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EXHIBIT 4.17    
    

FLEETWOOD ENTERPRISES, INC.  

 SENIOR SUBORDINATED DEBT SECURITIES  

 INDENTURE  

 DATED AS OF                        , 20     

                        , TRUSTEE  

 
TABLE OF CONTENTS  

	ARTICLE ONE    DEFINITIONS AND INCORPORATION BY REFERENCE	 	1
	 	Section 1.01.	 	Definitions.	 	1
	 	Section 1.02.	 	Other Definitions.	 	5
	 	Section 1.03.	 	Incorporation by Reference of Trust Indenture Act.	 	5
	 	Section 1.04.	 	Rules of Construction.	 	5
	

ARTICLE TWO    THE SECURITIES	
 	

6
	 	Section 2.01	 	Form and Dating	 	6
	 	Section 2.02.	 	Execution and Authentication.	 	7
	 	Section 2.03.	 	Registrar and Paying Agent.	 	7
	 	Section 2.04.	 	Paying Agent to Hold Money in Trust.	 	7
	 	Section 2.05.	 	Securityholder Lists.	 	8
	 	Section 2.06.	 	Transfer and Exchange.	 	8
	 	Section 2.07.	 	Replacement Securities.	 	8
	 	Section 2.08.	 	Outstanding Securities.	 	8
	 	Section 2.09.	 	Temporary Securities.	 	9
	 	Section 2.10.	 	Cancellation.	 	9
	 	Section 2.11.	 	Defaulted Interest.	 	9
	 	Section 2.12.	 	Treasury Securities.	 	9
	 	Section 2.13.	 	CUSIP Numbers.	 	9
	 	Section 2.14.	 	Deposit of Moneys.	 	10
	 	Section 2.15.	 	Book-Entry Provisions for Global Security.	 	10
	

ARTICLE THREE    REDEMPTION	
 	

11
	 	Section 3.01.	 	Notices to Trustee.	 	11
	 	Section 3.02.	 	Selection of Securities to be Redeemed.	 	11
	 	Section 3.03.	 	Notice of Redemption.	 	11
	 	Section 3.04.	 	Effect of Notice of Redemption.	 	11
	 	Section 3.05.	 	Deposit of Redemption Price.	 	12
	 	Section 3.06.	 	Securities Redeemed in Part.	 	12
	

ARTICLE FOUR    COVENANTS	
 	

12
	 	Section 4.01.	 	Payment of Securities.	 	12
	 	Section 4.02.	 	Maintenance of Office or Agency.	 	12
	 	Section 4.03.	 	Compliance Certificate.	 	12
	 	Section 4.04.	 	Maintenance of Corporate Existence.	 	12
	 	Section 4.05.	 	Limitation on Senior Subordinated Indebtedness.	 	12
	

ARTICLE FIVE    SUCCESSOR CORPORATION	
 	

13
	 	Section 5.01.	 	When Company May Merge, etc.	 	13
	

ARTICLE SIX    DEFAULTS AND REMEDIES	
 	

13
	 	Section 6.01.	 	Events of Default.	 	13
	 	Section 6.02.	 	Acceleration.	 	14
	 	Section 6.03.	 	Other Remedies.	 	14
	 	Section 6.04.	 	Waiver of Existing Defaults.	 	15
	 	Section 6.05.	 	Control by Majority.	 	15
	 	Section 6.06.	 	Limitation on Suits.	 	15
	 	Section 6.07.	 	Rights of Holders to Receive Payment.	 	15
	 	Section 6.08.	 	Collection Suit by Trustee.	 	15
	 	Section 6.09.	 	Trustee May File Proofs of Claim.	 	15
	 	 	 	 	 

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	 	Section 6.10.	 	Priorities.	 	16
	 	Section 6.11.	 	Undertaking for Costs.	 	16
	

ARTICLE SEVEN    TRUSTEE	
 	

16
	 	Section 7.01.	 	Duties of Trustee.	 	16
	 	Section 7.02.	 	Rights of Trustee.	 	17
	 	Section 7.03.	 	Individual Rights of Trustee.	 	18
	 	Section 7.04.	 	Trustee's Disclaimer.	 	18
	 	Section 7.05.	 	Notice of Defaults.	 	18
	 	Section 7.06.	 	Reports by Trustee to Holders.	 	18
	 	Section 7.07.	 	Compensation and Indemnity.	 	18
	 	Section 7.08.	 	Replacement of Trustee.	 	19
	 	Section 7.09.	 	Successor Trustee by Merger, etc.	 	19
	 	Section 7.10.	 	Eligibility; Disqualification.	 	20
	 	Section 7.11.	 	Preferential Collection of Claims Against Company.	 	20
	

ARTICLE EIGHT    DISCHARGE OF INDENTURE	
 	

20
	 	Section 8.01.	 	Defeasance upon Deposit of Moneys or U.S. Government Obligations.	 	20
	 	Section 8.02.	 	Survival of the Company's Obligations.	 	22
	 	Section 8.03.	 	Application of Trust Money.	 	22
	 	Section 8.04.	 	Repayment to the Company.	 	22
	 	Section 8.05.	 	Reinstatement.	 	23
	

ARTICLE NINE    AMENDMENTS, SUPPLEMENTS AND WAIVERS	
 	

23
	 	Section 9.01.	 	Without Consent of Holders.	 	23
	 	Section 9.02.	 	With Consent of Holders.	 	24
	 	Section 9.03.	 	Compliance with Trust Indenture Act.	 	24
	 	Section 9.04.	 	Revocation and Effect of Consents.	 	24
	 	Section 9.05.	 	Notation on or Exchange of Securities.	 	25
	 	Section 9.06.	 	Trustee to Sign Amendments, etc.	 	25
	

ARTICLE TEN    MISCELLANEOUS	
 	

25
	 	Section 10.01.	 	Trust Indenture Act Controls.	 	25
	 	Section 10.02.	 	Notices.	 	25
	 	Section 10.03.	 	Communications by Holders with Other Holders.	 	26
	 	Section 10.04.	 	Certificate and Opinion as to Conditions Precedent.	 	26
	 	Section 10.05.	 	Statements Required in Certificate or Opinion.	 	26
	 	Section 10.06.	 	Rules by Trustee and Agents.	 	26
	 	Section 10.07.	 	Holidays.	 	27
	 	Section 10.08.	 	Governing Law.	 	27
	 	Section 10.09.	 	No Adverse Interpretation of Other Agreements.	 	27
	 	Section 10.10.	 	No Recourse Against Others.	 	27
	 	Section 10.11.	 	Successors and Assigns.	 	27
	 	Section 10.12.	 	Duplicate Originals.	 	27
	 	Section 10.13.	 	Severability.	 	27
	

ARTICLE ELEVEN    SUBORDINATION OF SECURITIES	
 	

27
	 	Section 11.01.	 	Securities Subordinated to Senior Indebtedness.	 	27
	 	Section 11.02.	 	No Payment on Securities in Certain Circumstances.	 	27
	 	Section 11.03.	 	Payment Over of Proceeds upon Dissolution, etc.	 	28
	 	Section 11.04.	 	Subrogation.	 	29
	 	Section 11.05.	 	Obligations of Company Unconditional.	 	30
	 	Section 11.06.	 	Notice to Trustee.	 	30
	 	 	 	 	 

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	 	Section 11.07.	 	Reliance on Judicial Order or Certificate of Liquidating Agent.	 	31
	 	Section 11.08.	 	Trustee's Relation to Senior Indebtedness.	 	31
	 	Section 11.09.	 	Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Indebtedness.	 	31
	 	Section 11.10.	 	Securityholders Authorize Trustee To Effectuate Subordination of Securities.	 	31
	 	Section 11.11.	 	This Article Not to Prevent Events of Default.	 	32
	 	Section 11.12.	 	Trustee's Compensation Not Prejudiced.	 	32
	 	Section 11.13.	 	No Waiver of Subordination Provisions.	 	32
	 	Section 11.14.	 	Certain Payments May Be Paid Prior to Dissolution.	 	32

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CROSS-REFERENCE TABLE  

        This Cross-Reference Table is not a part of the Indenture. 

	TIA Indenture Section
 
	 	Section

	310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	N.A.
	(a)(4)	 	N.A.
	(b)	 	7.08; 7.10; 9.02
	310(a)	 	7.10
	(b)	 	7.10
	(c)	 	N.A.
	312(a)	 	2.05
	(b)	 	9.03
	(c)	 	9.03
	313(a)	 	7.06
	(b)(1)	 	N.A.
	(b)(2)	 	7.06
	(c)	 	9.02
	(d)	 	7.06
	314(a)	 	4.02; 9.02
	(b)	 	N.A.
	(c)(1)	 	9.04
	(c)(2)	 	9.04
	(c)(3)	 	N.A.
	(d)	 	N.A.
	(e)	 	9.05
	315(a)	 	7.01(b)
	(b)	 	7.05; 9.02
	(c)	 	7.01(a)
	(d)	 	7.01(c)
	(e)	 	6.10
	316(a)(last sentence)	 	9.06
	(a)(1)(A)	 	6.05
	(a)(1)(B)	 	6.04
	(a)(2)	 	N.A.
	(b)	 	6.07
	317(a)(1)	 	6.08
	(a)(2)	 	6.09
	(b)	 	2.04
	318(a)	 	9.01

N.A.
means Not Applicable. 

iv

        INDENTURE dated as of                        , 20    , by and
between FLEETWOOD ENTERPRISES, INC., a Delaware corporation (the "Company"), and                        (the "Trustee").
Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Company's debt securities issued under this Indenture (the "Securities"): 

ARTICLE ONE  

 DEFINITIONS AND INCORPORATION BY REFERENCE  

Section 1.01.    Definitions.    

        "Affiliate"
means, when used with reference to a specified person, any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Person specified. 

        "Agent"
means any Registrar, Paying Agent or co-Registrar or agent for service of notices and demands. 

        "Authorizing
Resolution" means a resolution adopted by the Board of Directors or by an Officer or committee of Officers pursuant to Board delegation authorizing a Series of Securities. 

        "Bankruptcy
Law" means title 11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors. 

        "Board
of Directors" means the Board of Directors of the Company or any authorized committee thereof. 

        "Capital
Stock" means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated) of or in such Person's capital stock or other
equity interests, and
options, rights or warrants to purchase such capital stock or other equity interests, whether now outstanding or issued after the applicable Issue Date, including, without limitation, all Preferred
Stock. 

        "Capitalized
Lease Obligations" of any Person means the obligations of such Person to pay rent or other amounts under a lease that is required to be capitalized for financial reporting
purposes in accordance with GAAP, and the amount of such obligations will be the capitalized amount thereof determined in accordance with GAAP. 

        "Company"
means the party named as such in this Indenture until a successor replaces it pursuant to the Indenture and thereafter means the successor. 

        "Credit
Agreement" means any credit agreement or other debt facilities, in each case with banks or other institutional lenders or investors providing for revolving credit loans, term
loans, debt securities, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or
letters of credit, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, modified, renewed, refunded,
replaced, restructured or refinanced in whole or in part from time to time (whether with the original agent and lenders or other agents and lenders or otherwise, and whether provided under the
original credit agreement or debt documents or other credit agreements or debt documents). 

        "Currency
Agreement" of any Person means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect such Person or any of its
Subsidiaries against fluctuations in currency values. 

        "Default"
means any event, act or condition that is, or after notice or the passage of time or both would be, an Event of Default. 

        "Designated
Senior Indebtedness" means (i) any Indebtedness outstanding under any Credit Agreement and (ii) any other Senior Indebtedness permitted under this Indenture the
principal amount of which is $25.0 million or more and that has been designated in the agreement or instrument governing such Senior Indebtedness as "Designated Senior Indebtedness;" provided
that an Authorizing 

 

Resolution
setting forth such designation by the Company has been filed with the Trustee (provided that such agreement or instrument may place limitations and conditions on the right of holders of
such Senior Indebtedness to exercise the rights of Designated Senior Indebtedness). 

        "Disqualified
Stock" means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option
of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the
holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Securities mature. Notwithstanding the preceding sentence, any Capital
Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of
control or an asset sale shall not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such
provisions unless such repurchase or redemption complies with any applicable covenant in this Indenture. 

        "GAAP"
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting
profession of the United States, as in effect from time to time. 

        "Holder"
or "Securityholder" means the person in whose name a Security is registered on the Registrar's books. 

        "Indebtedness"
means (without duplication), with respect to any specified Person, any indebtedness of such Person, whether or not contingent, (i) in respect of borrowed money;
(ii) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); (iii) in respect of banker's acceptances;
(iv) representing Capitalized Lease Obligations; (v) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an
accrued expense or trade payable; (vi) all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any Subsidiary,
any preferred stock (but excluding, in each case, any accrued dividends);or (vii) representing any obligations of such Person under any Currency Agreement or Interest Protection Agreement, if
and to the extent any of the foregoing indebtedness (other than letters of credit and obligations under Currency Agreements or Interest Protection Agreements) would appear as a liability upon a
balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term "Indebtedness""includes all Indebtedness of others secured by a Lien on any asset of the specified Person
(whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person. The
amount of any Indebtedness outstanding as of any date shall be: (1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;; (2) in
the case of any Disqualified Stock or preferred stock, the repurchase price calculated in accordance with the terms of such Disqualified Stock or preferred stock as if such Disqualified Stock or
preferred stock were repurchased on the date on which Indebtedness is required to be determined pursuant to this Indenture; provided that if such
Disqualified Stock or preferred stock is not then permitted to be repurchased, the book value of Disqualified Stock or preferred stock; (3) in the case of Indebtedness of others secured by a
Lien on any asset of the specified Person, the lesser of (A) the fair market value of such asset on the date on which Indebtedness is required to be determined pursuant to this Indenture and
(B) the amount of the Indebtedness so secured; (4) in the case of the guarantee by the specified Person of any Indebtedness of any other Person, the maximum liability to which the
specified Person may be subject upon the occurrence of the contingency giving rise to the obligation; (5) in the case of any obligations under any Currency Agreement or Interest Protection
Agreement, the net amount 

2

 

payable
if such obligations were terminated at that time due to default by such Person (after giving effect to any contractually permitted set-off); and (6) the principal amount of
the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case of any other Indebtedness. 

        "Indenture"
means this Indenture as amended or supplemented from time to time, including pursuant to any Authorizing Resolution or supplemental indenture pertaining to any Series. 

        "Insolvency
or Liquidation Proceeding" means, with respect to any Person, any liquidation, dissolution or winding up of such Person, or any bankruptcy, reorganization, insolvency,
receivership or similar proceeding with respect to such Person, whether voluntary or involuntary. 

        "Interest
Protection Agreement" of any Person means any interest rate swap agreement, interest rate collar agreement, option or futures contract or other similar agreement or arrangement
designed to
protect such Person or any of its Subsidiaries against fluctuations in interest rates with respect to Indebtedness permitted to be incurred under this Indenture. 

        "Issue
Date" means, with respect to any Series of Securities, the date on which the Securities of such Series are originally issued under this Indenture. 

        "Lien"
means, with respect to any Property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such Property. For purposes of this definition,
a Person shall be deemed to own, subject to a Lien, any Property which 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 Property. 

        "Officer"
means the Chairman of the Board, the President, any Vice President, the Treasurer, the Controller or the Secretary of the Company. 

        "Officers'
Certificate" means a certificate signed by two Officers or by an Officer and an Assistant Treasurer or an Assistant Secretary of the Company. 

        "Opinion
of Counsel" means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the Trustee. 

        "Permitted
Junior Securities" means any securities of the Company or any other Person that are (i) equity securities or (ii) subordinated in right of payment to all Senior
Indebtedness that may at the time be outstanding, to substantially the same extent as, or to a greater extent than, the Securities are subordinated as provided in this Indenture, in any event pursuant
to a court order so providing and as to which (a) the rate of interest on such securities shall not exceed the effective rate of interest on the Securities on the date of this Indenture,
(b) such securities shall not be entitled to the benefits of covenants or defaults materially more beneficial to the holders of such securities than those in effect with respect to the
Securities on the date of this Indenture and (c) such securities shall not provide for amortization (including sinking fund and mandatory prepayment provisions) commencing prior to the date six
months following the final scheduled maturity date of the Senior Indebtedness (as modified by the plan of reorganization or readjustment pursuant to which such securities are issued). 

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

        "Post-Petition
Interest" means, with respect to any Senior Indebtedness of any Person, all interest accrued or accruing on such Indebtedness after the commencement of any
Insolvency or Liquidation Proceeding against such Person in accordance with and at the contract rate (including, without limitation, any rate applicable upon default) specified in the agreement or
instrument creating, 

3

 

evidencing
or governing such Indebtedness, whether or not, pursuant to applicable law or otherwise, the claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding. 

        "Preferred
Stock" of any Person means all Capital Stock of such Person which has a preference in liquidation or with respect to the payment of dividends. 

        "principal"
of a debt security means the principal of the security plus, when appropriate, the premium, if any, on the security. 

        "Property"
of any Person means all types of real, personal, tangible, intangible or mixed property owned by such Person, whether or not included in the most recent consolidated balance
sheet of such Person and its Subsidiaries under GAAP. 

        "SEC"
means the Securities and Exchange Commission or any successor agency performing the duties now assigned to it under the TIA. 

        "Securities"
means any Securities that are issued under this Indenture. 

        "Senior
Indebtedness" means: (i) all Indebtedness and other monetary obligations (whether now existing or hereafter incurred) of the Company on, under or in respect of, any Credit
Agreement and including all fees, expenses (including reasonable fees and expenses of counsel), claims, charges, indemnity obligations and interest accruing on or subsequent to the filing of a
petition initiating any Insolvency or Liquidation Proceeding whether or not such interest is an allowed claim in such proceeding; (ii) all other Indebtedness of the Company (other than the
Securities), whether presently outstanding or hereafter created, incurred or assumed, unless such Indebtedness, by the terms of the agreement or instrument creating or evidencing such Indebtedness
expressly provides that it is subordinate in right of payment to or pari passu in right of payment with the Securities and (iii) the obligations
of the Company incurred in the normal course of business and not for speculative purposes under any Currency Agreement or Interest Protection Agreement. Notwithstanding the foregoing, the term "Senior
Indebtedness" shall not include: (a) any Indebtedness of the Company which when incurred and without respect to any election under Section 1111(b) of the Bankruptcy Code, was without
recourse to the Company; (b) any Indebtedness of the Company to any of its Subsidiaries; (c) any Indebtedness to
any Affiliate or employee of the Company; (d) that portion of any Indebtedness of the Company that is incurred in violation of this Indenture; (e) to the extent it may constitute
Indebtedness, any obligation for federal, state, local or other taxes; (f) to the extent it may constitute Indebtedness, any trade payables and (g) Indebtedness of the Company that is
expressly subordinate or junior in right of payment to any other Indebtedness of the Company. 

        "Series"
means a series of Securities established under this Indenture. 

        "Subsidiary"
of any Person means any corporation or other entity of which a majority of the Capital Stock having ordinary voting power to elect a majority of the Board of Directors or
other persons performing similar functions is at the time directly or indirectly owned or controlled by such Person. 

        "TIA"
means the Trust Indenture Act of 1939, as in effect from time to time. 

        "Trustee"
means the party named as such in this Indenture until a successor replaces it pursuant to this Indenture and thereafter means the successor serving hereunder. 

        "Trust
Officer" means the Chairman of the Board, the President, any Vice President or any other officer or assistant officer of the Trustee assigned by the Trustee to administer its
corporate trust matters. 

        "United
States" means the United States of America. 

4

 

        "U.S.
government obligations" means securities which are (i) direct obligations of the United States for the payment of which its full faith and credit is pledged or
(ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States, which, in either case are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust
company as custodian with respect to any such U.S. government obligations 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 depositary 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 depositary
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
depositary receipt. 

Section 1.02.    Other Definitions.    

	Term
 
	 	Defined in

	"Agent Members"	 	2.15
	"Business Day"	 	11.07
	"Custodian"	 	6.01
	"Depository	 	2.15
	"Event of Default"	 	6.01
	"Legal Holiday"	 	11.07
	"Paying Agent"	 	2.03
	"Registrar"	 	2.03

Section 1.03.    Incorporation by Reference of Trust Indenture Act.    

        Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings: 

        "Commission"
means the SEC. 

        "indenture
securities" means the Securities. 

        "indenture
security holder" means a Securityholder. 

        "indenture
to be qualified" means this Indenture. 

        "indenture
trustee" or "institutional trustee" means the Trustee. 

        "obligor"
on the indenture securities means the Company or any other obligor on the Securities of a Series. 

        All
other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings so assigned to them. 

Section 1.04.    Rules of Construction.    

        Unless
the context otherwise requires: 

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

        (2)   an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

        (3)   "or"
is not exclusive; 

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

5

 

        (5)   provisions
apply to successive events and transactions. 

ARTICLE TWO  

 THE SECURITIES  

Section 2.01.    Form and Dating.    

        The
aggregate principal amount of Securities that may be issued under this Indenture is unlimited. The Securities may be issued from time to time in one or more Series. Each Series shall
be created by an Authorizing Resolution or a supplemental indenture that establishes the terms of the Series, which may include the following: 

        (1)   the
title of the Series; 

        (2)   the
aggregate principal amount (or any limit on the aggregate principal amount) of the Series and, if any Securities of a Series are to be issued at a discount from
their face amount, the method of computing the accretion of such discount; 

        (3)   the
interest rate or method of calculation of the interest rate; 

        (4)   the
date from which interest will accrue; 

        (5)   the
record dates for interest payable on Securities of the Series; 

        (6)   the
dates when, places where and manner in which principal and interest are payable; 

        (7)   the
Registrar and Paying Agent; 

        (8)   the
terms of any mandatory (including any sinking fund requirements) or optional redemption by the Company; 

        (9)   the
terms of any redemption, repurchase or repayment at the option of Holders; 

        (10) the
denominations in which Securities are issuable; 

        (11) whether
Securities will be issued in registered or bearer form and the terms of any such forms of Securities; 

        (12) whether
any Securities will be represented by a global Security and the terms of any such global Security; 

        (13) the
currency or currencies (including any composite currency) in which principal or interest or both may be paid; 

        (14) if
payments of principal or interest may be made in a currency other than that in which Securities are denominated, the manner for determining such payments; 

        (15) provisions
for electronic issuance of Securities or issuance of Securities in uncertificated form; 

        (16) any
Events of Default, covenants and/or defined terms in addition to or in lieu of, or any modification of, those set forth in this Indenture; 

        (17) whether
and upon what terms Securities may be defeased if different from the provisions set forth in this Indenture; 

        (18) the
form of the Securities, which, unless the Authorizing Resolution or supplemental indenture otherwise provides, shall be in the form of Exhibit A; 

        (19) any
terms that may be required by or advisable under applicable law; 

6

 

        (20) the
percentage of the principal amount of the Securities which is payable if the maturity of the Securities is accelerated in the case of Securities issued at a
discount from their face amount; 

        (21) whether
any Securities will have guarantees; 

        (22) whether
the Securities may be converted into or exercised or exchanged for debt or equity securities of the Company or third parties, and the terms of any such
conversion, exercise or exchange; 

        (23) whether
any Securities or guarantees thereof will be secured by any collateral; and 

        (24) any
other terms in addition to or different from those contained in this Indenture. 

