECTION 3.3      
Notice of Redemption.

 

Unless otherwise indicated
for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days
but not more than 30 days before a redemption date, the Company shall mail a notice of redemption by first- class mail to each
Holder whose Securities are to be redeemed.

 

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

 

(a)                
the redemption date;

 

(b)               
 the redemption price;

 

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

 

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

 

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

 

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

 

At the Company’s
written request, the Trustee shall distribute the notice of redemption prepared by the Company in the Company’s name and
at its expense.

 

SECTION 3.4      
Effect of Notice of Redemption.

 

Once notice of redemption
is mailed or published as provided in Section 3.03, Securities of a Series called for redemption become due and payable on the
redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent,
such Securities shall be paid at the redemption price plus accrued interest to the redemption date.

 

SECTION 3.5      
Deposit of Redemption Price.

 

On or before the redemption
date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if
any, on all Securities to be redeemed on that date.

 

SECTION 3.6      
Securities Redeemed in Part.

 

Upon surrender of a
Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same
maturity equal in principal amount to the unredeemed portion of the Security surrendered.

 

ARTICLE
IV

 

COVENANTS

 

SECTION 4.1      
Payment of Principal and Interest.

 

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

 

Unless otherwise provided
under the terms of a particular Series of Securities:

 

 

 

 

    	 	14	 

     

    

 

(a)                
an installment of principal or interest shall be considered paid on the date it is due if the Paying Agent (other
than the Company) holds by [4:00] [p].m., New York City time, on that date money, deposited by the Company or an Affiliate thereof,
sufficient to pay such installment. The Company shall (in immediately available funds), to the fullest extent permitted by law,
pay interest on overdue principal and overdue installments of interest at the rate borne by the Securities per annum; and

 

(b)               
payment of the principal of and interest on the Securities shall be made at the office or agency of the Company maintained
for that purpose in the Borough of Manhattan, City and State of New York (which shall initially be [        ]
in the Borough of Manhattan, City and State of New York, the Paying Agent) in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option
of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address appears
in the register; provided, further, that a Holder with an aggregate principal amount in excess of $[1,000,000] will be paid
by wire transfer in immediately available funds at the election of such Holder if such Holder has provided wire transfer instructions
to the Company at least five Business Days prior to the payment date.

 

SECTION 4.2      
SEC Reports.

 

So long as any Securities
are outstanding, the Company shall (i) file with the SEC within the time periods prescribed by its rules and regulations and (ii)
furnish to the Trustee and the Holders of the Securities within 30 days after the date on which the Company would be required to
file the same with the SEC pursuant to its rules and regulations (giving effect to any grace period provided by Rule 12b-25 under
the Exchange Act), all quarterly and annual financial information required to be furnished or filed with the SEC pursuant to Section
13 and Section 15(d) of the Exchange Act and, with respect to the annual consolidated financial statements only, a report thereon
by the Company’s independent auditors. The Company also shall comply with the other provisions of TIA Section 314(a).

 

Delivery of such reports,
information and documents to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on
Officers’ Certificates). The Company shall not be required to file any report or other information with the SEC if the SEC
does not permit such filing, although such reports shall be furnished to the Trustee. Documents filed by the Company with the SEC
via the SEC’s EDGAR system (or any successor thereto) will be deemed furnished to the Trustee and the Holders of the Securities
as of the time such documents are filed via EDGAR (or such successor).

 

SECTION 4.3      
Compliance Certificate.

 

The Company shall deliver
to the Trustee, within 120 days after the end of each fiscal year of the Company, an officers certificate signed by two of the
Company’s officers stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate,
that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she
may have knowledge in reasonable detail and the efforts to remedy the same). For purposes of this Section 4.03, compliance shall
be determined without regard to any grace period or requirement of notice provided pursuant to the terms of this Indenture.

 

The Company shall deliver
to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any
Event of Default described in Section 6.01(e), (f), (g) or (h) and any event of which it becomes aware that with the giving of
notice or the lapse of time would become such an Event of Default, its status and what action the Company is taking or proposes
to take with respect thereto. For the avoidance of doubt, a breach of a covenant under an Instrument that is not a payment default
and that has not given rise to a right of acceleration under such Instrument shall not trigger the requirement to provide notice
under this paragraph.

 

 

 

 

 

    	 	15	 

     

    

 

SECTION 4.4      
Stay, Extension and Usury Laws.

 

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

 

SECTION 4.5      
Corporate Existence.

 

Subject to Article
V. the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence
and the corporate, partnership or other existence of each Subsidiary in accordance with the respective organizational documents
of each Subsidiary and the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided,
however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership
or other existence of any Subsidiary, if the Board of Directors shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in
any material respect to the Holders.

 

SECTION 4.6      
Taxes.

 

The Company shall,
and shall cause each of its Subsidiaries to. pay prior to delinquency all taxes, assessments and governmental levies, except as
contested in good faith and by appropriate proceedings.

 

SECTION 4.7      
Additional Interest Notice.

 

In the event that the
Company is required to pay additional interest to Holders of Securities pursuant to Section 6.02(b) hereof, the Company shall provide
a direction or order in the form of a written notice to the Trustee (and if the Trustee is not the Paying Agent, the Paying Agent)
of the Company’s obligation to pay such additional interest no later than 10 Business Days prior to date on which any such
additional interest is scheduled to be paid. Such notice shall set forth the amount of additional interest to be paid by the Company
on such payment date and direct the Trustee (or, if the Trustee is not the Paying Agent, the Paying Agent) to make payment to the
extent it receives funds from the Company to do so. The Trustee shall not at any time be under any duty or responsibility to any
Holder to determine whether additional interest is payable, or with respect to the nature, extent, or calculation of the amount
of additional interest owed, or with respect to the method employed in such calculation of additional interest.

 

SECTION 4.8      
Further Instruments and Acts.

 

The Company will execute
and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively
the purposes of this Indenture.

 

ARTICLE
V

 

SUCCESSORS

 

SECTION 5.1      
When Company May Merge Etc.

 

The Company shall not
consolidate with, enter into a binding share exchange, or merge into any other Person in a transaction in which it is not the surviving
entity, or sell, assign, convey, transfer or lease or otherwise dispose of all or substantially all of its properties and assets
to any Person (a “successor person”), unless:

 

 

 

 

    	 	16	 

     

    

 

(a)                
the successor person (if any) is a corporation, partnership, trust or other entity organized and validly existing
under the laws of the Cayman Islands, the United States, any state of the United States or the District of Columbia and expressly
assumes 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 interest on, all Securities and the performance or observance of every covenant of this Indenture
on the part of the Company to be performed or observed;

 

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

 

(c)                
the Company shall have delivered to the Trustee, prior to the consummation of the proposed transaction, an Officers’
Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture
comply with this Indenture.

