Document:

Exhibit 4.7

B. RILEY FINANCIAL, INC.

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

INDENTURE

 

Dated as of                 ,
20    

 

SENIOR DEBT SECURITIES

 

     

     

    

 

CROSS-REFERENCE TABLE

 

	 	 	 
	
        TIA Section
	 	Indenture Section
	 	 	 
	310 (a)(1)	 	6.9
	(a)(2)	 	6.9
	(a)(3)	 	N/A
	(a)(4)	 	N/A
	(a)(5)	 	6.9
	(b)	 	6.8; 6.9
	311 (a)	 	6.13
	(b)	 	6.13
	312 (a)	 	7.1
	(b)	 	7.2
	(c)	 	7.2
	313 (a)	 	7.3
	(b)(1)	 	7.3
	(b)(2)	 	7.3
	(c)	 	7.3
	(d)	 	7.3
	314 (a)	 	7.4
	(b)	 	N/A
	(c)(1)	 	1.2
	(c)(2)	 	1.2
	(c)(3)	 	N/A
	(d)	 	N/A
	(e)	 	1.2
	(f)	 	1.2
	315 (a)	 	6.1
	(b)	 	6.2
	(c)	 	6.1
	(d)	 	6.1;6.3
	(e)	 	5.14
	316 (a) (last sentence)	 	1.1(“Outstanding”)
	(a)(1)(A)	 	5.12
	(a)(1)(B)	 	5.13
	(a)(2)	 	N/A
	(b)	 	5.8
	(c)	 	9.2
	317 (a)(1)	 	5.3
	(a)(2)	 	5.4
	(b)	 	10.3
	318 (a)	 	1.7

 

N/A means Not Applicable

 

 

 

Note: This Cross-Reference Table shall not, for any purpose,
be deemed to be part of this Indenture.

 

    -i- 

     

    

 

Table
of Contents

 

	 	 	Page
	ARTICLE I            DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	Section 1.1.	Definitions	1
	 	Section 1.2.	Compliance Certificates and Opinions	6
	 	Section 1.3.	Form of Documents Delivered to Trustee	6
	 	Section 1.4.	Acts of Holders	6
	 	Section 1.5.	Notices, Etc., to Trustee or Company	7
	 	Section 1.6.	Notice to Holders; Waiver	8
	 	Section 1.7.	Conflict with Trust Indenture Act	9
	 	Section 1.8.	Effect of Headings and Table of Contents	9
	 	Section 1.9.	Successors and Assigns	9
	 	Section 1.10.	Separability Clause	9
	 	Section 1.11.	Benefits of Indenture	9
	 	Section 1.12.	Governing Law; Waiver of Jury Trial	9
	 	Section 1.13.	Legal Holidays	9
	 	Section 1.14.	Force Majeure	9
	ARTICLE II            SECURITY FORMS	10
	 	Section 2.1.	Forms Generally	10
	 	Section 2.2.	Form of Trustee’s Certificate of Authentication	10
	ARTICLE III            THE SECURITIES	10
	 	Section 3.1.	Amount Unlimited; Issuable in Series	10
	 	Section 3.2.	Denominations	12
	 	Section 3.3.	Execution, Authentication, Delivery and Dating	12
	 	Section 3.4.	Temporary Securities	14
	 	Section 3.5.	Registration; Registration of Transfer and Exchange	14
	 	Section 3.6.	Mutilated, Destroyed, Lost and Stolen Securities	16
	 	Section 3.7.	Payment of Interest; Interest Rights Preserved	16
	 	Section 3.8.	Persons Deemed Owners	17
	 	Section 3.9.	Cancellation	17
	 	Section 3.10.	Computation of Interest	18
	ARTICLE IV            SATISFACTION AND DISCHARGE	18
	 	Section 4.1.	Satisfaction and Discharge of Indenture	18
	 	Section 4.2.	Application of Trust Money	19
	ARTICLE V            REMEDIES	19
	 	Section 5.1.	Events of Default	19
	 	Section 5.2.	Acceleration of Maturity; Rescission and Annulment	20
	 	Section 5.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	21
	 	Section 5.4.	Trustee May File Proofs of Claim	22
	 	Section 5.5.	Trustee May Enforce Claims Without Possession of Securities	22
	 	Section 5.6.	Application of Money Collected	23
	 	Section 5.7.	Limitation on Suits	23
	 	Section 5.8.	Unconditional Right of Holders to Receive Principal, Premium and Interest	23
	 	Section 5.9.	Restoration of Rights and Remedies	24
	 	Section 5.10.	Rights and Remedies Cumulative	24
	 	Section 5.11.	Delay or Omission Not Waiver	24