        All
Securities of one Series need not be issued at the same time and, unless otherwise provided, a Series may be reopened for issuances of additional Securities of such Series pursuant
to an Authorizing Resolution, an Officers' Certificate or in any indenture supplemental hereto. The creation and issuance of a Series and the authentication and delivery thereof are not subject to any
conditions precedent. 

Section 2.02.    Execution and Authentication.    

        Two
Officers shall sign the Securities for the Company by manual or facsimile signature. The Company's seal shall be reproduced on the Securities. If an Officer whose signature is on a
Security no longer holds that office at the time the Trustee authenticates the Security, the Security shall nevertheless be valid. 

        A
Security shall not be valid until the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been
authenticated under this Indenture. 

        The
Trustee shall authenticate Securities for original issue upon receipt of an Officers' Certificate of the Company. Each Security shall be dated the date of its authentication. 

Section 2.03.    Registrar and Paying Agent.    

        The
Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange ("Registrar"), an office or agency where Securities may be
presented for payment ("Paying Agent") and an office or agency where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Registrar shall keep
a register of the Securities and of their transfer and exchange. The Company may have one or more co-Registrars and one or more additional paying agents. The term "Paying Agent" includes
any additional paying agent. 

        The
Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to
such Agent. The Company shall promptly notify the Trustee in writing of the name and address of any such Agent and the Trustee shall have the right to inspect the Securities register at all reasonable
times to obtain copies thereof, and the Trustee shall have the right to rely upon such register as to the names and addresses of the Holders and the principal amounts and certificate numbers thereof.
If the Company fails to maintain a Registrar or Paying Agent or fails to give the foregoing notice, the Trustee shall act as such. 

        The
Company initially appoints the Trustee as Registrar and Paying Agent. 

Section 2.04.    Paying Agent to Hold Money in Trust.    

        Each
Paying Agent shall hold in trust for the benefit of Securityholders and the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities,
and shall notify 

7

 

the
Trustee of any default by the Company in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the money and hold it as a separate trust fund. The
Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon doing so the Paying Agent shall have no further liability for the money. 

Section 2.05.    Securityholder Lists.    

        The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders. If the Trustee is not the
Registrar, the Company shall furnish to the Trustee at least 7 Business Days before each semiannual interest payment date and at such other times as the Trustee may request in writing a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders. 

Section 2.06.    Transfer and Exchange.    

        Where
a Security is presented to the Registrar or a co-Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the
requirements of Section 8-401(1) of the New York Uniform Commercial Code are met. Where Securities are presented to the Registrar or a co-Registrar with a request to
exchange them for an equal principal amount of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit transfers and
exchanges, the Trustee shall authenticate Securities at the Registrar's request. The Registrar need not transfer or exchange any Security selected for redemption, except the unredeemed part thereof if
the Security is redeemed in part, or transfer or exchange any Securities for a period of 15 days before a selection of Securities to be redeemed. Any exchange or transfer shall be without
charge, except that the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto except in the case of exchanges pursuant
to 2.09, 3.06, or 9.05 not involving any transfer. 

        Any
Holder of a global Security shall, by acceptance of such global Security, agree that transfers of beneficial interests in such global Security may be effected only through a book
entry system maintained by the Holder of such global Security (or its agent), and that ownership of a beneficial interest in the Security shall be required to be reflected in a book entry. 

Section 2.07.    Replacement Securities.    

        If
the Holder of a Security claims that the Security has been lost, destroyed, mutilated or wrongfully taken, the Company shall issue and, upon written request of any Officer of the
Company, the Trustee shall authenticate a replacement Security, provided in the case of a lost, destroyed or wrongfully taken Security, that the requirements of Section 8-405 of the
New York Uniform Commercial Code are met. If any such lost, destroyed, mutilated or wrongfully taken Security shall have matured or shall be about to mature, the Company may, instead of issuing a
substitute Security therefor, pay such Security without requiring (except in the case of a mutilated Security) the surrender thereof. An indemnity bond must be sufficient in the judgment of the
Company and the Trustee to protect the Company, the Trustee or any Agent from any loss which any of them may suffer if a Security is replaced, including the acquisition of such Security by a bona fide
purchaser. The Company or the Trustee may charge for its expenses in replacing a Security. 

Section 2.08.    Outstanding Securities.    

        Securities
outstanding at any time are all Securities authenticated by the Trustee except for those cancelled by it and those described in this Section. A Security does not cease to be
outstanding because the Company or one of its Affiliates holds the Security. If a Security is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Security is held by a bona fide purchaser. If the Paying Agent holds on a redemption date or maturity date money sufficient to pay Securities payable on that date,
then on and after that date such 

8

 

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

Section 2.09.    Temporary Securities.    

        Until
definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the
form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and, upon surrender for
cancellation of the temporary Security, the Company shall execute and the Trustee shall authenticate definitive Securities in exchange for temporary Securities. Until so exchanged, the temporary
Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities authenticated and delivered hereunder. 

Section 2.10.    Cancellation.    

        The
Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Securities surrendered to them for
registration of transfer, exchange, redemption or payment. The Trustee and no one else shall cancel and destroy, or retain in accordance with its standard retention policy, all Securities surrendered
for registration or transfer, exchange, redemption, paying or cancellation. Unless the Authorizing Resolution so provides, the Company may not issue new Securities to replace Securities that it has
previously paid or delivered to the Trustee for cancellation. 

Section 2.11.    Defaulted Interest.    

        If
the Company defaults in a payment of interest on the Securities, it shall pay the defaulted interest plus any interest payable on the defaulted interest to the persons who are
Securityholders on a subsequent special record date. The Company shall fix such special record date and a payment date which shall be reasonably satisfactory to the Trustee. At least 15 days
before such special record date, the Company shall mail to each Securityholder a notice that states the record date, the payment date and the amount of defaulted interest to be paid. On or before the
date such notice is mailed, the Company shall deposit with the Paying Agent money sufficient to pay the amount of defaulted interest to be so paid. The Company may pay defaulted interest in any other
lawful manner if, after notice given by the Company to the Trustee of the proposed payment, such manner of payment shall be deemed practicable by the Trustee. 

Section 2.12.    Treasury Securities.    

        In
determining whether the Holders of the required principal amount of Securities of a Series have concurred in any direction, waiver, consent or notice, Securities owned by the Company
or any of its Affiliates shall be considered as though they are not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction,
waiver or consent, only Securities which the Trustee actually knows are so owned shall be so considered. 

Section 2.13.    CUSIP Numbers.    

        The
Company in issuing the Securities of any Series may use a "CUSIP" number, and if so, the Trustee shall use the CUSIP number in notices of redemption or exchange as a convenience to
Holders of such Securities; provided that no representation is hereby deemed to be made by the Trustee as to the correctness or accuracy of any such CUSIP number printed in the notice or on such
Securities, and that reliance may be placed only on the other identification numbers printed on such Securities. The Company shall promptly notify the Trustee of any change in any CUSIP number. 

9

 

Section 2.14.    Deposit of Moneys.    

        Prior
to 11:00 a.m. New York City time on each interest payment date and maturity date with respect to each Series of Securities, the Company shall have deposited with the Paying
Agent in immediately available funds money sufficient to make cash payments due on such interest payment date or maturity
date, as the case may be, in a timely manner which permits the Paying Agent to remit payment to the Holders on such interest payment date or maturity date, as the case may be. 

Section 2.15.    Book-Entry Provisions for Global Security.    

        (a)   Any
global Security of a Series initially shall (i) be registered in the name of the depository who shall be identified in the Authorizing Resolution or
supplemental indenture relating to such Securities (the "Depository") or the nominee of such Depository, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear
any required legends. Members of, or participants in, the Depository ("Agent Members") shall have no rights under this Indenture with respect to any global Security held on their behalf by the
Depository, or the Trustee as its custodian, or under the global Security, and the Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner of the global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving
effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices governing
the exercise of the rights of a Holder of any Security. 

        (b)   Transfers
of any global Security shall be limited to transfers in whole, but not in part, to the Depository, its successors or their respective nominees. Interests of
beneficial owners in the global Security may be transferred or exchanged for definitive Securities in accordance with the rules and procedures of the Depository. In addition, definitive Securities
shall be transferred to all beneficial owners in exchange for their beneficial interests in a global Security if (i) the Depository notifies the Company that it is unwilling or unable to
continue as Depository for the global Security and a successor depository is not appointed by the Company within 90 days of such notice, (ii) the Company, at its option, notifies the
Trustee in writing that the Company elects to cause the issuance of definitive Securities under this Indenture or (iii) an Event of Default has occurred and is continuing and the Registrar has
received a request from the Depository to issue definitive Securities. 

        (c)   In
connection with any transfer or exchange of a portion of the beneficial interest in any global Security to beneficial owners pursuant to paragraph (b), the
Registrar shall (if one or more definitive Securities are to be issued) reflect on its books and records the date and a decrease in the principal amount of the global Security in an amount equal to
the principal amount of the beneficial interest in the global Security to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more definitive
Securities of like tenor and amount. 

        (d)   In
connection with the transfer of an entire global Security to beneficial owners pursuant to paragraph (b), the global Security shall be deemed to be surrendered
to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depository in exchange for its beneficial
interest in the global Security, an equal aggregate principal amount of definitive Securities of authorized denominations. 

        (e)   The
Holder of any global Security may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent
Members, to take any action which a Holder is entitled to take under this Indenture or the Securities of such Series. 

10

 

ARTICLE THREE  

 REDEMPTION  

Section 3.01.    Notices to Trustee.    

        Securities
of a Series that are redeemable prior to maturity shall be redeemable in accordance with their terms and, unless the Authorizing Resolution or supplemental indenture provides
otherwise, in accordance with this Article. If the Company wants to redeem Securities pursuant to Paragraph 5 of the Securities, it shall notify the Trustee in writing of the Redemption Date
and the principal amount of Securities to be redeemed. Any such notice may be cancelled at any time prior to notice of such redemption being mailed to Holders. Any such cancelled notice shall be void
and of no effect. If the Company wants to credit any Securities previously redeemed, retired or acquired against any redemption pursuant to Paragraph 6 of the Securities, it shall notify the
Trustee of the amount of the credit and it shall deliver any Securities not previously delivered to the Trustee for cancellation with such notice. 

        The
Company shall give each notice provided for in this Section 3.01 at least 30 days before the notice of any such redemption is to be mailed to Holders (unless a shorter
notice shall be satisfactory to the Trustee). 

Section 3.02.    Selection of Securities to be Redeemed.    

        If
fewer than all of the Securities of a Series are to be redeemed, the Trustee shall select the Securities to be redeemed by a method the Trustee considers fair and appropriate. The
Trustee shall make the selection from Securities outstanding not previously called for redemption and shall promptly notify the Company of the serial numbers or other identifying attributes of the
Securities so selected. The Trustee
may select for redemption portions of the principal of Securities that have denominations larger than the minimum denomination for the Series. Securities and portions of them it selects shall be in
amounts equal to the minimum denomination for the Series or an integral multiple thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of
Securities called for redemption. 

Section 3.03.    Notice of Redemption.    

        At
least 30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail, postage prepaid, to each Holder of
Securities to be redeemed. The notice shall identify the Securities to be redeemed and shall state: (1) the redemption date; (2) the redemption price; (3) the name and address of
the Paying Agent; (4) that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price; (5) that interest on Securities called for redemption
ceases to accrue on and after the redemption date; and (6) that the Securities are being redeemed pursuant to the mandatory redemption or the optional redemption provisions, as applicable. At
the Company's request, the Trustee shall give the notice of redemption in the Company's name and at its expense; provided, however, that the Company shall deliver to the Trustee at least
15 days prior to the date on which notice of redemption is to be mailed or such shorter period as may be satisfactory to the Trustee, an Officers' Certificate requesting that the Trustee give
such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.04.    Effect of Notice of Redemption.    

        Once
notice of redemption is mailed, Securities called for redemption become due and payable on the redemption date and at the redemption price as set forth in the notice of redemption.
Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price, plus accrued interest to the redemption date. 

11

 

Section 3.05.    Deposit of Redemption Price.    

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

Section 3.06.    Securities Redeemed in Part.    

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

ARTICLE FOUR  

 COVENANTS  

Section 4.01.    Payment of Securities.    

        The
Company shall pay the principal of and interest on a Series on the dates and in the manner provided in the Securities of the Series. An installment of principal or interest shall be
considered paid on the date it is due if the Paying Agent holds on that date money designated for and sufficient to pay the installment. 

        The
Company shall pay interest on overdue principal at the rate borne by the Series; it shall pay interest on overdue installments of interest at the same rate. 

Section 4.02.    Maintenance of Office or Agency.    

        The
Company shall maintain the office or agency required under Section 2.03. The Company shall give prior written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the address of the Trustee. 

Section 4.03.    Compliance Certificate.    

        The
Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company an Officers' Certificate stating whether or not the signers know of any
Default by the Company in performing any of its obligations under this Indenture. If they do know of such a Default, the certificate shall describe the Default. 

Section 4.04.    Maintenance of Corporate Existence.    

        The
Company will: 

        (a)   cause
to be done all things necessary to preserve and keep in full force and effect the corporate existence of the Company; provided, however, that nothing in this
subsection (a) shall prevent a consolidation or merger of the Company not prohibited by the provisions of Article Five or any other provision or the Authorizing Resolution or supplemental
indenture pertaining to a Series. 

Section 4.05.    Limitation on Senior Subordinated Indebtedness.    

        The
Company shall not, directly or indirectly, incur any Indebtedness that by its terms would expressly rank senior in right of payment to the Securities of any Series and expressly rank
subordinate in right of payment to any Senior Indebtedness. 

12

   ARTICLE FIVE  

 SUCCESSOR CORPORATION  

Section 5.01.    When Company May Merge, etc.    

        The
Company shall not consolidate with or merge with or into, any other corporation, or transfer all or substantially all of its assets to, any entity unless permitted by law and unless
(1) the resulting, surviving or transferee entity (if other than the Company), which shall be a corporation organized and existing under the laws of the United States or a State thereof and
shall assume by supplemental indenture, in a form reasonably satisfactory to the Trustee, all of the obligations of the Company under the Securities and this Indenture and (2) immediately after
giving effect to, and as a result of, such transaction, no Default or Event of Default shall have occurred and be continuing. Thereafter, in the event that the Company is not the continuing
corporation, such successor corporation or corporations shall succeed to and be substituted for the Company with the same effect as if it had been named herein as the "Company" and all such
obligations of the predecessor corporation shall terminate. The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers' Certificate to the foregoing
effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture comply with this Indenture. To the extent that an Authorizing Resolution or supplemental
indenture pertaining to any Series provides for different provisions relating to the subject matter of this Article Five, the provisions in such Authorizing Resolution or supplemental indenture shall
govern for purposes of such Series. 

ARTICLE SIX  

 DEFAULTS AND REMEDIES  

Section 6.01.    Events of Default.    

        An
"Event of Default" on a Series occurs if, voluntarily or involuntarily, whether by operation of law or otherwise, any of the following occurs: 

        (1)   the
failure by the Company to pay interest on any Security of such Series when the same becomes due and payable and the continuance of any such failure for a period of
30 days, whether or not such payment is prohibited by Article Eleven hereof; 

        (2)   the
failure by the Company to pay the principal or premium of any Security of such Series when the same becomes due and payable at maturity, upon acceleration or
otherwise, whether or not such payment is prohibited by Article Eleven hereof; 

        (3)   the
failure by the Company to comply with any of its agreements or covenants in, or provisions of, the Securities of such Series or this Indenture (as they relate
thereto) and such failure continues for the period and after the notice specified below (except in the case of a default with respect to any Change of Control Provisions or Article Five (or any
replacement provisions as contemplated by Article Five), which will constitute Events of Default with notice but without passage of time); 

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

        (A)  commences
a voluntary case, 

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

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

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

13

 

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

        (A)  is
for relief against the Company as debtor in an involuntary case, 

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

        (C)  orders
the liquidation of the Company, 

and
the order or decree remains unstayed and in effect for 60 days. 

        Default
as described in sub-clause (3) above will not be deemed an Event of Default until the Trustee notifies the Company, or the Holders of at least
25 percent in principal amount of the then outstanding Securities of the applicable Series notify the Company and the Trustee, of the Default and (except in the case of a default with respect
to Article Five (or any replacement provisions as contemplated by Article Five)) the Company does not cure the Default within 60 days after receipt of the notice. The notice must specify the
Default, demand that it be remedied and state that the notice is a "Notice of Default." If such a Default is cured within such time period, it ceases. The term "Custodian" means any receiver, trustee,
assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

Section 6.02.    Acceleration.    

        If
an Event of Default (other than an Event of Default with respect to the Company resulting from sub-clauses (4) or (5) above), shall have occurred and be
continuing under the Indenture, the Trustee by notice to the Company, or the Holders of at least 25 percent in principal amount of the Securities of the applicable Series then outstanding by
notice to the Company and the Trustee, may declare all Securities of such Series to be due and payable immediately. Upon such declaration of acceleration, the amounts due and payable on the Securities
of such Series will be due and payable immediately. If an Event of Default with respect to the Company specified in sub-clauses (4) or (5) above occurs, all amounts due and
payable on the Securities of such Series will ipso facto become and be immediately due and payable without any declaration, notice or other act on the part of the Trustee and the Company or any
Holder. Any declaration of acceleration with respect to the Securities of any Series may be rescinded and annulled by the Holders of a majority in principal amount of the outstanding Securities of
such Series by written notice to the Trustee, except a continuing Default or Event of Default in the payment of principal of or interest on the Securities of such Series, if (i) the rescission
would not conflict with any judgment or decree of a court of competent jurisdiction and (ii) all existing Events of Default have been cured or waived except nonpayment of
principal of or interest on the Securities of such Series that has become due solely by such declaration of acceleration. 

        No
such rescission shall extend to or shall affect any subsequent Event of Default, or shall impair any right or power consequent thereon. 

Section 6.03.    Other Remedies.    

        If
an Event of Default on a Series occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of or
interest on the Series or to enforce the performance of any provision in the Securities or this Indenture applicable to the Series. 

        The
Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any
Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is
exclusive of any other remedy. All available remedies are cumulative. 

14

 

Section 6.04.    Waiver of Existing Defaults.    

        Subject
to Section 9.02, the Holders of a majority in principal amount of the outstanding Securities of a Series on behalf of all the Holders of the Series by notice to the
Trustee may waive an existing Default or Event of Default on such Series and its consequences hereunder. Upon any such waiver, any such Default shall cease to exist, and any such Event of Default
shall be deemed to have been cured for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

Section 6.05.    Control by Majority.    

        The
Holders of a majority in principal amount of the outstanding Securities of a Series may 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 it with respect to such Series. The Trustee, however, may
refuse to follow any direction (i) that conflicts with law or this Indenture, (ii) that, subject to Section 7.01, the Trustee determines is unduly prejudicial to the rights of
other Securityholders, (iii) that would involve the Trustee in personal liability or (iv) if the Trustee shall not have been provided with indemnity satisfactory to it. 

Section 6.06.    Limitation on Suits.    

        A
Securityholder of a Series may not pursue any remedy with respect to this Indenture or the Series unless: 

        (1)   the
Holder gives to the Trustee written notice of a continuing Event of Default on the Series; 

        (2)   the
Holders of at least a majority in principal amount of the outstanding Securities of the Series make a written request to the Trustee to pursue the remedy; 

        (3)   such
Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 

        (4)   the
Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and 

        (5)   no
written request inconsistent with such written request shall have been given to the Trustee pursuant to this Section 6.06. A Securityholder may not use this
Indenture to prejudice the rights of another Securityholder or to obtain a preference or priority over another Securityholder. 

Section 6.07.    Rights of Holders to Receive Payment.    

        Notwithstanding
any other provision of this Indenture, the right of any Holder to receive payment of principal of and interest on the Security, on or after the respective due dates
expressed in the Security, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the
consent of the Holder. 

Section 6.08.    Collection Suit by Trustee.    

        If
an Event of Default in payment of interest or principal specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name
and as trustee of an express trust against the Company for the whole amount of principal and interest remaining unpaid. 

Section 6.09.    Trustee May File Proofs of Claim.    

        The
Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents and counsel) and the Securityholders allowed in any judicial proceedings relative to the Company, its
creditors or its 

15

 

property,
and unless prohibited by applicable law or regulation, may vote on behalf of the Holders in any election of a Custodian, and shall be entitled and empowered to collect and receive any moneys
or other property payable or deliverable on any such claims and to distribute the same and any Custodian in any such judicial proceeding is hereby authorized by each Securityholder to make such
payments to the Trustee. Nothing herein 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 or the rights of any Holder or to authorize the Trustee to vote in respect of the claim of any Securityholder except as aforesaid for
the election of the Custodian. 

Section 6.10.    Priorities.    

        If
the Trustee collects any money pursuant to this Article, it shall pay out the money in the following order: 

        First:
to the Trustee for amounts due under Section 7.07; 

        Second:
to Securityholders of the Series for amounts due and unpaid on the Series for principal and interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Series for principal and interest, respectively; and 

        Third:
to the Company as its interests may appear. 

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

Section 6.11.    Undertaking for Costs.    

        In
any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys'
fees, against any party litigant in the suit, having the due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the
Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the Series. 

ARTICLE SEVEN  

 TRUSTEE  

Section 7.01.    Duties of Trustee.    

        (a)   If
an Event of Default has occurred and is continuing, the Trustee shall, prior to the receipt of directions from the Holders of a majority in principal amount of the
Securities, exercise its rights and powers and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

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

        (1)   The
Trustee need perform only those duties that are specifically set forth in this Indenture and no others and no implied covenants or obligations shall be read into
this Indenture against the Trustee. 

        (2)   In
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee, however, shall examine the certificates and opinions to determine whether or not 

16

 

they
conform to the requirements of this Indenture but need not confirm or investigate the accuracy of mathematical calculations or other facts or matters stated therein. 

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

        (1)   This
paragraph does not limit the effect of paragraph (b) of this Section. 

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

        (3)   The
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to
Section 6.05 or any other direction of the Holders permitted hereunder. 

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

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

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

        (g)   None
of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur 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 grounds for believing that the repayment of such funds or adequate indemnity against such liability is
not reasonably assured to it. 

Section 7.02.    Rights of Trustee.    