 

SECTION 5.2      
Successor Corporation Substituted.

 

Upon any consolidation
or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance
with Section 5.01, the successor person formed by such consolidation or into or with which the Company is merged or to which such
sale, lease, conveyance or other disposition 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 has been named as the Company herein;
provided, however, that the predecessor company in the case of a sale, lease, conveyance or other disposition of all or substantially
all of the assets of the Company shall not be released from the obligation to pay the principal of and interest, if any, on the
Securities.

 

ARTICLE
VI

 

DEFAULTS AND REMEDIES

 

SECTION 6.1      
Events of Default.

 

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

 

(a)                
default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance
of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee
or with a Paying Agent prior to the expiration of such period of 30 days); or

 

(b)                
default in the payment of any principal of any Security of that Series at its Maturity; or

 

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

 

(d)               
the Company fails to perform or comply with any of its other covenants or agreements contained in the Securities
or in this Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with
in clauses (a), (b) or (c) of this Section 6.01) and the default continues for 60 days after notice is given as specified below;

 

(e)                
any indebtedness under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company
or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured
or evidenced any indebtedness for money borrowed by. or any other payment obligation of. the Company or any Subsidiary (an “Instrument”)
with a principal amount then, individually or in the aggregate, outstanding in excess of $[       ].
whether such indebtedness now exists or shall hereafter be created, is not paid at Maturity or when otherwise due or is accelerated,
and such indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within a period
of 30 days after there shall have 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 aggregate principal amount of the outstanding Securities of that Series a written
notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such default to be
cured or waived or such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default”
hereunder. A payment obligation (other than indebtedness under any bond, debenture, note or other evidence of indebtedness for
money borrowed by the Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued
or by which there may be secured or evidenced any indebtedness for money borrowed by the Company or any Subsidiary) shall not be
deemed to have matured, come due. or been accelerated to the extent that it is being disputed by the relevant obligor or obligors
in good faith. For the avoidance of doubt, the Maturity of an Instrument is the Maturity as set forth in that Instrument, as it
may be amended from time to time in accordance with the terms of that Instrument;

 

 

 

 

    	 	17	 

     

    

 

(f)                 the
Company or any Subsidiary fails to pay one or more final and non-appealable judgments entered by a court or courts of competent
jurisdiction, the aggregate uninsured or unbonded portion of which is in excess of $[   ], if the judgments
are not paid, discharged, waived or stayed within 90 days;

 

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

 

(i)                 commences
a voluntary case or proceeding;

 

(ii)               
consents to the entry of an order for relief against it in an involuntary case or proceeding;

 

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

 

(iv)              
makes a general assignment for the benefit of its creditors; or

 

(v)               
or generally is unable to pay its debts as the same become due; or

 

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

 

(i)                 
is for relief against the Company or any of its Subsidiaries in an involuntary case or proceeding;

 

(ii)               
appoints a Custodian of the Company or any of its Subsidiaries for all or substantially all of the property of the Company
or any such Subsidiary; or

 

(iii)              
orders the liquidation of the Company or any of its Subsidiaries;

and the case of each
of clause (i), (ii) and (iii), the order or decree remains unstayed and in effect for 90 consecutive days; or

 

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

 

A default under clause
(d) above is not an Event of Default until the Trustee notifies the Company, or the Holders of at least 25% in aggregate principal
amount of the Securities then outstanding notify the Company and the Trustee, in writing of the default, and the Company does not
cure the default within 60 days after receipt of such notice. The notice given pursuant to this Section 6.01 must specify the default,
demand that it be remedied and state that the notice is a “Notice of Default.” When any default under this Section
6.01 is cured, it ceases.

 

 

 

 

 

 

    	 	18	 

     

    

 

The Trustee shall not
be charged with knowledge of any Event of Default unless written notice thereof shall have been given to a Trust Officer at the
Corporate Trust Office of the Trustee by the Company, a Paying Agent, any Holder or any agent of any Holder.

 

SECTION 6.2      
Acceleration of Maturity; Rescission and Annulment.

 

(a)                
If an Event of Default (other than an Event of Default specified in clause (g) or (h) of Section 6.01) occurs and
is continuing with respect to any Securities of any Series, then in every such case, the Trustee may, by notice to the Company,
or the Holders of at least 25% in aggregate principal amount of the Securities of that Series (or, if any Securities of that Series
are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) then outstanding
may, by notice to the Company and the Trustee, declare all unpaid principal of. and accrued and unpaid interest on to the date
of acceleration, the Securities of that Series then outstanding (if not then due and payable) to be due and payable upon any such
declaration, and the same shall become and be immediately due and payable. If an Event of Default specified in clause (g) or (h)
of Section 6.01 occurs, all unpaid principal of the Securities then outstanding, and all accrued and unpaid interest thereon to
the date of acceleration, shall ipso facto become and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder. The Holders of a majority in aggregate principal amount of the Securities of that Series then
outstanding by notice to the Trustee may rescind an acceleration of such Securities of that Series and its consequences if (a)
all existing Events of Default, other than the nonpayment of the principal of the Securities which has become due solely by such
declaration of acceleration, have been cured or waived; (b) to the extent the payment of such interest is lawful, interest (calculated
at the Default Rate) on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration
of acceleration, has been paid; (c) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction;
and (d) all payments due to the Trustee and any predecessor Trustee under Section 7.07 have been made. No such rescission shall
affect any subsequent default or impair any right consequent thereto.

 

(b)               
Notwithstanding any of provision of this Article 6, at the election of the Company in its sole discretion, the sole
remedy under this Indenture for an Event of Default relating to the failure to comply with Section 4.02, and for any failure to
comply with the requirements of Section 314(a)(1) of the TIA, will consist, for the 180 days after the occurrence of such an Event
of Default, exclusively of the right to receive additional interest on the Securities at a rate equal to 0.50% per annum of the
aggregate principal amount of the Securities then outstanding up to. but not including, the 181st day thereafter (or, if applicable,
the earlier date on which the Event of Default relating to Section 4.02 is cured or waived). Any such additional interest will
be payable in the same manner and on the same dates as the stated interest payable on the Securities. In no event shall additional
interest accrue under the terms of this Indenture at a rate in excess of 0.50% per annum, in the aggregate, for any violation or
default caused by the failure of the Company to be current in respect of its Exchange Act reporting obligations. If the Event of
Default is continuing on the 181st day after an Event of Default relating to a failure to comply with Section 4.02, the Securities
will be subject to acceleration as provided in this Section 6.02. The provisions of this Section 6.02(b) will not affect the rights
of Holders in the event of the occurrence of any other Events of Default.

