Document:

Exhibit 4.6

 

 

 

MOTUS GI HOLDINGS, INC., as Issuer

 

and

 

●, as Trustee

 

INDENTURE

 

Dated as of ●

 

Subordinated Debt Securities

 

 

 

    	 

    	

    

 

CROSS REFERENCE SHEET1

 

Between

 

Provisions of the Trust Indenture Act of 1939 and the Indenture to be dated as of
_________, 20___ between MOTUS GI HOLDINGS, INC. and ___________________, as Trustee:

 

	Section of the Act	 	Section of Indenture
	310(a)(1) and (2)	 	5.08
	310(a)(3) and (4)	 	Inapplicable
	310(b)	 	5.09(a), (b) and (d)
	310(c)	 	Inapplicable
	311(a)	 	Inapplicable
	311(b)	 	Inapplicable
	311(c)	 	Inapplicable
	312(a)	 	3.05
	312(b)	 	3.05
	312(c)	 	4.02(c)
	313(a)	 	5.12
	313(b)(1)	 	5.12
	313(b)(2)	 	5.12
	313(c)	 	5.12
	313(d)	 	5.12
	314(a)	 	3.06
	314(b)	 	Inapplicable
	314(c)(1) and (2)	 	10.05
	314(c)(3)	 	Inapplicable
	314(d)	 	Inapplicable
	314(e)	 	10.05
	314(f)	 	Inapplicable
	315(a), (c) and (d)	 	5.01
	315(b)	 	4.11
	315(e)	 	4.12
	316(a)(1)	 	4.09
	316(a)(2)	 	Not required
	316(a) (last sentence)	 	6.04
	316(b)	 	4.07
	317(a)	 	4.02
	317(b)	 	3.03(a) and (b)
	318(a)	 	10.07
	 	 	 

 

1 This Cross Reference Sheet is not part of the Indenture.

 

    	-2-

    	

    

 

Table of Contents

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE 1 DEFINITIONS	1
	Section 1.01	Certain Terms Defined	1
	 	 	 
	ARTICLE 2 SECURITIES	8
	Section 2.01	Forms Generally	8
	Section 2.02	Form of Trustee’s Certification of Authentication	9
	Section 2.03	Amount Unlimited; Issuable in Series	9
	Section 2.04	Authentication and Delivery of Securities	10
	Section 2.05	Execution of Securities	12
	Section 2.06	Certificate of Authentication	12
	Section 2.07	Denomination and Date of Securities; Payments of Interest	12
	Section 2.08	Registration, Transfer and Exchange	13
	Section 2.09	Mutilated, Defaced, Destroyed, Lost and Stolen Securities	15
	Section 2.10	Cancellation of Securities; Destruction Thereof	15
	Section 2.11	Temporary Securities	15
	Section 2.12	Computation of Interest	16
	Section 2.13	CUSIP Numbers	16
	 	 	 
	ARTICLE 3 COVENANTS OF THE ISSUER AND THE TRUSTEE	16
	Section 3.01	Payment of Principal and Interest	16
	Section 3.02	Offices for Payments, etc	16
	Section 3.03	Paying Agents	17
	Section 3.04	Certificate of the Issuer	17
	Section 3.05	List of Securityholders	18
	Section 3.06	Reports by the Issuer	18
	Section 3.07	Corporate Existence	18
	Section 3.08	Restrictions on Mergers, Sales and Consolidations	18
	Section 3.09	Further Assurances	18
	 	 	 
	ARTICLE 4 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
    DEFAULT	19
	Section 4.01	Event of Default Defined; Acceleration of Maturity; Waiver of Default	19
	Section 4.02	Collection of Indebtedness by Trustee; Trustee May Prove Debt	20
	Section 4.03	Application of Proceeds	22
	Section 4.04	Suits for Enforcement	22
	Section 4.05	Restoration of Rights on Abandonment of Proceedings	23
	Section 4.06	Limitations on Suits by Securityholder	23
	Section 4.07	Unconditional Right of Securityholders to Institute Certain Suits	23
	Section 4.08	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	23
	Section 4.09	Control by Securityholders	24
	Section 4.10	Waiver of Past Defaults	24
	Section 4.11	Trustee to Give Notice of Default, But May Withhold in Certain Circumstances	24
	Section 4.12	Right of Court to Require Filing of Undertaking to Pay Costs	24

 

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Table of Contents

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE 5 CONCERNING THE TRUSTEE	25
	Section 5.01	Duties and Responsibilities of the Trustee	25
	Section 5.02	Certain Rights of the Trustee	26
	Section 5.03	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	27
	Section 5.04	Trustee and Agents May Hold Securities; Collections, etc	27
	Section 5.05	Monies Held by Trustee	27
	Section 5.06	Compensation and Indemnification of Trustee and Its Prior Claim	27
	Section 5.07	Right of Trustee to Rely on Officers’ Certificate, etc	28
	Section 5.08	Persons Eligible for Appointment as Trustee	28
	Section 5.09	Resignation and Removal; Appointment of Successor Trustee	28
	Section 5.10	Acceptance of Appointment by Successor	29
	Section 5.11	Merger, Conversion, Consolidation or Succession to Business of Trustee	30
	Section 5.12	Reports to the Trustee	30
	 	 	 
	ARTICLE 6 CONCERNING THE SECURITYHOLDERS	31
	Section 6.01	Evidence of Action Taken by Securityholders	31
	Section 6.02	Proof of Execution of Instruments and of Holding of Securities; Record Date	31
	Section 6.03	Holders to be Treated as Owners	31
	Section 6.04	Securities Owned by Issuer Deemed Not Outstanding	31
	Section 6.05	Right of Revocation of Action Taken	32
	 	 	 
	ARTICLE 7 SUPPLEMENTAL INDENTURES	32
	Section 7.01	Supplemental Indentures Without Consent of Securityholders	32
	Section 7.02	Supplemental Indentures With Consent of Securityholders	33
	Section 7.03	Effect of Supplemental Indenture	34
	Section 7.04	Documents to Be Given to Trustee	34
	Section 7.05	Notation on Securities in Respect of Supplemental Indentures	34
	 	 	 
	ARTICLE 8 CONSOLIDATION, MERGER, SALE OR CONVEYANCE	35
	Section 8.01	Issuer May Consolidate, etc	35
	Section 8.02	Successor Corporation Substituted	35

 

    	ii

    	

    

 

Table of Contents

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE 9 DISCHARGE OF INDENTURE	36
	Section 9.01	Defeasance Within One Year of Payment	36
	Section 9.02	Defeasance	37
	Section 9.03	Covenant Defeasance	38
	Section 9.04	Application of Trust Money	38
	Section 9.05	Repayment to Issuer	39
	 	 	 
	ARTICLE 10 MISCELLANEOUS PROVISIONS	39
	Section 10.01	Incorporators, Stockholders, Officers and Directors Exempt from Individual Liability	39
	Section 10.02	Provisions of Indenture for the Sole Benefit of Parties and Securityholders	39
	Section 10.03	Successors and Assigns of Issuer Bound by Indenture	39
	Section 10.04	Notices and Demands on Issuer, Trustee and Securityholders	40
	Section 10.05	Officers’ Certificates and Opinions of Counsel; Statements to be Contained Therein	40
	Section 10.06	Payments Due on Saturdays, Sundays and Holidays	41
	Section 10.07	Conflict of Any Provision of Indenture with Trust Indenture Act of 1939	41
	Section 10.08	New York Law to Govern	41
	Section 10.09	Counterparts	41
	Section 10.10	Effect of Headings	41
	 	 	 
	ARTICLE 11 REDEMPTION OF SECURITIES	42
	Section 11.01	Applicability of Article	42
	Section 11.02	Notice of Redemption; Partial Redemptions	42
	Section 11.03	Payment of Securities Called for Redemption	43
	Section 11.04	Exclusion of Certain Securities from Eligibility for Selection for Redemption	43
	Section 11.05	Conversion Arrangement On Call For Redemption	44

 

    	iii

    	

    

 

Table of Contents

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE 12 CONVERSION OF SECURITIES	44
	Section 12.01	Applicability of Article	44
	Section 12.02	Right of Securityholders to Convert Securities	45
	Section 12.03	Issuance of Shares of Capital Stock on Conversion	45
	Section 12.04	No Payment or Adjustment for Interest or Dividends	46
	Section 12.05	Adjustment of Conversion Rate	46
	Section 12.06	No Fractional Shares to Be Issued	49
	Section 12.07	Preservation of Conversion Rights Upon Consolidation, Merger, Sale or Conveyance	49
	Section 12.08	Notice to Security Holders of a Series Prior to Taking Certain Types of Action	50
	Section 12.09	Covenant to Reserve Shares for Issuance on Conversion of Securities	51
	Section 12.10	Compliance with Governmental Requirements	51
	Section 12.11	Payment of Taxes Upon Certificates for Shares Issued Upon Conversion	51
	Section 12.12	Trustee’s Duties with Respect to Conversion Provisions	51
	 	 	 
	ARTICLE 13 SUBORDINATION OF SECURITIES	52
	Section 13.01	Agreement Of Subordination	52
	Section 13.02	Payments to Holders	52
	Section 13.03	Subrogation Of Securities	53
	Section 13.04	Authorization By Holders	54
	Section 13.05	Notice to Trustee	55
	Section 13.06	Trustee’s Relation to Senior Indebtedness	55
	Section 13.07	No Impairment Of Subordination	55
	Section 13.08	Rights Of Trustee	55

 

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THIS INDENTURE, dated as of , between MOTUS GI HOLDINGS, INC.,
a Delaware corporation (the “Issuer”) and ●, a ● corporation, as trustee (the “Trustee”).

 

WITNESSETH:

 

WHEREAS, the Issuer has duly authorized the issue from time
to time of its unsecured debentures, notes or other evidences of indebtedness to be issued in one or more series (the “Securities”)
up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture and
to provide, among other things, for the authentication, delivery and administration thereof, the Issuer has duly authorized the
execution and delivery of this Indenture; and

 

WHEREAS, all things necessary to make this Indenture a valid
indenture and agreement according to its terms have been done;

 

NOW, THEREFORE:

 

In consideration of the premises and the purchases of the Securities
by the Holders thereof, the Issuer and the Trustee mutually covenant and agree for the equal and proportionate benefit of the
respective Holders from time to time of the Securities as follows:

 

ARTICLE 1

DEFINITIONS

 

Section 1.01 Certain Terms Defined. The following terms
(except as otherwise expressly provided or unless the context otherwise clearly requires) for all purposes of this Indenture and
of any indenture supplemental hereto shall have the respective meanings specified in this Section. All other terms used in this
Indenture that are defined in the Trust Indenture Act of 1939 or the definitions of which in the Securities Act of 1933 are referred
to in the Trust Indenture Act of 1939, as amended, including terms defined therein by reference to the Securities Act of 1933,
as amended, (except as herein otherwise expressly provided or unless the context otherwise clearly requires), shall have the meanings
assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of this Indenture. All accounting
terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with GAAP. The words
“herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as the singular.

 

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

 

    	-1-

    	

    

 

“Authorized Newspaper” means a newspaper
in the English language or in an official language of the country of publication, customarily printed on each Business Day, whether
or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term
is used or in the financial community of such place. If, because of temporary suspension of publication or general circulation
of any newspaper or for any other reason, it is impossible or impracticable to make any publication of any notice required by
this Indenture in the manner herein provided, such publication or other notice in lieu thereof which is made at the written direction
of the Issuer by the Trustee shall constitute a sufficient publication of such notice.

 

“Board of Directors” means either the Board
of Directors of the Issuer or any committee of such Board duly authorized to act hereunder.

 

“Business Day” means, with respect to any
Security, a day that in the city (or in all of the cities, if more than one) in which amounts are payable, as specified in the
form of such Security, is not a day on which banking institutions are authorized by law or regulation to close.

 

“Capitalized Lease” means, as applied to
any Person, any lease of any property (whether real, personal, or mixed) of which the discounted present value of the rental obligations
of such Person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such Person; and “Capitalized
Lease Obligation” is defined to mean the rental obligations, as aforesaid, under such lease.

 

“Capital Stock” means any and all shares,
interests, participations or other equivalents (however designated, whether voting or non-voting) of the Issuer’s capital
stock or other ownership interests, whether now outstanding or issued after the date of this Indenture, including, without limitation,
all Common Stock and Preferred Stock.

 

“Closing Price” on any day when used with
respect to any class of Capital Stock means the closing sale price per share (or if no closing sale price is reported, the average
of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that
date as reported by The Nasdaq Global Select Market or, if such Capital Stock is not listed on The Nasdaq Global Select Market,
then on the principal U.S. national or regional securities exchange on which such Capital Stock is then listed. If such Capital
Stock is not listed on either The Nasdaq Global Select Market or on any U.S. national or regional securities exchange on the relevant
date, the Closing Price will be the last quoted bid price for the Company’s Common Stock in the over-the-counter market
on the relevant date as reported by the OTC Markets Group Inc. or similar organization. In the event that no such quotation is
available for any day, the Board of Directors shall be entitled to determine in good faith the current market price on the basis
of such quotations as it considers appropriate.

 

“Commission” means the Securities and Exchange
Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or if at any time after the execution
and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties on such date.

 

    	-2-

    	

    

 

“Common Stock” means any and all shares,
interests, participations or other equivalents (however designated, whether voting or non-voting) of the Issuer’s common
stock, par value $0.0001 per share, whether now outstanding or issued after the date of the Indenture, including, without limitation,
all series and classes of such common stock.

 

“Corporate Trust Office” means the office
of the Trustee at which the corporate trust business of the Trustee shall, at any particular time, be principally administered,
which office is, at the date as of which this Indenture is dated, located at ●.

 

“Currency Agreement” means any foreign exchange
contract, currency swap agreement, or other similar agreement or arrangement designed to protect against the fluctuation in currency
values.

 

“Default” means any Event of Default as defined
in Section 4.01 and any event that is, or after notice or passage of time or both would be, an Event of Default.

 

“Depositary” means, with respect to the Securities
of any series issuable or issued in the form of one or more Registered Global Securities, the Person designated as Depositary
by the Issuer pursuant to Section 2.03 until a successor Depositary shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder,
and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of any
such series shall mean the Depositary with respect to the Registered Global Securities of that series.

 

“Determination Date” has the meaning specified
in Section 12.05.

 

“Event of Default” has the meaning specified
in Section 4.01.

 

“GAAP” means generally accepted accounting
principles in the United States of America as in effect as of the date of determination, including, without limitation, those
set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such
other entity as approved by a significant segment of the accounting profession. All ratios and computations contained in this
Indenture shall be computed in conformity with GAAP applied on a consistent basis.

 

“Guarantee” means any obligation, contingent
or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness or other obligation of any other Person and,
without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person:

 

(i) to purchase or pay (or advance or supply funds for the purchase
or payment of) such Indebtedness or other obligation of such other Person (whether arising by virtue of partnership arrangements,
or by agreement to keep-well, to purchase assets, goods, securities, or services, to take-or-pay, or to maintain financial statement
conditions or otherwise); or

 

    	-3-

    	

    

 

(ii) entered into for purposes of assuring in any other manner
the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect
thereof (in whole or in part);

 

provided, that the term “Guarantee” shall not include
endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb
has a corresponding meaning.

 

“Holder”, “Securityholder”
or other similar terms mean the registered holder of any Security.

 

“Indebtedness” means, with respect to any
Person at any date of determination (without duplication):

 

(i) all indebtedness of such Person for borrowed money;

 

(ii) all obligations of such Person evidenced by bonds, debentures,
notes, or other similar instruments, in each case, for value received or settlement of claims;

 

(iii) all obligations of such Person in respect of letters of
credit or other similar instruments (including reimbursement obligations with respect thereto);

 

(iv) all obligations of such Person to pay the deferred and unpaid
purchase price of property or services (but excluding trade accounts payable or accrued liabilities arising in the ordinary course
of business);

 

(v) all obligations of such Person as lessee under Capitalized
Leases;

 

(vi) all Indebtedness of other Persons secured by a Lien on any
asset of such Person, whether or not such Indebtedness is assumed by such Person; provided that the amount of such Indebtedness
shall be the lesser of:

 

(1) the fair market value of such asset at such date of determination; and

 

(2) amount of such Indebtedness;

 

(vii) all Indebtedness of other Persons to the extent Guaranteed
by such Person; and

 

(viii) to the extent not otherwise included in this definition,
obligations under Currency Agreements and Interest Rate Agreements.

 

Notwithstanding the foregoing, in no event shall the term “Indebtedness”
be deemed to include letters of credit or bonds that secure performance or surety bonds or similar instruments that are issued
in the ordinary course of business.

 

    	-4-

    	

    

 

The amount of Indebtedness of any Person at any date shall be
the outstanding balance at such date of all unconditional obligations as described above and, with respect to contingent obligations,
the maximum liability upon the occurrence of the contingency giving rise to the obligation; provided that:

 

(x) the amount outstanding at any time of any Indebtedness issued
with original issue discount is the face amount of such Indebtedness less the remaining unamortized portion of the original issue
discount of such Indebtedness at such time as determined in conformity with GAAP; and

 

(y) Indebtedness shall not include any liability for federal,
state, local, or other taxes.

 

“Indenture” means this instrument as originally
executed and delivered or, if amended or supplemented as herein provided, as so amended or supplemented or both, and shall include
the forms and terms of particular series of Securities established as contemplated hereunder.

 

“Interest” means, when used with respect
to non-interest bearing Securities, interest payable after maturity. “Interest Rate Agreement” means any obligation
of any Person pursuant to any interest rate swap, cap, collar or similar arrangement providing protection against fluctuations
in interest rates. For purposes of the Indenture, the amount of such obligation shall be the amount determined in respect thereof
as of the end of the then most recently ended fiscal quarter of such Person, based on the assumption that such obligation had
terminated at the end of such fiscal quarter, and in making such determination, if any agreement relating to such obligation provides
for the netting of amounts payable by and to such Person thereunder or if any such agreement provides for the simultaneous payment
of amounts by and to such Person, then in each such case, the amount of such obligation shall be the net amount so determined,
plus any premium due upon default by such Person.

 

“Issuer” means the Person identified as “Issuer”
in the first paragraph hereof and, subject to Article 8, its successors and assigns.

 

“Lien” means, with respect to any asset,
any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, or any other type of preferential arrangement
that has the practical effect of creating a security interest, in respect of such asset. For the purposes of this Indenture, the
Issuer shall be deemed to own subject to a Lien any asset that it has acquired or holds subject to the interest of a vendor or
lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset.

 

“Officers’ Certificate” means a certificate
signed by the chairman of the Issuer’s Board of Directors, its president or any vice president, and by its treasurer, any
assistant treasurer, its secretary or any assistant secretary of the Issuer, and delivered to the Trustee. Each such certificate
shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided for in Section 10.05.

 

“Opinion of Counsel” means an opinion in
writing signed by legal counsel who may be an employee of or counsel to the Issuer and who shall be satisfactory to the Trustee.
Each such opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided for in
Section 10.05, if and to the extent required hereby.

 

    	-5-

    	

    

 

“Original Issue Date” of any Security (or
portion thereof) means the earlier of (i) the date of such Security or (ii) the date of any Security (or portion thereof) for
which such Security was issued (directly or indirectly) on registration of transfer, exchange or substitution.

 

“Original Issue Discount Security” means
any Security that provides for an amount less than the Principal amount thereof to be due and payable upon a declaration of acceleration
of the maturity thereof pursuant to Section 4.01.

 

“Outstanding”, when used with reference to
Securities, shall, subject to the provisions of Section 6.04, mean, as of any particular time, all Securities authenticated and
delivered by the Trustee under this Indenture, except:

 

(i) Securities theretofore canceled by the Trustee or delivered
to the Trustee for cancellation;

 

(ii) Securities, or portions thereof, for the payment or redemption
of which monies in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than
the Issuer) or shall have been set aside, segregated and held in trust by the Issuer for the Holders of such Securities (if the
Issuer shall act as its own paying agent), provided that if such Securities, or portions thereof, are to be redeemed prior to
the maturity thereof, notice of such redemption shall have been given as herein provided, or provision satisfactory to the Trustee
shall have been made for giving such notice; and

 

(iii) Securities in substitution for which other Securities shall
have been authenticated and delivered, or which shall have been paid, pursuant to the terms of Section 2.09 (except with respect
to any such Security as to which proof satisfactory to the Trustee is presented that such Security is held by a person in whose
hands such Security is a legal, valid and binding obligation of the Issuer).

 

In determining whether the Holders of the requisite Principal
amount of Outstanding Securities of any or all series have given any request, demand, authorization, direction, notice, consent
or waiver hereunder, the Principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such
purposes shall be the amount of the Principal thereof that would be due and payable as of the date of such determination upon
a declaration of acceleration of the maturity thereof pursuant to Section 4.01.

 

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

 

“Preferred Stock” means any and all shares,
interests, participations or other equivalents (however designated, whether voting or non-voting) of the Issuer’s preferred
stock, par value $0.0001 per share, whether now outstanding or issued after the date of the Indenture, including, without limitation,
all series and classes of such preferred stock.

 

“Principal” means, with respect to the Securities
or any Security or any portion thereof, the principal amount of such Securities, Security or portion thereof, and shall be deemed
to include “and premium, if any”.

 

    	-6-

    	

    

 

“record date” as used with respect to any
interest payment date (except a date for payment of defaulted interest), has the meaning specified in Section 2.07.

 

“Registered Global Security” means a Security
evidencing all or a part of a series of Registered Securities, issued to the Depositary for such series in accordance with Section
2.04, and bearing the legend prescribed in Section 2.04.

 

“Registered Security” means any Security
registered on the register maintained by the Issuer pursuant to Section 2.08.

 

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

 

“Security” or “Securities”
has the meaning stated in the first recital of this Indenture, or, as the case may be, Securities that have been authenticated
and delivered under this Indenture.

 

“Senior Indebtedness” of the Issuer means
(a) all Indebtedness of the Issuer, whether currently outstanding or hereafter issued, unless, by the terms of the instrument
creating or evidencing such Indebtedness, it is provided that such Indebtedness is not superior in right of payment to the Securities,
and (b) any modifications, refunding, deferrals, renewals or extensions of any such Indebtedness or securities, notes or other
evidence of Indebtedness issued in exchange for such Indebtedness; provided that in no event shall “Senior Indebtedness”
include (i) Indebtedness of the Issuer owed or owing to any Subsidiary of the Issuer or any officer, director or employee of the
Issuer or any Subsidiary of the Issuer, (ii) Indebtedness to trade creditors or (iii) any liability for taxes owned or owing by
the Issuer.

 

“Subsidiary” means, with respect to any Person,
any corporation, association or other business entity of which more than 50% of all votes represented by all classes of outstanding
Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person.

 

“Trustee” means the Person identified as
“Trustee” in the first paragraph hereof and, subject to the provisions of Article 5, shall also include any
successor trustee.

 

“Trust Indenture Act of 1939” (except as
otherwise provided in Section 7.01 and Section 7.02) means the Trust Indenture Act of 1939 as in force at the date as of which
this Indenture was originally executed.

 

“UCC” means the Uniform Commercial Code,
as in effect in each applicable jurisdiction. “Unregistered Security” means any Security other than a Registered Security.

 

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

 

    	-7-

    	

    

 

“Voting Stock” means, with respect to any
Person, capital stock of any class or kind ordinarily having the power to vote for the election of directors, managers or other
voting members of the governing body of such Person.

 

“vice president” when used with respect to
the Issuer or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or
after the title of “vice president”.