        Subject
to Section 7.01: 

        (a)   The
Trustee may rely and shall be protected in acting or refraining from acting on any document, resolution, certificate, instrument, report, or direction believed by it
to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document, resolution, certificate, instrument, report, or
direction. 

        (b)   Before
the Trustee acts or refrains from acting, it may require an Officers' Certificate or an Opinion of Counsel or both, which shall conform to Sections 10.04 and
10.05 hereof and containing such other statements as the Trustee reasonably deems necessary to perform its duties hereunder. The Trustee shall not be liable for any action it takes or omits to take in
good faith in reliance on the Officers' Certificate, Opinion of Counsel or any other direction of the Company permitted hereunder. 

        (c)   The
Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 

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

        (e)   The
Trustee may consult with counsel, and the written advice of such counsel or any Opinion of Counsel as to matters of law shall be full and complete authorization and
protection in 

17

 

respect
of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

        (f)    Unless
otherwise specifically provided in the Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the
Company. 

        (g)   For
all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Event of Default (other than under Section 6.01(1) or
6.01(2)) unless a Trust Officer assigned to and working in the Trustee's corporate trust office has actual knowledge thereof or unless written notice of any Event of Default is received by the Trustee
at its address specified in Section 10.02 hereof and such notice references the Securities generally, the Company or this Indenture. 

Section 7.03.    Individual Rights of Trustee.    

        The
Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or its affiliates with the same rights it would
have if it were not Trustee. Any Agent may do the same with like rights. The Trustee, however, must comply with Sections 7.10 and 7.11. 

Section 7.04.    Trustee's Disclaimer.    

        The
Trustee makes no representation as to the validity or adequacy of this Indenture, the Securities or of any prospectus used to sell the Securities; it shall not be accountable for the
Company's use of the proceeds from the Securities; it shall not be accountable for any money paid to the Company, or upon the Company's direction, if made under and in accordance with any provision of
this Indenture; it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee; and it shall not be responsible for any statement of the
Company in this Indenture or in the Securities other than its certificate of authentication. 

Section 7.05.    Notice of Defaults.    

        If
a Default on a Series occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to each Securityholder of the Series notice of the Default (which shall
specify any uncured Default known to it) within 90 days after it occurs. Except in the case of a default in payment of principal of or interest on a Series, the Trustee may withhold the notice
if and so long as the board of directors of the Trustee, the executive or any trust committee of such directors and/or responsible officers of the Trustee in good faith determine(s) that withholding
the notice is in the interests of Holders of the Series. 

Section 7.06.    Reports by Trustee to Holders.    

        Within
60 days after each May 15 beginning with the May 15 following the date of this Indenture, the Trustee shall mail to each Securityholder a brief report dated
as of such May 15 that complies with TIA (S) 313(a) (but if no event described in TIA (S) 313(2) has occurred within the twelve months preceding
the reporting date no report need be transmitted). The Trustee also shall comply with TIA (S) 313(b). A copy of each report at the time of its mailing to Securityholders shall be delivered to
the Company and filed by the Trustee with the SEC and each national securities exchange on which the Securities are listed. The Company agrees to notify the Trustee of each national securities
exchange on which the Securities are listed. 

Section 7.07.    Compensation and Indemnity.    

        The
Company shall pay to the Trustee or predecessor trustee from time to time reasonable compensation for their respective services subject to any written agreement between the Trustee
and the Company. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable
compensation and expenses of the 

18

 

Trustee's
agents and counsel. The Company shall indemnify the Trustee and each predecessor trustee, its officers, directors, employees and agents and hold it harmless against any loss, liability or
expense incurred or made by or on behalf of it in connection with the administration of this Indenture or the trust hereunder and its duties hereunder including the costs and expenses of defending
itself against or investigating any claim in the premises. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company need not reimburse any expense or
indemnify against any loss or liability incurred by the Trustee through the Trustee's, or its officers', directors', employees' or agents' negligence or bad faith. To ensure the Company's payment
obligations in this Section, the Trustee shall have a claim prior to the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal of or interest
on particular Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01 or in connection with Article Six hereof, the
expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to constitute expenses of administration under any bankruptcy law. 

Section 7.08.    Replacement of Trustee.    

        The
Trustee may resign by so notifying the Company. The Holders of a majority in principal amount of the outstanding Securities may remove the Trustee by so notifying the removed Trustee
in writing and may appoint a successor trustee with the Company's consent. Such resignation or removal shall not take effect until the appointment by the Securityholders or the Company as hereinafter
provided of a successor trustee and the acceptance of such appointment by such successor trustee. The Company may remove the Trustee and any Securityholder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor trustee for any or no reason, including if: 

        (1)   the
Trustee fails to comply with Section 7.10 after written request by the Company or any bona fide Securityholder who has been a Securityholder for at least six
months; 

        (2)   the
Trustee is adjudged a bankrupt or an insolvent; 

        (3)   a
receiver or other public officer takes charge of the Trustee or its property; or 

        (4)   the
Trustee becomes incapable of acting. 

        If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor trustee. If a successor trustee does
not take office within 45 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or any Holder may petition any court of competent jurisdiction for the
appointment of a successor trustee. A successor trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee
shall transfer all property held by it as Trustee to the successor trustee, the resignation or removal of the retiring Trustee shall become effective, and the successor trustee shall have all the
rights, powers and duties of the Trustee under this Indenture. A successor trustee shall mail notice of its succession to each Securityholder. 

Section 7.09.    Successor Trustee by Merger, etc.    

        If
the Trustee consolidates with, merges with or into or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor
corporation without any further act shall be the successor trustee. 

Section 7.10.    Eligibility; Disqualification.    

        This
Indenture shall always have a Trustee who satisfies the requirements of TIA (S) 310(a)(1). The Trustee shall have a combined capital and surplus of at least $10,000,000 as
set forth in its most recent published annual report of condition. The Trustee shall comply with TIA (S) 310(b). 

19

 

Section 7.11.    Preferential Collection of Claims Against Company.    

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

ARTICLE EIGHT  

 DISCHARGE OF INDENTURE  

Section 8.01.    Defeasance upon Deposit of Moneys or U.S. Government
Obligations.    

        (a)   The
Company may, at its option and, subject to the provisions of Article Eleven hereof, at any time, elect to have either paragraph (b) or paragraph (c)
below be applied to the outstanding Securities of any Series upon compliance with the applicable conditions set forth in paragraph (d). 

        (b)   Upon
the Company's exercise under paragraph (a) of the option applicable to this paragraph (b), the Company shall be deemed to have been released and
discharged from its obligations with respect to the outstanding Securities of a Series on the date the applicable conditions set forth below are satisfied (hereinafter, "Legal Defeasance"). For this
purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Securities of a Series, which shall thereafter
be deemed to be "outstanding" only for the purposes of the Sections and matters under this Indenture referred to in (i) and (ii) below, and to have satisfied all its other obligations
under such Securities and this Indenture insofar as such Securities are concerned, except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the
rights of Holders of outstanding Securities of a Series to receive solely from the trust fund described in paragraph (d) below and as more fully set forth in such paragraph, payments in respect
of the principal of and interest on such Securities when such payments are due and (ii) obligations listed in Section 8.02, subject to compliance with this Section 8.01. The
Company may exercise its option under this paragraph (b) notwithstanding the prior exercise of its option under paragraph (c) below with respect to such Securities. 

        (c)   Upon
the Company's exercise under paragraph (a) of the option applicable to this paragraph (c), the Company shall be released and discharged from the
obligations under any covenant contained in Article Four (other than Sections 4.01, 4.02 or 4.04), clause (2) of Section 5.01 and any other covenant contained in the Authorizing
Resolution or supplemental indenture relating to such Series (except to the extent provided for therein), on and after the date the conditions set forth below are satisfied (hereinafter, "Covenant
Defeasance"), and the Securities of such Series shall thereafter be deemed to be not "outstanding" for the purpose of any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall continue to be deemed "outstanding" for all other purposes hereunder. For this purpose, such Covenant Defeasance means that,
with respect to the outstanding Securities of a Series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01(3), but, except as specified above, the remainder of this Indenture and such
Securities shall be unaffected thereby. 

20

 

        (d)   The
following shall be the conditions to application of either paragraph (b) or paragraph (c) above to the outstanding Securities of the applicable Series: 

        (1)   The
Company shall have irrevocably deposited in trust with the Trustee, pursuant to an irrevocable trust and security agreement in form and substance reasonably
satisfactory to the Trustee, money in U.S. dollars or U.S. government obligations or a combination thereof in such amounts and at such times as are sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of and interest on the outstanding Securities of such Series to maturity or redemption; provided, however, that the Trustee (or
other qualifying trustee) shall have received an irrevocable written order from the Company instructing the Trustee (or other qualifying trustee) to apply such money or the proceeds of such U.S.
government obligations to said payments with respect to the Securities of such Series to maturity or redemption; 

        (2)   No
Default or Event of Default shall have occurred and be continuing on the date of such deposit; 

        (3)   Such
deposit will not result in a Default under this Indenture or a breach or violation of, or constitute a default under, any other material instrument or agreement to
which the Company or any of any of its Subsidiaries is a party or by which it or any of their property is bound; 

        (4)   (i) In
the event the Company elects paragraph (b) hereof, the Company shall deliver to the Trustee an Opinion of Counsel in the United States, in form and
substance reasonably satisfactory to the Trustee, to the effect that (A) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling or (B) since the Issue Date pertaining to such Series, there has been a change in the applicable federal income tax law, in either case to the effect that, and based
thereon such Opinion of Counsel shall state that, or (ii) in the event the Company elects paragraph (c) hereof, the Company shall deliver to the Trustee an Opinion of Counsel in the
United States, in form and substance reasonably satisfactory to the Trustee, to the effect that, in the case of clauses (i) and (ii), Holders of the Securities of such Series will not recognize
income, gain or loss for federal income tax purposes as a result of such deposit and the defeasance contemplated hereby and will be subject to federal income tax in the same amounts and in the same
manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 

        (5)   The
Company shall have delivered to the Trustee an Officers' Certificate, stating that the deposit under clause (1) was not made by the Company with the intent of
preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or
others; 

        (6)   The
Company shall have delivered to the Trustee an Opinion of Counsel, subject to customary qualifications, to the effect that after the 91st day following the deposit,
no trust funds will be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally or if the Company elects
paragraph (c) hereof, such trust funds will be subject to a first priority lien in favor of the Trustee for the benefit of the Holders of Securities; and 

        (7)   The
Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent specified herein relating to the
defeasance contemplated by this Section 8.01 have been complied with. In the event all or any portion of the Securities of a Series are to be redeemed through such irrevocable trust, the
Company must make arrangements satisfactory to the Trustee, at the time of such deposit, for the giving 

21

 

of
the notice of such redemption or redemptions by the Trustee in the name and at the expense of the Company. 

        (e)   In
addition to the Company's rights above under this Section 8.01, the Company may terminate all of its obligations under this Indenture with respect to a Series,
when: 

        (1)   Either
(a) all Securities of such Series that have been previously authenticated (except lost, stolen or destroyed Securities that have been replaced or paid and
Securities for whose payment money has previously been deposited in trust or segregated and held in trust by the Company and is thereafter repaid to the Company or discharged from the trust) have been
delivered to the Trustee for cancellation; or (2) all Securities of such Series that have not been previously delivered to the Trustee for cancellation (A) have become due and payable or
(B) will become due and payable at their maturity within one year or (C) are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of a notice of redemption by the Trustee, and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the
benefit of the Holders, cash in U.S. dollars, non-callable U.S. government obligations, or a combination thereof, in such amounts as will be sufficient without consideration of any
reinvestment of interest, to pay and discharge the entire Indebtedness on the Securities not previously delivered to the Trustee for cancellation for principal, premium, if any, and interest on the
Securities to the date of deposit, in the case of Securities that have become due and payable, or to the stated maturity or redemption date, as the case may be; 

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

        (3)   The
Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Securities at maturity or redemption, as the
case may be; and 

        (4)   The
Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, stating that all conditions precedent specified herein relating to the
satisfaction and discharge of this Indenture have been complied with. 

Section 8.02.    Survival of the Company's Obligations.    

        Notwithstanding
the satisfaction and discharge of the Indenture under Section 8.01, the Company's obligations in paragraph 9 of the Securities and Sections 2.03 through
2.07, 4.01, 7.07, 7.08, 8.04 and 8.05, however, shall survive until the Securities of an applicable Series are no longer outstanding. Thereafter, the Company's obligations in paragraph 9 of the
Securities of such Series and Sections 7.07, 8.04 and 8.05 shall survive (as they relate to such Series). 

Section 8.03.    Application of Trust Money.    

        The
Trustee shall hold in trust money or U.S. government obligations deposited with it pursuant to Section 8.01. It shall apply the deposited money and the money from U.S.
government obligations in accordance with this Indenture to the payment of principal of and interest on the Securities of the defeased Series. 

Section 8.04.    Repayment to the Company.    

        The
Trustee and the Paying Agent shall promptly pay to the Company upon request any excess money or securities held by them at any time. The Trustee and the Paying Agent shall pay to the
Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years, provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once 

22

 

in
a newspaper of general circulation in the City of New York or mail to each such Holder notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such publication or mailing, any unclaimed balance of such money then remaining will be repaid to the Company. After payment to the Company, Securityholders
entitled to the money must look to the Company for payment as general creditors unless applicable abandoned property law designates another person and all liability of the Trustee or such Paying Agent
with respect to such money shall cease. 

Section 8.05.    Reinstatement.    

        If
the Trustee is unable to apply any money or U.S. government obligations in accordance with Section 8.01 by reason of any legal proceeding or by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company's obligations under this Indenture and the Securities relating to the Series shall
be revived and reinstated as though no deposit had occurred pursuant to Section 8.01 until such time as the Trustee is permitted to apply all such money or U.S. government obligations in
accordance with Section 8.01; provided, however, that (a) if the Company has made any payment of interest on or principal of any Securities of the Series because of the reinstatement of
their obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. government obligations held by the Trustee and
(b) unless otherwise required by any legal proceeding or any order or judgment of any court or governmental authority, the Trustee shall return all such money or U.S. government obligations to
the Company promptly after receiving a written request therefor at any time, if such reinstatement of the Company's obligations has occurred and continue to be in effect. 

ARTICLE NINE  

 AMENDMENTS, SUPPLEMENTS AND WAIVERS  

Section 9.01.    Without Consent of Holders.    

        The
Company and the Trustee may amend or supplement this Indenture or the Securities of a Series without notice to or consent of any Securityholder of such Series to: 

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

        (2)   comply
with Article Five; 

        (3)   provide
that specific provisions of this Indenture shall not apply to a Series not previously issued; 

        (4)   create
a Series and establish its terms (or to provide for the issuance of additional Securities of any Series to the extent provided, in accordance with the provisions
set forth in an Authorizing Resolution or supplemental indenture pertaining to any Series); 

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

        (6)   make
any change that would provide any additional rights or benefits to the Holders of Securities or that does not adversely affect the rights under this Indenture of
any such Holder; 

        (7)   evidence
and provide for the acceptance of an appointment of a successor trustee; 

        (8)   add
guarantees or collateral security with respect to the Securities; and 

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

        After
an amendment under this Section 9.01 becomes effective, the Company shall mail notice of such amendment to the Securityholders. 

23

 

Section 9.02.    With Consent of Holders.    

        The
Company and the Trustee may amend or supplement this Indenture or the Securities of a Series without notice to any Securityholder of such Series but with the written consent of the
Holders of at least a majority in principal amount of the outstanding Securities of each such Series affected by the amendment. Each such Series shall vote as a separate class. The Holders of a
majority in principal amount of the outstanding Securities of any Series may waive compliance by the Company with any provision of the Securities of such Series or of this Indenture relating to such
Series without notice to any Securityholder. Without the consent of each Securityholder of a Series affected, however, an amendment, supplement or waiver, including a waiver pursuant to
Section 6.04, may not: 

        (1)   reduce
the amount of Securities of such Series whose Holders must consent to an amendment, supplement or waiver; 

        (2)   reduce
the rate of or change the time for payment of interest, including defaulted interest, on any Security; 

        (3)   reduce
the principal of or change the fixed maturity of any Security or alter the provisions (including related definitions) with respect to redemption of Securities
pursuant to Article Three hereof or with respect to any obligations on the part of the Company to offer to purchase or to redeem Securities of a Series pursuant to the Authorizing Resolution or
supplemental indenture pertaining to such Series; 

        (4)   modify
the ranking or priority of the Securities of any Series; 

        (5)   make
any change in Sections 6.04, 6.07 or this 9.02; 

        (6)   waive
a continuing Default or Event of Default in the payment of the principal of or interest on any Security; or 

        (7)   make
any Security payable at a place or in money other than that stated in the Security, or impair the right of any Securityholder to bring suit as permitted by
Section 6.07. 

        An
amendment of a provision included solely for the benefit of one or more Series does not affect the interests of Securityholders of any other Series. It shall not be necessary for the
consent of the Holders
under this Section to approve the particular form of any proposed supplement, but it shall be sufficient if such consent approves the substance thereof. 

Section 9.03.    Compliance with Trust Indenture Act.    

        Every
amendment to or supplement of this Indenture or the Securities shall comply with the TIA as then in effect. 

Section 9.04.    Revocation and Effect of Consents.    

        A
consent to an amendment, supplement or waiver by a Holder shall bind the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the
consenting Holder's Security, even if notation of the consent is not made on any Security. Subject to the following paragraph, any such Holder or subsequent Holder, however, may revoke the consent as
to his Security or portion of a Security. Such revocation shall be effective only if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes
effective. The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders of Securities of any Series entitled to consent to any amendment, supplement or
waiver, which record date shall be at least 10 days prior to the first solicitation of such consent. If a record date is fixed, then notwithstanding the last sentence of the immediately
preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or
not such Persons continue to be Holders 

24

 

after
such record date. No such consent shall be valid or effective for more than 90 days after such record date. After an amendment, supplement or waiver becomes effective, it shall bind every
Holder, unless it makes a change described in any of clauses (1) through (7) of Section 9.02, in which case, the amendment, supplement or waiver shall bind only each Holder of a
Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder's Security; provided that any such waiver
shall not impair or affect the right of any Holder to receive payment of principal of and interest on a Security, on or after the respective due dates expressed in such Security, or to bring suit for
the enforcement of any such payment on or after such respective dates without the consent of such Holder. 

Section 9.05.    Notation on or Exchange of Securities.    

        If
an amendment, supplement or waiver changes the terms of a Security, the Company may require the Holder of the Security to deliver it to the Trustee, at which time the Trustee shall
place an appropriate
notation on the Security about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the
Trustee shall authenticate a new Security that reflects the changed terms. 

Section 9.06.    Trustee to Sign Amendments, etc.    

        Subject
to Section 7.02(b), the Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article if the amendment, supplement or waiver does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing or refusing to sign such amendment or supplemental
indenture, the Trustee shall be entitled to receive and shall be fully protected in relying upon, an Officers' Certificate and an Opinion of Counsel as conclusive evidence that such amendment or
supplemental indenture is authorized or permitted by this Indenture, that it is not inconsistent herewith, and that it will be valid and binding upon the Company in accordance with its terms. 

ARTICLE TEN  

 MISCELLANEOUS  

Section 10.01.    Trust Indenture Act Controls.    

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

Section 10.02.    Notices.    

        Any
order, consent, notice or communication shall be sufficiently given if in writing and delivered in person or mailed by first class mail, postage prepaid, addressed as follows: 

	if to the Company:	 	 
	

Fleetwood Enterprises, Inc.

3125 Myers Street

Riverside, CA 92503

Attention:	
 	

 
	

if to the Trustee:	
 	

 
	    
    
    
 Attention:	 	 

        The
Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. Any notice or communication mailed to a
Securityholder 

25

 

shall
be mailed to him by first class mail at his address as it appears on the registration books of the Registrar and shall be sufficiently given to him if so mailed within the time prescribed. 

        Failure
to mail a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other Securityholders. If a notice or communication is
mailed in the manner provided above, it is duly given, whether or not the addressee receives it except that notice to the Trustee shall only be effective upon receipt thereof by the Trustee. If the
Company mails notice or communications to the Securityholders, it shall mail a copy to the Trustee at the same time. 

Section 10.03.    Communications by Holders with Other Holders.    

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

Section 10.04.    Certificate and Opinion as to Conditions Precedent.    

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

        (1)   an
Officers' Certificate (which shall include the statements set forth in Section 10.05) stating that, in the opinion of the signers, all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with; and 

        (2)   an
Opinion of Counsel (which shall include the statements set forth in Section 10.05) stating that, in the opinion of such counsel, all such conditions precedent
and covenants, compliance with which constitutes a condition precedent, if any, provided for in this Indenture relating to the proposed action or inaction, have been complied with and that any such
section does not conflict with the terms of the Indenture. 

Section 10.05.    Statements Required in Certificate or Opinion.    

        Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

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

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

        (3)   a
statement that, in the opinion of 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 

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

Section 10.06.    Rules by Trustee and Agents.    

        The
Trustee may make reasonable rules for action by or a meeting of Securityholders. The Registrar or Paying Agent may make reasonable rules for its functions. 

26

   Section 10.07.    Legal Holidays.    

        A
"Legal Holiday" is a Saturday, a Sunday, a legal holiday or a day on which banking institutions in Los Angeles, California and New York, New York are not required to be open. If a
payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening
period. A Business Day is any day other than a Legal Holiday. 

Section 10.08.    Governing Law.    

        The
laws of the State of New York shall govern this Indenture and the Securities of each Series. 

Section 10.09.    No Adverse Interpretation of Other Agreements.    

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

Section 10.10.    No Recourse Against Others.    

        All
liability described in paragraph 13 of the Securities of any director, officer, employee or stockholder, as such, of the Company is waived and released. 

Section 10.11.    Successors and Assigns.    

        All
covenants and agreements of the Company in this Indenture and the Securities shall bind its successors and assigns. All agreements of the Trustee in this Indenture shall bind its
successors and assigns. 

Section 10.12.    Duplicate Originals.    

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

Section 10.13.    Severability.    

        In
case any one or more of the provisions contained in this Indenture or in the Securities of a Series shall for any reason be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities. 

ARTICLE ELEVEN  

 SUBORDINATION OF SECURITIES  

Section 11.01.    Securities Subordinated to Senior Indebtedness.    

        The
Company covenants and agrees, and the Trustee and each Holder of the Securities by his acceptance thereof likewise covenant and agree, that all Securities shall be issued subject to
the provisions of this Article Eleven; and each person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that all payments of the
principal of and interest on the Securities by the Company shall, to the extent and in the manner set forth in this Article Eleven, be subordinated and junior in right of payment to the prior payment
in full in cash of all amounts payable under Senior Indebtedness. 

Section 11.02.    No Payment on Securities in Certain Circumstances.    