 

In order to elect to
pay additional interest as the sole remedy during the first 180 days after the occurrence of an Event of Default relating to the
failure to comply with Section 4.02 in accordance with the immediately preceding paragraph, the Company shall notify all Holders
and the Trustee and Paying Agent of such election on or before the close of business on the fifth Business Day after the date on
which such Event of Default otherwise would occur. Upon a failure by the Company to timely give such notice or pay additional interest,
the Securities will be immediately subject to acceleration as otherwise provided in this Section 6.02.

 

SECTION 6.3      
Collection of Indebtedness and Suits for Enforcement by Trustee.

 

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

 

 

 

 

    	 	19	 

     

    

 

If an Event of Default
in the payment of principal, interest, if any, specified in clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee
may recover judgment in its own name and as trustee of an express trust against the Company or another obligor on the Securities
for the whole amount of principal, and accrued interest remaining unpaid, if any, together with, to the extent that payment of
such interest is lawful, interest on overdue principal, on overdue installments of interest, if any, in each case at the Default
Rate, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

 

SECTION 6.4      
Trustee May File Proofs of Claim.

 

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

 

(a)                
to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities
and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of
the Holders allowed in such judicial proceeding, and

 

(b)               
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the
same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder 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 7.07.

 

Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee
to vote in respect of the claim of any Holder in any such proceeding.

 

SECTION 6.5      
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 thereof in any proceeding relating thereto, 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 6.6      
Application of Money Collected.

 

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

 

First: To the
payment of all amounts due the Trustee under Section 7.07;

 

Second: To the payment of all indebtedness
of the Company to which such series of Securities is subordinated to the extent required by Articles 7 and 12.

 

 

 

 

    	 	20	 

     

    

 

Third: to the payment of the amounts
then due and unpaid for principal of 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 interest, respectively; and

 

Fourth: To the Company.

 

SECTION 6.7      
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 hereunder (except actions for payment of overdue principal and interest),
unless:

 

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

 

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

 

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

 

(d)               
the Trustee for 90 days after its receipt of such notice, request and offer of indemnity has failed to institute
any such proceeding; and

 

(e)                
no direction inconsistent with such written request has been given to the Trustee during such 90-day period by the
Holders of a majority in principal amount of the outstanding Securities of that Series; it being understood and intended that no
one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of. any provision of this
Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and
for the equal and ratable benefit of all such Holders.

 

SECTION 6.8      
Unconditional Right of Holders to Receive Principal 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 interest, if any, on such Security on the Stated Maturity or Stated 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.

 

SECTION 6.9      
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 hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.

 

SECTION 6.10      
Rights and Remedies Cumulative.

 

Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.08, no right
or remedy herein conferred 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 hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

 

 

 

    	 	21	 

     

    

 

SECTION 6.11      
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 any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

SECTION 6.12      
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

 

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

 

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

 

(c)                
subject to the provisions of Section 6.01, the Trustee shall have the right to decline to follow any such direction
if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve
the Trustee in personal liability or would be unduly prejudicial to the rights of another Holder or the Trustee.

 

SECTION 6.13      
Waiver of Past Defaults.

 

Subject to Section
9.02, the Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of
the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences,
except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders
of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences,
including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

SECTION 6.14      
Undertaking for Costs.

 

All parties to this
Indenture agree, and each Holder of any Security by his acceptance thereof 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 attorneys’
fees, 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 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 25% 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 interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such Security
(or, in the case of redemption, on the redemption date).

 

 

 

 

 

    	 	22	 

     

    

 

ARTICLE
VII

 

TRUSTEE

 

SECTION 7.1      
Duties of Trustee.

 

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

 

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

 

(i)                 The
Trustee need perform only those duties that are specifically set forth in this Indenture and no implied duties, covenants or obligations
shall be deemed to be imposed upon the Trustee.

 

(ii)               
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming
to the requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which
by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’
Certificates and Opinions of Counsel to determine whether or not they conform on their face to the requirements of this Indenture.

 

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

 

(i)                 This
paragraph does not limit the effect of paragraph (b) of Section 7.01 herein.

 

(ii)               
The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer.

 

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

 

(d)               
Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c)
of this Section.

 

(e)                 The
Trustee may refuse to perform any duty or exercise any right or power unless it receives an indemnity satisfactory to it against
any loss, liability or expense.

 

(f)                 The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)               
No provision of this Indenture shall require the Trustee to risk or expend its own funds or otherwise incur liability,
financial or otherwise, in the performance of any of its duties, 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 indemnity satisfactory to it against such risk is not reasonably
assured to it.

 

(h)               
The Paying Agent, the Registrar and any authenticating agent shall be entitled to the same rights, indemnities, protections
and immunities afforded to the Trustee.

 

 

 

 

 

    	 	23	 

     

    

 

(i)                 
The Trustee shall have no duty to monitor the performance or compliance of the Company with its obligations hereunder
or any under supplement hereto, nor shall it have any liability in connection with the malfeasance or nonfeasance by the Company.
The Trustee shall have no liability in connection with compliance by the Company with statutory or regulatory requirements related
to this Indenture, any supplement or any Securities issued pursuant hereto or thereto.

 

SECTION 7.2      
Rights of Trustee.

 

(a)                
The Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting as a result
of its reasonable belief that any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
direction, approval or other paper or document was genuine and had been signed or presented by the proper person. The Trustee need
not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it sees fit.

 

(b)               
Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel
or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’
Certificate or Opinion of Counsel.

 

(c)                
The Trustee may act through agents and shall not be responsible for the misconduct or negligence of. or for the supervision
of. any agent appointed with due care. No Depository shall be deemed an agent of the Trustee and the Trustee shall not be responsible
for any act or omission by any Depository.

 

(d)               
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers.

 

(e)                
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 hereunder in good faith
and in reliance thereon.

 

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

 

SECTION 7.3      
Individual Rights of Trustee.

 

The Trustee, in its
individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate
with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject
to Sections 7.10 and 7.11.

 

SECTION 7.4      
Trustee’s Disclaimer.