 

“Wholly-Owned” is defined to mean, with respect
to any Subsidiary of any Person, such Subsidiary if all of the outstanding common stock or other similar equity ownership interests
(but not including preferred stock) in such Subsidiary (other than any director’s qualifying shares or investments by foreign
nationals mandated by applicable law) is owned directly or indirectly by such Person.

 

“Yield to Maturity” means the yield to maturity
on a series of securities, calculated at the time of issuance of such series, or, if applicable, at the most recent redetermination
of interest on such series, and calculated in accordance with accepted financial practice.

 

ARTICLE 2

SECURITIES

 

Section 2.01 Forms Generally. The Securities of each
series shall be substantially in such form (not inconsistent with this Indenture) as shall be established by or pursuant to a
resolution of the Board of Directors or in one or more indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture and may have imprinted or otherwise
reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply
with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to conform to
general usage, all as may be determined by the officers executing such Securities, as evidenced by their execution of the Securities.
The Issuer shall furnish any such legends to the Trustee in writing.

 

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

 

    	-8-

    	

    

 

Section 2.02 Form of Trustee’s Certification of Authentication.
The Trustee’s certificate of authentication on all Securities shall be in substantially the following form:

 

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

 

	●,  	 	 
	as Trustee	 
	 	 
	By:	 	 
	 	Authorized Signatory:	 

 

Section 2.03 Amount Unlimited; Issuable in Series. The
aggregate Principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued in one or more series. There shall
be established in or pursuant to a resolution of the Board of Directors and set forth in an Officers’ Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:

 

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

 

(b) any limit upon the aggregate Principal amount of the Securities
of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 2.08,
Section 2.09, Section 2.11 or Section 12.03);

 

(c) the date or dates on which the Principal of the Securities
of the series is payable;

 

(d) the rate or rates at which the Securities of the series
shall bear interest, if any, or the method by which such rate shall be determined, the date or dates from which such interest
shall accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination of
Holders to whom interest is payable;

 

(e) the place or places where the Principal of and any interest
on Securities of the series shall be payable (if other than as provided in Section 3.02);

 

(f) the price or prices at which, the period or periods within
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 Issuer;

 

(g) the obligation, if any, of the Issuer to redeem, purchase
or repay Securities of the series at the option of a Holder thereof and the price or prices at which, the period or periods within
which and the terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole or in
part, pursuant to such obligation;

 

    	-9-

    	

    

 

(h) the obligation, if any, of the Issuer to permit the conversion
of the Securities of such series into Capital Stock, and the terms and conditions upon which such conversion shall be effected
(including, without limitation, the initial conversion price or rate, the conversion period and any other provision in addition
to or in lieu of those set forth in this Indenture relative to such obligation);

 

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

 

(j) 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 4.01 or provable in bankruptcy pursuant to Section 4.02;

 

(k) if the Securities of the series are issuable in whole or
in part as one or more Registered Global Securities, the identity of the Depositary for such Registered Global Security or Securities;

 

(l) any other terms of the series (which terms shall not be
inconsistent with the provisions of this Indenture);

 

(m) any trustees, authenticating or paying agents, transfer
agents or registrar or any other agents with respect to the Securities of such series; and

 

(n) the extent to which payments on the Securities will be subordinated
to the payment of Senior Indebtedness of the Issuer.

 

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 such resolution of the Board of Directors
or in any such indenture supplemental hereto.

 

Section 2.04 Authentication and Delivery of Securities.
At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Securities of any
series executed by the Issuer to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver such
Securities to or upon the written order of the Issuer, such order to be signed by both (a) the chairman of its Board of Directors,
its president or any vice president and by its treasurer, any assistant treasurer, its secretary or any assistant secretary, without
any further action by the Issuer. In authenticating such Securities and accepting the additional responsibilities under this Indenture
in relation to such Securities the Trustee shall receive, and (subject to Section 5.01) shall be fully protected in relying upon:

 

(a) a certified copy of any resolution or resolutions of the
Board of Directors authorizing the action taken pursuant to the resolution or resolutions delivered under clause (b) below;

 

    	-10-

    	

    

 

(b) a copy of any resolution or resolutions of the Board of
Directors relating to such series, in each case certified by the secretary or an assistant secretary of the Issuer;

 

(c) an executed supplemental indenture, if any, and the documentation
required to be delivered pursuant to Section 7.04;

 

(d) an Officers’ Certificate setting forth the form and
terms of the Securities as required pursuant to Section 2.01 and Section 2.03, respectively and prepared in accordance with Section
10.05;

 

(e) an Opinion of Counsel, prepared in accordance with Section
10.05, to the effect:

 

(i) that the form or forms and terms of such Securities
have been established by or pursuant to a resolution of the Board of Directors or by a supplemental indenture as permitted by
Section 2.01 and Section 2.03 in conformity with the provisions of this Indenture; and

 

(ii) that such Securities, when authenticated and
delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of Counsel,
will constitute valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, except
to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
or similar laws now or hereafter in effect relating to creditors’ rights generally, and general principles of equity (regardless
of whether enforceability is considered in a proceeding in equity or at law).

 

The Trustee shall have the right to decline to authenticate
and deliver any Securities under this section if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken by the Issuer or if the Trustee in good faith by its board of directors or board of trustees, executive committee, or
a trust committee of directors or trustees or Responsible Officers shall determine that such action would expose the Trustee to
personal liability.

 

If the Issuer shall establish pursuant to Section 2.03 that
the Securities of a series or a portion thereof are to be issued in the form of one or more Registered Global Securities, then
the Issuer shall execute (in accordance with Section 2.05) and the Trustee shall authenticate and make available for delivery
one or more Registered Global Securities that (i) shall represent and shall be denominated in an amount equal to the aggregate
Principal amount of all of the Securities of such series issued in such form and not yet canceled, (ii) shall be registered in
the name of the Depositary for such Registered Global Security or Securities or the nominee of such Depositary, (iii) shall be
delivered by the Trustee to such Depositary or its custodian or pursuant to such Depositary’s instructions and (iv) shall
bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for Securities
in definitive registered form, this Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary
or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary.”

 

    	-11-

    	

    

 

Section 2.05 Execution of Securities. The Securities
shall be signed on behalf of the Issuer by the chairman of its Board of Directors, its president, any vice president, its treasurer
or any assistant treasurer, under its corporate seal and attested by its secretary or any assistant secretary. Such signatures
may be the manual or facsimile signatures of the present or any future such officers. The seal of the Issuer may be in the form
of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. Typographical and other
minor errors or defects in any such reproduction of the seal or any such signature shall not affect the validity or enforceability
of any Security that has been duly authenticated and delivered by the Trustee.

 

In case any officer of the Issuer who shall have signed any
of the Securities shall cease to be such officer before the Security so signed shall be authenticated and delivered by the Trustee
or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed of as though the person
who signed such Security had not ceased to be such officer of the Issuer; and any Security may be signed on behalf of the Issuer
by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Issuer, although
at the date of the execution and delivery of this Indenture any such person was not such an officer.

 

Section 2.06 Certificate of Authentication. Only such
Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed by the
Trustee by the manual signature of one of its authorized signatories, shall be entitled to the benefits of this Indenture or be
valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Issuer 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.

 

Section 2.07 Denomination and Date of Securities; Payments
of Interest. The Securities shall be issuable as registered securities without coupons and in denominations as shall be specified
as contemplated by Section 2.03. In the absence of any such specification with respect to the Securities of any series, the Securities
of such series shall be issuable in denominations of $1,000 and any multiple thereof. The Securities shall be numbered, lettered,
or otherwise distinguished in such manner or in accordance with such plan as the officers of the Issuer executing the same may
determine as evidenced by the execution and authentication thereof.

 

Each Security shall be dated the date of its authentication,
shall bear interest, if any, from the date and shall be payable on the dates, in each case, which shall be specified as contemplated
by Section 2.03.

 

The person in whose name any Security of any series is registered
at the close of business on any record date applicable to a particular series with respect to any interest payment date for such
series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding any transfer or
exchange of such Security subsequent to the record date and prior to such interest payment date, except if and to the extent the
Issuer shall default in the payment of the interest due on such interest payment date for such series, in which case such defaulted
interest shall be paid to the persons in whose names Outstanding Securities for such series are registered at the close of business
on a subsequent record date (which shall be not less than five Business Days prior to the date of payment of such defaulted interest)
established by notice given by mail by or on behalf of the Issuer to the Holders of Securities not less than 15 days preceding
such subsequent record date. The term “record date” as used with respect to any interest payment date (except
a date for payment of defaulted interest) shall mean the date specified as such in the terms of the Securities of any particular
series, or, if no such date is so specified, if such interest payment date is the first day of a calendar month, the fifteenth
day of the next preceding calendar month or, if such interest payment date is the fifteenth day of a calendar month, the first
day of such calendar month, whether or not such record date is a Business Day.

 

    	-12-

    	

    

 

Section 2.08 Registration, Transfer and Exchange. The
Issuer will keep or cause to be kept at each office or agency to be maintained for the purpose as provided in Section 3.02 a register
or registers in which, subject to such reasonable regulations as it may prescribe, it will register, and will register the transfer
of, Securities as in this Article provided. Such register shall be in written form in the English language or in any other form
capable of being converted into such form within a reasonable time. At all reasonable times such register or registers shall be
open for inspection by the Trustee.

 

At the option of the Holder thereof, Registered Securities of
any series (other than a Registered Global Security, except as set forth below) may be exchanged for a Registered Security or
Registered Securities of such series and tenor having authorized denominations and an equal aggregate Principal amount, upon surrender
of such Registered Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance
with Section 3.02 and upon payment, if the Issuer shall so require, of the charges hereinafter provided. If the Securities of
any series are issued in both registered and unregistered form, except as otherwise established pursuant to Section 2.03, at the
option of the Holder thereof, Unregistered Securities of any series may be exchanged for Registered Securities of such series
and tenor having authorized denominations and an equal aggregate Principal amount, upon surrender of such Unregistered Securities
to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance with Section 3.02 and upon
payment, if the Issuer shall so require, of the charges hereinafter provided. At the option of the Holder thereof, if Unregistered
Securities of any series, maturity date, interest rate and Original Issue Date are issued in more than one authorized denomination,
except as otherwise established pursuant to Section 2.03, such Unregistered Securities may be exchanged for Unregistered Securities
of such series and tenor having authorized denominations and an equal aggregate Principal amount, upon surrender of such Unregistered
Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance with Section 3.02
and upon payment, if the Issuer shall so require, of the charges hereinafter provided. Registered Securities of any series may
not be exchanged for Unregistered Securities of such series. Whenever any Securities are so surrendered for exchange, the Issuer
shall execute, and the Trustee shall authenticate and make available for delivery, the Securities which the Holder making the
exchange is entitled to receive.

 

All Registered Securities presented for registration of transfer,
exchange, redemption, conversion or payment shall be duly endorsed by, or be accompanied by a written instrument or instruments
of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder or his attorney duly authorized in
writing.

 

The Issuer may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any exchange or registration of transfer of Securities.
No service charge shall be made for any such transaction.

 

Notwithstanding any other provision of this Section 2.08, unless
and until it is exchanged in whole or in part for Securities in definitive registered form, a Registered Global Security representing
all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a
nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such
Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary.

 

If at any time the Depositary for any Registered Global Securities
of any series notifies the Issuer that it is unwilling or unable to continue as Depositary for such Registered Global Securities
or if at any time the Depositary for such Registered Global Securities shall no longer be eligible under applicable law, the Issuer
shall appoint a successor Depositary eligible under applicable law with respect to such Registered Global Securities. If a successor
Depositary eligible under applicable law for such Registered Global Securities is not appointed by the Issuer within 90 days after
the Issuer receives such notice or becomes aware of such ineligibility, the Issuer will execute, and the Trustee, upon receipt
of the Issuer’s order for the authentication and delivery of definitive Registered Securities of such series and tenor,
will authenticate and make available for delivery Registered Securities of such series and tenor, in any authorized denominations,
in an aggregate Principal amount equal to the Principal amount of such Registered Global Securities, in exchange for such Registered
Global Securities.

 

    	-13-

    	

    

 

The Issuer may at any time and in its sole discretion determine
that any Registered Global Securities of any series shall no longer be maintained in global form. In such event, or in the event
that there shall have occurred and be continuing an Event of Default with respect to a series of Securities, the Issuer will,
upon the request of any Holder, execute, and the Trustee, upon receipt of the Issuer’s order for the authentication and
delivery of definitive Registered Securities of such series and tenor, will authenticate and make available for delivery, Registered
Securities of such series and tenor in any authorized denominations, in an aggregate Principal amount equal to the Principal amount
of such Registered Global Securities, in exchange for such Registered Global Securities.

 

Any time the Registered Securities of any series are not in
the form of Registered Global Securities pursuant to the preceding two paragraphs, the Issuer agrees to supply the Trustee with
a reasonable supply of certificated Registered Securities without the legend required by Section 2.04 and the Trustee agrees to
hold such Registered Securities in safekeeping until authenticated and delivered pursuant to the terms of this Indenture.

 

If established by the Issuer pursuant to Section 2.03 with respect
to any Registered Global Security, the Depositary for such Registered Global Security may surrender such Registered Global Security
in exchange in whole or in part for Registered Securities of the same series and tenor in definitive registered form on such terms
as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute, and the Trustee shall authenticate and
make available for delivery, without service charge,

 

(i) to the Person specified by such Depositary new
Registered Securities of the same series and tenor, of any authorized denominations as requested by such Person, in an aggregate
Principal amount equal to and in exchange for such Person’s beneficial interest in the Registered Global Security; and

 

(ii) to such Depositary a new Registered Global Security
in a denomination equal to the difference, if any, between the Principal amount of the surrendered Registered Global Security
and the aggregate Principal amount of Registered Securities authenticated and delivered pursuant to clause (i) above.

 

Registered Securities issued in exchange for a Registered Global
Security pursuant to this Section 2.08 shall be registered in such names and in such authorized denominations as the Depositary
for such Registered Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct
the Trustee or an agent of the Issuer or the Trustee. The Trustee or such agent shall deliver such Securities to or as directed
by the Persons in whose names such Securities are so registered.

 

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

 

Notwithstanding anything herein or in the forms or terms of
any Securities to the contrary, none of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall be required to
exchange any Unregistered Security for a Registered Security if such exchange would result in adverse Federal income tax consequences
to the Issuer (such as, for example, the inability of the Issuer to deduct from its income, as computed for Federal income tax
purposes, the interest payable on the Unregistered Securities) under then applicable United States Federal income tax laws. The
Trustee and any such agent shall be entitled to rely on an Officers’ Certificate or an Opinion of Counsel in determining
such result.

 

Neither the Registrar nor the Issuer shall be required (i) to
issue, authenticate, register the transfer of or exchange Securities of any series for a period of 15 days before the mailing
of a notice of redemption of such Securities to be redeemed or (ii) to register the transfer of or exchange any Security selected
for redemption in whole or in part.

 

    	-14-

    	

    

 

Section 2.09 Mutilated, Defaced, Destroyed, Lost and Stolen
Securities. In case any temporary or definitive Security shall become mutilated or defaced and shall be surrendered to the
Trustee, the Issuer shall execute, and the Trustee shall authenticate and deliver, a new Security of the same series, bearing
a number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Security. If the Holder
of any Security claims that the Security has been lost, destroyed or wrongfully taken, the Issuer shall execute, and the Trustee
shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange
and substitution for the lost, destroyed or wrongfully taken Security, if the applicant so requests before the Issuer has notice
that the Security has been acquired by a protected purchaser, and the applicant furnishes to the Issuer and to the Trustee and
any agent of the Issuer or the Trustee such security or indemnity as may be required by them to indemnify and defend and to save
each of them harmless and the applicant satisfies other reasonable requirements imposed by the Issuer.

 

Upon the issuance of any substitute Security, the Issuer 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 and its counsel) connected therewith. In case any Security
which has matured or is about to mature or has been called for redemption in full shall become mutilated or defaced or be destroyed,
lost or stolen, the Issuer 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 or defaced Security), if the applicant for such payment shall furnish to the Issuer
and to the Trustee and any agent of the Issuer or the Trustee such security or taking, the applicant shall also furnish to the
Issuer and the Trustee and any agent of the Issuer or the Trustee evidence to their satisfaction of the destruction, loss or wrongful
taking of such Security and of the ownership thereof.

 

Every substitute Security of any series issued pursuant to the
provisions of this section by virtue of the fact that any such Security is destroyed, lost or stolen shall constitute an additional
contractual obligation of the Issuer, whether or not the destroyed, lost or wrongfully taken Security shall be at any time enforceable
by anyone and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this
Indenture equally and proportionately with any and all other Securities of such series duly authenticated and delivered hereunder.
All Securities shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions
are exclusive with respect to the replacement or payment of mutilated, defaced or destroyed, lost or wrongfully taken Securities
and shall preclude any and all other rights or remedies.

 

Section 2.10 Cancellation of Securities; Destruction Thereof.
All Securities surrendered for payment, redemption, repurchase, conversion, registration of transfer or exchange, if surrendered
to the Issuer or any agent of the Issuer or the Trustee, shall be delivered to the Trustee for cancellation or, if surrendered
to the Trustee, shall be canceled by it; and no Securities shall be issued in lieu thereof except as expressly permitted by any
of the provisions of this Indenture. The Trustee shall dispose of canceled Securities held by it in accordance with the record
retention policies of the Trustee in effect from time to time and, if such canceled certificates are destroyed, shall deliver
a certificate of destruction to the Issuer. If the Issuer shall acquire any of the Securities, 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.

 

Section 2.11 Temporary Securities. Pending the preparation
of definitive Securities for any series, the Issuer may execute and the Trustee shall authenticate and deliver temporary Securities
for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the Trustee).
Temporary Securities of any series shall be issuable as registered Securities without coupons, of any authorized denomination,
and substantially in the form of the definitive Securities of such series but with such omissions, insertions and variations as
may be appropriate for temporary Securities, all as may be determined by the Issuer with the concurrence of the Trustee. Temporary
Securities may contain such reference to any provisions of this Indenture as may be appropriate. Every temporary Security shall
be executed by the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and
with like effect, as the definitive Securities. Without unreasonable delay the Issuer shall execute and shall furnish definitive
Securities of such series and thereupon temporary Securities of such series may be surrendered in exchange therefor without charge
at each office or agency to be maintained by the Issuer for that purpose pursuant to Section 3.02, and the Trustee shall authenticate
and deliver in exchange for such temporary Securities of such series a like aggregate Principal amount of definitive Securities
of the same series of authorized denominations. Until so exchanged, the temporary Securities of any series shall be entitled to
the same benefits under this Indenture as definitive Securities of such series.

 

    	-15-

    	

    

 

Section 2.12 Computation of Interest. Except as otherwise
specified in the Securities of a series, interest shall be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 2.13 CUSIP Numbers. The Issuer in issuing the
Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers. The Issuer will notify the Trustee of any change in the “CUSIP”
numbers.

 

ARTICLE 3

COVENANTS OF THE ISSUER AND THE TRUSTEE

 

Section 3.01 Payment of Principal and Interest. The Issuer
covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay or cause to be paid the
Principal of, and interest on, each of the Securities of such series at the place or places, at the respective times and in the
manner provided in such Securities. Each installment of interest on the Securities of any series may be paid by mailing checks
for such interest payable to or upon the written order of the Holders of Securities entitled thereto as they shall appear on the
registry books of the Issuer.

 

Notwithstanding any provisions of this Indenture and the Securities
of any series to the contrary, if the Issuer and a Holder of any Registered Security so agree or if expressly provided pursuant
to Section 2.03, payments of interest on, and any portion of the Principal of, such Holder’s Registered Security shall be
made by the paying agent, upon receipt from the Issuer of immediately available funds by 11:00 a.m., New York City time (or such
other time as may be agreed to between the Issuer and the paying agent) or the Issuer, directly to the Holder of such Security
(by wire transfer of Federal funds or immediately available funds or otherwise) if the Holder has delivered written instructions
to the Trustee 15 days prior to such payment date requesting that such payment will be so made and designating the bank account
to which such payments shall be so made and, in the case of payments of Principal, surrenders the same to the Trustee. The Trustee
shall be entitled to rely on the last instruction delivered by the Holder pursuant to this Section 3.01 unless a new instruction
is delivered 15 days prior to a payment date. The Issuer will indemnify and hold each of the Trustee and any paying agent harmless
against any loss, liability or expense (including attorneys’ fees and expenses) resulting from any act or omission to act
on the part of the Issuer or any such Holder in connection with any such agreement or from making any payment in accordance with
any such agreement.

 

Section 3.02 Offices for Payments, etc. So long as any
of the Securities remain outstanding, the Issuer will maintain in the Borough of Manhattan, The City of New York an office or
agency (o) where the Securities may be presented for payment, (p) where the Securities may be presented for registration of transfer
and for exchange as in this Indenture provided, (q) where notices and demands to or upon the Issuer in respect of the Securities
or of this Indenture may be served and (r) for Securities of each series that is convertible, where such Securities may be presented
for conversion. The Issuer will give to the Trustee written notice of the location of any such office or agency and of any change
of location thereof. Unless otherwise specified in accordance with Section 2.03, the Issuer hereby initially designates the Corporate
Trust Office of Trustee as the office to be maintained by it for each such purpose. In case the Issuer shall fail to so designate
or maintain any such office or agency or shall fail to give such notice of the location or of any change in the location thereof,
presentations and demands may be made and notices may be served at the Corporate Trust Office.

 

    	-16-

    	

    

 

Section 3.03 Paying Agents. Whenever the Issuer shall
appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause 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:

 

(a) that it will hold all sums received by it as such agent
for the payment of the Principal of or interest on the Securities of such series (whether such sums have been paid to it by the
Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the Holders of the Securities of
such series or of the Trustee;

 

(b) that it will give the Trustee notice of any failure by the
Issuer (or by any other obligor on the Securities of such series) to make any payment of the Principal of or interest on the Securities
of such series when the same shall be due and payable; and during the continuance of the failure referred to in clause Section
3.03(b) above.

 

The Issuer will, on or prior to each due date of the Principal
of or interest on the Securities of such series, deposit with the paying agent a sum sufficient to pay such Principal or interest
so becoming due, and (unless such paying agent is the Trustee) the Issuer will promptly notify the Trustee of any failure to take
such action.

 

If the Issuer shall act as its own paying agent with respect
to the Securities of any Series, it will, on or before each due date of the Principal of or interest on the Securities of such
series, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such series a sum sufficient
to pay such Principal or interest so becoming due. The Issuer will promptly notify the Trustee of any failure to take such action.

 

Whenever the Issuer shall have one or more paying agents for
any series of Securities, it will, on or before each due date of the Principal of or interest on any Securities of such series,
deposit with the paying agent or agents for the Securities of such series a sum, by 11:00 a.m. New York City time in immediately
available funds on the payment date, sufficient to pay the Principal or interest so becoming due with respect to the Securities
of such series, and (unless such paying agent is the Trustee) the Issuer will promptly notify the Trustee in writing of any failure
so to act.

 

Anything in this section to the contrary notwithstanding, the
Issuer may at any time, for the purpose of obtaining a satisfaction and discharge with respect to one or more or all series of
Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for any such series
by the Issuer or any paying agent hereunder, as required by this Section, such sums to be held by the Trustee upon the trusts
herein contained.

 

Anything in this Section 3.03 to the contrary notwithstanding,
the agreement to hold sums in trust as provided in this Section 3.03 is subject to the provisions of Section 9.05.

