Document:

ex_325605.htm

 

Exhibit 10.2

 

SUBLICENSE AGREEMENT

 

THIS SUBLICENSE AGREEMENT (this “Agreement”), which is effective as of January 13, 2022 (the “Effective Date”), is made and entered into by and between LIQUIDMETAL GOLF, a California corporation, with its principal executive offices located at 20321 Valencia Circle, Lake Forest, CA 92630 (hereinafter, “SUBLICENSOR”), and Amorphous Technologies Japan Inc., a Japanese company, with its principal executive offices located at 7-1-9, Kanasugi, Funabashi-shi, Chiba, Japan (hereinafter, “SUBLICENSEE”).

 

RECITALS

 

	 	
			A.

				
			Pursuant to a License Agreement dated January 1, 2002 (the “Master License Agreement”), Liquidmetal Technologies, Inc. (hereinafter “LICENSOR”), a Delaware corporation having its principal place of business located at 20321 Valencia Circle, Lake Forest, CA 92630, granted to SUBLICENSOR an exclusive license (including the right to sublicense) of patents and other proprietary rights to certain amorphous metallic materials and composites thereof in the field of golf clubs and other products used in the sport of golf.

			

 

	 	
			B.

				
			The Master License Agreement remains in effect as of the date hereof.

			

 

	 	
			C.

				
			SUBLICENSEE seeks a sublicense to utilize SUBLICENSOR’s technology, and SUBLICENSOR and SUBLICENSEE desire to formalize and memorialize this sublicense and its consideration.

			

 

AGREEMENTS

NOW, THEREFORE, in consideration of the mutual covenants and understandings set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

	 	
			1.

				
			DEFINITIONS

			

 

	 	
			1.1.

				
			Amorphous Alloy. The term “Amorphous Alloy” means any one or more amorphous alloys or bulk metallic glasses (or composite materials containing amorphous alloys or bulk metallic glasses) including the Liquidmetal Products (defined below), and any and all alloys now or in the future that are proprietary to Liquidmetal or marketed or sold under the Liquidmetal® brand.

			

 

	 	
			1.2.

				
			Confidential Information. The term “Confidential Information” means any and all nonpublic information of LICENSOR or SUBLICENSOR disclosed to SUBLICENSEE relating to LICENSOR’s or SUBLICENSOR’s businesses, Technology, or Intellectual Property. “Confidential Information” may be any information, data, or know-how in any form, including documented information, machine-readable or machine-interpreted information, information contained in physical components, designs, sketches, reports, etc., and may include, without limitation, technical data, formulae, processes, specifications, samples, studies, inventions, ideas, cost and pricing information, and business, financial and marketing information. “Confidential Information” may include, but is not limited to, information concerning the composition, processing, manufacturing, properties, and applications of any proprietary technology of LICENSOR or SUBLICENSOR, in whatever form such information is provided, whether oral, written, visual, demonstrational, machine-readable, electronic, in physical samples, or otherwise, and whether or not protected or protectable by patent, copyright, trademark, trade secret, or other law.

			

 

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			1.3.

				
			Intellectual Property. The term “Intellectual Property” means inventions (whether or not protected or protectable under patent laws), works of authorship, information fixed in any tangible medium of expression (whether or not protected or protectable under copyright laws), moral rights, mask works, trademarks, trade names, trade dress, trade secrets, developments, designs, applications, processes, know-how, discoveries, ideas (whether or not protected or protectable under trade secret laws), and all other subject matter protected or protectable under patent, copyright, moral right, mask work, trademark, trade secret, or other laws, including, without limitation, all new or useful art, combinations, formulae, manufacturing techniques, technical developments, applications, data, and research results. “Intellectual Property” shall also include any and all derivatives, improvements, enhancements, and applications based on or derived from any of the foregoing.

			

 

	 	
			1.4.

				
			Licensed Product(s). The term “Licensed Product(s)” means golf clubs and golf club components, as well as other products marketed specifically for use in the sport of golf, that incorporate or utilize any material, technology, or process covered by at least one claim of a Patent or Patent Application and/or which otherwise utilize any part of the Technology. However, the term “Licensed Products” shall not include any Reserved Products.

			

 

	 	
			1.5.

				
			New Amorphous Alloy Technology. The term “New Amorphous Alloy Technology” means, to the extent developed or acquired after the Effective Date by SUBLICENSEE jointly with or independently from SUBLICENSOR, all Amorphous Alloys and/or all Intellectual Property relating to the composition, processing, properties, or applications of Amorphous Alloys, and all Patents therefor, including, but not limited to, improvements to Patents.

			

 

	 	
			1.6.

				
			Net Sales Price. The term “Net Sales Price” means, for the purposes of computing royalties under this Agreement, SUBLICENSEE’s aggregate gross invoice price on the sale of Licensed Products during period for royalties are being calculated, less returns or refunds during such period, but before deduction of any other items, including but not limited to freight allowances and cash discounts.

			

 

	 	
			1.7.

				
			Parties; Party. The term “Parties” means SUBLICENSOR and SUBLICENSEE, collectively. The term “Party” means either SUBLICENSOR or SUBLICENSEE.

			

 

	 	
			1.8.

				
			Patents; Patent. The term “Patents” means any United States or foreign patents, and any continuation, divisional, and counterpart thereof to which SUBLICENSOR retains exclusive rights. The term “Patent” means any of the “Patents.”

			

 

	 	
			1.9.

				
			Patent Application. The term “Patent Application” means any United States or foreign patent application, and any continuation, divisional, and counterpart thereof, where the patent application covers the Technology (as defined below).

			

 

	 	
			1.10.

				
			“Reserved Products” means any of the following:

			

 

	 	
			a.

				
			Any Consumer Electronic Products (as defined below) or any components or sub-components suitable for use with any Consumer Electronic Products. For this purpose, “Consumer Electronic Products” means personal computers (portable and desktop); tablet or slate style computing devices; handheld electronic and/or communication devices (e.g., smartphones, digital music players, multi-function devices, etc.); any device whose function includes the creation, storage or consumption of digital media; any component or sub-component in any Consumer Electronic Product; and any accessory that is the same or similar (in the sole discretion of Apple Inc.) to an accessory made or sold by or on behalf of Apple Inc. (regardless of when Apple Inc. sold or started to sell such accessory) that is suitable for use with any Consumer Electronic Product; and

			

 

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			b.

				
			Any watches or components for watches.

			

 

	 	
			1.11.

				
			Technology. The term “Technology” means Patents, Patent Applications, and other Intellectual Property of SUBLICENSOR which, as reasonably determined by SUBLICENSOR, have an application or potential application for the Licensed Products.

			

 

	 	
			2.

				
			LICENSE GRANT. Subject to the terms and conditions of this Agreement and in consideration of the agreement to pay the Royalty, as defined below, SUBLICENSOR hereby grants to SUBLICENSEE a non-transferable sublicense under the Technology to use, manufacture, make, have made, and sell Licensed Products. The rights granted herein shall not include the right of SUBLICENSEE to further sublicense the Technology without the express prior written consent of SUBLICENSOR. The rights and licenses herein shall be subject to the terms of the Master License Agreement, and SUBLICENSEE shall comply at all times with the terms of the Master License Agreement.

			

 

	 	
			2.1.

				
			No Implied Licenses. No right or license is granted herein, to SUBLICENSEE or any third party, by implication or otherwise under any patent or patent application other than the Patents and Patent Applications. No right or license is granted, by implication or otherwise, to any party other than SUBLICENSEE.

			

 

	 	
			2.2.

				
			Restrictions. No other rights are granted to SUBLICENSEE by this Agreement, and all rights not specifically granted to SUBLICENSEE herein (including the right to sublicense) are reserved by SUBLICENSOR. Specifically, SUBLICENSEE covenants and agrees that it will not take or allow others to take any of the following actions:

			

 

	 	
			2.2.1.

				
			Disclose or transmit any part of the Technology or Confidential Information of SUBLICENSOR to unauthorized third parties; or

			

 

	 	
			2.2.2.

				
			reverse engineer, break down, or disassemble any part of the Technology or any other technology of SUBLICENSOR or attempt any such disassembly or reverse engineering.

			

 

	 	
			3.

				
			TRADEMARKS. During the term of this Agreement, SUBLICENSEE will have the right to use the “LIQUIDMETAL” logo and trademark (collectively, the “Trademarks”) in connection with the Licensed Products. All resulting use of any of the Trademarks shall inure solely to the benefit of SUBLICENSOR. SUBLICENSEE’s rights shall be subject to SUBLICENSOR’s trademark usage policies, requirements, and limitations as SUBLICENSOR may provide in writing from time to time.

			

 

	 	
			4.

				
			ROYALTIES

			

 

	 	
			4.1.

				
			Royalty Rate. SUBLICENSEE agrees to pay SUBLICENSOR a royalty charged as a percentage of the sale price of the Licensed Product. The royalty shall be an amount equal to three percent (3%) of the Licensed Products’ Net Sales Price. Such royalty shall be paid in U.S. dollars within thirty (30) days after the end of each calendar quarter, based on shipments of Licensed Products made by SUBLICENSEE during the calendar quarter.

			

 

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			4.2.

				
			Royalties for Transactions Not at Arm’s Length. SUBLICENSEE agrees that in the event any Licensed Products shall be sold (A) to a SUBLICENSEE Affiliate, or (B) to a corporation, firm, or association with which, or individual with whom SUBLICENSEE or its stockholders or affiliates shall have any agreement, understanding, or arrangement (such as, among other things, an option to purchase stock, or an arrangement involving a division of profits or special rebates or allowances) without which agreement, understanding, or arrangement, prices paid by such a corporation, firm, association or individual for the Licensed Products would be higher than the Net Sales Price reported by SUBLICENSEE, or if such agreement, understanding, or arrangement results in extending to such corporation, firm, association, or individual lower prices for Licensed Products than those charged to outside concerns buying similar products in similar amounts and under similar conditions, then, and in any such events, the royalties to be paid hereunder in respect of such Licensed Products shall be computed based on an assumed or deemed Net Sales Price equal to those charged to such outside concerns.

			

 

	 	
			4.3.

				
			Late Fees. In the event SUBLICENSEE is late in making payments to SUBLICENSOR under any provision of this Agreement, for each month (or portion thereof) that such payments are late, SUBLICENSEE shall pay SUBLICENSOR a late charge equal to the lesser of one percent (1%) or the maximum rate permitted by law multiplied by the amount of the payment that is late (including any prior accumulated late charges).

			

 

	 	
			4.4.

				
			Taxes. With the exception of any withholding tax levied in accordance with the enforceable double taxation treaty between the United States and Japan, all payments due hereunder shall be paid without deduction for taxes, assessments, or other charges of any kind or description that may be imposed on SUBLICENSOR by any government except the federal government of the United States, or any political subdivision of such non United States government, with respect to any amounts payable to SUBLICENSOR pursuant to this Agreement, and such taxes, assessments, and other charges shall be paid for and assumed by SUBLICENSEE.

			

 

	 	
			4.5.

				
			Currency. All payments specified in this Agreement shall be made in United States Dollars at the prevailing exchange rate on the day before the payment is made. SUBLICENSEE shall pay all amounts owed to SUBLICENSOR by wire transfer of immediately available funds unless otherwise agreed upon in writing between the parties.

			

 

	 	
			4.6.

				
			No Right of Setoff. SUBLICENSEE shall have no right to withhold, delay, or setoff payments of royalties on the grounds that SUBLICENSEE believes a pending Patent application will not issue, or that SUBLICENSEE believes an unexpired Patent will be invalidated by a court or governmental agency of competent jurisdiction.

			

 

	 	
			5.

				
			SUBLICENSOR WARRANTIES; LIMITATION OF LIABILITY.

			

 

	 	
			5.1.