 

The Trustee makes no
representation as to the validity or adequacy of this Indenture or the Securities and the recitals contained herein and in the
Securities shall be taken as statements of the Company and not of the Trustee, and the Trustee has no responsibility for such recitals.
The Trustee shall not be accountable for the Company’s use or application of the proceeds from the Securities or for monies
paid over to the Company pursuant to this Indenture, and it shall not be responsible for any statement in the Securities other
than its authentication.

 

SECTION 7.5      
Notice of Defaults.

 

If a Default or Event
of Default occurs and is continuing with respect to the Securities of any Series and if a Responsible Officer of the Trustee has
knowledge or receives written notice of such event, the Trustee shall mail to each Securityholder of the Securities of that Series,
notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee
has actual knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal
of or interest on any Security of any Series, including any additional interest that may become payable pursuant to Section 6.02(b).
the Trustee may withhold the notice so long as the Trustee in good faith determines that withholding the notice is in the interests
of Securityholders of that Series.

 

 

 

 

    	 	24	 

     

    

 

SECTION 7.6      
Reports by Trustee to Holders.

 

Within 60 days after
[          ] in each year, the Trustee shall transmit by mail to all Securityholders,
as their names and addresses appear on the register kept by the Registrar, a brief report dated as of such [         ],
in accordance with, and to the extent required under, TIA Section 313.

 

A copy of each report
at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock exchange on which the Securities
of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock
exchange.

 

SECTION 7.7      
Compensation and Indemnity.

 

The Company shall pay
to the Trustee from time to time such compensation for its services as shall be agreed upon in writing. The Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon
request for all reasonable out-of-pocket expenses, disbursements and advances incurred by it. Such expenses shall include the reasonable
compensation and expenses of the Trustee’s agents, counsel and other persons not regularly in its employ.

 

The Company shall indemnify,
defend and hold harmless the Trustee and its officers, directors, employees, representatives and agents, from and against and reimburse
the Trustee for any and all claims, expenses, obligations, liabilities, losses, damages, injuries (to person, property, or natural
resources), penalties, stamp or other similar taxes, actions, suits, judgments, reasonable costs and expenses (including reasonable
attorney’s and agent’s fees and expenses) of whatever kind or nature regardless of their merit, demanded, asserted
or claimed against the Trustee directly or indirectly relating to. or arising from, claims against the Trustee by reason of its
participation in the transactions contemplated hereby, including without limitation all reasonable costs required to be associated
with claims for damages to persons or property, and reasonable attorneys’ and consultants’ fees and expenses and court
costs except to the extent caused by the Trustee’s negligence or willful misconduct. The provisions of this Section 7.07
shall survive the termination of this Agreement or the earlier resignation or removal of the Trustee. The Company shall defend
any claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable
fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not
be unreasonably withheld or delayed. This indemnification shall apply to officers, directors, employees, shareholders and agents
of the Trustee.

 

The Company need not
reimburse any expense or indemnify against any loss liability incurred by the Trustee or by any officer, director, employee, shareholder
or agent of the Trustee through negligence or bad faith.

 

To secure the Company’s
payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property
held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities of that Series.

 

When the Trustee incurs
expenses or renders services after an Event of Default specified in Section 6.01(f) or (g) occurs, the expenses and the compensation
for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

SECTION 7.8      
Replacement of Trustee.

 

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

 

The Trustee may resign
with respect to the Securities of one or more Series by so notifying the Company. The Holders of a majority in principal amount
of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company.
The Company may remove the Trustee with respect to Securities of one or more Series if:

 

 

 

 

    	 	25	 

     

    

 

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

 

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

 

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

 

(d)               
the Trustee becomes incapable of acting.

 

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

 

If a successor
Trustee with respect to the Securities of any one or more Series does not take office within 30 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 25% in principal amount of the
Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor
Trustee.

 

A successor
Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after
that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien
provided for in Section 7.07, and subject to the payment of any and all amounts then due and owing to the retiring Trustee,
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the
rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under
this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series.
Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07
hereof shall continue for the benefit of the retiring trustee with respect to expenses and liabilities incurred by it prior
to such replacement.

 

SECTION 7.9      
Successor Trustee by Merger, Etc.

 

If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all of its corporate trust business to. another corporation, the
successor corporation without any further act shall be the successor Trustee with the same effect as if the successor Trustee had
been named as the Trustee herein.

 

SECTION 7.10      
Eligibility; Disqualification.

 

This Indenture shall
always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee shall always have a combined
capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall
comply with TIA Section 310(b).

 

SECTION 7.11      
Preferential Collection of Claims Against Company.

 

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

 

 

 

 

    	 	26	 

     

    

 

ARTICLE
VIII

 

SATISFACTION AND DISCHARGE; DEFEASANCE

 

SECTION 8.1      
Satisfaction and Discharge of Indenture.

 

This Indenture shall
upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.01), and the Trustee, on the
demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when

 

(a)                
either

 

(i)                 
all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and
that have been replaced or paid) have been delivered to the Trustee for cancellation; or

 

(ii)               
all such Securities not theretofore delivered to the Trustee for cancellation:

 

(1)     have become due and payable,
or

 

(2)     will
become due and payable at their Stated Maturity within [           ], or

 

(3)     are
to be called for redemption within [                  ]
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, or

 

(4)     are deemed paid and discharged
pursuant to section 8.03, as applicable; and the Company, in the case of (1). (2) or (3) above, has deposited or caused to be deposited
with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness
on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit
(in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity
or redemption date, as the case may be;

 

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

 

(c)                
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each meeting the
applicable requirements of Sections 10.04 and 10.05 and each stating that all conditions precedent herein relating to the satisfaction
and discharge of this Indenture have been complied with and the Trustee receives written demand from the Company to discharge.

 

Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.07, and, if money shall
have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.04, 2.07, 2.08, 8.01
8.02 and 8.05 shall survive.

 

SECTION 8.2      
Application of Trust Funds; Indemnification.

 

(a)                
Subject to the provisions of Section 8.05, all money deposited with the Trustee pursuant to Section 8.01, all money
and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and
all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the
Trustee pursuant to Section 8.03 or 8.04, shall be held in trust and applied by it. in accordance with the provisions of the Securities
and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money
has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated
by Sections 8.03 or 8.04.

 

 

 

 

 

    	 	27	 

     

    

 

(b)               
The Company shall pay and shall indemnify the Trustee and the Agents against any tax, fee or other charge imposed
on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.03 or 8.04
or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.

