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Exhibit 4.3  

 
 

AXIS CAPITAL HOLDINGS LIMITED    
    
    TO    
    
                           ,    

   
    Trustee    
    
    JUNIOR SUBORDINATED INDENTURE    
    
    Dated as of                           

  
    JUNIOR SUBORDINATED DEBENTURES    

 
Table of Contents  

	 
	 	 
	 	Page

	ARTICLE 1 DEFINITIONS
	

Section 1.1	
 	

Certain Terms Defined	
 	

1
	

ARTICLE 2 SECURITY FORMS
	

Section 2.1	
 	

Forms Generally	
 	

10
	Section 2.2	 	Form of Trustee's Certificate of Authentication	 	10
	Section 2.3	 	Form of Trustee's Certificate of Authentication by an Authenticating Agent	 	10
	Section 2.4	 	Securities Issuable in the Form of Global Securities	 	11
	

ARTICLE 3 THE SECURITIES
	

Section 3.1	
 	

Amount Unlimited; Issuable in Series	
 	

12
	Section 3.2	 	Form and Denominations	 	15
	Section 3.3	 	Authentication, Dating and Delivery of Securities	 	15
	Section 3.4	 	Execution of Securities	 	17
	Section 3.5	 	Certificate of Authentication	 	17
	Section 3.6	 	Registration, Registration of Transfer and Exchange	 	17
	Section 3.7	 	Mutilated, Destroyed, Lost and Stolen Securities	 	18
	Section 3.8	 	Payment of Interest and Certain Additional Amounts; Interest Rights and Certain Additional Amounts Preserved	 	19
	Section 3.9	 	Cancellation of Securities; Destruction Thereof	 	20
	Section 3.10	 	Temporary Securities	 	20
	Section 3.11	 	Computation of Interest	 	20
	Section 3.12	 	CUSIP Numbers	 	20
	Section 3.13	 	Extension of Interest Payment Period	 	20
	Section 3.14	 	Right of Set-Off	 	21
	Section 3.15	 	Agreed Tax Treatment	 	21
	Section 3.16	 	Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange	 	21
	

ARTICLE 4 COVENANTS OF THE COMPANY
	

Section 4.1	
 	

Payment of Securities	
 	

22
	Section 4.2	 	Offices or Agency	 	22
	Section 4.3	 	Money for Securities Payments to Be Held in Trust	 	23
	Section 4.4	 	Additional Amounts	 	23
	Section 4.5	 	Redemption for Tax Purposes	 	24
	Section 4.6	 	Corporate Existence	 	24
	Section 4.7	 	Waiver of Certain Covenants	 	25
	Section 4.8	 	Certificates to Trustee	 	25
	Section 4.9	 	Calculation of Original Issue Discount	 	25
	Section 4.10	 	Additional Sums	 	25
	Section 4.11	 	Payment of Expenses of Each AXIS Capital Trust	 	25
	Section 4.12	 	Ownership of Common Securities	 	26
	 	 	 	 	 

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ARTICLE 5 SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	

Section 5.1	
 	

Company to Furnish Trustee Information as to Names and Addresses of Securityholders	
 	

26
	Section 5.2	 	Preservation and Disclosure of Securityholder Lists	 	26
	Section 5.3	 	Reports by the Company	 	27
	Section 5.4	 	Reports by the Trustee	 	27
	

ARTICLE 6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	

Section 6.1	
 	

Event of Default Defined; Acceleration of Maturity; Waiver of Default	
 	

27
	Section 6.2	 	Collection of Indebtedness by Trustee; Trustee May Prove Debt	 	30
	Section 6.3	 	Application of Proceeds	 	31
	Section 6.4	 	Suits for Enforcement	 	32
	Section 6.5	 	Restoration of Rights on Abandonment of Proceedings	 	32
	Section 6.6	 	Limitations on Suits by Securityholders	 	32
	Section 6.7	 	Unconditional Right of Securityholders to Institute Certain Suits	 	33
	Section 6.8	 	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	 	33
	Section 6.9	 	Control by Holders of Securities	 	34
	Section 6.10	 	Waiver of Past Defaults	 	34
	Section 6.11	 	Trustee to Give Notice of Default, But May Withhold in Certain Circumstances	 	34
	Section 6.12	 	Right of Court to Require Filing of Undertaking to Pay Costs	 	35
	Section 6.13	 	Waiver of Usury, Stay or Extension Laws	 	35
	Section 6.14	 	Delay or Omission Not Waiver	 	35
	

ARTICLE 7 CONCERNING THE TRUSTEE
	

Section 7.1	
 	

Duties and Responsibilities of the Trustee; During Default; Prior to Default	
 	

35
	Section 7.2	 	Certain Rights of the Trustee	 	36
	Section 7.3	 	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	 	38
	Section 7.4	 	Trustee and Agents May Hold Securities; Collections, etc.	 	38
	Section 7.5	 	Money Held by Trustee	 	38
	Section 7.6	 	Compensation and Indemnification of Trustee and Its Prior Claim	 	38
	Section 7.7	 	Right of Trustee to Rely on Officer's Certificate, etc.	 	39
	Section 7.8	 	Qualification of Trustee; Conflicting Interests	 	39
	Section 7.9	 	Persons Eligible for Appointment as Trustee	 	39
	Section 7.10	 	Resignation and Removal; Appointment of Successor Trustee	 	39
	Section 7.11	 	Acceptance of Appointment by Successor Trustee	 	40
	Section 7.12	 	Merger, Conversion, Consolidation or Succession to Business of Trustee	 	41
	Section 7.13	 	Preferential Collection of Claims Against the Company	 	41
	Section 7.14	 	Authenticating Agent	 	41
	

ARTICLE 8 CONCERNING THE HOLDERS OF SECURITIES
	

Section 8.1	
 	

Action by Holders	
 	

42
	Section 8.2	 	Proof of Execution of Instruments by Holders of Securities	 	42
	Section 8.3	 	Holders to be Treated as Owners	 	43
	Section 8.4	 	Securities Owned by Company Deemed Not Outstanding	 	43
	Section 8.5	 	Right of Revocation of Action Taken	 	43
	 	 	 	 	 

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ARTICLE 9 HOLDERS' MEETINGS
	

Section 9.1	
 	

Purposes of Meetings	
 	

44
	Section 9.2	 	Call of Meetings by Trustee	 	44
	Section 9.3	 	Call of Meetings by Company or Holders	 	44
	Section 9.4	 	Qualifications for Voting	 	44
	Section 9.5	 	Regulations	 	45
	Section 9.6	 	Voting	 	45
	Section 9.7	 	No Delay of Rights by Reason of Meeting	 	45
	

ARTICLE 10 SUPPLEMENTAL INDENTURES
	

Section 10.1	
 	

Supplemental Indentures Without Consent of Securityholders	
 	

46
	Section 10.2	 	Supplemental Indentures With Consent of Securityholders	 	47
	Section 10.3	 	Notice of Supplemental Indenture	 	48
	Section 10.4	 	Effect of Supplemental Indenture	 	48
	Section 10.5	 	Documents To Be Given to Trustee	 	48
	Section 10.6	 	Notation on Securities in Respect of Supplemental Indentures	 	48
	Section 10.7	 	Effect on Senior Indebtedness	 	48
	

ARTICLE 11 CONSOLIDATION, AMALGAMATION, MERGER OR SALE
	

Section 11.1	
 	

Company May Consolidate, Etc., Only on Certain Terms	
 	

48
	Section 11.2	 	Opinion of Counsel	 	49
	Section 11.3	 	Successor Person Substituted	 	49
	

ARTICLE 12 SATISFACTION AND DISCHARGE OF INDENTURE, UNCLAIMED MONEYS
	

Section 12.1	
 	

Satisfaction and Discharge of Securities of Any Series	
 	

49
	Section 12.2	 	Defeasance and Covenant Defeasance	 	51
	Section 12.3	 	Application of Trust Money	 	54
	Section 12.4	 	Repayment of Moneys Held by Paying Agent	 	54
	Section 12.5	 	Return of Unclaimed Moneys Held by Trustee and Paying Agent	 	54
	

ARTICLE 13 SUBORDINATION OF SECURITIES
	

Section 13.1	
 	

Agreement to Subordinate	
 	

55
	Section 13.2	 	Default on Company Senior Indebtedness	 	55
	Section 13.3	 	Liquidation; Dissolution; Bankruptcy	 	56
	Section 13.4	 	Subrogation	 	57
	Section 13.5	 	Trustee to Effectuate Subordination	 	57
	Section 13.6	 	Notice by the Company	 	58
	Section 13.7	 	Rights of the Trustee; Holders of Company Senior Indebtedness	 	58
	Section 13.8	 	Trustee Not Fiduciary for Holders of Senior Indebtedness	 	59
	Section 13.9	 	Subordination May Not Be Impaired	 	59
	Section 13.10	 	Application by Trustee of Assets Deposited with It	 	59
	 	 	 	 	 

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ARTICLE 14 MISCELLANEOUS PROVISIONS
	

Section 14.1	
 	

Incorporators, Shareholders, Officers and Directors of Company Exempt from Individual Liability	
 	

59
	Section 14.2	 	Provisions of Indenture for the Sole Benefit of Parties and Securityholders	 	60
	Section 14.3	 	Successors and Assigns of Company Bound by Indenture	 	60
	Section 14.4	 	Holders of Preferred Securities as Third Party Beneficiaries	 	60
	Section 14.5	 	Notices to Holders; Waiver	 	60
	Section 14.6	 	Addresses for Notices	 	61
	Section 14.7	 	Officer's Certificates and Opinions of Counsel; Statements to Be Contained Therein	 	61
	Section 14.8	 	Separability Clause	 	62
	Section 14.9	 	Legal Holidays	 	62
	Section 14.10	 	Conflict of Any Provision of Indenture with Trust Indenture Act	 	62
	Section 14.11	 	Governing Law; Waiver of Jury Trial	 	62
	Section 14.12	 	Judgment Currency	 	62
	Section 14.13	 	No Security Interest Created	 	63
	Section 14.14	 	Submission to Jurisdiction	 	63
	Section 14.15	 	Counterparts	 	63
	Section 14.16	 	Effect of Headings	 	63
	Section 14.17	 	Force Majeure	 	63
	

ARTICLE 15 REDEMPTION OF SECURITIES
	

Section 15.1	
 	

Applicability of Article	
 	

64
	Section 15.2	 	Notice of Redemption; Selection of Securities	 	64
	Section 15.3	 	Payment of Securities Called for Redemption	 	65
	Section 15.4	 	Right of Redemption of Securities Issued to an AXIS Capital Trust	 	66
	

ARTICLE 16 SINKING FUNDS
	

Section 16.1	
 	

Applicability of Article	
 	

66
	Section 16.2	 	Satisfaction of Mandatory Sinking Fund Payment with Securities	 	66
	Section 16.3	 	Redemption of Securities for Sinking Fund	 	66

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AXIS CAPITAL HOLDINGS LIMITED  

        *Reconciliation and tie between Trust Indenture Act of 1939, as amended by the Trust Reform Act of 1990, and Indenture, dated as
of                                  . 

	Section of the

Trust Indenture Act of 1939
 
	 	Section of Indenture

	310(a)(1), (2) and (5)	 	7.9
	310(a)(3) and (4)	 	Inapplicable
	310(b)	 	7.8 and 7.10(a)and(b)
	311(a)	 	7.13(a) and (c)(i) and (iii)
	311(b)	 	7.13(b)
	312(a)	 	5.1 and 5.2(a)
	312(b)	 	5.2(b)
	312(c)	 	5.2(b)
	313(a)	 	5.4(a)
	313(b)(1)	 	Inapplicable
	313(b)(2)	 	5.4(b)
	313(c)	 	5.4(c)
	313(d)	 	5.4(d)
	314(a)	 	4.8 and 5.3
	314(b)	 	Inapplicable
	314(c)(1) and (2)	 	15.7
	314(c)(3)	 	Inapplicable
	314(d)	 	Inapplicable
	314(e)	 	15.7
	315(a), (c) and (d)	 	7.1
	315(b)	 	6.11
	315(e)	 	6.12
	316(a)(1)	 	6.9
	316(a)(2)	 	Inapplicable
	316(a) (last sentence)	 	8.4
	316(b)	 	6.7
	316(c)	 	8.1
	317(a)	 	6.2
	317(b)	 	4.2 and 4.3
	318(a)	 	15.10

	*
	This
reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture or to have any bearing upon the interpretation of any of its terms or provisions. 

v

   
        JUNIOR SUBORDINATED INDENTURE (herein, the "Indenture"), dated as
of                                  , between AXIS CAPITAL HOLDINGS LIMITED, an
exempted company incorporated in Bermuda as a holding
company (herein, subject to ARTICLE 11, sometimes called the "Company"), having its principal office at 106 Pitts Bay Road, Pembroke HM 08, Bermuda, and The Bank of New York, a New York banking
corporation, as Trustee (hereinafter, subject to ARTICLE 12, called the "Trustee"), having its principal corporate trust office at 101 Barclay Street, 8W, New York, NY 10286, Attention: Corporate
Trust Administration. 

Recitals of the Company  

        The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its subordinated notes, debentures
or other evidences of its unsecured indebtedness (herein called the "Securities"), including, without limitation, Securities issued to evidence loans made to the Company of the proceeds from the
issuance from time to time by one or more AXIS Capital Trusts (as defined herein) of preferred beneficial interests in the assets of such Trusts (the "Preferred Securities") and common beneficial
interests in the assets of such Trusts (the "Common Securities" and, collectively with the Preferred Securities, the "Trust Securities"), to be issued in one or more series, authenticated and
delivered, as in this Indenture provided. 

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

        NOW,
THEREFORE, THIS INDENTURE WITNESSETH: 

        For
and in consideration of the premises and the purchase of the Securities by the Persons acquiring the same, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of the Securities or of the Securities of any series, without giving any priority of any one Security or series over any other, except as otherwise expressly provided herein, as
follows: 

ARTICLE 1  

 DEFINITIONS  

        Section 1.1    Certain Terms Defined.    The following terms (except as otherwise expressly provided or unless
the context otherwise clearly requires) for all purposes of this Indenture, including any indenture supplemental hereto, have the respective meanings specified in this Section. All other terms used in
this Indenture that are defined in the Trust Indenture Act or the definitions of which in the Securities Act of 1933 are referred to in the Trust Indenture Act or that are defined by rule of the
Commission under the Trust Indenture Act (except as herein otherwise expressly provided or unless the context otherwise clearly requires) have the meanings assigned to such terms in said Trust
Indenture Act and in said Securities Act or in said Commission rule under the Trust Indenture Act as in force at the date on which this Indenture was originally executed (subject to
Section 10.1 and Section 10.2). The words "herein", "hereof" and "hereunder" and other words of similar import refer to this Indenture as a whole and not to any particular Article,
Section or other subdivision. All references herein to "Articles" or other subdivisions are to the corresponding Articles or other subdivisions of this Indenture. The terms defined in this Article
have the meanings assigned to them in this Article and include the plural as well as the singular. 

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

        "Additional
Provisions" has the meaning specified in Section 13.1. 

1

 

        "Additional
Interest" means the interest, if any, that shall accrue on any interest on the Securities of any series the payment of which has not been made on the applicable Interest
Payment Date and which shall accrue at the rate per annum specified or determined as specified in such Security. 

        "Additional
Sums" has the meaning specified in Section 4.10. 

        "Additional
Taxes" means the sum of any additional taxes, duties and other governmental charges to which an AXIS Capital Trust has become subject from time to time as a result of a Tax
Event. 

        "Affiliate"
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person;
provided, however, that an Affiliate of the Company shall not be deemed to include any AXIS Capital Trust to which Securities in respect thereof have been issued. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. 

        "Authenticating
Agent" means, with respect to any series of Securities, any authenticating agent appointed by the Trustee, with respect to that series of Securities, pursuant to
Section 7.14. 

        "Authorized
Newspaper" means a newspaper or financial journal printed in the English language, customarily published at least once a day, and customarily published for at least five days
in each calendar week, whether or not published on days that are legal holidays and of general circulation; or, in the alternative, shall mean such form of communication as may have come into general
use for the dissemination of information of import similar to that of the information specified to be published by the provisions hereof. Whenever successive publications are required or authorized to
be made in Authorized Newspapers, the successive publications may be made (unless otherwise expressly provided herein) in the same or different newspapers meeting the foregoing requirements and in
each case on any Business Day. In case, by reason of the suspension of publication of any Authorized Newspaper, or for any other cause, it shall be impractical without unreasonable expense to make
publication of any notice in an Authorized Newspaper as required by this Indenture, then such method of publication or notification as shall be made with the approval of the Trustee shall be deemed
the equivalent of the required publication of such notice in an Authorized Newspaper. 

        "AXIS
Capital Trusts" means, collectively, AXIS Capital Trust I, AXIS Capital Trust II and AXIS Capital Trust III, statutory trusts formed under the Statutory Trust Act, and any other
similar trust created to issue Trust Securities and to use the proceeds from the sale thereof to purchase Securities issued under this Indenture. 

        "Board
of Directors" means either the board of directors of the Company or any committee of such Board of Directors or Officer duly authorized to act with respect to a particular matter
on behalf of the Board of Directors. 

        "Board
Resolution" means a copy of a resolution certified by the Secretary or any Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification, and delivered to the Trustee. 

        "Business
Day", when used with respect to any Place of Payment or any other location specified in the Securities or this Indenture, means any day other than a Saturday, Sunday or a day
on which banking institutions in that Place of Payment or location are generally authorized or obligated by law, regulation or executive order to close, except as may be otherwise specified as
contemplated by Section 3.1. 

        "Capital
Stock" of any Person means any and all share capital, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however
designated) equity of such Person, including preferred stock, but excluding any debt securities convertible into such equity. 

2

 

        "Capitalized
Lease Obligation" means an obligation under a lease that is required to be capitalized for financial reporting purposes in accordance with generally accepted accounting
principles, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with such principles. 

        "Commission"
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or if at any time after the date on which this Indenture was
originally executed such Commission is not existing and performing the duties assigned to it under the Trust Indenture Act on such date of original execution, then the body performing such duties at
such time. 

        "Common
Securities" has the meaning specified in the first recital of this Indenture. 

        "Common
Stock" in respect of any Corporation means Capital Stock of any class or classes (however designated) which has no preference as to the payment of dividends, or as to the
distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation, and which is not subject to redemption by such Corporation. 

        "Company"
means AXIS Capital Holdings Limited, an exempted company incorporated in Bermuda as a holding company, and, subject to ARTICLE 11, its successors and assigns. 

        "Company
Order" and "Company Request" mean a written order or request signed in the name of the Company by the president, any vice president or the treasurer or controller and by any
assistant treasurer, any assistant controller, the secretary or any assistant secretary of the Company, and delivered to the Trustee. 

        "Company
Senior Indebtedness" means, with respect to the Securities of any particular series, all Indebtedness of the Company outstanding at any time, except (a) the Securities of
such series, (b) Indebtedness as to which, by the terms of the instrument creating or evidencing the same, it is provided that such Indebtedness is subordinated to or  pari passu with the Securities
of such series, (c) Indebtedness of the Company to, or guaranteed on behalf of, a Subsidiary of the Company or any
officer, director or employee of the Company or any Subsidiary of the Company, (d) interest accruing after the filing of a petition initiating any proceeding relating to the Company referred to
in Section 6.1(f) and 6.1(g) unless such interest is an allowed claim enforceable against the Company in a proceeding under federal or state bankruptcy laws, (e) trade accounts payable,
(f) any liability for income, franchise, real estate or other taxes owed or owing and (g) any Indebtedness, including all other debt securities and guarantees in respect of those debt
securities, initially issued to (x) any AXIS Capital Trust or (y) any trust, partnership or other entity affiliated with the Company which is a financing vehicle of the Company or any
Affiliate of the Company in connection with the issuance by such entity of preferred securities or other securities which are similar to Preferred Securities that are guaranteed by the Company
pursuant to an instrument that ranks pari passu with or junior in right of payment to the Preferred Securities Guarantees. 

        "Conversion
Event" means the cessation of use of (i) a Foreign Currency both by the government of the country or the confederation which issued such Foreign Currency and for the
settlement of transactions by a central bank or other public institutions of or within the international banking community or (ii) any currency unit or composite currency for the purposes for
which it was established. 

        "Corporate
Trust Office" means the principal office of the Trustee at which at any particular time its corporate trust business shall be administered, which office, on the date of
original execution of this Indenture, is located at 101 Barclay Street, 8W, New York, NY 10286, Attention: Corporate Trust Administration, or at any other time at such other address as the Trustee may
designate from time to time by notice to the parties hereto, or at the principal corporate trust office of any successor trustee as to which such successor trustee may notify the parties hereto in
writing. 

3

 

        "Corporation"
includes corporations, limited liability companies, incorporated associations, companies and business trusts. 

        "Depositary"
means, with respect to the Securities of any series or any Tranche thereof, which, in accordance with the determination of the Company, will be issued in whole or in part in
the form of one or more Global Securities, The Depository Trust Company, New York, New York, another clearing agency or any successor registered under the Exchange Act, or other applicable statute or
regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.4 or Section 3.1. If at any time there is more than one such Person, "Depositary" as used
with respect to the Securities of any such series or Tranche thereof means the Depositary with respect to the Securities of that series or Tranche. 

        "Direct
Action" has the meaning specified in Section 6.7. 

        "Distributions,"
with respect to any AXIS Capital Trust, has the meaning specified in the applicable Trust Agreement of such AXIS Capital Trust. 

        "Dollar"
("$") means the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 

        "Exchange
Act" means the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, in each case as amended from time to time, or any successor legislation. 

        "Event
of Default" means any event or condition specified as such in Section 6.1. 

        "Extension
Period" has the meaning specified in Section 3.13. 

        "Foreign
Currency" means any currency, currency unit or composite currency, including, without limitation, the euro, issued by the government of one or more countries other than the
United States of America or by any recognized confederation or association of such governments. 

        "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 Standards Accounting Board, and as are applicable to the financial statements of the Company, in each case as of the date of any
computation required hereunder. 

        "Global
Security" means, with respect to all or any part of any series of Securities, a Security executed by the Company and authenticated and delivered by the Trustee to the Depositary
or pursuant to the Depositary's instruction, all in accordance with this Indenture and pursuant to a Company Order, which shall be registered in the name of the Depositary or its nominee and the
ownership of which will be registered in a "book-entry" or other system maintained by the Depositary. 

        "Government
Obligations" means securities which are (i) direct obligations of the United States of America or the other government or governments or confederation or association
of governments which issued the Foreign Currency in which the principal of or any premium or interest on such Security or any Additional Amounts in respect thereof shall be payable, in each case where
the payment or payments thereunder are supported by the full faith and credit of such government or governments or confederation or association of governments; or (ii) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of the United States of America or such other government or governments or confederation or association of governments, in each
case where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government or governments or
confederation or association of governments, and which, in the case of (i) or (ii), are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment 

4

 

of
interest on or principal of or other amount with respect to any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the
Government Obligation or the specific payment of interest on or principal of or other amount with respect to the Government Obligation evidenced by such depository receipt. 

        "Guarantee
Agreement" means the Preferred Securities Guarantee Agreement with respect to the Preferred Securities of an AXIS Capital Trust, substantially in such form as may be specified
as contemplated by Section 3.1 with respect to the Securities of any series, in each case as amended from time to time. 

        "Guarantor"
means the Company, in its capacity as guarantor with respect to the Preferred Securities. 

        "Holder,"
"Registered Holder" and "Securityholder" mean, with respect to a Security, the Person in whose name such Security is registered in the Securities Register (which terms, in the
case of a Global Security, mean the Depositary, notwithstanding that the Depositary maintains a "book-entry" or other system for identification of ownership in respect of such Global
Security). 

        The
term "include" (and other forms of such term) means "include, without limitation". 

        "Indebtedness"
means, with respect to any Person, (i) the principal of and any premium and interest and Additional Amounts on (a) indebtedness of such Person for money
borrowed or (b) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; (ii) all Capitalized Lease
Obligations of such Person; (iii) all obligations
of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations under any title retention agreement (but excluding trade accounts
payable arising in the ordinary course of business); (iv) all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker's acceptance or similar credit
transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in (i) through (iii) above) entered into in the ordinary
course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day following
receipt by such Person of a demand for reimbursement following payment on the letter of credit); (v) all obligations of the type referred to in clauses (i) through (iv) of other
Persons and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable as obligor, guarantor or otherwise, the amount thereof being deemed to be the
lesser of the stated recourse, if limited, and the amount of the obligation or dividends of the other Person; (vi) all obligations of the type referred to in clauses (i) through
(v) of other Persons secured by any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the
lesser of the value of such property or assets or the amount of the obligation so secured; and (vii) any amendments, modifications, refundings, renewals or extensions of any indebtedness or
obligation described as Indebtedness in clauses (i) through (vi) above. 

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

        The
term "interest" means, with respect to any Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity and, when
used with respect to a Security which provides for the payment of Additional Amounts pursuant to Section 4.4, includes such Additional Amounts. 

5

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

        "Investment
Company Event" means, in respect of a AXIS Capital Trust, such AXIS Capital Trust shall have received an Opinion of Counsel from a nationally recognized independent counsel
experienced in practice under the Investment Company Act to the effect that, as a result of the occurrence of a change in law or regulation or a written change in interpretation or application of law
or regulation by any legislative body, court, governmental agency or regulatory authority (a "Change in 1940 Act Law"), there is a more than an insubstantial risk that such AXIS Capital Trust is or
will be considered an Investment Company that is required to be registered under the Investment Company Act, which Change in 1940 Act Law becomes effective on or after the date of the issuance of the
Preferred Securities of such AXIS Capital Trust. 

        "Judgment
Currency" has the meaning specified in Section 15.12. 

        "Lien"
means any mortgage, pledge, lien, security interest or other encumbrance. 

        "Majority
in liquidation preference of the Securities" means, except as provided by the Trust Indenture Act, Holders, voting separately as a class, representing more than 50% of the
stated liquidation preference (including the stated amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the date upon which the voting
percentages are determined) of all Preferred Securities. 

        "Maturity"
means, with respect to any Security, the date on which the principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or
by acceleration, call for redemption or otherwise. 

        "New
York Banking Day" has the meaning specified in Section 15.12. 

        "1940
Act" means the Investment Company Act of 1940, as amended from time to time, or any successor legislation. 

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

        "Officer's
Certificate" means a certificate signed by an Officer and delivered to the Trustee, except as otherwise specifically set forth herein. 

        "Opinion
of Counsel" means an opinion in writing signed by legal counsel who may be an employee of or counsel to the Company. 

        "Original
Issue Discount Security" means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration with
respect thereto pursuant to Section 6.1. 