				
			Representations and Warranties of SUBLICENSOR.

			

 

	 	
			5.1.1.

				
			SUBLICENSOR represents and warrants to SUBLICENSEE that SUBLICENSOR or LICENSOR has sole right, title and interest in and to the Patents and other proprietary rights as stipulated under this Agreement, that SUBLICENSOR has the power and authority to grant any and all rights granted to SUBLICENSEE hereunder, and that SUBLICENSOR has notified the LICENSOR and received approval (if any) from the LICENSOR of its intent to enter into this Agreement

			

 

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			5.2.

				
			Disclaimer of Warranties. THE ABOVE LISTED WARRANTIES ARE LIMITED WARRANTIES AND ARE THE ONLY WARRANTIES BY SUBLICENSOR WITH RESPECT TO THE TECHNOLOGY PROVIDED UNDER THIS AGREEMENT. SUBLICENSOR EXPRESSLY DISCLAIMS ALL OTHER REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS, IMPLIED, STATUTORY, OR ARISING OUT OF CUSTOM OR TRADE USAGE, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. SUBLICENSOR MAKES NO WARRANTY THAT ITS TECHNOLOGY WILL MEET THE REQUIREMENTS OF SUBLICENSEE. SUBLICENSOR MAKES NO WARRANTIES WITH RESPECT TO FREEDOM FROM ALLEGED INFRINGEMENT OF THIRD PARTY PATENTS OR FREEDOM FROM THIRD PARTY INFRINGERS, AND SUBLICENSOR IS NOT UNDER ANY OBLIGATION TO HOLD SUBLICENSEE HARMLESS AGAINST SUCH ALLEGED INFRINGEMENT OF THIRD PARTY PATENTS NOR TO ENFORCE ITS PATENT PROPERTIES AGAINST ALLEGED INFRINGERS. THE FOREGOING PROVISION SHALL BE ENFORCEABLE TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW.

			

 

	 	
			5.3.

				
			Patents. SUBLICENSOR shall have no obligation to continue to prosecute any pending Patent Applications, to maintain issued Patents, or to seek to enforce its Patents or Patent Applications.

			

 

	 	
			5.4.

				
			Inventions and Improvements. All New Amorphous Alloy Technology shall be owned by SUBLICENSOR, provided that such New Amorphous Alloy Technology shall be included within the definition of “Technology” in this Agreement.

			

 

	 	
			5.5.

				
			Assignment. SUBLICENSEE hereby assigns to SUBLICENSOR, and will cause its employees, contractors, representatives, successors, assigns, Affiliates, parents, subsidiaries, officers and directors to assign to SUBLICENSOR, any right, title, or interest in and to any New Amorphous Alloy Technology acquired by SUBLICENSEE or in which SUBLICENSEE acquires any rights. SUBLICENSOR and SUBLICENSEE separately agree to cooperate and cause each of its employees and contractors to cooperate in the preparation and prosecution of Patent Applications relating to such New Amorphous Alloy Technology.

			

 

	 	
			5.6.

				
			Consequential Damages. IN NO EVENT SHALL SUBLICENSOR BE LIABLE TO SUBLICENSEE OR ANY THIRD PARTY FOR ANY INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, ANY INDIRECT, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES FOR LOSS OF BUSINESS, LOSS OF PROFITS, LOSS OF REVENUES, BUSINESS INTERRUPTION, LOSS OF SOFTWARE, LOSS OF DATA, LOSS OF BUSINESS INFORMATION, THE INADEQUACY OF THE LICENSED MATERIALS FOR ANY PURPOSE, OR ANY OTHER ITEM) ARISING OUT OF OR CONNECTED IN ANY WAY WITH SUBLICENSOR’S PERFORMANCE UNDER THIS AGREEMENT OR SUBLICENSEE’S USE OF OR INABILITY TO USE THE LICENSED TECHNOLOGY, EVEN IF SUBLICENSOR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SUBLICENSEE AGREES THAT SUBLICENSOR SHALL NOT BE LIABLE FOR DAMAGE INCURRED BY SUBLICENSEE OR A THIRD PARTY AS A RESULT OF SUBLICENSEE’S USE OF OR INABILITY TO USE THE LICENSED TECHNOLOGY.

			

 

	 	
			6.

				
			SUBLICENSEE WARRANTIES AND INDEMNIFICATION.

			

 

	 	
			6.1.

				
			Representations and Warranties of SUBLICENSEE.

			

 

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			6.1.1.

				
			Permits. SUBLICENSEE represents and warrants that it has obtained any and all governmental permits, licenses, or other approvals required for the performance of its obligations under this Agreement.

			

 

	 	
			6.1.2.

				
			Authority. SUBLICENSEE represents and warrants that (i) it is wholly and exclusively owned by Mr. Ryuji Kajiwara; (ii) it has full corporate power and authority to enter into this Agreement and perform the obligations hereunder; (iii) the execution, delivery and performance of this Agreement and the implementations of the transactions contemplated hereunder have been duly approved and authorized by all requisite corporate action; and (iv) this Agreement constitutes a valid and legally binding obligation, enforceable in accordance with its terms.

			

 

	 	
			6.1.3.

				
			Safety. SUBLICENSEE represents and warrants that SUBLICENSEE has, either in-house or at its disposal, the expertise necessary to use the Technology in a safe and effective manner.

			

 

	 	
			6.1.4.

				
			No Prohibited Claims. SUBLICENSEE represents and warrants that SUBLICENSEE shall not claim against SUBLICENSOR or any SUBLICENSOR officer, director, employee, agent, or affiliate any of the claims for damages referenced in Section 5.6 (Consequential Damages) and shall obligate any of SUBLICENSEE’s agents, employees, contractors or shareholders not to bring such damage claims against SUBLICENSOR.

			

 

	 	
			6.2.

				
			Indemnity. SUBLICENSEE agrees to indemnify and hold SUBLICENSOR, its officers, directors, employees, agents, representatives, successors and assigns harmless from and against all losses, damages or expenses of whatever form or nature, including attorneys' fees and other costs of legal defense, whether direct or indirect, which they, or any of them, may sustain or incur as a result of any acts or omissions of SUBLICENSEE or any of its directors, officers, managers, affiliates, employees, representatives, or agents, including, but not limited to (a) breach of or failure to perform any obligation, provision or condition of SUBLICENSEE contained in any of the provisions of this Agreement; (b) personal injury, death, environmental damage, property damage, or any defects in design, materials or workmanship of any kind including in the Licensed Product; (c) failure of SUBLICENSEE to pay when due all taxes, assessments, levies or charges from any sources which may be assessed or levied against SUBLICENSEE as a result of its use of the Technology, including, without limitation, any tax in the nature of an excise tax, sales tax, value-added tax, health or other social welfare tax or charge, import duty, customs duty, or import licensing fee or charge; (d) violation by SUBLICENSEE (or any of its directors, officers, managers, affiliates, employees, representatives, or agents) of any applicable law, regulation or order; or (e) any misappropriation or misuse by SUBLICENSEE of any Intellectual Property or Confidential Information of SUBLICENSOR.

			

 

	 	
			7.

				
			TERM AND TERMINATION.

			

 

	 	
			7.1.

				
			Term. This Agreement shall be in effect from the Effective Date and shall continue in effect until the third (3rd) anniversary of the Effective Date or the expiration of Patents, whichever is earlier.

			

 

	 	
			7.2.

				
			Premature Termination. Notwithstanding any other provision contained herein, this Agreement may be terminated as follows:

			

 

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			7.2.1.

				
			Material Breaches. This Agreement shall terminate on the thirtieth (30th) day after either Party gives the other Party written notice of a material breach by the other Party of any term or condition of this Agreement, unless the breach is cured before that day; provided however, that if a breach of the same general type has occurred and been cured more than twice during the same twelve (12) month period as the most recent breach, the Party providing notice of termination can elect not to accept the cure and cause this Agreement to terminate. The right of a Party to terminate this Agreement shall be in addition to and not in lieu of any other right or remedy that the terminating Party may have at law or in equity.

			

 

	 	
			7.2.2.

				
			Bankruptcy. This Agreement may be terminated immediately by a Party in the event the other Party becomes insolvent, files or has filed against it a petition under any chapter of the United States Bankruptcy Code (or any similar petition under the insolvency law of an applicable jurisdiction) and such petition is not dismissed within sixty (60) days, proposes any dissolution, liquidation, financial reorganization, or re-capitalization with creditors, or makes an assignment or trust mortgage for the benefit of creditors or if a receiver, trustee, custodian, or similar agent is appointed or takes possession of any property or business of such other Party.

			

 

	 	
			7.2.3.

				
			Misappropriation. This Agreement may be terminated immediately without liability by SUBLICENSOR in the event that SUBLICENSOR has reasonable grounds to believe that unauthorized use of the Technology, Intellectual Property, or Confidential Information of SUBLICENSOR has been made (including, but not limited to, a breach of Section 2.2 (Restrictions) hereof), or that SUBLICENSEE has breached its duty of confidentiality.

			

 

	 	
			7.3.

				
			Effect of Termination.

			

 

	 	
			7.3.1.

				
			SUBLICENSEE’s Rights Upon Termination. Upon termination of this Agreement, the licenses and all other rights granted to SUBLICENSEE under this Agreement shall immediately terminate.

			

 

	 	
			7.3.2.

				
			Return of Confidential Materials. Within fifteen (15) days after termination of this Agreement, SUBLICENSEE shall return to SUBLICENSOR all Confidential Information of SUBLICENSOR then in its possession, custody or control.

			

 

	 	
			7.3.3.

				
			Continuation of Obligations. After termination of this Agreement, the provisions of this Agreement concerning SUBLICENSEE’s obligations and responsibilities under Section 8 (Confidentiality) shall continue in full force and effect in perpetuity.

			

 

	 	
			7.3.4.

				
			No Damages for Termination; No Effect on Other Rights and Remedies. Neither Party shall be liable for damages of any kind as a result of properly exercising its respective right to terminate this Agreement according to the terms and conditions of this Agreement, and termination will not affect any other right or remedy of either Party.

			

 

	 	
			7.3.5.

				
			Royalties Outstanding. In the event SUBLICENSOR terminates the licenses granted under this Agreement for nonpayment of royalties or other amounts owed by SUBLICENSEE, in accordance with the terms of this Agreement, all amounts then owing by SUBLICENSEE shall immediately become due and payable.

			

 

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			8.

				
			CONFIDENTIALITY.

			

 

	 	
			8.1.

				
			Restrictions. Without the express written consent of SUBLICENSOR, SUBLICENSEE covenants and agrees that it, its employees, contractors, representatives, successors, assigns, affiliates, parents, subsidiaries, officers, directors, and the like will (a) hold SUBLICENSOR’s and LICENSOR’S Confidential Information in strict confidence, use a high degree of care in safeguarding SUBLICENSOR’s and LICENSOR’’s Confidential Information, and take all precautions reasonably necessary to protect SUBLICENSOR’s and LICENSOR’s Confidential Information including, without limitation, all precautions SUBLICENSEE normally takes with respect to its own Confidential Information, (b) not divulge any of SUBLICENSOR’s or LICENSOR’s Confidential Information or any information derived therefrom to any third person, (c) not make any use whatsoever at any time of SUBLICENSOR’s or LICENSOR’s Confidential Information except in furtherance of the rights granted to SUBLICENSEE hereunder, (d) not copy, reverse engineer, alter, modify, break down, disassemble or transmit any of SUBLICENSOR’s or LICENSOR’s Confidential Information, (e) not, within the meaning of United States or other export control laws or regulations, export or re-export, directly or indirectly, including but not limited to export on the Internet or other network service, any of SUBLICENSOR’s or LICENSOR’s Confidential Information, (f) not use or allow others to use SUBLICENSOR’s and LICENSOR’s Confidential Information for the benefit of SUBLICENSEE or any other party, except as expressly permitted hereby, (g) notify SUBLICENSOR in writing immediately upon discovery of any unauthorized use or disclosure of SUBLICENSOR’s or LICENSOR’s Confidential Information by SUBLICENSEE or its employees or any third party, and (h) upon demand by SUBLICENSOR, promptly return, or at SUBLICENSOR’s option destroy and certify to SUBLICENSOR the destruction of, all documents, papers, files, notes, samples and materials of any kind, including copies or reproductions thereof, to the extent they contain SUBLICENSOR’s or LICENSOR’s Confidential Information.