 

(c)                
The Trustee shall, in accordance with the terms of this Indenture, deliver or pay to the Company from time to time,
upon Company Request and at the expense of the Company any U.S. Government Obligations or Foreign Government Obligations or money
held by it pursuant to this Indenture as provided in Sections 8.03 or 8.04 which, in the opinion of a nationally recognized firm
of independent certified public accountants, expressed in a written certification thereof and delivered to the Trustee together
with such Company Request, are then in excess of the amount thereof which then would have been required to be deposited for the
purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This
provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held
under this Indenture.

 

SECTION 8.3      
Legal Defeasance of Securities of any Series.

 

Unless this Section
8.03 is otherwise specified, pursuant to Section 2.02(s), to be inapplicable to Securities of any Series, the Company shall be
deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of such Series on the [ ] day after
the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding
Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the company, shall, at Company Request,
execute proper instruments acknowledging the same), except as to:

 

(a)                
the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d)
hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such
Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking
fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with
the terms of this Indenture and the Securities of such Series;

 

(b)               
the provisions of Sections 2.04, 2.07, 2.08, 2.14, 8.02, 8.03 and 8.05; and

 

(c)                 the
rights, powers, trust and immunities of the Trustee hereunder; provided that, the following conditions shall have been satisfied:

 

(d)               
the Company shall have deposited or caused to be deposited irrevocably with the Paying Agent as trust funds in trust
for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the
Holders of such Securities in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money
or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities
of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations,
which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without
reinvestment and assuming no tax liability will be imposed on such Paying Agent), not later than [ ] day before the due date of
any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee and the Paying Agent, to pay and discharge each installment
of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such Series
on the dates such installments of interest or principal are due;

 

(e)                
such deposit will 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;

 

(f)                 
no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing
on the date of such deposit or during the period ending on the [  ] day after such date;

 

 

 

 

    	 	28	 

     

    

 

(g)               
the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect
that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the
date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize
income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject
to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit,
defeasance and discharge had not occurred;

 

(h)               
the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made
by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the company
or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company;

 

(i)                 
such deposit shall not result in the trust arising from such deposit constituting an investment company (as defined
in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder;
and

 

(j)                  the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section have been complied with.

 

SECTION 8.4      
Covenant Defeasance.

 

Unless this Section
8.04 is otherwise specified pursuant to Section 2.02(s) to be inapplicable to Securities of any Series, on and after the [ ] day
after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or
condition set forth under Sections 4.02, 4.03, 4.04, 4.05, 4.06, and 5.01 as well as any additional covenants contained in a supplemental
indenture hereto for a particular Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant
to Section 2.02(s) (and the failure to comply with any such covenants shall not constitute a Default or Event of Default under
Section 6.01) and the occurrence of any event described in clause (e) of Section 6.01 shall not constitute a Default or Event of
Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:

 

(a)                
With reference to this Section 8.04, the Company has deposited or caused to be irrevocably deposited (except as provided
in Section 8.02(c)) with the Paying Agent as trust funds in trust, specifically pledged as security for, and dedicated solely to,
the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars
(or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii)
in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign
Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms,
will provide (and without reinvestment and assuming no tax liability will be imposed on such Paying Agent), not later than [   ]
day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm
of independent certified public accountants expressed in a written certification thereof delivered to the Paying Agent, to pay
principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such
installments of interest or principal are due;

 

(b)               
Such deposit will 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;

 

(c)                
No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing
on the date of such deposit or during the period ending on the [   ] day after such date;

 

(d)               
the company shall have delivered to the Trustee an Opinion of Counsel confirming that Holders of the Securities of
such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and 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 deposit and defeasance had not occurred;

 

 

 

 

    	 	29	 

     

    

 

(e)                
the Company shall have delivered to the Trustee an Officers’ Certificate stating the deposit was not made by
the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company
or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(f)                 
The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to the defeasance contemplated by this Section have been complied with.

 

SECTION 8.5      
Repayment to Company.

 

The Paying Agent shall
pay to the Company upon request any money held by them for the payment of principal and interest that remains unclaimed for two
years. After that. Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable
abandoned property law designates another person and all liability of the Paying Agent with respect to that money shall cease.

 

ARTICLE
IX

 

AMENDMENTS AND WAIVERS

 

SECTION 9.1      
Without Consent of Holders.

 

The Company and the
Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:

 

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

 

(b)                
to comply with Article V;

 

(c)                
to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d)                
to make any change that does not adversely affect the rights of any Securityholder;

 

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

 

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

 

(g)               
to comply with requirements of the TIA and any rules promulgated under the TIA; and

 

(h)               
to add to the covenants of the Company for the equal and ratable benefit of the Holders or to surrender any right,
power or option conferred upon the Company.

 

Any amendment or supplement
made solely to conform the provisions of this Indenture or the Securities of any Series to the description thereof contained in
the final prospectus relating to such Series will be deemed not to adversely affect the rights of any Holder.

 

 

 

 

    	 	30	 

     

    

 

SECTION 9.2      
With Consent of Holders.

 

The Company and the
Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount
of the outstanding Securities of all Series affected by such supplemental indenture, taken together as one class (including consents
obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture
or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in Section 6.13, the Holders
of at least a majority in principal amount of the outstanding Securities of all Series affected by such waiver by notice to the
Trustee, taken together as one class (including consents obtained in connection with a tender offer or exchange offer for the Securities
of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such
Series.

 

It shall not be necessary
for the consent of the Holders of Securities under this Section 9.02 to approve the particular form of any proposed supplemental
indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture
or waiver under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby a notice briefly
describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein,
shall not. however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

SECTION 9.3      
Limitations.

 

Without the consent
of each Securityholder affected, an amendment or waiver may not:

 

(a)                
change the amount of Securities whose Holders must consent to an amendment, supplement or waiver, except to increase
any such amount or to provide that certain provisions of this Indenture cannot be modified, amended or waived without the consent
of the Holder of each outstanding Security affected thereby;

 

(b)               
reduce the amount of interest, or change the interest payment time, on any Security;

 

(c)                
waive a redemption payment or alter the redemption provisions (other than any alteration that would not materially
adversely affect the legal rights of any Holder under this Indenture) or the price at which the Company is required to offer to
purchase the Securities;

 

(d)               
reduce the principal or change the Stated Maturity of any Security or reduce the amount of. or postpone the date
fixed for, the payment of any sinking fund or analogous obligation;

 

(e)                
reduce the principal amount payable of any Security upon Maturity;

 

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

 

(g)               
change the place or currency of payment of principal of or interest, if any, on any Security other than that stated
in the Security;

 

(h)               
impair the right of any Holder to receive payment of principal or, or interest on, the Securities of such Holder
on or after the due dates therefor;

 

(i)                 
impair the right to institute suit for the enforcement of any payment on, or with respect to, any Security;

 

(j)                 
make any change in Sections 10.15 or 10.16;

 

 

 

 

 

    	 	31	 

     

    

 

(k)               
change the ranking of the Securities; or

 

(l)                 
make any other change which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate as a limitation under this Section.