        (a)   No
direct or indirect payment (excluding any payment or distribution of Permitted Junior Securities) by or on behalf of the Company of principal of, premium, if any, or
interest on the Securities or to repurchase any of the Securities, except from those funds held in trust for the benefit of Holders of any Securities pursuant to the procedures set forth in Article
Eight hereof, whether 

27

 

pursuant
to the terms of the Securities, upon acceleration or otherwise, shall be made if, at the time of such payment, there exists a default in the payment of all or any portion of the obligations
on any Senior Indebtedness, when the same becomes due and payable beyond any applicable period of grace whether at maturity, on account of mandatory redemption or prepayment, acceleration or
otherwise, and such default shall not have been cured or waived or the benefits of this sentence waived by or on behalf of the holders of such Senior Indebtedness. In addition, during the continuance
of any non-payment event of default with respect to any Designated Senior Indebtedness pursuant to which the maturity thereof may be immediately accelerated, and upon receipt by the
Trustee of written notice (a "Payment Blockage Notice") from the Company or any holder or holders of such Designated Senior Indebtedness or the trustee or agent acting on behalf of such Designated
Senior Indebtedness, then, unless and until such event of default has been cured or waived or has ceased to exist or such Designated Senior Indebtedness has been discharged or repaid in full in cash
or the benefits of these provisions have been waived by the holders of such Designated Senior Indebtedness, no direct or indirect payment (excluding any payment or distribution of Permitted Junior
Securities) shall be made by or on behalf of the Company of principal of, premium, if any, or interest on the Securities or to repurchase any of the Securities, except from those funds held in trust
for the benefit of Holders of any Securities pursuant to the procedures set forth in Article Eight hereof, to such Holders, during a period (a "Payment Blockage Period") commencing on the date of
receipt of such notice by the Trustee and ending 179 days thereafter. Notwithstanding anything herein or in the Securities to the contrary, (x) in no event shall a Payment Blockage
Period extend beyond 179 days from the date the Payment Blockage Notice in respect thereof was given (provided that payment may thereafter be restricted if a payment event of default has
occurred), (y) there shall be a period of at least 181 consecutive days in each 360-day period when no Payment Blockage Period is in effect and (z) not more than one Payment
Blockage Period may be commenced with respect to the Securities during any period of 360 consecutive days. No event of default that existed or was continuing on the date of commencement of any Payment
Blockage Period with respect to the Designated Senior Indebtedness initiating such Payment Blockage Period may be, or be made, the basis for the commencement of any other Payment Blockage Period by
the holder or holders of such Designated Senior Indebtedness or the trustee or agent acting on behalf of such Designated Senior Indebtedness, whether or not within a period of 360 consecutive days,
unless such event of default has been cured or waived for a period of not less than 90 consecutive days. 

        (b)   In
the event that, notwithstanding the foregoing, any payment shall be received by the Trustee or any Holder when such payment is prohibited by Section 11.02(a),
such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness (pro rata to such holders on the basis of the respective amounts of
Senior Indebtedness held by such holders) or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued,
as their respective interests may appear, or, to the extent such Senior Indebtedness is not then due and payable, to the Company. 

Section 11.03.    Payment Over of Proceeds upon Dissolution, etc.    

        (a)   Upon
any payment or distribution of assets or securities of the Company of any kind or character, whether in cash, property or securities (excluding any payment or
distribution of Permitted Junior Securities), upon any dissolution or winding up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency,
receivership or other proceedings, all Senior Indebtedness shall first be paid in full in cash before the Holders of the Securities or the Trustee on behalf of such Holders shall be entitled to
receive any payment by the Company of the principal of or interest on the Securities, or any payment by the Company to acquire any of the Securities for cash, property or securities, or any
distribution with respect to the Securities of any cash, property or securities (excluding any payment or distribution of Permitted Junior Securities or from funds held in trust for the benefit of
Holders of any Securities pursuant to the procedures set forth in Article Eight hereof). Before any payment may be made by, or on behalf of, the Company of the 

28

 

principal
of or interest on the Securities upon any such dissolution or winding up or liquidation or reorganization, any payment or distribution of assets or securities of the Company of any kind or
character, whether in cash, property or securities (excluding any payment or distribution of Permitted Junior Securities or from funds held in trust for the benefit of Holders of any Securities
pursuant to the procedures set forth in Article Eight hereof), to which the Holders of the Securities or the Trustee on their behalf would be entitled, but for the subordination provisions of this
Indenture, shall be made by the Company or by any receiver, trustee in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, directly to the holders of the Senior
Indebtedness (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders) or their representatives or to the trustee or trustees or agent or agents
under any agreement or indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear, to the extent necessary to pay all such Senior
Indebtedness in full in cash after giving effect to any prior or concurrent payment, distribution or provision therefor to or for the holders of such Senior Indebtedness. 

        (b)   In
the event that, notwithstanding the foregoing provision prohibiting such payment or distribution, any payment or distribution of assets or securities of the Company
of any kind or character, whether in cash, property or securities (excluding any payment or distribution of Permitted Junior Securities or from funds held in trust for the benefit of Holders of any
Securities pursuant to the procedures set forth in Article Eight hereof), shall be received by the Trustee or any Holder of Securities at a time when such payment or distribution is prohibited by
Section 11.03(a) and before all obligations in respect of Senior Indebtedness are paid in full in cash, such payment or distribution shall be received and held in trust for the benefit of, and
shall be paid over or delivered to, the holders of Senior Indebtedness (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders) or their respective
representatives, or to the trustee or trustees or agent or agents under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear,
for application to the payment of Senior Indebtedness remaining unpaid until all such Senior Indebtedness has been paid in full in cash after giving effect to any prior or concurrent payment,
distribution or provision therefor to or for the holders of such Senior Indebtedness. 

        The
consolidation of the Company with, or the merger of the Company with or into, another corporation or the liquidation or dissolution of the Company following the conveyance or
transfer of its property as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided in Article Five (or any replacement provisions as contemplated
by Article Five) shall not be deemed a dissolution, winding up, liquidation or reorganization for the purposes of this Section 11.03 if such other corporation shall, as a part of such
consolidation, merger, conveyance or transfer, comply with the conditions stated in Article Five (or any replacement provisions as contemplated by Article Five). 

Section 11.04.    Subrogation.    

        Upon
the payment in full in cash of all Senior Indebtedness, or payments in other than cash is accepted by the holders of Senior Indebtedness in full satisfaction of amounts due in
respect of all Senior Indebtedness, the Holders of the Securities shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or
securities of the Company made on such Senior Indebtedness until the principal of and interest on the Securities shall be paid in full in cash; and, for the purposes of such subrogation, no payments
or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee on their behalf would be entitled except for the
provisions of this Article Eleven, and no payment over pursuant to the provisions of this Article Eleven to the holders of Senior Indebtedness by Holders of the Securities or the Trustee on their
behalf shall, as between the Company, its creditors other than holders of Senior Indebtedness, and the Holders of the Securities, be deemed to be a 

29

 

payment
by the Company to or on account of the Senior Indebtedness. It is understood that the provisions of this Article Eleven 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, on the other hand. If any payment or distribution to which the Holders of the Securities would
otherwise have been entitled but for the provisions of this Article Eleven shall have been applied, pursuant to the provisions of this Article Eleven, to the payment of all amounts payable under
Senior Indebtedness, then and in such case, the Holders of the Securities shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such
holders of Senior Indebtedness in excess of the amount required to make payment in full in cash, of such Senior Indebtedness. 

Section 11.05.    Obligations of Company Unconditional.    

        Nothing
contained in this Article Eleven or elsewhere in this Indenture or in the Securities is intended to or shall impair, as among the Company and the Holders of the Securities, the
obligation of the Company, which is absolute and unconditional, to pay to the Holders of the Securities the principal of and interest on the Securities as and when the same shall become due and
payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders of the Securities and creditors of the Company other than the holders of the Senior
Indebtedness, nor shall anything herein
or therein prevent the Holder of any Security or the Trustee on their behalf from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the
rights, if any, under this Article Eleven of the holders of the Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy. Without
limiting the generality of the foregoing, nothing contained in this Article Eleven shall restrict the right of the Trustee or the Holders of Securities to take any action to declare the Securities to
be due and payable prior to their stated maturity pursuant to Section 6.01 or to pursue any rights or remedies hereunder; provided, however, that all Senior Indebtedness then due and payable
shall first be paid in full in cash (and no Payment Blockage Period shall be in effect) before the Holders of the Securities or the Trustee are entitled to receive any direct or indirect payment from
the Company of principal of or interest on the Securities. 

Section 11.06.    Notice to Trustee.    

        The
Company shall give prompt written notice to the Trustee of any fact known to the Company which would prohibit the making of any payment to or by the Trustee in respect of the
Securities pursuant to the provisions of this Article Eleven. The Trustee shall not be charged with knowledge of the existence of any event of default with respect to any Senior Indebtedness or of any
other facts which would prohibit the making of any payment to or by the Trustee unless and until the Trustee shall have received notice in writing at its corporate trust office to that effect signed
by an Officer of the Company, or by a holder of Senior Indebtedness or trustee or agent therefor; and prior to the receipt of any such written notice, the Trustee shall, subject to Article Seven, be
entitled to assume that no such facts exist; provided that if the Trustee shall not have received the notice provided for in this Section 11.06 at least two Business Days prior to the date upon
which by the terms of this Indenture any moneys shall become payable for any purpose (including, without limitation, the payment of the principal of or interest on any Security), then, regardless of
anything herein to the contrary, the Trustee shall have full power and authority to receive any moneys from the Company 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. Nothing contained in this Section 11.06 shall limit the right of the holders of Senior
Indebtedness to recover payments as contemplated by Section 11.03. The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself or itself to
be a holder of any Senior Indebtedness (or a trustee on behalf of, or other representative of, such holder) to establish that such notice has been given by a holder of such Senior Indebtedness or a
trustee or representative on behalf of any such holder. In the event that the Trustee 

30

 

determines
in good faith that any evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article
Eleven, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness 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 Eleven, 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 11.07.    Reliance on Judicial Order or Certificate of Liquidating
Agent.    

        Upon
any payment or distribution of assets or securities referred to in this Article Eleven, the Trustee 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 bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings are pending, or upon a certificate of the
receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of the Securities for the purpose of
ascertaining the persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Eleven. 

Section 11.08.    Trustee's Relation to Senior Indebtedness.    

        The
Trustee and any Paying Agent shall be entitled to all the rights set forth in this Article Eleven with respect to any Senior Indebtedness which may at any time be held by it in its
individual or any other capacity to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee or any Paying Agent of any of its rights as such
holder. 

        With
respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this
Article Eleven, and no implied covenants or obligations with respect to the holders of Senior Indebtedness 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 (except as provided in Section 11.03(b)). The Trustee shall not be liable to any such holders if the Trustee shall in good faith
mistakenly pay over or distribute to Holders of Securities or to the Company or to any other person cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue
of this Article Eleven or otherwise. 

Section 11.09.    Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior
Indebtedness.    

        No
right of any present or future holders of any Senior Indebtedness to enforce subordination as provided herein shall at any time in any way be prejudiced or impaired by any act or
failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms of this Indenture, regardless of any
knowledge thereof which any such holder may have or otherwise be charged with. The provisions of this Article Eleven are intended to be for the benefit of, and shall be enforceable directly by, the
holders of Senior Indebtedness. 

Section 11.10.    Securityholders Authorize Trustee To Effectuate Subordination of
Securities.    

        Each
Holder of Securities by his acceptance of such Securities authorizes and expressly directs the Trustee on his behalf to take such action as may be necessary or appropriate to
effectuate the subordination provided in this Article Eleven, and appoints the Trustee his attorney-in-fact for such purposes, including, in the event of any dissolution,
winding-up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or 

31

 

upon
an assignment for the benefit of creditors or otherwise) tending towards liquidation of the business and assets of the Company, the filing of a claim for the unpaid balance of its or his
Securities in the form required in those proceedings. 

Section 11.11.    This Article Not to Prevent Events of Default.    

        The
failure to make a payment on account of principal of or interest on the Securities by reason of any provision of this Article Eleven shall not be construed as preventing the
occurrence of an Event of Default specified in clause (1) or (2) of Section 6.01. 

Section 11.12.    Trustee's Compensation Not Prejudiced.    

        Nothing
in this Article Eleven shall apply to amounts due to the Trustee pursuant to other sections in this Indenture. 

Section 11.13.    No Waiver of Subordination Provisions.    

        Without
in any way limiting the generality of Section 11.09, the holders of Senior Indebtedness may, at any time and from time to time, without the consent of or notice to the
Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without impairing or releasing the subordination provided in this Article Eleven or the
obligations hereunder of the Holders of the Securities to the holders of Senior Indebtedness, do any one or more of the following: 

        (a)   change
the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Indebtedness or any instrument evidencing the same or any
agreement under which Senior Indebtedness is outstanding or secured; 

        (b)   sell,
exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness; 

        (c)   release
any Person liable in any manner for the collection of Senior Indebtedness; and 

        (d)   exercise
or refrain from exercising any rights against the Company and any other Person. 

Section 11.14.    Certain Payments May Be Paid Prior to Dissolution.    

        All
money and United States government obligations properly deposited in trust with the Trustee pursuant to and in accordance with Article Eight shall be for the sole benefit of the
Holders and shall not be subject to this Article Eleven (so long as the funding of such trust did not violate the provisions of this Article Eleven). 

        Nothing
contained in this Article Eleven or elsewhere in this Indenture shall prevent (i) the Company, except under the conditions described in Section 11.02,
Section 11.03 or Section 11.05, from making payments of principal of and interest on the Securities, or from depositing with the Trustee any moneys for such payments or from effecting a
termination of the Company's obligations under the Securities and this Indenture as provided in Article Eight, (ii) the application by the Trustee of any moneys properly deposited in trust with
the Trustee pursuant to and in accordance with Article Eight (so long as the funding of such trust did not violate the provisions of this Article Eleven) or (iii) the application by the Trustee
of any other moneys deposited with it for the purpose of making such payments of principal of on and interest on the Securities to the holders entitled thereto unless at least two Business Days prior
to the date upon which such payment becomes due and payable, the Trustee shall have received the written notice provided for in Section 11.06. The Company shall give prompt written notice to
the Trustee of any dissolution, winding up, liquidation or reorganization of the Company. 

32

 
SIGNATURES  

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

	Dated:	 	 	 	FLEETWOOD ENTERPRISES, INC.
	

 	
 	

 	
 	

By:	
 	

 

	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 
	

Dated:	
 	

 	
 	

                        , as Trustee
	

 	
 	

 	
 	

By:	
 	

 

	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 
	

(SEAL)	
 	

 	
 	

 	
 	

 

33

   EXHIBIT A  

	No.	 	CUSIP No.:                      	 	 	 	 
	

[Title of Security]	
 	

 	
 	

 
	

 	
 	

FLEETWOOD ENTERPRISES, INC., a Delaware corporation promises to pay to or registered assigns
	the principal sum of [Dollars](1) on                          [Title of Security]
	

 	
 	

Interest Payment Dates:                      and
                    
	

 	
 	

Record Dates:                      and
                    
	

 	
 	

Authenticated:	
 	

 	
 	

 
	

Dated:	
 	

	
 	

Fleetwood Enterprises, Inc.
	

 	
 	

 	
 	

By:	
 	

	 	 	 	 	 	 	Title:
	

 	
 	

 	
 	

By:	
 	

	 	 	 	 	 	 	Title:
	

                        , as Trustee, certifies that this is one of the Securities referred to in the within mentioned
Indenture.
	

 	
 	

 	
 	

By:	
 	

	 	 	 	 	 	 	Title:
	

 	
 	

 	
 	

 	
 	

Authorized Signatory

	(1)
	Or
other currency. Insert corresponding provisions on reverse side of Security in respect of foreign currency denomination or interest payment requirement. 

A-1

 
FLEETWOOD ENTERPRISES, INC.  

 [Title of Security]  

        1.    Interest.    FLEETWOOD ENTERPRISES, INC. (the "Company"), a Delaware corporation, promises to pay
interest on the principal amount of this Security at the rate per annum shown above. The Company will pay interest semiannually
on                        and                 
       of each year until the principal
is paid or made available for payment. Interest on the Securities will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid, from
                        , 20    , provided that, if there is no existing default in the payment of interest,
and if this Security is authenticated between a record date referred to on the face hereof
and the next succeeding interest payment date, interest shall accrue from such interest payment date. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. 

        2.    Method of Payment.    The Company will pay interest on the Securities (except defaulted interest, if any, which
will be paid on such special payment date to Holders of record on such special record date as may be fixed by the Company) to the persons who are registered Holders of Securities at the close of
business on the [Insert record dates]. Holders must surrender Securities to a Paying Agent to collect principal payments. The Company will 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. 

        3.    Paying Agent and Registrar.    Initially,
                        (the "Trustee") will act as Paying Agent and
Registrar. The Company may change or appoint any Paying Agent, Registrar or co-Registrar without notice. The Company or any of its Subsidiaries may act as Paying Agent, Registrar or
co-Registrar. 

        4.    Indenture.    The Company issued the Securities under an Indenture dated as
of                        ,
20    ("Indenture") between the Company and the Trustee. The terms of the Securities include those stated in the Indenture (including those terms set forth in the Authorizing Resolution or
supplemental indenture pertaining to the Securities of the Series of which this Security is a part) and those made part of the Indenture by reference to the Trust Indenture Act of 1939 ("TIA") as in
effect on the date of the Indenture. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and the Act for a statement of them. 

        The
Company will furnish to any Securityholder upon written request and without charge a copy of the Indenture and the applicable Authorizing Resolution or supplemental indenture.
Requests may be made to: Fleetwood Enterprises, Inc., 3125 Myers Street, Riverside, CA 92503,                        ,
Attention:                        . 

        5.    Optional Redemption.(1)    The Company may redeem the Securities at any time on or
after                        , in
whole or in part, at the following redemption prices (expressed as a percentage of their principal amount) together with interest accrued and unpaid to the date fixed for redemption: 

	If redeemed during the Twelve-Month period commencing on                        and
ending on                        in each of the following years	 	Percentage

        Notice
of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at his registered
address. Securities in denominations larger than $1,000 may be redeemed in part. On and after the redemption date interest ceases to accrue on Securities or portions of them called for redemption,
provided that if the Company shall default in the payment of such Security at the redemption price together with accrued interest, interest shall continue to accrue at the rate borne by the
Securities. 

        6.    Provisions Relating to Redemption, Repayment or Repurchase at Option of Holders.(1)    

	(1)
	If
applicable. 

A-2

 

        7.    Mandatory Redemption.(1)    The Company shall redeem    % of the aggregate principal amount of
Securities originally issued under the Indenture on each of, which redemptions are calculated to retire    % of the Securities originally issued prior to maturity. Such redemptions shall be
made at a redemption price equal to 100% of the principal amount thereof, together with accrued interest to the redemption date. The Company may reduce the principal amount of Securities to be
redeemed pursuant to this Paragraph 7 by the principal amount of any Securities previously redeemed, retired or acquired, otherwise than pursuant to this Paragraph 7, that the Company
has delivered to the Trustee for cancellation and not previously credited to the Company's obligations under this Paragraph 7. Each such Security shall be received and credited for such purpose
by the Trustee at the redemption price and the amount of such mandatory redemption payment shall be reduced accordingly. 

        8.    Denominations, Transfer, Exchange.    The Securities are in registered form without coupons in denominations of
$1,000 and integral multiples of $1,000. A Holder may transfer or exchange Securities by presentation of such Securities to the Registrar or a co-Registrar with a request to register the
transfer or to exchange them for an equal principal amount of Securities of other denominations. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not transfer or exchange any Security selected for redemption, except the unredeemed
part thereof if the Security is redeemed in part, or transfer or exchange any Securities for a period of 15 days before a selection of Securities to be redeemed. 

        [Insert
different or additional denomination and multiples.] 

        9.    Persons Deemed Owners.    The registered Holder of this Security shall be treated as the owner of it for all
purposes. 

        10.    Unclaimed Money.    If money for the payment of principal or interest remains unclaimed for two years, the
Trustee or Paying Agent will pay the money back to the Company at its request. After that, Holders entitled to the money must look to the Company for payment unless an abandoned property law
designates another person. 

	(1)
	If
applicable. 

A-3

 

        11.    Amendment, Supplement, Waiver.    Subject to certain exceptions, the Indenture or the Securities may be amended
or supplemented with the consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by the amendment and any past default or compliance
with any provision relating to any Series of the Securities may be waived in a particular instance with the consent of the Holders of a majority in principal amount of the outstanding Securities of
such Series.(2) Without the consent of any Securityholder, the Company and the Trustee may amend or supplement the Indenture or the Securities to (i) cure any ambiguity, defect or
inconsistency, (ii) evidence the assumption by a successor corporation of the Company's obligations under the Indenture and any Series of the Securities, (iii) provide that specific
provisions of the Indenture shall not apply to a Series not previously issued, (iv) to create a Series and establish its terms (or to provide for the issuance of additional Securities of any
Series to the extent provided, in accordance with the provisions set forth in an Authorizing Resolution or supplemental indenture pertaining to any Series), (v) provide for uncertificated
Securities in addition to or in place of certificated Securities, (vi) make any change that would provide any additional rights or benefits to the Holders of Securities or that does not
adversely affect the rights under the Indenture of any such Holder, (vii) evidence and provide for the acceptance of an appointment of a successor trustee, (viii) to add guarantees or
collateral security with respect to the Securities and (ix) comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA. 

        12.    Successor Corporation.    If different terms apply, insert a brief summary thereof. When a successor
corporation assumes all the obligations of its predecessor under the Securities and the Indenture, the predecessor corporation will be released from those obligations. 

        13.    Trustee Dealings With Company.                            , the Trustee under the Indenture, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not Trustee. 

        14.    No Recourse Against Others.    A director, officer, employee or stockholder, as such, of the Company shall not
have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each
Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 

        15.    Discharge of Indenture.    The Indenture contains certain provisions pertaining to defeasance, which provisions
shall for all purposes have the same effect as if set forth herein. 

        16.    Authentication.    This Security shall not be valid until the Trustee signs the certificate of authentication
on the other side of this Security. 

        17.    Abbreviations.    Customary abbreviations may be used in the name of a Securityholder 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). 

	(2)
	If
different terms apply, insert a brief summary thereof. 

A-4

 
ASSIGNMENT FORM  

        If you the Holder want to assign this Security, fill in the form below: 

	I or we assign and transfer this Security to	 	 
	 	 	

	

	(Insert assignee's social security or tax ID number)	 	 
	 	 	

	

        (Print
or type assignee's name, address, and zip code)and irrevocably appoint agent to transfer this Security on the books of the Company. The agent may substitute another to act for
him. 