			

 

	 	
			8.2.

				
			Internal Dissemination. SUBLICENSEE may only disseminate SUBLICENSOR’s or LICENSOR’s Confidential Information to its employees and agents who need access to such information and have been informed of SUBLICENSEE’s obligations under this Agreement and are bound in writing by obligations of confidentiality and non-disclosure to SUBLICENSEE at least as broad in scope as SUBLICENSEE’s obligations under this Agreement. SUBLICENSEE agrees to restrict disclosure of SUBLICENSOR’s or LICENSOR’s Confidential Information to the smallest number of SUBLICENSEE’s employees and agents who or which have a legitimate need to know the Confidential Information in connection with this Agreement.

			

 

	 	
			8.3.

				
			Enforcement. SUBLICENSEE acknowledges and agrees that due to the unique nature of the Confidential Information, there can be no adequate remedy at law for any breach of its obligations hereunder, which breach may result in irreparable harm to SUBLICENSOR and/or LICENSOR, and therefore, that upon any such breach or any threat thereof, SUBLICENSOR and LICENSOR shall be entitled to appropriate equitable relief, including injunction, without the requirement of posting a bond, in addition to whatever remedies it might have at law.

			

 

	 	
			8.4.

				
			Proprietary Rights. SUBLICENSEE acknowledges and agrees that any Confidential Information of SUBLICENSOR or LICENSOR (including but not limited to the Patents, Patent Application, Technology, and other Intellectual Property of SUBLICENSOR or LICENSOR), and all derivatives, improvements, enhancements, and applications based on or derived from such Confidential Information (whether made by SUBLICENSOR, LICENSOR, or any other party), shall be and remain the sole and exclusive property of SUBLICENSOR and/or LICENSOR.

			

 

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			9.

				
			MISCELLANEOUS.

			

 

	 	
			9.1.

				
			Force Majeure. Neither Party shall be liable for, nor shall it be considered in breach of this Agreement due to, any failure to perform its obligations under this Agreement as a result of a cause beyond its control, including any act of God or public enemy, act of any military, civil or regulatory authority, change in any law or regulation, fire, flood, earthquake, storm or other like event, disruption or outage of communications, power or other utility, labor problem, unavailability of supplies, or any other cause, whether similar or dissimilar to any of the foregoing, which could not have been prevented by the Party with reasonable care.

			

 

	 	
			9.2.

				
			Corporate Authority. Each Party hereby represents to the other as follows:

			

 

	 	
			9.2.1.

				
			That it has full corporate power and authority to enter into this Agreement and perform the obligations hereunder;

			

 

	 	
			9.2.2.

				
			That the execution, delivery and performance of this Agreement by it has been duly approved and authorized by all requisite corporate action of such Party; and

			

 

	 	
			9.2.3.

				
			This Agreement constitutes a valid and legally binding obligation of such Party enforceable against such party in accordance with its terms.

			

 

	 	
			9.3.

				
			Severability. If a specific provision of this Agreement is determined to be invalid or unenforceable for any reason, the specific provision shall be interpreted to call for the protection of SUBLICENSOR’s rights to the greatest extent which is valid and enforceable. In the event that a specific provision of this Agreement is determined to be invalid or unenforceable by a court of competent jurisdiction and the provision cannot be, or the court otherwise declines to permit the provision to be, interpreted to call for protection of SUBLICENSOR’s rights to an extent which is valid and enforceable, the validity and enforceability of the remaining provisions of this Agreement shall not be affected, and the Agreement shall thereafter be construed as if the invalid provision had not been included in the Agreement.

			

 

	 	
			9.4.

				
			Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of California (U.S.A.), without regard to its conflict of law principles.

			

 

	 	
			9.5.

				
			Attorneys’ Fees. In any action between the Parties for relief based in whole or in part on this Agreement (or the breach thereof) or the Patents or Patent Applications, the prevailing Party shall be entitled to recover (in addition to any other relief awarded or granted) its reasonable costs and expenses (including attorneys’ fees and expert witness fees) incurred in the proceeding.

			

 

	 	
			9.6.

				
			Survival. Any provisions which by their express or implicit terms are intended to survive the expiration or termination of this Agreement, shall survive the expiration or termination of this Agreement and be enforceable in accordance with their terms.

			

 

	 	
			9.7.

				
			Section Headings. The section and paragraph headings in this Agreement are for convenience only and are not intended to affect the meaning or interpretation of this Agreement.

			

 

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			9.8.

				
			Successors and Assigns. Each of the Parties agrees that the terms and conditions of this Agreement shall inure to the benefit of and shall be binding on it, each of its respective successors, permitted assigns, affiliates, parents, subsidiaries, officers, directors, employees, agents, other representatives, and the like. SUBLICENSEE shall not assign its rights and duties under this Agreement, in whole or in part, without the prior written consent of SUBLICENSOR, and any such attempted assignment shall be deemed null and void.

			

 

	 	
			9.9.

				
			Waiver. No waiver by either Party of strict compliance with any of the terms and conditions of this Agreement shall constitute a waiver of any subsequent failure of the other Party to comply strictly with each and every term and condition hereof.

			

 

	 	
			9.10.

				
			Counterparts. This Agreement may be executed simultaneously in counterparts, each of which will be deemed an original, but all of which together will constitute the same Agreement. Counterparts may be delivered via facsimile, electronic mail (including .pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

			

 

	 	
			9.11.

				
			Independent Contractors. In the performance of this Agreement, the Parties are independent contractors. Nothing herein contained shall be construed or deemed to create a relationship of principal and agent between the Parties or any form of partnership or joint venture.

			

 

	 	
			9.12.

				
			Contract Interpretation. Ambiguities, inconsistencies, or conflicts in this Agreement shall not be strictly construed against the drafter of the language but will be resolved by applying the most reasonable interpretation under the circumstances, giving full consideration to the Parties’ intentions at the time this Agreement is entered into. Where the context of this Agreement requires, singular terms shall be considered plural, and plural terms shall be considered singular.

			

 

	 	
			9.13.

				
			Entire Agreement; Amendments. This Agreement constitutes the entire agreement between the Parties and supersedes all prior and contemporaneous negotiations and agreements between the Parties concerning its subject matter. This Agreement shall not be varied, amended, modified or supplemented except by a writing signed by duly authorized representatives of both Parties.

			

 

	 	
			9.14.

				
			Intended Third-Party Beneficiary. LICENSOR is an intended third-party beneficiary of the provisions of this Agreement and shall have the right to enforce the provisions hereof.

			

 

The Parties hereto have caused this Agreement to be executed by a duly authorized representative of each Party as of the date set forth below.

 

	LIQUIDMETAL GOLF	 	AMORPHOUS TECHNOLOGY JAPAN, INC.
	 	 	 
	 	 	 
	 	 	 
	/s/ Tony Chung	 	/s/ Ryuji Kajiwara
	Name: Tony Chung	 	Name: Ryuji Kajiwara
	Title: CEO 	 	Title: Managing Director

      

10Exhibit 4.1

 

HOMESTREET, INC.

Issuer

 

And

 

COMPUTERSHARE TRUST COMPANY, N.A.

Trustee

 

INDENTURE

 

Dated as of January 19, 2022

 

Subordinated Debt Securities

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	Article I. DEFINITIONS 	 	1
	Section
    1.1	Definitions
    of Terms	 	1
	Article II. ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	 	5
	Section
    2.1	Designation
    and Terms of Securities	 	5
	Section
    2.2	Form
    of Securities and Trustee’s Certificate	 	7
	Section
    2.3	Denominations;
    Provisions for Payment	 	7
	Section
    2.4	Execution
    and Authentications	 	8
	Section
    2.5	Registration
    of Transfer and Exchange	 	9
	Section
    2.6	Temporary
    Securities	 	10
	Section
    2.7	Mutilated,
    Destroyed, Lost or Stolen Securities	 	10
	Section
    2.8	Cancellation	 	10
	Section
    2.9	Benefits
    of Indenture	 	11
	Section
    2.10	Authenticating
    Agent	 	11
	Section
    2.11	Global
    Securities	 	11
	Article III. REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	 	12
	Section
    3.1	Redemption	 	12
	Section
    3.2	Notice
    of Redemption	 	12
	Section
    3.3	Payment
    Upon Redemption	 	13
	Section
    3.4	Sinking
    Fund	 	13
	Section
    3.5	Satisfaction
    of Sinking Fund Payments with Securities	 	13
	Section
    3.6	Redemption
    of Securities for Sinking Fund	 	13
	Article IV. COVENANTS	 	14
	Section
    4.1	Payment
    of Principal, Premium and Interest	 	14
	Section
    4.2	Maintenance
    of Office or Agency	 	14
	Section
    4.3	Paying
    Agents	 	14
	Section
    4.4	Appointment
    to Fill Vacancy in Office of Trustee	 	15
	Section
    4.5	Compliance
    with Consolidation Provisions	 	15
	Article V. SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	 	15
	Section
    5.1	Company
    to Furnish Trustee Names and Addresses of Securityholders	 	15
	Section
    5.2	Preservation
    of Information; Communications With Securityholders	 	15
	Section
    5.3	Reports
    by the Company	 	16
	Section
    5.4	Reports
    by the Trustee	 	16
	Article VI. REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	 	17
	Section
    6.1	Events
    of Default	 	17
	Section
    6.2	Collection
    of Indebtedness and Suits for Enforcement by Trustee	 	18
	Section
    6.3	Application
    of Moneys Collected	 	19
	Section
    6.4	Limitation
    on Suits	 	19
	Section
    6.5	Rights
    and Remedies Cumulative; Delay or Omission Not Waiver	 	20
	Section
    6.6	Control
    by Securityholders	 	20
	Section
    6.7	Undertaking
    to Pay Costs	 	21
	Article VII. CONCERNING THE TRUSTEE	 	21
	Section
    7.1	Certain
    Duties and Responsibilities of Trustee	 	21
	Section
    7.2	Certain
    Rights of Trustee	 	22
	Section
    7.3	Trustee
    Not Responsible for Recitals or Issuance or Securities	 	23
	Section
    7.4	May
    Hold Securities	 	24
	Section
    7.5	Moneys
    Held in Trust	 	24
	Section
    7.6	Compensation
    and Reimbursement	 	24
	Section
    7.7	Reliance
    on Officers’ Certificate	 	24
	Section
    7.8	Disqualification;
    Conflicting Interests	 	25
	Section
    7.9	Corporate
    Trustee Required; Eligibility	 	25
	Section
    7.10	Resignation
    and Removal; Appointment of Successor	 	25
	Section
    7.11	Acceptance
    of Appointment By Successor	 	26
	Section
    7.12	Merger,
    Conversion, Consolidation or Succession to Business	 	27
	Section
    7.13	Preferential
    Collection of Claims Against the Company	 	27
	Section
    7.14	Notice
    of Default	 	27

 

    i

     

    

 

Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	Article VIII. CONCERNING THE SECURITYHOLDERS	 	27
	Section
    8.1	Evidence
    of Action by Securityholders	 	27
	Section
    8.2	Proof
    of Execution by Securityholders	 	28
	Section
    8.3	Who
    May be Deemed Owners	 	28
	Section
    8.4	Certain
    Securities Owned by Company Disregarded	 	28
	Section
    8.5	Actions
    Binding on Future Securityholders	 	28
	Article IX. SUPPLEMENTAL INDENTURES	 	29
	Section
    9.1	Supplemental
    Indentures Without the Consent of Securityholders	 	29
	Section
    9.2	Supplemental
    Indentures With Consent of Securityholders	 	30
	Section
    9.3	Effect
    of Supplemental Indentures	 	30
	Section
    9.4	Securities
    Affected by Supplemental Indentures	 	30
	Section
    9.5	Execution
    of Supplemental Indentures	 	31
	Article X. SUCCESSOR ENTITY	 	31
	Section
    10.1	Company
    May Consolidate, Etc	 	31
	Section
    10.2	Successor
    Entity Substituted	 	32
	Section
    10.3	Evidence
    of Consolidation, Etc. to Trustee	 	32
	Article
    XI. SATISFACTION AND DISCHARGE	 	32
	Section
    11.1	Satisfaction
    and Discharge of Indenture	 	32
	Section
    11.2	Discharge
    of Obligations	 	32
	Section
    11.3	Deposited
    Moneys to be Held in Trust	 	33
	Section
    11.4	Payment
    of Moneys Held by Paying Agents	 	33
	Section
    11.5	Repayment
    to Company	 	33
	Article
    XII. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	 	33
	Section
    12.1	No
    Recourse	 	33
	Article
    XIII. MISCELLANEOUS PROVISIONS	 	34
	Section
    13.1	Effect
    on Successors and Assigns	 	34
	Section
    13.2	Actions
    by Successor	 	34
	Section
    13.3	Surrender
    of Company Powers	 	34
	Section
    13.4	Notices	 	34
	Section
    13.5	Governing
    Law	 	34
	Section
    13.6	Treatment
    of Securities as Debt	 	34
	Section
    13.7	Compliance
    Certificates and Opinions	 	35
	Section
    13.8	Payments
    on Business Days	 	35
	Section
    13.9	Conflict
    with Trust Indenture Act	 	35
	Section
    13.10	Counterparts	 	35
	Section
    13.11	Separability	 	35
	Section
    13.12	Compliance
    Certificates	 	36
	Section
    13.13	Force
    Majeure.	 	36
	Section
    13.14	U.S.A.
    Patriot Act.	 	36
	Article
    XIV. SUBORDINATION OF SECURITIES	 	36
	Section
    14.1	Subordination
    Terms	 	36

 

    ii

     

    

 

INDENTURE

 

INDENTURE, dated as
of January 19, 2022, between HomeStreet, Inc., a Washington corporation (the “Company”), and Computershare Trust Company,
N.A., as trustee (the “Trustee”):

 

WHEREAS, for its lawful
corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of subordinated
debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from
time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the
certificate of the Trustee;

 

WHEREAS, to provide
the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the
execution of this Indenture; and

 

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

 

NOW, THEREFORE, in
consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows
for the equal and ratable benefit of the holders of Securities:

 

Article I.

DEFINITIONS

 

Section 1.1 Definitions
of Terms.

 

The terms defined in this
Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise
requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in
this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust
Indenture Act of 1939, as amended (the “Trust Indenture Act”), or that are by reference in the Trust Indenture Act defined
in the Securities Act of 1933, as amended (the “Securities Act”) (except as herein or any indenture supplemental hereto otherwise
expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in the Trust Indenture Act
and in the Securities Act as in force at the date of the execution of this instrument.

 

“Agent” means
any Paying Agent or Authenticating Agent.

 

“Authenticating Agent”
means an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10.

 

“Bankruptcy Law”
means Title 11, U.S. Code, 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 of such Board.

 

     

     

    

 

“Board Resolution”
means a copy of a resolution certified by the secretary or an assistant secretary of the Company to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such certification.

 

“Business Day”
means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions in the Borough
of Manhattan, the City of New York, are authorized or obligated by law, executive order or regulation to close.

 

“Certificate”
means a certificate signed by the chairman of the Board of Directors, any principal executive officer, any chief executive officer, any
president, any executive vice president, any senior vice president, any vice president, any principal financial officer or any principal
accounting officer, any treasurer or any assistant treasurer, any controller or any assistant controller, any secretary or any assistant
secretary of the Company. The Certificate need not comply with the provisions of Section 13.7.

 

“Company” means
HomeStreet, Inc., a corporation duly organized and existing under the laws of the State of Washington, and, subject to the provisions
of Article X, shall also include its successors and assigns.

 

“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 hereof is located at CTSO Mail Operations, 600 South 4th Street, MAC: N9300-070, Minneapolis, MN 55415,
Attention: Corporate Trust Services – HomeStreet, Inc. Administrator, and with respect to Agent services, such office shall also
mean the office or agency of the Trustee located at, 600 South 4th Street, Seventh Floor, MAC N9300-070, Minneapolis, MN 55415 Attn: Corporate
Trust Services, or such other address as to which the Trustee may give notice to the Company. “Custodian” means any receiver,
trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Default” means
any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Defaulted Interest”
means any interest on any Security that is payable but is not punctually paid or duly provided for on any Interest Payment Date for Securities
of the same series.

 

“Depositary” means,
with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a Global Security,
The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other
applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.1 or 2.11.

 

“Event of Default”
means, with respect to Securities of a particular series, any event specified in Section 6.1, continued for the period of time, if
any, therein designated.

 

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

 

“Global Security”
means, with respect to any series of Securities, a Security executed by the Company and authenticated and delivered by the Trustee to
the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the
name of the Depositary or its nominee.

 

“Governmental Obligations”
means securities that are (a) direct obligations of the United States of America for the payment of which its full faith and
credit is pledged or (b) 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
that, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such Governmental Obligation
or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder
of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Governmental
Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

 

    2

     

    

 

“herein”, “hereof”
and “hereunder”, and other words of similar import, refer to this Indenture as a whole and not to any particular Article,
Section or other subdivision, unless specifically stated.

 

“Indenture” means
this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into in accordance with the terms hereof.

 

“Interest Payment Date”,
when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security
or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment
of interest with respect to Securities of that series is due and payable.

 

“Officers’ Certificate”
means a certificate signed by a chief executive officer, a president, an executive vice president, a senior vice president or a vice president
and by the chief financial officer or the treasurer or an assistant treasurer or the controller or an assistant controller or the secretary
or an assistant secretary of the Company that is delivered to the Trustee in accordance with the terms hereof. Each such certificate shall
include the statements provided for in Section 13.7, if and to the extent required by the provisions thereof.

 

“Opinion of Counsel”
means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, or
other counsel reasonably acceptable to the Trustee, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion
shall include the statements provided for in Section 13.7, if and to the extent required by the provisions thereof.

 

“Outstanding”,
when used with reference to Securities of any series, means, subject to the provisions of Section 8.4, as of any particular time,
all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee or any Paying Agent, or delivered to the Trustee or any Paying Agent for cancellation or that have
previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations
or a combination of both in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than
the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); provided,
however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption
shall have been given as in Article III provided, or provision satisfactory to the Trustee shall have been made for giving such notice;
and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant
to the terms of Section 2.7.

 

“Paying Agent”
means any Person authorized by the Company to deliver payment of the principal of (and premium, if any) or interest on any Security on
behalf of the Company.

 

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

 

“Predecessor Security”
of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.7 in lieu of a lost,
destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

    3

     

    

 

“Responsible Officer”
when used with respect to the Trustee means any officer in the Corporate Trust Office of the Trustee including any vice president, assistant
vice president, trust officer or any other officer of such Trustee who customarily performs functions similar to those performed by the
Persons who at the time shall be such officers who shall have direct responsibility for the administration of this Indenture, or to whom
any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject.

 

“Securities” means
the debt Securities authenticated and delivered under this Indenture.

 

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

 

“Securityholder”,
“holder of Securities”, “registered holder”, “Holder” or other similar term, means the Person or Persons
in whose name or names a particular Security shall be registered on the books of the Security Registrar kept for that purpose in accordance
with the terms of this Indenture.

 

“Security Register”
means the register or registers maintained in accordance with Section 2.5(b) in which the Company registers the Securities and the
transfers of the Securities.

 

“Security Registrar”
means the registrar appointed in accordance with Section 2.5(b) for the purpose of registering the Securities and transfer of Securities.

 

“Subsidiary” means,
with respect to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned,
directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any
general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests shall
at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries and
(iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner.

 

“Trustee” means
Computershare Trust Company, N.A., and, subject to the provisions of Article VII, shall also include its successors and assigns,
and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person.
The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect to that
series.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended.

 

“Voting Stock”,
as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated)
in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other
than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

 

    4

     

    

 

Article II.

ISSUE, DESCRIPTION, TERMS, EXECUTION,

REGISTRATION AND EXCHANGE OF SECURITIES

 

Section 2.1 Designation
and Terms of Securities.

 

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
up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or
pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities of any series, there shall be established
in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental
hereto:

 

(1) the
title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);

 

(2) any
limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, in exchange for or in lieu of, other Securities of
that series);

 

(3) the
date or dates on which the principal of the Securities of the series is payable, any original issue discount that may apply to the Securities
of that series upon their issuance, the principal amount due at maturity, and the place(s) of payment;

 

(4) the
rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any;

 

(5) the
date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner of
determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest
is payable on any such Interest Payment Dates or the manner of determination of such record dates;

 

(6) the
right, if any, to extend the interest payment periods and the duration of such extension;

 

(7) the
period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed,
in whole or in part, at the option of the Company;

 

(8) the
obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory redemption,
or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder
thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of the
series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(9) the
form of the Securities of the series including the form of the Certificate of Authentication for such series;

 

(10) if
other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the Securities
of the series shall be issuable;

  

(11) any
and all other terms (including terms, to the extent applicable, relating to any auction or remarketing of the Securities of that series
and any security for the obligations of the Company with respect to such Securities) with respect to such series (which terms shall not
be inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including any terms which may be required
by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series;

 

    5

     

    

 

(12) whether
the Securities are issuable as a Global Security and, in such case, the terms and the identity of the Depositary for such series;

 

(13) whether
the Securities will be convertible into or exchangeable for shares of common stock or other securities of the Company or any other Person
and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange
price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the
holders’ option) conversion or exchange features, and the applicable conversion or exchange period;

 

(14) if
other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration
of acceleration of the maturity thereof pursuant to Section 6.1;

 

(15) any
additional or different Events of Default or restrictive covenants (which may include, among other restrictions, restrictions on the Company’s
ability or the ability of the Company’s Subsidiaries to: incur additional indebtedness; issue additional securities; create liens;
pay dividends or make distributions in respect of their capital stock; redeem capital stock; place restrictions on such Subsidiaries placing
restrictions on their ability to pay dividends, make distributions or transfer assets; make investments or other restricted payments;
sell or otherwise dispose of assets; enter into sale-leaseback transactions; engage in transactions with stockholders and affiliates;
issue or sell stock of their Subsidiaries; or effect a consolidation or merger) or financial covenants (which may include, among other
financial covenants, financial covenants that require the Company and its Subsidiaries to maintain specified interest coverage, fixed
charge, cash flow-based or asset-based ratios) provided for with respect to the Securities of the series;

 

(16) if
other than U.S. dollars, the coin or currency in which the Securities of the series are denominated (including, but not limited to, foreign
currency);

 

(17) the
terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any, and principal
amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes;

 

(18) any
restrictions on transfer, sale or assignment of the Securities of the series;

 

(19) any
interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such series;

 

(20) any
provisions relating to the extension of maturity of, or the renewal of, Securities of such series, or the conversion of Securities of
such series into other securities of the Company;

 

(21) any
provisions relating to the purchase or redemption of all or any portion of a tranche or series of Securities, including the period of
notice required to redeem those Securities, or relating to defeasance of any series of Securities;

 

(22) the
terms and conditions, if any, pursuant to which the Securities of the series are secured;

 

(23) the
subordination terms of the Securities of the series;

 

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

  

(25) any
other terms of the Securities or provisions relating to the payment of principal, premium (if any), or interest thereon, including, but
not limited to, whether such Securities are issuable at a discount or premium, as amortizable Securities, and if payable in, convertible
or exchangeable for commodities or for the securities of the Company or any third party.