        "Outstanding"
(subject to Section 8.4) means, with reference to Securities as of the date of determination, all Securities authenticated and delivered under this Indenture,
except: 

        (a)   Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

        (b)   Securities,
or portions thereof, for the payment or redemption of which moneys in the necessary amount shall have been irrevocably deposited in trust with the Trustee or
with any Paying Agent (other than the Company) or shall have been set aside, segregated and held in trust by the Company for the Holders of such Securities (if the Company shall act as its own Paying
Agent) or for the payment of which Government Obligations shall have been irrevocably deposited in trust with the Trustee in accordance with ARTICLE 12; provided that, if such Securities, or 

6

 

portions
thereof, are to be redeemed prior to the Stated Maturity thereof, notice of such redemption shall have been given as herein provided, or provision satisfactory to the Trustee shall have been
made for giving such notice; 

        (c)   any
such Security with respect to which the Company has effected defeasance pursuant to the terms hereof, except to the extent provided in Section 12.2; 

        (d)   Securities
in substitution for which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant to the terms of
Section 3.7 (except with respect to any such Security as to which proof satisfactory to the Trustee and the Company is presented that such Security is held by a Person in whose hands such
Security is a legal, valid and binding obligation of the Company); and 

        (e)   any
such Security converted or exchanged as contemplated by this Indenture into securities of the Company another issuer, if the terms of such Security provide for such
conversion or exchange pursuant to Section 3.1. 

        In
determining whether Holders of the requisite principal amount of Outstanding Securities of any or all series have made or given any request, demand, authorization, direction, notice,
consent or waiver hereunder, or are present to constitute a quorum at a meeting of Holders of Securities, (i) the principal amount of an Original Issue Discount Security that shall be deemed to
be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration with respect thereto
pursuant to Section 6.1 and (ii) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor, shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such a determination or relying upon any such quorum, consent or vote, only Securities which
a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. 

        "Overdue
Rate" means, with respect to any Security of any particular series, the rate designated as such in or pursuant to the resolution of the Board of Directors or the supplemental
indenture, as the case may be, relating to such Security as contemplated by Section 3.1. 

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

        "Periodic
Offering" means an offering of Securities of a series from time to time, any or all of the specific terms of which Securities, which may be in one or more Tranches, including
the rate or rates of interest, if any, thereon, the Stated Maturity or Maturities thereof and the redemption provisions, if any, with respect thereto, are to be determined by the Company or its agents
from time to time subsequent to the initial request for authentication and delivery of such Securities by the Trustee, all as contemplated in Section 3.1. 

        "Person"
means a legal person, including any individual, corporation, estate, company, limited liability company, trust, partnership, limited liability partnership, joint venture,
association, joint stock company, trust, unincorporated association or government or any agency or political subdivision thereof, or any entity of whatever nature. 

        "Place
of Payment" means, with respect to any Security, the place or places where the principal of, and premium, if any, and interest, if any, on, such Security are payable as specified
pursuant to Section 3.1. 

        "Predecessor
Security" of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the
purposes of this definition, any Security authenticated and delivered under Section 3.7 in lieu of a lost, destroyed, 

7

 

mutilated
or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security. 

        "Preferred
Securities" has the meaning specified in the first recital of this Indenture. 

        "Preferred
Securities Guarantee" means the guarantee by AXIS Capital Holdings Limited, in its capacity as Guarantor with respect to the Preferred Securities of an AXIS Capital Trust, of
distributions on such Preferred Securities to the extent provided in the Guarantee Agreement. 

        "Institutional
Trustee," with respect to any AXIS Capital Trust, means the entity acting in the capacity of Institutional Trustee pursuant to the related Trust Agreement. 

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

        "Redemption
Price" means, with respect to any Security or portion thereof to be redeemed, the price at which it is to be redeemed pursuant to this Indenture. 

        "Registered
Holder": See "Holder". 

        "Regular
Record Date" for the interest payable on any Interest Payment Date on a Security means the date specified for that purpose pursuant to Section 3.1 or as specified in
Section 3.8. 

        "Required
Currency" has the meaning specified in Section 15.12. 

        "Responsible
Officer" any vice-president, any assistant vice-president, any assistant treasurer, any trust officer or assistant trust officer or any other officer
of the Preferred Guarantee Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of that officer's knowledge of and familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture. 

        "Securities
Act" means the Securities Act of 1933, as amended, from time to time, or any successor legislation. 

        "Securities
Register" and "Securities Registrar" have the meaning specified in Section 3.6. 

        "Security"
or "Securities" has the meaning stated in the recitals of this Indenture. 

        "Senior
Indebtedness" means Company Senior Indebtedness with respect to the Securities of such series. 

        "Special
Event" means an Investment Company Event or a Tax Event. 

        "Special
Record Date" for the payment of any defaulted interest means a date fixed pursuant to Section 3.8. 

        "Stated
Maturity" means, with respect to any Security or any installment of principal thereof or interest thereon or any Additional Amounts with respect thereto, the date specified in
such Security as the fixed date on which the principal of such Security or such installment of principal or interest is, or such Additional Amounts are, due and payable (without regard to any
provisions for redemption, prepayment, acceleration, purchase or extension). 

        "Statutory
Trust Act" means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. ss. 3801 et seq., as it may be amended from time to time, or any successor legislation. 

        "Subsidiary"
means, in respect of any Person, any Corporation, limited or general partnership or other business entity of which at the time of determination more than 50% of the voting
power of the shares of its Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is 

8

 

owned
or controlled, directly or indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person. 

        "Tax
Event" means, in respect of an AXIS Capital Trust, such AXIS Capital Trust shall have received an Opinion of Counsel, rendered by a nationally recognized independent tax counsel
experienced in such matters, to the effect that as a result of (a) any amendment to, or change (including any announced prospective change) in, the laws (or any regulations thereunder) of the
United States or any political subdivision or taxing authority therefor or therein, or (b) any amendment to, or change in, an interpretation or application of any such laws or regulations by
any legislative body, court, governmental agency or regulatory authority (including the enactment of any legislation and the publication of any judicial decision or regulatory determination on or
after the date of the issuance of the Preferred Securities of such AXIS Capital Trust), in either case on or after the date of the issuance of the Preferred Securities of such AXIS Capital Trust,
there is more than an insubstantial risk that (i) the Trust is or will be subject to United States Federal income tax with respect to interest received on the corresponding series of
Securities, or (ii) such AXIS Capital Trust is, or will be within 90 days of the date of such Opinion of Counsel, subject to more than a de
minimis amount of taxes, duties, assessments or other governmental charges. 

        "Trust
Agreement" means the Declaration of Trust substantially in the form attached hereto as Annex A, as amended by an Amended and Restated Declaration of Trust Agreement substantially
in such form as may be specified as contemplated by Section 3.1 with respect to the Securities of any series, in each case as amended from time to time. 

        "Tranche"
means a group of Securities which (a) are of the same series and (b) are identical except as to principal amount and/or date of issuance. 

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

        "Trust
Securities," with respect to any AXIS Capital Trust, means, collectively, the Common Securities and Preferred Securities issued by such AXIS Capital Trust. 

        "Trustee"
means the Person identified as "Trustee" in the first paragraph hereof and, subject to the provisions of ARTICLE 7, shall also include any successor trustee. 

        "United
States," except as otherwise provided in or pursuant to this Indenture or any Board Resolution, Company Order and Company Request or both, means the United States of America
(including the states thereof and the District of Columbia), its territories and possessions and other areas subject to its jurisdiction. 

        "United
States Alien," except as otherwise provided in or pursuant to this Indenture or any supplemental indenture, means any Person who, for United States Federal income tax purposes,
is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of
which is, for United States Federal income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust. 

        "Vice
President" means any vice president, whether or not designated by a number or a word or words added before or after the title "vice president". 

9

 

ARTICLE 2  

 SECURITY FORMS  

        Section 2.1    Forms Generally.    The Securities of each series shall be in substantially such form (not
inconsistent with this Indenture) as shall be established pursuant to Section 3.1, in each case with such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture or any indenture supplemental hereto, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as the Company
may deem appropriate and as are not contrary to the provisions of this Indenture, or as may be required to comply with any law or with any rules made pursuant thereto or with any rules of any
securities exchange or of any automated quotation system, or to conform to usage, all as determined by the officers executing such Securities, as conclusively evidenced by their execution of the
Securities. If the forms of Securities of the series are established by, or by action taken pursuant to, a Board Resolution, a copy of the Board Resolution together with an appropriate record of any
such action taken pursuant thereto, including a
copy of the approved form of Securities shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order
contemplated by Section 3.3 for the authentication and delivery of such Securities. 

        The
definitive Securities shall be prepared by the Company and shall be printed, lithographed or engraved on steel-engraved borders, or may be produced in any other manner, all as
determined by the officers executing such Securities, as conclusively evidenced by their execution of such Securities, subject to the rules of any securities exchange or automated quotation system on
which such Securities are listed or quoted and (with respect to Global Securities) to the rules of the Depositary. 

        Section 2.2    Form of Trustee's Certificate of Authentication.    The Trustee's Certificate of Authentication
on all Securities shall be in substantially the following form: 

"CERTIFICATE OF AUTHENTICATION 

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

	 	 	 
 as Trustee
	

 	
 	

By:	
 	

 
 Authorized Signatory"

        Section 2.3    Form of Trustee's Certificate of Authentication by an Authenticating Agent.    If at any time
there shall be an Authenticating Agent appointed with respect to any series of Securities, then the 

10

 

Trustee's
Certificate of Authentication by such Authenticating Agent on all Securities of each such series shall be in substantially the following form: 

"CERTIFICATE OF AUTHENTICATION 

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

	 	 	 
 as Trustee
	

 	
 	

By:	
 	

[NAME OF AUTHENTICATING AGENT], Authenticating Agent
	

 	
 	

By:	
 	

 
 Authorized Signatory"

        Section 2.4    Securities Issuable in the Form of Global Securities.    

        (a)   If
the Company shall establish pursuant to Section 3.1 that the Securities of a particular series are to be issued in whole or in part as one or more Global
Securities, then the Company shall execute, and the Trustee shall, in accordance with Section 3.3 and the Company Order deliver to the Trustee thereunder, authenticate and make available for
delivery, one or more Global Securities, each of which (i) shall represent an aggregate principal amount equal to the aggregate principal amount of the Outstanding Securities of such series to
be represented by such Global Security and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be increased or reduced to reflect exchanges,
(ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary's instruction and
(iv) if required by the Depositary, shall bear a legend reflecting the Depositary's interest in such Global Security. 

        (b)   Notwithstanding
any provision of Section 3.6, any Global Security thereof may be transferred, in whole but not in part, and in the manner provided in
Section 3.6, only to another nominee of the Depositary for such series or Tranche, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such
successor Depositary. 

        (c)   If
at any time the Depositary for Securities of a series or Tranche thereof notifies the Company that it is unwilling or unable to continue as Depositary for Securities
of such series or Tranche or if at any time the Depositary shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor
Depositary is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, this Section shall no longer be
applicable to the Securities of such series or Tranche and the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual securities of
such series or Tranche, will authenticate and make available for delivery, Securities of such series or Tranche, in authorized denominations, and in an aggregate principal amount equal to the
aggregate principal amount of the Global Security or Global Securities of such series or Tranche in exchange for such Global Security or Global Securities. 

        The
Company may at any time determine that Securities of any series or Tranche thereof shall no longer be represented by one or more Global Securities and that the provisions of this
Section shall no longer apply to the Securities of such series or Tranche. In such event the Company will execute and the Trustee, upon receipt of a Company Order for the authentication and delivery
of individual Securities of such series or Tranche, will authenticate and make available for delivery Securities of such series or Tranche, in authorized denominations, and in an aggregate principal
amount equal to the 

11

 

aggregate
principal amount of the Global Security or Global Securities of such series or Tranche in exchange for such Global Security. 

        If
specified by the Company pursuant to Section 3.1 with respect to a series of Securities or Tranche thereof, the Depositary for such series or Tranche may surrender a Global
Security for such series or Tranche in exchange in whole or in part for individual Securities of such series or Tranche on such
terms as are acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the Trustee shall authenticate and make available for delivery, without service charge, 

          (i)  to
each Person specified by such Depositary a new individual Security or Securities of the same series or Tranche, of any authorized denomination as requested by such
Person in aggregate principal amount equal to and in exchange for such Persons' beneficial interest in the Global Security; and 

         (ii)  to
such Depositary a new Global Security in a denomination equal to the difference, if any, between the principal amount of the surrendered Global Security and the
aggregate principal amount of individual Securities delivered to Holders thereof. 

        In
any exchange provided for in any of the preceding paragraphs of this Section, the Company will execute and the Trustee will authenticate and make available for delivery individual
Securities in registered form in authorized denominations. 

        Upon
the exchange of a Global Security for individual Securities, such Global Security shall be cancelled by the Trustee. Individual Securities issued in exchange for a Global Security
pursuant to this Section shall be registered in such names and in such authorized denominations as the Depositary for such Global Security shall instruct the Trustee. 

        The
Trustee shall make such Securities available for delivery to the Persons in whose names such Securities are so registered. 

ARTICLE 3  

 THE SECURITIES  

        Section 3.1    Amount Unlimited; Issuable in Series.    The aggregate principal amount of Securities which may
be authenticated and delivered under this Indenture is unlimited. The Securities of each series shall be subordinated in right of payment to all Company Senior Indebtedness with respect to such series
as provided in ARTICLE 13. 

        The
Securities may be issued from time to time in one or more series. With respect to the Securities of any particular series, there shall be established in, or pursuant to the authority
granted in, a resolution of the Board of Directors, and set forth in an Officer's Certificate, or established in one or more indentures supplemental hereto prior to the issuance of Securities of a
series: 

        (a)   the
form of the Securities of the series; 

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

        (c)   any
limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Company or exchange for Securities of another issuer pursuant to its terms, or
pursuant to or as contemplated by the terms of such Securities); 

        (d)   the
date or dates on which the Securities of the series may be issued; 

12

 

        (e)   the
date or dates, which may be serial, on which the principal of, and premium, if any, on, the Securities of the series are payable; 

        (f)    the
rate or rates, or the method of determination thereof, at which the Securities of the series shall bear interest, if any, the rate or rates and the extent to which
Additional Interest, if any, shall be payable in respect of such Securities, the date or dates, if any, from which such interest shall accrue or the method or methods, if any, by which such date or
dates are to be determined, the Interest Payment Dates, if any, on which such interest shall be payable on a cash basis and the Regular Record Date, if any, for the interest payable on Registered
Securities on any Interest Payment Date, the right, pursuant to Section 3.13 hereof or as otherwise set forth therein, of the Company to defer or extend an interest payment period and the
duration of any such Extension Period, including the maximum consecutive period during which interest payment periods may be extended, whether and under what circumstances Additional Amounts on such
Securities or any of them shall be payable, any Overdue Rate (including the rate or rates at which overdue principal shall bear interest, if different from the rate or rates at which such Securities
shall bear interest prior to Maturity, and, if applicable, the rate or rates at which overdue premium or interest shall bear interest, if any); any formula or other method or other means by which any
such rate or rates shall be determined, by reference to an index or other fact or event ascertainable outside this Indenture or otherwise; the date or dates from which such interest shall accrue the
method or methods, if any, by which such date or dates are to be determined, the Interest
Payment Dates on which such interest shall be payable and the Regular Record Date, if other than as set forth in Section 3.8, for the determination of Holders to whom interest is payable,
whether and under what circumstances Additional Amounts on such Securities or any of them shall be payable, the notice, if any, to Holders regarding the determination of interest on a floating rate
Security, and the manner of giving such notice, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months; 

        (g)   the
place or places where the principal of, and premium, if any, and interest on or Additional Amounts, if any, with respect to such Securities of the series shall be
payable (if other than as provided in Section 4.2); 

        (h)   the
provisions, if any, establishing the price or prices at which, the date or dates on which, the period or periods within which and the terms and conditions upon which
Securities of the series may be redeemed, in whole or in part, at the option of the Company, pursuant to any sinking fund or otherwise; 

        (i)    the
obligation, if any, of the Company to redeem, purchase or repay Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a
Holder thereof and the price or prices at which, the date or dates on which, and the period or periods within which, and the terms and conditions upon which, Securities of the series shall be
redeemed, purchased or repaid, in whole or in part, pursuant to such obligation and any provisions for the remarketing of such Securities so redeemed or purchased; 

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

        (k)   whether
the Securities of the series will be convertible into other securities of the Company and/or exchangeable for securities of another issuer, and, if so, the terms
and conditions upon which such Securities will be so convertible or exchangeable, and any deletions from or modifications or additions to this Indenture to permit or to facilitate the issuance of such
convertible or exchangeable Securities or the administration thereof; 

        (l)    whether
the Securities of the series are to be issued as Original Issue Discount Securities and, if so, the amount of the discount with respect thereto; 

13

 

        (m)  if
other than the principal amount thereof, the portion of the principal amount of the Securities of the series which shall be payable upon declaration of acceleration
with respect thereto pursuant to Section 6.1 or payable in bankruptcy pursuant to Section 6.2; 

        (n)   the
relative degree, if any, to which Securities of such series shall be senior to or be subordinated to other series of Securities in respect thereof or other
Indebtedness of the Company in right of payment, whether such other series of Securities or other Indebtedness is outstanding or not; 

        (o)   any
Events of Default or restrictive covenants provided for with respect to the Securities of the series, if other than as set forth in Section 6.1, ARTICLE 4 and
ARTICLE 11; 

        (p)   in
case the Securities of the series do not bear interest, the applicable dates for the purpose of Section 3.8; 

        (q)   whether
either or both of Section 12.2(b) relating to defeasance or Section 12.2(c) relating to covenant defeasance shall not be applicable to the
Securities of such series, or any covenants in addition to those specified in Section 12.2(c) relating to the Securities of such series which shall be subject to covenant defeasance, and any
deletions from, or modifications or additions to, the provisions of ARTICLE 12 in respect of the Securities of such series; 

        (r)   any
trustees, paying agents, transfer agents or registrars with respect to the Securities of the series; 

        (s)   whether
the Securities of the series are issuable in whole or in part as one or more Global Securities and, in such case, the identity of the Depositary for such Global
Security or Global Securities; 

        (t)    the
extent to which, or the manner in which, any interest payment or Additional Amounts on a Global Security on an Interest Payment Date will be paid and the manner in
which any principal or premium, if any, on any Global Security will be paid; 

        (u)   any
restrictions on transfer with respect to the Securities of the series and any legend reflecting such restrictions to be placed on such Securities; 

        (v)   the
form or forms of the Trust Agreement (if different from the form attached hereto as Annex A), Amended and Restated Trust Agreement and Guarantee Agreement; 

        (w)  if
the amount of payment of principal of, and premium, if any, or interest on or Additional Amounts, if any, with respect to such Securities of the series may be
determined with reference to an index, formula or other method, and, if so, the terms and conditions upon which and the manner in which such amounts shall be determined; 

        (x)   any
exceptions to Section 15.9 or in the definition of "Business Day" with respect to the Securities of the series; 

        (y)   if
other than U.S. dollars, the Foreign Currency in which the Securities of such series shall be denominated and in which payments or principal of, and any premium or
interest on or Additional Amounts with respect to, such Securities shall or may be payable; 

        (z)   if
the principal of, any premium or interest on or any Additional Amounts with respect to any of such Securities are to be payable, at the election of the Company or a
Holder thereof or otherwise, in Dollars or in a Foreign Currency other than that in which such Securities are stated to be payable, the date or dates on which, the period or periods within which, and
the other terms and conditions upon which, such election may be made, and the time and manner of determining the exchange rate between the Currency in which such Securities are stated to be payable
and the Currency in which such Securities or any of them are to be paid pursuant to such election, and any 

14

 

deletions
from or modifications of or additions to the terms of this Indenture to provide for or to facilitate the issuance of Securities denominated or payable, at the election of the Company or a
Holder thereof or otherwise, in a Foreign Currency; and 

        (aa) any
other terms of the series and any other modifications or additions to this Indenture in respect of such Securities (which terms shall not be contrary to the
provisions of this Indenture). 

        With
respect to Securities of a series subject to a Periodic Offering, such resolution of the Board of Directors or indenture supplemental hereto may provide general terms or parameters
and may provide that the specific terms of particular Securities, and the Persons authorized to determine such terms or parameters, may be determined in accordance with or pursuant to the Company
Order referred to in Section 3.1. 

        All
Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in, or pursuant to the authority granted in, such
resolution of the Board of Directors or in any such indenture supplemental hereto. 

        Anything
herein to the contrary notwithstanding, the Trustee shall be under no obligation to authenticate and deliver Securities of any series the terms of which, established as
contemplated by this Section, would affect the rights, duties, obligations, liabilities or immunities of the Trustee under this Indenture. 

        Section 3.2    Form and Denominations.    In the absence of any specification pursuant to Section 3.1
with respect to the Securities of any series, the Securities of such series shall be issuable in fully registered form, without coupons, in denominations of $1,000 and any integral multiple thereof. 

        Section 3.3    Authentication, Dating and Delivery of Securities.    At any time and from time to time after
the original execution and delivery of this Indenture, the Company may deliver Securities of any series, executed by the Company, to the Trustee for authentication. Except as otherwise provided in
this Article, the Trustee shall thereupon authenticate and make available for delivery, or cause to be authenticated and delivered, said Securities to or upon a Company Order, without any further
action by the Company; provided, however, that the Trustee shall authenticate and make available for delivery Securities of such series for original issue from time to time in the aggregate principal
amount established for such series pursuant to such procedures, acceptable to the Trustee and to such recipients, as may be specified from time to time by a Company Order. The maturity dates, original
issue dates, interest rates and any other terms of the Securities of such series shall be determined by or pursuant to such Company Order and procedures. If provided for in such procedures, such
Company Order may authorize authentication and delivery pursuant to oral instructions from the Company or its duly authorized agent, which instructions shall be promptly confirmed in writing. 

        In
authenticating such Securities and accepting the responsibilities under this Indenture in relation to such Securities, the Trustee shall be provided with, prior to the initial
authentication of such Securities, and (subject to Section 7.1) shall be fully protected in relying upon: 

        (a)   a
Board Resolution relating thereto; 

        (b)   an
Officer's Certificate or an executed supplemental indenture setting forth the terms of such Securities as provided in Section 3.1; 

        (c)   an
Officer's Certificate, which shall state that all conditions precedent provided for in this Indenture relating to the issuance of such Securities have been complied
with, that no Event of Default with respect to any series of Securities has occurred and is continuing and that the issuance of such Securities does not constitute and will not result in
(i) any Event of Default or any event or condition, which, upon the giving of notice or the lapse of time or both, would become an Event of Default or (ii) any default under the
provisions of any other instrument or agreement by which the Company is bound; and 

15

 

        (d)   an
Opinion of Counsel, which shall state: 

          (i)  that
the form and the terms of such Securities have been duly authorized by the Company and have been established in conformity with the provisions of this Indenture; 

         (ii)  that
such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and binding obligations of the Company enforceable in accordance with their terms, except to the extent enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, arrangement, fraudulent conveyance, fraudulent transfer and other similar laws affecting the enforcement of creditors' rights generally and by general
principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law); 

        (iii)  that
no consent, approval, authorization, order, registration or qualification of or with any court or any governmental agency or body having jurisdiction over the
Company is required for the execution and delivery of such Securities by the Company, except such as have been obtained (and except that no opinion need be expressed as to state securities or "blue
sky" laws); and 

        (iv)  all
applicable laws and requirements in respect of the execution and delivery by the Company of such Securities have been complied with. 

        Notwithstanding
the provisions of Section 3.1 and of the immediately preceding paragraph, with respect to Securities of a series subject to a Periodic Offering, the Trustee shall
be provided with the Officer's Certificate otherwise required pursuant to Section 3.3(c) and the Opinion of Counsel required by this Section 3.3(d) only once at or prior to the time of
the first authentication and delivery of such Securities (provided that such Opinion of Counsel addresses the authentication and delivery of all such Securities) and that, in lieu of the opinions
described in clauses (ii) and (iii) above, Counsel may opine that: 

        (x)   when
the terms of such Securities shall have been established pursuant to a Company Order or Orders or pursuant to such procedures as may be specified from time to time
by a Company Order or Orders, all as contemplated by and in accordance with the instrument or instruments delivered pursuant to clause (i) above, such terms will have been duly authorized by
the Company and will have been established in conformity with the provisions of this Indenture; and 

        (y)   when
such Securities shall have been authenticated and delivered by the Trustee in accordance with this Indenture and the Company Order or Orders or the specified
procedures referred to in paragraph (x) above and issued and delivered by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, such Securities will
constitute valid obligations of the Company enforceable in accordance with their terms except to the extent enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting the enforcement of creditors rights generally and by the effect of general principles of equity (regardless of whether enforceability is considered in a
proceeding in equity or at law). 

        With
respect to Securities of a series subject to a Periodic Offering, the Trustee may conclusively rely, as to the authorization by the Company of any of such Securities, the forms and
terms thereof, the validity thereof and the compliance of the authentication and delivery thereof with the terms and conditions of this Indenture, upon the Opinion or Opinions of Counsel, the
Officer's Certificate and the certificates and other documents delivered pursuant to this Section 3.3 at or prior to the time of the first authentication and delivery of Securities of such
series until any of such opinions, certificates or other documents have been superseded or revoked or expire by their terms; provided, however, that 

16

 

any
request by the Company to the Trustee to authenticate and deliver Securities of such series shall constitute a representation and warranty by the Company that as of the date of such request the
statements made in the most recent Officer's Certificate delivered pursuant to Section 3.3(c) are true and correct as if made on and as of the date thereof. 

        The
Trustee shall have the right to decline to authenticate and make available for delivery any Securities under this Section if the Trustee, being advised by counsel, determines that
such action would expose the Trustee to personal liability. 

        Each
Security shall be dated the date of its authentication, except as otherwise provided pursuant to Section 3.1 with respect to the series of which such Security is a part and
except that any substitute Security under Section 3.7 shall be dated so that neither gain nor loss in interest shall result from any mutilation, destruction, loss or theft of the relevant
Predecessor Security. 

        Section 3.4    Execution of Securities.    The Securities shall be signed in the name of and on behalf of the
Company by both (a) its chairman or deputy chairman or president or any vice president and (b) its
treasurer, any assistant treasurer, its secretary or any assistant secretary, which may, but need not, be attested. Such signatures may be the manual or facsimile signatures of such officers.
Typographical and other minor errors or defects in any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. 

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

        Section 3.5    Certificate of Authentication.    No Security shall be entitled to the benefits of this
Indenture or be valid or obligatory for any purpose, unless there appears on such Security a certificate of authentication substantially in the form hereinbefore recited, executed by or on behalf of
the Trustee by manual signature. Such certificate by or on behalf of the Trustee upon any Security executed by the Company shall be conclusive evidence that the Security so authenticated has been duly
authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture. 

        Section 3.6    Registration, Registration of Transfer and Exchange.    Subject to the conditions set forth
below (and subject, with respect to Global Securities, to Section 2.4), Securities of any series may be exchanged for a like aggregate principal amount of Securities of the same series and
having the same terms but in other authorized denominations. Securities to be exchanged shall be surrendered at the offices or agencies to be maintained for such purposes as provided in
Section 4.2, and the Company shall execute and the Trustee or any Authenticating Agent shall authenticate and make available for delivery in exchange therefor the Security or Securities which
the Holder making the exchange shall be entitled to receive. 

        The
Company shall keep or cause to be kept, at one of said offices or agencies maintained pursuant to Section 4.2, a register for each series of Securities issued hereunder
(hereinafter collectively referred to as the "Securities Register") in which, subject to such reasonable regulations as it may prescribe, the Company shall, subject to the provisions of
Section 2.4, provide for the registration of Securities of such series and shall register the transfer of Securities of such series as in this Article provided. The Securities Register shall be
in written form or in any other form capable of being converted into written form within a reasonable time. The Trustee is hereby appointed as the initial "Securities Registrar" for the purpose of
registering Securities and registering transfers of Securities as 

17

 

herein
provided. Subject to the provisions of Section 2.4, upon surrender for registration of transfer of any Security of any series at any such office or agency, the Company shall execute and
the Trustee or any Authenticating Agent shall authenticate and make available for delivery in the name of transferee or transferees a new Security or Securities of the same series for an equal
aggregate principal amount. 