 

SECTION 9.4      
Compliance with Trust Indenture Act.

 

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

 

SECTION 9.5      
Revocation and Effect of Consents.

 

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

 

Any amendment or waiver
once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (g) of Section 9.03 in that case, the amendment or waiver shall bind each Holder of a Security who
has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security.

 

SECTION 9.6      
Notation on or Exchange of Securities.

 

If an amendment, supplement
or waiver changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee and
the Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder. Alternatively,
if the Company or the Trustee so determines, the Company shall issue and the Trustee shall authenticate upon request new Securities
of that Series that reflect the changed terms.

 

SECTION 9.7      
Trustee Protected.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in
relying upon, an Opinion of Counsel or an Officer’s Certificate, or both stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures, except that the Trustee
need not sign any supplemental indenture that adversely affects its rights, duties or indemnities.

 

SECTION 9.8      
Effect of Supplemental Indenture.

 

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

 

ARTICLE
X

 

MISCELLANEOUS

 

SECTION 10.1  
Trust Indenture Act Controls.

 

If any provision of
this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture
by the TIA, such required or deemed provision shall control.

 

 

 

 

 

    	 	32	 

     

    

 

SECTION 10.2  
Notices.

 

Any notice or communication
by the Company, the Trustee, the Paying Agent or the Registrar to another is duly given if in writing and delivered in person or
mailed by first-class mail:

 

if to the Company:

 

SPI Energy Co., Ltd.

#1128, 11/F, No. 52 Hung To Road

Kwun Tong

Kowloon, Hong Kong S.A.R.

Attn: Xiaofeng Peng, CEO

Fax: +852-2291 6030

 

if to the Trustee:

 

[                           ]

Attn: [                 ]

Fax: [                   ]

 

if to the Registrar or Paying Agent:

 

[                           ]

Attn: [                 ]

Fax: [                   ]

 

with copy to:

 

[                           ]

Attn: [                 ]

Fax: [                   ]

 

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

 

Any notice or communication
to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar. Failure to
mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect
to other Securityholders of that or any other Series.

 

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

 

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

 

Whenever a notice is
required to be given by the Company, such notice may be given by the Trustee or Registrar on the Company’s behalf (and the
Company will make any notice it is required to give to Holders available on its website).

 

SECTION 10.3  
Communication by Holders with Other Holders.

 

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

 

 

 

 

    	 	33	 

     

    

 

SECTION 10.4  
Certificate and Opinion as to Conditions Precedent.

 

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

 

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

 

(b)               
an Opinion of Counsel stating that, in the opinion of counsel, all such conditions precedent (including any covenants,
compliance with which constitutes a condition precedent) have been complied with.

 

SECTION 10.5  
Statements Required in Certificate or Opinion.

 

Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:

 

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

 

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

 

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

 

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

 

provided, however, that with respect
to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials.

 

SECTION 10.6  
Record Date for Vote or Consent of Holders.

 

The Company (or, in
the event deposits have been made pursuant to Section 11.02, the Trustee) may set a record date for purposes of determining the
identity of Holders entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture,
which record date shall not be more than 90 days prior to the date of the commencement of solicitation of such action. Notwithstanding
the provisions of Section 9.05, if a record date is fixed, those persons who were Holders of Securities at the close of business
on such record date (or their duly designated proxies), and only those persons, shall be entitled to take such action by vote or
consent or to revoke any vote or consent previously given, whether or not such persons continue to be Holders after such record
date.

 

SECTION 10.7  
Rules by Trustee and Agents.

 

The Trustee may make
reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set
reasonable requirements for its functions.

 

SECTION 10.8  
Legal Holidays.

 

Unless otherwise provided
by Board Resolution, Officers’ Certificate or supplemental indenture for a particular Series, a “Legal Holiday”
is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that
place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

 

 

 

    	 	34	 

     

    

 

SECTION 10.9  
No Recourse Against Others.

 

A director, officer,
employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities
or the Indenture or for any claim based on. in respect of or by reason of such obligations or their creation. Each Securityholder
by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue
of the Securities.

 

SECTION 10.10  
Counterparts.

 

This Indenture may
be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

SECTION 10.11  
Governing Laws and Submission to Jurisdiction.

 

THIS INDENTURE AND
THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK EXCLUDING ANY RULE OF LAW THAT WOULD CAUSE THE APPLICATION
OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

 

The Company agrees
that any legal suit, action or proceeding arising out of or based upon this Indenture may be instituted in any federal or state
court sitting in New York City. and. to the fullest extent permitted by law. waives any objection which it may now or hereafter
have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such court in
any suit, action or proceeding. The Company, as long as any Securities remain outstanding or the parties hereto have any obligation
under this Indenture, shall have an authorized agent in the United States upon whom process may be served in any such legal action
or proceeding. Service of process upon such agent and written notice of such service mailed or delivered to it shall to the extent
permitted by law be deemed in every respect effective service of process upon it in any such legal action or proceeding and. if
it fails to maintain such agent, any such process or summons may be served by mailing a copy thereof by registered mail, or a form
of mail substantially equivalent thereto, addressed to it at its address as provided for notices hereunder. The Company hereby
appoints Loeb & Loeb LLP, 345 Park Avenue. New York, NY 10154, as its agent for such purposes, and covenants and agrees that
service of process in any legal action or proceeding may be made upon it at such office of such agent.

 

SECTION 10.12  
No Adverse Interpretation of Other Agreements.

 

This Indenture may
not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or
debt agreement may not be used to interpret this Indenture.

 

SECTION 10.13  
Successors.

 

All agreements of the
Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind
its successor.

 

SECTION 10.14  
Severability.

 

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 thereby.

 

SECTION 10.15  
Table of Contents, Headings. Etc.

 

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

 

 

 

 

    	 	35	 

     

    

 

SECTION 10.16  
Judgment Currency.