 

    6

     

    

 

All Securities of any one
series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to any such Board
Resolution or in any indentures supplemental hereto.

 

If any of the terms of the
series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall
be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the
Officers’ Certificate of the Company pursuant to Section 13.7 hereof.

 

Securities of any particular
series may be issued at various times, with different dates on which the principal or any installment of principal is payable, with different
rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest
may be payable and with different redemption dates.

 

Section 2.2 Form
of Securities and Trustee’s Certificate.

 

The Securities of any series
and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as
set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and they may have such letters, numbers
or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the Company
may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or
with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that
series may be listed, or to conform to usage.

 

Section 2.3 Denominations;
Provisions for Payment.

 

The Securities shall be issuable
as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.1(10).
The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series.
The principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior
to maturity, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and
private debt, at the office or agency of the Company maintained for that purpose in the continental United States. Each Security shall
be dated the date of its authentication. Unless otherwise set forth in a supplemental indenture, interest on the Securities shall be computed
on the basis of a 360-day year composed of twelve 30-day months.

 

The interest installment on
any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series
shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business
on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof is
called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior
to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in
Section 3.3.

 

Any interest on any Security
that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein
called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date
by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1)
or clause (2) below:

 

(1) The
Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor
Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be
fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid
on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount
of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory
to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit
of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for
the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment
and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify
the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment
of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid (or sent electronically), to
each Securityholder at his or her address as it appears in the Security Register (as hereinafter defined), not less than 10 days
prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having
been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor
Securities) are registered on such special record date.

 

    7

     

    

 

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

 

Unless otherwise set forth
in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.1
hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest Payment
Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date
established for such series pursuant to Section 2.1 hereof shall occur, if such Interest Payment Date is the first day of a month,
or the last day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to
Section 2.1 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business
Day.

 

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

 

Section 2.4 Execution
and Authentications.

 

The Securities shall be signed
on behalf of the Company by its chief executive officer, one of its presidents, one of its senior vice presidents or one of its vice presidents,
its chief financial officer, its chief legal officer, its treasurer or one of its assistant treasurers, its controller or one of its assistant
controllers, or its secretary or one of its assistant secretaries, under its corporate seal attested by its secretary or one of its assistant
secretaries. Signatures may be in the form of a manual or facsimile signature.

 

The Company may use the facsimile
signature of any Person who shall have been a chief executive officer, president, senior vice president or vice president, chief financial
officer, chief legal officer, treasurer or assistant treasurer, controller or assistant controller, or secretary or assistant secretary
thereof, notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall
have ceased to be such an officer of the Company. The seal of the Company may be in the form of a facsimile of such seal and may be impressed,
affixed, imprinted or otherwise reproduced on the Securities. The Securities may contain such notations, legends or endorsements required
by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee.

 

A Security shall not be valid
until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive
evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the
benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver
Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company for the
authentication and delivery of such Securities, signed by a chief executive officer, president, executive vice president, senior vice
president or any vice president, chief financial officer, chief legal officer, treasurer or assistant treasurer, controller or assistant
controller, or its secretary or any assistant secretary, and the Trustee in accordance with such written order shall authenticate and
deliver such Securities.

 

In authenticating such Securities
and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive,
and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof
have been established in conformity with the provisions of this Indenture.

 

The Trustee shall not be required
to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights,
duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee.

 

    8

     

    

 

Section 2.5 Registration
of Transfer and Exchange.

 

(a) Securities
of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose in the continental
United States for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment
of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of
any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall
deliver in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled
to receive, bearing numbers not contemporaneously outstanding.

 

(b) The
Company shall keep, or cause to be kept, at its office or agency designated for such purpose in the continental United States, or such
other location designated by the Company, a register or registers (herein referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities
as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. Unless otherwise specified
in or pursuant to this Indenture, any supplemental indenture or the Securities, the Trustee shall be the initial Security Registrar for
each series of Securities.

 

Upon surrender for transfer
of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate
and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as
the Security presented for a like aggregate principal amount.

 

All Securities presented or
surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company
or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar,
duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

 

(c) Except
as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established
in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer
of Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.6, Section 3.3(b)
and Section 9.4 not involving any transfer.

 

(d) The
Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the
opening of business 15 days before the day of the sending of a notice of redemption of less than all the Outstanding Securities of
the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange
any Securities of any series or portions thereof called for redemption, other than the unredeemed portion of any such Securities being
redeemed in part. The provisions of this Section 2.5 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

(e) In
connection with any proposed transfer outside the book entry only system, there shall be provided to the Trustee all information necessary
to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations
under Internal Revenue Code Section 6045. The Trustee may rely on the information provided to it and shall have no responsibility to verify
or ensure the accuracy of such information.

 

(f) The
transferor shall also provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any
applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section
6045. The Trustee may rely on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such
information.

 

    9

     

    

 

Section 2.6 Temporary
Securities.

 

Pending the preparation of
definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed,
lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive
Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities,
all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated
by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities of such
series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or
all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the office or agency
of the Company designated for the purpose in the continental United States, and the Trustee shall authenticate and such office or agency
shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless
the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from
the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as
definitive Securities of such series authenticated and delivered hereunder.

 

Section 2.7 Mutilated,
Destroyed, Lost or Stolen Securities.

 

In case any temporary or definitive
Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute,
and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series,
bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution
for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and
the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss
or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft
of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver
the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted Security, 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.

 

In case any Security that
has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute
Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant
for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and,
in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of
such Security and of the ownership thereof.

 

Every replacement Security
issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether or not
the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder.
All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies,
notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable
instruments or other securities without their surrender.

 

Section 2.8 Cancellation.

 

All Securities surrendered
for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any Paying Agent,
be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be
issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. The Trustee shall dispose
of canceled Securities in accordance with its standard procedures and deliver evidence of cancellation to the Company. If the Company
shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness
represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

 

    10

     

    

 

Section 2.9 Benefits
of Indenture.

 

Nothing in this Indenture
or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders
of the Securities (and, with respect to the provisions of Article XIV, the holders of any indebtedness of the Company to which the
Securities of any series are subordinated) any legal or equitable right, remedy or claim under or in respect of this Indenture, or under
any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the
parties hereto and of the holders of the Securities (and, with respect to the provisions of Article XIV, the holders of any indebtedness
of the Company to which the Securities of any series are subordinated).

 

Section 2.10 Authenticating
Agent.

 

So long as any of the Securities
of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee shall
have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of
such series issued upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled to the benefits
of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this
Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for
such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus,
as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it
is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject
to supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance
with these provisions, it shall resign immediately.

 

Any Authenticating Agent may
at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon request
by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint
an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating
Agent pursuant hereto.

 

Section 2.11 Global
Securities.

 

(a) If
the Company shall establish pursuant to Section 2.1 that the Securities of a particular series are to be issued as a Global Security,
then the Company shall execute and the Trustee shall, in accordance with Section 2.4, authenticate and deliver, a Global Security
that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding
Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by
the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to the
following effect: “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole
but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

(b) Notwithstanding
the provisions of Section 2.5, the Global Security of a series may be transferred, in whole but not in part and in the manner provided
in Section 2.5, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected
or approved by the Company or to a nominee of such successor Depositary.

 

(c) If
at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary
for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days
after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred
and is continuing and the Company has received a request from the Depositary, this Section 2.11 shall no longer be applicable to
the Securities of such series and the Company will execute, and subject to Section 2.4, the Trustee will authenticate and deliver
the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal
amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the Company
may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions
of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute and, subject
to Section 2.4, the Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company, will authenticate
and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange
of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security
shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to
this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions
from its direct or indirect participants or otherwise, shall instruct the Trustee.

 

    11

     

    

 

Article III.

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

 

Section 3.1 Redemption.

 

The Company may redeem the
Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant
to Section 2.1 hereof.

 

Section 3.2 Notice
of Redemption.

 

(a) In
case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in
accordance with any right the Company reserved for itself to do so pursuant to Section 2.1 hereof, the Company shall, or shall cause
the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first class postage
prepaid (or send electronically in the case of book entry notes), a notice of such redemption not less than 30 days and not more
than 90 days before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon
the Security Register, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner
herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any
case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any
defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any
other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the
terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing
compliance with any such restriction.

 

Each such notice of redemption
shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall
state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company in the
continental United States, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption
will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is for a
sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities
of that series to be redeemed in part shall specify the particular Securities to be so redeemed.

 

In case any Security is to
be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed
and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in
principal amount equal to the unredeemed portion thereof will be issued.

 

(b) If
less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice in
advance of the date fixed for redemption (or such shorter period as may be acceptable to the Trustee) as to the aggregate principal amount
of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate
and fair in accordance with DTC’s applicable procedures and that may provide for the selection of a portion or portions (equal to
one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger
than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities
to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf
by its chief executive officer, president or any senior vice president or vice president, instruct the Trustee or any Paying Agent to
call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner set forth
in this Section, such notice to be in the name of the Company. In any case in which notice of redemption is to be given by the Trustee
or any such Paying Agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such Paying
Agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient
to enable the Trustee or such Paying Agent to give any notice by mail (or send electronically) that may be required under the provisions
of this Section.

 

    12

     

    

 

Section 3.3 Payment
Upon Redemption.

 

(a) If
the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series
to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions of Securities
shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price
and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities on or after
the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable
redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption
is an interest payment date, the interest installment payable on such date shall be payable to the registered holder at the close of business
on the applicable record date pursuant to Section 2.3).

 

(b) Upon
presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate
and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security
of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented.

 

Section 3.4 Sinking
Fund.

 

The provisions of Sections 3.4,
3.5 and 3.6 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated
by Section 2.1 for Securities of such series.

 

The minimum amount of any
sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment”,
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is 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 3.5. Each sinking fund payment shall be applied to the redemption of Securities of
any series as provided for by the terms of Securities of such series.

 

Section 3.5 Satisfaction
of Sinking Fund Payments with Securities.

 

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

 

Section 3.6 Redemption
of Securities for Sinking Fund.

 

Not less than 45 days
prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof,
if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.5 and the basis for such
credit and will, together with such Officers’ Certificate, deliver to the Trustee any Securities to be so delivered. Not less than
30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 3.2 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 3.2. Such notice having been duly given, the redemption of such Securities
shall be made upon the terms and in the manner stated in Section 3.3.

 

    13

     

    

 

Article IV.

COVENANTS

 

Section 4.1 Payment
of Principal, Premium and Interest.

 

The Company will duly and
punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and
place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be
made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to the address
of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S.
dollar account (such a wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities of the applicable
series in excess of two million U.S. dollars ($2,000,000) and only if such Securityholder shall have furnished wire instructions to the
Trustee no later than 15 days prior to the relevant payment date). Payments of interest on the Securities may be made at the time
provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled
thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer
to be made only to a Securityholder of an aggregate principal amount of Securities of the applicable series in excess of two million U.S.
dollars ($2,000,000) and only if such Securityholder shall have furnished wire instructions in writing to the Security Registrar and the
Trustee no later than 15 days prior to the relevant payment date).