        The
Company shall have the right to remove and replace from time to time the Security Registrar for any series of Securities; provided that no such removal or replacement shall be
effective until a successor Security Registrar with respect to such series of Securities shall have been appointed by the Company and shall have accepted such appointment by the Company. In the event
that the Trustee shall not be or shall cease to be Security Registrar with respect to a series of Securities, it shall have the right to examine the Security Register for such series at all reasonable
times. There shall be only one Security Register for each series of Securities. 

        All
Securities presented for registration of transfer or for exchange, redemption or payment shall (if so required by the Company or the Securities Registrar) be duly endorsed by, or be
accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder thereof or his attorney duly authorized in
writing. 

        Each
Security issued upon registration of transfer or exchange of Securities pursuant to this Section shall be the valid obligation of the Company, evidencing the same indebtedness and
entitled to the same benefits under this Indenture as the Security or Securities surrendered upon registration of such transfer or exchange. 

        No
service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.10, Section 10.6 or Section 16.3
not involving any transfer. 

        The
Company shall not be required (a) to issue, exchange or register the transfer of any Securities of any series during a period beginning at the opening of business
15 days before the day of the mailing of a notice of redemption of Securities of such series and ending at the close of business on the day of
such mailing, or (b) to exchange or register the transfer of any Securities selected, called or being called for redemption except, in the case of any Security to be redeemed in part, the
portion thereof not to be redeemed. 

        Section 3.7    Mutilated, Destroyed, Lost and Stolen Securities.    In case any temporary or definitive
Security shall become mutilated (whether by defacement or otherwise) or be destroyed, lost or stolen, and in the absence of notice to the Company or the Trustee that such Security has been acquired by
a bona fide purchaser, the Company shall, except as otherwise provided in this Section, execute, and upon a Company Request, the Trustee shall authenticate and make available for delivery, a new
Security of the same series, tenor and principal amount, bearing a number, letter or other distinguishing symbol not contemporaneously outstanding, in exchange and substitution for the mutilated
Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and to the Trustee and
any agent of the Company or the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also
furnish to the Company and the Trustee and any agent of the Company or the Trustee evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof. 

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

18

 

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

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

        Section 3.8    Payment of Interest and Certain Additional Amounts; Interest Rights and Certain Additional Amounts
Preserved.    The Holder of any Securities at the close of business on the Regular Record Date with respect to any Interest Payment Date shall be entitled to receive
the interest, if any, and any Additional Amounts payable on such Interest Payment Date notwithstanding the cancellation of such Securities upon any registration of transfer or exchange subsequent to
the Regular Record Date and prior to such Interest Payment Date, and, if provided for in the Board Resolution or supplemental indenture pursuant to Section 3.1, in the case of a Security issued
between a Regular Record Date and the initial Interest Payment Date relating to such Regular Record Date, interest for the period beginning on the date of issue and ending on such initial Interest
Payment Date shall be paid to the Person to whom such Security shall have been originally issued. Except as otherwise specified as contemplated by Section 3.1, for Securities of a particular
series the term "Regular Record Date" as used in this Section with respect to any Interest Payment Date shall mean the close of business on the last day of the calendar month preceding such Interest
Payment Date if such Interest Payment Date is the fifteenth day of a calendar month and shall mean the close of business on the fifteenth day of the calendar month preceding such Interest Payment Date
if such Interest Payment Date is the first day of a calendar month, whether or not such day shall be a Business Day. At the option of the Company, payment of interest on any Security may be made by
check mailed to the address of the Person entitled thereto (which shall be the Depositary in the case of Global Securities) as such address shall appear in the Securities Register. 

        If
and to the extent the Company shall default in the payment of the interest due or any Additional Amounts on such Interest Payment Date in respect of any Securities, such defaulted
interest shall be paid by the Company at its election in each case, as provided in clause (a) or (b) below: 

        (a)   The
Company may make payment of any defaulted interest to the Holder of Securities at the close of business on a Special Record Date established by notice given by mail,
by or on behalf of the Company, to such Holder not less than 15 days preceding such Special Record Date, such Special Record Date to be not less than 10 days preceding the date for
payment of such defaulted interest. 

19

  

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

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

        Section 3.9    Cancellation of Securities; Destruction Thereof.    All Securities surrendered for payment,
redemption, registration of transfer or exchange, or for credit against any payment in respect of a sinking or analogous fund, shall, if surrendered to the Company or any Paying Agent or any
Securities Registrar, be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly
permitted by any of the provisions of this Indenture. All cancelled Securities held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures, unless by a company
order the Company directs their return to it. If the Company shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by
such Securities unless and until the same are delivered to the Trustee for cancellation. 

        Section 3.10    Temporary Securities.    Pending the preparation by the Company of definitive Securities of any
series, the Company may execute and the Trustee shall authenticate and make available for delivery in the manner provided in Section 3.3, temporary Securities for such series (printed,
lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the Trustee). Temporary Securities of any series shall be issuable in any authorized denomination, and
substantially in the form of the definitive Securities of such series in lieu of which they are issued but with such omissions, insertions and variations as may be appropriate for temporary
securities, all as may be determined by the Company with the concurrence of the Trustee. Temporary Securities may contain such reference to any provisions of this Indenture as may be appropriate.
Every temporary Security shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive
Securities. Without unreasonable delay the Company shall execute and shall furnish definitive Securities of such series and thereupon temporary Securities of such series may be surrendered in exchange
therefor without charge at the Corporate Trust Office of the Trustee, and the Trustee shall authenticate and make available for delivery in exchange for such temporary Securities an equal aggregate
principal amount of definitive Securities of the same series. Such exchange shall be made by the Company at its own expense and without any charge therefor except that in case of any such exchange
involving any registration of transfer the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. Until so exchanged,
the temporary Securities of any series shall in
all respects be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder. 

        Section 3.11    Computation of Interest.    Except as otherwise specified as contemplated by Section 3.1
for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 

        Section 3.12    CUSIP Numbers.    The Company in issuing the Securities may use "CUSIP" numbers (if then
generally in use), and, if so, the Trustee shall use "CUSIP" numbers in notices of redemption as a convenience to Holders as set forth in Section 16.2. The Company shall notify the Trustee in
writing of any change in "CUSIP" numbers. 

        Section 3.13    Extension of Interest Payment Period.    If specified as contemplated by Section 3.1
with respect to the Securities of a particular series and subject to the terms, conditions and covenants, 

20

 

if
any, so specified, the Company shall have the right, at any time and from time to time during the term of such series, to defer the payment of interest on such Securities for such period or periods
as may be specified as contemplated by Section 3.1 (each, an "Extension Period"), during which Extension Periods the Company shall have the right to make no payments or partial payments of
interest on any Interest Payment Date. No Extension Period shall end on a day other than an Interest Payment Date. At the end of any such Extension Period, the Company shall pay all interest then
accrued and unpaid on the Securities (together with Additional Interest thereon, if any, at the rate specified for the Securities of such series to the extent permitted by applicable law). Prior to
the termination of any such Extension Period, the Company may further extend the interest payment period, provided that no Extension Period shall exceed the period or periods specified in such
Securities or extend beyond the Stated Maturity of the principal of such Securities. Upon termination of any Extension Period and upon the payment of all accrued and unpaid interest and any Additional
Interest then due on any Interest Payment Date, the Company may elect to begin a new Extension Period, subject to the above requirements. No interest shall be due and payable during an Extension
Period, except at the end thereof. 

        The
Company shall give the Holders of the Securities of such series and the Trustee written notice of its election to begin any such Extension Period at least one Business Day prior to
the Interest Payment Date or, with respect to the Securities of a series issued to an AXIS Capital Trust, prior to the earlier of (i) the date the Distributions on the Preferred Securities of
such AXIS Capital Trust are payable or (ii) the date the trustees of such AXIS Capital Trust are required to give notice to any securities exchange or other applicable
self-regulatory organization or to holders of such Preferred Securities of the record date or the date such Distributions are payable, but in any event not less than one Business Day prior
to such record date. 

        The
Trustee shall promptly give notice of the Company's election to begin any such Extension Period to the Holders of the outstanding Securities of such series. 

        Section 3.14    Right of Set-Off.    With respect to the Securities of a series issued to an AXIS
Capital Trust, notwithstanding anything to the contrary in this Indenture, the Company shall have the right to set-off any payment it is otherwise required to make thereunder in respect of
any such Security to the extent the Company, as applicable, has theretofore made, or is concurrently on the date of such payment making, a payment under the Preferred Securities Guarantee relating to
such Security or under Section 6.7 hereof, as applicable. 

        Section 3.15    Agreed Tax Treatment.    Each Security issued hereunder shall provide that the Company and, by
its acceptance of a Security or a beneficial interest therein, the Holder of, and any Person that acquires a beneficial interest in, such Security agree that for United States Federal, state and local
tax purposes it is intended that such Security constitute indebtedness. 

        Section 3.16    Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange.    If specified
as contemplated by Section 3.1 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal of the
Securities of such series upon the liquidation of the applicable AXIS Capital Trust and the exchange of such Securities for the Preferred Securities of such AXIS Capital Trust, or (b) extend
the Stated Maturity of the principal of the Securities of such series; provided that, at the time any election to extend such Stated Maturity is made and at the time of such extension, (i) the
Company is not in bankruptcy, otherwise insolvent or in liquidation, (ii) the Company is not in default in the payment of any interest or principal or Additional Amounts on the Securities of
such series and no deferred interest payments thereon have accrued, (iii) the applicable AXIS Capital Trust is not in arrears on payments of Distributions on its Preferred Securities and no
deferred Distributions thereon have accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor's Ratings Services or Baa3 by Moody's
Investors Service, Inc. or the equivalent by any other nationally recognized statistical 

21

 

rating
organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable AXIS Capital Trust;
provided, further, that, if the Company exercises its right to liquidate the applicable AXIS Capital Trust and exchange the Securities of such series for the Preferred Securities of such AXIS Capital
Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial
issue date of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after
the initial issue date of the Preferred Securities of the applicable AXIS Capital Trust. 

ARTICLE 4  

 COVENANTS OF THE COMPANY  

        The Company covenants and agrees for the benefit of each series of Securities (except to the extent that any series of Securities is excluded from the benefits of
any of such covenants pursuant to Section 3.1(o)) that on and after the date of original execution of this Indenture and so long as any of the Securities of such series remain Outstanding: 

        Section 4.1    Payment of Securities.    The Company will duly and punctually pay or cause to be paid the
principal of any premium and interest (including any Additional Interest) on, and any Additional Amounts with respect to the Securities of such series at the place or places, at the respective times
and in the manner provided in such Securities and in the Indenture. 

        Section 4.2    Offices or Agency.    The Company will maintain in the Borough of Manhattan, The City of New
York, New York, an office or agency where such Securities may be presented or surrendered for payment, where such Securities may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of such Securities and this Indenture may be served, which office or agency shall initially be the Corporate Trust Office of the Trustee or, if
the Corporate Trust Office of the Trustee is not located in the Borough of Manhattan, The City of New York, such office or agency shall be the principal corporate trust office of the Authenticating
Agent designated pursuant to Section 7.14 hereof. The Company will give prompt written notice to the Trustee of any change in the location of any such office or agency. If at any time the
Company shall fail to maintain such required office or agency or shall fail to furnish the Trustee with the required information with respect thereto, presentations, surrenders, notices and demands in
respect of Securities may be made or served at the Corporate Trust Office of the Trustee and the corporate trust office of any Authenticating Agent appointed hereunder; and the Company hereby appoints
the Trustee and any Authenticating Agent appointed hereunder its agents to receive all such presentations, surrenders, notices and demands. 

        The
Company may also from time to time designate one or more other offices or agencies (in or outside The City of New York) where the Securities of one or more series, or any Tranche
thereof may be presented or surrendered for any or all of such purposes, and may from time to time rescind such designation; provided, however, that no such designation or rescission shall in any
manner relieve the Company of its obligation to maintain for such purposes an office or agency in the Borough of Manhattan, The City of New York. The Company will promptly notify the Trustee of any
such designation or rescission thereof. 

        Unless
otherwise specified with respect to any Securities pursuant to Section 3.1, if and so long as the Securities of any series (i) are denominated in a Foreign Currency
or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture, then the Company will maintain with respect to each such series of
Securities, or as so required, at least one exchange rate agent. 

22

 

        Section 4.3    Money for Securities Payments to Be Held in Trust.    If the Company shall at any time act as
its own Paying Agent with respect to any series of Securities, it shall, on or before each due date of the principal of, any premium or interest (including any Additional Interest) on or Additional
Amounts with respect to any of the Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the currency or currencies, currency unit or units or
composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 3.1 for the Securities of such series) sufficient to pay
the principal or any premium, interest (including any Additional Interest) or Additional Amounts so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein
provided, and shall promptly notify the Trustee in writing of its action or failure so to act. 

        Whenever
the Company shall have one or more Paying Agents for any series of Securities, it shall, on or prior to each due date of the principal of, any premium or interest (including any
Additional Interest) on or any Additional Amounts with respect to any Securities of such series, deposit with any Paying Agent a sum (in the currency or currencies, currency unit or units or composite
currency or currencies described in the preceding paragraph) sufficient to pay the principal and any premium, interest (including any Additional Interest) or Additional Amounts so becoming due, such
sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of its action or failure
so to act. 

        The
Company shall cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree
with the Trustee, subject to the provisions of this Section, that such Paying Agent shall: 

        (a)   hold
all sums held by it for the payment of the principal of, any premium or interest (including any Additional Interest) on or any Additional Amounts with respect to
Securities of such series or Tranche in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this
Indenture; 

        (b)   give
the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in the making of any payment of principal of, any premium
or interest (including any Additional Interest) on or any Additional Amounts with respect to the Securities of such series; and 

        (c)   At
any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying
Agent. 

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

        Anything
in this Section to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 12.3,
Section 12.4 and Section 12.5. 

        Section 4.4    Additional Amounts.    If any Securities of a series provide for the payment of Additional
Amounts, the Company agrees to pay to the Holder of any such Security Additional Amounts as provided in or pursuant to this Indenture or such Securities. 

        Whenever
in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or the net
proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided by the terms of such series
established hereby or 

23

 

pursuant
hereto to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional
Amounts (if applicable) in any provision hereof shall not be construed as excluding the payment of Additional Amounts in those provisions hereof where such express mention is not made. 

        Except
as otherwise provided in or pursuant to this Indenture or the Securities of the applicable series, if the Securities of agencies provide for the payment of Additional Amounts, at
least 10 days prior to the first Interest Payment Date with respect to such series of Securities (or if the Securities of such series shall not bear interest prior to Maturity, the first day on
which a payment of principal is made), and at least 10 days prior to each date of payment of principal or interest if there has been any change with respect to the matters set forth in the
below-mentioned Officer's Certificate, the Company shall furnish to the Trustee and the principal Paying Agent or Paying Agents, if other than the Trustee, an Officer's Certificate instructing the
Trustee and such Paying Agent or Paying Agents whether such payment of principal of and premium or interest, if any, on the Securities of such series shall be made to Holders of Securities of such
series who are United States Aliens without withholding for or on account of any tax assessment or other governmental charge described in the Securities of such series. If any such withholding shall
be required, then such Officer's Certificate shall specify by country the
amount, if any, required to be withheld on such payments to such Holders of Securities and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of
such Securities. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or
bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officer's Certificate furnished pursuant to this Section 4.4. 

        Section 4.5    Redemption for Tax Purposes.    The Company may redeem the Securities at its option, in whole
but not in part, at a Redemption Price equal to 100% of the principal amount, together with accrued and unpaid interest and Additional Amounts, if any, to the date fixed for redemption, at any time it
receives an opinion of counsel that as a result of (i) any change in or amendment to the laws or treaties (or any regulations or rulings promulgated under these laws or treaties) of Bermuda or
any taxing jurisdiction (or of any political subdivision or taxation authority affecting taxation) or any change in the application or official interpretation of such laws, regulations or rulings, or
(ii) any action taken by a taxing authority of Bermuda or any taxing jurisdiction (or any political subdivision or taxing authority affecting taxation) which action is generally applied or is
taken with respect to the Company, or (iii) a decision rendered by a court of competent jurisdiction in Bermuda or any taxing jurisdiction (or any political subdivision) whether or not such
decision was rendered with respect to the Company, there is a substantial probability that the Company will be required as of the next Interest Payment Date to pay Additional Amounts with respect to
the Securities as provided in Section 4.4 and such requirements cannot be avoided by the use of reasonable measures (consistent with practices and interpretations generally followed or in
effect at the time such measures could be taken) then available. If the Company elects to redeem the Securities under this provision it will give written notice of such election to the Trustee. If the
Company elects to redeem the Securities under this provision it will also mail a notice of redemption at least 30 days but no more than 60 days before the Redemption Date to each Holder
of the Securities to be redeemed. Unless the Company defaults in the payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities or portions
thereof called for redemption. Any such redemption will be subject to ARTICLE 16 hereof. 

        Section 4.6    Corporate Existence.    Subject to ARTICLE 11, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect its legal existence and rights (charter and statutory) and franchises; provided, however, that the foregoing shall not obligate the
Company to preserve any such right or franchise if the Company shall determine that the preservation thereof is no longer desirable in the conduct of its business and that the loss thereof is not
disadvantageous in any material respect to any Holder. 

24

 

        Section 4.7    Waiver of Certain Covenants.    The Company may omit in any particular instance to comply with
any term, provision or condition set forth in Section 3.1(o) and Article IV with respect to the Securities of any series if before the time for such compliance the Holders of at least a
majority in principal amount of the Outstanding Securities of such series, by act of such Holders, either shall waive such compliance in such instance or generally shall have waived compliance with
such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the
Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

        Section 4.8    Certificates to Trustee.    The Company will deliver to the Trustee, within 120 days
after the end of each fiscal year of the Company ending after the date hereof, a certificate, signed by the principal executive officer, principal financial officer or principal accounting officer,
stating whether or not to the best knowledge of the signer thereof the Company is in default (without regard to periods of grace or requirements of notice) in the performance and observance of any of
the terms, provisions and conditions hereof, and if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge. 

        The
Company shall deliver to the Trustee, within five days after becoming aware of the occurrence thereof, written notice of any Event of Default or any event which after notice or lapse
of time or both would become an Event of Default. 

        Section 4.9    Calculation of Original Issue Discount.    The Company shall deliver to the Trustee promptly at
the end of each calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on any Outstanding Original Issue
Discount Securities as of the end of such year and (ii) such other specific information relating to such original issue discount as may then be relevant under the Code, as amended from time to
time. 

        Section 4.10    Additional Sums.    In the case of Securities of a series issued to an AXIS Capital Trust,
except as otherwise specified as contemplated by Section 3.1, in the event that (i) such AXIS Capital Trust is the Holder of all of the Outstanding Securities of such series,
(ii) a Tax Event in respect of such AXIS Capital Trust shall have occurred and be continuing and (iii) the Company shall not have (i) redeemed the Securities of such series
pursuant to Section 16.4 or (ii) terminated such AXIS Capital Trust pursuant to Article VIII of the related Trust Agreement, the Company shall pay to such AXIS Capital Trust (and
its permitted successors or assigns under the related Trust Agreement), for so long as such AXIS Capital Trust (or its permitted successor or assignee) is the registered holder of any Securities of
such series, such additional amounts as may be necessary in order that the amount of Distributions then due and payable by such AXIS Capital Trust on the related Preferred Securities and Common
Securities that at any time remain outstanding in accordance with the terms thereof shall not be reduced as a result of any Additional Taxes (the "Additional Sums"). Whenever in this Indenture there
is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or any Coupon or the net proceeds received on the sale or
exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional Sums provided by the terms of such series established hereby or pursuant hereto to
the extent that, in such context, Additional Sums are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Sums (if applicable) in any
provision hereof shall not be construed as excluding Additional Sums in those provisions hereof where such express mention is not made, provided, however, that the extension of an interest payment
period pursuant to Section 3.13 or the terms of the applicable Securities shall not extend the payment of any Additional Sums that may be due and payable during such interest payment period. 

        Section 4.11    Payment of Expenses of Each AXIS Capital Trust.    The Company covenants for the benefit of the
Holders of each series of Securities to pay or cause to be paid all of the obligations, 

25

 

costs
and expenses of each AXIS Capital Trust (other than payments in respect of Trust Securities) in accordance with the provisions of its Trust Agreement and to pay the taxes of such AXIS Capital
Trust in accordance with the provisions of its Trust Agreement in order to permit such AXIS Capital Trust to make distributions on and redemptions of its Preferred Securities in accordance with such
Trust Agreement. 

        Section 4.12    Ownership of Common Securities.    The Company covenants, as to each series of Securities
issued to an AXIS Capital Trust in connection with the issuance of Preferred Securities and Common Securities by that AXIS Capital Trust, (a) to maintain directly or indirectly 100% ownership
of the Common Securities of such AXIS Capital Trust; provided, however, that any permitted successor of the Company hereunder may succeed to the Company's ownership of such Common Securities,
(b) not to voluntarily dissolve, wind-up or liquidate such AXIS Capital Trust, except in connection with (i) a distribution of the Securities of such series to the holders of
Preferred Securities and Common Securities in liquidation of such AXIS Capital Trust, (ii) the redemption of all of the Preferred Securities and Common Securities of such AXIS Capital Trust or
(iii) certain mergers, consolidations or amalgamations, each as permitted by the Trust Agreement of such AXIS Capital Trust and (c) to use its reasonable efforts, consistent with the
terms and provisions of the related Trust Agreement, to cause such AXIS Capital Trust to remain classified as a grantor trust and not an association taxable as a corporation for United States federal
income tax purposes. 

ARTICLE 5  

 SECURITYHOLDER LISTS AND

REPORTS BY THE COMPANY AND THE TRUSTEE  

        Section 5.1    Company to Furnish Trustee Information as to Names and Addresses of Securityholders.    If and
so long as the Trustee shall not be the Security registrar for the Securities of any series, the Company and any other obligor on the Securities will furnish or cause to be furnished to the Trustee a
list in such form as the Trustee may reasonably require of the names and addresses of the Holders of the Registered Securities of such series pursuant to Section 312 of the Trust Indenture Act
(1) semi-annually not more than 5 days after each record date for the payment of interest on such Registered Securities, as hereinabove specified, as of such record date and
on dates to be determined pursuant to Section 2.3 for non-interest bearing Registered Securities in each year, and (2) at such other times as the Trustee may request in
writing, within thirty days after receipt by the Company of any such request as of a date not more than 15 days prior to the time such information is furnished. 

        Section 5.2    Preservation and Disclosure of Securityholder Lists.    

        (a)   The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the
Trustee as provided in Section 4.1 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar or paying agent. The Trustee may destroy any list
furnished to it as provided in Section 4.1 upon receipt of a new list so furnished. 

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

        (c)   Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of any of
them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with Sections 4.1 and 4.2(2), regardless of the source
from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 4.2(2). 

26

 

        Section 5.3    Reports by the Company.    The Company shall provide to the Trustee, within 15 days after
it files such annual and quarterly reports, information, documents and other reports with the Commission, copies of its annual report and of the information, documents and other reports (or copies of
such portions of any of the foregoing as the Commission may by rules and regulations prescribe) which the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the
Exchange Act. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee's receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the Company's compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officer's Certificates). The Trustee shall be under no obligation to analyze or make any credit decisions with respect to reports or other information received by it pursuant to this
section, but shall hold such reports and other information solely for the benefit of, and review by, the security holders. 

        Section 5.4    Reports by the Trustee.    

        (a)   Within
60 days after May 15 in each year following the date of original execution of this Indenture, so long as any Securities are Outstanding hereunder,
the Trustee shall transmit by mail (with a copy to the Company) to the Securityholders of such series in the manner and to extent provided in Trust Indenture Act Section 313(c), a brief report,
as provided by the Trust Indenture Act Sections 313(a) and (b). 

        (b)   A
copy of each such report shall, at the time of such transmission to the Securityholders of any series, be furnished to the Company and be filed by the Trustee with
each securities exchange upon which the Securities of such series are listed and also with the Commission. The Company agrees to notify the Trustee promptly when and as the Securities of any series
become admitted to trading on any national securities exchange. 

ARTICLE 6  

 REMEDIES OF THE TRUSTEE AND

SECURITYHOLDERS ON EVENT OF DEFAULT  

        Section 6.1    Event of Default Defined; Acceleration of Maturity; Waiver of Default.    "Event of Default",
with respect to the Securities of any series, wherever used herein, means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default
and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body), unless it is either inapplicable to a particular series or it is specifically deleted or modified in the applicable resolution of the Board of Directors or in the supplemental
indenture under which such series of Securities is issued, as the case may be, as contemplated by Section 3.1: 

        (a)   default
in the payment of any interest on any of the Securities of such series, as and when the same shall become due and payable, and continuance of such default for a
period of 30 days and the time for payment of such interest has not been extended; provided, however that if the Company is permitted by the terms of the Securities of the applicable series to
defer the payment in question, the date on which such payment is due and payable shall be the date on which the Company is required to make payment following such deferral, if such deferral has been
elected pursuant to the terms of the Securities of that series (subject to any deferral of any due date in the case of an Extension Period); or 

        (b)   default
in the payment of the principal of or premium, if any, on any of the Securities of such series as, or any Additional Amounts payable with respect thereto, and
when the same shall become due and payable at Maturity, and the time for payment of such principal (or premium, if 

27

 

any),
or any Additional Amounts payable with respect thereto, has not been extended; provided, however, that if the Company is permitted by the terms of the Securities of the applicable series to
defer the payment in question, the date on which such payment is due and payable shall be the date on which the Company is required to make payment following such deferral, if such deferral has been
elected pursuant to the terms of the Securities of that series; or 

        (c)   default
in the performance or breach of any other covenant or warranty of the Company in respect of the Securities of such series (other than a covenant or warranty in
respect of the Securities of such series a default in whose performance or observance is elsewhere in this Section specifically dealt with), and continuance of such default for a period of
90 days after there has been given, by registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 33% in principal amount of the
Outstanding Securities of all series affected thereby or, if that series of Securities is held by an AXIS Capital Trust, the holders of at least 33% in liquidation amount of the Preferred Securities
of that AXIS Capital Trust then outstanding, a written notice specifying such default and requiring it to be remedied and stating that such notice is a "Notice of Default" hereunder; or 

        (d)   default
in the payment at Maturity of Indebtedness of the Company in excess of $100,000,000 or if any event of default as defined in any mortgage, indenture or
instrument under which there may be issued, or by which there may be secured or evidenced, any Indebtedness of the Company (other than Indebtedness which is non-recourse to the Company)
shall happen and shall result in the acceleration of more than $100,000,000 in principal amount of such Indebtedness (after giving effect to any applicable grace period) and such default shall not be
cured or waived or such acceleration shall not be rescinded or annulled within a period of 30 days after there shall have been given, by registered or certified mail, to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 33% in principal amount of the Outstanding Securities of such series or, if that series of Securities is held by an AXIS Capital
Trust, the holders of at least 33% in liquidation amount of the Preferred Securities of that AXIS Capital Trust then outstanding, a written notice specifying such default or event of default and
requiring the Company to cause such default to be cured or waived or to cause such acceleration to be rescinded or annulled or to cause such Indebtedness to be discharged and stating that such notice
is a "Notice of Default" hereunder; or 

        (e)   default
in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; or 

        (f)    a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or, under any such law, (i) appointing a receiver, liquidator, assignee, custodian,
trustee or sequestrator (or similar official) of the Company or for any substantial part of its property or (ii) ordering the winding up or liquidation of its affairs, and such decree or order
shall remain unstayed and in effect for a period of 120 consecutive days; or 

        (g)   the
Company shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or, under any such law,
(i) consent to the entry of an order for relief in an involuntary case under any such law, (ii) consent to the appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee or sequestrator (or similar official) of the Company or for any substantial part of its property, or (iii) make any general assignment for the benefit of creditors; or 

        (h)   in
the event Securities of a series are issued and sold to an AXIS Capital Trust or a trustee of such trust in connection with the issuance of Preferred Securities by
such AXIS Capital Trust, such AXIS Capital Trust shall have voluntarily or involuntarily dissolved, wound-up its business or otherwise terminated its existence except in connection with
(i) the distribution of 

28

 

Securities
to holders of Preferred Securities in liquidation or redemption of their interests in such AXIS Capital Trust upon a Tax Event with respect to such AXIS Capital Trust, (ii) the
redemption of all of the outstanding Preferred Securities of such AXIS Capital Trust or (iii) certain mergers, consolidations or amalgamations, each as permitted by the Declaration of such AXIS
Capital Trust; or 

        (i)    any
other Event of Default established by or pursuant to a resolution of the Board of Directors or one or more indentures supplemental hereto as applicable to the
Securities of such series. 