	Dated:	 	 	 	Your signature:
	 	 	
	 	 	 	 
	

 	
 	

 	
 	

(Sign exactly as your name appears on the other side of this Security)
	

 	
 	

 	
 	

Signature Guarantee:	
 	

 
	 	 	 	 	 	 	

A-5

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EXHIBIT 4.18    
    

FLEETWOOD ENTERPRISES, INC.  

 SUBORDINATED DEBT SECURITIES  

 INDENTURE  

 DATED AS OF                        , 20        

                        , TRUSTEE  

 
TABLE OF CONTENTS  

	 
	 	 
	 	Page

	ARTICLE ONE    DEFINITIONS AND INCORPORATION BY REFERENCE	 	1
	 	Section 1.1.	 	Definitions.	 	1
	 	Section 1.02.	 	Other Definitions.	 	5
	 	Section 1.03.	 	Incorporation by Reference of Trust Indenture Act.	 	5
	 	Section 1.04.	 	Rules of Construction.	 	5
	

ARTICLE TWO    THE SECURITIES	
 	

6
	 	Section 2.01.	 	Form and Dating.	 	6
	 	Section 2.02.	 	Execution and Authentication.	 	7
	 	Section 2.03.	 	Registrar and Paying Agent.	 	7
	 	Section 2.04.	 	Paying Agent to Hold Money in Trust.	 	7
	 	Section 2.05.	 	Securityholder Lists.	 	8
	 	Section 2.06.	 	Transfer and Exchange.	 	8
	 	Section 2.07.	 	Replacement Securities.	 	8
	 	Section 2.08.	 	Outstanding Securities.	 	8
	 	Section 2.09.	 	Temporary Securities.	 	9
	 	Section 2.10.	 	Cancellation.	 	9
	 	Section 2.11.	 	Defaulted Interest.	 	9
	 	Section 2.12.	 	Treasury Securities.	 	9
	 	Section 2.13.	 	CUSIP Numbers.	 	9
	 	Section 2.14.	 	Deposit of Moneys.	 	10
	 	Section 2.15.	 	Book-Entry Provisions for Global Security.	 	10
	

ARTICLE THREE    REDEMPTION	
 	

11
	 	Section 3.01.	 	Notices to Trustee.	 	11
	 	Section 3.02.	 	Selection of Securities to be Redeemed.	 	11
	 	Section 3.03.	 	Notice of Redemption.	 	11
	 	Section 3.04.	 	Effect of Notice of Redemption.	 	11
	 	Section 3.05.	 	Deposit of Redemption Price.	 	12
	 	Section 3.06.	 	Securities Redeemed in Part.	 	12
	

ARTICLE FOUR    COVENANTS	
 	

12
	 	Section 4.01.	 	Payment of Securities.	 	12
	 	Section 4.02.	 	Maintenance of Office or Agency.	 	12
	 	Section 4.03.	 	Compliance Certificate.	 	12
	 	Section 4.04.	 	Maintenance of Corporate Existence.	 	12
	

ARTICLE FIVE    SUCCESSOR CORPORATION	
 	

12
	 	Section 5.01.	 	When Company May Merge, etc.	 	12
	

ARTICLE SIX    DEFAULTS AND REMEDIES	
 	

13
	 	Section 6.01.	 	Events of Default.	 	13
	 	Section 6.02.	 	Acceleration.	 	14
	 	Section 6.03.	 	Other Remedies.	 	14
	 	Section 6.04.	 	Waiver of Existing Defaults.	 	14
	 	Section 6.05.	 	Control by Majority.	 	15
	 	Section 6.06.	 	Limitation on Suits.	 	15
	 	Section 6.07.	 	Rights of Holders to Receive Payment.	 	15
	 	Section 6.08.	 	Collection Suit by Trustee.	 	15
	 	Section 6.09.	 	Trustee May File Proofs of Claim.	 	15
	 	 	 	 	 

i

 

	 	Section 6.10.	 	Priorities.	 	16
	 	Section 6.11.	 	Undertaking for Costs.	 	16
	

ARTICLE SEVEN    TRUSTEE	
 	

16
	 	Section 7.01.	 	Duties of Trustee.	 	16
	 	Section 7.02.	 	Rights of Trustee.	 	17
	 	Section 7.03.	 	Individual Rights of Trustee.	 	18
	 	Section 7.04.	 	Trustee's Disclaimer.	 	18
	 	Section 7.05.	 	Notice of Defaults.	 	18
	 	Section 7.06.	 	Reports by Trustee to Holders.	 	18
	 	Section 7.07.	 	Compensation and Indemnity.	 	18
	 	Section 7.08.	 	Replacement of Trustee.	 	19
	 	Section 7.09.	 	Successor Trustee by Merger, etc.	 	19
	 	Section 7.10.	 	Eligibility; Disqualification.	 	19
	 	Section 7.11.	 	Preferential Collection of Claims Against Company.	 	19
	

ARTICLE EIGHT    DISCHARGE OF INDENTURE	
 	

20
	 	Section 8.01.	 	Defeasance upon Deposit of Moneys or U.S. Government Obligations.	 	20
	 	Section 8.02.	 	Survival of the Company's Obligations.	 	22
	 	Section 8.03.	 	Application of Trust Money.	 	22
	 	Section 8.04.	 	Repayment to the Company.	 	22
	 	Section 8.05.	 	Reinstatement.	 	22
	

ARTICLE NINE    AMENDMENTS, SUPPLEMENTS AND WAIVERS	
 	

23
	 	Section 9.01.	 	Without Consent of Holders.	 	23
	 	Section 9.02.	 	With Consent of Holders.	 	23
	 	Section 9.03.	 	Compliance with Trust Indenture Act.	 	24
	 	Section 9.04.	 	Revocation and Effect of Consents.	 	24
	 	Section 9.05.	 	Notation on or Exchange of Securities.	 	25
	 	Section 9.06.	 	Trustee to Sign Amendments, etc.	 	25
	

ARTICLE TEN    MISCELLANEOUS	
 	

25
	 	Section 10.01.	 	Trust Indenture Act Controls.	 	25
	 	Section 10.02.	 	Notices.	 	25
	 	Section 10.03.	 	Communications by Holders with Other Holders.	 	26
	 	Section 10.04.	 	Certificate and Opinion as to Conditions Precedent.	 	26
	 	Section 10.05.	 	Statements Required in Certificate or Opinion.	 	26
	 	Section 10.06.	 	Rules by Trustee and Agents.	 	26
	 	Section 10.07.	 	Legal Holidays.	 	26
	 	Section 10.08.	 	Governing Law.	 	26
	 	Section 10.09.	 	No Adverse Interpretation of Other Agreements.	 	27
	 	Section 10.10.	 	No Recourse Against Others.	 	27
	 	Section 10.11.	 	Successors and Assigns.	 	27
	 	Section 10.12.	 	Duplicate Originals.	 	27
	 	Section 10.13.	 	Severability.	 	27
	

ARTICLE ELEVEN    SUBORDINATION OF SECURITIES	
 	

27
	 	Section 11.01.	 	Securities Subordinated to Senior Indebtedness.	 	27
	 	Section 11.02.	 	No Payment on Securities in Certain Circumstances.	 	27
	 	Section 11.03.	 	Payment Over of Proceeds upon Dissolution, etc.	 	28
	 	Section 11.04.	 	Subrogation.	 	29
	 	Section 11.05.	 	Obligations of Company Unconditional.	 	30
	 	 	 	 	 

ii

 

	 	Section 11.06.	 	Notice to Trustee.	 	30
	 	Section 11.07.	 	Reliance on Judicial Order or Certificate of Liquidating Agent. —	 	31
	 	Section 11.08.	 	Trustee's Relation to Senior Indebtedness.	 	31
	 	Section 11.09.	 	Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Indebtedness. —	 	31
	 	Section 11.10.	 	Securityholders Authorize Trustee To Effectuate Subordination of Securities.	 	31
	 	Section 11.11.	 	This Article Not to Prevent Events of Default.	 	31
	 	Section 11.12.	 	Trustee's Compensation Not Prejudiced.	 	32
	 	Section 11.13.	 	No Waiver of Subordination Provisions.	 	32
	 	Section 11.14.	 	Certain Payments May Be Paid Prior to Dissolution.	 	32

iii

 
CROSS-REFERENCE TABLE  

This
Cross-Reference Table is not a part of the Indenture. 

	TIA Indenture Section
 
	 	Section

	310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	N.A.
	(a)(4)	 	N.A.
	(b)	 	7.08; 7.10; 10.02
	311(a)	 	7.11
	(b)	 	7.11
	(c)	 	N.A.
	312(a)	 	2.05
	(b)	 	10.03
	(c)	 	10.03
	313(a)	 	7.06
	(b)(1)	 	N.A.
	(b)(2)	 	7.06
	(c)	 	10.02
	(d)	 	7.06
	314(a)	 	4.02; 10.02
	(b)	 	N.A.
	(c)(1)	 	10.04
	(c)(2)	 	10.04
	(c)(3)	 	N.A.
	(d)	 	N.A.
	(e)	 	10.05
	315(a)	 	7.01(b)
	(b)	 	7.05; 10.02
	(c)	 	7.01(a)
	(d)	 	7.01(c)
	(e)	 	6.11
	316(a)(last sentence)	 	10.06
	(a)(1)(A)	 	6.05
	(a)(1)(B)	 	6.04
	(a)(2)	 	N.A.
	(b)	 	6.07
	317(a)(1)	 	6.08
	(a)(2)	 	6.09
	(b)	 	2.04
	318(a)	 	10.01

N.A.
means Not Applicable. 

iv

   
        INDENTURE dated as of                        , 20    , by and
between FLEETWOOD ENTERPRISES, INC., a Delaware corporation (the "Company"), and                        , (the "Trustee").
Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Company's debt securities issued under this Indenture (the "Securities"): 

ARTICLE ONE  

 DEFINITIONS AND INCORPORATION BY REFERENCE  

Section 1.1.    Definitions.    

        "Affiliate"
means, when used with reference to a specified person, any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Person specified. 

        "Agent"
means any Registrar, Paying Agent or co-Registrar or agent for service of notices and demands. 

        "Authorizing
Resolution" means a resolution adopted by the Board of Directors or by an Officer or committee of Officers pursuant to Board delegation authorizing a Series of Securities. 

        "Bankruptcy
Law" means title 11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors. 

        "Board
of Directors" means the Board of Directors of the Company or any authorized committee thereof. 

        "Capital
Stock" means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated) of or in such Person's capital stock or other
equity interests, and options, rights or warrants to purchase such capital stock or other equity interests, whether now outstanding or issued after the applicable Issue Date, including, without
limitation, all Preferred Stock. 

        "Capitalized
Lease Obligations" of any Person means the obligations of such Person to pay rent or other amounts under a lease that is required to be capitalized for financial reporting
purposes in accordance with GAAP, and the amount of such obligations will be the capitalized amount thereof determined in accordance with GAAP. 

        "Company"
means the party named as such in this Indenture until a successor replaces it pursuant to the Indenture and thereafter means the successor. 

        "Credit
Agreement" means any credit agreement or other debt facilities, in each case with banks or other institutional lenders or investors providing for revolving credit loans, term
loans, debt securities, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or
letters of credit, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, modified, renewed, refunded,
replaced, restructured or refinanced in whole or in part from time to time (whether with the original agent and lenders or other agents and lenders or otherwise, and whether provided under the
original credit agreement or debt documents or other credit agreements or debt documents). 

        "Currency
Agreement" of any Person means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect such Person or any of its
Subsidiaries against fluctuations in currency values. 

        "Default"
means any event, act or condition that is, or after notice or the passage of time or both would be, an Event of Default. 

        "Designated
Senior Indebtedness" means (i) any Indebtedness outstanding under any Credit Agreement and (ii) any other Senior Indebtedness permitted under this Indenture the
principal amount 

1

 

of
which is $25.0 million or more and that has been designated in the agreement or instrument governing such Senior Indebtedness as "Designated Senior Indebtedness;" provided that an
Authorizing Resolution setting forth such designation by the Company has been filed with the Trustee (provided that such agreement or instrument may place limitations and conditions on the right of
holders of such Senior Indebtedness to exercise the rights of Designated Senior Indebtedness). 

        "Disqualified
Stock" means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option
of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the
holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Securities mature. Notwithstanding the preceding sentence, any Capital
Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of
control or an asset sale shall not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such
provisions unless such repurchase or redemption complies with any applicable covenant in this Indenture. 

        "GAAP"
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting
profession of the United States, as in effect from time to time. 

        "Holder"
or "Securityholder" means the person in whose name a Security is registered on the Registrar's books. 

        "Indebtedness"
means (without duplication), with respect to any specified Person, any indebtedness of such Person, whether or not contingent, (i) in respect of borrowed money;
(ii) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); (iii) in respect of banker's acceptances;
(iv) representing Capitalized Lease Obligations; (v) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an
accrued expense or trade payable; (vi) all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any Subsidiary,
any preferred stock (but excluding, in each case, any accrued dividends);or (vii) representing any obligations of such Person under any Currency Agreement or Interest Protection Agreement, if
and to the extent any of the foregoing indebtedness (other than letters of credit and obligations under Currency Agreements or Interest Protection Agreements) would appear as a liability upon a
balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term "Indebtedness" includes all Indebtedness of others secured by a Lien on any asset of the specified Person
(whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person. The
amount of any Indebtedness outstanding as of any date shall be: (1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;; (2) in
the case of any Disqualified Stock or preferred stock, the repurchase price calculated in accordance with the terms of such Disqualified Stock or preferred stock as if such Disqualified Stock or
preferred stock were repurchased on the date on which Indebtedness is required to be determined pursuant to this Indenture; provided that if such
Disqualified Stock or preferred stock is not then permitted to be repurchased, the book value of Disqualified Stock or preferred stock; (3) in the case of Indebtedness of others secured by a
Lien on any asset of the specified Person, the lesser of (A) the fair market value of such asset on the date on which Indebtedness is required to be determined pursuant to this Indenture and
(B) the amount of the Indebtedness so secured; (4) in the case of the guarantee by the specified Person of any Indebtedness of any other Person, the maximum liability to which the
specified Person 

2

 

may
be subject upon the occurrence of the contingency giving rise to the obligation; (5) in the case of any obligations under any Currency Agreement or Interest Protection Agreement, the net
amount payable if such obligations were terminated at that time due to default by such Person (after giving effect to any contractually permitted set-off); and (6) the principal
amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case of any other Indebtedness. 

        "Indenture"
means this Indenture as amended or supplemented from time to time, including pursuant to any Authorizing Resolution or supplemental indenture pertaining to any Series. 

        "Insolvency
or Liquidation Proceeding" means, with respect to any Person, any liquidation, dissolution or winding up of such Person, or any bankruptcy, reorganization, insolvency,
receivership or similar proceeding with respect to such Person, whether voluntary or involuntary. 

        "Interest
Protection Agreement" of any Person means any interest rate swap agreement, interest rate collar agreement, option or futures contract or other similar agreement or arrangement
designed to
protect such Person or any of its Subsidiaries against fluctuations in interest rates with respect to Indebtedness permitted to be incurred under this Indenture. 

        "Issue
Date" means, with respect to any Series of Securities, the date on which the Securities of such Series are originally issued under this Indenture. 

        "Lien"
means, with respect to any Property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such Property. For purposes of this definition,
a Person shall be deemed to own, subject to a Lien, any Property which 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 Property. 

        "Officer"
means the Chairman of the Board, the President, any Vice President, the Treasurer, the Controller or the Secretary of the Company. 

        "Officers'
Certificate" means a certificate signed by two Officers or by an Officer and an Assistant Treasurer or an Assistant Secretary of the Company. 

        "Opinion
of Counsel" means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the Trustee. 

        "Permitted
Junior Securities" means any securities of the Company or any other Person that are (i) equity securities or (ii) subordinated in right of payment to all Senior
Indebtedness that may at the time be outstanding, to substantially the same extent as, or to a greater extent than, the Securities are subordinated as provided in this Indenture, in any event pursuant
to a court order so providing and as to which (a) the rate of interest on such securities shall not exceed the effective rate of interest on the Securities on the date of this Indenture,
(b) such securities shall not be entitled to the benefits of covenants or defaults materially more beneficial to the holders of such securities than those in effect with respect to the
Securities on the date of this Indenture and (c) such securities shall not provide for amortization (including sinking fund and mandatory prepayment provisions) commencing prior to the date six
months following the final scheduled maturity date of the Senior Indebtedness (as modified by the plan of reorganization or readjustment pursuant to which such securities are issued). 

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

        "Post-Petition
Interest" means, with respect to any Senior Indebtedness of any Person, all interest accrued or accruing on such Indebtedness after the commencement of any
Insolvency or Liquidation Proceeding against such Person in accordance with and at the contract rate (including, without 

3

 

limitation,
any rate applicable upon default) specified in the agreement or instrument creating, evidencing or governing such Indebtedness, whether or not, pursuant to applicable law or otherwise, the
claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding. 

        "Preferred
Stock" of any Person means all Capital Stock of such Person which has a preference in liquidation or with respect to the payment of dividends. 

        "principal"
of a debt security means the principal of the security plus, when appropriate, the premium, if any, on the security. 

        "Property"
of any Person means all types of real, personal, tangible, intangible or mixed property owned by such Person, whether or not included in the most recent consolidated balance
sheet of such Person and its Subsidiaries under GAAP. 

        "SEC"
means the Securities and Exchange Commission or any successor agency performing the duties now assigned to it under the TIA. 

        "Securities"
means any Securities that are issued under this Indenture. 

        "Senior
Indebtedness" means: (i) all Indebtedness and other monetary obligations (whether now existing or hereafter incurred) of the Company on, under or in respect of, any Credit
Agreement and including all fees, expenses (including reasonable fees and expenses of counsel), claims, charges, indemnity obligations and interest accruing on or subsequent to the filing of a
petition initiating any Insolvency or Liquidation Proceeding whether or not such interest is an allowed claim in such proceeding; (ii) all other Indebtedness of the Company (other than the
Securities), whether presently outstanding or hereafter created, incurred or assumed, unless such Indebtedness, by the terms of the agreement or instrument creating or evidencing such Indebtedness
expressly provides that it is subordinate in right of payment to or pari passu in right of payment with the Securities and (iii) the obligations
of the Company incurred in the normal course of business and not for speculative purposes under any Currency Agreement or Interest Protection Agreement. Notwithstanding the foregoing, the term "Senior
Indebtedness" shall not include: (a) any Indebtedness of the Company which when incurred and without respect to any election under Section 1111(b) of the Bankruptcy Code, was without
recourse to the Company; (b) any Indebtedness of the Company to any of its Subsidiaries; (c) any Indebtedness to
any Affiliate or employee of the Company; (d) that portion of any Indebtedness of the Company that is incurred in violation of this Indenture; (e) to the extent it may constitute
Indebtedness, any obligation for federal, state, local or other taxes; and (f) to the extent it may constitute Indebtedness, any trade payables. 

        "Series"
means a series of Securities established under this Indenture. 

        "Subsidiary"
of any Person means any corporation or other entity of which a majority of the Capital Stock having ordinary voting power to elect a majority of the Board of Directors or
other persons performing similar functions is at the time directly or indirectly owned or controlled by such Person. 

        "TIA"
means the Trust Indenture Act of 1939, as in effect from time to time. 

        "Trustee"
means the party named as such in this Indenture until a successor replaces it pursuant to this Indenture and thereafter means the successor serving hereunder. 

        "Trust
Officer" means the Chairman of the Board, the President, any Vice President or any other officer or assistant officer of the Trustee assigned by the Trustee to administer its
corporate trust matters. 

        "United
States" means the United States of America. 

4

 

        "U.S.
government obligations" means securities which are (i) direct obligations of the United States for the payment of which its full faith and credit is pledged or
(ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States, which, in either case are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust
company as custodian with respect to any such U.S. government obligations 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 depositary 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 depositary
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
depositary receipt. 

Section 1.02.    Other Definitions.    

	Term
 
	 	Defined in

	"Agent Members"	 	2.15
	"Business Day"	 	11.07
	"Custodian"	 	6.01
	"Depository"	 	2.15
	"Event of Default"	 	6.01
	"Legal Holiday"	 	11.07
	"Paying Agent"	 	2.03
	"Registrar"	 	2.03

Section 1.03.    Incorporation by Reference of Trust Indenture Act.    

        Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings: 

        "Commission"
means the SEC. 

        "indenture
securities" means the Securities. 

        "indenture
security holder" means a Securityholder. 

        "indenture
to be qualified" means this Indenture. 

        "indenture
trustee" or "institutional trustee" means the Trustee. 

        "obligor"
on the indenture securities means the Company, or any other obligor on the Securities of a Series. 

        All
other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings so assigned to them. 

Section 1.04.    Rules of Construction.    

        Unless
the context otherwise requires: 

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

        (2)   an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

        (3)   "or"
is not exclusive; 

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

5

 

        (5)   provisions
apply to successive events and transactions. 

ARTICLE TWO  

 THE SECURITIES  

Section 2.01.    Form and Dating.    

        The
aggregate principal amount of Securities that may be issued under this Indenture is unlimited. The Securities may be issued from time to time in one or more Series. Each Series shall
be created by an Authorizing Resolution or a supplemental indenture that establishes the terms of the Series, which may include the following: 

        (1)   the
title of the Series; 

        (2)   the
aggregate principal amount (or any limit on the aggregate principal amount) of the Series and, if any Securities of a Series are to be issued at a discount from
their face amount, the method of computing the accretion of such discount; 

        (3)   the
interest rate or method of calculation of the interest rate; 

        (4)   the
date from which interest will accrue; 

        (5)   the
record dates for interest payable on Securities of the Series; 

        (6)   the
dates when, places where and manner in which principal and interest are payable; 

        (7)   the
Registrar and Paying Agent; 

        (8)   the
terms of any mandatory (including any sinking fund requirements) or optional redemption by the Company; 

        (9)   the
terms of any redemption, repurchase or repayment at the option of Holders; 

        (10) the
denominations in which Securities are issuable; 

        (11) whether
Securities will be issued in registered or bearer form and the terms of any such forms of Securities; 

        (12) whether
any Securities will be represented by a global Security and the terms of any such global Security; 

        (13) the
currency or currencies (including any composite currency) in which principal or interest or both may be paid; 

        (14) if
payments of principal or interest may be made in a currency other than that in which Securities are denominated, the manner for determining such payments; 

        (15) provisions
for electronic issuance of Securities or issuance of Securities in uncertificated form; 

        (16) any
Events of Default, covenants and/or defined terms in addition to or in lieu of, or any modification of, those set forth in this Indenture; 

        (17) whether
and upon what terms Securities may be defeased if different from the provisions set forth in this Indenture; 

        (18) the
form of the Securities, which, unless the Authorizing Resolution or supplemental indenture otherwise provides, shall be in the form of Exhibit A; 

        (19) any
terms that may be required by or advisable under applicable law; 

6

 

        (20) the
percentage of the principal amount of the Securities which is payable if the maturity of the Securities is accelerated in the case of Securities issued at a
discount from their face amount; 

        (21) whether
any Securities will have guarantees; 

        (22) whether
the Securities may be converted into or exercised or exchanged for debt or equity securities of the Company or third parties, and the terms of any such
conversion, exercise or exchange; 

        (23) whether
any Securities or guarantees thereof will be secured by any collateral; and 

        (24) any
other terms in addition to or different from those contained in this Indenture. 