 

Section 3.04 Certificate of the Issuer. Within 120 days
after the close of the fiscal year ended ●, and within 120 days after the close of each fiscal year thereafter, the Issuer
will furnish to the Trustee a brief certificate (which need not comply with Section 10.05) from the principal executive, financial
or accounting officer of the Issuer as to his or her knowledge of the Issuer’s compliance with all conditions and covenants
under the Indenture (such compliance to be determined without regard to any period of grace or requirement of notice provided
under the Indenture).

 

At the time such certificate is filed, the Issuer will also
file with the Trustee a letter or statement of the independent accountants who shall have certified the financial statements of
the Issuer for its preceding fiscal year to the effect that, in making the examination necessary for certification of such financial
statements, they have obtained no knowledge of any default by the Issuer in the performance or fulfillment of any covenant, agreement
or condition contained in this Indenture, which default remains uncured at the date of such letter or statement, or, if they shall
have obtained knowledge of any such uncured default, specifying in such letter or statement such default or defaults and the nature
and status thereof, it being understood that such accountants shall not be liable directly or indirectly for failure to obtain
knowledge of any such default or defaults, and that nothing contained in this Section 3.04 shall be construed to require such
accountants to make any investigation beyond the scope required in connection with such examination.

 

    	-17-

    	

    

 

Section 3.05 List of Securityholders. If and so long
as the Trustee shall not be the Security registrar for the Securities of any series, the Issuer will furnish or cause to be furnished
to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of the Securities
of such series pursuant to Section 312 of the Trust Indenture Act of 1939 (a) semi-annually not more than 10 days after each record
date for the payment of interest on such Securities, as hereinabove specified, as of such record date and on dates to be determined
pursuant to Section 2.03 for non-interest bearing Securities in each year and (b) at such other times as the Trustee may request
in writing, within 30 days after receipt by the Issuer of any such request as of a date not more than 10 days prior to the time
such information is furnished.

 

Section 3.06 Reports by the Issuer. The Issuer covenants
to:

 

(a) file, whether or not required to do so under applicable
law, with the Trustee, within 15 days after the Issuer files the same with the Commission:

 

(i) copies of the annual reports and of the information,
documents, and other reports which the Issuer files with the Commission pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934; and

 

(ii) such additional information, documents and reports
with respect to compliance by the Issuer with the conditions and covenants provided for in this Indenture as the Issuer may from
time to time file with the Commission; and

 

(b) transmit to the Securityholders, in the manner and to the
extent provided in Section 10.04, such summaries of any information, documents and reports required to be filed with the Trustee
pursuant to the provisions of subdivision (a) of this Section 3.06 as may be required by the rules and regulations of the Commission.

 

Delivery of such reports, information and documents to the Trustee
is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its
covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

Section 3.07 Corporate Existence. So long as any of the
Securities remain unpaid, the Issuer will at all times (except as otherwise provided or permitted elsewhere in this Indenture)
do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.

 

Section 3.08 Restrictions on Mergers, Sales and Consolidations.
So long as any of the Securities remain unpaid, the Issuer will not consolidate or merge with or sell, convey or lease all or
substantially all of its property to any other corporation except as permitted in Article 8 hereof.

 

Section 3.09 Further Assurances. From time to time whenever
requested by the Trustee, the Issuer will execute and deliver such further instruments and assurances and do such further acts
as may be reasonably necessary or proper to carry out more effectually the purposes of this Indenture or to secure the rights
and remedies hereunder of the Holders of the Securities of any series.

 

    	-18-

    	

    

 

ARTICLE 4

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

ON EVENT OF DEFAULT

 

Section 4.01 Event of Default Defined; Acceleration of Maturity;
Waiver of Default. “Event of Default” with respect to Securities of any series wherever used herein, means
any one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and
whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or governmental body):

 

(a) default by the Issuer in the payment of any installment
of interest upon any of the Securities of such series as and when the same shall become due and payable, and continuance of such
default for a period of 30 days;

 

(b) default by the Issuer in the payment of all or any part
of the Principal on any of the Securities of such series as and when the same shall become due and payable either at maturity,
upon redemption, by declaration or otherwise, and continuance of such default for a period of five days;

 

(c) default by the Issuer in the performance, or breach by the
Issuer, of any of its covenants or agreements in respect of the Securities of such series (other than a covenant or agreement
in respect of the Securities of such series a default in whose performance or whose breach is elsewhere in this section specifically
dealt with), and continuance of such default or breach for a period of 30 consecutive days after there has been given, by registered
or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in Principal amount
of the Outstanding Securities of all series affected thereby, a written notice specifying such default or breach and requiring
it to be remedied and stating that such notice is a notice of default hereunder;

 

(d) the entry by a court having jurisdiction in the premises
of a decree or order for relief in respect of the Issuer in an involuntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, or the appointment of a receiver, liquidator, assignee, custodian, trustee or sequestrator
(or similar official) of the Issuer or for any substantial part of the Issuer’s property and assets or the ordering of the
winding up or liquidation of the Issuer’s affairs, and the continuance of any such decree or order unstayed and in effect
for a period of 90 consecutive days;

 

(e) the commencement by the Issuer of a voluntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the entry
of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or for
any substantial part of the Issuer’s property, or the making of any general assignment by the Issuer for the benefit of
creditors; or

 

(f) any other Event of Default provided in the supplemental
indenture or resolution of the Board of Directors under which such series of Securities is issued or in the form of Security for
such series.

 

If an Event of Default described in clauses 4.01(a), 4.01(b),
4.01(c) or 4.01(f) occurs and is continuing, then, and in each and every such case, unless the Principal of all of the Securities
of such 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 any affected series then Outstanding hereunder (each such series voting as a separate class)
by notice in writing to the Issuer (and to the Trustee if given by Securityholders), may declare the entire Principal (or, if
the Securities of such series are Original Issue Discount Securities, such portion of the Principal amount as may be specified
in the terms of such series) of all Securities of such series and the interest accrued thereon, if any, to be due and payable
immediately, and upon any such declaration the same shall become immediately due and payable. If an Event of Default described
in clauses Section 4.01(d) or Section 4.01(e) occurs and is continuing, then the Principal amount of all the Securities then Outstanding
and interest accrued thereon, if any, shall be and become immediately due and payable, without any notice or other action by any
Holder or the Trustee, to the full extent permitted by applicable law.

 

    	-19-

    	

    

 

The foregoing provisions, however, are subject to the condition
that if, at any time after the Principal (or, if the Securities are Original Issue Discount Securities, such portion of the Principal
as may be specified in the terms thereof) of the Securities of any series (or of all the Securities, as the case may be) shall
have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained
or entered as hereinafter provided, the Issuer shall pay or shall deposit with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Securities of such series (or of all the Securities, as the case may be) and the Principal
of any and all Securities of such series (or of all the Securities, as the case may be) which shall have become due otherwise
than by acceleration (with interest upon such Principal and, to the extent that payment of such interest is enforceable under
applicable law, on overdue installments of interest, at the same rate as the rate of interest or Yield to Maturity (in the case
of Original Issue Discount Securities) specified in the Securities of such series (or at the respective rates of interest or Yields
to Maturity of all the Securities, as the case may be) to the date of such payment or deposit) and such amount as shall be sufficient
to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other expenses and liabilities incurred,
and all advances made, by the Trustee except as a result of negligence or bad faith, and if any and all Events of Default under
the Indenture, other than the non-payment of the Principal of Securities which shall have become due by acceleration, shall have
been cured, waived or otherwise remedied as provided herein, then and in every such case the Holders of a majority in aggregate
Principal amount of all the then Outstanding Securities of all such series that have been accelerated, each such series voting
as a separate class, by written notice to the Issuer and to the Trustee, may waive all defaults with respect to such series (or
with respect to all the Securities, as the case may be) and rescind and annul such declaration and its consequences, but no such
waiver or rescission and annulment shall extend to or shall affect any subsequent default or shall impair any right consequent
thereon.

 

For all purposes under this Indenture, if a portion of the Principal
of any Original Issue Discount Securities shall have been accelerated and declared due and payable pursuant to the provisions
hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the Principal amount of
such Original Issue Discount Securities shall be deemed, for all purposes hereunder, to be such Portion of the Principal thereof
as shall be due and payable as a result of such acceleration, and payment of such portion of the Principal thereof as shall be
due and payable as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder,
shall constitute payment in full of such Original Issue Discount Securities.

 

Section 4.02 Collection of Indebtedness by Trustee; Trustee
May Prove Debt. The Issuer covenants that (h) in case default shall be made in the payment of any installment of interest
on any of the Securities of any series when such interest shall have become due and payable, and such default shall have continued
for a period of 30 days or (i) in case default shall be made in the payment of all or any part of the Principal of any of the
Securities of any series when the same shall have become due and payable, whether upon maturity of the Securities of such series
or upon any redemption or by declaration or otherwise, then in each case upon demand of the Trustee, the Issuer will pay to the
Trustee for the benefit of the Holders of the Securities of such series (x) the whole amount that then shall have become due and
payable on all Securities of such series for Principal or interest, as the case may be (with interest to the date of such payment
upon the overdue Principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments
of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities)
specified in the Securities of such series) and (y) in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including reasonable compensation to the Trustee and each predecessor Trustee, their respective
agents and counsel, and any expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee
except as a result of its negligence or bad faith.

 

Until such demand is made by the Trustee, the Issuer may pay
the Principal of and interest on the Securities of any series to the registered Holders, whether or not the Principal of and interest
on the Securities of such series be overdue.

 

    	-20-

    	

    

 

In case the Issuer shall fail forthwith to pay such amounts
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 proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Issuer or other obligor
upon such Securities and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Securities,
wherever situated, the monies adjudged or decreed to be payable.

 

In case there shall be pending proceedings relative to the Issuer
or any other obligor upon the Securities under Title 11 of the United States Code or any other applicable Federal or state bankruptcy,
insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator
or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor, or
in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Securities of any series,
or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the Principal of any
Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such
proceedings or otherwise:

 

(a) to file and prove a claim or claims for the whole amount
of Principal and interest (or, if the Securities of any series are Original Issue Discount Securities, such portion of the Principal
amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities of any series, and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim
for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and
for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee,
except as a result of negligence or bad faith) and of the Securityholders allowed in any judicial proceedings relative to the
Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor;

 

(b) unless prohibited by applicable law and regulations, to
vote on behalf of the Holders of the Securities of any series in any election of a trustee or a standby trustee in arrangement,
reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing similar functions in comparable
proceedings; and

 

(c) to collect and receive any monies or other property payable
or deliverable on any such claims, and to distribute all amounts received with respect to the claims of the Securityholders and
of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar official is hereby authorized
by each of the Securityholders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making
of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation
to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities
incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith and
all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 5.06.

 

Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities of any 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 except, as aforesaid, to vote for the election of
a trustee in bankruptcy or similar person.

 

All rights of action and of asserting claims under this Indenture,
or under any of the Securities, may be enforced by the Trustee without the possession of any of the Securities or the production
thereof on any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall
be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses,
disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for
the ratable benefit of the Holders of the Securities in respect of which such action was taken.

 

    	-21-

    	

    

 

In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held
to represent all the Holders of the Securities in respect to which such action was taken, and it shall not be necessary to make
any Holders of such Securities parties to any such proceedings.

 

Section 4.03 Application of Proceeds. Any monies collected
by the Trustee pursuant to this Article in respect of any series shall be applied in the following order at the date or dates
fixed by the Trustee and, in case of the distribution of such monies on account of Principal or interest, upon presentation of
the several Securities in respect of which monies have been collected and stamping (or otherwise noting) thereon the payment,
or issuing Securities of such series in reduced Principal amounts in exchange for the presented Securities of like series if only
partially paid, or upon surrender thereof if fully paid:

 

FIRST: To the payment of costs and expenses applicable to such series
in respect of which monies have been collected, including reasonable compensation to the Trustee and each predecessor Trustee
and their respective agents and attorneys and of all expenses and liabilities incurred, and all advances made, by the Trustee
and each predecessor Trustee except as a result of negligence or bad faith, and all other amounts due to the Trustee or any predecessor
Trustee pursuant to Section 5.06;

 

SECOND: In case the Principal of the Securities of such series in respect
of which monies have been collected shall not have become and be then due and payable, to the payment of interest on the Securities
of such series in default in the order of the maturity of the installments of such interest, with interest (to the extent that
such interest has been collected by the Trustee) upon the overdue installments of interest at the same rate as the rate of interest
or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities, such payments to be made
ratably to the persons entitled thereto, without discrimination or preference;

 

THIRD: In case the Principal of the Securities of such series in respect
of which monies have been collected shall have become and shall be then due and payable, to the payment of the whole amount then
owing and unpaid upon all the Securities of such series for Principal and interest, with interest upon the overdue Principal,
and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the same rate
as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of
such series; and in case such monies shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities
of such series, then to the payment of such Principal and interest or yield to maturity, without preference or priority of Principal
over interest or yield to maturity, or of interest or yield to maturity over Principal, or of any installment of interest over
any other installment of interest, or of any Security of such series over any other Security of such series, ratably to the aggregate
of such Principal and accrued and unpaid interest or yield to maturity; and

 

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

 

Section 4.04 Suits for Enforcement. In case an Event
of Default has occurred, has not been waived and is continuing, the Trustee may proceed to protect and enforce the rights vested
in it by this Indenture, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any
covenant or agreement contained in this 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.

 

    	-22-

    	

    

 

Section 4.05 Restoration of Rights on Abandonment of Proceedings.
In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued
or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case the Issuer and
the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers
of the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings had been taken.

 

Section 4.06 Limitations on Suits by Securityholder.
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 action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this Indenture, or
for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder,
unless such Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof,
as hereinbefore provided, and unless also 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 or proceedings in respect
of such Event of Default in its own name as trustee hereunder and shall have offered to the Trustee indemnity satisfactory to
the Trustee against the costs, expenses and liabilities to be incurred therein or thereby and the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding and no direction
inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.09; it being understood and
intended, and being expressly covenanted by the Holder of every Security with every other Holder and the Trustee, that no one
or more Holders of Securities of any series shall have any right in any manner whatever by virtue or by availing of any provision
of this Indenture to affect, disturb or prejudice the rights of any other such Holder of 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 the applicable 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 4.07 Unconditional Right of Securityholders to Institute
Certain Suits. Notwithstanding any other provision in this Indenture and any provision of any Security, the right of any Holder
of any Security to receive payment of the Principal of or interest on such Security on or after the respective due dates expressed
in such Security, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder.

 

Section 4.08 Powers and Remedies Cumulative; Delay or Omission
Not Waiver of Default. Except as provided in Section 4.06, no right or remedy herein conferred upon or reserved to the Trustee
or to the Securityholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

 

No delay or omission of the Trustee or of any Securityholder
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 Event of Default or an acquiescence therein; and, subject to Section
4.06, every power and remedy given by this Indenture or by law to the Trustee or to the Securityholders may be exercised from
time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

 

    	-23-

    	

    

 

Section 4.09 Control by Securityholders. The Holders
of a majority in aggregate Principal amount of the Securities of each series affected (with each series voting as a separate class)
at the time outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Securities of such series
by this Indenture; provided that such direction shall not be otherwise than in accordance with law and the provisions of this
Indenture and provided further that (subject to the provisions of Section 5.01) the Trustee shall have the right to decline to
follow any such direction if the Trustee, being advised by counsel, shall determine that the action or proceeding so directed
may not lawfully be taken or if the Trustee in good faith by its board of directors, the executive committee, or a trust committee
of directors or Responsible Officers of the Trustee shall determine that the action or proceedings so directed would subject the
Trustee to personal liability or if the Trustee in good faith shall so determine that the actions or forbearances specified in
or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all series so affected
not joining in the giving of said direction.

 

Nothing in this Indenture shall impair the right of the Trustee
to take any action which is not inconsistent with such direction or directions by Securityholders.

 

Section 4.10 Waiver of Past Defaults. Prior to a declaration
of the acceleration of the maturity of the Securities of any series as provided in Section 4.01, the Holders of a majority in
aggregate Principal amount of the Securities of such series at the time Outstanding (each such series voting as a separate class)
may on behalf of the Holders of all the Securities of such series waive an existing default or Event of Default, except a default
in the payment of Principal of or interest on any Security as specified in clauses (a) or (b) of Section 4.01 or in respect of
a covenant or provision hereof which cannot be modified or amended without the consent of each Holder affected as provided in
Section 7.02. In the case of any such waiver, the Issuer, the Trustee and the Holders of the Securities of each series affected
shall be restored to their former positions and rights hereunder, respectively.

 

Upon any such waiver, such default shall cease to exist and
be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been
cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other
default or Event of Default or impair any right consequent thereon.

 

Section 4.11 Trustee to Give Notice of Default, But May Withhold
in Certain Circumstances. The Trustee shall give to the Securityholders of any series, as the names and addresses of such
Holders appear on the registry books, notice by mail of all defaults known to Responsible Officers of the Trustee which have occurred
with respect to such series, such notice to be transmitted within 90 days after the occurrence thereof, unless such defaults shall
have been cured before the giving of such notice (the term “default” or “defaults” for the purposes of
this section being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become,
an Event of Default); provided that, except in the case of default in the payment of the Principal of or interest on any of the
Securities of such series, 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 or trustees and/or Responsible Officers of the Trustee in good faith
determines that the withholding of such notice is in the interests of the Securityholders of such series.

 

Section 4.12 Right of Court to Require Filing of Undertaking
to Pay Costs. All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section
4.12 shall not apply to (i) any suit instituted by the Trustee, (ii) any suit instituted by any Securityholder or group of Securityholders
of any series holding in the aggregate more than 10% in aggregate Principal amount of the Securities of such series or (iii) any
suit instituted by a Holder pursuant to Section 4.07.

 

    	-24-

    	

    

 

ARTICLE 5

CONCERNING THE TRUSTEE

 

Section 5.01 Duties and Responsibilities of the Trustee.
With respect to the Holders of any series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of
Default with respect to the Securities of a particular series and after the curing or waiving of all Events of Default which may
have occurred with respect to such series, undertakes to perform such duties and only such duties as are specifically set forth
in this Indenture. In case an Event of Default with respect to the Securities of a series has occurred (which has not been cured
or waived) the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of
care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs.

 

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

 

(i) the duties and obligations of the Trustee with
respect to the Securities of any Series shall be determined solely by the express provisions of this Indenture, and the Trustee
shall not be liable 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

 

(ii) in the absence of bad faith on the part of the
Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein,
upon any statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but
in the case of any such statements, certificates or opinions which by any provision hereof are specifically required to be furnished
to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements
of this Indenture.

 

(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:

 

(i) this subsection (b) shall not be construed to
limit the effect of subsection (a) of this Section 5.01;

 

(ii) 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; and

 

(iii) the Trustee shall not be liable with respect
to any action taken, suffered or omitted to be taken by it in good faith in accordance with the direction of the Holders 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.

 

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, if there shall be reasonable ground for believing that the repayment of such
funds or adequate indemnity against such liability is not reasonably assured to it.

 

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The provisions of this Section 5.01 are in furtherance of and
subject to Sections 315 and 316 of the Trust Indenture Act of 1939.

 

Whether or not therein expressly provided, every provision of
this Indenture relating to the conduct of, affecting the liability of or affording protection to the Trustee shall be subject
to the provisions of this Section 5.01.

 

Section 5.02 Certain Rights of the Trustee. In furtherance
of and subject to the Trust Indenture Act of 1939, and subject to Section 5.01:

 

(a) In the absence of bad faith on its part, the Trustee may
conclusively rely and shall be protected in acting or refraining from acting upon any resolution, Officers’ Certificate
or any other certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture,
note, coupon, 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 Issuer mentioned
herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically
prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the secretary
or an assistant secretary of the Issuer;

 

(c) the Trustee may consult with counsel of its selection and
any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered
or omitted to be taken by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

 

(d) the Trustee shall be under no obligation to exercise any
of the trusts 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 reasonable security or indemnity
against the costs, expenses and liabilities which might be incurred by it in connection with such request, order or direction;

 

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

 

(f) prior to the occurrence of an Event of Default hereunder
and after the curing or waiving of all Events of Default, 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,
appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing so to do by the Holders
of not less than a majority in aggregate Principal amount of the Securities of all series affected then outstanding; provided
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 it against such expenses or liabilities
as a condition to proceeding, and the reasonable expenses of every such investigation shall be paid by the Issuer or, if paid
by the Trustee or any predecessor trustee, shall be repaid by the Issuer upon demand;

 

(g) 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 not regularly in its employ and the Trustee
shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by
it hereunder;

 

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

 

(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 is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references
the Securities and this Indenture;

 

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

 

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

 

Section 5.03 Trustee Not Responsible for Recitals, Disposition
of Securities or Application of Proceeds Thereof. The recitals contained herein and in the Securities, except the Trustee’s
certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for
the correctness of the same. The Trustee makes no representation as to the validity or sufficiency of this Indenture or the Securities.
The Trustee shall not be accountable for the use or application by the Issuer of any of the Securities or of the proceeds thereof.

 

Section 5.04 Trustee and Agents May Hold Securities; Collections,
etc. The Trustee or any agent of the Issuer or the Trustee, 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 the Trustee or such agent and may otherwise deal with
the Issuer and receive, collect, hold and retain collections from the Issuer with the same rights it would have if it were not
the Trustee or such agent.

 

Section 5.05 Monies Held by Trustee. All monies received
by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by mandatory provisions
of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any liability for interest on any monies
received by it hereunder.

 

Section 5.06 Compensation and Indemnification of Trustee
and Its Prior Claim. The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled
to, such compensation as shall be agreed in writing from time to time by the Issuer and the Trustee (which shall not be limited
by any provision of law in regard to the compensation of a trustee of an express trust) and the Issuer covenants and agrees to
pay or reimburse the Trustee and each predecessor Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by or on behalf of it 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 agents and other persons not regularly in its employ) except to the
extent any such expense, disbursement or advance may arise from its negligence or bad faith. The Issuer also covenants and agrees
to indemnify the Trustee and each predecessor Trustee for, and to hold it harmless against, any loss, liability or expense arising
out of or in connection with the acceptance or administration of this Indenture or the trusts hereunder and the performance of
its duties hereunder, including the costs and expenses of defending itself against or investigating any claim of liability (whether
asserted by the Issuer, a Holder or any other Person) in the premises, except to the extent such loss, liability or expense is
due to the negligence or bad faith of the Trustee or such predecessor Trustee. The obligations of the Issuer under this section
to compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor
Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the satisfaction
and discharge of this Indenture or the resignation or removal of the Trustee. Such additional indebtedness shall be a senior claim
and lien 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, and the Securities are hereby subordinated to such senior claim.
The parties agree that if the Trustee renders services following an Event of Default under Section 4.01(d) or (e), compensation
for such services is intended to constitute administrative expense under any bankruptcy law.

 

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Section 5.07 Right of Trustee to Rely on Officers’
Certificate, etc. Subject to Section 5.01 and Section 5.02, whenever in the administration of the trusts of this Indenture
the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting
any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence
of negligence or bad faith on the part of the Trustee, 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 bad faith on the part of the Trustee,
shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this Indenture upon
the faith thereof.

 

Section 5.08 Persons Eligible for Appointment as Trustee.
The Trustee for each series of Securities hereunder shall at all times be a corporation which is eligible in accordance with the
provisions of Section 310(a) of the Trust Indenture Act of 1939 and which has (or which is a Wholly-Owned Subsidiary, directly
or indirectly, of a bank holding company which has) a combined capital and surplus of $50,000,000. If such corporation or holding
company publishes reports of condition at least annually, pursuant to law or to the requirements of a Federal, State or District
of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such
corporation or holding company shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published.