        If
an Event of Default described in clause (a), (b), (c), (d), (e), (h) or (i) above occurs and is continuing with respect to Securities of any series at the time
Outstanding, the Trustee or the Holders of not less than 33% in aggregate principal amount of the Securities of such series then Outstanding, by notice in writing to the Company (and to the Trustee if
given by Securityholders), may declare the entire principal (or, if the Securities of such series are Original Issue Discount Securities, such portion of the principal as may be specified in the terms
of such series) of all Securities of such series and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become immediately due and
payable; provided that, in the case of Securities of a series issued to an AXIS Capital Trust, if, upon an Event of Default, the Trustee or the Holders of not less than 33% in principal amount of the
Outstanding Securities of such series fail to declare the principal of all the Securities of such series to be immediately due and payable, the holders of at least 33% in liquidation amount of the
Preferred Securities of such AXIS Capital Trust then outstanding shall have such right by a notice in writing to the Company, the Trustee and the Institutional Trustee; and upon any such declaration
such principal or such lesser amount and all accrued and unpaid interest (including any Additional Interest) thereon shall become immediately due and payable, provided that the payment of principal
and interest and all other amounts due with respect to such Securities shall remain subordinated to the extent provided in ARTICLE 13. 

        If
any Event of Default described in clause (f) or (g) above occurs and is continuing, all unpaid principal of the Securities then Outstanding of that series and the
interest accrued thereon (including any Additional Interest), if any, shall ipso facto become and be immediately due and payable without declaration, presentment, demand or notice of any kind by the
Trustee or any Holder of Securities of that series. 

        The
foregoing provisions, however, are subject to the condition that if, at any time after a declaration of acceleration with respect to the Securities of any series has been made and
before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, (1) the Company shall pay or shall deposit with the Trustee a sum
sufficient to pay all matured installments of interest, if any, and any Additional Amounts with respect to all the Securities of such series (or upon all the Securities, as the case may be) and the
principal of and premium (including any Additional Interest), if any, on any and all Securities of such series (or of all the Securities, as the case may be) which shall have become due otherwise than
by acceleration (with interest upon such principal and premium, if any, and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest or
Additional Amounts, at the Overdue Rate applicable to such series to the date of such payment or deposit) and all amounts payable to the Trustee pursuant to the provisions of Section 7.6, and
such amount as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the
Trustee except as a result of negligence or bad faith, if any, and (2) all Events of Default under the Indenture, other than the nonpayment of the principal of and accrued interest on and any
Additional Amounts with respect to Securities of such series which shall have become due by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then and in every such
case the Holders of a majority in aggregate principal amount of the Securities of such series (each series voting as a separate class), or of all the 

29

 

Securities
(voting as a single class), as the case may be, then Outstanding (subject to, in the case of any series of Securities held as assets of an AXIS Capital Trust, such consent of the holders of
the Preferred Securities and the Common Securities of such AXIS Capital Trust as may be required under the Trust Agreement of such AXIS Capital Trust), by written notice to the Company and to the
Trustee, may waive all defaults with respect to that series (or with respect to all the Securities, as the case may be) and rescind and annul such acceleration and its consequences, but no such waiver
or rescission and annulment shall extend to or shall affect any subsequent default or shall impair any right consequent thereon. 

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

        In
the case of Securities of a series issued to an AXIS Capital Trust, should the Holders of such Securities fail to rescind and annul such declaration and its consequences, the holders
of a Majority in liquidation preference of the Preferred Securities of such AXIS Capital Trust then outstanding shall have such right by written notice to the Company, the Trustee and the
Institutional Trustee, subject to satisfaction of the conditions set forth in clauses (1) and (2) above of this Section 6.1. 

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

        Section 6.2    Collection of Indebtedness by Trustee; Trustee May Prove Debt.    The Company covenants that
(a) in case default shall be made in the payment of any installment of interest (including any Additional Interest) on or any Additional Amounts with respect to any of the Securities of any
series when such interest shall have become due and payable, and such default shall have continued for a period of 30 days or (b) in case default shall be made in the payment of all or
any part of the principal of or any premium, if any, on any Securities of any series or any Additional Amounts with respect thereto when the same shall have become due and payable, whether upon Stated
Maturity of the Securities of such series or upon any redemption or by acceleration or otherwise, or (c) in case default shall be made in the deposit of any sinking fund payment, when and as
due by the terms of a Security of any series, then upon demand of the Trustee for such series, the Company will pay to the Trustee for the benefit of the Holder of any such Security the whole amount
that then shall have become due and payable on any such Security for the principal, premium, if any, and interest (including any Additional Interest), if any, with interest upon the overdue principal
and premium, if any, and, so far as payment of the same is enforceable under applicable law and, if the Securities are held by an AXIS Capital Trust, without duplication of any other amounts paid to
such AXIS Capital Trust in respect thereof, on overdue installments of interest and Additional Amounts, at the Overdue Rate applicable to any such Security; and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection, and any further amounts payable to the Trustee, its agents and counsel pursuant to the provisions of Section 7.6. 

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

30

 

        The
Trustee shall be entitled and empowered, either in its own name as trustee of an express trust, or as attorney-in-fact for the Holders of any of the
Securities, or in both such capacities, to file such proof of debt, amendment of proof of debt, claim, petition or other document as may be necessary or advisable in order to have the claims of the
Trustee and of the
Holders of Securities allowed in any equity receivership, insolvency, bankruptcy, liquidation, readjustment, reorganization or other similar proceedings, or any judicial proceedings, relative to the
Company or any other obligor on the Securities or its creditors or its property. The Trustee is hereby irrevocably appointed (and the successive respective Holders of the Securities, by taking and
holding the same, shall be conclusively deemed to have so appointed the Trustee) the true and lawful attorney-in-fact of the respective Holders of the Securities, with
authority to make or file in the respective names of the Holders of the Securities any proof of debt, amendment of proof of debt, claim, petition or other document in any such proceedings and to
receive payment of any sums becoming distributable on account thereof, and to execute any other papers and documents and do and perform any and all acts and things for and on behalf of such Holders of
the Securities as may be necessary or advisable in the opinion of the Trustee in order to have the respective claims of the Holders of the Securities against the Company or any other obligor on the
Securities and/or its property allowed in any such proceedings, and to receive payment of or on account of such claims; provided, however, that nothing herein contained shall be deemed to authorize or
empower the Trustee to consent to or accept or adopt, on behalf of any Holder of Securities, any plan of reorganization or readjustment of the Company or any other obligor on the Securities or, by
other action of any character in any such proceeding, to waive or change in any way any right of any Holder of any Security, even though it may otherwise be entitled so to do under any present or
future law, all such power or authorization being hereby expressly denied. 

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

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

        Section 6.3    Application of Proceeds.    Any moneys collected by the Trustee pursuant to this Article in
respect of any series of the Securities, together with any other sums held by the Trustee (as such) hereunder (other than sums held in trust for the benefit of the Holders of particular Securities),
shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal, or any premium, interest (including any
Additional Interest) or Additional Amounts, upon presentation of the several Securities in respect of which moneys have been collected and stamping (or otherwise noting) thereon the payment, or
issuing Securities of such series in reduced principal amounts in exchange for the presented Securities of like series if only partially paid, or upon surrender thereof if fully paid: 

        FIRST:
To the payment of costs and expenses applicable to such series in respect of which moneys have been collected, including reasonable compensation to the Trustee and each
predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, and all advances made,
by the Trustee and each predecessor Trustee except as a result of negligence or bad faith, and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section 7.6; 

31

  

        SECOND:
In case the principal of the Securities of such series in respect of which moneys have been collected shall not have become and be then due and payable, to the payment of
interest (including any Additional Interest) and any Additional Amounts on the Securities of such series in default in the order of the maturity of the installments of such interest, with interest (to
the extent that such interest has been collected by the Trustee), so far as it may be enforceable under applicable law, upon the overdue installments of interest and any Additional Amounts at the
Overdue Rate applicable to such series, such payments to be made ratably to the Persons entitled thereto, without discrimination or preference; 

        THIRD:
In case the principal of the Securities of such series in respect of which moneys have been collected shall have become and shall be then due and payable, to the payment of the
whole amount then owing and unpaid upon all the Securities of such series for principal and premium, if any, and interest, if any, and any Additional Amounts, with interest upon the overdue principal
and premium, if any, and (to the extent that such interest has been collected by the Trustee), so far as payment of the same is enforceable under applicable law, upon overdue installments of interest
and any Additional Amounts, if any, at the Overdue Rate applicable to such series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities
of such series, then to the payment of such principal, premium, if any, and interest, if any, and any Additional Amounts, without preference or priority of principal and premium, if any, over interest
or any Additional Amounts, or of interest or any Additional Amounts, if any, over principal and premium, if any, or of any installment of interest over any other installment of interest, or of any
Security of such series over any other Security of such series, ratably to the aggregate of such principal, premium, if any, and accrued and unpaid interest, if any; and 

        FOURTH:
To the payment of the remainder, if any, to the Company or as a court of competent jurisdiction may direct in writing. 

        Section 6.4    Suits for Enforcement.    In case an Event of Default with respect to Securities of any series
has occurred, has not been waived and is continuing, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings
as the Trustee shall deem necessary to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by
law. 

        Section 6.5    Restoration of Rights on Abandonment of Proceedings.    In case the Trustee or any Holder shall
have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee or
such Holder, then and in every such case (subject to the binding effect of any determination made in such proceedings) the Company and the Trustee and each of the Holders shall be restored severally
and respectively to their former positions and rights hereunder, and (subject as aforesaid) all rights, remedies and powers of the Company, the Trustee and the Holders shall continue as though no such
proceedings had been instituted. 

        Section 6.6    Limitations on Suits by Securityholders.    No Holder of any Security of any series shall have
any right by virtue or by availing of any provision of this Indenture to institute an action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this
Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, unless such Holder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, and unless also the Holders of not less than 33% in aggregate principal amount of the Securities
of such series then Outstanding shall have made written request upon the Trustee to institute such action or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such
reasonable indemnity as 

32

 

it
may require against the costs, expenses and liabilities to be incurred therein or thereby and the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall
have failed to institute any such action or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 6.9; it being understood
and intended, and being expressly covenanted by the taker and Holder of every Security with every other taker and Holder of any Security and with the Trustee, that no one or more Holders of Securities
of any series shall have any right in any manner whatever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder of Securities, or
to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and
common benefit of all Holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Holder of Securities of any series and the Trustee
shall be entitled to such relief as can be given either at law or in equity. 

        Section 6.7    Unconditional Right of Securityholders to Institute Certain Suits.    Nothing contained in this
Indenture or in the Securities of any series shall affect or impair the obligation of the Company, which is unconditional and absolute, to pay the principal of, and premium, if any, and interest
(including any Additional Interest), if any, on, and any Additional Amounts with respect to, the Securities of such series at the respective places, at the respective times, at the respective rates,
in the respective amounts and in the coin or currency therein and herein prescribed, or affect or impair the right of action, which is also absolute and unconditional, of any Holder of any Security to
institute suit to enforce such payment at the respective due dates expressed in such Security, or upon redemption, by declaration, repayment or otherwise as herein provided without reference to, or
the consent of, the Trustee or the Holder of any other Security, unless such Holder consents thereto or unless and to the extent that the institution or prosecution. 

        In
the case of Securities of a series issued to an AXIS Capital Trust, any holder of Preferred Securities issued by such AXIS Capital Trust shall have the right, upon the occurrence of
an Event of Default
described in Section 6.1(a) or 6.1(b) hereof, to institute directly a proceeding against the Company for enforcement of payment to such holder of principal of, and any premium and (subject to
Sections 3.6, 3.8 and 3.13) interest (including any Additional Interest) on, and Additional Amounts with respect to, such Securities having a principal amount equal to the liquidation amount of such
Preferred Securities held by such holder (a "Direct Action"). 

        Notwithstanding
any payments made to a holder of Preferred Securities by the Company in connection with a Direct Action, the Company shall remain obligated to pay the principal of and
premium, if any, or interest on and Additional Amounts, if any, with respect to the related Securities, and the Company shall be subrogated to the rights of the holder of such Preferred Securities
with respect to payments on the Preferred Securities to the extent of any payments made by the Company to such holder in any Direct Action. 

        Section 6.8    Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default.    Except as provided
in Section 6.6, no right or remedy herein conferred upon or reserved to the Trustee or to the Holder of any Security or to the holders of Preferred Securities is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 

        No
delay or omission of the Trustee or of any Holder of any Security or of the holders of Preferred Securities of any series to exercise any right or power accruing upon any Event of
Default occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to
Section 6.6, every 

33

 

power
and remedy given by this Indenture or by law to the Trustee or to the Holder of any Security or to the holders of Preferred Securities may be exercised from time to time, and as often as shall
be deemed expedient, by the Trustee or by the Holder of such Security or by such holders of Preferred Securities. 

        Section 6.9    Control by Holders of Securities.    The Holders of a majority in aggregate principal amount of
the Securities of each series affected (with each series voting as a separate class) at the time Outstanding shall have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Securities of such series by this Indenture; provided that such direction shall not
be otherwise than in accordance with law and the provisions of this Indenture, and provided, further, that (subject to the provisions of Section 7.1) the Trustee shall have the right to decline
to follow any such direction if the Trustee, being advised by counsel, shall determine that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by a trust
committee of directors or Responsible Officers of the Trustee shall determine that the action or proceedings so directed would expose the Trustee to personal liability or if the Trustee in good faith
shall so determine that the
actions or forebearances specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all series so affected not joining in the giving of
said direction, it being understood that (subject to Section 7.1) the Trustee shall have no duty to ascertain whether or not such actions or forebearances are unduly prejudicial to such
Holders. 

        As
between the Trustee and the Holders of the Securities, nothing in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the
Trustee and which is not inconsistent with such direction or directions by Securityholders. 

        Section 6.10    Waiver of Past Defaults.    The Holders of not less than a majority in principal amount of the
Outstanding Securities of any series on behalf of the Holders of all the Securities of such series and, in the case of any Securities issued to an AXIS Capital Trust, the holders of not less than a
Majority in liquidation preference of the Preferred Securities issued by such AXIS Capital Trust then outstanding, may waive any past default hereunder with respect to such series and its
consequences, except a default: 

        (1)   in
the payment of the principal of, any premium or interest (including any Additional Interest) on, or any Additional Amounts with respect to, any Security of such
series, or 

        (2)   in
respect of a covenant or provision hereof which under ARTICLE 11 cannot be modified or amended without the consent of the Holder of each Outstanding Security of such
series affected. 

        Upon
any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

        Section 6.11    Trustee to Give Notice of Default, But May Withhold in Certain Circumstances.    The Trustee
shall transmit to the Securityholders of any series, as the names and addresses of such Holders appear on the Security Register, notice by mail of all defaults known to a Responsible Officer of the
Trustee which have occurred with respect to such series, such notice to be transmitted within 90 days after the occurrence thereof, unless such defaults shall have been cured before the giving
of such notice (the term "default" or "defaults" for the purposes of this Section being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become, an
Event of Default); provided that, except in the case of default in the payment of the principal of, or premium, if any, or interest, if any, on, or any Additional Amounts with respect to, any of the
Securities of such series, the Trustee shall be protected in withholding such notice if and so long as a trust committee of 

34

 

directors
or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Securityholders of such series. 

        Section 6.12    Right of Court to Require Filing of Undertaking to Pay Costs.    The parties to this Indenture
agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees and expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any
Securityholder or group of Securityholders of any series holding in the aggregate more than 10% in aggregate principal amount of the Securities of such series Outstanding, or, in the case of any suit
relating to or arising under Section 6.1(c) or Section 6.1(i) (if the suit relates to Securities of more than one but fewer than all series), 10% in aggregate principal amount of
Securities Outstanding affected thereby, or, in the case of any suit relating to or arising under Section 6.1(c) or Section 6.1(i) (if the suit under clause (d) or
(g) relates to all the Securities then Outstanding), Section 6.1(f) or Section 6.1(g), 10% in aggregate principal amount of all Securities Outstanding, or to any suit instituted
by any Holder of Securities for the enforcement of the payment of the principal of, or premium, if any, or interest, if any, on, any Security on or after the due date expressed in such Security. 

        Section 6.13    Waiver of Usury, Stay or Extension Laws.    The Company covenants that (to the extent that it
may lawfully do so) it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at
any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company expressly waives (to the extent that it may lawfully do so) all benefit or advantage
of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted. 

        Section 6.14    Delay or Omission Not Waiver.    No delay or omission of the Trustee or of any Holder of any
Security or of any holder of Preferred Securities to exercise any right or remedy accruing upon any
Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the
Trustee or to any Holder of a Security or to any holder of Preferred Securities may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by such Holder or by such
holder of Preferred Securities, as the case may be. 

ARTICLE 7  

 CONCERNING THE TRUSTEE  

        Section 7.1    Duties and Responsibilities of the Trustee; During Default; Prior to Default.    With respect to
the Holders of any series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of that series and after the curing or waiving of
all Events of Default which may have occurred with respect to such series, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of
Default with respect to the Securities of a series has occurred (which has not been cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

35

 

        No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, its own bad faith, or its own
willful misconduct, except that: (a) prior to the occurrence of an Event of Default with respect to the Securities of such series and after the curing or waiving of all such Events of Default
with respect to such series which may have occurred: 

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

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

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

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

        (c)   the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of Securities
pursuant to Section 6.9 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee,
under this Indenture. 

        None
of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any liability in the performance of any of its duties or
in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that the repayment of such funds or adequate indemnity against such liability is not reasonably
assured to it. 

        Section 7.2    Certain Rights of the Trustee.    Subject to Section 7.1: 

        (a)   the
Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, Officer's Certificate or any other certificate,
statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, security or other paper or document (whether in original or facsimile form) believed by it to be
genuine and to have been signed or presented by the proper party or parties; 

        (b)   any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer's Certificate (unless other evidence in respect
thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the secretary or any assistant secretary of the
Company; 

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

36

 

        (d)   the
Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture at the request, order or direction of any of the
Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs,
expenses and liabilities which might be incurred therein or thereby; 

        (e)   prior
to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note,
coupon, security or other paper or document unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Securities of all series affected then
Outstanding; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the
opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require indemnity reasonably satisfactory to it against
such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such investigation shall be paid by the Company or, if paid by the Trustee or any predecessor Trustee, shall
be repaid by the Company upon demand; 

        (f)    the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys not regularly in its
employ, and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder; 

        (g)   the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit, and if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine during reasonable hours and upon
reasonable notice the books, records and premises of the Company, personally or by agent or attorney; 

        (h)   the
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless
written notice of any event
which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture; and 

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

        (j)    in
no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss
of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and 

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

37

 

        Section 7.3    Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof.
    The recitals contained herein and in the Securities, except the certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for the correctness of the same, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder
and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. The
Trustee makes no representation as to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Company of any of the
Securities or of the proceeds thereof. 

        Section 7.4    Trustee and Agents May Hold Securities; Collections, etc.    The Trustee, any Paying Agent,
Securities Registrar, Authenticating Agent or any agent of the Company or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it
would have if it were not the Trustee or such agent, and, subject to Section 7.8 and Section 7.13, if operative, may otherwise deal with the Company and receive, collect, hold and retain
collections from the Company with the same rights it would have if it were not the Trustee, Paying Agent, Securities Registrar, Authenticating Agent or such agent. 

        Section 7.5    Money Held by Trustee.    Subject to the provisions of Section 12.3, all money received
by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which it
was received, but need not be segregated from other funds except to the extent required by mandatory provisions of law. The Trustee shall have no liability for interest on money it receives and holds
in trust except as specifically provided herein. 

        Section 7.6    Compensation and Indemnification of Trustee and Its Prior Claim.    The Company covenants and
agrees to pay the Trustee from time to time, and the Trustee shall be entitled to such compensation as the Company and the Trustee may from time to time agree in writing for all services rendered by
the Trustee hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and the Company covenants and agrees to pay or
reimburse the Trustee and each predecessor trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by or on behalf of it in accordance with any of the
provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other Persons not regularly in its employ) except any such
expense, disbursement or advance as shall be attributable to its negligence, bad faith or willful misconduct. 

        The
Company also covenants to indemnify the Trustee and each predecessor trustee for, and hold it harmless against, any and all loss, liability, damage, claims or expense, including
taxes (other than taxes measured by the income of the Trustee or otherwise applicable to the Trustee for operations outside the scope of this Indenture) incurred without negligence, bad faith or
willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Indenture or the trusts hereunder and the performance of its duties hereunder, including
the reasonable costs and expenses of defending itself against or investigating any claim of liability in connection with the exercise or performance of any of its powers or duties hereunder except to
the extent that any such loss, liability, damage, claims or expense shall be attributable to the Trustee's negligence, bad faith or willful misconduct. 

        The
obligations of the Company under this Section to compensate and indemnify the Trustee and each predecessor trustee and to pay or reimburse the Trustee and each predecessor trustee
for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture and resignation or removal of the
Trustee. Such additional indebtedness shall be a lien prior to that of the Securities upon all property and funds held 

38

 

or
collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Securities. 

        The
provisions of this section shall survive the termination of this Indenture. 

        Section 7.7    Right of Trustee to Rely on Officer's Certificate, etc.    Subject to Section 7.1 and
Section 7.2, whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or
desirable that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed)
may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer's Certificate delivered to the Trustee, and such
certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this
Indenture upon the good faith thereof. 

        Section 7.8    Qualification of Trustee; Conflicting Interests.    The Trustee for the Securities of any series
issued hereunder shall be subject to the provisions of Section 310(b) of the Trust Indenture Act during the period of time provided for therein. In determining whether the Trustee has a
conflicting interest as defined in Section 310(b) of the Trust Indenture Act with respect to the Securities of any series, there shall be excluded this Indenture with respect to Securities of
any particular series of Securities other than that series. Nothing herein shall prevent the Trustee from filing with the Commission the application referred to in the penultimate paragraph of
Section 310(b) of the Trust Indenture Act. 

        Section 7.9    Persons Eligible for Appointment as Trustee.    The Trustee for each series of Securities
hereunder shall at all times be a corporation or banking association organized and doing business under the laws of the United States of America or of any State or the District of Columbia having a
combined capital and surplus of at least $50,000,000, and which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by Federal, State or
District of Columbia authority. Such corporation or banking association shall have a place of business or an affiliate with a place of business in the Borough of Manhattan, The City of New York if
there be such a corporation or association in such location willing to act upon reasonable and customary terms and conditions. If such corporation or association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation
or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. 

        The
provisions of this Section 7.9 are in furtherance of and subject to Section 310(a) of the Trust Indenture Act. 

        Section 7.10    Resignation and Removal; Appointment of Successor Trustee.    

        (a)   The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of resignation to the Company and by mailing notice thereof
by first-class mail to Holders of the Securities at their last addresses as they shall appear on the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a
successor trustee or trustees by written instrument in duplicate, executed by authority of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy
to the successor trustee or trustees. If no successor trustee shall have been so appointed and have accepted appointment within 60 days after the mailing of such notice of resignation, the
resigning Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor trustee, or any 

39

 

Securityholder
who has been a bona fide Holder of a Security or Securities for at least six months may, subject to the provisions of Section 6.12, on behalf of himself and all others similarly
situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

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

        (i)    the
Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act after written request therefor by the Company or by any
Securityholder who has been a bona fide Holder of a Security or Securities for at least six months unless the Trustee's duty to resign is stayed in accordance with the provisions of
Section 310(b) of the Trust Indenture Act; or 

        (ii)   the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.9 and shall fail to resign after written request therefor by the Company or
by any Securityholder; or the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent; or a receiver or liquidator of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 

then,
in any case, the Company may remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors of the Company, one copy of which
instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.12, any Securityholder who has been a bona fide Holder
of a Security or Securities for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

        (c)   The
Holders of a majority in aggregate principal amount of the Securities at the time Outstanding may at any time remove the Trustee and appoint a successor trustee by
delivering to the Trustee so removed, to the successor trustee so appointed and to the Company the evidence provided for in Section 8.1 of the action in that regard taken by the
Securityholders. 

        (d)   No
resignation or removal of the Trustee and no appointment of a successor trustee pursuant to any of the provisions of this Section 7.10 shall become effective
until acceptance of appointment by the successor trustee as provided in Section 7.11. 

        Section 7.11    Acceptance of Appointment by Successor Trustee.    Any successor trustee appointed as provided
in Section 7.10 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal
of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations of its
predecessor hereunder, with like effect as if originally named as trustee hereunder; but nevertheless, on the written request of the Company or of the successor trustee, upon payment of all amounts
due to the Trustee under Section 7.6, the Trustee ceasing to act shall, subject to Section 4.4, pay over to the successor trustee all moneys at the time held by it hereunder and shall
execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations. Upon request of any successor trustee, the Company shall execute any and all
instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any Trustee ceasing to act, shall, nevertheless, retain a prior lien
upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions of Section 7.6. 

        No
successor trustee shall accept appointment as provided in this Section 7.11 unless at the time of such acceptance such successor trustee shall be qualified under the provisions
of Section 7.8 and 

40

 

eligible
under the provisions of Section 7.9. Upon acceptance of appointment by any successor trustee as provided in this Section 7.11, the Company shall mail notice thereof by
first-class mail to the Holders of Securities at their last addresses as they shall appear on the Security Register. If the acceptance of appointment is substantially contemporaneous with the
resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 7.10. If the Company fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company. 