 

The Company agrees,
to the fullest extent that it may effectively do so under applicable law. that (a) if for the purpose of obtaining judgment in
any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of
any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”),
the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in
The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered,
unless such day is not a New York Banking Day. then, the rate of exchange used shall be the rate at which in accordance with normal
banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New
York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture
to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any
judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to
the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency
expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action
for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the
full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for
any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except
a Saturday. Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law.
regulation or executive order to close.

 

SECTION 10.17  
Compliance with Applicable Anti-Terrorism and Money Laundering Regulations.

 

In order to comply
with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including
those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Trustee is required
to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with
the Trustee. Accordingly, each of the parties agree to provide to the Trustee, upon its request from time to time such identifying
information and documentation as may be available for such party in order to enable the Trustee to comply with the Applicable Law.

 

ARTICLE
XI

 

SINKING FUNDS

 

SECTION 11.1  
Applicability of Article.

 

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

 

The minimum amount
of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory
sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to 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 11.02. Each sinking fund payment shall be applied to the
redemption of Securities of any Series as provided for by the terms of the securities of such Series.

 

SECTION 11.2  
Satisfaction of Sinking Fund Payments with Securities.

 

The Company may. in
satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to
the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable
(other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities
of such Series to which such sinking fund payment is applicable and which have been redeemed either at the election of the Company
pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of
permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that
such Securities have not been previously so credited. Such Securities shall be received by the Registrar, together with an Officers’
Certificate with respect thereto, not later than 45 days prior to the date on which the Registrar begins the process of selecting
Securities for redemption, and shall be credited for such purpose by the Registrar at the 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. If as
a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.02, the principal amount
of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $[], the Registrar
need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such
cash payment shall be held by the Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that
the Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so
being held by the Paying Agent upon delivery by the Company to the Registrar of Securities of that Series purchased by the Company
having an unpaid principal amount equal to the cash payment required to be released to the Company.

 

 

 

 

    	 	36	 

     

    

 

SECTION 11.3  
Redemption of Securities for Sinking Fund.

 

Not less than 45 days
(unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in respect of
a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver
to the Trustee and the Paying Agent an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking
fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment
of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant
to Section 11.02., and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and
the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated
in the Board Resolution. Officers’ Certificate or supplemental indenture in respect of a particular Series of Securities)
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 3.02 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 3.03. Such notice having been duly given, the redemption of such Securities
shall stated in Sections 3.04, 3.05 and 3.06. 

 

ARTICLE
XII

 

SUBORDINATION OF SECURITIES

 

SECTION 12.1   Agreement
of Subordination.

 

The Company covenants and agrees, and each
holder of Securities issued hereunder by his acceptance thereof likewise covenants and agrees, that all Securities shall be issued
subject to the provisions of this Article 12; and each Securityholder, whether upon original issue or upon transfer or assignment
thereof, accepts and agrees to be bound by such provisions.

 

The payment of the principal of, premium,
if any, and interest on all Securities issued hereunder shall, to the extent and in the manner hereinafter set forth, be subordinated
and subject in right of payment to the prior payment in full of all Senior Indebtedness of the Company, whether outstanding at
the date of this Indenture or thereafter incurred.

 

The provisions of this Article 12 define
the subordination of the Securities, as obligations of the Company, with respect to Senior Indebtedness of the Company.

 

No provision of this Article 12 shall prevent
the occurrence of any default or Event of Default hereunder.

 

 

 

 

    	 	37	 

     

    

 

SECTION 12.2      Payments
to Securityholders.

 

In the event and during the continuation
of any default in the payment of principal, premium, interest or any other payment due on any Senior Indebtedness of the Company
continuing beyond the period of grace, if any, specified in the instrument or lease evidencing such Senior Indebtedness of the
Company, then, unless and until such default shall have been cured or waived or shall have ceased to exist, no payment shall be
made by the Company with respect to the principal of, or premium, if any, or interest on the Securities, except payments made pursuant
to Article 8 hereof from monies deposited with the Trustee pursuant thereto prior to the happening of such default.

 

Upon any payment by the Company, or distribution
of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon any dissolution or
winding-up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership
or other proceedings, all amounts due or to become due upon all Senior Indebtedness of the Company shall first be paid in full,
or payment thereof provided for in money in accordance with its terms, before any payment is made on account of the principal (and
premium, if any) or interest on the Securities (except payments made pursuant to Article 8 hereof from monies deposited with the
Trustee pursuant thereto prior to the happening of such dissolution, winding-up, liquidation or reorganization); and upon any such
dissolution or winding-up or liquidation or reorganization any payment by the Company, or distribution of assets of the Company
of any kind or character, whether in cash, property or securities, to which the holders of the Securities or the Trustee would
be entitled, except for the provisions of this Article 12, shall (except as aforesaid) be paid by the Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the holders of the
Securities or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior Indebtedness of
the Company (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness of the Company held by such
holders, as calculated by the Company) or their representative or representatives, or to the trustee or trustees under any indenture
pursuant to which any instruments evidencing any Senior Indebtedness of the Company may have been issued, as their respective interests
may appear, to the extent necessary to pay all Senior Indebtedness of the Company in full, in money or money’s worth, after
giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness of the Company, before any
payment or distribution is made to the holders of the Securities or to the Trustee.

 

In the event that, notwithstanding the foregoing,
any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, prohibited
by the foregoing, shall be received by the Trustee or the holders of the Securities before all Senior Indebtedness of the Company
is paid in full, or provision is made for such payment in money in accordance with its terms, such payment or distribution shall
be held in trust for the benefit of and shall be paid over or delivered to the holders of Senior Indebtedness of the Company or
their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing
any Senior Indebtedness of the Company may have been issued, as their respective interests may appear, as calculated by the Company,
for application to the payment of all Senior Indebtedness of the Company remaining unpaid to the extent necessary to pay all Senior
Indebtedness of the Company in full in money in accordance with its terms, after giving effect to any concurrent payment or distribution
to or for the holders of such Senior Indebtedness.

 

For purposes of this Article 12, the words,
“cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted,
or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of
which is subordinated at least to the extent provided in this Article 12 with respect to the Securities to the payment of all Senior
Indebtedness of the Company which may at the time be outstanding; provided that (i) the Senior Indebtedness of the Company is assumed
by the new corporation, if any, resulting from any such reorganization or readjustment, and (ii) the rights of the holders of the
Senior Indebtedness of the Company (other than leases) and of leases which are assumed are not, without the consent of such holders,
altered by such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company into, another
corporation or the liquidation or dissolution of the Company following the conveyance or transfer of its property as an entirety,
or substantially as an entirety, to another corporation upon the terms and conditions provided for in Article 5 hereof shall not
be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 12.02 if such other corporation
shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article 10 hereof.
Nothing in this Section 12.02 shall apply to claims of, or payments to, the Trustee under or pursuant to Article 7.