 

Section 5.09 Resignation and Removal; Appointment of Successor
Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more
or all series of Securities by giving written notice of resignation to the Issuer. Upon receiving such notice of resignation,
the Issuer shall promptly appoint a successor trustee or trustees with respect to the applicable series by written instrument
in duplicate, executed by authority of the Board of Directors, one copy of which instrument shall be delivered to the resigning
Trustee and one copy to the successor trustee or trustees. If no successor Trustee shall have been so appointed with respect to
any series and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee
may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trustee, or
any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series for at least six months
may, subject to the provisions of Section 4.12, 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 of the following shall occur:

 

(i) the Trustee shall fail to comply with the provisions
of Section 310(b) of the Trust Indenture Act of 1939 with respect to any series of Securities after written request therefor by
the Issuer or by any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six
months;

 

(ii) the Trustee shall cease to be eligible in accordance
with the provisions of Section 310(a) of the Trust Indenture Act of 1939 and shall fail to resign after written request therefor
by the Issuer or by any Securityholder; or

 

(iii) the Trustee shall become incapable of acting
with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee
or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation; then, in any such case, the Issuer may remove the Trustee
with respect to the applicable series of Securities and appoint a successor trustee for such series by written instrument, in
duplicate, executed by order of the Board of Directors of the Issuer, one copy of which instrument shall be delivered to the Trustee
so removed and one copy to the successor Trustee, or, subject to Section 315(e) of the Trust Indenture Act of 1939, any Securityholder
who has been a bona fide Holder of a Security or Securities of such series for at least six months may on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor trustee with respect to such series. 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 each series at the time outstanding may at any time remove the Trustee with respect to Securities of such
series and appoint a successor Trustee with respect to the Securities of such series by delivering to the Trustee so removed,
to the successor Trustee so appointed and to the Issuer the evidence provided in Section 6.01 of the action in that regard taken
by the Securityholders.

 

(d) Any resignation or removal of the Trustee with respect to
any series and any appointment of a successor trustee with respect to such series pursuant to any of the provisions of this Section
5.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 5.10.

 

Section 5.10 Acceptance of Appointment by Successor.
Any successor Trustee appointed as provided in Section 5.09 shall execute and deliver to the Issuer and to its predecessor Trustee
an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee with respect
to all or any applicable series shall become effective and such successor Trustee, without any further act, deed or conveyance,
shall become vested with all rights, powers, duties and obligations with respect to such series of its predecessor hereunder,
with like effect as if originally named as Trustee for such series hereunder. On the written request of the Issuer or of the successor
Trustee, upon payment of its charges then unpaid, the Trustee ceasing to act shall, subject to Section 5.06, pay over to the successor
Trustee all monies at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor
Trustee all such rights, powers, duties and obligations. Upon request of any such successor Trustee, the Issuer shall execute
any and all instruments in writing for more fully and certainly vesting in and confirming to such successor Trustee all such rights
and powers. Any Trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or funds held or collected
by such Trustee to secure any amounts then due it pursuant to the provisions of Section 5.06.

 

If a successor Trustee is appointed with respect to the Securities
of one or more (but not all) series, the Issuer, the predecessor Trustee and each successor Trustee with respect to the Securities
of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall
be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Trustee with respect
to the Securities of any series as to which the predecessor Trustee is not retiring shall continue to be vested in the predecessor
Trustee, and 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 and that each such Trustee shall be Trustee of a trust
or trusts under separate indentures.

 

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Upon acceptance of appointment by any successor Trustee as provided
in this Section 5.10, the Issuer shall mail notice thereof by first-class mail to the Holders of Securities of any series for
which such successor Trustee is acting as Trustee at their last addresses as they shall appear in the Security register. If the
acceptance of appointment is substantially contemporaneous with the resignation, then the notice called for by the preceding sentence
may be combined with the notice called for by Section 5.09. If the Issuer fails to mail such notice within 10 days after acceptance
of appointment by the successor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the Issuer.

 

Section 5.11 Merger, Conversion, Consolidation or Succession
to Business of Trustee. 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, or any corporation
succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder,
provided that such corporation shall be eligible under the provisions of Section 5.08, 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 at the time such successor to the Trustee shall succeed
to the trusts created by this Indenture any of the Securities of any series shall have been authenticated but not delivered, any
such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such Securities
so authenticated; and, in case at that time any of the Securities of any series shall not have been authenticated, any successor
to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor
Trustee; and in all such cases such certificate shall have the full force which it is anywhere in the Securities of such series
or in this Indenture provided that the certificate of the Trustee shall have; provided, that the right to adopt the certificate
of authentication of any predecessor Trustee or to authenticate Securities of any series in the name of any predecessor Trustee
shall apply only to its successor or successors by merger, conversion or consolidation.

 

Section 5.12 Reports to the Trustee. The Trustee shall
transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture
Act, the Trustee shall, within sixty days after each May 15 following the date of the initial issuance of Securities under this
Indenture deliver to Holders a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a).

 

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

 

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ARTICLE 6

CONCERNING THE SECURITYHOLDERS

 

Section 6.01 Evidence of Action Taken by Securityholders.
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given
or taken by a specified percentage in Principal amount of the Securityholders of any or all series may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders in person or
by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when
such instrument or instruments are delivered to the Trustee. Proof of execution of any instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and (subject to Section 5.01 and Section 5.02) conclusive in
favor of the Trustee and the Issuer, if made in the manner provided in this Article.

 

Section 6.02 Proof of Execution of Instruments and of Holding
of Securities; Record Date. Subject to Section 5.01 and Section 5.02, the execution of any instrument by a Securityholder
or his agent or proxy may be proved by the certificate of any notary public or other officer authorized to take acknowledgment
of deeds, that the Person executing such instrument acknowledged to such notary public or other such officer the execution thereof,
or by an affidavit of a witness to such execution sworn to before any such notary public or other officer. Where such execution
is by an officer of a corporation or association or a member of a partnership on behalf of such corporation, association or partnership,
as the case may be, or by any other Person acting in a representative capacity, such certificate or affidavit shall also constitute
sufficient proof of such Person’s authority. The holding of Securities shall be proved by the Security register or by a
certificate of the registrar thereof. The Issuer may set a record date for purposes of determining the identity of Holders of
Securities of any series entitled to vote or consent to any action referred to in Section 6.01, which record date may be set at
any time or from time to time by notice to the Trustee, for any date or dates (in the case of any adjournment or reconsideration)
not more than 60 days nor less than five days prior to the proposed date of such vote or consent, and thereafter, notwithstanding
any other provisions hereof, only Holders of Securities of such series of record on such record date shall be entitled to so vote
or give such consent or revoke such vote or consent.

 

Section 6.03 Holders to be Treated as Owners. Prior to
due presentment of a Security for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee
may deem and treat the person in whose name any Security shall be registered upon the Security register for such series as the
absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or
other writing thereon) for the purpose of receiving payment of or on account of the Principal of and, subject to the provisions
of this Indenture, interest on such Security and for all other purposes, and neither the Issuer nor the Trustee nor any agent
of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such person, or
upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability
for monies payable upon any such Security.

 

Section 6.04 Securities Owned by Issuer Deemed Not Outstanding.
In determining whether the Holders of the requisite aggregate Principal amount of Outstanding Securities of any or all series
have concurred in any direction, consent or waiver under this Indenture, Securities which are owned by the Issuer or any other
obligor on the Securities with respect to which such determination is being made or by any person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Issuer or any other obligor on the Securities with respect
to which such determination is being made 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 as to which the Trustee has received written notice are so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Issuer or any other
obligor upon the Securities or any person directly or indirectly controlling or controlled by or under direct or indirect common
control with the Issuer or any other obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall
be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee,
the Issuer shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Securities, if any,
known by the Issuer to be owned or held by or for the account of any of the above-described persons; and, subject to Section 5.01
and Section 5.02, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts
therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such determination.

 

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Section 6.05 Right of Revocation of Action Taken. At
any time prior to (but not after) the evidencing to the Trustee, as provided in Section 6.01, of the taking of any action by the
Holders of the percentage in aggregate Principal amount of the Securities of any or all series, as the case may be, specified
in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the evidence
to be included among the serial numbers of the Securities the Holders of which have consented to such action may, by filing written
notice at the Corporate Trust Office and upon proof of holding as provided in this Article, 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 Securities issued in exchange or substitution therefor,
irrespective of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders
of the percentage in aggregate Principal amount of the Securities of any or all series, as the case may be, specified in this
Indenture in connection with such action shall be conclusively binding upon the Issuer, the Trustee and the Holders of all the
Securities affected by such action.

 

ARTICLE 7

SUPPLEMENTAL INDENTURES

 

Section 7.01 Supplemental Indentures Without Consent of Securityholders.
The Issuer, when authorized by a resolution of its Board of Directors certified to the Trustee, and the Trustee may from time
to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes:

 

(a) to evidence the succession of another corporation to the
Issuer, or successive successions, and the assumption by the successor corporation of the covenants, agreements and obligations
of the Issuer pursuant to Article 8;

 

(b) (i) to cure any ambiguity or to correct or supplement any
provision contained herein or in any supplemental indenture which may be defective or inconsistent with any other provision contained
herein or in any supplemental indenture, (ii) to conform the terms of Securities to the description thereof in the prospectus
and prospectus supplement (or similar offering document) offering such Securities or (iii) to make such other provisions in regard
to matters or questions arising under this Indenture or under any supplemental indenture as the Board of Directors may deem necessary
or desirable and which shall not adversely affect the interests of the Holders of the Securities in any material respect;

 

(c) to establish the form or terms of Securities of any series
as permitted by Section 2.01 and Section 2.03;

 

(d) to evidence and provide for the acceptance of appointment
hereunder by a successor trustee with respect to the Securities of one or more series and to add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
trustee, pursuant to the requirements of Section 5.10;

 

(e) to comply with any requirements of the Commission in connection
with the qualification of this Indenture under the Trust Indenture Act of 1939;

 

(f) to provide for uncertificated or Unregistered Securities
and to make all appropriate changes for such purpose;

 

(g) to make any change that would not reasonably be expected
to adversely affect the rights of any Holder in any material respect;

 

(h) to add to the covenants of the Issuer such new covenants,
restrictions, conditions or provisions as its Board of Directors shall consider to be for the protection of the Holders of Securities,
and with respect to which the Trustee has received an Opinion of Counsel to a similar effect, and to make the occurrence, or the
occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of
Default; provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental indenture
may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case
of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available
to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate Principal amount
of the Securities of such series to waive such an Event of Default; or

 

(i) to make any change so long as no Securities are Outstanding.

 

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The Trustee is hereby authorized to join with the Issuer in
the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein
contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall
not be obligated to enter into any such supplemental indenture which 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 without the consent of the Holders of any of the Securities at the time outstanding, notwithstanding any
of the provisions of Section 7.02.

 

Section 7.02 Supplemental Indentures With Consent of Securityholders.
With the consent (evidenced as provided in Article 6) of the Holders of not less than a majority in aggregate Principal amount
of the Securities at the time Outstanding of all series affected by such supplemental indenture (voting as one class), the Issuer,
when authorized by a resolution of its Board of Directors, and the Trustee may, from time to time and at any time, enter into
an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders
of the Securities of each such series; provided, that no such supplemental indenture shall without the consent of each Holder
affected thereby:

 

(i) change the stated maturity of the Principal of, or the time
of payment of any installment of interest on, such Holder’s Security;

 

(ii) reduce the Principal thereof or the rate of interest thereon,
or any premium payable with respect thereto;

 

(iii) change any place of payment where, or the currency in which,
any Security or any premium or the interest thereon is payable;

 

(iv) change the provisions for calculating any redemption or repurchase
price, including the definitions relating thereto;

 

(v) make any change to Section 4.07 or Section 4.10 (except to
include other provisions subject to Section 4.10);

 

(vi) reduce the percentage in Principal amount of outstanding
Securities of the relevant series the consent of whose Holders is required for any such supplemental indenture, for any waiver
of compliance with any provisions of this Indenture or any defaults and their consequences provided for in this Indenture;

 

(vii) alter or impair the right to convert any Security at the
rate and upon the terms provided in Article 12;

 

(viii) waive a default in the payment of Principal of or interest
on any Security of such Holder (except pursuant to a rescission of acceleration pursuant to Section 4.01);

 

(ix) adversely affect the rights of such Holder under any mandatory
redemption or repurchase provision or any right of redemption or repurchase at the option of such Holder;

 

(x) modify any of the provisions of this Section 7.02, except
to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each outstanding Security affected thereby;

 

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(xi) modify Article 13 of this Indenture or the definition of
“Senior Indebtedness” in Article 1 hereof in a manner adverse to Holders of any series of Securities; or

 

(xii) change or waive any provision that, pursuant to a board
resolution or indenture supplemental hereto establishing the terms of one or more series of Securities, is prohibited to be so
changed or waived.

 

Upon the written request of the Issuer, accompanied by a copy
of a resolution of the Board of Directors certified by the secretary or an assistant secretary of the Issuer authorizing the execution
of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders as aforesaid
and other documents, if any, required by Section 6.01, the Trustee shall join with the Issuer 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.

 

It shall not be necessary for the consent of the Securityholders
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.

 

Promptly after the execution by the Issuer and the Trustee of
any supplemental indenture pursuant to the provisions of this Section, the Issuer shall mail a notice thereof by first class mail
to the Holders of Securities of each series affected thereby at their addresses as they shall appear on the registry books of
the Issuer, setting forth in general terms the substance of such supplemental indenture. Any failure of the Issuer to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

Section 7.03 Effect of Supplemental Indenture. Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall 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 Issuer and the Holders of Securities of each 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 7.04 Documents to Be Given to Trustee. The Trustee,
subject to the provisions of Section 5.01 and Section 5.02, may receive an Officers’ Certificate and an Opinion of Counsel
as conclusive evidence that any supplemental indenture executed pursuant to this Article 7 complies with the applicable provisions
of this Indenture.

 

Section 7.05 Notation on Securities in Respect of Supplemental Indentures.
Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions
of this Article may bear a notation in form approved by the Trustee for such series as to any matter provided for by such supplemental
indenture or as to any action taken at any such meeting. If the Issuer or the Trustee shall so determine, new Securities of any
series so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture
contained in any such supplemental indenture may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange
for the Securities of such series then outstanding.

 

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ARTICLE 8

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

 

Section 8.01 Issuer May Consolidate, etc., on Certain Terms.
The Issuer covenants that it will not merge or consolidate with any other Person or sell, convey, transfer, lease or otherwise
dispose of all or substantially all of its property and assets to any Person (other than a consolidation with or merger with or
into or a sale, conveyance, transfer, lease or other disposition to a Wholly-Owned Subsidiary with a positive net worth; provided
that, in connection with any such merger of the Issuer with a Wholly-Owned Subsidiary, no consideration (other than common
stock) in the surviving person or the Issuer shall be issued or distributed to the stockholders of the Issuer), unless (xv) either
(x) the Issuer shall be the continuing corporation, or the successor corporation or (y) the Person formed by such consolidation
or into which the Issuer is merged or that acquires by sale or conveyance substantially all the assets of the Issuer (if other
than the Issuer) shall be a corporation or limited liability company organized and validly existing under the laws of the United
States of America or any jurisdiction thereof and shall expressly assume the due and punctual payment of the Principal of and
interest on all the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants
and conditions of this Indenture to be performed or observed by the Issuer, by supplemental indenture satisfactory to the Trustee,
executed and delivered to the Trustee by such Person, (xvi) immediately after giving effect to such transaction, no default or
Event of Default shall have occurred and be continuing and (xvii) the Issuer delivers to the Trustee an Officers’ Certificate
and Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such supplemental indenture complies
with this Section 8.01 and that all conditions precedent provided for herein relating to such transaction have been complied with;
provided, however, that the foregoing limitations shall not apply if, in the good faith determination of the Board of Directors,
whose determination shall be evidenced by a board resolution certified to the Trustee, the principal purpose of such transaction
is to change the state of incorporation of the Issuer; and provided further that any such transaction shall not have as
one of its purposes the evasion of the foregoing limitations.

 

Section 8.02 Successor Corporation Substituted. In case
of any such consolidation, merger, sale, conveyance, transfer, lease or other disposition, and following such an assumption by
the successor Person, such successor Person shall succeed to and be substituted for the Issuer, with the same effect as if it
had been named herein. Such successor Person may cause to be signed, and may issue either in its own name or in the name of the
Issuer prior to such succession any or all of the Securities issuable hereunder which theretofore shall not have been signed by
the Issuer and delivered to the Trustee; and, upon the order of such successor Person instead of the Issuer and subject to all
the terms, conditions and limitations in this Indenture prescribed, the Trustee, pursuant to the terms hereof, shall authenticate
and shall deliver any Securities which previously shall have been signed and delivered by the officers of the Issuer to the Trustee
for authentication, and any Securities which such successor Person thereafter shall cause to be signed and delivered to the Trustee
for that purpose. All of the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture
as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities
had been issued at the date of the execution hereof.

 

In case of any such consolidation, merger, sale, conveyance,
transfer, lease 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.

 

Upon the assumption by the successor Person in the manner described
in this Article, the Issuer shall be discharged from all obligations and covenants under this Indenture and the Securities.

 

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ARTICLE 9

DISCHARGE OF INDENTURE

 

Section 9.01 Defeasance Within One Year of Payment. Except
as otherwise provided in this Section 9.01, the Issuer may terminate its obligations under the Securities of any series and this
Indenture with respect to Securities of such series if:

 

(i) all Securities of such series previously authenticated and
delivered (other than destroyed, lost or wrongfully taken Securities of such series that have been replaced or Securities of such
series for whose payment money or securities have theretofore been held in trust and thereafter repaid to the Issuer, as provided
in Section 9.05) have been delivered to the Trustee for cancellation and the Issuer has paid all sums payable by it hereunder;
or

 

(ii) (A) the Securities of such series mature within one year
or all of them are to be called for redemption within one year under arrangements satisfactory to the Trustee for giving the notice
of redemption, (B) the Issuer irrevocably deposits in trust with the Trustee, as trust funds solely for the benefit of the Holders
of such Securities for that purpose, money or U.S. Government Obligations or a combination thereof sufficient (unless such funds
consist solely of money, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee), without consideration of any reinvestment and after payment of all Federal, state
and local taxes or other charges and assessments in respect thereof payable by the Trustee, to pay Principal of and interest on
the Securities of such series to maturity or redemption, as the case may be, and to pay all other sums payable by it hereunder
and (C) the Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that
all conditions precedent provided for herein relating to the satisfaction and discharge of this Indenture with respect to the
Securities of such series have been complied with.

 

With respect to the foregoing clause (i), only the Issuer’s
obligations under Sections 5.06 and 9.05 in respect of the Securities of such series shall survive. With respect to the foregoing
clause (ii), only the Issuer’s obligations in Sections 2.03 through 2.11, 3.02, 5.06, 5.09 and 9.05 in respect of the Securities
of such series shall survive until such Securities of such series are no longer outstanding. Thereafter, only the Issuer’s
obligations in Sections 5.06 and 9.05 in respect of the Securities of such series shall survive. After any such irrevocable deposit,
the Trustee shall acknowledge in writing the discharge of the Issuer’s obligations under the Securities of such series and
this Indenture with respect to the Securities of such series except for those surviving obligations specified above.

 

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Section 9.02 Defeasance. Except as provided below, the
Issuer will be deemed to have paid and will be discharged from any and all obligations in respect of the Securities of any series
and the provisions of this Indenture will no longer be in effect with respect to the Securities of such series (and the Trustee,
at the expense of the Issuer, shall execute instruments in form and substance satisfactory to the Issuer and the Trustee acknowledging
the same) if the following conditions shall have been satisfied:

 

(i) the Issuer has irrevocably deposited in trust with the Trustee
as trust funds specifically pledged as security for, and dedicated solely to, Holders of the Securities of such series, for payment
of the Principal of and interest on the Securities of such series, money or U.S. Government Obligations or a combination thereof
sufficient (unless such funds consist solely of money, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee) without consideration of any reinvestment and after payment
of all federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee, to pay and discharge
the Principal of and accrued interest on the outstanding Securities of such series to maturity or earlier redemption (irrevocably
provided for under arrangements satisfactory to the Trustee), as the case may be;

 

(ii) such deposit will not result in a breach or violation of,
or constitute a default under, this Indenture or any other material agreement or instrument to which the Issuer is a party or
by which it is bound;

 

(iii) no default or Event of Default with respect to the Securities
of such series shall have occurred and be continuing on the date of such deposit;

 

(iv) the Issuer shall have delivered to the Trustee (1) either
(x) a ruling directed to the Trustee received from the Internal Revenue Service to the effect that the Holders of the Securities
of such series will not recognize income, gain or loss for Federal income tax purposes as a result of the Issuer’s exercise
of its option under this Section 9.02 and will be subject to federal income tax on the same amount and in the same manner and
at the same times as would have been the case if such deposit and defeasance had not occurred or (y) an Opinion of Counsel to
the same effect as the ruling described in clause (x) above and based upon a change in law and (2) an Opinion of Counsel to the
effect that the Holders of the Securities of such series have a valid security interest in the trust funds subject to no prior
liens under the UCC; and

 

(v) the Issuer has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the
defeasance contemplated by this Section 9.02 of the Securities of such series have been complied with.

 

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The Issuer’s obligations in Sections 2.03 through 2.11,
3.02, 5.06, 5.09 and 9.05 with respect to the Securities of such series shall survive until such Securities are no longer outstanding.
Thereafter, only the Issuer’s obligations in Sections 5.06 and 9.05 shall survive.

 

Section 9.03 Covenant Defeasance. The Issuer may omit
to comply with any term, provision or condition set forth in Sections 3.04, 3.06 or 3.08 (or any other specific covenant relating
to the Securities of any series provided for in a Board Resolution or supplemental indenture pursuant to Section 2.03 which may
by its terms be defeased pursuant to this Section 9.03), and such omission shall be deemed not to be an Event of Default under
clause (c) of Section 4.01, with respect to the outstanding Securities of such series if:

 

(i) the Issuer has irrevocably deposited in trust with the Trustee
as trust funds solely for the benefit of the Holders of the Securities of such series, for payment of the Principal of and interest,
if any, on the Securities of such series, money or U.S. Government Obligations or a combination thereof in an amount sufficient
(unless such funds consist solely of money, in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee) without consideration of any reinvestment and after payment of all
Federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee, to pay and discharge
the Principal of and interest on the outstanding Securities of such series to maturity or earlier redemption (irrevocably provided
for under arrangements satisfactory to the Trustee), as the case may be;

 

(ii) such deposit will not result in a breach or violation of,
or constitute a default under, this Indenture or any other material agreement or instrument to which the Issuer is a party or
by which it is bound;

 

(iii) no default or Event of Default with respect to the Securities
of such series shall have occurred and be continuing on the date of such deposit;

 

(iv) the Issuer has delivered to the Trustee an Opinion of Counsel
to the effect that (A) the Holders of the Securities of such series have a valid security interest in the trust funds subject
to no prior liens under the UCC and (B) such Holders will not recognize income, gain or loss for Federal income tax purposes as
a result of such deposit and covenant defeasance and will be subject to federal income tax on the same amount and in the same
manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and

 

(v) the Issuer has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the
covenant defeasance contemplated by this Section 9.03 of the Securities of such series have been complied with.