        Section 7.12    Merger, Conversion, Consolidation or Succession to Business of Trustee.    Any corporation or
national association in which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or national association resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation or national association succeeding to substantially all of the corporate trust business of the Trustee, shall be the successor
of the trustee hereunder, provided that such corporation or national association shall be qualified under the provisions of Section 7.8 and eligible under the provisions of Section 7.9,
without the execution or
filing of any paper or any further act (including the giving of any notice to Securityholders) on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case at the
time such successor to the Trustee shall succeed to the trusts created by this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may
adopt the certificate of authentication of any predecessor trustee and deliver such Securities so authenticated; and, in case at that time any of the Securities shall not have been authenticated, any
successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor trustee; and in all such cases such certificate shall have the
full force which it is anywhere in the Securities or in this Indenture provided for the certificate of authentication of the Trustee. 

        Section 7.13    Preferential Collection of Claims Against the Company    The Trustee shall comply with
Section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be
subject to Section 311(a) of the Trust Indenture Act to the extent indicated therein. 

        Section 7.14    Authenticating Agent.    So long as any Securities remain Outstanding, the Trustee may, by an
instrument in writing, appoint with the approval of the Company an authenticating agent (the "Authenticating Agent") to act as the Trustee's agent on its behalf and subject to its direction in
connection with the authentication and delivery of Securities. Securities authenticated by such Authenticating Agent shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by such Trustee. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or to the Trustee's
Certificate of Authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a Certificate of Authentication executed on
behalf of such Trustee by such Authenticating Agent. Such Authenticating Agent shall at all times be a corporation organized and doing business under the laws of the United States of America or of any
State or of the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 and subject to supervision or
examination by Federal, State or District of Columbia authority. If the Corporate Trust Office of the Trustee is not located in the Borough of Manhattan, The City of New York, the Authenticating Agent
shall have its principal office and place of business in the Borough of Manhattan, The City of New York. 

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

41

 

        Any
Authenticating Agent may at any time, and if it shall cease to be eligible shall, resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at
any time
terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time any Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 7.14, the Trustee shall upon Company Request appoint a
successor Authenticating Agent, and the Company shall provide notice of such appointment to all Holders of Securities in the manner and to the extent provided in Section 15.5. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if
originally named as Authenticating Agent herein. The Company agrees to pay or to cause to be paid to the Authenticating Agent from time to time reasonable compensation for its services. The
Authenticating Agent shall have no responsibility or liability for any action taken by it as such in good faith at the direction of the Trustee. 

ARTICLE 8  

 CONCERNING THE HOLDERS OF SECURITIES  

        Section 8.1    Action by Holders.    Whenever in this Indenture it is provided that the Holders of a specified
percentage in aggregate principal amount of the Securities of any series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking
of any other action) the fact that at the time of taking any such action the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of
instruments of similar tenor executed by Holders in Person or by agent or proxy appointed in writing, or (b) by the record of Holders voting in favor thereof at any meeting of such Holders duly
called and held in accordance with the provisions of ARTICLE 9, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Holders. The Company may (but
shall not be required to) set a record date for purposes of determining the identity of Securityholders entitled to vote or consent to any action by vote or consent authorized or permitted under this
Indenture, which record date shall be the later of 10 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee pursuant to
Section 5.1 of this Indenture prior to such solicitation. If a record date is fixed, those Persons who were Securityholders at such record date (or their duly designated proxies), and only
those Persons, shall be entitled to take such action by vote or consent or to revoke any vote or consent previously given, whether or not such Persons continue to be Holders after such record date. 

        Section 8.2    Proof of Execution of Instruments by Holders of Securities.    Subject to Section 7.1,
Section 7.2 and Section 9.5, the execution of any instrument by a Holder of a Security or his agent or proxy may be proved in any reasonable manner that the Trustee deems sufficient,
including, without limitation, in the following manner: 

        The
fact and date of the execution by any such Person of any instrument may be proved by the certificate of any notary public or other officer authorized to take acknowledgments of
deeds, that the
Person executing such instrument acknowledged to him the execution thereof, or by an affidavit or written statement of a witness to such execution. Where such execution is by an officer of a
corporation or association or a member of a partnership on behalf of such corporation, association or partnership, as the case may be, or by any other Person acting in a representative capacity, such
certificate, affidavit or written statement shall also constitute sufficient proof of his authority. 

        The
ownership of Securities shall be proved by the Securities Register or by a certificate of the Securities Registrar. 

        The
record of any Holders' meeting shall be proved in the manner provided in Section 9.6. 

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        Section 8.3    Holders to be Treated as Owners.    The Company, the Trustee and any agent of the Company or
the
Trustee may deem and treat the Person in whose name any Security shall be registered upon the Security Register as the absolute owner of such Security (notwithstanding any notation of ownership or
other writing thereon) for the purpose of receiving payment of principal of, and premium, if any, and (subject to Section 3.6 and Section 3.8) interest, if any, on, such Security, and
for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the
contrary. All such payments so made to any Holder for the time being, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable
upon such Security. 

        None
of the Company, the Trustee or any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on
account of beneficial ownership interest of a Global Security, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the foregoing,
with respect to any Global Security, nothing herein shall prevent the Company or the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by any Depositary (or its nominee), as a Holder, with respect to such Global Security or impair, as between such Depositary and owners of beneficial interests in such Global
Security, the operation of customary practices governing the exercise of the right of such Depositary (or its nominee) as holder of such Global Security. 

        Section 8.4    Securities Owned by Company Deemed Not Outstanding.    In determining whether the Holders of the
requisite aggregate principal amount of Securities of any or all series have concurred in any direction, consent or waiver under this Indenture, Securities which are owned by the Company or any other
obligor on the Securities with respect to which such determination is being made or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with
the Company or any other obligor on the Securities with respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such
determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver only Securities which a Responsible Officer of the
Trustee knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee's right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Company or any other obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall be full
protection in respect of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officer's Certificate
listing and identifying all Securities, if any, known by the Company to be owned or held by or for the account of any of the above-described Persons; and, subject to Section 7.1 and
Section 7.2, the Trustee shall be entitled to accept such Officer's Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are
Outstanding for the purpose of any such determination. 

        Section 8.5    Right of Revocation of Action Taken.    At any time prior to (but not after) the evidencing to
the Trustee, as provided in Section 8.1, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be,
specified in this Indenture in connection with such action, any Holder of a Security, the number, letter or other distinguishing symbol of which is shown by the evidence to be included in the
Securities the Holders of which have consented to such action, may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so
far as concerns such Security. Except as aforesaid, any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of such
Security and of any 

43

 

Securities
issued in exchange or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon any such Security or such other Security. Any action taken by the
Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Indenture in connection with such action shall be conclusively
binding upon the Company, the Trustee and the Holders of all the Securities affected by such action. 

ARTICLE 9  

 HOLDERS' MEETINGS  

        Section 9.1    Purposes of Meetings.    A meeting of Holders of Securities of any or all series may be called
at any time and from time to time pursuant to the provisions of this Article for any of the following purposes: 

        (a)   to
give any notice to the Company or to the Trustee for the Securities of such series, or to give any directions to the Trustee, or to consent to the waiving of any
default hereunder and its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of ARTICLE 6; 

        (b)   to
remove the Trustee and nominate a successor Trustee pursuant to the provisions of ARTICLE 7; 

        (c)   to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.2; or 

        (d)   to
take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the Securities of any one or more or all
series, as the case may be, under any other provision of this Indenture or under applicable law. 

        Section 9.2    Call of Meetings by Trustee.    The Trustee may at any time call a meeting of Holders of
Securities to take any action specified in Section 9.1, to be held at such time and at such place in the Borough of Manhattan, The City of New York, or such other Place of Payment, as the
Trustee shall determine. Notice of every meeting of the Holders of Securities, setting forth the time and the place of such meeting, and in general terms the action proposed to be taken at such
meeting, shall be given to Holders of Securities of the particular series in the manner and to the extent provided in Section 15.5. Such notice shall be given not less than 20 nor more than
90 days prior to the date fixed for the meeting. 

        Section 9.3    Call of Meetings by Company or Holders.    In case at any time the Company, pursuant to a
resolution of its Board of Directors, or the Holders of at least 10% in aggregate principal amount of the Outstanding Securities of any or all series, as the case may be, shall have requested the
Trustee to call a meeting of Holders of Securities of any or all series, as the case may be, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and
the Trustee for such series shall not have given the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and the place
in the Borough of Manhattan or other Place of Payment for such meeting and may call such meeting to take any action authorized in Section 9.1, by giving notice thereof as provided in
Section 9.2. 

        Section 9.4    Qualifications for Voting.    To be entitled to vote at any meeting of Holders a Person shall be
(a) a Holder of one or more outstanding Securities with respect to which such meeting is being held or (b) a Person appointed by an instrument in writing as proxy by such Holder. The
only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee
and its counsel and any representatives of the Company and its counsel. 

44

 

        Section 9.5    Regulations.    Notwithstanding any other provisions of this Indenture, the Trustee may make
such reasonable regulations as it may deem advisable for any meeting of Holders of the Securities in regard to proof of the holding of Securities and of the appointment of proxies, and in regard to
the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the
meeting as it shall think fit. 

        The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as
provided in Section 9.3, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a
permanent secretary of the meeting shall be elected by majority vote of the meeting. 

        Subject
to Section 8.4, at any meeting each Holder of Securities with respect to which such meeting is being held or proxy therefor shall be entitled to one vote for each $1,000
principal amount (in the case of Original Issue Discount Securities, such principal amount to be determined as provided in the definition of "Outstanding") of Securities held or represented by him;
provided, however, that no vote shall be cast or counted at any meeting in respect of any such Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding.
The chairman of the meeting shall have no right to vote other than by virtue of Securities held by him or instruments in writing aforesaid duly designating him as the Person to vote on behalf of other
Holders. At any meeting of Holders, the presence of Persons holding or representing Securities with respect to which such meeting is being held in an aggregate principal amount sufficient to take
action on the business for the transaction of which such meeting was called shall constitute a quorum, but, if less than a quorum is present, the Persons holding or representing a majority in
aggregate principal amount of such Securities represented at the meeting may adjourn such meeting with the same effect, for all intents and purposes, as though a quorum had been present. Any meeting
of Holders of Securities with respect to which a meeting was duly called pursuant to the provisions of Section 9.2 or Section 9.3 may be adjourned from time to time by Persons holding or
representing a majority in aggregate principal amount of such Securities represented at the meeting, present, whether or not constituting a quorum, and the meeting may be held as so adjourned without
further notice. 

        Section 9.6    Voting.    The vote upon any resolution submitted to any meeting of Holders of Securities with
respect to which such meeting is being held shall be by written ballots on which shall be subscribed the signatures of such Holders or of their representatives by proxy and the serial number or
numbers of the Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any
resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each
meeting of holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and
affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in Section 9.2. The record
shall show the serial numbers of the Securities voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the
meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee. 

        Any
record so signed and verified shall be conclusive evidence of the matters therein stated. 

        Section 9.7    No Delay of Rights by Reason of Meeting.    Nothing in this Article contained shall be deemed or
construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the 

45

 

exercise
of any right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the Securities of any series. 

ARTICLE 10  

 SUPPLEMENTAL INDENTURES  

        Section 10.1    Supplemental Indentures Without Consent of Securityholders.    Without the consent of any
Holders of Securities, the Company, when authorized by a resolution of its Board of Directors, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental
hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof) for one or more of the following purposes: 

        (a)   to
convey, transfer, assign, mortgage or pledge to the Trustee as security for the Securities any property or assets; 

        (b)   to
evidence the succession of another Person to the Company, or successive successions, and the assumption by the successor Person of the covenants, agreements and
obligations of the Company under this Indenture and the Securities, in each case in compliance with the Indenture; 

        (c)   to
add to the covenants of the Company such further covenants, restrictions, conditions or provisions as its Board of Directors shall consider to be for the protection
of the Holders of any series of Securities or Tranche thereof, or to surrender any right or power herein conferred upon the Company and to make the occurrence and continuance of a default in any such
additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth;
provided that in respect of any such additional covenant, restriction, condition or provision such supplemental indenture may provide for a particular period of grace after default (which period may
be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon
such an Event of Default or may limit the right of the
Holders of a majority in aggregate principal amount of the Securities of such series to waive such an Event of Default; 

        (d)   to
cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or inconsistent with any other
provision contained herein or in any supplemental indenture; or to make such other provisions in regard to matters or questions arising under this Indenture or under any supplemental indenture or, in
the case of Securities of a series issued to an AXIS Capital Trust and for so long as any of the Preferred Securities issued by such AXIS Capital Trust shall remain outstanding, the holders of such
Preferred Securities may deem necessary or desirable and which shall not materially adversely affect the interests of the Holders of any Securities; 

        (e)   to
establish the form or terms of Securities of any series as permitted by Section 3.1; 

        (f)    to
evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the Securities, pursuant to Section 7.11, or to add to
or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; and 

        (g)   otherwise
to amend or supplement any of the provisions of this Indenture or in any supplemental indenture; provided, however, that no such amendment or supplement shall
materially adversely affect the interests of the Holders of any Securities then Outstanding. 

        The
Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations, which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any 

46

 

property
thereunder, but the Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee's own rights, duties or immunities under this Indenture or
otherwise. 

        Any
supplemental indenture authorized by the provisions of this Section may be executed without the consent of the Holders of any of the Securities at the time Outstanding,
notwithstanding any of the provisions of Section 10.2. 

        Section 10.2    Supplemental Indentures With Consent of Securityholders.    With the consent (evidenced as
provided in ARTICLE 8) of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series affected by such supplemental
indenture (voting as one class) (and, in the case of any series of Securities held as assets of an AXIS Capital Trust, such consent of holders of the Preferred Securities and the Common Securities of
such AXIS Capital Trust as may be required under the Trust Agreement of such AXIS Capital Trust), the Company, when authorized by a resolution of its Board of Directors, and the Trustee may, from time
to time and at any time, enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of execution thereof) for
the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of
the Holders of the Securities of each such series; provided that no such supplemental indenture shall (a) change the Stated Maturity of the principal of, or any premium or installment of
interest (including any Additional Interest) on or any Additional Amounts with respect to, any Security of such series, or reduce the principal amount thereof (or modify the calculation of such
principal amount) or rate of interest (including any Additional Interest) thereon or any Additional Amounts with respect thereto (or modify the calculation of such rate), or any premium payable on
redemption thereof or otherwise, or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon an acceleration with respect thereto pursuant to
Section 6.1 or the amount thereof provable in bankruptcy pursuant to Section 6.2, or change the obligation of the Company to pay Additional Amounts pursuant to Section 4.4 (except
as contemplated by Section 11.1 and permitted by Section 10.1), or change the redemption provisions, or change the Place of Payment, currency in which the principal of, any premium or
interest (including any Additional Interest) on, or any Additional Amounts with respect to any security is payable, or impair or adversely affect the right of any Securityholder to institute suit for
the payment thereof or, if the Securities provide therefor, any right of repayment at the option of the Securityholder, without the consent of the Holder of each Security of such series so affected;
or (b) reduce the aforesaid percentage of the principal amount of Securities Outstanding of such series, the consent of the Holders of which is required for any such supplemental indenture or
any waiver of any obligations of the Company under this Indenture, without the consent of the Holders of each Security of such series so affected, or reduce the requirements for quorum on voting; or
(c) modify any of the provisions of this Indenture relating to the subordination of the Securities in a manner adverse to Holders of Securities. 

        Upon
the request of the Company, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the
consent of Securityholders as aforesaid and other documents, if any, required by Section 8.1, the Trustee shall join with the Company in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustee's own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter
into such supplemental indenture. 

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

47

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

        Section 10.3    Notice of Supplemental Indenture.    Promptly after the execution by the Company and the
Trustee of any supplemental indenture pursuant to the provisions of Section 10.2, the Company shall mail a notice thereof by first-class mail to the Holders of Securities of each series
affected thereby at their addresses as they shall appear on the Security Register, setting forth in general terms the substance of such supplemental indenture. Any failure of the Company to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

        Section 10.4    Effect of Supplemental Indenture.    Upon the execution of any supplemental indenture pursuant
to the provisions of this Article, this Indenture shall be and be deemed to be modified and amended in accordance therewith, but only with regard to the Securities of each series affected by such
supplemental indenture, and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Holders of any Securities of such
series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes with regard to the Securities of such series. 

        Section 10.5    Documents To Be Given to Trustee.    The Trustee, subject to the provisions of
Section 7.1 and Section 7.2, shall be provided with an Officer's Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this
Article complies with the applicable provisions of this Indenture and is authorized or permitted by this Indenture. 

        Section 10.6    Notation on Securities in Respect of Supplemental Indentures.    Securities of any series
affected by any supplemental indenture which are authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article may bear a notation in form
approved by the Company and the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the
opinion of the Company, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for
the Securities of such series then Outstanding. 

        Section 10.7    Effect on Senior Indebtedness.    No supplemental indenture shall directly or indirectly modify
or eliminate the provisions of ARTICLE 13 in any manner which might terminate or impair the subordination of the Securities of any series to Company Senior Indebtedness with respect to such
series without the prior written consent of the holders of such Company Senior Indebtedness. 

ARTICLE 11  

 CONSOLIDATION, AMALGAMATION, MERGER OR SALE  

        Section 11.1    Company May Consolidate, Etc., Only on Certain Terms.    The Company shall not consolidate or
amalgamate with or merge into any other Person (whether or not affiliated with the Company), or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to
any other Person (whether or not affiliated with the Company), and the Company shall not permit any other Person (whether or not affiliated with the Company) to consolidate or amalgamate 

48

 

with
or merge into the Company or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to the Company, unless: 

        (a)   in
case the Company shall consolidate or amalgamate with or merge into another Person or convey, transfer or lease its properties and assets as an entirety or
substantially as an entirety to any Person, the Person formed by such consolidation or amalgamation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which
leases, the properties and assets of the Company as an entirety or substantially as an entirety shall be a Corporation or limited liability company organized and existing under the laws of the United
States of America, any state thereof or the District of Columbia, Bermuda, or any other country (including under the laws of any state, province or other political subdivision thereof) which is on the
date of this Indenture a member of the Organization for Economic Cooperation and Development, and shall expressly assume, by an indenture (or indentures, if at such time there is more than one
Trustee) supplemental hereto, executed by the successor Person and delivered to the Trustee the due and punctual payment of the principal of, any premium and interest (including any Additional
Interest) on and any Additional Amounts with respect to all the Securities and the performance of every obligation in this Indenture and the Outstanding Securities on the part of the Company to be
performed or observed and shall provide for conversion or exchange rights in accordance with the provisions of the Securities of any series that are convertible or exchangeable into Common Stock or
other securities; 

        (b)   immediately
after giving effect to such transaction, no Event of Default or event which, after notice or lapse of time, or both, would become an Event of Default, shall
have occurred and be continuing; and 

        (c)   in
the case of the Securities of a series issued to an AXIS Capital Trust, such transaction is permitted under the related Trust Agreement and does not give rise to any
breach or violation of such Trust Agreement; and 

        Section 11.2    Opinion of Counsel.    Either the Company or the successor Person shall deliver to the Trustee
prior to the proposed transaction(s) covered by Section 11.1 an Officer's Certificate and an Opinion of Counsel stating that the transaction(s) and such supplemental indenture are authorized
and permitted by this Indenture and that all conditions precedent to the consummation of the transaction(s) under this Indenture have been met. 

        Section 11.3    Successor Person Substituted.    Upon any consolidation or amalgamation by the Company with or
merger of the Company into any other Person or any lease, sale, assignment, or transfer of all or substantially all of the property and assets of the Company in accordance with Section 11.1,
the successor Person formed by such consolidation or amalgamation or into which the Company is merged or the successor Person or affiliated group of Persons to which such lease, sale, assignment, or
transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person or Persons had
been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person or Persons shall be relieved of all obligations and covenants under this Indenture and the
Securities and in the event of such conveyance or transfer, except in the case of a lease, any such predecessor Person may be dissolved and liquidated. 

ARTICLE 12  

 SATISFACTION AND DISCHARGE OF INDENTURE, UNCLAIMED MONEYS  

        Section 12.1    Satisfaction and Discharge of Securities of Any Series.    The Company shall be deemed to have
satisfied and discharged this Indenture with respect to the entire indebtedness on all the Outstanding Securities of any particular series, and the Trustee, at the expense of the Company and 

49

 

upon
Company Request, shall execute proper instruments acknowledging such satisfaction and discharge, when 

        (a)   either:

        (i)    all
Outstanding Securities of such series theretofore authenticated and delivered (other than (i) any Securities of such series which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 3.7 and Outstanding Securities of such series for whose payment money has theretofore been deposited in trust or segregated
and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 12.3) have been delivered to the Trustee for cancellation; or 

        (ii)   all
Outstanding Securities of such series described in sub-clause (i) above (other than the Securities referred to in the parenthetical phrase
thereof) not theretofore delivered to the Trustee for cancellation: 

	(x)
	have
become due and payable;

	(y)
	will
become due and payable at their Stated Maturity within one year; or

	(z)
	if
redeemable at the option of the Company or pursuant to the operation of a sinking fund, are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company; and 

the
Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust an amount (except as otherwise specified pursuant to Section 3.1 for the
Securities of such series) sufficient to pay and discharge the entire indebtedness on all such Outstanding Securities of such series, not therefore delivered to the Trustee for cancellation, including
the principal of, any
premium and interest (including any Additional Interest) on, and any Additional Amounts with respect to such Securities (based upon applicable law as in effect on the date of such deposit), to the
date of such deposit (in the case of Securities which have become due and payable) or to the Maturity thereof, as the case may be; 

        (b)   the
Company has paid or caused to be paid all other sums payable with respect to the Outstanding Securities of such series including all fees due to the Trustee under
Section 7.6; 

        (c)   the
Company has delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to
the due satisfaction and discharge of this Indenture with respect to the entire indebtedness on all Outstanding Securities of any such series have been complied with; and 

        (d)   if
the Securities of such series are not to become due and payable at their Stated Maturity within one year of the date of such deposit or are not to be called for
redemption within one year of the date of such deposit under arrangements satisfactory to the Trustee as of the date of such deposit, then the Company shall have given, not later than the date of such
deposit, notice of such deposit to the Holders of the Securities of such series. 

        Upon
the satisfaction of the conditions set forth in this Section 12.1 with respect to all the Outstanding Securities of any series, the terms and conditions with respect thereto
set forth in this Indenture shall no longer be binding upon, or applicable to, the Company; provided, however, that the Company shall not be discharged from (a) any obligations under
Section 7.6 and Section 7.10 and (b) any obligations under Section 3.6, Section 3.7, Section 5.1 and Section 12.3 and (c) any obligations under
Section 4.4, with respect to the payment of any Additional Amounts, if any, (but only to the extent that the Additional Amounts payable with respect to any Outstanding Securities of such series
exceed the amount deposited in respect of such Additional Amounts pursuant to Section 12.1(a)(ii)); 

50

 

and
provided, further, that in the event a petition for relief under the Federal Bankruptcy Code or a successor statute is filed with respect to the Company within 91 days after the deposit,
this Indenture with respect to the entire indebtedness on all Securities of such series shall not be discharged, and in such event the Trustee shall return such deposited funds or obligations as it is
then holding to the Company upon Company Request. 

        Section 12.2    Defeasance and Covenant Defeasance.    

        (a)   Unless
pursuant to Section 3.1, either or both of (i) defeasance of the Securities of or within a series under clause of this Section 12.2 shall not
be applicable with respect to the Securities of such series or (ii) covenant defeasance of the Securities of or within a series under clause of this Section 12.2 shall not be applicable
with respect to the Securities of such series, then such provisions, together with the other provisions of this Section 12.2 (with such modifications thereto as may be specified pursuant to
Section 3.1 with respect to any Securities), shall be applicable to such Securities and the Company may at its option by Board Resolution, at any time, with respect to such Securities, elect to
have Section 12.2(b) or Section 12.2(c) be applied to such Outstanding Securities upon compliance with the conditions set forth below in this Section 12.2. 

        (b)   Upon
the Company's exercise of the above option applicable to this Section 12.2(b) with respect to any Securities of or within a series, the Company shall be
deemed to have been discharged from its obligations with respect to such Outstanding Securities on the date the conditions set forth in clause (d) of this Section 12.2 are satisfied
(hereinafter, "defeasance"). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by such Outstanding Securities,
and under the Guarantee in respect thereof, which shall thereafter be deemed to be "Outstanding" only for the purposes of clause (c) of this Section 12.2 and the other Sections of
this Indenture referred to in clauses (i) and (ii) below, and to have satisfied all of its other obligations under such Securities and this Indenture insofar as such Securities are
concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or
discharged hereunder: (i) the rights of Holders of such Outstanding Securities, solely from the trust fund described in clause (d) of this Section 12.2 and as more fully set forth
in such clause, payments in respect of the principal of (and premium, if any) and interest (including Additional Interest), if any, on, and Additional Amounts, if any, with respect to, such Securities
when such payments are due, and any rights of such Holder to convert such Securities into other Securities of the Company or exchange such Securities for securities of another issuer; (ii) the
obligations of the Company and the Trustee with respect to such Securities under Sections 3.6, 3.7, 4.2, 4.3 and 12.3 and with respect to the payment of Additional Amounts, if any, on such
Securities as contemplated by Section 4.4 (but only to the extent that the Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such Additional
Amounts pursuant to Section 12.2(d)(i) below), and with respect to any rights to convert such Securities into other securities of the Company or exchange such Securities for securities
of another issuer; (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder including, without limitation, the compensation, reimbursement and indemnities provided in
Section 7.6 herein; and (iv) this Section 12.2. The Company may exercise its option under this Section 12.2(b) notwithstanding the prior exercise of its option under
clause (c) of this Section 12.2 with respect to such Securities. 

        (c)   Upon
the Company's exercise of the option to have this Section 12.2(c) apply with respect to any Securities of or within a series, the Company shall be released
from its obligations in respect of any other covenant applicable to such Securities, with respect to such Outstanding Securities on and after the date the conditions set forth in clause (d) of
this Section 12.2 are satisfied (hereinafter, "covenant defeasance"), and such Securities shall thereafter be deemed to be not "Outstanding" for the purposes of any direction, waiver, consent
or declaration or Act of Holders (and the consequences of any thereof) in connection with any such covenant or obligation, but shall continue to be deemed 

51

 

"Outstanding"
for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities, the Company may omit to comply with, and shall have
no liability in respect of, any term, condition or limitation set forth in any such Section or such other covenant or obligation, whether directly or indirectly, by reason of any reference elsewhere
herein to any such Section or such other covenant or obligation or by reason of reference in any such Section or such other 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 6.1 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 clause (b) or (c) of this Section 12.2 to any Outstanding Securities of or within a series: 

        (i)    The
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 7.8 who shall
agree to comply with the provisions of this Section 12.2 applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of such Securities, (1) an amount in Dollars or in such Foreign Currency in which such Securities are then specified as payable at Stated
Maturity, or (2) Government Obligations applicable to such Securities (determined on the basis of the Currency in which such Securities are then specified as payable at Stated Maturity) which
through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment with respect to such
Securities, money in an amount, or (3) a combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee
(or other qualifying trustee) to pay and discharge, (y) the principal of (and premium, if any) and interest (including any Additional Interest), if any, on, and any Additional Amounts with
respect to such Securities (based upon applicable law as in effect on the date of such deposit), such Outstanding Securities at the Stated Maturity or Redemption Date of such principal or installment
of principal or premium or interest and (z) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities on the days on which such payments are due and
payable in accordance with the terms of this Indenture and of such Securities and, if applicable, shall have made irrevocable arrangements satisfactory to the Trustee for the redemption of any
Securities to be redeemed at the option of the Company in connection with such deposit. 