        All
Securities of one Series need not be issued at the same time and, unless otherwise provided, a Series may be reopened for issuances of additional Securities of such Series pursuant
to an Authorizing Resolution, an Officers' Certificate or in any indenture supplemental hereto. The creation and issuance of a Series and the authentication and delivery thereof are not subject to any
conditions precedent. 

Section 2.02.    Execution and Authentication.    

        Two
Officers shall sign the Securities for the Company by manual or facsimile signature. The Company's seal shall be reproduced on the Securities. 

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

        A
Security shall not be valid until the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been
authenticated under this Indenture. 

        The
Trustee shall authenticate Securities for original issue upon receipt of an Officers' Certificate of the Company. Each Security shall be dated the date of its authentication. 

Section 2.03.    Registrar and Paying Agent.    

        The
Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange ("Registrar"), an office or agency where Securities may be
presented for payment ("Paying Agent") and an office or agency where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Registrar shall keep
a register of the Securities and of their transfer and exchange. The Company may have one or more co-Registrars and one or more additional paying agents. The term "Paying Agent" includes
any additional paying agent. 

        The
Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to
such Agent. The Company shall promptly notify the Trustee in writing of the name and address of any such Agent and the Trustee shall have the right to inspect the Securities register at all reasonable
times to obtain copies thereof, and the Trustee shall have the right to rely upon such register as to the names and addresses of the Holders and the principal amounts and certificate numbers thereof.
If the Company fails to maintain a Registrar or Paying Agent or fails to give the foregoing notice, the Trustee shall act as such. 

        The
Company initially appoints the Trustee as Registrar and Paying Agent. 

Section 2.04.    Paying Agent to Hold Money in Trust.    

        Each
Paying Agent shall hold in trust for the benefit of Securityholders and the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities,
and shall notify 

7

 

the
Trustee of any default by the Company in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the money and hold it as a separate trust fund. The
Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon doing so the Paying Agent shall have no further liability for the money. 

Section 2.05.    Securityholder Lists.    

        The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders. If the Trustee is not the
Registrar, the Company shall furnish to the Trustee at least 7 Business Days before each semiannual interest payment date and at such other times as the Trustee may request in writing a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders. 

Section 2.06.    Transfer and Exchange.    

        Where
a Security is presented to the Registrar or a co-Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the
requirements of Section 8-401(1) of the New York Uniform Commercial Code are met. Where Securities are presented to the Registrar or a co-Registrar with a request to
exchange them for an equal principal amount of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit transfers and
exchanges, the Trustee shall authenticate Securities at the Registrar's request. The Registrar need not transfer or exchange any Security selected for redemption, except the unredeemed part thereof if
the Security is redeemed in part, or transfer or exchange any Securities for a period of 15 days before a selection of Securities to be redeemed. Any exchange or transfer shall be without
charge, except that the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto except in the case of exchanges pursuant
to 2.09, 3.06 or 9.05 not involving any transfer. 

        Any
Holder of a global Security shall, by acceptance of such global Security, agree that transfers of beneficial interests in such global Security may be effected only through a book
entry system maintained by the Holder of such global Security (or its agent), and that ownership of a beneficial interest in the Security shall be required to be reflected in a book entry. 

Section 2.07.    Replacement Securities.    

        If
the Holder of a Security claims that the Security has been lost, destroyed, mutilated or wrongfully taken, the Company shall issue and, upon written request of any Officer of the
Company, the Trustee shall authenticate a replacement Security, provided in the case of a lost, destroyed or wrongfully taken Security, that the requirements of Section 8-405 of the
New York Uniform Commercial Code are met. If any such lost, destroyed, mutilated or wrongfully taken Security shall have matured or shall be about to mature, the Company may, instead of issuing a
substitute Security therefor, pay such Security without requiring (except in the case of a mutilated Security) the surrender thereof. An indemnity bond must be sufficient in the judgment of the
Company and the Trustee to protect the Company, the Trustee or any Agent from any loss which any of them may suffer if a Security is replaced, including the acquisition of such Security by a bona fide
purchaser. The Company or the Trustee may charge for its expenses in replacing a Security. 

Section 2.08.    Outstanding Securities.    

        Securities
outstanding at any time are all Securities authenticated by the Trustee except for those canceled by it and those described in this Section. A Security does not cease to be
outstanding because the Company or one of its Affiliates holds the Security. If a Security is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Security is held by a bona fide purchaser. If the Paying Agent holds on a redemption date or 

8

 

maturity
date money sufficient to pay Securities payable on that date, then on and after that date such Securities cease to be outstanding and interest on them ceases to accrue. 

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

Section 2.09.    Temporary Securities.    

        Until
definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the
form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and, upon surrender for
cancellation of the temporary Security, the Company shall execute and the Trustee shall authenticate definitive Securities
in exchange for temporary Securities. Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities authenticated
and delivered hereunder. 

Section 2.10.    Cancellation.    

        The
Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Securities surrendered to them for
registration of transfer, exchange, redemption or payment. The Trustee and no one else shall cancel and destroy, or retain in accordance with its standard retention policy, all Securities surrendered
for registration or transfer, exchange, redemption, paying or cancellation. Unless the Authorizing Resolution so provides, the Company may not issue new Securities to replace Securities that it has
previously paid or delivered to the Trustee for cancellation. 

Section 2.11.    Defaulted Interest.    

        If
the Company defaults in a payment of interest on the Securities, it shall pay the defaulted interest plus any interest payable on the defaulted interest to the persons who are
Securityholders on a subsequent special record date. The Company shall fix such special record date and a payment date which shall be reasonably satisfactory to the Trustee. At least 15 days
before such special record date, the Company shall mail to each Securityholder a notice that states the record date, the payment date and the amount of defaulted interest to be paid. On or before the
date such notice is mailed, the Company shall deposit with the Paying Agent money sufficient to pay the amount of defaulted interest to be so paid. The Company may pay defaulted interest in any other
lawful manner if, after notice given by the Company to the Trustee of the proposed payment, such manner of payment shall be deemed practicable by the Trustee. 

Section 2.12.    Treasury Securities.    

        In
determining whether the Holders of the required principal amount of Securities of a Series have concurred in any direction, waiver, consent or notice, Securities owned by the Company
or any of its Affiliates shall be considered as though they are not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction,
waiver or consent, only Securities which the Trustee actually knows are so owned shall be so considered. 

Section 2.13.    CUSIP Numbers.    

        The
Company in issuing the Securities of any Series may use a "CUSIP" number, and if so, the Trustee shall use the CUSIP number in notices of redemption or exchange as a convenience to
Holders of such Securities; provided that no representation is hereby deemed to be made by the Trustee as to the correctness or accuracy of any such CUSIP number printed in the notice or on such
Securities, and 

9

 

that
reliance may be placed only on the other identification numbers printed on such Securities. The Company shall promptly notify the Trustee of any change in any CUSIP number. 

Section 2.14.    Deposit of Moneys.    

        Prior
to 11:00 a.m. New York City time on each interest payment date and maturity date with respect to each Series of Securities, the Company shall have deposited with the Paying
Agent in immediately available funds money sufficient to make cash payments due on such interest payment date or maturity date, as the case may be, in a timely manner which permits the Paying Agent to
remit payment to the Holders on such interest payment date or maturity date, as the case may be. 

Section 2.15.    Book-Entry Provisions for Global Security.    

        (a)   Any
global Security of a Series initially shall (i) be registered in the name of the depository who shall be identified in the Authorizing Resolution or
supplemental indenture relating to such Securities (the "Depository") or the nominee of such Depository, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear
any required legends. Members of, or participants in, the Depository ("Agent Members") shall have no rights under this Indenture with respect to any global Security held on their behalf by the
Depository, or the Trustee as its custodian, or under the global Security, and the Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner of the global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving
effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices governing
the exercise of the rights of a Holder of any Security. 

        (b)   Transfers
of any global Security shall be limited to transfers in whole, but not in part, to the Depository, its successors or their respective nominees. Interests of
beneficial owners in the global Security may be transferred or exchanged for definitive Securities in accordance with the rules and procedures of the Depository. In addition, definitive Securities
shall be transferred to all beneficial owners in exchange for their beneficial interests in a global Security if (i) the Depository notifies the Company that it is unwilling or unable to
continue as Depository for the global Security and a successor depository is not appointed by the Company within 90 days of such notice, (ii) the Company, at its option, notifies the
Trustee in writing that the Company elects to cause the issuance of definitive Securities under this Indenture or (iii) an Event of Default has occurred and is continuing and the Registrar has
received a request from the Depository to issue definitive Securities. 

        (c)   In
connection with any transfer or exchange of a portion of the beneficial interest in any global Security to beneficial owners pursuant to paragraph (b), the
Registrar shall (if one or more definitive Securities are to be issued) reflect on its books and records the date and a decrease in the principal amount of the global Security in an amount equal to
the principal amount of the beneficial interest in the global Security to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more definitive
Securities of like tenor and amount. 

        (d)   In
connection with the transfer of an entire global Security to beneficial owners pursuant to paragraph (b), the global Security shall be deemed to be surrendered
to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depository in exchange for its beneficial
interest in the global Security, an equal aggregate principal amount of definitive Securities of authorized denominations. 

        (e)   The
Holder of any global Security may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent
Members, to take any action which a Holder is entitled to take under this Indenture or the Securities of such Series. 

10

 

ARTICLE THREE  

 REDEMPTION  

Section 3.01.    Notices to Trustee.    

        Securities
of a Series that are redeemable prior to maturity shall be redeemable in accordance with their terms and, unless the Authorizing Resolution or supplemental indenture provides
otherwise, in accordance with this Article. 

        If
the Company wants to redeem Securities pursuant to Paragraph 5 of the Securities, it shall notify the Trustee in writing of the Redemption Date and the principal amount of
Securities to be redeemed. Any such notice may be canceled at any time prior to notice of such redemption being mailed to Holders. Any such canceled notice shall be void and of no effect. If the
Company wants to credit any Securities previously redeemed, retired or acquired against any redemption pursuant to Paragraph 6 of the Securities, it shall notify the Trustee of the amount of
the credit and it shall deliver any Securities not previously delivered to the Trustee for cancellation with such notice. 

        The
Company shall give each notice provided for in this Section 3.01 at least 30 days before the notice of any such redemption is to be mailed to Holders (unless a shorter
notice shall be satisfactory to the Trustee). 

Section 3.02.    Selection of Securities to be Redeemed.    

        If
fewer than all of the Securities of a Series are to be redeemed, the Trustee shall select the Securities to be redeemed by a method the Trustee considers fair and appropriate. The
Trustee shall make the selection from Securities outstanding not previously called for redemption and shall promptly notify the Company of the serial numbers or other identifying attributes of the
Securities so selected. The Trustee may select for redemption portions of the principal of Securities that have denominations larger than the minimum denomination for the Series. Securities and
portions of them it selects shall be in amounts equal to the minimum denomination for the Series or an integral multiple thereof. Provisions of this Indenture that apply to Securities called for
redemption also apply to portions of Securities called for redemption. 

Section 3.03.    Notice of Redemption.    

        At
least 30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail, postage prepaid, to each Holder of
Securities to be redeemed. The notice shall identify the Securities to be redeemed and shall state: (1) the redemption date; (2) the redemption price; (3) the name and address of
the Paying Agent; (4) that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price; (5) that interest on Securities called for redemption
ceases to accrue on and after the redemption date; and (6) that the Securities are being redeemed pursuant to the mandatory redemption or the optional redemption provisions, as applicable. At
the Company's request, the Trustee shall give the notice of redemption in the Company's name and at its expense; provided, however, that the Company shall deliver to the Trustee at least
15 days prior to the date on which notice of redemption is to be mailed or such shorter period as may be satisfactory to the Trustee, an Officers' Certificate requesting that the Trustee give
such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.04.    Effect of Notice of Redemption.    

        Once
notice of redemption is mailed, Securities called for redemption become due and payable on the redemption date and at the redemption price as set forth in the notice of redemption.
Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price, plus accrued interest to the redemption date. 

11

 

Section 3.05.    Deposit of Redemption Price.    

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

Section 3.06.    Securities Redeemed in Part.    

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

ARTICLE FOUR  

 COVENANTS  

Section 4.01.    Payment of Securities.    

        The
Company shall pay the principal of and interest on a Series on the dates and in the manner provided in the Securities of the Series. An installment of principal or interest shall be
considered paid on the date it is due if the Paying Agent holds on that date money designated for and sufficient to pay the installment. 

        The
Company shall pay interest on overdue principal at the rate borne by the Series; it shall pay interest on overdue installments of interest at the same rate. 

Section 4.02.    Maintenance of Office or Agency.    

        The
Company shall maintain the office or agency required under Section 2.03. The Company shall give prior written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the address of the Trustee. 

Section 4.03.    Compliance Certificate.    

        The
Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company an Officers' Certificate stating whether or not the signers know of any
Default by the Company in performing any of its obligations under this Indenture. If they do know of such a Default, the certificate shall describe the Default. 

Section 4.04.    Maintenance of Corporate Existence.    

        The
Company will: 

        (a)   cause
to be done all things necessary to preserve and keep in full force and effect the corporate existence of the Company; provided, however, that nothing in this
subsection (a) shall prevent a consolidation or merger of the Company not prohibited by the provisions of Article Five or any other provision or the Authorizing Resolution or supplemental
indenture pertaining to a Series. 

ARTICLE FIVE  

 SUCCESSOR CORPORATION  

Section 5.01.    When Company May Merge, etc.    

        The
Company shall not consolidate with or merge with or into, any other corporation, or transfer all or substantially all of its assets to, any entity unless permitted by law and unless
(1) the resulting, 

12

 

surviving
or transferee entity (if other than the Company), which shall be a corporation organized and existing under the laws of the United States or a State thereof and shall assume by supplemental
indenture, in a form reasonably satisfactory to the Trustee, all of the obligations of the Company under the Securities and this Indenture and (2) immediately after giving effect to, and as a
result of, such transaction, no Default or Event of Default shall have occurred and be continuing. Thereafter, in the event that the Company is not the continuing corporation, such successor
corporation or corporations shall succeed to and be substituted for the Company with the same effect as if it had been named herein as the "Company" and all such obligations of the predecessor
corporation shall terminate. The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers' Certificate to the foregoing effect and an Opinion of Counsel
stating that the proposed transaction and such supplemental indenture comply with this Indenture. To the extent that an Authorizing Resolution or supplemental indenture pertaining to any Series
provides for different provisions relating to the subject matter of this Article Five, the provisions in such Authorizing Resolution or supplemental indenture shall govern for purposes of such Series. 

ARTICLE SIX  

 DEFAULTS AND REMEDIES  

Section 6.01.    Events of Default.    

        An
"Event of Default" on a Series occurs if, voluntarily or involuntarily, whether by operation of law or otherwise, any of the following occurs: 

        (1)   the
failure by the Company to pay interest on any Security of such Series when the same becomes due and payable and the continuance of any such failure for a period of
30 days, whether or not such payment is prohibited by Article Eleven hereof; 

        (2)   the
failure by the Company to pay the principal or premium of any Security of such Series when the same becomes due and payable at maturity, upon acceleration or
otherwise, whether or not such payment is prohibited by Article Eleven hereof; 

        (3)   the
failure by the Company or any Restricted Subsidiary to comply with any of its agreements or covenants in, or provisions of, the Securities of such Series or this
Indenture (as they relate thereto) and such failure continues for the period and after the notice specified below (except in the case of a default with respect to any Change of Control Provisions or
Article Five (or any replacement provisions as contemplated by Article Five), which will constitute Events of Default with notice but without passage of time); 

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

        (A)  commences
a voluntary case, 

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

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

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

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

        (A)  is
for relief against the Company as debtor in an involuntary case, 

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

13

  

        (C)  orders
the liquidation of the Company, 

and
the order or decree remains unstayed and in effect for 60 days. 

        A
Default as described in sub-clause (3) above will not be deemed an Event of Default until the Trustee notifies the Company, or the Holders of at least
25 percent in principal amount of the then outstanding Securities of the applicable Series notify the Company and the Trustee, of the Default and (except in the case of a default with respect
to Article Five (or any replacement provisions as contemplated by Article Five)) the Company does not cure the Default within 60 days after receipt of the notice. The notice must specify the
Default, demand that it be remedied and state that the notice is a "Notice of Default." If such a Default is cured within such time period, it ceases. The term "Custodian" means any receiver, trustee,
assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

Section 6.02.    Acceleration.    

        If
an Event of Default (other than an Event of Default with respect to the Company resulting from sub-clauses (4) or (5) above) shall have occurred and be
continuing under the Indenture, the Trustee by notice to the Company, or the Holders of at least 25 percent in principal amount of the Securities of the applicable Series then outstanding by
notice to the Company and the Trustee, may declare all Securities of such Series to be due and payable immediately. Upon such declaration of acceleration, the amounts due and payable on the Securities
of such Series will be due and payable immediately. If an Event of Default with respect to the Company specified in sub-clauses (4) or (5) above occurs, all amounts due and
payable on the Securities of such Series will ipso facto become and be immediately due and payable without any declaration, notice or other act on the part of the Trustee and the Company or any
Holder. Any declaration of acceleration with respect to the Securities of any Series may be rescinded and annulled by the Holders of a majority in principal amount of the outstanding Securities of
such Series by written notice to the Trustee, except a continuing Default or Event of Default in the payment of principal of or interest on the Securities of such Series, if (i) the rescission
would not conflict with any judgment or decree of a court of competent jurisdiction and (ii) all existing Events of Default have been cured or waived except nonpayment of principal of or
interest on the Securities of such Series that has become due solely by such declaration of acceleration. 

        No
such rescission shall extend to or shall affect any subsequent Event of Default, or shall impair any right or power consequent thereon. 

Section 6.03.    Other Remedies.    

        If
an Event of Default on a Series occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of or
interest on the Series or to enforce the performance of any provision in the Securities or this Indenture applicable to the Series. 

        The
Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any
Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is
exclusive of any other remedy. All available remedies are cumulative. 

Section 6.04.    Waiver of Existing Defaults.    

        Subject
to Section 9.02, the Holders of a majority in principal amount of the outstanding Securities of a Series on behalf of all the Holders of the Series by notice to the
Trustee may waive an existing Default or Event of Default on such Series and its consequences hereunder. Upon any such waiver, any such Default shall cease to exist, and any such Event of Default
shall be deemed to have been cured 

14

 

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 6.05.    Control by Majority.    

        The
Holders of a majority in principal amount of the outstanding Securities of a Series may 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 it with respect to such Series. The Trustee, however, may refuse to follow any direction (i) that conflicts with law or this Indenture,
(ii) that, subject to Section 7.01, the Trustee determines is unduly prejudicial to the rights of other Securityholders, (iii) that would involve the Trustee in personal liability
or (iv) if the Trustee shall not have been provided with indemnity satisfactory to it. 

Section 6.06.    Limitation on Suits.    

        A
Securityholder of a Series may not pursue any remedy with respect to this Indenture or the Series unless: 

        (1)   the
Holder gives to the Trustee written notice of a continuing Event of Default on the Series; 

        (2)   the
Holders of at least a majority in principal amount of the outstanding Securities of the Series make a written request to the Trustee to pursue the remedy; 

        (3)   such
Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 

        (4)   the
Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and 

        (5)   no
written request inconsistent with such written request shall have been given to the Trustee pursuant to this Section 6.06. A Securityholder may not use this
Indenture to prejudice the rights of another Securityholder or to obtain a preference or priority over another Securityholder. 

Section 6.07.    Rights of Holders to Receive Payment.    

        Notwithstanding
any other provision of this Indenture, the right of any Holder to receive payment of principal of and interest on the Security, on or after the respective due dates
expressed in the Security, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the
consent of the Holder. 

Section 6.08.    Collection Suit by Trustee.    

        If
an Event of Default in payment of interest or principal specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name
and as trustee of an express trust against the Company for the whole amount of principal and interest remaining unpaid. 

Section 6.09.    Trustee May File Proofs of Claim.    

        The
Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Securityholders allowed in any judicial proceedings relative to the Company, its creditors
or its property, and unless prohibited by applicable law or regulation, may vote on behalf of the Holders in any election of a Custodian, and shall be entitled and empowered to collect and receive any
moneys or other property payable or deliverable on any such claims and to distribute the same and any Custodian in any such judicial proceeding is hereby authorized by each Securityholder to make such
payments to the Trustee. Nothing herein shall be deemed to authorize the Trustee to authorize or consent to or vote 

15

 

for
or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder or to authorize the
Trustee to vote in respect of the claim of any Securityholder except as aforesaid for the election of the Custodian. 

Section 6.10.    Priorities.    

        If
the Trustee collects any money pursuant to this Article, it shall pay out the money in the following order: 

        First:
to the Trustee for amounts due under Section 7.07; 

        Second:
to Securityholders of the Series for amounts due and unpaid on the Series for principal and interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Series for principal and interest, respectively; and 

        Third:
to the Company as its interests may appear. 

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

Section 6.11.    Undertaking for Costs.    

        In
any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys'
fees, against any party litigant in the suit, having the due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the
Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the Series. 

ARTICLE SEVEN  

 TRUSTEE  

Section 7.01.    Duties of Trustee.    

        (a)   If
an Event of Default has occurred and is continuing, the Trustee shall, prior to the receipt of directions from the Holders of a majority in principal amount of the
Securities, exercise its rights and powers and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

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

        (1)   The
Trustee need perform only those duties that are specifically set forth in this Indenture and no others and no implied covenants or obligations shall be read into
this Indenture against the Trustee. 

        (2)   In
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee, however, shall examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture but need not confirm or investigate the accuracy of mathematical calculations or other facts or matters stated therein. 

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

        (1)   This
paragraph does not limit the effect of paragraph (b) of this Section. 

16

 

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

        (3)   The
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to
Section 6.05 or any other direction of the Holders permitted hereunder. 

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

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

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

        (g)   None
of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur 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 grounds for believing that the repayment of such funds or adequate indemnity against such liability is
not reasonably assured to it. 

Section 7.02.    Rights of Trustee.    

        Subject
to Section 7.01: 

        (a)   The
Trustee may rely and shall be protected in acting or refraining from acting on any document, resolution, certificate, instrument, report, or direction believed by it
to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document, resolution, certificate, instrument, report, or
direction. 