 

Section 9.04 Application of Trust Money. Subject to Section
9.05, the Trustee or Paying Agent shall hold in trust money or U.S. Government Obligations deposited with it pursuant to 9.01,
9.02, 9.03, as the case may be, in respect of the Securities of any series and shall apply the deposited money and the proceeds
from deposited U.S. Government Obligations in accordance with the Securities of such series and this Indenture to the payment
of Principal of and interest on the Securities of such series; provided that such money need not be segregated from other funds
except to the extent required by law. The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited pursuant to 9.01, 9.02, 9.03, as the case may be, or the Principal
and interest received in respect thereof, other than any such tax, fee or other charge that by law is for the account of the Holders.

 

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Section 9.05 Repayment to Issuer. Subject to Sections
5.06 and 9.01, the Trustee and the Paying Agent shall promptly pay to the Issuer upon request set forth in an Officers’
Certificate any money held by them at any time and not required to make payments hereunder and thereupon shall be relieved from
all liability with respect to such money. Subject to applicable escheat or abandoned property laws, the Trustee and the Paying
Agent shall pay to the Issuer upon written request any money held by them and required to make payments hereunder under this Indenture
that remains unclaimed for two years; provided that the Trustee or such Paying Agent before being required to make any
payment shall cause to be published at the expense of the Issuer once in an Authorized Newspaper or mail to each Holder entitled
to such money at such Holder’s address (as set forth in the register) notice that such money remains unclaimed and that
after a date specified therein (which shall be at least 30 days from the date of such publication or mailing) any unclaimed balance
of such money then remaining will be repaid to the Issuer. After payment to the Issuer, Holders entitled to such money must look
to the Issuer for payment as unsecured general creditors unless an abandoned property law designates another Person, and all liability
of the Trustee and such Paying Agent with respect to such money shall cease.

 

ARTICLE 10

MISCELLANEOUS PROVISIONS

 

Section 10.01 Incorporators, Stockholders, Officers and Directors
Exempt from Individual Liability. No recourse under or upon any obligation, covenant or agreement contained in this Indenture
or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such, or against
any past, present or future stockholder, officer, director or employee, as such, of the Issuer or of any successor Person thereof,
either directly or through the Issuer or any successor Person thereof, under any rule of law, statute or constitutional provision
or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of the Securities by the Holders thereof and as part of the consideration for the issue
of the Securities.

 

Section 10.02 Provisions of Indenture for the Sole Benefit
of Parties and Securityholders. Nothing in this Indenture or in the Securities, expressed or implied, shall give or be construed
to give to any person, firm or corporation, other than the parties hereto and their successors and the Holders of the Securities,
any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such
covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities.

 

Section 10.03 Successors and Assigns of Issuer Bound by Indenture.
All the covenants, stipulations, promises and agreements contained in this Indenture by or on behalf of the Issuer shall bind
its successors and assigns, whether so expressed or not.

 

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Section 10.04 Notices and Demands on Issuer, Trustee and
Securityholders. Any notice or demand which by any provision of this Indenture is required or permitted to be given or served
by the Trustee or by the Holders of Securities to or on the Issuer may be given or served by being deposited postage prepaid,
first-class mail (except as otherwise specifically provided herein) addressed (until another address of the Issuer is filed by
the Issuer with the Trustee) to Motus GI Holdings, Inc. at 1301 East Broward Boulevard, 3rd Floor, Ft. Lauderdale, FL, 33301,
Attention: Chief Financial Officer. Any notice, direction, request or demand by the Issuer or any Securityholder to or upon the
Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made at the Corporate Trust Office.

 

Where this Indenture provides for notice to Holders, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid,
to each Holder entitled thereto, at such Holder’s last address as it appears in the Security register. In any case where
notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in
any manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

In case, by reason of the suspension of or irregularities in
regular mail service, it shall be impracticable to mail notice to the Issuer and Securityholders when such notice is required
to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the
Trustee shall be deemed to be a sufficient giving of such notice.

 

Section 10.05 Officers’ Certificates and Opinions of
Counsel; Statements to be Contained Therein. Upon any application or demand by the Issuer to the Trustee to take any action
under any of the provisions of this Indenture, the Issuer 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.

 

Each certificate or opinion provided for in this Indenture and
delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall include
(a) a statement that the person making such certificate or opinion has read such covenant or condition, (b) a brief statement
as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate
or opinion are based, (c) a statement that, in the opinion of such person, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with
and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 

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

 

Any certificate, statement or opinion of an officer of the Issuer
or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by
an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as the case may be, knows that
the certificate or opinion or representations with respect to the accounting matters upon which his certificate, statement or
opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous.

 

Any certificate or opinion of any independent firm of public
accountants filed with the Trustee shall contain a statement that such firm is independent.

 

Section 10.06 Payments Due on Saturdays, Sundays and Holidays.
If the date of maturity of interest on or Principal of the Securities of any series or the date fixed for redemption or repayment
of any such Security shall not be a Business Day, then payment of interest or Principal need not be made on such date, but may
be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed
for redemption, and no interest shall accrue for the period after such date.

 

Section 10.07 Conflict of Any Provision of Indenture with
Trust Indenture Act of 1939. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with
another provision incorporated in this Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act of
1939, such incorporated provision shall control.

 

Section 10.08 New York Law to Govern. This Indenture
and each Security shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed
in accordance with the laws of such State.

 

Section 10.09 Counterparts. This Indenture may be executed
in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and
the same instrument.

 

Section 10.10 Effect of Headings. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

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ARTICLE 11

REDEMPTION OF SECURITIES

 

Section 11.01 Applicability of Article. The provisions
of this Article shall be applicable to the Securities of any series which are redeemable before their maturity except as otherwise
specified as contemplated by Section 2.03 for Securities of such series.

 

Section 11.02 Notice of Redemption; Partial Redemptions.
Notice of redemption to the Holders of Securities of any series to be redeemed as a whole or in part at the option of the Issuer
shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 30 days and not more than 60
days prior to the date fixed for redemption to such Holders of Securities of such series at their last addresses as they shall
appear upon the registry books. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or any defect in the notice to
the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings
for the redemption of any other Security of such series.

 

The notice of redemption to each such Holder shall specify the
CUSIP numbers of such Securities to be redeemed, the Principal amount of each Security of such series held by such Holder to be
redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon
presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified
in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue.
In case any Security of a series is to be redeemed in part only the notice of redemption shall state the portion of the Principal
amount thereof to be redeemed, the method the Trustee shall use to determine such Securities to be redeemed as specified in the
last paragraph of this Section 11.02, if applicable, and shall state that on and after the date fixed for redemption, 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.

 

The notice of redemption of Securities of any series to be redeemed
at the option of the Issuer shall be given by the Issuer or, at the Issuer’s written request, by the Trustee in the name
and at the expense of the Issuer.

 

By 11:00 a.m. (New York City time) on the redemption date specified
in the notice of redemption given as provided in this Section, the Issuer will deposit with the Trustee or with one or more paying
agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided in Section 3.03)
an amount of money sufficient to redeem on the redemption date all the Securities of such series so called for redemption at the
appropriate redemption price, together with accrued interest to the date fixed for redemption. If less than all the outstanding
Securities of a series are to be redeemed, the Issuer will deliver to the Trustee at least 70 days (unless a shorter period shall
be satisfactory to the Trustee) prior to the date fixed for redemption an Officers’ Certificate stating the aggregate Principal
amount of Securities to be redeemed.

 

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In the case of the redemption of all of the Securities of a
series outstanding, the Issuer shall notify the Trustee in writing of the redemption date 45 days (unless a shorter period shall
be satisfactory to the Trustee) prior to the redemption date.

 

If less than all the Securities of a series are to be redeemed,
the Trustee shall select, pro rata or by lot or in such manner as it shall deem appropriate and fair, Securities of such series
to be redeemed in whole or in part. Securities of a series may be redeemed in part in multiples equal to the minimum authorized
denomination for Securities of such series or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of
the Securities of such series selected for redemption and, in the case of any Securities of such series selected for partial redemption,
the Principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities of any series shall relate, in the case of any Security redeemed or to be redeemed only
in part, to the portion of the Principal amount of such Security which has been or is to be redeemed.

 

Section 11.03 Payment of Securities Called for Redemption.
If notice of redemption has been given as above provided, the Securities or portions of Securities 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 on and after said date (unless the Issuer shall default in the payment of such Securities
at the redemption price, together with interest accrued to said date) interest on the Securities or portions of Securities so
called for redemption shall cease to accrue and, except as provided in Section 5.05 and Section 9.04, such Securities shall cease
from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture, and the Holders thereof
shall have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest
to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment specified in said notice,
said Securities or the specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption price,
together with interest accrued thereon to the date fixed for redemption; provided that any semiannual payment of interest becoming
due on the date fixed for redemption shall be payable to the Holders of such Securities registered as such on the relevant record
date subject to the terms and provisions of Section 2.07 hereof.

 

If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the Principal shall, until paid or duly provided for, bear interest from the date fixed for
redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by the Security.

 

Upon presentation of any Security redeemed in part only, the
Issuer shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of
the Issuer, a new Security or Securities of such series, of authorized denominations, in Principal amount equal to the unredeemed
portion of the Security so presented, pursuant to Sections 2.04, 2.05 and 2.06.

 

Section 11.04 Exclusion of Certain Securities from Eligibility
for Selection for Redemption. Securities shall be excluded from eligibility for selection for redemption if they are identified
by registration and certificate number in a written statement signed by an authorized officer of the Issuer and delivered to the
Trustee at least 40 days prior to the last date on which notice of redemption may be given as being owned of record and beneficially
by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such written statement
directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer.

 

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Section 11.05 Conversion Arrangement On Call For Redemption.
In connection with any redemption of Securities, the Issuer shall deposit the amount due in connection with such redemption as
required by Section 11.02 or it may arrange for the purchase and conversion of any Securities called for redemption by an agreement
with one or more investment bankers or other purchasers to purchase such Securities and to make the deposit required of it by
Section 11.02 on its behalf by paying to the Trustee or the Paying Agent in trust for the Securityholders, on or before 10:00
a.m. New York time on the redemption date, an amount no less than the redemption price, together with interest, if any, accrued
to the redemption date of such Securities, in immediately available funds. Notwithstanding anytime to the contrary contained in
this Article 11, the obligation of the Issuer to pay the redemption price of such Securities, including all accrued interest,
if any, shall be deemed to be satisfied and discharged to the extent such amount is so paid by such purchasers. If such an agreement
is entered into, any Securities not duly surrendered for conversion by the Holders thereof may, at the option of the Issuer, be
deemed, to the fullest extent permitted by law, acquired by such purchasers from such Holders and (notwithstanding anything to
the contrary contained in Article 12) surrendered by such purchasers for conversion, all as of immediately prior to the close
of business on the last day on which Securities of such series called for redemption may be converted in accordance with this
Indenture and the terms of such Securities, subject to payment of the above amount aforesaid. The Trustee or the Paying Agent
shall hold and pay to the Securityholders whose Securities are selected for redemption any such amount paid to it in the same
manner as it would monies deposited with it by the Issuer for the redemption of Securities. Without the Trustee’s and the
Paying Agent’s prior written consent, no arrangement between the Issuer and such purchasers for the purchase and conversion
of any Securities shall increase or otherwise affect any of the powers, duties, responsibilities or obligations of the Trustee
as set forth in this Indenture, and the Issuer agrees to indemnify the Trustee from, and hold it harmless against, any loss, liability
or expense arising out of or in connection with any such arrangement for the purchase and conversion of any Securities between
the Issuer and such purchasers, including the costs and expenses incurred by the Trustee and the Paying Agent in the defense of
any claim or liability arising out of or in connection with the exercise or performance of any of its powers, duties, responsibilities
or obligations under this Indenture.

 

ARTICLE 12

CONVERSION OF SECURITIES

 

Section 12.01 Applicability of Article. Securities of
any series which are convertible into Capital Stock at the option of the Securityholder shall be convertible in accordance with
their terms and (unless otherwise specified as contemplated by Section 2.03 for Securities of any series) in accordance with this
Article. Each reference in this Article 12 to “a Security” or “the Securities” refers to the Securities
of the particular series that is convertible into Capital Stock. Each reference in this Article to “Capital Stock”
into which Securities of any series are convertible refers to the class of Capital Stock into which the Securities of such series
are convertible in accordance with their terms (as specified as contemplated by Section 2.03). If more than one series of Securities
with conversion privileges are outstanding at any time, the provisions of this Article 12 shall be applied separately to each
such series.

 

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Section 12.02 Right of Securityholders to Convert Securities.
Subject to and upon compliance with the terms of the Securities and the provisions of Section 11.05 and this Article 12, at the
option of the Holder thereof, any Security of any series of any authorized denomination, or any portion of the Principal amount
thereof which is $1,000 or any integral multiple of $1,000, may, at any time during the period specified in the Securities of
such series, or in case such Security or portion thereof shall have been called for redemption, then in respect of such Security
or portion thereof until and including, but not after (unless the Issuer shall default in payment due upon the redemption thereof)
the close of business on the Business Day prior to the date fixed for redemption except that in the case of redemption at the
option of the Securityholder, if specified in the terms of such Securities, such right shall terminate upon receipt of written
notice of the exercise of such option, be converted into duly authorized, validly issued, fully paid and nonassessable shares
of Capital Stock, as specified in such Security, at the conversion rate for each $1,000 Principal amount of Securities (such initial
conversion rate reflecting an initial conversion price specified in such Security) in effect on the conversion date, or, in case
an adjustment in the conversion rate has taken place pursuant to the provisions of Section 12.05, then at the applicable conversion
rate as so adjusted, upon surrender of the Security or Securities, the Principal amount of which is so to be converted, to the
Issuer at any time during usual business hours at the office or agency to be maintained by it in accordance with the provisions
of Section 3.02, accompanied by a written notice of election to convert as provided in Section 12.03 and, if so required by the
Issuer and the Trustee, by a written instrument or instruments of transfer in form satisfactory to the Issuer and the Trustee
duly executed by the registered Holder or his attorney duly authorized in writing. All Securities surrendered for conversion shall,
if surrendered to the Issuer or any conversion agent, be delivered to the Trustee for cancellation and cancelled by it, or shall,
if surrendered to the Trustee, be cancelled by it, as provided in Section 2.10.

 

The initial conversion price or conversion rate in respect of
a series of Securities shall be as specified in the Securities of such series. The conversion price or conversion rate will be
subject to adjustment on the terms set forth in Section 12.05 or such other or different terms, if any, as may be specified by
Section 2.03 for Securities of such series. Provisions of this Indenture that apply to conversion of all of a Security also apply
to conversion of a portion of it.

 

Section 12.03 Issuance of Shares of Capital Stock on Conversion.
As promptly as practicable after the surrender, as herein provided, of any Security or Securities for conversion, the Issuer shall
deliver or cause to be delivered at its said office or agency to or upon the written order of the Holder of the Security or Securities
so surrendered a certificate or certificates representing the number of duly authorized, validly issued, fully paid and nonassessable
shares of Capital Stock into which such Security or Securities may be converted in accordance with the terms thereof and the provisions
of this Article 12. Prior to delivery of such certificate or certificates, the Issuer shall require a written notice at its said
office or agency from the Holder of the Security or Securities so surrendered stating that the Holder irrevocably elects to convert
such Security or Securities, or, if less than the entire Principal amount thereof is to be converted, stating the portion thereof
to be converted. Such notice shall also state the name or names (with address and social security or other taxpayer identification
number) in which said certificate or certificates are to be issued. Such conversion shall be deemed to have been made at the time
that such Security or Securities shall have been surrendered for conversion and such notice shall have been received by the Issuer
or the Trustee, the rights of the Holder of such Security or Securities as a Securityholder shall cease at such time, the person
or persons entitled to receive the shares of Capital Stock upon conversion of such Security or Securities shall be treated for
all purposes as having become the record holder or holders of such shares of Capital Stock at such time and such conversion shall
be at the conversion rate in effect at such time. In the case of any Security of any series which is converted in part only, upon
such conversion, the Issuer shall execute and the Trustee shall authenticate and deliver to the Holder thereof, as requested by
such Holder, a new Security or Securities of such series of authorized denominations in aggregate Principal amount equal to the
unconverted portion of such Security.

 

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If the last day on which a Security may be converted is not
a Business Day in a place where a conversion agent is located, the Security may be surrendered to that conversion agent on the
next succeeding day that is a Business Day.

 

The Issuer will not be required to deliver certificates for
shares of Capital Stock upon conversion while its stock transfer books are closed for a meeting of shareholders or for the payment
of dividends or for any other purpose, but certificates for shares of Capital Stock shall be delivered as soon as the stock transfer
books shall again be opened.

 

Section 12.04 No Payment or Adjustment for Interest or Dividends.
Unless otherwise specified as contemplated by Section 2.03 for Securities of such series, Securities surrendered for conversion
during the period from the close of business on any regular record date (or special record date for payment of defaulted interest)
next preceding any interest payment date to the opening of business on such interest payment date (except Securities called for
redemption on a redemption date within such period) when surrendered for conversion must be accompanied by payment of an amount
equal to the interest thereon which the registered Holder is to receive on such interest payment date. Payment of interest shall
be made, as of such interest payment date or such date, as the case may be, to the Holder of record of the Securities as of such
regular, or special record date, as applicable. Except where Securities surrendered for conversion must be accompanied by payment
as described above, no interest on converted Securities will be payable by the Issuer on any interest payment date subsequent
to the date of conversion. No other payment or adjustment for interest or dividends is to be made upon conversion. Notwithstanding
the foregoing, upon conversion of any Original Issue Discount Security, the fixed number of shares of Capital Stock into which
such Security is convertible delivered by the Issuer to the Holder thereof shall be applied, first, to pay the accrued original
issue discount attributable to the period from the date of issuance to the date of conversion of such Security, and, second, to
pay the balance of the Principal amount of such Security.

 

Section 12.05 Adjustment of Conversion Rate. Unless otherwise
specified as contemplated by Section 2.03 for Securities of such series, the conversion rate for Securities in effect at any time
shall be subject to adjustment as follows:

 

(a) In case the Issuer shall (i) declare a dividend or make
a distribution on the class of Capital Stock into which Securities of such series are convertible in shares of its Capital Stock,
(ii) subdivide the outstanding shares of the class of Capital Stock into which Securities of such series are convertible into
a greater number of shares, (iii)combine the outstanding shares of the class of Capital Stock into which Securities of such series
are convertible into a smaller number of shares or (iv) issue by reclassification of the shares of the class of Capital Stock
into which Securities of such series are convertible (including any such reclassification in connection with a consolidation or
merger in which the Issuer is the continuing corporation) any shares, the conversion rate for the Securities of such series in
effect at the time of the record subdivision, combination or reclassification, shall be proportionately adjusted so that the Holder
of any Security of such series surrendered for conversion after such time shall be entitled to receive the number and kind of
shares which he would have owned or have been entitled to receive had such Security been converted immediately prior to such time.
Similar adjustments shall be made whenever any event listed above shall occur.

 

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(b) In case the Issuer shall fix a record date for the issuance
of rights or warrants to all holders of the class of Capital Stock into which Securities of such series are convertible entitling
them (for a period expiring within 45 days after such record date) to subscribe for or purchase shares of such class of Capital
Stock (or securities convertible into shares of such class of Capital Stock) at a price per share (or, in the case of a right
or warrant to purchase securities convertible into such class of Capital Stock, having a conversion price per share, after adding
thereto the exercise price, computed on the basis of the maximum number of shares of such class of Capital Stock issuable upon
conversion of such convertible securities, per share of such class of Capital Stock, so issuable) less than the current market
price per share of such class of Capital Stock (as defined in subsection (e) below) on the date on which such issuance was declared
or otherwise announced by the Issuer (the “Determination Date”), the number of shares of such class of Capital
Stock into which each $1,000 Principal amount of Securities shall be convertible after such record date shall be determined by
multiplying the number of shares of such class of Capital Stock into which such Principal amount of Securities was convertible
immediately prior to such record date by a fraction, of which the numerator shall be the number of shares of such class of Capital
Stock outstanding on the Determination Date plus the number of additional shares of such class of Capital Stock offered for subscription
or purchase (or in the case of a right or warrant to purchase securities convertible into such class of Capital Stock, the aggregate
number of additional shares of such class of Capital Stock into which the convertible securities so offered are initially convertible),
and of which the denominator shall be the number of shares of such class of Capital Stock outstanding on the Determination Date
plus the number of shares of such class of Capital Stock obtained by dividing the aggregate offering price of the total number
of shares so offered (or, in the case of a right or warrant to purchase securities convertible into such class of Capital Stock,
the aggregate initial conversion price of the convertible securities so offered, after adding thereto the aggregate exercise price
of such rights or warrants computed on the basis of the maximum number of shares of such class of Capital Stock issuable upon
conversion of such convertible securities) by such current market price. Shares of such class of Capital Stock of the Issuer owned
by or held for the account of the Issuer shall not be deemed outstanding for the purpose of any such computation. Such adjustment
shall be made successively whenever such a record date is fixed; and to the extent that shares of such class of Capital Stock
are not delivered (or securities convertible into shares of such class of Capital Stock are not delivered) after the expiration
of such rights or warrants (or, in the case of rights or warrants to purchase securities convertible into such class of Capital
Stock once exercised, the expiration of the conversion right of such securities) the conversion rate shall be readjusted to the
conversion rate which would then be in effect had the adjustments made upon the issuance of such rights or warrants (or securities
convertible into shares) been made upon the basis of delivery of only the number of shares actually delivered. In the event that
such rights or warrants are not so issued, the conversion rate shall again be adjusted to be the conversion rate which would then
be in effect if such record date had not been fixed.

 

(c) In case the Issuer shall fix a record date for the making
of a distribution to all holders of the class of Capital Stock into which Securities of such series are convertible (including
any such distribution made in connection with a consolidation or merger in which the Issuer is the continuing corporation) of
evidences of its indebtedness or assets (excluding any cash dividends paid from retained earnings and dividends payable in Capital
Stock for which adjustment is made pursuant to subsection (a) above or (d) below) or subscription rights or warrants (excluding
subscription rights or warrants to purchase the class of Capital Stock into which Securities of such series are convertible),
the number of shares of such class of Capital Stock into which each $1,000 Principal amount of Securities of such series shall
be convertible after such record date shall be determined by multiplying the number of shares of such class of Capital Stock into
which such Principal amount of Securities was convertible immediately prior to such record date by a fraction, of which the numerator
shall be the fair market value of the assets of the Issuer, after deducting therefrom all liabilities of the Issuer and all preferences
(including accrued but unpaid dividends) in respect of classes of Capital Stock having a preference with respect to the assets
of the Issuer over such class of Capital Stock (all as determined by the Board of Directors, whose determination shall be conclusive,
and described in a certificate signed by chairman of the Issuer’s Board of Directors, its president, any vice president,
its treasurer, any assistant treasurer, its secretary or any assistant secretary, filed with the Trustee and each conversion agent)
on such record date, and of which the denominator shall be such fair market value after deducting therefrom such liabilities and
preferences, less the fair market value (as determined by the Board of Directors, whose determination shall be conclusive, and
described in a statement filed with the Trustee and each conversion agent) of the assets or evidences of indebtedness, so distributed
or of such subscription rights or warrants applicable, so distributed. Such adjustment shall be made successively whenever such
a record date is fixed; and in the event that such distribution is not so made, the conversion rate shall again be adjusted to
the conversion rate which would then be in effect if such record date had not been fixed.