        (ii)   No
Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities shall have occurred and be
continuing on the date of such deposit (after giving effect thereto) and, with respect to defeasance only, no event described in Section 6.1(f) or (g) at any time during the period
ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 

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

        (iv)  In
the case of an election under clause (b) of this Section 12.2 for which the Place of Payment is within the United States, the Company shall have
delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from the Internal Revenue Service a letter ruling, or there has been published by the Internal Revenue
Service a Revenue Ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based
thereon such opinion shall confirm that, the 

52

 

Holders
of such Outstanding Securities will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred. 

        (v)   In
the case of an election under clause (c) of this Section 12.2 with respect to Requested Securities and for which the Place of Payment is within the
United States, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Outstanding Securities will not recognize income, gain or loss for Federal
income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
covenant defeasance had not occurred. 

        (vi)  With
respect to defeasance only, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that, after the 91st day after the date of deposit,
all money and Government Obligations (or other property as may be provided pursuant to Section 3.1) (including the proceeds thereof) deposited or caused to be deposited with the Trustee (or
other qualifying trustee) pursuant to this clause (d) to be held in trust will not be subject to recapture or avoidance as a preference in any case or proceeding (whether voluntary or
involuntary) in respect of the Company under any Federal or State bankruptcy, insolvency, reorganization or other similar law, or any decree or order for relief in respect of the Company issued in
connection therewith (for which purpose such Opinion of Counsel may assume that no Holder is an "insider"). 

        (vii) With
respect to defeasance only, the Company shall have delivered to the Trustee an Officer's Certificate as to solvency and the absence of any intent of preferring
the Holders over any other creditors of the Company. 

        (viii) The
Company shall have delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance or
covenant defeasance under clause (b) or (c) of this Section 12.2 (as the case may be) have been complied with. 

        (ix)  Notwithstanding
any other provisions of this Section 12.2(d), such defeasance or covenant defeasance shall be effected in compliance with any additional or
substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.1. 

        (e)   Unless
otherwise specified in or pursuant to this Indenture, if, after a deposit referred to in Section 12.2(d)(i) has been made, (i) the Holder of
a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.1 or the terms of such Security to receive payment in a Currency other than that in
which the deposit pursuant to Section 12.2(d)(i) has been made in respect of such Security, or (ii) a Conversion Event occurs in respect of the Foreign Currency in which the
deposit pursuant to Section 12.2(d)(i) has been made, the indebtedness represented by such Security shall be deemed to have been, and will be, fully discharged and satisfied through the
payment of the principal of (and premium, if any), and interest (including any Additional Interest), if any, on, and Additional Amounts, if any, with respect to, such Security as the same becomes due
out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited in respect of such Security into the Currency
in which such Security becomes payable as a result of such election or Conversion Event based on (x) in the case of payments made pursuant to clause (i) above, the applicable market
exchange rate for such Currency in effect on the second Business Day prior to each payment date, or (y) with respect to a Conversion Event, the applicable market exchange rate for such Foreign
Currency in effect (as nearly as feasible) at the time of the Conversion Event. 

53

 

        The
Company shall pay and indemnify the Trustee (or other qualifying trustee, collectively for purposes of this Section 12.2(d) and Section 12.3, the "Trustee") against any
tax, fee or other charge, imposed on or assessed against the Government Obligations deposited pursuant to this Section 12.2 or the principal or interest received in respect thereof other than
any such tax, fee or other charge which by law is for the account of the Holders of such Outstanding Securities. 

        Anything
in this Section 12.2 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government
Obligations (or other property and any proceeds therefrom) held by it as provided in clause (d) of this Section 12.2 which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in
accordance with this Section 12.2. 

        Section 12.3    Application of Trust Money.    All money and obligations deposited with the Trustee pursuant to
Section 12.1 or 12.2 shall be held irrevocably in trust and shall be made under the terms of an escrow trust agreement in form and substance satisfactory to the Company and the Trustee. Such
money and obligations shall be applied by the Trustee, in accordance with the provisions of the Securities, this Indenture and such escrow trust agreement, to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal of (and premium, if any) and interest (including
any Additional Interest), if any, on the Securities for the payment of which such money and obligations have been deposited with the Trustee. If Securities of any series are to be redeemed prior to
their Stated Maturity, whether pursuant to any optional redemption provisions or in accordance with any mandatory or optional sinking fund requirement, the Company shall give the required notice of
redemption or shall make such arrangements as are satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 

        Section 12.4    Repayment of Moneys Held by Paying Agent.    In connection with the satisfaction and discharge
of this Indenture with respect to Securities of any series, all moneys with respect to such series then held by any Paying Agent (and not required for such satisfaction and discharge) shall, upon
demand of the Company, be repaid to it or paid to the Trustee and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 

        Section 12.5    Return of Unclaimed Moneys Held by Trustee and Paying Agent.    Any moneys deposited with or
paid to the Trustee or any Paying Agent for the payment of the principal of, or premium, if any, or interest, if any, on, Securities of any series and which shall not be applied but shall remain
unclaimed by the Holders of Securities of such series for two years after the date upon which such payment shall have become due and payable, shall be repaid to the Company by the Trustee on demand;
and the Holder of any of such Securities entitled to receive such payment shall thereafter look only to the Company for the payment thereof; provided, however, that the Company or the Trustee, before
making any such repayment, shall at the expense of the Company cause to be published once a week for two successive weeks (in each case on any day of the week) in an Authorized Newspaper, or mail to
each Holder, or both, a notice that said moneys have not been so applied and that after a date named therein any unclaimed balance of said moneys then remaining will be returned to the Company. 

        If
the Trustee or Paying Agent is unable to apply any money in accordance with Section 12.3 by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Company's obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant
to Section 12.1 or Section 12.2 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 12.3; provided, however, that if the
Company makes any payment of interest on or principal of, or any Additional Amounts, with respect to any Security following the reinstatement 

54

 

of
its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE 13  

 SUBORDINATION OF SECURITIES  

        Section 13.1    Agreement to Subordinate.    The Company covenants and agrees, and each Holder of Securities
issued hereunder and under any indenture supplemental hereto or pursuant to a Board Resolution and Officers' Certificate ("Additional Provisions") by such Holder's acceptance thereof likewise
covenants and agrees, that all Securities shall be issued subject to the provisions of this ARTICLE 13; and each Holder of a Security, whether upon original issue or upon transfer or assignment
thereof, accepts and agrees to be bound by such provisions. 

        The
payment by the Company of the principal of, any premium and interest (including any Additional Interest) on and any Additional Amounts with respect to all Securities of each series
issued hereunder and under any Additional Provisions shall, to the extent and in the manner hereinafter set forth and subject to the provisions of the related supplemental indenture, be subordinate in
right of payment to the prior payment in full of all Company Senior Indebtedness with respect to such series, whether outstanding at the date of this Indenture or thereafter incurred. 

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

        Section 13.2    Default on Company Senior Indebtedness.    In the event and during the continuation of any
default by the Company in the payment of principal, premium, interest or any other amount due on any Company Senior Indebtedness with respect to the Securities of any series, or in the event that the
maturity of any Company Senior Indebtedness with respect to the Securities of any series has been accelerated because of a default, then, in either case, no payment shall be made by the Company with
respect to the principal (including redemption and sinking fund payments) of, any premium or interest (including any Additional Interest) on, or any Additional Amounts with respect to, the Securities
of such series or to acquire such Securities (other than pursuant to the conversion of such Securities). 

        In
the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this Section 13.2,
such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of such Company Senior Indebtedness or their respective representatives, or to the trustee
or trustees under any indenture pursuant to which any of such Company Senior Indebtedness may have been issued, as their respective interests may appear, but only to the extent that the holders of
such Company Senior Indebtedness (or their representative or representatives or a trustee) notify the Trustee in writing within 90 days of such payment of the amounts then due and owing on such
Company Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to the holders of such Company Senior Indebtedness. 

        Section 13.3    Liquidation; Dissolution; Bankruptcy.    Upon any payment by the Company or distribution of
assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon any total or partial liquidation, dissolution, winding-up, reorganization,
assignment for the benefit of creditors or marshaling of assets of the Company, whether voluntary or involuntary, or in bankruptcy, insolvency, receivership or other similar proceedings relating to
the Company or its assets, all amounts due upon all Company Senior Indebtedness with respect to the Securities of any series shall first be paid in full, or payment thereof provided for in money in
accordance with its terms, before any payment is made by the Company on account of the principal of, premium or interest (including any Additional Interest) on, or Additional Amounts with respect to,
the Securities of such series; and in any such case, any payment by the Company, or distribution of assets of the Company of 

55

 

any
kind or character, whether in cash, property or securities, to which the Holders or the Trustee (on behalf of Holders with respect to the principal of, premium or interest on or Additional Amounts
with respect to, the Securities of such Series) would be entitled to receive from the Company, except for the provisions of this ARTICLE 13, shall be paid by the Company or by any receiver, trustee in
bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders or by the Trustee under this Indenture if received by them or it, directly to the holders
of such Company Senior Indebtedness (pro rata to such holders having equal seniority on the basis of the respective amounts of such Company Senior Indebtedness held by such holders, as calculated by
the Company) or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Company Senior Indebtedness may have been
issued, as their respective interests may appear, to the extent necessary to pay such Company Senior Indebtedness in full, in money or money's worth, after giving effect to any concurrent payment or
distribution to or for the holders of such Company Senior Indebtedness, before any payment or distribution is made to the Holders of the Securities of such series or to the Trustee. 

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

        For
purposes of this ARTICLE 13, the words "cash, property or securities" shall not be deemed to include common shares of the Company as reorganized or readjusted, or securities of the
Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided in this ARTICLE 13 with respect to the
Securities of the relevant series to the payment of all Company Senior Indebtedness with respect to the Securities of such series that may at the time be outstanding, provided that (i) such
Company Senior Indebtedness is assumed by the new corporation, if any, resulting from any such reorganization or readjustment, and (ii) the rights of the holders of such Company Senior
Indebtedness are not, without the consent of such holders, altered by such reorganization or readjustment. The consolidation or amalgamation of the Company with, or the merger of the Company into,
another Person or the liquidation or dissolution of the Company following the conveyance, transfer or lease of its property as an entirety, or substantially as an entirety, to another Person upon the
terms and conditions provided for in Sections 11.1 and 11.3 of this Indenture shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 13.3 if such other Person shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Sections 11.1 and 11.3 of this Indenture. 

        Section 13.4    Subrogation.    Subject to the payment in full of all Company Senior Indebtedness with respect
to the Securities of any series, the rights of the Holders of the Securities of such series shall be subrogated to the rights of the holders of such Company Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Company applicable to such Company Senior Indebtedness until the principal of, any premium and interest (including any Additional Interest) on, and
any Additional Amounts with respect to, the Securities of such series shall be paid in full; and, for the purposes of such subrogation, no payments or distributions to the holders of such Company
Senior Indebtedness of any cash, property or securities to which the Holders or the Trustee would be 

56

 

entitled
except for the provisions of this ARTICLE 13, and no payment over pursuant to the provisions of this ARTICLE 13 to or for the benefit of the holders of such Company Senior Indebtedness by
Holders of the Securities of such series or the Trustee, shall, as between the Company, its creditors other than holders of such Company Senior Indebtedness, and the Holders of the Securities of such
series, be deemed to be a payment by the Company to or on account of such Company Senior Indebtedness. It is understood that the provisions of this ARTICLE 13 are and are intended solely for the
purposes of defining the relative rights of the Holders of the Securities of each series, on the one hand, and the holders of the Company Senior Indebtedness with respect to the Securities of such
series on the other hand. 

        Nothing
contained in this ARTICLE 13 or elsewhere in this Indenture, any Additional Provisions or in the Securities of any series is intended to or shall impair, as between the
Company, its creditors other than the holders of Company Senior Indebtedness with respect to the Securities of such series, and the Holders of the Securities of such series, the obligation of the
Company, which is absolute and unconditional, to pay to the Holders of the Securities of such series the principal of, any premium and interest (including any Additional Interest) on, and any
Additional Amounts with respect to, the Securities of such series 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 of such series and creditors of the Company, other than the holders of such Company Senior Indebtedness, nor shall anything herein or therein prevent the
Trustee or the Holder of any Security of such series from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this
ARTICLE 13 of the holders of such Company Senior Indebtedness in respect of cash, property or securities of the Company, as the case may be, received upon the exercise of any such remedy. 

        Upon
any payment or distribution of assets of the Company referred to in this Article, the Trustee, subject to the provisions of ARTICLE 7 of this Indenture, and the Holders shall be
entitled to conclusively rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding-up, liquidation or reorganization proceedings are
pending, or a certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders of the
Securities of any series, for the purposes of ascertaining the Persons entitled to participate in such distribution, the holders of Company Senior Indebtedness with respect to the Securities of such
series and other indebtedness of the Company, as the case may be, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to
this ARTICLE 13. 

        Section 13.5    Trustee to Effectuate Subordination.    Each Holder of Securities by such Holder's acceptance
thereof authorizes and directs the Trustee on such Holder's behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this ARTICLE 13 and appoints the
Trustee such Holder's attorney-in-fact for any and all such purposes. 

        Section 13.6    Notice by the Company.    The Company shall give prompt written notice to a Responsible Officer
of the Trustee of any fact known to the Company that would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities of any series pursuant to the provisions of
this ARTICLE 13. Notwithstanding the provisions of this ARTICLE 13 or any other provision of this Indenture or any Additional Provisions, the Trustee shall not be charged with knowledge
of the existence of any facts that would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities of any series pursuant to the provisions of this
ARTICLE 13, unless and until a Responsible Officer of the Trustee shall have received written notice thereof from the Company or a holder or holders of Company Senior Indebtedness with respect
to the Securities of such series or from any trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of ARTICLE 7 of this Indenture, shall be
entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice 

57

 

provided
for in this Section 13.6 at least two Business Days prior to the date upon which by the terms hereof any money may become payable for any purpose (including, without limitation, the
payment of the principal of, any premium or interest (including any Additional Interest) on, or any Additional Amounts with respect to, any Security of such series), then, anything herein contained to
the contrary notwithstanding, the Trustee shall have full power and authority to receive such money and to apply the same to the purposes for which they were received, and shall not be affected by any
notice to the contrary that may be received by it within two Business Days prior to such date. 

        The
Trustee, subject to the provisions of ARTICLE 7 of this Indenture, shall be entitled to conclusively rely on the delivery to it of a written notice by a Person representing
himself to be a holder of Company Senior Indebtedness with respect to the Securities of any series (or a trustee on behalf of such holder), to establish that such notice has been given by a holder of
such Company Senior Indebtedness or a trustee on behalf of any such holder or holders. In the event that the Trustee determines in good faith that further evidence is required with respect to the
right of any Person as a holder of such Company Senior Indebtedness to participate in any payment or distribution pursuant to this ARTICLE 13, the Trustee may request such Person to furnish
evidence to the reasonable satisfaction of the Trustee as to the amount of such Company 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 13, and, if such evidence is not furnished, the Trustee may defer any payment to such
Person pending judicial determination as to the right of such Person to receive such payment. 

        Section 13.7    Rights of the Trustee; Holders of Company Senior Indebtedness.    The Trustee in its individual
capacity shall be entitled to all the rights set forth in this ARTICLE 13 in respect of any Company Senior Indebtedness with respect to the Securities of any series at any time held by it, to
the same
extent as any other holder of such Company Senior Indebtedness, and nothing in this Indenture or any Additional Provisions shall deprive the Trustee of any of its rights as such holder. 

        With
respect to the holders of Company Senior Indebtedness with respect to the Securities of any series, the Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this ARTICLE 13, and no implied covenants or obligations with respect to the holders of such Company Senior Indebtedness shall be read into this
Indenture or any Additional Provisions against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of such Company Senior Indebtedness and, subject to the provisions
of ARTICLE 7 of this Indenture, the Trustee shall not be liable to any holder of such Company Senior Indebtedness if it shall mistakenly or otherwise pay over or deliver to Holders of the
Securities of such series, the Company or any other Person money or assets to which any holder of such Company Senior Indebtedness shall be entitled by virtue of this ARTICLE 13 or otherwise. 

        Nothing
in this ARTICLE 13 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.6. 

        Section 13.8    Trustee Not Fiduciary for Holders of Senior Indebtedness.    The Trustee shall not be deemed to
owe any fiduciary duty to the holders of Senior Indebtedness and 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 or otherwise. With respect to the holders
of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in this Article and no implied covenants or obligations
with respect to holders of Senior Indebtedness shall be read into this Indenture against the Trustee. 

        Section 13.9    Subordination May Not Be Impaired.    No right of any present or future holder of any Company
Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company, or by any act or 

58

 

failure
to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof that any such
holder may have or otherwise be charged with. Without in any way limiting the generality of the foregoing paragraph, the holders of Company Senior Indebtedness with respect to the Securities of any
series may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders of Securities of such series, without incurring responsibility to such Holders and without
impairing or releasing the subordination provided in this ARTICLE 13 or the obligations hereunder of the Holders of the Securities of such series to the holders of such Company Senior
Indebtedness, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, such Company Senior Indebtedness, or
otherwise amend or supplement in any manner such Company Senior Indebtedness or any instrument evidencing the same or any agreement under which such Company Senior Indebtedness is outstanding;
(ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing such Company Senior Indebtedness; (iii) release any Person liable in any manner
for the collection of such Company Senior Indebtedness; and (iv) exercise or refrain from exercising any rights against the Company and any other Person. 

        Section 13.10    Application by Trustee of Assets Deposited with It.    Amounts deposited in trust with the
Trustee pursuant to and in accordance with this Indenture, including without limitation pursuant to ARTICLE 12 hereof, shall be for the sole benefit of the Holders of the Securities and, to the
extent allocated for the payment of Securities, shall not be subject to the subordination provisions of this ARTICLE 13. Otherwise, any deposit of assets with the Trustee or any Paying Agent
(whether or not in trust) for the payment of any Securities shall be subject to the provisions of Sections 13.1, 13.2, and 13.3; provided that, if prior to two Business Days preceding the date
on which by the terms of this Indenture any such assets may become distributable for any purpose (including, without limitation, the payment of any amount due on any Security) the Trustee or such
Paying Agent shall not have received with respect to such assets the written notice provided for in Section 13.6, then the Trustee or such Paying Agent shall have full power and authority to
receive such assets 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 date. 

ARTICLE 14  

 MISCELLANEOUS PROVISIONS  

        Section 14.1    Incorporators, Shareholders, Officers and Directors of Company Exempt from Individual
Liability.    No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or for any claim based thereon or
otherwise in respect thereof, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such, or against any past, present or future shareholder (except in a
shareholder's corporate capacity as Guarantor), officer or director, as such, of the Company or of any successor, either directly or through the Company or any successor, under any rule of law,
statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise it being expressly understood that this Indenture and the obligations
issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, shareholders, officers or directors,
as such, of the Company, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or
in any Security or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such
rights and claims against, every such incorporator, shareholder, officer or director, as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any Security or 

59

 

implied
therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Security. 

        Section 14.2    Provisions of Indenture for the Sole Benefit of Parties and Securityholders.    Except as
otherwise expressly provided herein with respect to holders of Preferred Securities, nothing in this Indenture or in the Securities, expressed or implied, shall give or be construed to give to any
Person, other than the parties hereto and their successors, the Holders of the Securities and holders of Senior Indebtedness, any legal or equitable right, remedy or claim under this Indenture or
under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and the Holders of the Securities. 

        Section 14.3    Successors and Assigns of Company Bound by Indenture.    All the covenants, stipulations,
promises and agreements in this Indenture contained by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not. 

        Section 14.4    Holders of Preferred Securities as Third Party Beneficiaries.    The Company hereby
acknowledges that, to the extent specifically set forth herein, the holders of the Preferred Securities of an AXIS Capital Trust shall expressly be third party beneficiaries of this Indenture. The
Company further acknowledges that, if an Event of Default has occurred and is continuing and is attributable to the failure of the Company to pay the principal of or premium, if any, or interest on or
Additional Amounts with respect to the Securities of the series held by such AXIS Capital Trust, any holder of the Preferred Securities of such AXIS Capital Trust may institute a Direct Action against
the Company. 

        Section 14.5    Notices to Holders; Waiver.    Where this Indenture provides for notice to Holders of any
event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed by first-class mail, postage prepaid, to such Holders as their names and addresses
appear on the Securities Register within the time prescribed. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance on such waiver. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so
mailed to any particular Holder, shall affect the sufficiency of such notice with respect to other Holders, and any notice which is mailed in the manner herein provided shall be conclusively presumed
to have been duly given. In the case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. In case by reason of the suspension of publication of any Authorized
Newspapers or by reason of any other cause it shall be impracticable to publish any notice to Holders otherwise required or permitted under this Indenture, then such notification as shall be given
with the approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. 

        Section 14.6    Addresses for Notices.    Any notice or demand which by any provision of this Indenture is
required or permitted to be given or served by the Trustee or by the Holders of Securities of any series on the Company may be given or served by registered mail addressed (until another address is
filed by the Company with the Trustee) as follows: AXIS Capital Holdings Limited, 106 Pitts Bay Road, Pembroke HM 08, Bermuda, Attention: General Counsel. Any notice, direction,
request or demand by the Company or any Holders of Securities of any series to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if received at the
Corporate Trust Office of such Trustee. 

        Section 14.7    Officer's Certificates and Opinions of Counsel; Statements to Be Contained Therein.    Upon any
application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer's Certificate stating 

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that
all conditions precedent (including any covenants compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent (including any covenants compliance with which constitutes a condition precedent) have
been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such
particular application or demand, no additional certificate or opinion need be furnished. 

        Each
certificate or opinion provided for in this Indenture (other than annual certificates provided pursuant to Section 4.10) and delivered to the Trustee with respect to
compliance with a condition or covenant provided for in this Indenture shall include (a) a statement that the Person making such certificate or opinion has read such covenant or condition,
(b) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion of such Person, he has
made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with and (d) a statement as
to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

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

        Any
certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters, information with respect to which is in the possession of the Company, upon the
certificate, statement or opinion of or representations by an officer or officers of the Company, unless such counsel knows that the certificate, statement or opinion or representations with respect
to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate,
statement or opinion of an officer of the Company or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm
of accountants in the employ of the Company, unless such officer or counsel, as the case may be, knows that the certificate or opinion or representations with respect to the accounting matters upon
which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate or opinion of any
independent firm of public accountants filed with the Trustee shall contain a statement that such firm is independent. 

        Section 14.8    Separability Clause.    In case any provision of this Indenture or of the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

        Section 14.9    Legal Holidays.    In any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Security shall not be a Business Day in any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities, other than a provision in Securities of
any series, or any Tranche thereof, or in the indenture supplemental hereto, Board Resolution or Officer's Certificate that establishes the terms of the Securities of such series or Tranche, which
specifically states that such provision shall apply in lieu of this Section) payment of interest or principal and premium, if any, need not be made at such Place of Payment on such date, but may be
made on the next succeeding Business Day at such Place of Payment, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date or
Stated Maturity, as the case may be, to such Business Day, except that if such next succeeding Business 

61

 

Day
is in the next succeeding calendar year, such payment may be made, and such Securities may be converted or exchanged, on the immediately preceding Business Day (in the case of each of the
foregoing, with the same force and effect as if made on such Interest Payment Date or at such Stated Maturity or Maturity or on such last day for conversion or exchange, as the case may be). 

        Section 14.10    Conflict of Any Provision of Indenture with Trust Indenture Act.    If and to the extent that
any provision of this Indenture limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the latter
provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the former provision shall control. 

        Section 14.11    Governing Law; Waiver of Jury Trial.    This Indenture and each Security shall be deemed to be
a contract governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state. EACH OF
THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

        Section 14.12    Judgment Currency.    The Company agrees, to the fullest extent that it may effectively do so
under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, or premium or interest, if any, or
Additional Amounts on the Securities of any series (the "Required Currency") into a currency in which a judgment will be rendered (the "Judgment Currency"), the rate of exchange used shall be the rate
at which in accordance with normal banking procedures the Trustee could purchase in the City of New York the requisite amount of the Required Currency with the Judgment Currency on the New York
Banking Day preceding the day on which a final unappealable judgment is given and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be
discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with clause (a)), in any currency other than the Required Currency, except
to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any,
by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum
due under this Indenture. For purposes of the foregoing, "New York Banking Day" means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking
institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed. 

        Section 14.13    No Security Interest Created.    Nothing in this Indenture or in any Securities, express or
implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect in any jurisdiction where property of
the Company or its Subsidiaries is or may be located. 

        Section 14.14    Submission to Jurisdiction.    The Company agrees that any judicial proceedings instituted in
relation to any matter arising under this Indenture or the Securities may be brought in any United States Federal or New York State court sitting in the Borough of Manhattan, The City of New York, New
York to the extent that such court has subject matter jurisdiction over the controversy, and, by execution and delivery of this Indenture, the Company hereby irrevocably accepts, generally and
unconditionally, the jurisdiction of the aforesaid courts, acknowledges their competence and irrevocably agrees to be bound by any judgment rendered in such proceeding. The Company also irrevocably
and unconditionally waives for the benefit of the Trustee and the Holders of the Securities any immunity 

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from
jurisdiction and any immunity from legal process (whether through service or notice, attachment prior to judgment, attachment in the aid of execution, execution or otherwise) in respect of this
Indenture. The Company hereby irrevocably designates and appoints for the benefit of the Trustee and the Holders of the Securities for the term of this Indenture CT Corporation System,
111 Eighth Avenue, New York, New York 10011, as its agent to receive on its behalf service of all process (with a copy of all such service of process to be delivered to AXIS Capital Holdings
Limited 106 Pitts Bay Road, Pembroke HM 08, Bermuda, Attention: General Counsel) brought against it with respect to any such proceeding in any such court in The City of New York,
such service being hereby acknowledged by the Company to be effective and binding service on it in every respect whether or not the Company shall then be doing or shall have at any time done business
in New York. Such appointment shall be irrevocable so long as any of the Securities or the obligations of the Company hereunder remain outstanding until the appointment of a successor by the Company
and such successor's acceptance of such appointment. Upon such acceptance, the Company shall notify the Trustee in writing of the name and address of such successor. The Company further agrees for the
benefit of the Trustee and the Holders of the Securities to take any and all action, including the execution and filing of any and all such documents and instruments, as its agent in full force and
effect so long as any of the Securities or the obligations of the Company hereunder shall be outstanding. The Trustee shall not be obligated and shall have no responsibility with respect to any
failure by the Company to take any such action. Nothing herein shall affect the right to serve process in any other manner permitted by any law or limit the right of the Trustee or any Holder to
institute proceedings against the Company in the courts of any other jurisdiction or jurisdictions. 

        Section 14.15    Counterparts.    This Indenture may be executed in any number of counterparts, and on separate
counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

        Section 14.16    Effect of Headings.    The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the interpretation hereof. 

        Section 14.17    Force Majeure.    In no event shall the Trustee be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances. 