 

Section 4.2 Maintenance
of Office or Agency.

 

So long as any series of the
Securities remain Outstanding, the Company agrees to maintain an office or agency in the continental United States with respect to each
such series and at such other location or locations as may be designated as provided in this Section 4.2, where (i) Securities
of that series may be presented for payment, (ii) Securities of that series may be presented as herein above authorized for registration
of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this
Indenture may be given or served, such designation to continue with respect to such office or agency until the Company shall, by written
notice signed by any officer authorized to sign an Officers’ Certificate and delivered to the Trustee, designate some other office
or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations, notices and demands 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, notices and demands;
provided that no office of the Trustee shall be a place for service of legal process on the Company. The Company initially appoints the
corporate trust office of the Trustee, located in Minneapolis, Minnesota as its Paying Agent with respect to the Securities.

 

Section 4.3 Paying
Agents.

 

(a) If
the Company shall appoint one or more Paying Agents for all or any series of the Securities, other than the Trustee, the Company will
cause each such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject
to the provisions of this Section:

 

(1) that
it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities
of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit
of the Persons entitled thereto;

 

(2) that
it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the
principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;

 

(3) that
it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent; and

 

(4) that
it will perform all other duties of Paying Agent as set forth in this Indenture.

 

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(b) If
the Company shall act as its own Paying Agent with respect to any series of the Securities, it will on or before each due date of the
principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities of
that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee
of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one
or more Paying Agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest
on any Securities of that series, deposit with the Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest
so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless
such Paying Agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act.

 

(c) Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to
the provisions of Section 11.5, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture or for any other purpose, pay, or direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company
or such Paying Agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by
the Company or such Paying Agent; and, upon such payment by the Company or any Paying Agent to the Trustee, the Company or such Paying
Agent shall be released from all further liability with respect to such money.

 

Section 4.4 Appointment
to Fill Vacancy in Office of Trustee.

 

The Company, whenever necessary
to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there
shall at all times be a Trustee hereunder.

 

Section 4.5 Compliance
with Consolidation Provisions.

 

The Company will not, while
any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not the
survivor of such transaction, or sell or convey all or substantially all of its property to any other Person unless the provisions of
Article X hereof are complied with.

 

Article V.

SECURITYHOLDERS’ LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

 

Section 5.1 Company
to Furnish Trustee Names and Addresses of Securityholders.

 

The Company will furnish or
cause to be furnished to the Trustee (a) on each regular record date (as defined in Section 2.3) a list, in such form as the
Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date,
provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in
any respect from the most recent list furnished to the Trustee by the Company (however, if no regular record date is applicable with respect
to a series, the Company shall furnish or cause to be furnished to the Trustee such list not later than May 16 and November 16
of each year) and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company
of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;
provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar.

 

Section 5.2 Preservation
of Information; Communications With Securityholders.

 

(a) The
Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders
of Securities contained in the most recent list furnished to it as provided in Section 5.1 and as to the names and addresses of holders
of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b) The
Trustee may destroy any list furnished to it as provided in Section 5.1 upon receipt of a new list so furnished.

 

(c) Securityholders
may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights
under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations
under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.

 

Every Securityholder, by receiving
and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them
shall be held accountable by reason of the disclosure of any such information as to the names and addresses of Securityholders in accordance
with Section 312(b) of the Trust Indenture Act, regardless of the source from which such information was derived, and that the Trustee
shall not be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture
Act.

 

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Section 5.3 Reports
by the Company.

 

The Company covenants and
agrees to provide a copy to the Trustee, within 15 days after the Company is required to file the same with the Securities and Exchange
Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the
foregoing as the Securities and Exchange Commission may from time to time by rules and regulations prescribe) that the Company may be
required to file with the Securities and Exchange Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. If
the Company is not required to file information, documents or reports pursuant to either of said Sections, then it shall file with the
Trustee and the Securities and Exchange Commission, in accordance with rules and regulations prescribed from time to time by such commission,
such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange
Act, in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules
and regulations.

 

The Company further covenants
and agrees to file with the Trustee and the Securities and Exchange Commission, in accordance with rules and regulations prescribed from
time to time by such commission, such additional information, documents and reports with respect to compliance by the Company with the
conditions and covenants of this Indenture as may be required from time to time by such rules and regulations.

 

The Company further covenants
and agrees to transmit, within 30 days after the filing thereof with the Trustee, to Securityholders, in the manner and to the extent
provided in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed
by the Company pursuant to the immediate two preceding paragraphs of this Section as may be required by rules and regulations prescribed
from time to time by the Securities and Exchange Commission.

 

The availability of the foregoing
materials on the Securities and Exchange Commission’s website or on the Company’s website shall be deemed to satisfy the foregoing
delivery obligations. Delivery of reports, information and documents to the Trustee is for informational purposes only and its receipt
of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including our compliance with any covenants under this Indenture or the Securities (as to which the Trustee is entitled to rely
exclusively on officers’ certificates). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise,
the Company’s compliance with the covenants or with respect to any reports or other documents filed with the Securities and Exchange
Commission or the Electronic Data Gathering, Analysis and Retrieval system or any website under this Indenture or participate in any conference
calls.

 

Section 5.4 Reports
by the Trustee.

 

(a) On
or before May 1 of each year in which any of the Securities are Outstanding, the Trustee shall transmit by mail, first class postage
prepaid (or send electronically in the case of book entry notes), to the Securityholders, as their names and addresses appear upon the
Security Register, a brief report dated as of the preceding May 1, if and to the extent required under Section 313(a) of the
Trust Indenture Act.

 

(b) The
Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c) A
copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each
securities exchange upon which any Securities are listed (if so listed) and also with the Securities and Exchange Commission. The Company
agrees to notify the Trustee when any Securities become listed on any securities exchange.

 

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Article VI.

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

ON EVENT OF DEFAULT

 

Section 6.1 Events
of Default.

 

(a) Whenever
used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following events
that has occurred and is continuing:

 

(1) the
Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become
due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment
period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment
of interest for this purpose;

 

(2) the
Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same
shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking
or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such Securities
in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium,
if any;

 

(3) the
Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture or
otherwise established with respect to that series of Securities pursuant to Section 2.1 hereof (other than a covenant or agreement
that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series)
for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that
such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified
mail, or overnight courier service or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities
of that series at the time Outstanding;

 

(4) the
Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of
an order for relief against it in an involuntary case, (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

 

(5) a
court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation
of the Company, and the order or decree remains unstayed and in effect for 90 days.

 

(b) In
each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal
of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25%
in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to
the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest
on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall
be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of
and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration
or other act on the part of the Trustee or the holders of the Securities.

 

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(c) At
any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have
been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered
as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder,
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company
has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series
and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration
(with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon
overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit)
and the amount payable to the Trustee under Section 7.6, and (ii) any and all Events of Default under the Indenture with respect
to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that
series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.6. No such rescission
and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

  

(d) In
case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such proceedings
shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined
adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and the Trustee shall
be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee
shall continue as though no such proceedings had been taken.

 

Section 6.2 Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

(a) The
Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of a series,
and such default shall have continued for a period of 90 Days, or (ii) in case it shall default in the payment of the principal of
(or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the
Securities of a series or upon redemption or upon declaration or otherwise, or in any payment required by any sinking or analogous fund
established with respect to that series as and when the same shall have become due and payable, then, upon demand of the Trustee, the
Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have
been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with
interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable
law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under
Section 7.6.

 

(b) If
the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust,
shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid,
and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against
the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner
provided by law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever situated.

 

(c) In
case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings
affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action
therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim
and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities
of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings
and for any additional amount that may become due and payable by the Company after such date, and to collect and receive any moneys or
other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee
under Section 7.6; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders
of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such
payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.6. To the extent that the payment
of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee
under Section 7.6 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured
by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders
may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

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(d) All
rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that
series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or 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 payment to the Trustee of any amounts due under Section 7.6,
be for the ratable benefit of the holders of the Securities of such series.

 

In case of an Event of Default
hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or
in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of
the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law.

 

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

 

Section 6.3 Application
of Moneys Collected.

 

Any moneys collected by the
Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the date
or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest,
upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender thereof
if fully paid:

 

FIRST: To the payment of reasonable
costs and expenses of collection and of all amounts payable to the Trustee under Section 7.6, including its agents and counsel;

 

SECOND: To the payment of
all indebtedness of the Company to which such series of Securities is subordinated to the extent required by Article XIV;

 

THIRD: To the payment of the
amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, 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 premium, if any) and interest, respectively; and

 

FOURTH: To the payment of
the remainder, if any, to the Company or any other Person lawfully entitled thereto.

 

Section 6.4 Limitation
on Suits.

 

No holder of any Security
of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of
the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the
holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such holder or holders
shall have offered to the Trustee such indemnity as it may require against the losses, costs, expenses and liabilities to be incurred
therein or thereby; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have
failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal
amount of the Securities of that series do not give the Trustee a direction inconsistent with the request.

 

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Notwithstanding anything contained
herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal
of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security
(or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such
respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security
hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other
such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever
by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of
such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series.
For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled
to such relief as can be given either at law or in equity.

 

Section 6.5 Rights
and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a) Except
as otherwise provided in Section 2.7, all powers and remedies given by this Article to the Trustee or to the Securityholders shall,
to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the
holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements
contained in this Indenture or otherwise established with respect to such Securities.

 

(b) No
delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or
an acquiescence therein; and, subject to the provisions of Section 6.4, every power and remedy given by this Article or by law to
the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by
the Securityholders.

 

Section 6.6 Control
by Securityholders.

 

The holders of a majority
in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.4,
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 such series; provided, however, that such direction shall not be in conflict
with any rule of law or with this Indenture. Subject to the provisions of Section 7.1, the Trustee shall have the right to decline
to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the
proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability
or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.4, may on
behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained
herein or established pursuant to Section 2.1 with respect to such series and its consequences, except a default in the payment of
the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the
terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments
of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.1(c)). Upon any such
waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the
holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or impair any right consequent thereon.

 

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Section 6.7 Undertaking
to Pay Costs.

 

All parties to this Indenture
agree, and each holder of any Securities by such holder’s 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 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 Trustee, to any suit instituted by any Securityholder, or
group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit
instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security
of such series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture.

 

Article VII.

CONCERNING THE TRUSTEE

 

Section 7.1 Certain
Duties and Responsibilities of Trustee.

 

(a) The
Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events
of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities
of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall be read
into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has
not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested in
it by this Indenture and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

 

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

 

(1) prior
to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events
of Default with respect to that series that may have occurred:

 

(A) the
duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions
of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such
duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

 

(B) in
the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to
the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether
or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations
or other facts stated therein);

 

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

 

(3) the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding (determined as
provided in Section 8.4) 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 that series; and

 

(4) None
of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of its rights or powers.

 

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Section 7.2 Certain
Rights of Trustee.

 

Except as otherwise provided
in Section 7.1:

 

(a) The
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or parties.

 

(b) Any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument
signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically prescribed
herein).

  

(c) Before
the Trustee acts or refrains from acting, or to establish matters, 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. Any request, demand, notice, or direction of the Company shall be sufficiently evidenced by an Officers’
Certificate, and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution.

 

(d) The
Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon.

 

(e) The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction
of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee
security or indemnity satisfactory to the Trustee against the losses, costs, expenses and liabilities that may be incurred therein or
thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with
respect to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities of that series such
of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent
person would exercise or use under the circumstances in the conduct of his or her own affairs.

 

(f) The
Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within
the discretion or rights or powers conferred upon it by this Indenture.