 

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(d) In case the Issuer shall, by dividend or otherwise, distribute
to all holders of its Capital Stock cash (excluding any dividend or distribution in connection with the liquidation, dissolution
or winding up of the Issuer, whether voluntary or involuntary), then, in such case, unless the Issuer elects to reserve such cash
for distribution to the Holders of the Securities upon the conversion of the Securities so that any such Holder converting Securities
will receive upon such conversion, in addition to the shares of Capital Stock to which such Holder is entitled, the amount of
cash which such Holder would have received if such Holder had, immediately prior to the record date for such distribution of cash,
converted its Securities into Capital Stock, the conversion rate shall be adjusted so that the same shall equal the rate determined
by multiplying the conversion rate in effect immediately prior to the record date by a fraction of which the denominator shall
be the current market price of the Capital Stock (determined as provided in Section 12.05(e) on the record date less the amount
of cash so distributed (and not excluded as provided above) applicable to one share of Capital Stock and the numerator shall be
such current market price of the Capital Stock (determined as provided in Section 12.05(e)), such adjustment to be effective immediately
prior to the opening of business on the day following the record date; provided, however, that in the event the portion of the
cash so distributed applicable to one share of Capital Stock is equal to or greater than the current market price of the Capital
Stock (determined as provided in (e)Section 12.05(e)) on the record date, in lieu of the foregoing adjustment, adequate provision
shall be made so that each Securityholder shall have the right to receive upon conversion the amount of cash such Holder would
have received had such Holder converted each Security on the record date. If such dividend or distribution is not so paid or made,
the conversion rate shall again be adjusted to be the conversion rate which would then be in effect if such dividend or distribution
had not been declared.

 

(e) For the purpose of any computation under subsections (b)
and (d) above and Section 12.06, the current market price per share of the Capital Stock on any date as of which such price is
to be computed shall mean the average of the Closing Prices for the 30 consecutive Business Days commencing 45 Business Days before
such date.

 

(f) No adjustment in the conversion rate shall be required unless
such adjustment would require a cumulative increase or decrease of at least 1% in such rate; provided, however, that any adjustments
which by reason of this subsection (f) are not required to be made shall be carried forward and taken into account in any subsequent
adjustment; and provided further, that adjustments shall be required and made in accordance with the provisions of this
Article 12 (other than this subsection (f)) not later than such time as may be required in order to preserve the tax-free nature
of a States income tax purposes to the Holders of Securities or the class of Capital Stock into which such Securities are convertible.
All calculations under this Article 12 shall be made to the nearest cent or to the nearest one-thousandth of a share, as the case
may be. Anything in this Section 12.05 to the contrary notwithstanding, the Issuer shall be entitled to make such adjustments
in the conversion rate, in addition to those required by this Section 12.05, as it in its discretion shall determine to be advisable
in order that any stock dividend, subdivision of shares, distribution of rights to purchase stock or securities, or distribution
of securities convertible into or exchangeable for stock hereafter made by the Issuer to its shareholders shall not be taxable
for United States income tax purposes.

 

(g) Whenever the conversion rate is adjusted, as herein provided,
the Issuer shall promptly file with the Trustee and with the office or agency maintained by the Issuer for the conversion of Securities
of such series pursuant to Section 3.02, a certificate of a firm of independent public accountants of recognized national standing
selected by the Board of Directors (who may be the regular accountants employed by the Issuer) setting forth the conversion rate
after such adjustment and setting forth a brief statement of the facts requiring such adjustment and a computation thereof. Such
certificate shall be conclusive evidence of the correctness of such adjustment. Neither the Trustee nor any conversion agent shall
be under any duty or responsibility with respect to any such certificate or any facts or computations set forth therein, except
to exhibit said certificate from time to time to any Securityholder of such series desiring to inspect the same. The Issuer shall
promptly cause a notice setting forth the adjusted conversion rate to be mailed to the Holders of Securities of such series, as
their names and addresses appear upon the register of the Issuer.

 

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(h) In the event that at any time, as a result of shares of
any other class of Capital Stock becoming issuable in exchange or substitution for or in lieu of shares of the class of Capital
Stock into which such Securities are convertible or as a result of an adjustment made pursuant to subsection (a) above, the Holder
of any Security of such series thereafter surrendered for conversion shall become entitled to receive any shares of the Issuer
other than shares of the class of Capital Stock into which the Issuer of such series are convertible, thereafter the number of
such other shares so receivable upon conversion of any Security shall be subject to adjustment from time to time in a manner and
on terms as nearly equivalent as practicable to the provisions with respect to the class of Capital Stock into which the Securities
of such series are convertible contained in subsections (a) to (f), inclusive, above, and the provisions of this Article 12 with
respect to the class of Capital Stock into which the Securities of such series are convertible shall apply on like terms to any
such other shares.

 

(i) The conversion rate with respect to any Original Issue Discount
Security, the terms of which provide for convertibility, shall not be adjusted during the term of such Original Issue Discount
Security for accrued original issue discount.

 

(j) In the event that the Securities of any series are convertible
into more than one class of Capital Stock, the provisions of this Section 12.05 shall apply separately to events affecting each
such class.

 

Section 12.06 No Fractional Shares to Be Issued. No fractional
shares of Capital Stock shall be issued upon conversions of Securities. If more than one Security of any series shall be surrendered
for conversion at one time by the same Holder, the number of full shares which shall be issuable upon conversion thereof shall
be computed on the basis of the aggregate Principal amount of the Securities of such series (or specified portions thereof to
the extent permitted hereby) so surrendered. Instead of a fraction of a share of Capital Stock which would otherwise be issuable
upon conversion of any Security or Securities (or specified portions thereof), the Issuer shall pay a cash adjustment in respect
of such fraction of a share in an amount equal to the same fractional interest of the current market price (as defined in Section
12.05) per share of Capital Stock on the Business Day next preceding the day of conversion.

 

Section 12.07 Preservation of Conversion Rights Upon Consolidation,
Merger, Sale or Conveyance. In case of any consolidation of the Issuer with, or merger of the Issuer into, any other corporation
(other than a consolidation or merger in which the Issuer is the continuing corporation), or in the case of any sale or transfer
of all or substantially all of the assets of the Issuer, the corporation formed by such consolidation or the corporation into
which the Issuer shall have been merged or the corporation which shall have acquired such assets, as the case may be, shall execute
and deliver to the Trustee, a supplemental indenture, subject to the provisions of Article 12and ARTICLE 8 as they relate to supplemental
indentures, providing that the Holder of each Security then Outstanding of a series which was convertible into Capital Stock shall
have the right thereafter to convert such Security into the kind and amount of shares of stock and other securities and property,
including cash, receivable upon such consolidation, merger, sale or transfer by a holder of the number of shares of Capital Stock
of the Issuer into which such Securities might have been converted immediately prior to such consolidation, merger, sale or transfer.
Such supplemental indenture shall conform to the provisions of the Trust Indenture Act of 1939 as then in effect and shall provide
for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 12.
Neither the Trustee nor any conversion agent shall be under any responsibility to determine the correctness of any provision contained
in any such supplemental indenture relating either to the kind or amount of shares of stock or other securities or property receivable
by Securityholders upon the conversion of their Securities after any such consolidation, merger, sale or transfer, or to any adjustment
to be made with respect there to and, subject to the provisions of Article 5, may accept as conclusive evidence of the correctness
of any such provisions, and shall be protected in relying upon, an Opinion of Counsel with respect thereto. If in the case of
any such consolidation, merger, sale or transfer, the stock or other securities and property receivable by a Holder of the Securities
includes stock or other securities and property of a corporation other than the successor or purchasing corporation, then such
supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect
the interests of the Holders of the Securities as the Board of Directors shall reasonably consider necessary. The above provisions
of this Section 12.07 shall similarly apply to successive consolidations, mergers, sales or transfers.

 

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Section 12.08 Notice to Security Holders of a Series Prior to
Taking Certain Types of Action. With respect to the Securities of any series, in case:

 

(a) the Issuer shall authorize the issuance to all holders of
the class of Capital Stock into which Securities of such series are convertible of rights or warrants to subscribe for or purchase
shares of its Capital Stock or of any other right;

 

(b) the Issuer shall authorize the distribution to all holders
of the class of Capital Stock into which Securities of such series are convertible of evidences of its indebtedness or assets
(except for the exclusions with respect to certain dividends set forth in Section 12.05(c));

 

(c) of any subdivision, combination or reclassification of the
class of Capital Stock into which Securities of such series are convertible or of any consolidation or merger to which the Issuer
is a party and for which approval by the shareholders of the Issuer is required, or of the sale or transfer of all or substantially
all of the assets of the Issuer; or

 

(d) of the voluntary or involuntary dissolution, liquidation
or winding up of the Issuer;

 

then the Issuer shall cause to be filed with the Trustee and at the office or agency
maintained for the purpose of conversion of Securities of such series pursuant to Section 3.02, and shall cause to be mailed to
the Holders of Securities of such series, at their last addresses as they shall appear upon the register of the Issuer, at least
10 days prior to the applicable record date hereinafter specified, a notice stating (i) the date as of which the holders of such
class of Capital Stock to be entitled to receive any such rights, warrants or distribution are to be determined, or (ii) the date
on which any such subdivision, combination, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation,
winding up or other action is expected to become effective, and the date as of which it is expected that holders of record of
such class of Capital Stock shall be entitled to exchange their Capital Stock of such class for securities or other property,
if any, deliverable upon such subdivision, combination, reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation, winding up or other action. The failure to give the notice required by this Section 12.08 or any defect therein shall
not affect the legality or validity of any distribution, right, warrant, subdivision, combination, reclassification, consolidation,
merger, sale, transfer, dissolution, liquidation, winding up or other action, or the vote upon any of the foregoing. Such notice
shall also be published by and at the expense of the Issuer not later than the aforesaid filing date at least once in an Authorized
Newspaper.

 

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Section 12.09 Covenant to Reserve Shares for Issuance on
Conversion of Securities. The Issuer covenants that at all times it will reserve and keep available out of each class of its
authorized Capital Stock, free from preemptive rights, solely for the purpose of issue upon conversion of Securities of any series
as herein provided, such number of shares of Capital Stock of such class as shall then be issuable upon the conversion of all
Outstanding Securities of such series. The Issuer covenants that an shares of Capital Stock which shall be so issuable shall,
when issued or delivered, be duly and validly issued shares of the class of authorized Capital Stock into which Securities of
such series are convertible, and shall be fully paid and nonassessable, free of all liens and charges and not subject to preemptive
rights and that, upon conversion, the appropriate capital stock accounts of the Issuer will be duly credited.

 

Section 12.10 Compliance with Governmental Requirements.
The Issuer covenants that if any shares of Capital Stock required to be reserved for purposes of conversion of Securities hereunder
require registration or listing with or approval of any governmental authority under any Federal or State law, pursuant to the
Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or any national or regional securities
exchange on which such Capital Stock is listed at the time of delivery of any shares of such Capital Stock, before such shares
may be issued upon conversion, the Issuer will use reasonable efforts to cause such shares to be duly registered, listed or approved,
as the case may be.

 

Section 12.11 Payment of Taxes Upon Certificates for Shares
Issued Upon Conversion. The issuance of certificates for shares of Capital Stock upon the conversion of Securities shall be
made without charge to the converting Securityholders for any tax (including, without limitation, all documentary and stamp taxes)
in respect of the issuance and delivery of such certificates, and such certificates shall be issued in the respective names of,
or in such names as may be directed by, the Holders of the Securities converted; provided, however, that the Issuer shall not
be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any such certificate
in a name other than that of the Holder of the Security converted, and the Issuer shall not be required to issue or deliver such
certificates unless or until the person or persons requesting the issuance thereof shall have paid to the Issuer the amount of
such tax or shall have established to the satisfaction of the Issuer that such tax has been paid.

 

Section 12.12 Trustee’s Duties with Respect to Conversion
Provisions. The Trustee and any conversion agent shall not at any time be under any duty or responsibility to any Securityholder
to determine whether any facts exist which may require any adjustment of the conversion rate or conversion price, or with respect
to the nature or extent of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental
indenture provided to be employed, in making the same. Neither the Trustee nor any conversion agent shall be accountable with
respect to the registration under securities laws, listing, validity or value (or the kind or amount) of any shares of Capital
Stock, or of any other securities or property, which may at any time be issued or delivered upon the conversion of any Security;
and neither the Trustee nor any conversion agent makes any representation with respect thereto. Neither the Trustee nor any conversion
agent shall be responsible for any failure of the Issuer to make any cash payment or to issue, transfer or deliver any shares
of stock or stock certificates or other securities or property upon the surrender of any Security for the purpose of conversion;
and the Trustee, subject to the provisions of Article 5, and any conversion agent shall not be responsible for any failure of
the Issuer to comply with any of the covenants of the Issuer contained in this Article 12.

 

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ARTICLE 13

SUBORDINATION OF SECURITIES

 

Section 13.01 Agreement Of Subordination. The Issuer
covenants and agrees, and each Holder of Securities issued hereunder by his acceptance thereof likewise covenants and agrees,
that all Securities shall be issued subject to the provisions of this ARTICLE 13; and each Holder, whether upon original issue
or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions.

 

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

 

The provisions of this ARTICLE 13 define the subordination of
the Securities, as obligations of the Issuer, with respect to Senior Indebtedness of the Issuer, as defined for the Issuer.

 

No provision of this ARTICLE 13 shall prevent the occurrence
of any default or Event of Default hereunder.

 

Section 13.02 Payments to Holders. In the event and during
the continuation of any default in the payment of principal, premium, interest or any other payment due on any Senior Indebtedness
of the Issuer continuing beyond the period of grace, if any, specified in the instrument or lease evidencing such Senior Indebtedness
of the Issuer, then, unless and until such default shall have been cured or waived or shall have ceased to exist, no payment shall
be made by the Issuer with respect to the principal of, or premium, if any, or interest on the Securities, except payments made
pursuant to Article 9 hereof from amounts deposited with the Trustee pursuant thereto prior to the happening of such default.

 

Upon any payment by the Issuer, or distribution of assets of
the Issuer of any kind or character, whether in cash, property or securities, to creditors upon any dissolution or winding-up
or liquidation or reorganization of the Issuer, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or
other proceedings, all amounts due or to become due upon all Senior Indebtedness of the Issuer shall first be paid in full, or
payment thereof provided for in money in accordance with its terms, before any payment is made on account of principal (including,
if applicable, any cash due upon conversion the Securities), premium, if any, or interest on the Securities (except payments made
pursuant to ARTICLE 9 hereof from amounts deposited with the Trustee pursuant thereto prior to the happening of such dissolution,
winding-up, liquidation or reorganization); and upon any such dissolution or winding-up or liquidation or reorganization any payment
by the Issuer, or distribution of assets of the Issuer of any kind or character, whether in cash, property or securities, to which
the holders of the Securities or the Trustee would be entitled, except for the provisions of this ARTICLE 13, shall (except as
aforesaid) be paid by the Issuer or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making
such payment or distribution, or by the holders of the Securities or by the Trustee under this Indenture if received by them or
it, directly to the holders of Senior Indebtedness of the Issuer (pro rata to such holders on the basis of the respective amounts
of Senior Indebtedness of the Issuer held by such holders, as calculated by the Issuer) or their representative or representatives,
or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any Senior Indebtedness of the
Issuer may have been issued, as their respective interests may appear, to the extent necessary to pay all Senior Indebtedness
of the Issuer in full, in money or money’s worth, after giving effect to any concurrent payment or distribution to or for
the holders of Senior Indebtedness of the Issuer, before any payment or distribution is made to the holders of the Securities
or to the Trustee.

 

    	-52-

    	

    

 

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

 

For purposes of this ARTICLE 13, the words, “cash, property
or securities” shall not be deemed to include shares of stock of the Issuer as reorganized or readjusted, or securities
of the Issuer or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated
at least to the extent provided in this ARTICLE 13 with respect to the Securities to the payment of all Senior Indebtedness of
the Issuer which may at the time be outstanding; provided that (i) the Senior Indebtedness of the Issuer is assumed by the new
corporation, if any, resulting from any such reorganization or readjustment, and (ii) the rights of the holders of the Senior
Indebtedness of the Issuer (other than leases) and of leases which are assumed are not, without the consent of such holders, altered
by such reorganization or readjustment. The consolidation of the Issuer with, or the merger of the Issuer into, another corporation
or the liquidation or dissolution of the Issuer following the conveyance or transfer of its property as an entirety, or substantially
as an entirety, to another corporation upon the terms and conditions provided for in ARTICLE 8 hereof shall not be deemed a dissolution,
winding-up, liquidation or reorganization for the purposes of this Section 13.02 if such other corporation shall, as a part of
such consolidation, merger, conveyance or transfer, comply with the conditions stated in ARTICLE 8 hereof. Nothing in this Section
13.02 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 5.06.

 

Section 13.03 Subrogation Of Securities. Subject to the
payment in full of all Senior Indebtedness of the Issuer, the rights of the holders of the Securities shall be subrogated to the
rights of the holders of Senior Indebtedness of the Issuer to receive payments or distributions of cash, property or securities
of the Issuer applicable to the Senior Indebtedness of the Issuer until principal (including, if applicable, any cash due upon
conversion the Securities), premium, if any, and interest on the Securities on the Securities shall be paid in full; and, for
the purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of the Issuer of any
cash, property or securities to which the holders of the Securities or the Trustee would be entitled except for the provisions
of this ARTICLE 13 to or for the benefit of the holders of Senior Indebtedness of the Issuer by holders of the Securities or the
Trustee, shall, as between the Issuer, its creditors other than holders of Senior Indebtedness of the Issuer, and the holders
of the Securities, be deemed to be a payment by the Issuer to or on account of the Senior Indebtedness of the Issuer. It is understood
that the provisions of this ARTICLE 13 are and are intended solely for the purpose of defining the relative rights of the holders
of the Securities, on the one hand, and the holders of the Senior Indebtedness of the Issuer, on the other hand.

 

    	-53-

    	

    

 

Nothing contained in this ARTICLE 13 or elsewhere in this Indenture
or in the Securities is intended to or shall impair, as between the Issuer, its creditors other than the holders of its Senior
Indebtedness, and the holders of the Securities, the obligation of the Issuer, which is absolute and unconditional, to pay to
the holders of the Securities the principal (including, if applicable, any cash due upon conversion the Securities), premium,
if any, and interest on the Securities as and when the same shall become due and payable in accordance with their terms, or is
intended to or shall affect the relative rights of the holders of the Securities and creditors of the Issuer other than the holders
of its Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or the holder of any Security from exercising
all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this
ARTICLE 13 of the holders of Senior Indebtedness of the Issuer in respect of cash, property or securities of the Issuer received
upon the exercise of any such remedy.

 

Upon any payment or distribution of assets of the Issuer referred
to in this ARTICLE 13, the Trustee, subject to the provisions of Section 5.01, and the holders of the Securities shall be entitled
to rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding-up, liquidation
or reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent
or other Person making such payment or distribution, delivered to the Trustee or to the holders of the Securities, for the purpose
of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness
of the Issuer, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this ARTICLE 13.

 

Section 13.04 Authorization By Holders. Each holder of
a Security by his or her acceptance thereof authorizes and directs the Trustee on his or her behalf to take such action as may
be necessary or appropriate to effectuate the subordination provided in this ARTICLE 13 appoints the Trustee his attorney-in-fact
for any and all such purposes.

 

    	-54-

    	

    

 

Section 13.05 Notice to Trustee. The Issuer shall give
promptly written notice to a Responsible Officer of the Trustee of any fact known to the Issuer which would prohibit the making
of any payment of monies to or by the Trustee in respect of the Securities pursuant to the provisions of this ARTICLE 13. Notwithstanding
the provisions of this ARTICLE 13 or any other provision of this Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts which would prohibit the making of any payment of amounts to or by the Trustee in respect of the Securities
pursuant to the provisions of this ARTICLE 13, unless and until a Responsible Officer of the Trustee shall have received written
notice thereof at the Corporate Trust Office of the Trustee from the Issuer or a holder or holders of Senior Indebtedness or from
any trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of Section 5.01,
shall be entitled in all respects to assume that no such facts exist; provided that if on a date not fewer than three Business
Days prior to the date upon which by the terms hereof any such amounts may become payable for any purpose (including, without
limitation, the payment of principal (including, if applicable, any cash due upon conversion of the Securities), premium, if any,
and interest on any Security) the Trustee shall not have received, with respect to such monies, the notice provided for in this
Section 13.05, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority
to receive such amounts and to apply the same to the purpose for which they were received, and shall not be affected by any notice
to the contrary which may be received by it on or after such prior date. Notwithstanding anything to the contrary hereinbefore
set forth, nothing shall prevent any payment or delivery by the Issuer or the Trustee to the Holders of amounts in connection
with a redemption of Securities if (i) notice of such redemption has been given pursuant to ARTICLE 11 or Section 9.01 hereof
prior to the receipt by the Trustee of written notice as aforesaid, and (ii) such notice of redemption is given not earlier than
60 days before the redemption date.

 

The Trustee conclusively shall be entitled to rely on the delivery
to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness of the Issuer (or a trustee on
behalf of such holder) to establish that such notice has been given by a holder of Senior Indebtedness of the Issuer or a trustee
on behalf of any such holder or holders. In the event that the Trustee determines in good faith that further evidence is required
with respect to the right of any Person as a holder of Senior Indebtedness of the Issuer to participate in any payment or distribution
pursuant to this ARTICLE 13, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Indebtedness of the Issuer held by such Person, the extent to which such Person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of such Person under this ARTICLE 13, and if such
evidence is not furnished the Trustee may defer any payment to such Person pending judicial determination as to the right of such
Person to receive such payment.

 

Section 13.06 Trustee’s Relation to Senior Indebtedness.
The Trustee in its individual capacity shall be entitled to all the rights set forth in this ARTICLE 13 in respect of any Senior
Indebtedness of the Issuer at any time held by it, to the same extent as any other holder of Senior Indebtedness of the Issuer
and nothing elsewhere in this Indenture shall deprive the Trustee of any of its rights as such holder.

 

With respect to the holders of Senior Indebtedness of the Issuer,
the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this
ARTICLE 13, and no implied covenants or obligations with respect to the holders of Senior Indebtedness of the Issuer shall be
read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness of the Issuer and the Trustee shall not be liable to any holder of Senior Indebtedness of the Issuer if it shall
pay over or deliver to holders of Securities, the Issuer or any other Person money or assets to which any holder of Senior Indebtedness
of the Issuer shall be entitled by virtue of this ARTICLE 13 or otherwise.

 

Section 13.07 No Impairment Of Subordination. No right
of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any
way be prejudiced or impaired by any act or failure to act on the part of the Issuer or by any act or failure to act, in good
faith, by any such holder, or by any noncompliance by the Issuer with the terms, provisions and covenants of this Indenture, regardless
of any knowledge thereof which any such holder may have or otherwise be charged with.

 

Section 13.08 Rights Of Trustee. Nothing in this ARTICLE
13 shall apply to claims of or payments to, the Trustee pursuant to Section 5.06.

 

    	-55-

    	

    

 

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

 

MOTUS GI HOLDINGS, INC., as Issuer

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

●, as Trustee   

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	-56-

    	

    

 

FORM OF NOTE

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

    	-57-

    	

    

 

MOTUS GI HOLDINGS, INC.

● % Subordinated Note Due ●

 

No. ● CUSIP No.: ●

$ ●

 

MOTUS GI HOLDINGS, INC., a Delaware corporation (“Issuer”,
which term includes any successor corporation), for value received promises to pay to CEDE & CO. or its registered assigns,
the principal sum of ● on ●.