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   ARTICLE 15  

 REDEMPTION OF SECURITIES  

        Section 15.1    Applicability of Article.    The provisions of this Article shall be applicable to the
Securities of any series which are redeemable before their Stated Maturity except as otherwise specified as contemplated by Section 3.1 for Securities of such series. 

        Section 15.2    Notice of Redemption; Selection of Securities.    In case the Company shall desire to exercise
the right to redeem all or, as the case may be, any part of the Securities of any series in accordance with their terms, it shall fix a Redemption Date and shall provide notice of such redemption at
least 45 days prior to such Redemption Date to the Trustee and at least 30 days but no more than 60 days prior to such Redemption Date to the Holders of Securities of such series
so to be redeemed as a whole or in part in the manner provided in Section 15.5, unless a different period is specified in the Securities to be redeemed. The notice provided in the manner herein
specified shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of
any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security of such series. If the Securities of
a series are held by an AXIS Capital Trust, the Company shall also deliver a copy of such notice to the Institutional Trustee of such AXIS Capital Trust. 

        Each
such notice of redemption shall specify the Redemption Date, the Redemption Price, the CUSIP or other comparable number, the Place or Places of Payment, that the Securities of such
series are being redeemed at the option of the Company pursuant to provisions contained in the terms of the Securities of such series or in a supplemental indenture establishing such series, if such
be the case, together with a brief statement of the facts permitting such redemption, that payment will be made upon presentation and surrender of the applicable Securities at the Place or Places of
Payment, that the Redemption Price together with any interest accrued and Additional Amounts to the Redemption Date will be paid as specified in said notice, and that on and after said Redemption Date
any interest thereon or on the portions thereof to be redeemed will cease to accrue, and any information that is required to be included therein by the Depositary. 

        If
fewer than all the Securities of any series are to be redeemed the notice of redemption shall specify the numbers of the Securities of such series to be redeemed. In case any Security
of any series is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the Redemption Date,
upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued, or, in the case of Securities providing
appropriate space for such notation, at the option of the Holders the Trustee, in lieu of delivering a new Security or Securities as aforesaid, may make a notation on such Security of the payment of
the redeemed portion thereof. 

        On
or before the Redemption Date with respect to the Securities of any series stated in the notice of redemption given as provided in this Section 16.2, the Company will deposit
with the Trustee or with one or more Paying Agents an amount of money (except as otherwise specified as contemplated by Section 3.1 for the Securities of such series or if the Company is acting
as its own Paying Agent, segregate and hold in trust as provided in Section 4.3) sufficient to redeem on such Redemption Date all the Securities or portions thereof so called for redemption at
the applicable Redemption Price, together with accrued interest on and Additional Amounts with respect thereto, to such Redemption Date. 

        If
fewer than all the Securities of any series, or any Tranche thereof, are to be redeemed, the Company shall give notice of redemption to the Trustee not less than 60 days prior
to the Redemption Date as to the aggregate principal amount of Securities to be redeemed. 

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        If
fewer than all the Securities of any series are to be redeemed, the particular Securities to be redeemed shall be selected by the Trustee, from the Outstanding Securities of such
series or Tranche not previously called for redemption, substantially pro rata, by lot or by any other method the Trustee considers fair and appropriate and that complies with the requirements of the
principal national securities exchange, if any, on which such Securities are listed, and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination
for Securities of that series or Tranche or any integral multiple thereof) of the principal amount of Securities of such series or Tranche of a denomination larger than the minimum authorized
denomination for Securities of that series or Tranche; provided that in case the Securities of such series or Tranche have different terms and maturities, the Securities to be redeemed shall be
selected by the Company and the Company shall give notice thereof to the Trustee; provided, however, that if, as indicated in an Officer's Certificate, the Company shall have offered to purchase all
or any principal amount of the Securities then Outstanding of any series, or any Tranche thereof, and fewer than all of such Securities as to which such offer was made shall have been tendered to the
Company for such purchase, the Trustee, if so directed by Company Order, shall select for redemption all or any principal amount of such Securities which have not been so tendered. 

        If
the Trustee shall use "CUSIP" numbers in notices as a convenience to Holders, then any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the
Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be
affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the "CUSIP" numbers. 

        The
Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal
amount thereof to be redeemed. 

        Section 15.3    Payment of Securities Called for Redemption.    If notice of redemption has been given as above
provided and the Company has deposited, on or before the Redemption Date, with the Trustee (and/or having irrevocably directed the Trustee to apply, from money held by it available to be used for the
redemption of Securities) an amount in cash sufficient to redeem all of the Securities to be redeemed, the Securities or portions of Securities of the series specified in such notice shall become due
and payable on the Redemption Date, and at the place or places stated in such notice at the applicable Redemption Price, together with any interest accrued to such Redemption Date, and on and after
said Redemption Date any interest on the Securities or portion of Securities of any series so called for redemption shall cease to accrue. On presentation and surrender of such Securities at a Place
of Payment in such notice specified, such Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable Redemption Price, together with any interest accrued
and Additional Amounts to the Redemption Date, except that if such Redemption Date is an Interest Payment Date, interest shall be paid as provided in Section 3.8. 

        Upon
presentation of any Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and make available for delivery to or on the order of the Holder
thereof, at the expense of the Company, a new Security or Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented. 

        If
a Security in global form is so surrendered, the Company shall execute, and the Trustee shall authenticate and deliver to the Depositary for such Security in global form as shall be
specified in the Company Order with respect thereto to the Trustee, without service charge, a new Security in global form in a denomination equal to and in exchange for the unredeemed portion of the
principal of the Security in global form so surrendered. 

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

        Section 15.4    Right of Redemption of Securities Issued to an AXIS Capital Trust.    In the case of the
Securities of a series issued to an AXIS Capital Trust, except as otherwise specified as contemplated by Section 3.1, if a Special Event in respect of such AXIS Capital Trust shall occur and be
continuing, the Company may, at its option, redeem the Securities of such series within 90 days of the occurrence of such Special Event, in whole but not in part, subject to the provisions of
this Section 16.4 and the other provisions of this ARTICLE 16. Unless otherwise specified in or pursuant to this Indenture or the Securities of such series, the redemption price for any
Security so redeemed pursuant to this Section 16.4 shall be equal to 100% of the principal amount of such Securities then Outstanding plus accrued and unpaid interest, including any Additional
Interest, to the date fixed for redemption. 

ARTICLE 16  

 SINKING FUNDS  

        Section 16.1    Applicability of Article.    The provisions of this Article shall be applicable to any sinking
fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 3.1 for Securities of such series. 

        The
minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a "mandatory sinking fund payment", and any payment in
excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an "optional sinking fund payment". 

        Section 16.2    Satisfaction of Mandatory Sinking Fund Payment with Securities.    In lieu of making all or any
part of any mandatory sinking fund payment with respect to any Securities of a series in cash, the Company may at its option, at any time but not less than 45 days prior to the date on which
such sinking fund payment is due, deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired by the Company, except Securities of such series which have been redeemed
through the application of mandatory sinking fund payments pursuant to the terms of the Securities of such series, accompanied by a company order instructing the Trustee to credit such obligations and
stating that the Securities of such series were originally issued by the Company by way of bona fide sale or other negotiation for value; provided that such Securities have not been previously so
credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the mandatory sinking
fund and the amount of such mandatory sinking fund payment shall be reduced accordingly. 

        Section 16.3    Redemption of Securities for Sinking Fund.    Not less than 60 days prior to each
sinking fund payment date for any series of Securities, the Company will deliver to the Trustee a certificate signed by a Vice President, the Treasurer or any Assistant Treasurer of the Company
specifying the amount of the next ensuing sinking fund payment for such series pursuant to the terms of such series, the portion thereof, if any, which is to be satisfied by payment of cash and the
portion thereof, if any, which is to be satisfied by delivering and crediting Securities of such series pursuant to Section 17.2 and whether the Company intends to exercise its rights to make a
permitted optional sinking fund payment with respect to such series. Such certificate shall be irrevocable and upon its delivery the Company shall be obligated to make the cash payment or payments
therein referred to, if any, on or before the next succeeding sinking fund payment date. In the case of the failure of the Company to deliver such certificate (or to deliver the Securities, if any,
specified in such certificate within the time period specified in Section 17.2), unless otherwise agreed by the Trustee, the sinking fund payment due on the next succeeding sinking fund payment
date for such series shall be paid entirely in cash and shall be sufficient to redeem the principal amount of the Securities of such series 

66

 

subject
to a mandatory sinking fund payment without the right to deliver or credit Securities as provided in Section 17.2 and without the right to make any optional sinking fund payment, if
any, with respect to such series. 

        Any
sinking fund payment or payments (mandatory or optional) made in cash plus any unused balance of any preceding sinking fund payments made with respect to the Securities of any
particular series shall be applied by the Trustee (or by the Company if the Company is acting as its own Paying Agent) on the sinking fund payment date on which such payment is made (or, if such
payment is made before a sinking fund payment date, on the sinking fund payment date following the date of such payment) to the redemption of Securities of such series at the Redemption Price
specified in such Securities with respect to the sinking fund together with accrued interest, if any, to the applicable Redemption Date. Any sinking fund moneys not so applied or allocated by the
Trustee (or by the Company if the Company is acting as its own Paying Agent) to the redemption of Securities shall be added to the next sinking fund payment received by the Trustee (or if the Company
is acting as its own Paying Agent, segregated and held in trust as provided in Section 4.3) for such series and, together with such payment (or such amount so segregated) shall be applied in
accordance with the provisions of this Section 17.3. Any and all sinking fund moneys with respect to the Securities of any particular series held by the Trustee (or if the Company is acting as
its own Paying Agent, segregated and held in trust as provided in Section 4.3) on the last sinking fund payment date with respect to Securities of such series and not held for the payment or
redemption of particular Securities of such series shall be applied by the Trustee (or by the Company if the Company is acting as its own Paying Agent), together with other moneys, if necessary, to be
deposited (or segregated) sufficient for the purpose, to the payment of the principal of the Securities of such series at Maturity. 

        The
Trustee shall select or cause to be selected the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 16.2 and the Company shall
cause notice of the redemption thereof to be given in the manner provided in Section 16.2 except that the notice of redemption shall also state that the Securities are being redeemed by
operation of the sinking fund and whether the sinking fund payment is mandatory or optional, or both, as the case may be. Such notice having been duly given, the redemption of the Securities shall be
made upon the terms and in the manner stated in Section 16.3. 

        On
or before each sinking fund payment date, the Company shall pay to the Trustee (or, if the Company is acting as its own Paying Agent, will segregate and hold in trust as provided in
Section 4.3) in cash a sum equal to the principal and any interest accrued to the Redemption Date for Securities or portions thereof to be redeemed on such sinking fund payment date pursuant to
this Section. 

        Neither
the Trustee nor the Company shall redeem any Securities of a series with sinking fund moneys or mail any notice of redemption of Securities of such series by operation of the
sinking fund for such series during the continuance of a default in payment of interest, if any, on any Securities of such series or of any Event of Default (other than an Event of Default occurring
as a consequence of this paragraph) with respect to the Securities of such series, except that if the notice of redemption shall have been provided in accordance with the provisions hereof, the
Trustee (or the Company if the Company is acting as its own Paying Agent) shall redeem such Securities if cash sufficient for that purpose shall be deposited with the Trustee (or segregated by the
Company) for that purpose in accordance with the terms of this Article. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall
occur and any moneys thereafter paid into such sinking fund shall, during the continuance of such default or Event of Default, be held as security for the payment of the Securities of such series;
provided, however, that in case such Event of Default or default shall have been cured or waived as provided herein, such moneys shall thereafter be applied on the next sinking fund payment date for
the Securities of such series on which such moneys may be applied pursuant to the provisions of this Section. 

67

 

        IN
WITNESS WHEREOF, AXIS Capital Holdings Limited has caused this Indenture to be duly executed as a deed as of the date above written. 

	 	 	By:	 	 

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	

 	
 	

By:	
 	

 

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

68

 

        IN
WITNESS WHEREOF, the undersigned, being duly authorized, has executed this Indenture as of the date first above written. 

	 	 	THE BANK OF NEW YORK, AS TRUSTEE
	

 	
 	

By:	
 	

 

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

69

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Exhibit 4.7  

AXIS
CAPITAL HOLDINGS LIMITED, 

            ,
As Depositary, 

AND 

THE
HOLDERS FROM TIME TO TIME OF 

THE
DEPOSITARY RECEIPTS DESCRIBED HEREIN 

FORM
OF 

DEPOSIT
AGREEMENT 

Dated
as of [DATE] 

  

 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	Page

	ARTICLE I DEFINITIONS
	
ARTICLE II FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY, TRANSFER,

SURRENDER AND REDEMPTION OF RECEIPTS
	

Section 2.1	
 	

Form and Transfer of Receipts.	
 	

3
	

Section 2.2	
 	

Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof.	
 	

4
	

Section 2.3	
 	

Redemption and Conversion of Preferred Shares.	
 	

5
	

Section 2.4	
 	

Registration of Transfer of Receipts.	
 	

6
	

Section 2.5	
 	

Split-Ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock.	
 	

6
	

Section 2.6	
 	

Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.	
 	

7
	

Section 2.7	
 	

Lost Receipts, Etc.	
 	

7
	

Section 2.8	
 	

Cancellation and Destruction of Surrendered Receipts.	
 	

7
	
ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY
	

Section 3.1	
 	

Filing Proofs, Certificates and Other Information.	
 	

7
	

Section 3.2	
 	

Payment of Taxes or Other Governmental Charges.	
 	

8
	

Section 3.3	
 	

Representation and Warranty as to Stock.	
 	

8
	
ARTICLE IV THE DEPOSITED SECURITIES; NOTICES
	

Section 4.1	
 	

Cash Distributions.	
 	

8
	

Section 4.2	
 	

Distribution Other than Cash, Rights, Preferences or Privileges.	
 	

8
	

Section 4.3	
 	

Subscription Rights, Preferences or Privileges.	
 	

9
	

Section 4.4	
 	

Notice of Dividends, Etc.; Fixing of Record Date for Holders of Receipts.	
 	

10
	

Section 4.5	
 	

Voting Rights.	
 	

10
	

Section 4.6	
 	

Changes Affecting Deposited Securities and Reclassifications, Recapitalization, Etc.	
 	

10
	

Section 4.7	
 	

Inspection of Reports.	
 	

11
	

Section 4.8	
 	

Lists of Receipt Holders.	
 	

11
	
ARTICLE V THE DEPOSITARY, THE DEPOSITARY'S AGENTS, THE REGISTRAR AND THE COMPANY
	

Section 5.1	
 	

Maintenance of Offices, Agencies and Transfer Books By the Depositary; Registrar.	
 	

11
	

Section 5.2	
 	

Prevention of or Delay in Performance By the Depositary, The Depositary's Agents, the Registrar or the Company.	
 	

12
	

Section 5.3	
 	

Obligations of the Depositary, the Depositary's Agents, the Registrar and the Company.	
 	

12
	 	 	 	 	 

i

 

	

Section 5.4	
 	

Resignation and Removal of the Depositary; Appointment of Successor Depositary.	
 	

13
	

Section 5.5	
 	

Corporate Notices and Reports.	
 	

13
	

Section 5.6	
 	

Indemnification By the Company.	
 	

14
	

Section 5.7	
 	

Charges and Expenses.	
 	

14
	

Section 5.8	
 	

Tax Compliance.	
 	

14
	
ARTICLE VI AMENDMENT AND TERMINATION
	

Section 6.1	
 	

Amendment.	
 	

14
	

Section 6.2	
 	

Termination.	
 	

15
	
ARTICLE VII MISCELLANEOUS
	

Section 7.1	
 	

Counterparts.	
 	

15
	

Section 7.2	
 	

Exclusive Benefit of Parties.	
 	

15
	

Section 7.3	
 	

Invalidity of Provisions.	
 	

15
	

Section 7.4	
 	

Notices.	
 	

15
	

Section 7.5	
 	

Depositary's Agents.	
 	

16
	

Section 7.6	
 	

Holders of Receipts are Parties.	
 	

16
	

Section 7.7	
 	

Governing Law.	
 	

16
	

Section 7.8	
 	

Inspection of Deposit Agreement.	
 	

16
	

Section 7.9	
 	

Headings.	
 	

16

ii

   
        DEPOSIT AGREEMENT dated as of [DATE], among AXIS CAPITAL HOLDINGS LIMITED, an exempted company incorporated in Bermuda as a holding company (the "Company"),
                        ,
a                        corporation (the "Depositary"), and the holders from time to time of the Receipts described herein.

        WHEREAS,
it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Stock (as defined herein) with the Depositary for the purposes set
forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the Stock so deposited; and 

        WHEREAS,
the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this
Deposit Agreement; 

        NOW,
THEREFORE, in consideration of the premises contained herein and such other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree as
follows: 

ARTICLE
I 

DEFINITIONS

        The
following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement: 

        "Certificate
of Designation" shall mean the Certificate of Designation establishing and setting forth the rights, preferences, privileges and limitations of the Stock. 

        "Charter"
shall mean the memorandum of association of the Company filed with the Bermuda Registrar of Companies. 

        "Common
Shares" shall mean the Company's Common Shares, par value $0.0125 per share. 

        "Company"
shall mean AXIS Capital Holdings Limited, an exempted company incorporated in Bermuda as a holding company, and its successors. 

        "Deposit
Agreement" shall mean this Deposit Agreement, as amended, modified or supplemented from time to time in accordance with the terms hereof. 

        "Depositary"
shall mean                        , and any successor as Depositary hereunder. 

        "Depositary
Shares" shall mean an interest in a whole share of Stock or [fraction] of a share of Stock deposited with the Depositary hereunder and the same
proportionate interest in any and all other property received by the Depositary in respect of such share of Stock and heldunder this Deposit Agreement, all as evidenced by the Receipts issued
hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Stock represented by such
Depositary Share, including the dividend, voting and liquidation rights contained in the Certificate of Designation, and to the benefits of all obligations of the Company under the Certificate of
Designation. 

        "Depositary's
Agent" shall mean an agent appointed by the Depositary pursuant to Section 7.5. 

        "Depositary's
Office" shall mean the office of the Depositary, in the Borough of Manhattan, New York, New York, at which at any particular time its depositary receipt business shall be
administered, which at the date of this Deposit Agreement is located at                        . 

        "Preference
Shares" shall mean shares of the Company's                        preference shares,
$                              par value per share.
 

2

 

        "Receipt"
shall mean one of the depositary receipts substantially in the form set forth as Exhibit A annexed hereto, issued hereunder, whether in definitive or temporary form
evidencing the number of Depositary Shares held of record by the holder of such Depositary Shares. 

        "Record
Holder," as applied to a Receipt, shall mean the individual entity or person in whose name a Receipt is registered on the books of the Depositary or any register of any Registrar
maintained for such purpose. 

        "Registrar"
shall mean any bank or trust company which shall be appointed by the Depositary to register ownership and transfers of Receipts as herein provided and which may include the
Depositary. 

        "Securities
Act" shall mean the Securities Act of 1933, as amended. 

        "Stock"
shall mean Common Shares and Preference Shares. 

        "Transfer
Agent" shall mean the Registrar. 

ARTICLE
II 

FORM
OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY,

TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 

        Section 2.1  Form and Transfer of Receipts. 

        Definitive
Receipts shall be engraved or printed or lithographed on steel-engraved borders and shall be substantially in the form set forth in Exhibit A annexed to this Deposit
Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Company
delivered in compliance with Section 2.2, shall execute and deliver temporary receipts which shall be printed, lithographed, typewritten or otherwise substantially of the tenor of the
definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine, as
evidenced by their execution of such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the
preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the Depositary's Office, without charge to the
holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of
Depositary Shares as represented by the surrendered temporary Receipt or Receipts registered in the name (and only the name) of the holder of the temporary Receipt. Such
exchange shall be made at the Company's expense and without any charge therefor to the holder. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under
this Deposit Agreement, and with respect to the Stock, as definitive Receipts. 

        Receipts
shall be executed by the Depositary by the manual signature of a duly authorized signatory of the Depositary; provided, that such signature may be a facsimile if a Registrar for
the Receipts (other than the Depositary) shall have been appointed and such Receipts are countersigned by manual signature of a duly authorized signatory of the Registrar. No Receipt shall be entitled
to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually by a duly authorized signatory of the Depositary or, if a Registrar
for the Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized signatory of the Depositary and countersigned manually by a duly
authorized signatory of such Registrar. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided. Receipts bearing the manual or facsimile signatures of
individuals who were at any time proper officers of the Depositary or the Registrar, as the case may be, shall constitute adequate signatures hereunder, notwithstanding that such individuals or any of
them have ceased to 

3

 

hold
such offices prior to the delivery of such Receipt or did not hold such offices on the date of delivery of such Receipts. 

        Receipts
shall be in denominations of any number of whole Depositary Shares. 

        Receipts
may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be
required by the Depositary or required to comply with any applicable law or any regulation or with the rules and regulations or any securities exchange upon which the Stock, the Depositary Shares or
the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject. 

        Title
to Depositary Shares evidenced by a Receipt which is properly endorsed, or accompanied by a properly executed instrument of transfer, shall be transferable by delivery with the
same effect as in the case of a negotiable instrument; provided, however, that until transfer of a Receipt shall be registered on the books of the Depositary as provided in Section 2.4, the
Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to
distributions of dividends or other distributions with respect to the Stock or to any notice provided for in this Deposit Agreement and for all other purposes. 

        The
Depositary shall not lend any Stock deposited hereunder. 

        Section 2.2    Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof. 

        Subject
to the terms and conditions of this Deposit Agreement, the Company or any other person authorized by the Company, as notified in writing to the Depositary, may from time to time
deposit shares of the Stock under this Deposit Agreement by delivery to the Depositary of a certificate or certificates for the Stock to be deposited. Such certificate or certificates representing the
Stock shall be properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with such
certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement, and together with a written order of the Company, directing the Depositary to execute
and deliver to the person or persons named in such order, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Stock. 

        All
Stock deposited by the Company with the Depositary shall be held by the Depositary at the Depositary's Office or at such other place or places as the Depositary shall determine. 

        Upon
receipt by the Depositary of a certificate or certificates for Stock deposited with the Depositary by the Company in accordance with the provisions of this Section, together with
the other documents required as above specified, and upon recordation of the Stock on the books of the Company in the name of the Depositary or its nominee, the Depositary shall execute and deliver to
the person or persons named in the written order delivered to the Depositary a Receipt or Receipts, evidencing in the aggregate the number of Depositary Shares representing the Stock so deposited.
Such Receipt or Receipts shall be registered by the Depositary or the Registrar in such name or names as may be requested by the person or persons as specified in the written order. The Depositary
shall execute and deliver such Receipts at the Depositary's Office or such other offices, if any, as such person may designate. Delivery at other offices shall be at the risk and expense of the person
requesting such delivery. The Depositary may not execute and deliver Receipts pursuant to this Section prior to receipt of Stock. 

        Other
than in the case of splits, combinations or other reclassifications affecting the Stock, or in the case of dividends or other distributions of Stock, if any, there shall be
deposited hereunder not more than                        shares of Stock. 

4

 

        Section 2.3    Redemption and Conversion of Preferred Shares.

        Whenever
the Company shall elect or be required to redeem or be required to convert Preferred Shares into Common Shares in accordance with the provisions of the Certificate of
Designation, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary not less than 10 days' prior notice of the proposed date of the
mailing of a notice of redemption or conversion to the record holders of receipts and of the number of such shares held by the Depositary to be so redeemed or converted and the applicable redemption
price, which notice shall be accompanied by a certificate from the Company stating that such redemption or conversion is in accordance with the provisions of the Certificate of Designation. On the
date of such redemption or conversion, provided that the Company shall then have paid or caused to be paid in full to the Depositary the redemption price of the Preferred Shares to be redeemed, plus
an amount equal to any accrued and unpaid dividends thereon to the date fixed for redemption, in accordance with the provisions of the Certificate of Designation, Depositary shall redeem the number of
Depositary Shares representing such Preferred Shares. The Depositary shall mail notice of the Company's redemption of Preferred Shares and the proposed simultaneous redemption or conversion of the
number of Depositary Shares representing the Preferred Shares to be redeemed or converted by first-class mail, postage prepaid, not less than 30 and not more than 90 days prior to the date
fixed for redemption or conversion of such Preferred Shares and Depositary Shares, to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such
holders as they appear on the records of the Depositary on the            day prior to the date of such notice; but neither failure to mail any such notice of redemption of Depositary Shares
to
one or more such holders nor any defect in any notice of redemption or conversion of Depositary Shares to one or more such holders shall affect the sufficiency of the proceedings for redemption as to
other holders. Each such notice shall state: (i) the redemption or conversion date; (ii) the number of Depositary Shares to be redeemed or converted, and, if less than all the Depositary
Shares to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (iii) the redemption or conversion price; (iv) the place or places where Receipts
evidencing Depositary Shares to be redeemed or converted are to be surrendered for redemption or conversion; and (v) the dividends in respect of the Preferred Shares represented by the
Depositary Shares to be redeemed or converted will cease to accumulate on such redemption or conversion date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary
Shares to be so redeemed shall be selected by lot or pro rata (as nearly as may be) as may be determined by the Depositary or any other method which may be determined by the Depositary in its sole
discretion to be equitable. 

        Notice
having been mailed by the Depositary as aforesaid, from and after the redemption or conversion date (unless the Company shall have failed to provide the funds necessary to redeem
or convert the Preferred Shares evidenced by the Depositary Shares called for redemption or conversion), (i) dividends in respect of the shares of Preferred Shares so called for redemption or
conversion shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed or converted from such proceeds shall be deemed no longer to be outstanding,
(iii) all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and
terminate and, (iv) upon surrender in accordance with such notice of the Receipts evidencing any such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so
require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to [    ]
[    ]% of the redemption price per share paid in respect of the shares of Preferred Shares plus all money and other property, if any, represented by such Depositary
Shares, including all amounts paid by the Company in respect of dividends which on the redemption or conversion date have accumulated on the shares of Stock to be so redeemed and have not theretofore
been paid. 

5

 

        If
fewer than all the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary,
together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. The Depositary shall remit to the Company any funds
deposited by or for the account of the Company for the purpose of redeeming any Depositary Shares that the holders thereof have failed to redeem after two years from the date of such deposit, without
further action necessary on the part of the Company. 

        Section 2.4    Registration of Transfer of Receipts.

        Subject
to the terms and conditions of this Deposit Agreement, the Registrar, on behalf of the Depositary, shall register on its books from time to time transfers of Receipts upon notice
to the Registrar by the Depositary of any surrender of a Receipt for transfer by the holder in person or by duly authorized attorney, which Receipt in each case must be properly endorsed or
accompanied by a properly executed instrument of transfer. Upon surrender of a properly endorsed Receipt or Receipts, accompanied by a properly executed instrument of transfer, the Depositary shall
execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or
upon the order of the transferee named in the endorsement or instrument of transfer. 

        Section 2.5    Split-Ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock.

        Upon
surrender of a Receipt or Receipts at the Depositary's Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such
Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts to the holder thereof or to such holder's
order in the denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. The Depositary shall give prompt notice of such action and
the certificate numbers to the Registrar, if applicable, for the purpose of recording such split-up or consolidation. 