 

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Table
of Contents

(Continued)

 

	 	 	Page
	 	Section 5.12.	Control by Holders	24
	 	Section 5.13.	Waiver of Past
    Defaults	25
	 	Section 5.14.	Undertaking for
    Costs	25
	 	Section 5.15.	Waiver of Usury,
    Stay or Extension Laws	25
	ARTICLE VI            THE TRUSTEE	26
	Section 6.1.	Certain Duties and Responsibilities	26
	 	Section 6.2.	Notice of Defaults	26
	 	Section 6.3.	Certain Rights of Trustee	27
	 	Section 6.4.	Not Responsible for Recitals or Issuance of Securities	28
	 	Section 6.5.	May Hold Securities	28
	 	Section 6.6.	Money Held in Trust	28
	 	Section 6.7.	Compensation and Reimbursement	28
	 	Section 6.8.	Disqualification; Conflicting Interests	29
	 	Section 6.9.	Corporate Trustee Required; Eligibility	30
	 	Section 6.10.	Resignation and Removal; Appointment of Successor	30
	 	Section 6.11.	Acceptance of Appointment by Successor	31
	 	Section 6.12.	Merger, Conversion, Consolidation or Succession to Business	32
	 	Section 6.13.	Preferential Collection of Claims	32
	 	Section 6.14.	Appointment of Authenticating Agent	32
	ARTICLE VII            HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	33
	 	Section 7.1.	Company to Furnish Trustee Names and Addresses of Holders	33
	 	Section 7.2.	Preservation of Information; Communications to Holders	34
	 	Section 7.3.	Reports by Trustee	34
	 	Section 7.4.	Reports by Company	34
	ARTICLE VIII          CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	35
	 	Section 8.1.	Company May Consolidate, Etc., Only on Certain Terms	35
	 	Section 8.2.	Successor Substituted	35
	ARTICLE IX            SUPPLEMENTAL INDENTURES	36
	 	Section 9.1.	Supplemental Indentures Without Consent of Holders	36
	 	Section 9.2.	Supplemental Indentures with Consent of Holders	36
	 	Section 9.3.	Execution of Supplemental Indentures	37
	 	Section 9.4.	Effect of Supplemental Indentures	37
	 	Section 9.5.	Conformity with Trust Indenture Act	38
	 	Section 9.6.	Reference in Securities to Supplemental Indentures	38
	ARTICLE X             COVENANTS	38
	 	Section 10.1.	Payment of Principal, Premium and Interest	38
	 	Section 10.2.	Maintenance of Office or Agency	38
	 	Section 10.3.	Money for Securities Payments to Be Held in Trust	38
	 	Section 10.4.	Corporate Existence	39
	 	Section 10.5.	[Reserved]	39
	 	Section 10.6.	Statement by Officer as to Default	39
	ARTICLE XI            REDEMPTION OF SECURITIES	40
	 	Section 11.1.	Applicability of Article	40
	 	Section 11.2.	Election to Redeem; Notice to Trustee	40

 

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Table
of Contents

(Continued)

 

	 	 	Page
	 	Section 11.3.	Selection by Trustee
    of Securities to Be Redeemed	40
	 	Section 11.4.	Notice of Redemption	40
	 	Section 11.5.	Deposit of Redemption
    Price	41
	 	Section 11.6.	Securities Payable
    on Redemption Date	41
	 	Section 11.7.	Securities Redeemed
    in Part	42
	ARTICLE XII             ARTICLE XII SINKING FUNDS	42
	 	Section 12.1.	Applicability of Article	42
	 	Section 12.2.	Satisfaction of Sinking Fund Payments with Securities	42
	 	Section 12.3.	Redemption of Securities for Sinking Fund	42
	ARTICLE XIII            DEFEASANCE AND COVENANT DEFEASANCE	43
	 	Section 13.1.	Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance	43
	 	Section 13.2.	Defeasance and Discharge	43
	 	Section 13.3.	Covenant Defeasance	43
	 	Section 13.4.	Conditions to Defeasance or Covenant Defeasance	44
	 	Section 13.5.	Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	45

 

    -iii-

     

    

 

INDENTURE, dated as of                  ,
20    , between B. Riley Financial, Inc., a Delaware corporation (the “Company”), and U.S. Bank National
Association, a national banking association, as trustee (the “Trustee”).