 

Interest Payment Dates: ● and ● (each, an “Interest
Payment Date”), commencing on ●. Interest Record Dates: ● and ● (each, an “Interest Record
Date”).

 

Reference is made to the further provisions of this Security
contained herein, which will for all purposes have the same effect as if set forth at this place.

 

    	-58-

    	

    

 

IN WITNESS WHEREOF, the Issuer has caused this Security to be
signed manually or by facsimile by its duly authorized officer.

 

MOTUS GI HOLDINGS, INC.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

This is one of the series designated herein and referred to
in the within-mentioned Indenture.

 

●, as Trustee  

 

	By:	 	 
	 	Authorized Signatory	 

 

    	-59-

    	

    

 

(REVERSE OF SECURITY)

MOTUS GI HOLDINGS, INC.

●% Subordinated Note Due ●

 

1. Interest.

 

MOTUS GI HOLDINGS, INC., a Delaware corporation (the “Issuer”),
promises to pay interest on the Principal amount of this Security at the rate per annum shown above. Cash interest on the Securities
will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from ●. The Issuer
will pay interest semi-annually in arrears on each Interest Payment Date, commencing ●. Interest will be computed on the
basis of a 360-day year of twelve 30-day months.

 

The Issuer shall pay interest on overdue Principal from time
to time on demand at the rate borne by the Securities and on overdue installments of interest (without regard to any applicable
grace periods) to the extent lawful.

 

2. Method of Payment.

 

The Issuer shall pay interest on the Securities (except defaulted
interest) to the persons who are the registered Holders at the close of business on the Interest Record Date immediately preceding
the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent to such Interest Record Date and
prior to such Interest Payment Date. Holders must surrender Securities to the Trustee to collect Principal payments. The Issuer
shall pay Principal and interest in money of the United States that at the time of payment is legal tender for payment of public
and private debts (“U.S. Legal Tender”). However, the payments of interest, and any portion of the Principal
(other than interest payable at maturity or on any redemption or repayment date or the final payment of Principal) shall be made
by the Paying Agent, upon receipt from the Issuer of immediately available funds by 11:00 a.m., New York City time (or such other
time as may be agreed to between the Issuer and the Paying Agent or the Issuer), directly to a Holder (by Federal funds wire transfer
or otherwise) if the Holder has delivered written instructions to the Trustee 15 days prior to such payment date requesting that
such payment will be so made and designating the bank account to which such payments shall be so made and in the case of payments
of Principal surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same principal amount
as the unredeemed Principal amount of the Securities surrendered.

 

3. Paying Agent.

 

Initially, ● (the “Trustee”) will act
as Paying Agent. The Issuer may change any Paying Agent without notice to the Holders.

 

4. Indenture.

 

The Issuer issued the Securities under an Indenture, dated as
of ● (the “Indenture”), between the Issuer and the Trustee. Capitalized terms herein are used as defined
in the Indenture unless otherwise defined herein. The terms of the Securities include those stated in the Indenture and those
made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”),
as in effect on the date of the Indenture until such time as the Indenture is qualified under the TIA, and thereafter as in effect
on the date on which the Indenture is qualified under the TIA. Notwithstanding anything to the contrary herein, the Securities
are subject to all such terms, and Holders of Securities are referred to the Indenture and the TIA for a statement of them. To
the extent the terms of the Indenture and this Security are inconsistent, the terms of the Indenture shall govern.

 

    	-60-

    	

    

 

5. Subordination.

 

The indebtedness of the Issuer evidenced by this Security, including
the Principal hereof and interest hereon, is, to the extent and in the manner set forth in the Indenture, subordinate and junior
in right of payment to the Company’s obligations to holders of Senior Indebtedness of the Issuer and each Holder of this
Security, by acceptance hereof, agrees to and shall be bound by such provisions of the Indenture and all other provisions of the
Indenture.

 

6. Denominations; Transfer; Exchange.

 

The Securities are in registered form, without coupons, in denominations
of $1,000 and multiples of $1,000. A Holder shall register the transfer of or exchange Securities in accordance with the Indenture.
The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain
transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need
not issue, authenticate, register the transfer of or exchange any Securities or portions thereof for a period of fifteen (15)
days before such series is selected for redemption, nor need the Issuer register the transfer or exchange of any security selected
for redemption in whole or in part.

 

7. Persons Deemed Owners.

 

The registered Holder of a Security shall be treated as the
owner of it for all purposes.

 

8. Unclaimed Funds.

 

If funds for the payment of Principal or interest remain unclaimed
for two years, the Trustee and the Paying Agent will repay the funds to the Issuer at its written request. After that, all liability
of the Trustee and such Paying Agent with respect to such funds shall cease.

 

9. Legal Defeasance and Covenant Defeasance.

 

The Issuer may be discharged from its obligations under the
Securities and under the Indenture with respect to the Securities except for certain provisions thereof, and may be discharged
from obligations to comply with certain covenants contained in the Securities and in the Indenture with respect to the Securities,
in each case upon satisfaction of certain conditions specified in the Indenture.

 

    	-61-

    	

    

 

10. Amendment; Supplement; Waiver.

 

Subject to certain exceptions, the Securities and the provisions
of the Indenture relating to the Securities may be amended or supplemented with the written consent of the Holders of at least
a majority in aggregate Principal amount of the Securities then outstanding, and any existing Default or Event of Default or compliance
with certain provisions may be waived with the consent of the Holders of a majority in aggregate Principal amount of the Securities
then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the
Securities to, among other things, cure any ambiguity, defect or inconsistency, provide for uncertificated Securities in addition
to or in place of certificated Securities or comply with any requirements of the Commission in connection with the qualification
of the Indenture under the Trust Indenture Act, or make any other change that does not adversely affect the rights of any Holder
of a Security.

 

11. Defaults and Remedies.

 

If an Event of Default (other than certain bankruptcy Events
of Default with respect to the Issuer) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate Principal
amount of Securities then outstanding may declare all of the Securities to be due and payable immediately in the manner and with
the effect provided in the Indenture. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing, all
the Securities shall be immediately due and payable immediately in the manner and with the effect provided in the Indenture without
any notice or other action on the part of the Trustee or any Holder. Holders of Securities may not enforce the Indenture or the
Securities except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Securities unless
it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders
of a majority in aggregate Principal amount of the Securities then outstanding to direct the Trustee in its exercise of any trust
or power. The Trustee may withhold from Holders of Securities notice of certain continuing Defaults or Events of Default if it
determines that withholding notice is in their interest.

 

12. Conversion.

 

Reference is made to the Indenture, including, without limitation,
provisions giving the Holder of this Security the right to convert this Security into Capital Stock of the Issuer on the terms
and subject to the limitations as more fully specified in the Indenture. The initial conversion rate for this Security is ●.
This conversion rate is subject to modification as provided in the Indenture. Such further provisions shall for all purposes have
the same effect as though fully set forth at this place.

 

13. Trustee Dealings with Issuer.

 

The Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Securities and may otherwise deal with the Issuer as if it were not the Trustee.

 

14. No Recourse Against Others.

 

No stockholder, director, officer, employee or incorporator,
as such, of the Issuer or any successor Person thereof shall have any liability for any obligation under the Securities or the
Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder of a Security
by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance
of the Securities.

 

15. Authentication.

 

This Security shall not be valid until the Trustee manually
signs the certificate of authentication on this Security.

 

    	-62-

    	

    

 

16. Abbreviations and Defined Terms.

 

Customary abbreviations may be used in the name of a Holder
of a Security or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants
with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

17. CUSIP Numbers.

 

Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities as a convenience
to the Holders of the Securities. No representation is made as to the accuracy of such numbers as printed on the Securities and
reliance may be placed only on the other identification numbers printed hereon.

 

18. Governing Law.

 

The laws of the State of New York shall govern the Indenture
and this Security thereof.

 

    	-63-

    	

    

 

ASSIGNMENT FORM

 

	I or we assign and transfer this Security to
	(Print or type name, address and zip code of assignee or transferee)
	(Insert Social Security or other identifying number of assignee or transferee)

 

and irrevocably appoint                          
             agent to transfer this Security on the
books of the Issuer. The agent may substitute another to act for him.

 

	Dated:	 	Signed: (Signed exactly as name appears on the other side
    of this Security)

 

	Signature Guarantee:	 	 
	 	 	Participant in a recognized Signature Guarantee Medallion Program (or
    other signature guarantor program reasonably acceptable to the Trustee)

 

    	-64-Exhibit
    10.1

 

	 	Dated     10   March
    2021

 

    	 
	 	 	 
	 	 	 
	 	Royal Caribbean Cruises Ltd.	(1)
	 	(the Borrower)	 
	 	 	 
	 	KfW IPEX-Bank GmbH	(2)
	 	(the Facility Agent)	 
	 	 	 
	 	KfW IPEX-Bank GmbH	(3)
	 	(the Hermes Agent)	 
	 	 	 
	 	The banks and financial institutions listed in Schedule 1	(4)
	 	(the Mandated Lead Arrangers)	 
	 	 	 
	 	The banks and financial institutions listed in Schedule 1	(5)
	 	(the Lenders)	 
	 	 	 
	 	 

 	 
	 	Amendment No. 6 in connection with	 
	 	the
    Credit Agreement in respect of	 
	 	"ODYSSEY
    OF THE SEAS" – Hull S-713	 
	 	 	 
	 	 

 	 

 

 

 

     

     

    

 

Contents

 

	Clause	Page
	1	Interpretation and definitions	1
	2	Amendment of the Existing Credit Agreement	2
	3	Conditions of effectiveness of Amended Credit Agreement	3
	4	Representations and Warranties	4
	5	Incorporation of Terms	5
	6	Fees, Costs and Expenses	5
	7	Counterparts	6
	8	Governing Law	6
	Schedule 
    1  Finance Parties	7
	Schedule 
    2  Form of Amendment Effective Date confirmation – Hull S-713	9
	Schedule 
    3  Amendments to the Credit Agreement	10
	Schedule 
    4  Form of Guarantor Confirmation Certificate	12
	Schedule 
    5  Exhibit N – Repayment Schedules	14

 

     

     

    

 

THIS
AMENDMENT NO. 6 (this Amendment) is dated 10 March 2021 and made BETWEEN:

 

	(1)	Royal
                                         Caribbean Cruises Ltd. (a corporation organised and existing under the laws of the
                                         Republic of Liberia) (the Borrower);

 

	(2)	KfW
                                         IPEX-Bank GmbH as facility agent (the Facility Agent);

 

	(3)	KfW
                                         IPEX-Bank GmbH as Hermes agent (the Hermes Agent);

 

	(4)	The
                                         banks and financial institutions listed in Schedule 1 as mandated lead arrangers
                                         (the Mandated Lead Arrangers); and

 

	(5)	The
                                         banks and financial institutions listed in Schedule 1 as lenders (the Lenders).

 

WHEREAS:

 

	(A)	The
                                         Borrower, the Facility Agent, the Hermes Agent, the Mandated Lead Arrangers and the Lenders
                                         are parties to a credit agreement, dated as of 13 November 2015, as amended on 7 September
                                         2016, as further amended and restated on 3 July 2018, as further amended on 30 April
                                         2020, and as further amended by a financial covenant waiver extension consent letter
                                         dated 28 July 2020, as further amended and restated on 21 December 2020 and as further
                                         amended and restated on 18 February 2021 (together, the Existing Credit Agreement),
                                         in respect of the vessel with builders hull no. S-713 (to be named “ODYSSEY OF
                                         THE SEAS”) (the Vessel) whereby it was agreed that the Lenders would make
                                         available to the Borrower, upon the terms and conditions therein, a US dollar loan facility
                                         (the Facility) calculated on the amount equal to the sum of (a) up to eighty per
                                         cent (80%) of the Contract Price of the Vessel but which Contract Price will not exceed
                                         EUR948,850,000 and (b) up to 100% of the Hermes Fee (as each such term is defined in
                                         the Existing Credit Agreement).

 

	(B)	The
                                         Borrower and the Builder have, on December 1, 2020, entered into an addendum to the Construction
                                         Contract pursuant to which, amongst other things, the Builder and the Borrower agreed
                                         an increase in certain elements of the Contract Price.

 

	(C)	The
                                         Borrower has delivered to the Facility Agent a Floating Rate Election Notice dated 12
                                         January 2021 electing to pay interest on the Loan at the Floating Rate.

 

	(D)	In
                                         connection with the arrangements referred to in Recital (B) above, the Parties wish to
                                         amend the Existing Credit Agreement to the extent set out in this Amendment including,
                                         amongst other things, by increasing the Facility by 80% of the amount of the increased
                                         cost of the Vessel and 100% of the Additional Hermes Fee (as such term is defined in
                                         the Amended Credit Agreement).

 

NOW
IT IS AGREED as follows:

 

	1	Interpretation
                                         and definitions

 

	1.1	Definitions
                                         in the Existing Credit Agreement

 

		(a)	Unless
                                         the context otherwise requires or unless otherwise defined in this Amendment, words and
                                         expressions defined in the Existing Credit Agreement shall have the same meanings when
                                         used in this Amendment.

 

    1

     

    

 

		(b)	The
                                         principles of construction set out in the Existing Credit Agreement shall have effect
                                         as if set out in this Amendment.

 

	1.2	Definitions

 

In
this Amendment:

 

Amended
Credit Agreement means the Existing Credit Agreement as amended in accordance with this Amendment.

 

Amendment
Effective Date has the meaning set forth in clause 3.

 

Fee
Letter means any letter between the Facility Agent and the Borrower setting out the fees payable in connection with this Amendment.

 

Finance
Parties means the Facility Agent, the Hermes Agent, the Mandated Lead Arrangers and the Lenders.

 

Party
means each of the parties to this Amendment.

 

Refinancing
Bank means KfW in its capacity as refinancing bank under each Option A Refinancing Agreement.

 

	1.3	Third
                                         party rights

 

Other
than KfW in respect of the rights of KfW under the Loan Documents, unless expressly provided to the contrary in a Loan Document,
no term of this Amendment is enforceable under the Contracts (Rights of Third Parties) Act 1999 by any person who is not a Party.

 

	1.4	Designation

 

Each
of the Parties designates this Amendment as a Loan Document.

 

	2	Amendment
                                         of the Existing Credit Agreement

 

In
consideration of the mutual covenants in this Amendment, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree that, subject to the satisfaction of the conditions precedent set forth
in clause 3:

 

		(a)	the
                                         Maximum Loan Amount shall be increased by an amount of EUR 55,989,000.00 and, in connection
                                         with this increase, certain of the Lenders agree to increase their Commitments by the
                                         respective amounts set out in Schedule 1 and accordingly, on the Amendment Effective
                                         Date, the Total Commitments of the Lenders shall be as set out in Schedule 1; and

 

		(b)	to
                                         reflect the arrangements set out in (a) above, the Existing Credit Agreement is hereby
                                         amended on the Amendment Effective Date in accordance with the amendments set out in
                                         Schedule 3 and which Existing Credit Agreement will continue to be binding upon each
                                         of the Parties hereto in accordance with its terms as so amended.

 

    2

     

    

 

	3	Conditions
                                         of effectiveness of Amended Credit Agreement

 

	3.1	The
                                         amendments to the Amended Credit Agreement shall become effective in accordance with
                                         the terms of this Amendment on the date (the Amendment Effective Date) upon which
                                         each of the following conditions has been satisfied to the reasonable satisfaction of
                                         the Facility Agent:

 

		(a)	the
                                         Facility Agent shall have received from the Borrower:

 

		(i)	a
                                         certificate of its Secretary or Assistant Secretary as to the incumbency and signatures
                                         of those of its officers authorised to act with respect to this Amendment and as to the
                                         truth and completeness of the attached resolutions of its Board of Directors then in
                                         full force and effect authorising the execution, delivery and performance of this Amendment,
                                         and upon which certificate the Lenders may conclusively rely until the Facility Agent
                                         shall have received a further certificate of the Secretary or Assistant Secretary of
                                         the Borrower cancelling or amending such prior certificate; and

 

		(ii)	a
                                         Certificate of Good Standing issued by the relevant Liberian authorities in respect of
                                         the Borrower;

 

		(b)	the
                                         Facility Agent shall have received from each Guarantor a certificate (substantially in
                                         the form set out in Schedule 4), signed by a duly authorised officer of that Guarantor:

 

		(i)	confirming
                                         that:

 

		(A)	the
                                         relevant Guarantor acknowledges the amendments to the Existing Credit Agreement contained
                                         in this Amendment;

 

		(B)	the
                                         relevant Guarantee and each other Loan Document to which that Guarantor is a party shall
                                         remain and continue in full force and effect notwithstanding the amendment of the Existing
                                         Credit Agreement pursuant to this Amendment;

 

		(C)	the
                                         relevant Guarantee shall extend to any new obligations assumed by the Borrower under
                                         the Amended Credit Agreement as amended pursuant to this Amendment; and

 

		(D)	continuing
                                         to guarantee the amended obligations of the Borrower does not cause any borrowing, guaranteeing
                                         or similar limit binding on the relevant Guarantor to be exceeded; and

 

		(ii)	evidencing
                                         the authority of the relevant officer to execute that certificate and to provide the
                                         confirmations referred to in paragraph (i) above,

 

			together
with such evidence from legal counsel to the Facility Agent as the Lenders may require as to the continued effectiveness of the
Guarantees;

 

		(c)	the
                                         Facility Agent shall have received a duly executed copy of each Fee Letter;

 

		(d)	the
                                         Facility Agent shall have received evidence that all invoiced expenses of the Facility
                                         Agent (including the agreed fees and expenses of counsel to the Facility Agent) required
                                         to be paid by the Borrower pursuant to clause 6 below, and all other documented fees
                                         and expenses that the Borrower has otherwise agreed in writing to pay to the Facility
                                         Agent, have been paid or will be paid promptly upon being demanded;

 

    3

     

    

 

		(e)	the
                                         Facility Agent shall have received opinions, addressed to the Facility Agent (and capable
                                         of being relied upon by each Lender) from:

 

		(i)	Watson
                                         Farley & Williams LLP, counsel to the Borrower, as to matters of Liberian law (and
                                         being issued in substantially the same form as the corresponding Liberian legal opinion
                                         issued in connection with Amendment Number Four); and

 

		(ii)	Norton
                                         Rose Fulbright LLP, counsel to the Facility Agent as to matters of English law (and being
                                         issued in substantially the same form as the corresponding English legal opinion issued
                                         in connection with previous amendments to the Credit Agreement),

 

		or, where applicable, a
                                                                                                                                        written approval in principle (which can be given by email) by either of the above counsel of the arrangements contemplated
                                                                                                                                        by this Amendment and a confirmation that a formal opinion will follow promptly after the Amendment Effective
                                                                                                                                        Date;

 

		(f)	the
                                         representations and warranties set out in clause 4 are true and correct in all material
                                         respects (except for such representations and warranties that are qualified by materiality
                                         or non-existence of a Material Adverse Effect (which shall be accurate in all respects))
                                         as of the Amendment Effective Date;

 

		(g)	no
                                         Event of Default or Prepayment Event shall have occurred and be continuing or would result
                                         from the amendment of the Existing Credit Agreement pursuant to this Amendment;

 

		(h)	the
                                         Borrower shall, as required pursuant to clause 5, have provided a letter to the Facility
                                         Agent which confirms that RCL Cruises Ltd. has accepted its appointment as process agent
                                         in respect of this Amendment;

 

		(i)	the
                                         Refinancing Bank has confirmed to the Facility Agent that all relevant Lenders have executed
                                         respective amendments to their Option A Refinancing Agreements required in connection
                                         with the arrangements contemplated by this Amendment; and

 

		(j)	the
                                         Facility Agent shall have received from Hermes an approval in principle that the Hermes
                                         Insurance Policy will be amended in respect of, and shall cover, the Increased Loan Amount
                                         (as defined in the Amended Credit Agreement).

 

	3.2	The
                                         Facility Agent shall notify the Lenders and the Borrower of the Amendment Effective Date
                                         by way of a confirmation in the form set out in Schedule 2 and such confirmation shall
                                         be conclusive and binding.

 

	4	Representations
                                         and Warranties

 

Each
of the representations and warranties in:

 

		(a)	Article
                                         VI of the Amended Credit Agreement (excluding Section 6.10 of the Amended Credit Agreement);
                                         and

 

    4

     

    

 

		(b)	clause 4(b) of Amendment Number Five,

                                                                                 

                                                                                are deemed to be made by the Borrower on the date of this Amendment and the Amendment Effective Date, in each case as if reference to the Loan Documents in each such representation and warranty was a reference to this Amendment, each officer certificate referred in clause 3.1(b), and as if the Amended Credit Agreement was effective at the time of each such repetition.

 

	5	Incorporation
                                         of Terms

 

The
provisions of Section 11.2 (Notices), Section 11.6 (Severability) and Subsections 11.14.2 (Jurisdiction),
11.14.3 (Alternative Jurisdiction) and 11.14.4 (Service of Process) of the Existing Credit Agreement shall be incorporated
into this Amendment as if set out in full in this Amendment and as if references in those sections to “this Agreement”
were references to this Amendment and references to each Party are references to each Party to this Amendment.

 

	6	Fees,
                                         Costs and Expenses

 

	6.1	The
                                         Borrower shall pay to the Facility Agent (for its own account and for the account of
                                         the Lenders (as applicable)) the fees in the amounts and at the times agreed in the Fee
                                         Letters.

 

	6.2	The
                                         Borrower shall also pay to the Facility Agent (for the account of the Refinancing Bank)
                                         a non-refundable refinancing fee in an amount of €1,000 per Option A Refinancing
                                         Agreement to which the Refinancing Bank is a party.

 

	6.3	The
                                         payment of the above fees shall be made free and clear of any deduction, restriction
                                         or withholding and in immediately available freely transferable cleared funds to such
                                         account(s) as the Facility Agent shall notify the Borrower of in advance or, where applicable,
                                         in the relevant Fee Letter.

 

	6.4	The
                                         Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of:

 

		(a)	the
                                         Facility Agent in connection with the preparation, execution, delivery and administration,
                                         modification and amendment of this Amendment and the documents to be delivered hereunder
                                         or thereunder; and

 

		(b)	the
                                         Refinancing Bank and any Lender in connection with the preparation, execution, delivery
                                         and administration, modification and amendment of any Option A Refinancing Agreement
                                         and any security or other documents executed or to be executed and delivered as a consequence
                                         of the parties entering into this Amendment and any other documents to be delivered under
                                         this Amendment,

 

(including
the reasonable and documented fees and expenses of counsel for the Facility Agent and the Refinancing Bank with respect hereto
and thereto as agreed with the Facility Agent and the Refinancing Bank) in accordance with the terms of Section 11.3 (Payment
of Costs and Expenses) of the Existing Credit Agreement and as if references in that section to the Facility Agent are references
to the Facility Agent and the Refinancing Bank.

 

    5

     

    

 

	7	Counterparts

 

This
Amendment may be executed in any number of counterparts and by the different Parties on separate counterparts, each of which
when so executed and delivered shall be an original but all counterparts shall together constitute one and the same
instrument. The Parties acknowledge and agree that they may execute this Amendment and any variation or amendment to the
same, by electronic instrument. The Parties agree that the electronic signatures appearing on the document shall have the
same effect as handwritten signatures and the use of an electronic signature on this Amendment shall have the same validity
and legal effect as the use of a signature affixed by hand and is made with the intention of authenticating this Amendment,
and evidencing the Parties’ intention to be bound by the terms and conditions contained herein. For the purposes of
using an electronic signature, the Parties authorise each other to conduct the lawful processing of personal data of the
signers for contract performance and their legitimate interests including contract management.