 

(g) The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing
so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected
thereby (determined as provided in Section 8.4); provided, however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require indemnity satisfactory
to the Trustee against such losses, costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such
examination shall be paid by the Company.

 

(h) The
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys
and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care
by it hereunder. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission
by any Depositary.

 

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(i) The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by the Trustee at the Corporate
Trust Office of the Trustee from the Issuer or from the Holders of at least 25% in principal amount of the outstanding Securities of such
Series, and such notice references the Securities generally or the Securities of a particular Series and this Indenture.

 

(j) In
no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage of any
kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage.

 

(k) The
permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do
so.

 

(l) The
rights, privileges, protections, immunities and benefits given to the Trustee, including without limitation its right to be compensated,
reimbursed, and indemnified, are extended to, and shall be enforceable by, each Agent.

 

(m) The
Trustee may request that the Company deliver a Certificate setting forth the names of individuals and/or titles of officers authorized
at such time to furnish the Trustee with Certificates, Company Orders and any other matters or directions pursuant to this Indenture.

 

Section 7.3 Trustee
Not Responsible for Recitals or Issuance or Securities.

 

(a) The
recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for the correctness of the same.

 

(b) The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c) The
Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities,
or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established
pursuant to Section 2.1, or for the use or application of any moneys received by any Paying Agent other than the Trustee. The Trustee
shall not be bound to ascertain or inquire as to the performance, observance or breach of any covenants, conditions, representations,
warranties or agreements on the part of the Company. The Trustee shall have no obligation to independently determine or verify if any
event has occurred, or to notify the Holders of any event, dependent upon the rating of the Securities or if the rating on the Securities
has been changed, suspended or withdrawn by any rating agency. The Trustee shall have no obligation to independently determine or verify
whether any merger event or any other event has occurred or notify the Holders of any such event, except as provided in this Indenture.

 

(d) If
any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to
the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless
such Responsible Officer of the Trustee had actual knowledge of such event.

 

(e) The
Trustee shall not be responsible for and makes no representation as to any statement in the prospectus or prospectus supplement or any
other document in connection with the sale of Securities. The Trustee shall not be responsible for and makes no representation as to any
act or omission of any rating agency or any rating with respect to the Securities. Under no circumstances shall the Trustee be liable
in its individual capacity for the obligations evidenced by the Securities. The Trustee shall have no obligation to pursue any action
that is not in accordance with applicable law.

 

(f) The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

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Section 7.4 May
Hold Securities.

 

The Trustee or any Paying
Agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights
it would have if it were not Trustee, Paying Agent or Security Registrar.

 

Section 7.5 Moneys
Held in Trust.

 

Subject to the provisions
of Section 11.5, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes
for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under
no liability for interest on any moneys received by it hereunder except such as it may agree with the Company in writing to pay thereon.

 

Section 7.6 Compensation
and Reimbursement.

 

(a) The
Company covenants and agrees to pay to the Trustee, and the Trustee shall receive such reasonable compensation (which shall not be limited
by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee may from time to
time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance
of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company will pay or
reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance
with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel
and of all Persons not regularly in its employ), except any such expense, disbursement or advance as may arise from its own negligence
or willful misconduct as finally adjudicated by a court of competent jurisdiction and except as the Company and Trustee may from time
to time agree in writing. The Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for,
and to hold it harmless against, any losses, liabilities, fees or expenses, costs or damages incurred without negligence or willful misconduct
on the part of the Trustee as finally adjudicated by a court of competent jurisdiction and arising out of or in connection with the acceptance
or administration of this trust, including the reasonable costs, fees and expenses (including reasonable attorney’s fees and expenses
and court costs) of defending itself against any claim of liability in the premises.

 

(b) The
obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable
expenses, disbursements and advances shall constitute indebtedness of the Company to which the Securities are subordinated. Such additional
indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as
such, except funds held in trust for the benefit of the holders of particular Securities.

 

(c) 
The obligations of the Company under this Section 7.6 shall survive the satisfaction and discharge of this Indenture and resignation or
removal of the Trustee.

 

Section 7.7 Reliance
on Officers’ Certificate.

 

Except as otherwise provided
in Section 7.1, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably necessary
or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or willful misconduct on
the part of the Trustee, as finally adjudicated by a court of competent jurisdiction, be deemed to be conclusively proved and established
by an Officers’ Certificate delivered to the Trustee and such certificate, in the absence of negligence or willful misconduct on
the part of the Trustee, as adjudicated by a court of competent jurisdiction, shall be full warrant to the Trustee for any action taken,
suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.

 

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Section 7.8 Disqualification;
Conflicting Interests.

 

If the Trustee has or shall
acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the
Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

Section 7.9 Corporate
Trustee Required; Eligibility.

 

There shall at all times be
a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under
the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person
permitted to act as trustee by the Securities and Exchange Commission, authorized under such laws to exercise corporate trust powers,
having (or, in the case of a subsidiary of a bank holding company, its bank holding company parent shall have) a combined capital and
surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal or state authority.

 

If such corporation or other
Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. Neither the Company nor any other
obligor on the Securities of any series may, nor may any Person directly or indirectly controlling, controlled by, or under common control
with the Company or any such obligor, serve as Trustee hereunder with respect to the Securities of such series. In case at any time the
Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner
and with the effect specified in Section 7.10.

 

Section 7.10 Resignation
and Removal; Appointment of Successor.

 

(a) The
Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving written
notice thereof to the Company. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with
respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been
so appointed and have accepted appointment within 30 days after sending such notice of resignation, the resigning Trustee may petition
any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder
of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others
similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if
any, as it may deem proper and prescribe, appoint a successor trustee.

 

(b) In
case at any time any one of the following shall occur:

 

(1) the
Trustee shall fail to comply with the provisions of Section 7.8 after written request therefor by the Company or by any Securityholder
who has been a bona fide holder of a Security or Securities for at least six months;

 

(2) the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.9 and shall fail to resign after written request
therefor by the Company or by any such Securityholder; or

 

(3) the Trustee
shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a
receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; then, in any such case,
the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in
duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed
and one copy delivered to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities
for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice,
if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

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(c) The
holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the
Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with
the consent of the Company.

 

(d) Any
resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant to any
of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11.

 

(e) Any
successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such
series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

Section 7.11 Acceptance
of Appointment By Successor.

 

(a) In
case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed shall
execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the
successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor
trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee
all property and money held by such retiring Trustee hereunder.

 

(b) In
case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain such provisions as shall
be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates,
(ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee
and that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided
therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor
trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations
vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee
shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property
and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such
successor trustee relates.

 

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

 

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

 

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(e) Upon
acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such
trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security
Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be transmitted at the expense of the Company.

 

The obligations of the Company under Section 7.6 shall survive the
satisfaction and discharge of this Indenture and resignation or removal of the Trustee.

 

Section 7.12 Merger,
Conversion, Consolidation or Succession to Business.

 

Any corporation into which
the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, any corporation to whom the Trustee transfers or sells all or substantially all
of its corporate trust business or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee
(including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder, provided that
such corporation shall be qualified under the provisions of Section 7.8 and eligible under the provisions of Section 7.9, without
the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities.

 

Section 7.13 Preferential
Collection of Claims Against the Company.

 

The Trustee shall comply with
Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture
Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included
therein.

 

Section 7.14 Notice
of Default.

 

If any Default or any Event
of Default occurs and is continuing and if such Default or Event of Default is actually known to a Responsible Officer of the Trustee,
the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act
notice of the Default or Event of Default within 45 days after it occurs, unless such Default or Event of Default has been cured;
provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security,
the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust
committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the
interest of the Securityholders.

 

Article VIII.

CONCERNING THE SECURITYHOLDERS

 

Section 8.1 Evidence
of Action by Securityholders.

 

Whenever in this Indenture
it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular
series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of
any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage of that series
have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities
of that series in person or by agent or proxy appointed in writing.

 

If the Company shall solicit
from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company
may, at its option, as evidenced by an Officers’ Certificate, fix in advance a record date for such series for the determination
of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company
shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver
or other action may be given before or after the record date, but only the Securityholders of record at the close of business on the record
date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding
Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver
or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however,
that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than six months after the record date.

 

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Section 8.2 Proof
of Execution by Securityholders.

 

Subject to the provisions
of Section 7.1, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent
or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(a) The
fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b) The
ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof.

 

The Trustee may require such
additional proof of any matter referred to in this Section as it shall deem necessary.

 

Section 8.3 Who
May be Deemed Owners.

 

Prior to the due presentment
for registration of transfer of any Security, the Company, the Trustee, any Paying Agent and any Security Registrar may deem and treat
the Person in whose name such Security shall be registered upon the books of the Securities Registrar as the absolute owner of such Security
(whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than
the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.3)
interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Security Registrar
shall be affected by any notice to the contrary.

 

Section 8.4 Certain
Securities Owned by Company Disregarded.

 

In determining whether the
holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent or waiver
under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series
or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other obligor on
the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except
that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities
of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in
good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute
as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

Section 8.5 Actions
Binding on Future Securityholders.

 

At any time prior to (but
not after) the evidencing to the Trustee, as provided in Section 8.1, of the taking of any action by the holders of the majority
or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such
action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have
consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.2, revoke
such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive
and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor,
on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such
Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular
series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the
holders of all the Securities of that series.

 

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Article IX.

SUPPLEMENTAL INDENTURES

 

Section 9.1 Supplemental
Indentures Without the Consent of Securityholders.

 

In addition to any supplemental
indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture
or indentures supplemental hereto (which shall comply with the provisions of the Trust Indenture Act as then in effect), without the consent
of the Securityholders, for one or more of the following purposes:

 

(a) to
cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;

 

(b) to
comply with Article X, including to evidence the succession of another Person to the Company and the assumption by any such successor
of the covenants of the Company herein and in the Securities contained;

 

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

 

(d) to
add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any series
of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities,
stating that such covenants, restrictions, conditions or provisions are expressly being included solely for the benefit of such series),
to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions
or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company;

 

(e) to
add any additional Events of Default;

 

(f) to
add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities; provided, however,
that any such addition, change or elimination not otherwise permitted under this Section 9.1 shall (i) neither (A) apply
to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision
nor (B) modify the rights of the Securityholder of any such Security with respect to such provision or (ii) become effective
only when there is no such Security outstanding;

 

(g) to
provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.1,
to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities,
or to add to the rights of the holders of any series of Securities;

 

(h) to
evidence and provide for the acceptance of appointment hereunder by a successor trustee;

 

(i) to
comply with any requirements of the Securities and Exchange Commission or any successor in connection with the qualification of this Indenture
under the Trust Indenture Act; or

 

(j) to
make any other provisions with respect to matters or questions arising under this Indenture, provided that such action shall not adversely
affect the interests of the Securityholders of Securities of any series or any related coupons in any material respect.

 

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The Trustee is hereby authorized
to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations
that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture
authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any
of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.2.

 

Section 9.2 Supplemental
Indentures With Consent of Securityholders.

 

With the consent (evidenced
as provided in Section 8.1) of the holders of not less than a majority in aggregate principal amount of the Securities of each series
affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and
the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall comply with the
provisions of the Trust Indenture Act as then in effect) 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 not covered by Section 9.1
the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the holders of each Security then Outstanding and affected thereby, (a) change the maturity of the
principal of any Securities of any series or the timing of an interest payment on any Securities of any series; (b) reduce the principal
amount or the rate of interest of any Securities of any series; (c) reduce the amount of the principal of any Securities of any series
which would be due and payable upon a declaration of acceleration; (d) change the the coin or currency in which, the principal or interest
is payable on any Securities of any series; (e) impair the right to institute suit for the enforcement of any such due and payable obligation;
(f) modify the provisions of this Indenture or any supplemental indenture with respect to the subordination of Securities of any series
in a manner adverse to the Holders of such Securities; (g) reduce the percentage of any series of Securities, the consent of whose Holders
is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver provided for in this Indenture
or any supplemental indenture; or (f) modify provisions with respect to modification or waiver.