        Any
holder of a Receipt or Receipts representing any number of whole shares of Stock may (unless the related Depositary Shares have previously been called for redemption) withdraw the
number of whole shares of Stock underlying such Depositary Shares and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts, at the Depositary's Office or
at such other offices as the Depositary may designate for such withdrawals. Thereafter, without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated
by such holder as hereinafter provided, the number of whole shares of Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but holders
of such whole shares of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive Depositary Shares therefor. If a Receipt or Receipts delivered by the holder to the
Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Stock to be so
withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Stock and such money and other property, if any, to be so withdrawn, deliver to such holder, or (subject
to Sections 2.4 and 3.2) upon his order, a new Receipt evidencing such excess number of Depositary Shares not withdrawn. Delivery of the Stock and money and other property, if any, being withdrawn may
be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate. 

        If
the Stock and the money and other property, if any, being withdrawn are to be delivered to a person or persons other than the record holder of the Receipt or Receipts being
surrendered for withdrawal of Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary, and the Depositary may require that the Receipt or Receipts
surrendered by 

6

 

such
holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 

        Delivery
of the Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary's Office, except
that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may be designated
by such holder. 

        Section 2.6    Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

        As
a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the
Depositary's Agents or the Company may require payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to
it) of any charges or expenses payable by the holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any
signature and may also require compliance with the rules and regulations of any governmental body, any stock exchange or applicable self-regulatory body, including without limitation, the
National Association of Securities Dealers, Inc. (the "NASD") or such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit
Agreement. 

        The
deposit of Stock may be refused, the delivery of Receipts against Stock deposited with the Depositary may be suspended, the registration of transfer of Receipts may be refused and
the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed with respect to the
Stock, or (iii) with the approval of the Company, for any other reason. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement
any shares of Stock that are required to be registered under the Securities Act unless a registration statement under the Securities Act is in effect as to such shares of Stock. 

        Section 2.7    Lost Receipts, Etc.

        If
any mutilated Receipt is surrendered to the Depositary, the Depositary may, in its discretion, execute and deliver in exchange therefor a new Receipt of like form and tenor in
exchange and substitution for such mutilated Receipt. In case any Receipt shall be destroyed, lost or stolen, the Depositary shall execute and deliver a Receipt to the holder thereof of like form and
tenor in exchange and substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the holder thereof with the Depositary of evidence satisfactory to the Depositary of such
destruction or loss or theft of such Receipt, of the authenticity thereof and of such holder's ownership thereof, (ii) the holder's furnishing the Depositary with reasonable indemnification
satisfactory to the Depositary and the Company and (iii) payment of any expense (including fees, charges and expenses of the Depositary) in connection with such execution and delivery. 

        Section 2.8    Cancellation and Destruction of Surrendered Receipts.

        All
Receipts surrendered to the Depositary or any Depositary's Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is
authorized to destroy all Receipts so cancelled, and provide the Company a certificate of designation therefor. 

ARTICLE
III 

CERTAIN
OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY 

        Section 3.1    Filing Proofs, Certificates and Other Information.

7

 

        Any
holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to obtain such guarantees of signature, to execute such
certificates and to make such representations and warranties consistent with the terms of the Stock as the Depositary or the Company may reasonably deem necessary or proper. The Depositary or the
Company may withhold the delivery, or delay the registration of transfer, redemption or exchange, of any Receipt or the withdrawal of the Stock represented by the Depositary Shares evidenced by any
Receipt and the delivery of all money or other property, if any, represented by the Depositary Shares represented by such Receipt or the distribution of any dividend or other distribution or the sale
of any rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made. 

        Section 3.2    Payment of Taxes or Other Governmental Charges.

        Holders
of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or
any withdrawal of Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends,
interest payments or other distributions may be withheld or any part of or all the Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may
be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder prior to such sale), and such dividends, interest payments or other distributions or the
proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such Receipt remaining liable for any deficiency. 

        Section 3.3    Representation and Warranty as to Stock.

        In
the case of the initial deposit of the Stock, the Company and, in the case of subsequent deposits thereof, each person so depositing Stock under this Deposit Agreement shall be deemed
thereby to represent and warrant that such Stock and each certificate therefor are valid, fully paid and
nonassessable and that the person making such deposit is duly authorized to do so. Such representations and warranties shall survive the deposit of the Stock and the issuance of Receipts. 

ARTICLE
IV 

THE
DEPOSITED SECURITIES; NOTICES 

        Section 4.1    Cash Distributions.

        Whenever
the Depositary shall receive any cash dividend or other cash distribution with respect to the Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to record
holders of Receipts on the record date fixed pursuant to Section 4.4 the pro rata portion, as nearly as practicable, of such dividend or distribution applicable to the number of Depositary
Shares evidenced by the Receipts held by such holders; provided, however, that in case the Company or the Depositary shall be required to withhold and shall withhold any monies from any cash dividend
or other cash distribution in respect of the Stock an amount on account of taxes, the distribution in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make
available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Depositary Shares a fraction of one cent, and any balance not so
distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next succeeding distribution to record holders of Receipts
then outstanding. 

        Section 4.2    Distribution Other than Cash, Rights, Preferences or Privileges.

        Whenever
the Depositary shall receive any property (including securities) for distribution in a form other than cash, with respect to the Stock, the Depositary shall, subject to Sections
3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 the pro rata 

8

 

portion,
as nearly as practicable of such property (including securities) received by it applicable to the number of Depositary Shares evidenced by the Receipts held by such holders, in any manner
that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary such distribution cannot be made proportionately among such record
holders, or if for any other reason (including any requirement that the Company or the Depositary withhold an amount on account of taxes) the Depositary deems, after consultation with the Company,
such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution,
including the sale of the property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or
made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Depositary
shall not make any distribution of such securities unless the Company shall have provided an opinion of counsel stating that such securities have been registered under the Securities Act or do not
need to be registered. 

        Section 4.3    Subscription Rights, Preferences or Privileges.

        If
the Company shall at any time offer or cause to be offered to the persons in whose names Stock is recorded on the books of the Company any rights, preferences or privileges to
subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the
Depositary to the record holders of Receipts, pro rata in proportion to the Stock represented by the Depositary Shares evidenced by such Receipt, in such manner as the Depositary may determine, either
by the issue to such record holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the Depositary in its discretion with the approval of
the Company; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary determines that it is not lawful or (after consultation
with the Company) not feasible to make such rights, preferences or privileges available to holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed
by holders of Receipts who do not desire to exercise such rights, preferences or privileges, then the Depositary, in its discretion (with the approval of the Company, in any case where the Depositary
has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer,
sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections
3.1 and 3.2, be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. The Depositary shall
not make any distribution of any such rights, preferences or privileges unless the Company shall have provided an opinion of counsel stating that such rights, preferences or privileges have been
registered under the Securities Act or do not need to be registered. 

        If
registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for holders of Receipts to be offered or sold the
securities to which such rights, preferences or privileges relate, the Company agrees with the Depositary that it will file promptly a registration statement pursuant to the Securities Act with
respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in
advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the
holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or unless the offering
and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act. 

9

 

        If
any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or
privileges to be made available to holders of Receipts, the Company agrees with the Depositary that the Company will use its best efforts to take such action or obtain such authorization, consent or
permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 

        Section 4.4    Notice of Dividends, Etc.; Fixing of Record Date for Holders of Receipts.

        Whenever
any cash dividend or other cash distribution shall become payable or any distribution of property (including securities) other than cash shall be made, or if rights, preferences
or privileges shall at any time be offered, with respect to Stock, or whenever the Depositary shall receive notice of (i) any meeting at which holders of Stock are entitled to vote or of which
holders of Stock are entitled to notice, or (ii) any election on the part of the Company to redeem any shares of Stock, the Depositary shall in each such instance fix a record date (which shall
be the same date as the record date fixed by the Company with respect to the Stock) for the determination of the holders of Receipts who shall be entitled to receive such dividend, distribution,
rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or to receive notice of such meeting or for
any other appropriate reasons. 

        Section 4.5    Voting Rights.

        Upon
receipt of notice of any meeting at which the holders of Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts
a notice which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the holders may, subject to any applicable restrictions, instruct
the Depositary as to the exercise of the voting rights pertaining to the amount of Stock represented by their respective Depositary Shares
(including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Company) and a brief statement as to the manner in which
such instructions may be given. Upon the written request of the holders of Receipts on the applicable record date, the Depositary shall endeavor insofar as practicable, to vote or cause to be voted,
in accordance with the instructions set forth in such requests, the maximum number of whole shares of Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular
voting instructions are received. The Company hereby agrees to take all action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such Stock
to be voted. In the absence of specific instructions from the holder of a Receipt, the Depositary will either vote the Shares or abstain from voting in accordance with applicable stock exchange rules
on which the Shares may be listed (but, at its discretion, not from appearing at any meeting with respect to such Stock unless directed to the contrary by the holders of all the Receipts) to the
extent of the Stock represented by the Depositary Shares evidenced by such Receipt. 

        Section 4.6    Changes Affecting Deposited Securities and Reclassifications, Recapitalization, Etc.

        Upon
any change in par or stated value or liquidation preference, split-up, combination or any other reclassification of the Stock, or upon any recapitalization,
reorganization, merger, amalgamation or consolidation to which the Company is a party or sale of all or substantially all of the Company's assets, the Depositary may in its discretion with the
approval of, and shall upon the instructions of, the Company, and (in either case) in such manner as to retain as nearly as possible the percentage ownership interest in the Stock of holders of the
Receipts immediately prior to such event, (i) make such adjustments in (x) number of shares of Stock or the fraction of an interest of one share of Stock represented by one Depositary
Share and (y) the ratio of the redemption price per Depositary Share to the redemption price of a share of Stock, in each case, as may be necessary fully to reflect the effects of such change
in par or stated value or liquidation preference, split- up, combination or other reclassification of Stock, or of such recapitalization, reorganization, merger, amalgamation or 

10

 

consolidation
or sale and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Stock as new deposited securities so
received in exchange for or upon conversion or in respect of such Stock. In any such case the Depositary may in its discretion, with the approval of the Company, execute and deliver additional
Receipts, or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited securities. 

        Anything
to the contrary herein notwithstanding, holders of Receipts shall have the right from and after the effective date of any such change in par or stated value or liquidation
preference, split-up, combination or other reclassification of the Stock or any such recapitalization, reorganization, merger, amalgamation or consolidation or sale to the extent that
holders of Stock had the right, prior to or on the applicable effective date, to convert, exchange or surrender the Stock represented thereby only into or for, as the case may be, the kind and amount
of shares of stock and other securities and property and cash into which such Stock might have been exchange or surrendered immediately prior to the effective date of such transaction. 

        Section 4.7    Inspection of Reports.

        The
Depositary shall transmit to the record holders of Receipts, at the addresses of such record holders as set forth on the books of the Depositary, and shall make available for
inspection by holders of Receipts at the Depositary's Office, and at such other places as it may from time to time deem advisable, any reports and communications received from the Company which are
received by the Depositary as the holder of Stock. 

        Section 4.8    Lists of Receipt Holders.

        Promptly
upon request from time to time by the Company, the Depositary shall furnish to it a list, as of a recent date, of the names and addresses of all persons in whose names Receipts
are registered on the books of the Depositary and the amount of Stock represented thereby. 

ARTICLE
V 

THE
DEPOSITARY, THE DEPOSITARY'S AGENTS, THE REGISTRAR AND THE COMPANY 

        Section 5.1    Maintenance of Offices, Agencies and Transfer Books By the Depositary; Registrar.

        Upon
execution of this Deposit Agreement, the Depositary shall maintain, at the Depositary's Office, facilities for the execution and delivery, registration and registration of transfer,
surrender and exchange of Receipts, and at the offices of the Depositary's Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts and the deposit and
withdrawal of Stock, all in accordance with the provisions of this Deposit Agreement. 

        The
Depositary shall, with the approval of the Company, appoint a Registrar for registration of the Receipts or the Depositary Shares in accordance with any requirements of any
applicable stock exchange on which the Receipts or the Depositary Shares are listed. Such Registrar (which may be the Depositary if so permitted by the requirements of such exchange) may be removed
and a substitute registrar appointed by the Depositary upon the request or with the approval of the Company. If the Receipts, the Depositary Shares or the Stock are listed on one or more other stock
exchanges, the Depositary will, at the request of the Company, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of such Receipts, such
Depositary Shares or such Stock as may be required by law or applicable stock exchange regulation. 

11

   
        The Registrar shall keep books at the Depositary's Office for the registration and registration of transfer of Receipts or at such other place as shall be approved by the Company and of
which the holders of Receipts shall have reasonable notice, which books at all reasonable times shall be open for inspection by the record holders of Receipts during normal business hours as and to
the extent provided by applicable law; provided, that any such holder requesting to exercise such right shall certify to the Registrar that such inspection shall be for a proper purpose reasonably
related to such person's rights as an owner of Depositary Shares evidenced by the Receipts. 

        The
Depositary may cause the Registrar to close such books, at any time or from time to time, when the register of stockholders of the Company is closed with respect to the Stock or when
such action is deemed necessary or advisable by the Depositary or any Depositary's Agent because of any requirement of law or of any government, governmental body or commission, stock exchange or any
applicable self-regulatory body, including without limitation, the NASD. 

        Section 5.2    Prevention of or Delay in Performance By the Depositary, The Depositary's Agents, the Registrar or the
Company.

        Neither
the Depositary nor any Depositary's Agent nor any Registrar nor the Company shall incur any liability to any holder of any Receipt if by reason of any provision of any present or
future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary's Agent or the Registrar, by reason of
any provision, present or future, of the Company's Certificate or Certificate of Designation or by reason of any act of God or war or other circumstance beyond the control of the relevant party, the
Depositary, the Depositary's Agent, the Registrar or the Company shall be prevented, delayed or forbidden from doing or performing any act or thing which the terms of this Deposit Agreement provide
shall be done or performed; nor shall the Depositary, any Depositary's Agent, any Registrar or the Company incur any liability or be subject to any obligation (i) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement provide shall or may be done or performed, or (ii) by reason of
any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement except, in case of any such exercise or failure to exercise discretion not caused as aforesaid, if caused
by the negligence, fraud, dishonesty, or willful misconduct of the party charged with such exercise or failure to exercise. 

        Section 5.3    Obligations of the Depositary, the Depositary's Agents, the Registrar and the Company.

        Neither
the Depositary nor any Depositary's Agent nor any Registrar nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding
in respect of the Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability be
furnished as often as may be required. 

        Neither
the Depositary nor any Depositary's Agent nor any Registrar nor the Company shall be liable for any action or any failure to act by it in reliance upon the written advice of
legal counsel or accountants, any holder of a Receipt or any other person believed by it in good faith to be competent to give such information. The Depositary, any Depositary's Agent, any Registrar
and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by
the proper party or parties specified in this Deposit Agreement. 

        The
Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Stock or for the manner or effect of any such vote made, as long as any
such action or non-action is in good faith. The Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set
forth in this Deposit Agreement using its best efforts and in good faith. The parties hereto acknowledge that no implied 

12

 

covenants
or obligations shall be read into this Depositary Agreement against the Depositary or any Registrar. The Depositary will indemnify the Company against any liability that may arise out of
acts performed or omitted by the Depositary or the Depositary's Agents due to its or their negligence, bad faith, willful misconduct, fraud or dishonesty. The Depositary, the Depositary's Agents, and
any Registrar may own and deal in any class of securities of the Company and its affiliates and in Receipts. The Depositary may also act as transfer agent or registrar of any of the securities of the
Company and its affiliates. 

        Section 5.4    Resignation and Removal of the Depositary; Appointment of Successor Depositary.

        The
Depositary may at any time resign as Depositary hereunder by notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a
successor Depositary and its acceptance of such appointment as hereinafter provided. 

        The
Depositary may at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary
and its acceptance of such appointment as hereinafter provided. 

        In
case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the notice or resignation or removal, as
the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus of at
least $50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may
petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Company an instrument in
writing accepting its appointment hereunder, and agreeing to become a party to this Deposit Agreement and thereupon such successor Depositary, without any further act or deed, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums
due it and on the written request of the Company, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign,
transfer and deliver all right, title and interest in the Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the record holders of all
outstanding Receipts. Any successor Depositary shall promptly mail notice of its appointment to the record holders of Receipts. 

        Any
corporation or other entity into or with which the Depositary may be merged, consolidated or converted or to which the Depositary may sell all or substantially all of its assets
shall be the successor of such Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may
authenticate the Receipts in the name of the predecessor Depositary or in the name of the successor Depositary. 

        Section 5.5    Corporate Notices and Reports.

        The
Company agrees that it will deliver to the Depositary and the Depositary will, promptly after receipt thereof, transmit to the record holders of Receipts, in each case at the
addresses furnished to it pursuant to Section 4.8, all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities exchange
upon which the Stock, the Depositary Shares or the Receipts are listed or by the Company's Charter and Certificate of Designation to be furnished by the Company to holders of Stock. Such transmission
will be at the Company's expense and the Company will provide the Depositary with such number of such documents as the Depositary may reasonably request. 

13

 

        Section 5.6    Indemnification By the Company.

        The
Company shall indemnify the Depositary, any Depositary's Agent and any Registrar against, and hold each of them harmless from, any loss, liability or expense (including the costs and
expenses of defending itself and reasonable counsel fees) which may arise out of (a) acts performed or omitted in connection with this Deposit Agreement and the Receipts (i) by the
Depositary, any Registrar or any of their respective agents (including any Depositary's Agent), except for any liability arising out of negligence, fraud, dishonesty or bad faith on the respective
parts of any such person or persons, or (ii) by the Company or any of its agents, or (b) the offer, sale or registration of the Receipts, the Depositary Shares or the Stock pursuant to
the provisions hereof. 

        Section 5.7    Charges and Expenses.

        The
Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements hereunder. The Company shall pay all charges
of the Depositary in connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares, redemption of the Stock at the option of the Company and all withdrawals of
shares of the Stock by owners of Depositary Shares. All other transfer and other taxes and governmental charges shall be at the expense of holders of Depositary Shares. If, at the request of a holder
of Receipts, the Depositary incurs charges or expenses for which it is not otherwise liable hereunder, such holder will be liable for such charges and expenses. All other charges and expenses of the
Depositary and any Depositary's Agent hereunder and of any Registrar (including, in each case, reasonable fees and expenses of counsel) incident to the performance of their respective obligations
hereunder will be paid upon consultation and agreement between the Depositary and the Company as to the amount and nature of such charges and expenses. The Depositary shall present its statement for
charges and expenses to the Company once every three months or at such other intervals as the Company and the Depositary may agree. 

        Section 5.8    Tax Compliance.

        (a)    The
Depositary, on its own behalf and on behalf of the Company, will comply with all applicable certification, information reporting and withholding (including "backup"
withholding) requirements imposed by applicable tax laws, regulations or administrative practice with respect to (i) any payments made with respect to the Depositary Shares or (ii) the
issuance, delivery, holding, transfer, redemption or exercise of rights under the Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation and timely
filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent. 

        (b)    The
Depositary shall comply with any direction received from the Company with respect to the application of such requirements to particular payments or holders or in
other particular circumstances, and may for purposes of this Deposit Agreement rely on any such direction in accordance with the provisions of Section 5.3 hereof. 

        (c)    The
Depositary shall maintain all appropriate records documenting compliance with such requirements, and shall make such records available on request of the Company or
to its authorized representatives. 

ARTICLE
VI 

AMENDMENT
AND TERMINATION 

        Section 6.1    Amendment.

        The
form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect
which 

14

 

they
may deem necessary or desirable; provided, however, that no such amendment which would materially and adversely alter the rights of the holders of Receipts shall be effective unless such
amendment shall have been approved by the holders of Receipts evidencing at least a majority of the Depositary Shares then outstanding. Every holder of an outstanding Receipt at the time any such
amendment becomes effective, or any transferee of such holder, shall be deemed, by continuing to hold such Receipt, or by reason of the acquisition thereof, to consent and agree to such amendment and
to be bound by the Deposit Agreement as amended thereby. 

        Section 6.2    Termination.

        This
Deposit Agreement may be terminated by the Company or the Depositary only after (i) all outstanding Depositary Shares shall have been redeemed pursuant to Section 2.3
or (ii) there shall have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution shall have
been distributed to the holders of Receipts evidencing the Depositary Shares pursuant to Section 4.1 or 4.2, as applicable. 

        Upon
the termination of this Deposit Agreement, the parties hereto shall be discharged from all obligations under this Deposit Agreement except for their respective obligations under
Sections 5.3, 5.6 and 5.7. 

ARTICLE
VII 

MISCELLANEOUS

        Section 7.1    Counterparts.

        This
Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. 

        Section 7.2    Exclusive Benefit of Parties.

        This
Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy
or claim to any other person whatsoever. 

        Section 7.3    Invalidity of Provisions.

        In
case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 

        Section 7.4    Notices.

        Any
and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or
telegram, confirmed by letter, addressed to the Company at 106 Pitts Bay Road, Pembroke HM 08, Bermuda, to the attention of the General Counsel, or at any other address of which the Company shall have
notified the Depositary in writing. 

        Any
and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail
or by telegram, confirmed by letter, addressed to the Depositary at the Depositary's Office, at [            ], or at any other address of which the Depositary shall have
notified the Company and the record holders of the Receipts in writing. 

15

 

        Any
and all notices to be given to any record holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered
or sent by mail or by telegram, confirmed by letter, addressed to such record holder at the address of such record holder as it appears on the books of the Depositary, or if such holder shall have
filed with the Depositary a written request that notices intended for such holder be mailed to some other address, at the address designated in such request. 

        Delivery
of a notice sent by mail or by telegram, shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a
telegram) is deposited, postage prepaid, in a post office letter box. The Depositary or the Company may, however, act upon any telegram message received by it from the other or from any holder of a
Receipt, notwithstanding that such telegram, telecopy or telex message shall not subsequently be confirmed by letter or as aforesaid. 

        Section 7.5    Depositary's Agents.

        The
Depositary may from time to time appoint Depositary's Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint
additional Depositary's Agents and vary or terminate the appointment of such Depositary's Agents. The Depositary will notify the Company of any such action. 

        Section 7.6    Holders of Receipts are Parties.

        By
acceptance of delivery of the Receipts, the holder of any such Receipt from time to time shall be deemed to have agreed to become a party to this Deposit Agreement and to be bound by
all of the terms and conditions hereof and of the Receipts to the same extent as though such person executed this Deposit Agreement. 

        Section 7.7    Governing Law.

        THIS
DEPOSIT AGREEMENT AND THE RECEIPTS AND ALL RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK (WITHOUT REFERENCE TO APPLICABLE CONFLICTS OF LAWS PROVISIONS). 

        Section 7.8    Inspection of Deposit Agreement.

        Copies
of this Deposit Agreement shall be filed with the Depositary and the Depositary's Agents and shall be open to inspection during business hours at the Depositary's Office and the
respective offices of the Depositary's Agent, if any, by any holder of a Receipt. 

        Section 7.9    Headings.

        The
headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to
be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 

16

 

        IN
WITNESS WHEREOF, the Company and the Depositary have duly executed this Deposit Agreement as of the day and year first above set forth, and all holders of Receipts shall become
parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

	 	 	 	 	AXIS CAPITAL HOLDINGS LIMITED
	

Attested by	
 	

 	
 	

 	
 	

 
	 	 	 	 	 	 	 
	

	
 	

 	
 	

By:	
 	

 Name:

Title:
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	[            ], as Depositary
	Attested by:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	

	
 	

 	
 	

By:	
 	

 Name:

Title:

17

Exhibit A 

[FORM
OF FACE OF RECEIPT] 

TEMPORARY
RECEIPT—Exchangeable for Definitive Engraved Receipt When Ready for Delivery 

NUMBER

DEPOSITARY SHARES 

CERTIFICATE
FOR NOT MORE THAN            DEPOSITARY SHARES 

TDR 

DEPOSITARY
RECEIPT FOR DEPOSITARY SHARES, REPRESENTING 

            COMMON
SHARES OF AXIS CAPITAL HOLDINGS LIMITED 

                                        
                              CUSIP           
 

ORGANIZED
UNDER THE LAWS OF BERMUDA (SEE REVERSE FOR CERTAIN DEFINITIONS) 

                        ,
as Depositary (the "Depositary"), hereby certifies that                        is the registered owner
of                        DEPOSITARY SHARES ("Depository Shares"), each Depositary Share
representing                        of one share of [insert
title of stock], (the "Stock"), of AXIS Capital Holdings Limited, an exempted company incorporated in Bermuda as a holding company (the "Company"), on deposit with the Depositary, subject
to the terms and entitled to the benefits of the Deposit Agreement dated as of [DATE] (the "Deposit Agreement"), between the Company, the Depositary and the holders from time
to time of the Receipts issued thereunder. By accepting this Depositary Receipt the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement.
This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual
signature of a duly authorized officer or, if executed in facsimile by the Depository, countersigned by a Registrar in respect of the Depositary Receipts by the manual signature of a duly authorized
officer thereof. 

	Dated:	 	 	 	Countersigned:
	 	 	 	 	 	 	 	 	 
	

 Depositary	
 	

 	
 	

 Registrar
	By:	 	
	 	 	 	By:	 	

	 	 	 	 	 	 	 	 	 
	

Authorized Officer	
 	

 	
 	

Authorized Officer

[FORM
OF REVERSE OF RECEIPT] 

AXIS
CAPITAL HOLDINGS LIMITED 

        AXIS
CAPITAL HOLDINGS LIMITED WILL FURNISH WITHOUT CHARGE TO EACH RECEIPT HOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT [AND A STATEMENT OR SUMMARY OF THE POWERS,
DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF WHICH THE COMPANY IS AUTHORIZED TO ISSUE AND OF THE QUALIFICATIONS,
LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE TRANSFER AGENT NAMED ON THE FACE OF THIS RECEIPT.] 

        The
following abbreviations when used in the inscription on the face of this receipt shall be construed as though they were written out in full according to applicable laws or
regulations. 

	TEN COM -	 	as tenants in common	 	 
	

TEN ENT -	
 	

as tenants by the entireties Act	
 	

 
	

JT TEN -	
 	

as joint tenants with right of survivorship and not as tenants in common	
 	

 

	

UNIF GIFT MIN ACT	
 	

 (Cust)	
 	

Custodian	
 	

 (Minor)	
 	

 

	

Under Uniform Gifts to Minors Act	
 	

 (State)	
 	

 

Additional
abbreviations may also be used though not in the above list. 

[FORM
OF ASSIGNMENT] 

        For
value received,                        hereby sells, assigns and transfers unto 

PLEASE
INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE 

PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

                        Depositary
Shares represented by the within Receipt, and do hereby irrevocably constitute and appoint

                        [his/her] Attorney, to transfer the said Depositary Shares on the books of the within-named Depositary
with full power of substitution in the premises. 

Signature:
_________________ 

[DATE] 

NOTICE:
The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatever. 

(GUARANTEE
OF SIGNATURE/S) 

Authorized
Signature ______________________ 

Name
and Title ______________________ 

Dated
______________________ 

Name
of Firm: ______________________ 

	Notice:
	If
applicable, all signatures on this assignment must be guaranteed by a firm that is a member of a registered national securities exchange of the National Association of
Securities Dealers, Inc., or by a commercial bank or trust company having an office or correspondent in the United States (an "Eligible Institution"). However, signatures need not be guaranteed
if this assignment is made for the account of an Eligible Institution. 

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