 

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 unsecured senior debentures, notes or other evidences of indebtedness
(herein called the “Securities”), to be issued in one or more series as in this Indenture provided.

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the purchase of
the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders
of the Securities or of any series thereof, as follows:

 

ARTICLE
I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.1. Definitions.

 

For all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires:

 

		(1)	the terms defined in this Article I have the meanings assigned
to them in this Article I and include the plural as well as the singular;

 

		(2)	all other terms used herein which are defined in the Trust
Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

 

		(3)	all accounting terms not otherwise defined herein have
the meanings assigned to them in accordance with generally accepted accounting principles, and, except as otherwise herein expressly
provided, the term “generally accepted accounting principles” with respect to any computation required or permitted
hereunder shall mean such accounting principles as are generally accepted at the date of such computation;

 

		(4)	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;

 

		(5)	any reference to an “Article” or a “Section”
refers to an Article or a Section, as the case may be, of this Indenture.

 

“Act”, when used with respect to any Holder, has
the meaning specified in Section 1.4(a).

 

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

 

    	 	1	 

     

    

  

“Authenticating Agent” means any Person authorized
by the Trustee to act on behalf of the Trustee to authenticate Securities of one or more series.

 

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

 

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

 

“Business Day” means, for any place where the principal
and interest on the Notes is payable, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day in which banking
institutions in New York are authorized or obligated by law or executive order to close.

 

“Capital Stock” for any corporation means any and
all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated)
stock issued by that corporation.

 

“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 execution of this instrument such
Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing
such duties at such time.

 

“Company” means the Person named as the “Company”
in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Company” shall mean such successor Person.

 

“Company Request” or “Company Order”
means a written request or order signed in the name of the Company by any Officer.

 

“Corporate Trust Office” means the office of the
Trustee at which at any particular time its corporate trust business shall be principally administered, which office, as at the
date of this Indenture, is located at U.S. Bank National Association, 633 West Fifth Street, 24th Floor, Los Angeles,
California 90071, Attention: P. Oswald (B. Riley Financial, Inc.), or such other address as the Trustee may designate from time
to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other
address as such successor Trustee may designate from time to time by notice to the Holders and the Company).

 

“corporation” includes corporations, associations,
companies (including limited liability companies) and business trusts.

 

“covenant defeasance” has the meaning specified
in Section 13.3.

 

“default”, when used in Section 6.2, has the meaning
specified in Section 6.2.

 

“Defaulted Interest” has the meaning specified in
Section 3.7(b).

 

“defeasance” has the meaning specified in Section
13.2.

 

“Depositary” means, with respect to the Securities
of any series issuable or issued in whole or in part in the form of one or more Global Securities, the Person designated as Depositary
for such series by the Company pursuant to Section 3.1(b)(15), which Person shall be a clearing agency registered under the Exchange
Act; and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of
any series shall mean the Depositary with respect to the Securities of such series.

 

    	 	2	 

     

    

 

“Event of Default” has the meaning specified in
Section 5.1.

 

“Exchange Act” means the Securities Exchange Act
of 1934 and any statute successor thereto, in each case, as amended.

 

“Global Security” or “Global Securities”
means a Security or Securities, as the case may be, evidencing all or part of a series of Securities, issued to the Depositary
for such series or its nominee, and registered in the name of such Depositary or nominee.

 

“Holder” means a Person in whose name a Security
is registered in the Security Register.