 

It shall not be necessary
for the consent of the Securityholders of any series affected thereby under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.

 

Section 9.3 Effect
of Supplemental Indentures.

 

Upon the execution of any
supplemental indenture pursuant to the provisions of this Article or of Section 10.1, this Indenture shall, with respect to such
series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall
thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for
any and all purposes.

 

Section 9.4 Securities
Affected by Supplemental Indentures.

 

Securities of any series affected
by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions
of this Article or of Section 10.1, may bear a notation in form approved by the Company, provided such form meets the requirements
of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any
modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee
and delivered in exchange for the Securities of that series then Outstanding.

 

    30

     

    

 

Section 9.5 Execution
of Supplemental Indentures.

 

Upon the request of the Company,
accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee
of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the
execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental
indenture. The Trustee, subject to the provisions of Section 7.1, shall receive an Officers’ Certificate and an Opinion of
Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by, and conforms
to, the terms of this Article and stating that the execution of the supplemental indenture will be the valid and legally binding obligation
of the Company enforceable against it in accordance with its terms, subject to customary exceptions.

 

Promptly after the execution
by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section (except for any supplemental indenture
providing for the issuance of and establishing the form and terms and conditions of the Securities of any series as provided in Section 2.1),
the Company shall transmit by mail, first class postage prepaid (or cause the Trustee to send at the direction and expense of the Company)
a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby
as their names and addresses appear upon the Security Register. Any failure of the Company to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

Article X.

SUCCESSOR ENTITY

 

Section 10.1 Company
May Consolidate, Etc.

 

Except as provided pursuant
to Section 2.1 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures
supplemental to this Indenture, nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into
any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor
or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the
Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated
with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, the Company hereby covenants
and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance,
transfer or other disposition, (a) the due and punctual payment of the principal of (premium, if any) and interest on all of the
Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and
observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series
pursuant to Section 2.1 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall
conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered
to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall
have acquired such property and (b) in the event that the Securities of any series then Outstanding are convertible into or exchangeable
for shares of common stock or other securities of the Company, such entity shall, by such supplemental indenture, make provision so that
the Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion or exchange of such Securities
the number of securities or property to which a holder of the number of shares of common stock or other securities of the Company deliverable
upon conversion or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to
such consolidation, merger, sale, conveyance, transfer or other disposition.

 

    31

     

    

 

Section 10.2 Successor
Entity Substituted.

 

(a) In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity
by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth
under Section 10.1 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted
for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be
relieved of all obligations and covenants under this Indenture and the Securities.

 

(b) In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not
in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(c) Nothing
contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company
where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part
of the property of any other Person (whether or not affiliated with the Company).

 

Section 10.3 Evidence
of Consolidation, Etc. to Trustee.

 

The Trustee, subject to the
provisions of Section 7.1, shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any
such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this
Article.

 

Article XI.

SATISFACTION AND DISCHARGE

 

Section 11.1 Satisfaction
and Discharge of Indenture.

 

If at any time: (a) the
Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered to
the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced
or paid as provided in Section 2.7 and Securities for whose payment money or Governmental Obligations have theretofore been deposited
in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided
in Section 11.5); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation
shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall irrevocably
deposit or cause to be irrevocably deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or
a combination thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered
to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity
or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder
with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series
except for the provisions of Sections 2.3, 2.5, 2.7, 4.1, 4.2, 4.3 and 7.10, that shall survive until the date of maturity or redemption
date, as the case may be, and Sections 7.6 and 11.5, that shall survive to such date and thereafter, and the Trustee, on demand of
the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging
this Indenture with respect to such series.

 

Section 11.2 Discharge
of Obligations.

 

If at any time all such Securities
of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in
Section 11.1 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of
Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered
to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity
or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder
by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited
with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease to be of further effect except
for the provisions of Sections 2.3, 2.5, 2.7, 4.1, 4.2, 4.3, 7.6, 7.10 and 11.5 hereof that shall survive until such Securities shall
mature and be paid.

 

Thereafter, Sections 7.6
and 11.5 shall survive.

 

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Section 11.3 Deposited
Moneys to be Held in Trust.

 

All moneys or Governmental
Obligations deposited with the Trustee pursuant to Sections 11.1 or 11.2 shall be held in trust and shall be available for payment
as due, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to the holders of the particular
series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

 

Section 11.4 Payment
of Moneys Held by Paying Agents.

 

In connection with the satisfaction
and discharge of this Indenture all moneys or Governmental Obligations then held by any Paying Agent under the provisions of this Indenture
shall, upon demand of the Company, be paid to the Trustee and thereupon such Paying Agent shall be released from all further liability
with respect to such moneys or Governmental Obligations.

 

Section 11.5 Repayment
to Company.

 

Subject to applicable escheatment
laws, any moneys or Governmental Obligations deposited with any Paying Agent or the Trustee, or then held by the Company, in trust for
payment of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed
by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest
on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned
or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request or (if then
held by the Company) shall be discharged from such trust; and thereupon the Paying Agent and the Trustee shall be released from all further
liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment
shall thereafter, as a general creditor, look only to the Company for the payment thereof.

 

Article XII.

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section 12.1 No
Recourse.

 

No recourse under or upon
any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof,
shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor
or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of
any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood
that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever
shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any
predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason
of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any
and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any
and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of
the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in
any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the
execution of this Indenture and the issuance of such Securities.

 

    33

     

    

 

Article XIII.

MISCELLANEOUS PROVISIONS

 

Section 13.1 Effect
on Successors and Assigns.

 

All the covenants, stipulations,
promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether so expressed
or not. All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Trustee shall bind its
successors and assigns, whether so expressed or not.

 

Section 13.2 Actions
by Successor.

 

Any act or proceeding by any
provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and
may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at
the time be the lawful successor of the Company.

 

Section 13.3 Surrender
of Company Powers.

 

The Company by instrument
in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the
Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

 

Section 13.4 Notices.

 

Except as otherwise expressly
provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served
by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or
served by being deposited in first class mail, postage prepaid, overnight courier service addressed (until another address is filed in
writing by the Company with the Trustee), as follows: HomeStreet, Inc., 601 Union, Suite 2000, Seattle, Washington 98101, Attention: Godfrey
B. Evans, General Counsel (telecopy no.: (206) 389-7703). Any notice, election, request or demand by the Company or any Securityholder
or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for
all purposes, if given or made in writing at the Corporate Trust Office of the Trustee upon actual receipt thereof.

 

Notwithstanding any other
provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption
or repurchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary
(or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance
with Applicable Procedures.

 

Section 13.5 Governing
Law.

 

This Indenture and each Security
shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance
with the laws of said State. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.

 

Section 13.6 Treatment
of Securities as Debt.

 

It is intended that the Securities
will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted
to further this intention.

 

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Section 13.7 Compliance
Certificates and Opinions.

 

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

 

(b) Each
certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant
in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant or condition;
(ii) 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; (iii) 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 (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

Section 13.8 Payments
on Business Days.

 

Except as provided pursuant
to Section 2.1 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures
supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption
of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be made on the next succeeding
Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for
the period after such nominal date.

 

Section 13.9 Conflict
with Trust Indenture Act.

 

If and to the extent that
any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the
Trust Indenture Act, such imposed duties shall control.

 

Section 13.10 Counterparts.

 

This Indenture may be executed
in any number of counterparts, each of which shall be deemed an original, but such counterparts shall together constitute but one and
the same instrument. This Indenture (or to any document delivered in connection with this Indenture) shall be valid, binding, and enforceable
against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature
permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions
Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code (collectively,
“Signature Law”); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic
signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility
in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability
with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty
to investigate, confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual signatures shall
be used for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character
or intended character of the writings.

 

Section 13.11 Separability.

 

In case any one or more of
the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities,
but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained
herein or therein.

 

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Section 13.12 Compliance
Certificates.

 

The Company shall deliver
to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an
Officers’ Certificate (which need not comply with Section 13.7 hereof) stating whether or not the signers know of any Default or
Event of Default that occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer,
principal financial officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company
and the Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this
Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement
of notice provided under this Indenture. If any of the officers of the Company signing such certificate has knowledge of such a Default
or Event of Default, the certificate shall describe any such Default or Event of Default and its status and the action that the Company
is taking or proposing to take in respect thereof.

 

Section 13.13 Force
Majeure.

 

In no event shall the
Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without limitation, any act or provision of any present or future law or
regulation or governmental authority, strikes, work stoppages, labor stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, disease, epidemic or pandemic, quarantine, national emergency, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services, communication system failure, malware
or ransomware or other unavailability of the Federal Reserve Bank wire or facsimile or other wire or other funds transfer system, or unavailability
of any securities clearing system, it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 13.14 U.S.A.
Patriot Act.

 

The
Company acknowledges that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies
each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree
that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the
U.S.A. PATRIOT Act.

 

Article XIV.

SUBORDINATION OF SECURITIES

 

Section 14.1 Subordination
Terms.

 

The payment by the Company
of the principal of, premium, if any, and interest on any series of Securities issued hereunder shall be subordinated to the extent set
forth in an indenture supplemental hereto relating to such Securities.

 

    36

     

    

 

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

 

	 	HOMESTREET INC.

 

	 	By:  	/s/ John M. Michel
	 	Name: 	John M. Michel
	 	Title:	Chief Financial Officer

 

	 	COMPUTERSHARE TRUST COMPANY, N.A.
	 	as Trustee

 

	 	By:	/s/ Erik R. Starkman
	 	Name: 	Erik R. Starkman
	 	Title:	Assistant Vice President

 

     

     

    

 

CROSS-REFERENCE
TABLE*

 

	TIA section	 	Indenture Section
	Section 310	(a)(1)	 	7.9
	 	(a)(2)	 	7.9
	 	(a)(3)	 	N/A**
	 	(a)(4)	 	N/A**
	 	(a)(5)	 	7.9
	 	(b)	 	7.8, 7.10, 7.11
	Section 311	(a)	 	7.13
	 	(b)	 	7.13
	Section 312	(a)	 	5.1, 5.2
	 	(b)	 	5.2
	 	(c)	 	5.2
	Section 313	(a)	 	5.4
	 	(b)(1)	 	5.4
	 	(b)(2)	 	5.4
	 	(c)	 	5.4
	 	(d)	 	5.4
	Section 314	(a)	 	5.3, 13.12
	 	(b)	 	N/A**
	 	(c)(1)	 	13.7
	 	(c)(2)	 	13.7
	 	(c)(3)	 	N/A**
	 	(d)	 	N/A**
	 	(e)	 	13.7
	 	(f)	 	N/A**
	Section 315	(a)	 	7.1(b)
	 	(b)	 	7.14
	 	(c)	 	7.1(a)
	 	(d)	 	7.1(b)
	 	(e)	 	6.7
	Section 316	(a) (last sentence)	 	8.4
	 	(a)(1)(A)	 	6.6
	 	(a)(1)(B)	 	6.6
	 	(a)(2)	 	N/A**
	 	(b)	 	6.4
	 	(c)	 	N/A**
	Section 317	(a)(1)	 	6.2(b)
	 	(a)(2)	 	6.2(c)
	 	(b)	 	4.3
	Section 318	(a)	 	13.9

 

		*	This Cross-Reference Table shall not, for any purpose, be deemed
a part of this Indenture.

 

		**	N/A means Not Applicable

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