        (b)   Before
the Trustee acts or refrains from acting, it may require an Officers' Certificate or an Opinion of Counsel or both, which shall conform to Sections 10.04 and
10.05 hereof and containing such other statements as the Trustee reasonably deems necessary to perform its duties hereunder. The Trustee shall not be liable for any action it takes or omits to take in
good faith in reliance on the Officers' Certificate, Opinion of Counsel or any other direction of the Company permitted hereunder. 

        (c)   The
Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 

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

        (e)   The
Trustee may consult with counsel, and the written advice of such counsel or any Opinion of Counsel as to matters of law shall be full and complete authorization and
protection in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

        (f)    Unless
otherwise specifically provided in the Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the
Company. 

        (g)   For
all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Event of Default (other than under Section 6.01(1) or
6.01(2)) unless a Trust Officer assigned to and working in the Trustee's corporate trust office has actual knowledge thereof or unless written notice of any Event of Default is received by the Trustee
at its address 

17

 

specified
in Section 10.02 hereof and such notice references the Securities generally, the Company or this Indenture. 

Section 7.03.    Individual Rights of Trustee.    

        The
Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or its affiliates with the same rights it would
have if it were not Trustee. Any Agent may do the same with like rights. The Trustee, however, must comply with Sections 7.10 and 7.11. 

Section 7.04.    Trustee's Disclaimer.    

        The
Trustee makes no representation as to the validity or adequacy of this Indenture, the Securities or of any prospectus used to sell the Securities; it shall not be accountable for the
Company's use of the proceeds from the Securities; it shall not be accountable for any money paid to the Company, or upon the Company's direction, if made under and in accordance with any provision of
this Indenture; it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee; and it shall not be responsible for any statement of the
Company in this Indenture or in the Securities other than its certificate of authentication. 

Section 7.05.    Notice of Defaults.    

        If
a Default on a Series occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to each Securityholder of the Series notice of the Default (which shall
specify any uncured Default known to it) within 90 days after it occurs. Except in the case of a default in payment of principal of or interest on a Series, the Trustee may withhold the notice
if and so long as the board of directors of the Trustee, the executive or any trust committee of such directors and/or responsible officers of the Trustee in good faith determine(s) that withholding
the notice is in the interests of Holders of the Series. 

Section 7.06.    Reports by Trustee to Holders.    

        Within
60 days after each May 15 beginning with the May 15 following the date of this Indenture, the Trustee shall mail to each Securityholder a brief report dated
as of such May 15 that complies with TIA (S) 313(a) (but if no event described in TIA (S) 313(2) has occurred within the twelve months preceding the reporting date no report need
be transmitted). The Trustee also shall comply with TIA (S) 313(b). A copy of each report at the time of its mailing to Securityholders shall be delivered to the Company and filed by the
Trustee with the SEC and each national securities exchange on which the Securities are listed. The Company agrees to notify the Trustee of each national securities exchange on which the Securities are
listed. 

Section 7.07.    Compensation and Indemnity.    

        The
Company shall pay to the Trustee or predecessor trustee from time to time reasonable compensation for their respective services subject to any written agreement between the Trustee
and the Company. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable
compensation and expenses of the Trustee's agents and counsel. The Company shall indemnify the Trustee and each predecessor trustee, its officers, directors, employees and agents and hold it harmless
against any loss, liability or expense incurred or made by or on behalf of it in connection with the administration of this Indenture or the trust hereunder and its duties hereunder including the
costs and expenses of defending itself against or investigating any claim in the premises. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company need
not reimburse any expense or indemnify against any loss or liability incurred by the Trustee through the Trustee's, or its officers', directors', employees' or agents' negligence or bad faith. To
ensure the Company's payment obligations in this Section, the Trustee shall have a claim prior to the Securities on all money or property held or collected by the 

18

 

Trustee,
except that held in trust to pay principal of or interest on particular Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in
Section 6.01 or in connection with Article 6 hereof, the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith
are to constitute expenses of administration under any bankruptcy law. 

Section 7.08.    Replacement of Trustee.    

        The
Trustee may resign by so notifying the Company. The Holders of a majority in principal amount of the outstanding Securities may remove the Trustee by so notifying the removed Trustee
in writing and may appoint a successor trustee with the Company's consent. Such resignation or removal shall not take effect until the appointment by the Securityholders or the Company as hereinafter
provided of a successor trustee and the acceptance of such appointment by such successor trustee. The Company may remove the Trustee and any Securityholder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor trustee for any or no reason, including if: 

        (1)   the
Trustee fails to comply with Section 7.10 after written request by the Company or any bona fide Securityholder who has been a Securityholder for at least six
months; 

        (2)   the
Trustee is adjudged a bankrupt or an insolvent; 

        (3)   a
receiver or other public officer takes charge of the Trustee or its property; or 

        (4)   the
Trustee becomes incapable of acting. 

        If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor trustee. If a successor trustee does
not take office within 45 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or any Holder may petition any court of competent jurisdiction for the
appointment of a successor trustee. A successor trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee
shall transfer all property held by it as Trustee to the successor trustee, the resignation or removal of the retiring Trustee shall become effective, and the successor trustee shall have all the
rights, powers and duties of the Trustee under this Indenture. A successor trustee shall mail notice of its succession to each Securityholder. 

Section 7.09.    Successor Trustee by Merger, etc.    

        If
the Trustee consolidates with, merges with or into or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor
corporation without any further act shall be the successor trustee. 

Section 7.10.    Eligibility; Disqualification.    

        This
Indenture shall always have a Trustee who satisfies the requirements of TIA (S) 310(a)(1). The Trustee shall have a combined capital and surplus of at least $10,000,000 as
set forth in its most recent published annual report of condition. The Trustee shall comply with TIA (S) 310(b). 

Section 7.11.    Preferential Collection of Claims Against Company.    

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

19

 

ARTICLE EIGHT  

 DISCHARGE OF INDENTURE  

Section 8.01.    Defeasance upon Deposit of Moneys or U.S. Government
Obligations.    

        (a)   The
Company may, at its option and, subject to the provisions of Article Eleven hereof, at any time, elect to have either paragraph (b) or paragraph (c)
below be applied to the outstanding Securities of any Series upon compliance with the applicable conditions set forth in paragraph (d). 

        (b)   Upon
the Company's exercise under paragraph (a) of the option applicable to this paragraph (b), the Company shall be deemed to have been released and
discharged from its obligations with respect to the outstanding Securities of a Series on the date the applicable conditions set forth below are satisfied (hereinafter, "Legal Defeasance"). For this
purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Securities of a Series, which shall thereafter
be deemed to be "outstanding" only for the purposes of the Sections and matters under this Indenture referred to in (i) and (ii) below, and to have satisfied all its other obligations
under such Securities and this Indenture insofar as such Securities are concerned, except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the
rights of Holders of outstanding Securities of a Series to receive solely from the trust fund described in paragraph (d) below and as more fully set forth in such paragraph, payments in respect
of the principal of and interest on such Securities when such payments are due and (ii) obligations listed in Section 8.02, subject to compliance with this Section 8.01. The
Company may exercise its option under this paragraph (b) notwithstanding the prior exercise of its option under paragraph (c) below with respect to such Securities. 

        (c)   Upon
the Company's exercise under paragraph (a) of the option applicable to this paragraph (c), the Company shall be released and discharged from the
obligations under any covenant contained in Article Four (other than Sections 4.01, 4.02 or 4.04), clause (2) of Section 5.01 and any other covenant contained in the Authorizing
Resolution or supplemental indenture relating to such Series (except to the extent provided for therein), on and after the date the conditions set forth below are satisfied (hereinafter, "Covenant
Defeasance"), and the Securities of such Series shall thereafter be deemed to be not "outstanding" for the purpose of any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall continue to be deemed "outstanding" for all other purposes hereunder. For this purpose, such Covenant Defeasance means that,
with respect to the outstanding Securities of a Series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01(3), but, except as specified above, the remainder of this Indenture and such
Securities shall be unaffected thereby. 

        (d)   The
following shall be the conditions to application of either paragraph (b) or paragraph (c) above to the outstanding Securities of the applicable Series: 

        (1)   The
Company shall have irrevocably deposited in trust with the Trustee, pursuant to an irrevocable trust and security agreement in form and substance reasonably
satisfactory to the Trustee, money in U.S. dollars or U.S. government obligations or a combination thereof in such amounts and at such times as are sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal of and interest on the outstanding Securities of such Series to maturity or redemption; provided, however, that the Trustee (or
other qualifying trustee) shall have received an irrevocable written order from the Company instructing the Trustee (or other qualifying trustee) to apply such money or the proceeds of such U.S.
government 

20

 

obligations
to said payments with respect to the Securities of such Series to maturity or redemption; 

        (2)   No
Default or Event of Default shall have occurred and be continuing on the date of such deposit; 

        (3)   Such
deposit will not result in a Default under this Indenture or a breach or violation of, or constitute a default under, any other material instrument or agreement to
which the Company or any of any of their Subsidiaries is a party or by which it or any of their property is bound; 

        (4)   (i) In
the event the Company elects paragraph (b) hereof, the Company shall deliver to the Trustee an Opinion of Counsel in the United States, in form and
substance reasonably satisfactory to the Trustee, to the effect that (A) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling or (B) since the Issue Date pertaining to such Series, there has been a change in the applicable federal income tax law, in either case to the effect that, and based
thereon such Opinion of Counsel shall state that, or (ii) in the event the Company elects paragraph (c) hereof, the Company shall deliver to the Trustee an Opinion of Counsel in the
United States, in form and substance reasonably satisfactory to the Trustee, to the effect that, in the case of clauses (i) and (ii), Holders of the Securities of such Series will not recognize
income, gain or loss for federal income tax purposes as a result of such deposit and the defeasance contemplated hereby and will be subject to federal income tax in the same amounts and in the same
manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 

        (5)   The
Company shall have delivered to the Trustee an Officers' Certificate, stating that the deposit under clause (1) was not made by the Company with the intent of
preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or
others; 

        (6)   The
Company shall have delivered to the Trustee an Opinion of Counsel, subject to customary qualifications, to the effect that after the 91st day following the deposit,
no trust funds will be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally or if the Company elects
paragraph (c) hereof, such trust funds will be subject to a first priority lien in favor of the Trustee for the benefit of the Holders of Securities; and 

        (7)   The
Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent specified herein relating to the
defeasance contemplated by this Section 8.01 have been complied with. In the event all or any portion of the Securities of a Series are to be redeemed through such irrevocable trust, the
Company must make arrangements satisfactory to the Trustee, at the time of such deposit, for the giving of the notice of such redemption or redemptions by the Trustee in the name and at the expense of
the Company. 

        (e)   In
addition to the Company's rights above under this Section 8.01, the Company may terminate all of its obligations under this Indenture with respect to a Series
(subject to Section 8.02), when: 

        (1)   Either
(a) all Securities of such Series that have been previously authenticated (except lost, stolen or destroyed Securities that have been replaced or paid and
Securities for whose payment money has previously been deposited in trust or segregated and held in trust by the Company and is thereafter repaid to the Company or discharged from the trust) have been
delivered to the Trustee for cancellation; or (2) all Securities of such Series that have not been previously delivered to the Trustee for cancellation (A) have become due and payable or
(B) will become due and payable at their maturity within one year or (C) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of
a notice of 

21

 

redemption
by the Trustee, and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars,
non-callable U.S. government obligations, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the
entire Indebtedness on the Securities not previously delivered to the Trustee for cancellation for principal, premium, if any, and interest on the Securities to the date of deposit, in the case of
Securities that have become due and payable, or to the stated maturity or redemption date, as the case may be; 

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

        (3)   The
Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Securities at maturity or redemption, as the
case may be; and 

        (4)   The
Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, stating that all conditions precedent specified herein relating to the
satisfaction and discharge of this Indenture have been complied with. 

Section 8.02.    Survival of the Company's Obligations.    

        Notwithstanding
the satisfaction and discharge of the Indenture under Section 8.01, the Company's obligations in paragraph 9 of the Securities and Sections 2.03 through
2.07, 4.01, 7.07, 7.08, 8.04 and 8.05, however, shall survive until the Securities of an applicable Series are no longer outstanding. Thereafter, the Company's obligations in paragraph 9 of the
Securities of such Series and Sections 7.07, 8.04 and 8.05 shall survive (as they relate to such Series). 

Section 8.03.    Application of Trust Money.    

        The
Trustee shall hold in trust money or U.S. government obligations deposited with it pursuant to Section 8.01. It shall apply the deposited money and the money from U.S.
government obligations in accordance with this Indenture to the payment of principal of and interest on the Securities of the defeased Series. 

Section 8.04.    Repayment to the Company.    

        The
Trustee and the Paying Agent shall promptly pay to the Company upon request any excess money or securities held by them at any time. The Trustee and the Paying Agent shall pay to the
Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years, provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once in a newspaper of general circulation in the City of New York or mail to each such Holder notice that
such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication or mailing, any unclaimed balance of such money
then remaining will be repaid to the Company. After payment to the Company, Securityholders entitled to the money must look to the Company for payment as general creditors unless applicable abandoned
property law designates another person and all liability of the Trustee or such Paying Agent with respect to such money shall cease. 

Section 8.05.    Reinstatement.    

        If
the Trustee is unable to apply any money or U.S. government obligations in accordance with Section 8.01 by reason of any legal proceeding or by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company's obligations under this Indenture and the Securities relating to the Series shall
be revived and reinstated as though no deposit had occurred pursuant to Section 8.01 until such time as the Trustee is permitted 

22

 

to
apply all such money or U.S. government obligations in accordance with Section 8.01; provided, however, that (a) if the Company has made any payment of interest on or principal of any
Securities of the Series because of the reinstatement of their obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or
U.S. government obligations held by the Trustee and (b) unless otherwise required by any legal proceeding or any order or judgment of any court or governmental authority, the Trustee shall
return all such money or U.S. government obligations to the Company promptly after receiving a written request therefor at any time, if such reinstatement of the Company's obligations has occurred and
continue to be in effect. 

ARTICLE NINE  

 AMENDMENTS, SUPPLEMENTS AND WAIVERS  

Section 9.01.    Without Consent of Holders.    

        The
Company and the Trustee may amend or supplement this Indenture or the Securities of a Series without notice to or consent of any Securityholder of such Series to: 

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

        (2)   comply
with Article Five; 

        (3)   provide
that specific provisions of this Indenture shall not apply to a Series not previously issued; 

        (4)   create
a Series and establish its terms (or to provide for the issuance of additional Securities of any Series to the extent provided, in accordance with the provisions
set forth in an Authorizing Resolution or supplemental indenture pertaining to any Series); 

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

        (6)   make
any change that would provide any additional rights or benefits to the Holders of Securities or that does not adversely affect the rights under this Indenture of
any such Holder; 

        (7)   evidence
and provide for the acceptance of an appointment of a successor trustee; 

        (8)   add
guarantees or collateral security with respect to the Securities; and 

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

        After
an amendment under this Section 9.01 becomes effective, the Company shall mail notice of such amendment to the Securityholders. 

Section 9.02.    With Consent of Holders.    

        The
Company and the Trustee may amend or supplement this Indenture or the Securities of a Series without notice to any Securityholder of such Series but with the written consent of the
Holders of at least a majority in principal amount of the outstanding Securities of each such Series affected by the amendment. Each such Series shall vote as a separate class. The Holders of a
majority in principal amount of the outstanding Securities of any Series may waive compliance by the Company with any provision of the Securities of such Series or of this Indenture relating to such
Series without notice to any Securityholder. Without the consent of each Securityholder of a Series affected, however, an amendment, supplement or waiver, including a waiver pursuant to
Section 6.04, may not: 

        (1)   reduce
the amount of Securities of such Series whose Holders must consent to an amendment, supplement or waiver; 

23

 

        (2)   reduce
the rate of or change the time for payment of interest, including defaulted interest, on any Security; 

        (3)   reduce
the principal of or change the fixed maturity of any Security or alter the provisions (including related definitions) with respect to redemption of Securities
pursuant to Article Three hereof or with respect to any obligations on the part of the Company to offer to purchase or to redeem Securities of a Series pursuant to the Authorizing Resolution or
supplemental indenture pertaining to such Series; 

        (4)   modify
the ranking or priority of the Securities of any Series; 

        (5)   make
any change in Sections 6.04, 6.07 or this 9.02; 

        (6)   waive
a continuing Default or Event of Default in the payment of the principal of or interest on any Security; or 

        (7)   make
any Security payable at a place or in money other than that stated in the Security, or impair the right of any Securityholder to bring suit as permitted by
Section 6.07. An amendment of a provision included solely for the benefit of one or more Series does not affect the interests of Securityholders of any other Series. 

        It
shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed supplement, but it shall be sufficient if such consent approves
the substance thereof. 

Section 9.03.    Compliance with Trust Indenture Act.    

        Every
amendment to or supplement of this Indenture or the Securities shall comply with the TIA as then in effect. 

Section 9.04.    Revocation and Effect of Consents.    

        A
consent to an amendment, supplement or waiver by a Holder shall bind the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the
consenting Holder's Security, even if notation of the consent is not made on any Security. Subject to the following paragraph, any such Holder or subsequent Holder, however, may revoke the consent as
to his Security or portion of a Security. Such revocation shall be effective only if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes
effective. The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders of Securities of any Series entitled to consent to any amendment, supplement or
waiver, which record date shall be at least 10 days prior to the first solicitation of such consent. If a record date is fixed, then notwithstanding the last sentence of the immediately
preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or
not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date. After an amendment, supplement or
waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses (1) through (7) of Section 9.02, in which case, the amendment,
supplement or waiver shall bind only each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder's Security; provided that any such waiver shall not impair or affect the right of any Holder to receive payment of principal of and interest on a Security, on or after the respective due dates
expressed in such Security, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder. 

24

 

Section 9.05.    Notation on or Exchange of Securities.    

        If
an amendment, supplement or waiver changes the terms of a Security, the Company may require the Holder of the Security to deliver it to the Trustee, at which time the Trustee shall
place an appropriate notation on the Security about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security
shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. 

Section 9.06.    Trustee to Sign Amendments, etc.    

        Subject
to Section 7.02(b), the Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article if the amendment, supplement or waiver does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing or refusing to sign such amendment or supplemental
indenture, the Trustee shall be entitled to receive and shall be fully protected in relying upon, an Officers' Certificate and an Opinion of Counsel as conclusive evidence that such amendment or
supplemental indenture is authorized or permitted by this Indenture, that it is not inconsistent herewith, and that it will be valid and binding upon the Company in accordance with its terms. 

ARTICLE TEN  

 MISCELLANEOUS  

Section 10.01.    Trust Indenture Act Controls.    

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

Section 10.02.    Notices.    

        Any
order, consent, notice or communication shall be sufficiently given if in writing and delivered in person or mailed by first class mail, postage prepaid, addressed as follows: 

	if to the Company:	 	 
	

Fleetwood Enterprises, Inc.

3125 Myers Street

Riverside, CA 92503

Attention:	
 	

 
	

if to the Trustee:	
 	

 
	    
    
    
 Attention:	 	 

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

        Any
notice or communication mailed to a Securityholder shall be mailed to him by first class mail at his address as it appears on the registration books of the Registrar and shall be
sufficiently given to him if so mailed within the time prescribed. 

        Failure
to mail a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other Securityholders. If a notice or communication is
mailed in the manner provided above, it is duly given, whether or not the addressee receives it except that notice to the Trustee shall only be effective upon receipt thereof by the Trustee. 

        If
the Company mails notice or communications to the Securityholders, it shall mail a copy to the Trustee at the same time. 

25

 

Section 10.03.    Communications by Holders with Other Holders.    

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

Section 10.04.    Certificate and Opinion as to Conditions Precedent.    

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

        (1)   an
Officers' Certificate (which shall include the statements set forth in Section 10.05) stating that, in the opinion of the signers, all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with; and 

        (2)   an
Opinion of Counsel (which shall include the statements set forth in Section 10.05) stating that, in the opinion of such counsel, all such conditions precedent
and covenants, compliance with which constitutes a condition precedent, if any, provided for in this Indenture relating to the proposed action or inaction, have been complied with and that any such
section does not conflict with the terms of the Indenture. 

Section 10.05.    Statements Required in Certificate or Opinion.    

        Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

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

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

        (3)   a
statement that, in the opinion of 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 

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

Section 10.06.    Rules by Trustee and Agents.    

        The
Trustee may make reasonable rules for action by or a meeting of Securityholders. The Registrar or Paying Agent may make reasonable rules for its functions. 

Section 10.07.    Legal Holidays.    

        A
"Legal Holiday" is a Saturday, a Sunday, a legal holiday or a day on which banking institutions in Los Angeles, California and New York, New York are not required to be open. If a
payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day
that is not a Legal Holiday, and no interest shall accrue for the intervening period. A Business Day is any day other than a Legal Holiday. 

Section 10.08.    Governing Law.    

        The
laws of the State of New York shall govern this Indenture and the Securities of each Series. 

26

 

Section 10.09.    No Adverse Interpretation of Other Agreements.    

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

Section 10.10.    No Recourse Against Others.    

        All
liability described in paragraph 13 of the Securities of any director, officer, employee or stockholder, as such, of the Company is waived and released. 

Section 10.11.    Successors and Assigns.    

        All
covenants and agreements of the Company in this Indenture and the Securities shall bind its successors and assigns. All agreements of the Trustee in this Indenture shall bind its
successors and assigns. 

Section 10.12.    Duplicate Originals.    

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

Section 10.13.    Severability.    

        In
case any one or more of the provisions contained in this Indenture or in the Securities of a Series shall for any reason be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities. 

ARTICLE ELEVEN  

 SUBORDINATION OF SECURITIES  

Section 11.01.    Securities Subordinated to Senior Indebtedness.    

        The
Company covenants and agrees, and the Trustee and each Holder of the Securities by his acceptance thereof likewise covenant and agree, that all Securities shall be issued subject to
the provisions of this Article Eleven; and each person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that all payments of the
principal of and interest on the Securities by the Company shall, to the extent and in the manner set forth in this Article Eleven, be subordinated and junior in right of payment to the prior payment
in full in cash of all amounts payable under Senior Indebtedness. 

Section 11.02.    No Payment on Securities in Certain Circumstances.    