 

	8	Governing
                                         Law

 

This
Amendment, and all non-contractual obligations arising in connection with it, shall be governed by and construed in accordance
with English law.

 

The
Parties have executed this Amendment the day and year first before written.

 

    6

     

    

 

Schedule 1 

Finance
Parties

 

Facility
Agent

 

KfW
IPEX-Bank GmbH

 

Hermes
Agent

 

KfW
IPEX-Bank GmbH

 

Mandated
Lead Arrangers 

 

KfW
IPEX-Bank GmbH as Initial Mandated Lead Arranger

together with:

Bayerische Landesbank Munich

BNP Paribas Fortis S.A./N.V.

Commerzbank AG, New York Branch

DZ BANK AG, New York Branch

Skandinaviska Enskilda Banken AB (publ)

 

    7

     

    

 

Lenders

 

	Lender	 	Existing
 Commitment
 Percentage	 	 	Existing
 Commitment
 (EUR)	 	 	Increase in
 Commitment
 Percentage	 	 	Increase in
 Commitment 
 (if any) (EUR)	 	 	Total
 Commitment
 Percentage	 	 	Total
 Commitment
 (EUR)	 
	KfW IPEX-Bank GmbH	 	 	46.117576641	%	 	 	358,568,770.14	 	 	 	57.802921467	%	 	 	32,363,277.70	 	 	 	46.902521520	%	 	 	390,932,047.84	 
	Bayerische Landesbank Munich	 	 	8.764008619	%	 	 	68,141,043.41	 	 	 	8.764008627	%	 	 	4,906,880.79	 	 	 	8.764008619	%	 	 	73,047,924.20	 
	BNP Paribas Fortis S.A./N.V.	 	 	12.983716472	%	 	 	100,949,693.94	 	 	 	24.669061280	%	 	 	13,811,960.72	 	 	 	13.768661349	%	 	 	114,761,654.66	 
	Commerzbank AG, New York Branch	 	 	11.685344825	%	 	 	90,854,724.55	 	 	 	0.000000000	%	 	 	-	 	 	 	10.900399946	%	 	 	90,854,724.55	 
	DZ BANK AG, New York Branch	 	 	8.764008619	%	 	 	68,141,043.41	 	 	 	8.764008627	%	 	 	4,906,880.79	 	 	 	8.764008619	%	 	 	73,047,924.20	 
	Skandinaviska Enskilda Banken AB (publ)	 	 	11.685344825	%	 	 	90,854,724.55	 	 	 	0.000000000	%	 	 	-	 	 	 	10.900399946	%	 	 	90,854,724.55	 
	Total	 	 	100.00000000	%	 	 	777,510,000.00	 	 	 	100.00000000	%	 	 	55,989,000.00	 	 	 	100.00000000	%	 	 	833,499,000.00	 

 

    8

     

    

 

 

Schedule 2

Form of Amendment Effective Date confirmation – Hull S-713

 

	To:	Royal Caribbean Cruises Ltd.
	 	 
	To:	KfW

 

"ODYSSEY OF THE SEAS" (Hull
S-713)

 

We, KfW IPEX-Bank GmbH, refer to
amendment no. 6 dated [l] 2021 (the Amendment) relating to a credit agreement
dated as of 13 November 2015 (as previously amended, supplemented and/or restated from time to time) (the Credit Agreement)
made between (among others) the above named Royal Caribbean Cruises Ltd. as the Borrower, the financial institutions listed
in it as the Lenders and ourselves as the Hermes Agent and the Facility Agent in respect of a loan to the Borrower from the Lenders
of up to the Maximum Loan Amount (as defined in the Credit Agreement).

 

We hereby confirm that all conditions precedent
referred to in clause 3.1 of the Amendment have been satisfied. In accordance with clause 3 of the Amendment, the Amendment Effective
Date is the date of this confirmation and the amendment and restatement of the Credit Agreement in accordance with the Amendment
is now effective.

 

	Dated:                                             2021	 
	 	 
	Signed:	                                	 
	For
and on behalf of	 
	KfW
IPEX-Bank GmbH	 
	(as
Facility Agent)	 

 

    9 

     

    

 

Schedule 3

Amendments to the Credit Agreement

 

		1.	Recital (B) shall be deleted and replaced with the following:

 

“The
Lenders have agreed to make available to the Borrower, upon the terms and conditions contained herein, a US dollar loan facility
calculated on the amount (the “Maximum Loan Amount” (being comprised of the Original Loan Amount and the Increase Loan
Amount)) equal to (x) eighty per cent (80%) of the Contract Price (as defined below) of the Purchased Vessel (as defined below),
as adjusted from time to time in accordance with the Construction Contract to reflect, among other adjustments, change orders,
but which Contract Price shall not exceed for this purpose EUR 1,015,000,000 (the “Contract Price Proceeds”), plus
(y) 100% of the Hermes Fee (as defined below) (the “Hermes Fee Proceeds”) and being made available in the US Dollar
Equivalent of that Maximum Loan Amount. The Lenders have also (but without increasing the Maximum Loan Amount and the Commitment
of each Lender) agreed to make available to the Borrower, upon the terms and conditions contained herein, a US dollar loan facility
in the amount equal to the aggregate of the principal portion of the repayment instalments of the Loan payable on the Repayment
Dates (as defined below) falling during the Advanced Loan Deferral Period (as defined below) (the “Deferred Tranche Maximum
Loan Amount”);”

 

		2.	A new definition of “Amendment Number Six” shall be added in Section 1.1 as follows:

 

““Amendment
Number Six” means the amendment agreement dated March 2021 pursuant to which this Agreement was amended.”

 

		3.	In the definition of “Buyer’s Allowance” in Section 1.1, the reference to “EUR
70,000,000” shall be deleted and replaced by “EUR 100,000,000”.

 

		4.	The definition of “Floating Rate Margin” in Section 1.1. shall be deleted and replaced
with the following:

 

““Floating
Rate Margin” means for each Interest Period in respect of:

 

		(a)	the Original Loan Amount portion of any Floating Rate Loan (but for this purpose excluding any
drawn portion of the Deferred Tranche), the Original Floating Rate Margin;

 

		(b)	the Increase Loan Amount portion of any Floating Rate Loan (but for this purpose excluding any
drawn portion of the Deferred Tranche), the sum of (i) the Original Floating Rate Margin and (ii) 0.20%; and

 

		(c)	the Deferred Tranche, the sum of (i) the Original Floating Rate Margin and (ii) 0.20%.”

 

		5.	A new definition of “Additional Hermes Fee” shall be added in Section 1.1 as follows:

 

“Additional
Hermes Fee” means the additional premium payable to Hermes under and in respect of the amendment to the Hermes Insurance
Policy in connection with Amendment Number Six.

 

		6.	The definition of “Hermes Fee” shall be deleted an replaced with the following:

 

““Hermes
Fee” means the Original Hermes Fee and the Additional Hermes Fee.”

 

		7.	A definition of “Increased Loan Amount” shall be added in Section 1.1 as follows:

 

““Increased
Loan Amount” means the increase in the amount of the Maximum Loan Amount pursuant to Amendment Number Six, namely EUR
55,989,000.00.”

 

    10 

     

    

 

		8.	In the definition of “Loan Documents” in Section 1.1, the words “Amendment Number
Six,” shall be added after the words “Amendment Number Five,”.

 

		9.	A definition of “Original Hermes Fee” shall be added in Section 1.1 as follows:

 

““Original
Hermes Fee” means the premium payable to Hermes under and in respect of the Hermes Insurance Policy with respect to the
Original Loan Amount.”

 

		10.	A definition of “Original Loan Amount” shall be added in Section 1.1 as follows:

 

““Original
Loan Amount” means the Maximum Loan Amount immediately prior to the Amendment Effective Date (as defined in Amendment
Number Six) under Amendment Number Six.”

 

		11.	Section 2.2(a) shall be replaced and replaced with the following:

 

“Each
Lender will make its portion of the relevant part of the Loan available to the Borrower in accordance with Section 2.5 either (i)
two (2) Business Days prior to the delivery of the Purchased Vessel to the Borrower under the Construction Contract or (ii) on
the relevant Repayment Date falling during the Advanced Loan Deferral Period in the case of the Deferred Tranche. The commitment
of each Lender described in this Section 2.2 (herein referred to as its “Commitment”) shall be the commitment of such
Lender to make available to the Borrower its portion of (y) the Loan (excluding for this purpose the Deferred Tranche) and (z)
the Deferred Tranche. The Commitment referred to in paragraph (y) above is expressed as the relevant amount set forth opposite
such Lender’s name in the “Total Commitment (EUR)” column of Schedule 1 of Amendment Number Six. The Commitment
referred to in paragraph (z) above is expressed as that Lender’s Percentage of the amount of the Deferred Tranche, being
the relevant percentage set forth opposite such Lender’s name in the “Total Commitment Percentage” column of
Schedule 1 of Amendment Number Six. If any Lender becomes a Lender pursuant to an assignment pursuant to Section 11.11.1, its Commitment
shall be the aggregate of (A) the amount set forth as such Lender’s Commitment in the related Lender Assignment Agreement
and (B) its Percentage of the amount of the Deferred Tranche as at the Deferred Tranche Effective Date calculated by reference
to the Percentage set forth as such Lender’s Commitment in the related Lender Assignment Agreement. In each case, as such
amount may be reduced from time to time pursuant to Section 2.3 or reduced or increased from time to time pursuant to assignments
by or to such Lender pursuant to Section 11.11.1.”

 

		12.	In Section 3.1(a) the reference to “Exhibit M” shall be deleted and replaced by “Exhibit
N”.

 

		13.	Section 11.13.1(b) shall be deleted and replaced with the following:

 

“The
Original Hermes Fee will equal 2.37% of the aggregate principal amount of the Loan as at the Delivery Date. The Additional Hermes
Fee will equal 5.48% of the Increase Loan Amount.”.

 

		14.	The reference to “Hermes Fee” in Sections 11.13.1(c)(i) and 11.13.1(c)(ii) shall be
deleted and replaced with the reference to “Original Hermes Fee”.

 

		15.	Section 11.13.1(c)(ii) shall be deleted and replaced with the following:

 

“the
Additional Hermes Fee and the balance of the Hermes Fee (being the amount thereof under paragraph (b) above less the First Fee)
(“Second Fee”) will be payable in Dollars to the Hermes Agent or Hermes on the Delivery Date;”.

 

		16.	Exhibit N shall be deleted and replaced with the Repayment Schedules set out in Schedule 5.

 

    11 

     

    

 

Schedule 4

Form of Guarantor Confirmation Certificate

 

[Insert name of relevant Guarantor
here]

 

GUARANTOR’S CERTIFICATE

 

[●], 2021

 

This Certificate is delivered on behalf
of [Insert name of relevant Guarantor entity here] (the Guarantor)], a [company][corporation] incorporated
in [●].

 

[I][We], [insert name of the authorized
officers/directors], the undersigned, in [my][our] capacity as [[a] duly authorized officer[s]] [or][director] of the Guarantor
and not in any individual capacity, do hereby confirm in relation to the Credit Agreement dated 13 November 2015 (the Agreement)
in respect of m.v. Odyssey of the Seas (Hull S.713) (as amended from time to time) as follows:

 

		1.	Unless otherwise defined in this Certificate, words and expressions defined in the Agreements shall
have the meanings when used in this Certificate.
	 	 	 

		2.	The Guarantor is a guarantor under the Agreement.
	 	 	 

		3.	[I][We] hereby acknowledge on behalf of the Guarantor that the Agreement shall be amended pursuant
to an amendment agreement (the Vessel Loan Amendment) in order to record the agreement of the respective parties to increase
the Total Commitments in an amount of EUR[l].

 

This Certificate is one of the “certificates”
required to be provided pursuant to clause 3.1(b) of the Vessel Loan Amendment and in the context of the requirements of clause
3.1(b) of the Vessel Loan Amendment, [I][we] hereby further acknowledge and confirm on behalf of the Guarantor the following:

 

		a.	the amendments contemplated in the Vessel Loan Amendment and the contents thereof are approved;
	 	 	 

		b.	the Guarantee given by the Guarantor in the Agreement and each other Loan Document (as defined
in the Agreement) to which the Guarantor is a party shall remain and continue in full force and effect notwithstanding the amendment
of the Agreement pursuant to the Vessel Loan Amendment;
	 	 	 

		c.	the Guarantee given by the Guarantor in the Agreement shall extend to any new obligations assumed
by the Borrower under the Agreement as amended by the Vessel Loan Amendment; and
	 	 	 

		d.	continuing to guarantee the amended obligations of the Borrower under the Agreement as amended
by the Vessel Loan Amendment does not cause any borrowing, guaranteeing or similar limit binding on the Guarantor to be exceeded.

 

	4.	[I][We] hereby confirm that:

 

		a.	the copy of the certificate or articles of incorporation, formation or organization or other comparable
organizational document of the Guarantor (collectively, the Organizational Documents); and

  

    12 

     

    

 

		b.	the by-laws or operating, management or similar agreements of the Guarantor (collectively, the Operating Documents),

                                                                                 

                                                                                in each case, appended to the Secretary’s Certificate dated 21 December 2020 (the Original Secretary’s Certificate) remain true and correct on the date of this Certificate and have not been amended, modified or revoked and remain in full force and effect.

 

	5.	[I][we] hereby represent and warrant on behalf of the Guarantor that [I][we] have the authority
to sign this Certificate as evidenced by [●] of the Original Secretary’s Certificate (the Authorization). The
Authorization has not been modified or rescinded and remains in full force and effect.
	 	 

	6.	[The Guarantor does not have its management or control in Liberia nor does it undertake any business
activity in Liberia.
	 	 

	7.	Less than a majority of the shareholders of the Guarantor hereto by vote or value are resident
in Liberia.][7 and 8 to be included in the Certificate for RCL Cruise Holdings LLC and RCI Holdings LLC only as Liberian
entities]
	 	 

	8.	This Certificate shall be governed by and construed in accordance with New York law.

 

[Signature Pages Follow]

 

    13

     

    

 

Schedule 5

Exhibit N – Repayment Schedules

 

Repayment Schedule – Loan (other than Deferred Tranche)

Payment
[1] and [2] fall in the Deferral Period I 

EURO (EUR) 

	No.	 	 	Repayment Dates	 	Balance	 	 	Principal	 
	 	0	 	 	22-Mar-2021	 	 	833,499,000.00 €	 	 	-
     €	 
	 	1	 	 	22-Sep-2021	 	 	798,769,875.00 €	 	 	34,729,125.00 €	 
	 	2	 	 	22-Mar-2022	 	 	764,040,750.00 €	 	 	34,729,125.00 €	 
	 	3	 	 	22-Sep-2022	 	 	729,311,625.00 €	 	 	34,729,125.00 €	 
	 	4	 	 	22-Mar-2023	 	 	694,582,500.00 €	 	 	34,729,125.00 €	 
	 	5	 	 	22-Sep-2023	 	 	659,853,375.00 €	 	 	34,729,125.00 €	 
	 	6	 	 	22-Mar-2024	 	 	625,124,250.00 €	 	 	34,729,125.00 €	 
	 	7	 	 	22-Sep-2024	 	 	590,395,125.00 €	 	 	34,729,125.00 €	 
	 	8	 	 	22-Mar-2025	 	 	555,666,000.00 €	 	 	34,729,125.00 €	 
	 	9	 	 	22-Sep-2025	 	 	520,936,875.00 €	 	 	34,729,125.00 €	 
	 	10	 	 	22-Mar-2026	 	 	486,207,750.00 €	 	 	34,729,125.00 €	 
	 	11	 	 	22-Sep-2026	 	 	451,478,625.00 €	 	 	34,729,125.00 €	 
	 	12	 	 	22-Mar-2027	 	 	416,749,500.00 €	 	 	34,729,125.00 €	 
	 	13	 	 	22-Sep-2027	 	 	382,020,375.00 €	 	 	34,729,125.00 €	 
	 	14	 	 	22-Mar-2028	 	 	347,291,250.00 €	 	 	34,729,125.00 €	 
	 	15	 	 	22-Sep-2028	 	 	312,562,125.00 €	 	 	34,729,125.00 €	 
	 	16	 	 	22-Mar-2029	 	 	277,833,000.00 €	 	 	34,729,125.00 €	 
	 	17	 	 	22-Sep-2029	 	 	243,103,875.00 €	 	 	34,729,125.00 €	 
	 	18	 	 	22-Mar-2030	 	 	208,374,750.00 €	 	 	34,729,125.00 €	 
	 	19	 	 	22-Sep-2030	 	 	173,645,625.00 €	 	 	34,729,125.00 €	 
		20	 	 	22-Mar-2031	 	 	138,916,500.00 €	 	 	34,729,125.00 €	 
	 	21	 	 	22-Sep-2031	 	 	104,187,375.00 €	 	 	34,729,125.00 €	 
	 	22	 	 	22-Mar-2032	 	 	69,458,250.00 €	 	 	34,729,125.00 €	 
	 	23	 	 	22-Sep-2032	 	 	34,729,125.00 €	 	 	34,729,125.00 €	 
	 	24	 	 	22-Mar-2033	 	 	- €	 	 	34,729,125.00
    €	 
	 	 	 	 	 	 	 	 	 	 	833,499,000.00 €	 

 

    14

     

    

 

Repayment Schedule – Deferred Tranche I

EURO
(EUR)

 

	No.	 	 	Repayment Dates	 	Balance	 	 	Principal	 
	 	0	 	 	22-Sep-2021	 	 	34,729,125.00 €	 	 	- €	 
	 	0	 	 	22-Mar-2022	 	 	69,458,250.00 €	 	 	- €	 
	 	1	 	 	22-Sep-2022	 	 	62,512,425.00 €	 	 	6,945,825.00 €	 
	 	2	 	 	22-Mar-2023	 	 	55,566,600.00 €	 	 	6,945,825.00 €	 
	 	3	 	 	22-Sep-2023	 	 	48,620,775.00 €	 	 	6,945,825.00 €	 
	 	4	 	 	22-Mar-2024	 	 	41,674,950.00 €	 	 	6,945,825.00 €	 
	 	5	 	 	22-Sep-2024	 	 	34,729,125.00 €	 	 	6,945,825.00 €	 
	 	6	 	 	22-Mar-2025	 	 	27,783,300.00 €	 	 	6,945,825.00 €	 
	 	7	 	 	22-Sep-2025	 	 	20,837,475.00 €	 	 	6,945,825.00 €	 
	 	8	 	 	22-Mar-2026	 	 	13,891,650.00 €	 	 	6,945,825.00 €	 
	 	9	 	 	22-Sep-2026	 	 	6,945,825.00 €	 	 	6,945,825.00 €	 
	 	10	 	 	22-Mar-2027	 	 	- €	 	 	6,945,825.00 €	 
	 	 	 	 	 	 	 	 	 	 	69,458,250.00 €	 

 

    15

     

    

 

SIGNATORIES

Amendment No. 6 in respect of Hull S-713

 

	Borrower	 	
	 		 
	Royal Caribbean Cruises Ltd.	)	/s/
                                         JASON LIBERTY
	Name: Jason Liberty	)	 
	Title: Chief Financial Officer	)	 
	 	 	 
	 	 	 
	Facility Agent	 	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	Name: Delphine Deroche	)	/s/
                                         DELPHINE DEROCHE
	Title: Director	)	 
	Name: Grit Zierau	) 	/s/ GRIT ZIERAU
	Title: Assistant Vice President	 	 
	 	 	 
	 	 	 
	Hermes Agent	 	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	Name: Delphine Deroche	)	/s/
                                         DELPHINE DEROCHE
	Title: Director	)	 
	Name: Grit Zierau	)	/s/ GRIT ZIERAU
	Title: Assistant Vice President		
	 	 	 
	 	 	 
	Mandated Lead Arrangers	 	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	Name: Delphine Deroche	)	/s/
                                         DELPHINE DEROCHE
	Title: Director	)	 
	Name: Grit Zierau	)	 /s/ GRIT ZIERAU
	Title: Assistant Vice President	 	 
	 	 	 
	 	 	 
	Bayerische Landesbank Munich	)	 
	Name: P.G. Ruprecht and Doris Pollner	)	/s/
                                         P.G. RUPRECHT
	Title:	)	/s/
                                         DORIS POLLNER
	 	 	 
	 	 	 
	BNP Paribas Fortis S.A./N.V.	)	 
	Name: Xavier Coulie	)	/s/
                                         XAVIER COULIE
	Title: Specialised Finance Belgium	)	 
	Name: Pascal Gilliard	)	/s/
                                         PASCAL GILLIARD
	Title: Head of Capital Markets EMEA, Capital Banking	)	 
		 	 
	 	 	 
	 	 	 
	Commerzbank AG, New York Branch	)	 
	Name: Christina Serrano and Bianca Notari	)	/s/
                                         CHRISTINA SERRANO
	Title:	)	/s/
                                         BIANCA NOTARI

 

[Signature Page to Amendment No. 6 - Hull S-713]

 

     

     

    

 

	DZ BANK AG, New York Branch	)	 
	Name: Steffen Philipp	)	/s/
                                         STEFFEN PHILIPP
	Title: Senior Vice President	)	 
	Name: Maximilian Bos	)	/s/
                                         MAXIMILIAN BOS
	Title: Vice President	)	 
	 	 	 
	 	 	 
	Skandinaviska Enskilda Banken AB (publ)	)	 
	Name: Malcolm Stonehouse	)	/s/
                                         MALCOLM STONEHOUSE
	Title: Client Executive	)	 
	Name: Glenn Francis	)	/s/
                                         GLENN FRANCIS
	Title:  Head of Corporate Banking, SEB UK	)	 
	 	 	 
	 	 	 
	Lenders	 	 
	 	 	 
	KfW IPEX-Bank GmbH	)	 
	Name: Delphine Deroche	)	/s/ DELPHINE DEROCHE
	Title: Director	)	 
	Name: Grit Zierau	)	/s/ GRIT ZIERAU
	Title: Assistant Vice President	 	 

 

	Bayerische Landesbank Munich	)	 
	Name: P.G. Ruprecht and Doris Pollner	)	l/s/
    P.G. RUPRECHT
	Title:	)	/s/
    DORIS POLLNER
	 	 	 
	BNP Paribas Fortis S.A./N.V.	)	 
	Name: Xavier Coulie	)	/s/
    XAVIER COULIE
	Title: Specialised Finance Belgium	)	 
	Name: Pascal Gilliard	)	/s/
    PASCAL GILLIARD
	Title: Head of Capital Markets EMEA, Capital Banking	)	 
	 	 	 
	Commerzbank AG, New York Branch	)	 
	Name: Christina Serrano and Bianca Notari	)	l/s/
    CHRISTINA SERRANO
	Title:	)	/s/
    BIANCA NOTARI
	 	 	 
	DZ BANK AG, New York Branch	)	 
	Name: Steffen Philipp	)	/s/
    STEFFEN PHILIPP
	Title: Senior Vice President	)	 
	Name: Maximilian Bos	)	/s/
    MAXIMILIAN BOS
	Title: Vice President	)	 
	 	 	 
	Skandinaviska Enskilda Banken AB (publ)	)	 
	Name: Malcolm Stonehouse	)	/s/
    MALCOLM STONEHOUSE
	Title: Client Executive	)	 
	Name: Glenn Francis	)	/s/
    GLENN FRANCIS
	Title:Head of Corporate Banking, SEB UK	)	 

 

[Signature Page to Amendment No. 6 - Hull S-713]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}]]