 

“Indebtedness” of any Person means indebtedness
for borrowed money and indebtedness under purchase money mortgages or other purchase money liens or conditional sales or similar
title retention agreements, in each case where such indebtedness has been created, incurred, or assumed by such Person to the extent
such indebtedness would appear as a liability upon a balance sheet of such Person prepared in accordance with U.S. generally accepted
accounting principles as in effect on the date hereof, guarantees by such Person of such indebtedness, and indebtedness for borrowed
money secured by any mortgage, pledge or other lien or encumbrance upon property owned by such Person, even though such Person
has not assumed or become liable for the payment of such indebtedness (but not exceeding the amount of indebtedness secured by
such mortgage, pledge, lien or encumbrance).

 

“Indenture” means this instrument as originally
executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant
to the applicable provisions hereof and shall include the terms of particular series of Securities established as contemplated
by Section 3.1.

 

“interest”, when used with respect to an Original
Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

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

 

“Market Exchange Rate” has the meaning specified
in Section 1.4(f).

 

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

 

“Notice of Default” has the meaning specified in
Section 5.1.

 

“Officer” means the Chairman of the Board of Directors,
the Chief Executive Officer, the President, Chief Financial Officer, Chief Accounting Officer, any Vice President, the Treasurer,
the Secretary or the Controller of the Company.

 

“Officer’s Certificate” means a certificate
signed by any Officer. An Officer’s Certificate provided pursuant to Section 10.6 shall be signed by the principal executive,
financial or accounting officer of the Company.

 

“Opinion of Counsel” means a written opinion of
counsel, who may be counsel for the Company (including an employee or officer of the Company or any of its Affiliates) and who
shall be reasonably acceptable to the Trustee.

 

“Original Issue Discount Security” means any Security
which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of
the Maturity thereof pursuant to Section 5.2.

 

    	 	3	 

     

    

 

“Outstanding”, when used with respect to Securities,
means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except:

 

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

 

		(ii)	Securities for whose payment or redemption money (or in
the case of payment by defeasance under Section 13.2, money, U.S. Government Obligations or both) in the necessary amount has
been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust, or set aside and segregated
in trust by the Company (if the Company shall act as its own Paying Agent), for the Holders of such Securities; provided
that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee has been made; and provided further, in the case of payment by defeasance under
Section 13.2, that all conditions precedent to the application of such Section shall have been satisfied; and

 

		(iii)	Securities which have been paid pursuant to Section 3.6
or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other
than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such
Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; provided,
however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given
any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of an Original Issue
Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable
as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 5.2 and (ii) Securities owned
by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Securities which the Trustee knows to be 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 independent 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 Affiliate of the Company or of such other obligor.

 

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

 

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

 

“Place of Payment”, when used with respect to the
Securities of any series, means the place or places where the principal of (and premium, if any) and interest on the Securities
of that series are payable as specified as contemplated by Section 3.1 or, if not so specified, the City of New York, New York.

 

“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 3.6 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen
Security.

 

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

 

    	 	4	 

     

    

 

“Redemption Price”, when used with respect to any
Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record Date” for the interest payable on
any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section
3.1.

 

“Responsible Officer”, when used with respect to
the Trustee, means any officer in the Corporate Trust Office of the Trustee with direct responsibility for the administration of
this Indenture and also means, with respect to a particular corporate trust matter relating to this Indenture, any other officer
to whom such matter is referred because of such person’s knowledge of and familiarity with the particular subject and who
shall have direct responsibility for the administration of this Indenture.

 

“Securities” has the meaning stated in the first
recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.

 

“Security Register” and “Security Registrar”
have the respective meanings specified in Section 3.5(a).

 

“Special Record Date” for the payment of any Defaulted
Interest means a date fixed by the Trustee pursuant to Section 3.7(b).

 

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

 

“Subsidiary” means with respect to any Person (i)
any corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar
entity) of which more than 50.0% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof;
and (ii) any partnership, joint venture, limited liability company or similar entity of which (x) more than 50.0% of the capital
accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are
owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination
thereof whether in the form of membership, general, special or limited partnership or otherwise, and (y) such Person or any Subsidiary
of such Person is a controlling general partner or otherwise controls such entity.

 

“Trust Indenture Act” means the Trust Indenture
Act of 1939 as in force at the date as of which this instrument was executed, except as provided in Section 9.5 and, to the extent
required by any amendment thereto, the Trust Indenture Act of 1939, as amended.