 

 

 

    	 	38	 

     

    

 

SECTION 12.3    Subrogation
of Securities.

 

Subject to the payment in full of all Senior
Indebtedness of the Company, the rights of the holders of the Securities shall be subrogated to the rights of the holders of Senior
Indebtedness of the Company to receive payments or distributions of cash, property or securities of the Company applicable to the
Senior Indebtedness of the Company until the principal of (and premium, if any) and interest on the Securities shall be paid in
full; and, for the purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of the
Company of any cash, property or securities to which the holders of the Securities or the Trustee would be entitled except for
the provisions of this Article 12 to or for the benefit of the holders of Senior Indebtedness of the Company by holders of the
Securities or the Trustee, shall, as between the Company, its creditors other than holders of Senior Indebtedness of the Company,
and the holders of the Securities, be deemed to be a payment by the Company to or on account of the Senior Indebtedness of the
Company. It is understood that the provisions of this Article 12 are and are intended solely for the purpose of defining the relative
rights of the holders of the Securities, on the one hand, and the holders of the Senior Indebtedness of the Company, on the other
hand.

 

Nothing contained in this Article 12 or
elsewhere in this Indenture or in the Securities is intended to or shall impair, as between the Company, its creditors other than
the holders of its Senior Indebtedness, and the holders of the Securities, the obligation of the Company, which is absolute and
unconditional, to pay to the holders of the Securities the principal of (and premium, if any) and interest on the Securities as
and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights
of the holders of the Securities and creditors of the Company other than the holders of its Senior Indebtedness, nor shall anything
herein or therein prevent the Trustee or the holder of any Security from exercising all remedies otherwise permitted by applicable
law upon default under this Indenture, subject to the rights, if any, under this Article 12 of the holders of Senior Indebtedness
of the Company in respect of cash, property or securities of the Company received upon the exercise of any such remedy.

 

Upon any payment or distribution of assets
of the Company referred to in this Article 12, the Trustee, subject to the provisions of Article 7, and the holders of the Securities
shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding-up,
liquidation or reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidating trustee,
agent or other Person making such payment or distribution, delivered to the Trustee or to the holders of the Securities, for the
purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other
indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other
facts pertinent thereto or to this Article 12.

 

SECTION 12.4     Authorization
by Securityholders.

 

Each holder of a Security by his acceptance
thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article 12 appoints the Trustee his attorney-in-fact for any and all such purposes.

 

SECTION 12.5     Notice
to Trustee.

 

The Company shall give promptly written
notice to the Trustee of any fact known to the Company which would prohibit the making of any payment of monies to or by the Trustee
in respect of the Securities pursuant to the provisions of this Article 12. Notwithstanding the provisions of this Article 12 or
any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would
prohibit the making of any payment of monies to or by the Trustee in respect of the Securities pursuant to the provisions of this
Article 12, unless and until the Trustee shall have received written notice thereof in accordance with Section 10.02 from the Company
or a holder or holders of Senior Indebtedness of the Company or from any trustee therefor; and before the receipt of any such written
notice, the Trustee, subject to the provisions of Article 7, shall be entitled in all respects to assume that no such facts exist;
provided that if on a date not fewer than three Business Days prior to the date upon which by the terms hereof any such monies
may become payable for any purpose (including, without limitation, the payment of the principal of (or premium, if any) or interest
on any Security) the Trustee shall not have received, with respect to such monies, the notice provided for in this Section 12.05,
then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such
monies and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary
which may be received by it on or after such prior date. Notwithstanding anything to the contrary hereinbefore set forth, nothing
shall prevent any payment by the Company or the Trustee to the Securityholders of monies in connection with a redemption of Securities
if (i) notice of such redemption has been given in accordance herewith prior to the receipt by the Trustee of written notice as
aforesaid, and (ii) such notice of redemption is given not earlier than 60 days before the redemption date.

 

 

 

    	 	39	 

     

    

 

The Trustee conclusively shall be entitled
to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness of the
Company (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of Senior Indebtedness
of the Company or a trustee on behalf of any such holder or holders. In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness of the Company to participate
in any payment or distribution pursuant to this Article 12, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness of the Company held by such Person, the extent to which such
Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under
this Article 12, and if such evidence is not furnished the Trustee may defer any payment to such Person pending judicial determination
as to the right of such Person to receive such payment.

 

SECTION 12.6     Trustee’s
Relation to Senior Indebtedness.

 

The Trustee in its individual capacity shall
be entitled to all the rights set forth in this Article 12 in respect of any Senior Indebtedness of the Company at any time held
by it, to the same extent as any other holder of Senior Indebtedness of the Company and nothing elsewhere in this Indenture shall
deprive the Trustee of any of its rights as such holder.

 

With respect to the holders of Senior Indebtedness
of the Company, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically
set forth in this Article 12, and no implied covenants or obligations with respect to the holders of Senior Indebtedness of the
Company shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Senior Indebtedness of the Company and the Trustee shall not be liable to any holder of Senior Indebtedness of the Company
if it shall pay over or deliver to holders of Securities, the Company or any other Person money or assets to which any holder of
Senior Indebtedness of the Company shall be entitled by virtue of this Article 12 or otherwise.

 

SECTION 12.7     
No Impairment of Subordination.

 

No right of any present or future holder
of any Senior Indebtedness of the Company to enforce subordination as herein provided 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
thereof which any such holder may have or otherwise be charged with.

 

SECTION 12.8      Rights
of Trustee.

 

Nothing in this Article 12 shall apply to
claims of, or payments to, the Trustee pursuant to Article 7.

 

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left blank]

 

 

 

 

 

 

 

 

    	 	40	 

     

    

 

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

 

 

SPI ENERGY CO., LTD.

 

By: ________________________

Name:

Its:

 

[                   ]

as Trustee

 

By: ________________________

Name:

Its:

 

By: ________________________

Name:

Its:

 

[                           ]

as Registrar and Paying Agent

 

By: ________________________

Name:

Its:

 

By: ________________________

Name:

Its:

 

 

 

 

    	 	41

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