        (a)   No
direct or indirect payment (excluding any payment or distribution of Permitted Junior Securities) by or on behalf of the Company of principal of, premium, if any, or
interest on the Securities or to repurchase any of the Securities, except from those funds held in trust for the benefit of Holders of any Securities pursuant to the procedures set forth in Article
Eight hereof, whether pursuant to the terms of the Securities, upon acceleration or otherwise, shall be made if, at the time of such payment, there exists a default in the payment of all or any
portion of the obligations on any Senior Indebtedness, when the same becomes due and payable beyond any applicable period of grace whether at maturity, on account of mandatory redemption or
prepayment, acceleration or otherwise, and such default shall not have been cured or waived or the benefits of this sentence waived by or on behalf of the holders of such Senior Indebtedness. In
addition, during the continuance of any non-payment event of default with respect to any Designated Senior Indebtedness pursuant to which the maturity thereof may be immediately
accelerated, and upon receipt by the Trustee of written notice (a "Payment Blockage Notice") from the Company or any holder or holders of such Designated Senior Indebtedness or the trustee or agent
acting on behalf of such Designated Senior Indebtedness, then, 

27

 

unless
and until such event of default has been cured or waived or has ceased to exist or such Designated Senior Indebtedness has been discharged or repaid in full in cash or the benefits of these
provisions have been waived by the holders of such Designated Senior Indebtedness, no direct or indirect payment (excluding any payment or distribution of Permitted Junior Securities) shall be made by
or on behalf of the Company of principal of, premium, if any, or interest on the Securities or to repurchase any of the Securities, except from those funds held in trust for the benefit of Holders of
any Securities pursuant to the procedures set forth in Article Eight hereof, to such Holders, during a period (a "Payment Blockage Period") commencing on the date of receipt of such notice by the
Trustee and ending 179 days thereafter. 

        Notwithstanding
anything herein or in the Securities to the contrary, (x) in no event shall a Payment Blockage Period extend beyond 179 days from the date the Payment
Blockage Notice in respect thereof was given (provided that payment may thereafter be restricted if a payment event of default has occurred), (y) there shall be a period of at least 181
consecutive days in each 360-day period when no Payment Blockage Period is in effect and (z) not more than one Payment Blockage Period may be commenced with respect to the
Securities during any period of 360 consecutive days. No event of default that existed or was continuing on the date of commencement of any Payment Blockage Period with respect to the Designated
Senior Indebtedness initiating such Payment Blockage Period may be, or be made, the basis for the commencement of any other Payment Blockage Period by the holder or holders of such Designated Senior
Indebtedness or the trustee or agent acting on behalf of such Designated Senior Indebtedness, whether or not within a period of 360 consecutive days, unless such event of default has been cured or
waived for a period of not less than 90 consecutive days. 

        (b)   In
the event that, notwithstanding the foregoing, any payment shall be received by the Trustee or any Holder when such payment is prohibited by Section 11.02(a),
such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness (pro rata to such holders on the basis of the respective amounts of
Senior Indebtedness held by such holders) or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued,
as their respective interests may appear, or, to the extent such Senior Indebtedness is not then due and payable, to the Company. 

Section 11.03.    Payment Over of Proceeds upon Dissolution, etc.    

        (a)   Upon
any payment or distribution of assets or securities of the Company of any kind or character, whether in cash, property or securities (excluding any payment or
distribution of Permitted Junior Securities), upon any dissolution or winding up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency,
receivership or other proceedings, all Senior Indebtedness shall first be paid in full in cash before the Holders of the Securities or the Trustee on behalf of such Holders shall be entitled to
receive any payment by the Company of the principal of or interest on the Securities, or any payment by the Company to acquire any of the Securities for cash, property or securities, or any
distribution with respect to the Securities of any cash, property or securities (excluding any payment or distribution of Permitted Junior Securities or from funds held in trust for the benefit of
Holders of any Securities pursuant to the procedures set forth in Article Eight hereof). Before any payment may be made by, or on behalf of, the Company of the principal of or interest on the
Securities upon any such dissolution or winding up or liquidation or reorganization, any payment or distribution of assets or securities of the Company of any kind or character, whether in cash,
property or securities (excluding any payment or distribution of Permitted Junior Securities or from funds held in trust for the benefit of Holders of any Securities pursuant to the procedures set
forth in Article Eight hereof), to which the Holders of the Securities or the Trustee on their behalf would be entitled, but for the subordination provisions of this Indenture, shall be made by the
Company or by any receiver, trustee in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, directly to the holders of the Senior Indebtedness (pro rata to such
holders on the basis of the respective amounts of Senior Indebtedness held by such holders) or 

28

 

their
representatives or to the trustee or trustees or agent or agents under any agreement or indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective
interests may appear, to the extent necessary to pay all such Senior Indebtedness in full in cash after giving effect to any prior or concurrent payment, distribution or provision therefor to or for
the holders of such Senior Indebtedness. 

        (b)   In
the event that, notwithstanding the foregoing provision prohibiting such payment or distribution, any payment or distribution of assets or securities of the Company
of any kind or character, whether in cash, property or securities (excluding any payment or distribution of Permitted Junior Securities or from funds held in trust for the benefit of Holders of any
Securities pursuant to the procedures set forth in Article Eight hereof), shall be received by the Trustee or any Holder of Securities at a time when such payment or distribution is prohibited by
Section 11.03(a) and before all obligations in respect of Senior Indebtedness are paid in full in cash, such payment or distribution shall be received and held in trust for the benefit of, and
shall be paid over or delivered to, the holders of Senior Indebtedness (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders) or their respective
representatives, or to the trustee or trustees or agent or agents under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear,
for application to the payment of Senior Indebtedness remaining unpaid until all such Senior Indebtedness has been paid in full in cash after giving effect to any prior or concurrent payment,
distribution or provision therefor to or for the holders of such Senior Indebtedness. 

        The
consolidation of the Company with, or the merger of the Company with or into, another corporation or the liquidation or dissolution of the Company following the conveyance or
transfer of its property as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided in Article Five (or any replacement provisions as contemplated
by Article Five) shall not be deemed a dissolution, winding up, liquidation or reorganization for the purposes of this Section 11.03 if such other corporation shall, as a part of such
consolidation, merger, conveyance or transfer, comply with the conditions stated in Article Five (or any replacement provisions as contemplated by Article Five). 

Section 11.04.    Subrogation.    

        Upon
the payment in full in cash of all Senior Indebtedness, or provision for payment in other than cash is accepted by the holders of Senior Indebtedness in full satisfaction of amounts
due in respect of all Senior Indebtedness, the Holders of the Securities shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property
or securities of the Company made on such Senior Indebtedness until the principal of and interest on the Securities shall be paid in full in cash; and, for the purposes of such subrogation, no
payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee on their behalf would be entitled except
for the provisions of this Article Eleven, and no payment over pursuant to the provisions of this Article Eleven to the holders of Senior Indebtedness by Holders of the Securities or the Trustee on
their behalf shall, as between the Company, its creditors other than holders of Senior Indebtedness, and the Holders of the Securities, be deemed to be a payment by the Company to or on account of the
Senior Indebtedness. It is understood that the provisions of this Article Eleven 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, on the other hand. If any payment or distribution to which the Holders of the Securities would otherwise have been entitled but for the provisions
of this Article Eleven shall have been applied, pursuant to the provisions of this Article Eleven, to the payment of all amounts payable under Senior Indebtedness, then and in such case, the Holders
of the Securities shall be entitled to receive from the holders of such Senior Indebtedness any payments or distributions received by such holders of Senior Indebtedness in excess of the amount
required to make payment in full in cash. 

29

 

Section 11.05.    Obligations of Company Unconditional.    

        Nothing
contained in this Article Eleven or elsewhere in this Indenture or in the Securities is intended to or shall impair, as among the Company and the Holders of the Securities, the
obligation of the Company, which is absolute and unconditional, to pay to the Holders of the Securities the principal of and interest on the Securities as and when the same shall become due and
payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders of the Securities and creditors of the Company other than the holders of the Senior
Indebtedness, nor shall anything herein
or therein prevent the Holder of any Security or the Trustee on their behalf from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the
rights, if any, under this Article Eleven of the holders of the Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy. Without
limiting the generality of the foregoing, nothing contained in this Article Eleven shall restrict the right of the Trustee or the Holders of Securities to take any action to declare the Securities to
be due and payable prior to their stated maturity pursuant to Section 6.01 or to pursue any rights or remedies hereunder; provided, however, that all Senior Indebtedness then due and payable
shall first be paid in full in cash (and no Payment Blockage Period shall be in effect) before the Holders of the Securities or the Trustee are entitled to receive any direct or indirect payment from
the Company of principal of or interest on the Securities. 

Section 11.06.    Notice to Trustee.    

        The
Company shall give prompt written notice to the Trustee of any fact known to the Company which would prohibit the making of any payment to or by the Trustee in respect of the
Securities pursuant to the provisions of this Article Eleven. The Trustee shall not be charged with knowledge of the existence of any event of default with respect to any Senior Indebtedness or of any
other facts which would prohibit the making of any payment to or by the Trustee unless and until the Trustee shall have received notice in writing at its corporate trust office to that effect signed
by an Officer of the Company, or by a holder of Senior Indebtedness or trustee or agent therefor; and prior to the receipt of any such written notice, the Trustee shall, subject to Article Seven, be
entitled to assume that no such facts exist; provided that if the Trustee shall not have received the notice provided for in this Section 11.06 at least two Business Days prior to the date upon
which by the terms of this Indenture any moneys shall become payable for any purpose (including, without limitation, the payment of the principal of or interest on any Security), then, regardless of
anything herein to the contrary, the Trustee shall have full power and authority to receive any moneys from the Company 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. Nothing contained in this Section 11.06 shall limit the right of the holders of Senior
Indebtedness to recover payments as contemplated by Section 11.03. The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself or itself to
be a holder of any Senior Indebtedness (or a trustee on behalf of, or other representative of, such holder) to establish that such notice has been given by a holder of such Senior Indebtedness or a
trustee or representative on behalf of any such holder. In the event that the Trustee determines in good faith that any evidence is required with respect to the right of any Person as a holder of
Senior Indebtedness to participate in any payment or distribution pursuant to this Article Eleven, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Indebtedness 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 Eleven, 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. 

30

   Section 11.07.    Reliance on Judicial Order or Certificate of Liquidating
Agent.—    

        Upon
any payment or distribution of assets or securities referred to in this Article Eleven, the Trustee 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 bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings are pending, or upon a certificate of the
receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of the Securities for the purpose of
ascertaining the persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Eleven. 

Section 11.08.    Trustee's Relation to Senior Indebtedness.    

        The
Trustee and any Paying Agent shall be entitled to all the rights set forth in this Article Eleven with respect to any Senior Indebtedness which may at any time be held by it in its
individual or any other capacity to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee or any Paying Agent of any of its rights as such
holder. 

        With
respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this
Article Eleven, and no implied covenants or obligations with respect to the holders of Senior Indebtedness 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 (except as provided in Section 11.03(b)). The Trustee shall not be liable to any such holders if the Trustee shall in good faith
mistakenly pay over or distribute to Holders of Securities or to the Company or to any other person cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue
of this Article Eleven or otherwise. 

Section 11.09.    Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior
Indebtedness.—    

        No
right of any present or future holders of any Senior Indebtedness to enforce subordination as provided herein shall at any time in any way be prejudiced or impaired by any act or
failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any
noncompliance by the Company with the terms of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with. The provisions of this Article Eleven
are intended to be for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness. 

Section 11.10.    Securityholders Authorize Trustee To Effectuate Subordination of
Securities.    

        Each
Holder of Securities by his acceptance of such Securities authorizes and expressly directs the Trustee on his behalf to take such action as may be necessary or appropriate to
effectuate the subordination provided in this Article Eleven, and appoints the Trustee his attorney-in-fact for such purposes, including, in the event of any dissolution,
winding-up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or upon an assignment for the benefit of
creditors or otherwise) tending towards liquidation of the business and assets of the Company, the filing of a claim for the unpaid balance of its or his Securities in the form required in those
proceedings. 

Section 11.11.    This Article Not to Prevent Events of Default.    

        The
failure to make a payment on account of principal of or interest on the Securities by reason of any provision of this Article Eleven shall not be construed as preventing the
occurrence of an Event of Default specified in clause (1) or (2) of Section 6.01. 

31

 

Section 11.12.    Trustee's Compensation Not Prejudiced.    

        Nothing
in this Article Eleven shall apply to amounts due to the Trustee pursuant to other sections in this Indenture. 

Section 11.13.    No Waiver of Subordination Provisions.    

        Without
in any way limiting the generality of Section 11.09, the holders of Senior Indebtedness may, at any time and from time to time, without the consent of or notice to the
Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without impairing or
releasing the subordination provided in this Article Eleven or the obligations hereunder of the Holders of the Securities to the holders of Senior Indebtedness, do any one or more of the following:
(a) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Indebtedness or any instrument evidencing the same or any agreement under which
Senior Indebtedness is outstanding or secured; (b) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness; (c) release
any Person liable in any manner for the collection of Senior Indebtedness; and (d) exercise or refrain from exercising any rights against the Company and any other Person. 

Section 11.14.    Certain Payments May Be Paid Prior to Dissolution.    

        All
money and United States government obligations properly deposited in trust with the Trustee pursuant to and in accordance with Article Eight shall be for the sole benefit of the
Holders and shall not be subject to this Article Eleven (so long as the funding of such trust did not violate the provisions of this Article Eleven). 

        Nothing
contained in this Article Eleven or elsewhere in this Indenture shall prevent (i) the Company, except under the conditions described in Section 11.02,
Section 11.03 or Section 11.05, from making payments of principal of and interest on the Securities, or from depositing with the Trustee any moneys for such payments or from effecting a
termination of the Company's obligations under the Securities and this Indenture as provided in Article Eight, (ii) the application by the Trustee of any moneys properly deposited in trust with
the Trustee pursuant to and in accordance with Article Eight (so long as the funding of such trust did not violate the provisions of this Article Eleven) or (iii) the application by the Trustee
of any other moneys deposited with it for the purpose of making such payments of principal of on and interest on the Securities to the holders entitled thereto unless at least two Business Days prior
to the date upon which such payment becomes due and payable, the Trustee shall have received the written notice provided for in Section 11.06. The Company shall give prompt written notice to
the Trustee of any dissolution, winding up, liquidation or reorganization of the Company. 

32

 
SIGNATURES  

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

	Dated:	 	 	 	FLEETWOOD ENTERPRISES, INC.
	 	 	
	 	 	 	 	 
	

 	
 	

 	
 	

By:	
 	

 	

 
	 	 	 	 	 	 	
 Name:

Title:
	

Dated:	
 	

 	
 	

, as Trustee
	 	 	
	 	
	 
	

 	
 	

 	
 	

By:	
 	

 	

 
	 	 	 	 	 	 	
 Name:

Title:

(SEAL)

33

   EXHIBIT A  

	No.	 	CUSIP No.:                      	 	 	 	 
	

[Title of Security]	
 	

 	
 	

 
	

 	
 	

FLEETWOOD ENTERPRISES, INC., a Delaware corporation promises to pay to or registered assigns
	the principal sum of [Dollars](1) on                          [Title of Security]
	

 	
 	

Interest Payment Dates:                      and
                    
	

 	
 	

Record Dates:                      and
                    
	

 	
 	

Authenticated:	
 	

 	
 	

 
	

Dated:	
 	

	
 	

Fleetwood Enterprises, Inc.
	

 	
 	

 	
 	

By:	
 	

	 	 	 	 	 	 	Title:
	

 	
 	

 	
 	

By:	
 	

	 	 	 	 	 	 	Title:
	

                        , as Trustee, certifies that this is one of the Securities referred to in the within mentioned
Indenture.
	

 	
 	

 	
 	

By:	
 	

	 	 	 	 	 	 	Title:
	

 	
 	

 	
 	

 	
 	

Authorized Signatory

	(1)
	Or
other currency. Insert corresponding provisions on reverse side of Security in respect of foreign currency denomination or interest payment requirement. 

A-1

 
FLEETWOOD ENTERPRISES, INC.  

 [Title of Security]  

        1.    Interest.    FLEETWOOD ENTERPRISES, INC. (the "Company"), a Delaware corporation, promises to pay
interest on the principal amount of this Security at the rate per annum shown above. The Company will pay interest semiannually
on                        and                 
       of each year until the principal
is paid or made available for payment. Interest on the Securities will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid, from
                        , 20    , provided that, if there is no existing default in the payment of interest,
and if this Security is authenticated between a record date referred to on the face hereof
and the next succeeding interest payment date, interest shall accrue from such interest payment date. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. 

        2.    Method of Payment.    The Company will pay interest on the Securities (except defaulted interest, if any, which
will be paid on such special payment date to Holders of record on such special record date as may be fixed by the Company) to the persons who are registered Holders of Securities at the close of
business on the [Insert record dates]. Holders must surrender Securities to a Paying Agent to collect principal payments. The Company will 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. 

        3.    Paying Agent and Registrar.    Initially,
                        (the "Trustee") will act as Paying Agent and
Registrar. The Company may change or appoint any Paying Agent, Registrar or co-Registrar without notice. The Company or any of its Subsidiaries may act as Paying Agent, Registrar or
co-Registrar. 

        4.    Indenture.    The Company issued the Securities under an Indenture dated as
of                        , 20    
("Indenture") between the Company and the Trustee. The terms of the Securities include those stated in the Indenture (including those terms set forth in the Authorizing Resolution or supplemental
indenture pertaining to the Securities of the Series of which this Security is a part) and those made part of the Indenture by reference to the Trust Indenture Act of 1939 ("TIA") as in effect on the
date of the Indenture. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and the Act for a statement of them. 

        The
Company will furnish to any Securityholder upon written request and without charge a copy of the Indenture and the applicable Authorizing Resolution or supplemental indenture.
Requests may be made to: Fleetwood Enterprises, Inc., 3125 Myers Street, Riverside, CA 92503,
Attention:                        . 

        5.    Optional Redemption.(1)    The Company may redeem the Securities at any time on or
after                                  , in
whole or in part, at the following redemption prices (expressed as a percentage of their principal amount) together with interest accrued and unpaid to the date fixed for redemption: 

	If redeemed during the Twelve-Month period commencing on                        and
ending on                        in each of the following years	 	Percentage

        Notice
of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at his registered
address. Securities in denominations larger than $1,000 may be redeemed in part. On and after the redemption date interest ceases to accrue on Securities or portions of them called for redemption,
provided that if the Company shall
default in the payment of such Security at the redemption price together with accrued interest, interest shall continue to accrue at the rate borne by the Securities. 

        6.    Provisions Relating to Redemption, Repayment or Repurchase at Option of Holders.(1)    

	(1)
	If
applicable. 

A-2

 

        7.    Mandatory Redemption.(1)    The Company shall redeem      % of the aggregate principal amount of
Securities originally issued under the Indenture on each of, which redemptions are calculated to retire      % of the Securities originally issued prior to maturity. Such redemptions shall be
made at a redemption price equal to 100% of the principal amount thereof, together with accrued interest to the redemption date. The Company may reduce the principal amount of Securities to be
redeemed pursuant to this Paragraph 7 by the principal amount of any Securities previously redeemed, retired or acquired, otherwise than pursuant to this Paragraph 7, that the Company
has delivered to the Trustee for cancellation and not previously credited to the Company's obligations under this Paragraph 7. Each such Security shall be received and credited for such purpose
by the Trustee at the redemption price and the amount of such mandatory redemption payment shall be reduced accordingly. 

        8.    Denominations, Transfer, Exchange.    The Securities are in registered form without coupons in denominations of
$1,000 and integral multiples of $1,000. A Holder may transfer or exchange Securities by presentation of such Securities to the Registrar or a co-Registrar with a request to register the
transfer or to exchange them for an equal principal amount of Securities of other denominations. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not transfer or exchange any Security selected for redemption, except the unredeemed
part thereof if the Security is redeemed in part, or transfer or exchange any Securities for a period of 15 days before a selection of Securities to be redeemed. 

[Insert
different or additional denomination and multiples.] 

        9.    Persons Deemed Owners.    The registered Holder of this Security shall be treated as the owner of it for all
purposes. 

        10.    Unclaimed Money.    If money for the payment of principal or interest remains unclaimed for two years, the
Trustee or Paying Agent will pay the money back to the Company at its request. After that, Holders entitled to the money must look to the Company for payment unless an abandoned property law
designates another person. 

	(1)
	If
applicable. 

A-3

 

        11.    Amendment, Supplement, Waiver.    Subject to certain exceptions, the Indenture or the Securities may be amended
or supplemented with the consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by the amendment and any past default or compliance
with any provision relating to any Series of the Securities may be waived in a particular instance with the consent of the Holders of a majority in principal amount of the outstanding Securities of
such Series.(2) Without the consent of any Securityholder, the Company and the Trustee may amend or supplement the Indenture or the Securities to (i) cure any ambiguity, defect or
inconsistency, (ii) evidence the assumption by a successor corporation of the Company's obligations under the Indenture and any Series of the Securities, (iii) provide that specific
provisions of the Indenture shall not apply to a Series not previously issued, (iv) to create a Series and establish its terms (or to provide for the issuance of additional Securities of any
Series to the extent provided, in accordance with the provisions set forth in an Authorizing Resolution or supplemental indenture pertaining to any Series), (v) provide for uncertificated
Securities in addition to or in place of certificated Securities, (vi) make any change that would provide any additional rights or benefits to the Holders of Securities or that does not
adversely affect the rights under the Indenture of any such Holder, (vii) evidence and provide for the acceptance of an appointment of a successor trustee, (viii) to add guarantees or
collateral security with respect to the Securities and (ix) comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA. 

        12.    Successor Corporation.    If different terms apply, insert a brief summary thereof. When a successor
corporation assumes all the obligations of its predecessor under the Securities and the Indenture, the predecessor corporation will be released from those obligations. 

        13.    Trustee Dealings With Company.                            , the Trustee under the Indenture, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not Trustee. 

        14.    No Recourse Against Others.    A director, officer, employee or stockholder, as such, of the Company shall not
have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each
Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 

        15.    Discharge of Indenture.    The Indenture contains certain provisions pertaining to defeasance, which provisions
shall for all purposes have the same effect as if set forth herein. 

        16.    Authentication.    This Security shall not be valid until the Trustee signs the certificate of authentication
on the other side of this Security. 

        17.    Abbreviations.    Customary abbreviations may be used in the name of a Securityholder 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). 

	(2)
	If
different terms apply, insert a brief summary thereof. 

A-4

 
ASSIGNMENT FORM  

        If you the Holder want to assign this Security, fill in the form below: 

	I or we assign and transfer this Security to	 	 
	 	 	

	

	(Insert assignee's social security or tax ID number)	 	 
	 	 	

	

        (Print
or type assignee's name, address, and zip code)and irrevocably appoint agent to transfer this Security on the books of the Company. The agent may substitute another to act for
him. 

	Dated:	 	 	 	Your signature:
	 	 	
	 	 	 	 
	

 	
 	

 	
 	

(Sign exactly as your name appears on the other side of this Security)
	

 	
 	

 	
 	

Signature Guarantee:	
 	

 
	 	 	 	 	 	 	

A-5

QuickLinks

EXHIBIT 4.18

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