 

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

 

“U.S. Government Obligation” has the meaning set
forth in Section 13.4(a).

 

“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”.

 

    	 	5	 

     

    

  

Section 1.2. Compliance
Certificates and Opinions.

 

(a)          Upon
any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company
shall furnish to the Trustee an Officer’s Certificate stating that all conditions 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, if any, have been complied with, except that in the case of any such application or request
as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular
application or request, no additional certificate or opinion need be furnished.

 

(b)          Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than certificates
provided pursuant to Section 10.6) shall include:

 

(1)         a
statement that the individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;

 

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

 

(3)         a
statement that, in the opinion of such individual, he or she has made such examination or investigation as is necessary to enable
him or her to express an informed opinion as to whether such covenant or condition has been complied with; and

 

(4)         a
statement as to whether, in the opinion of such individual, such condition or covenant has been complied with.

 

Section 1.3. Form
of Documents Delivered to Trustee.

 

(a)          In
any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered
by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or more documents.

 

(b)          Any
certificate of any 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, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous.
Any Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate of, or representations by, an
officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the
Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or representations
with respect to such matters are erroneous.

 

(c)          Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions
or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Section 1.4. Acts
of Holders.

 

(a)          Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. The
Trustee shall promptly deliver to the Company copies of any such instrument or instruments delivered to the Trustee. Such instrument
or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Section 1.4.

 

    	 	6	 

     

    

 

(b)          The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a
signer acting in a capacity other than his or her individual capacity, such certificate or affidavit shall also constitute sufficient
proof of his or her authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which the Trustee deems sufficient; and the Trustee may in any instance
require further proof with respect to any of the matters referred to in this Section 1.4.

 

(c)          The
ownership of Securities shall be proved by the Security Register.

 

(d)          Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Company in reliance
thereon, whether or not notation of such action is made upon such Security or such other Security.

 

(e)          The
Depositary selected pursuant to subsection (b)(15) of Section 3.1, as a Holder, may appoint agents and otherwise authorize participants
to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled
to give or take hereunder.

 

(f)          Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant
to Section 3.1 of this Indenture with respect to a particular series of Securities, whenever for purposes of this Indenture any
action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all series or all series
affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any series which
are denominated in a coin or currency other than U.S. Dollars, then the principal amount of Securities of such series which shall
be deemed to be outstanding for the purpose of taking such action shall be that amount of U.S. Dollars that could be obtained for
such amount at the Market Exchange Rate at such time. For purposes of this Section 1.4(f), “Market Exchange Rate” shall
mean the noon U.S. Dollar buying rate in The City of New York for cable transfers of that currency as published by the Federal
Reserve Bank of New York. If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee
shall use, without liability on its part, such quotation of the Federal Reserve Bank of New York or quotations from one or more
major banks in The City of New York or in the country of issue of the currency in question or such other quotations as the Company
shall deem appropriate and direct the Trustee to use pursuant to a Company Order. The provisions of this paragraph shall apply
in determining the equivalent principal amount in respect of Securities of a series denominated in currency other than U.S. Dollars
in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. All decisions and determinations
of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in this paragraph shall be in its
sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and
irrevocably binding upon the Company and all Holders.

 

Section 1.5. Notices,
Etc., to Trustee or Company.

 

Any request, demand, authorization, direction, notice, consent,
waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed
with,

 

    	 	7	 

     

    

 

(1)         the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
to or with the Trustee at its Corporate Trust Office or sent by facsimile, electronic transmission or first-class mail, postage-prepaid
at the address set forth below:

 

	 	U.S. Bank National Association	 
	 	633 West Fifth Street, 24th Floor	 
	 	Los Angeles, California 90071	 
	 	Attention: 	 	 	 
	 	Facsimile: 	 	 	 
	 	E-mail: 	 	 	 
	 	 	 

 

(2)         the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and sent, to the Company either by facsimile, electronic transmission or first-class mail, postage prepaid at the
address set forth below:

 

	 	B. Riley Financial, Inc.	 
	 	21255 Burbank Blvd, Suite 400	 
	 	
        Woodland Hills, California 91367

        
	 
	 	Attention:	 	 
	 	Facsimile:	 	 
	 	E-mail: 	 	 

 

The Company or the Trustee may designate additional or different
addresses for subsequent notices or communications.

 

Notices given by first-class mail, postage prepaid, will be
deemed given five calendar days after mailing.

 

Section 1.6. Notice
to Holders; Waiver.

 

Where this Indenture provides for notice to Holders (including
any notice of redemption), such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing (including
facsimile or other electronic transmission) and mailed, first-class postage prepaid, to each Holder entitled thereto, at his last
address as it appears in the Security Register or if given to the applicable Depositary (or its designee) according to the applicable
procedures of such Depositary. If such notice or communication is mailed (or delivered by electronic transmission in accordance
with the applicable procedures of the Depositary) in the manner provided above within the time prescribed herein, it is duly given,
whether or not the addressee receives it. In any case where notice to Holders is given, neither the failure to send such notice,
nor any defect in any notice so sent, to any particular Holder shall affect the sufficiency of such notice with respect to other
Holders. Such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Notwithstanding any other provision of this Indenture or any
Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption or purchase)
to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary
pursuant to the standing instructions from the Depositary.

 

Notices given by first-class mail, postage prepaid, will be
deemed given five calendar days after mailing.

 

    	 	8	 

     

    

 

Section 1.7. Conflict
with Trust Indenture Act.

 

If any provision hereof limits, qualifies or conflicts with
another provision hereof which is required to be included in this Indenture by any of the provisions of the Trust Indenture Act,
such required provision shall control. If any provision hereof limits, qualifies or conflicts with the duties imposed by Section
318(c) of the Trust Indenture Act such imposed duties shall control. If any provision of the Indenture limits, qualifies or conflicts
with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern the Indenture,
such provision of the Trust Indenture Act shall control. If any provision of the Indenture modifies or excludes any provision of
the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to the Indenture as
such provision of the Trust Indenture Act is so modified or excluded, as the case may be.

 

Section 1.8. Effect
of Headings and Table of Contents.

 

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

 

Section 1.9. Successors
and Assigns.

 

All covenants and agreements in this Indenture by the Company
shall bind its successors and assigns, whether so expressed or not.

 

Section 1.10. Separability
Clause.

 

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

 

Section 1.11. Benefits
of Indenture.

 

Nothing in this Indenture or in the Securities, express or implied,
shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal
or equitable right, remedy or claim under this Indenture.

 

Section 1.12. Governing
Law; Waiver of Jury Trial.

 

This Indenture and the Securities shall be governed by and construed
in accordance with the laws of the State of New York. Each of the Company and the Trustee irrevocably waives, to the fullest extent
permitted by applicable law, any and all rights to trial by jury in any legal proceeding arising out of or relating to this Indenture,
the Securities, or the transactions contemplated thereby.

 

Section 1.13. Legal
Holidays.

 

In any case where any Interest Payment Date, Redemption Date
or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision
of this Indenture or of the Securities) 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 with the same force and effect
as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall accrue on
the amount then payable for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case
may be.

 

Section 1.14. Force
Majeure.

 

In no event shall the Trustee be responsible or liable for any
failure or delay in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly,
forces beyond its reasonable 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 or hardware) services.

 

    	 	9	 

     

    

 

ARTICLE
II

 

SECURITY FORMS

 

Section 2.1. Forms
Generally.

 

(a)          The
Securities of each series shall be in substantially the form as shall be established by or pursuant to a Board Resolution or in
one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith,
be determined by the Officer executing such Securities, as evidenced by his or her execution of such Securities. If the form of
Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee at or prior to
the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of such Securities.

 

(b)          The
definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner,
all as determined by the Officer executing such Securities, as evidenced by his or her execution of such Securities.

 

Section 2.2. Form
of Trustee’s Certificate of Authentication.

 

The Trustee’s certificates of authentication shall be
in substantially the following form:

 

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

 

	 	U.S. Bank National Association,

as Trustee
	 	 	 
	 	By	

	 	Authorized Signatory

 

ARTICLE
III

THE SECURITIES

  

Section 3.1. Amount
Unlimited; Issuable in Series.

 

(a)          The
aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

 

(b)          The
Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and (subject to
Section 3.3) set forth or determined as provided in an Officer’s Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series,

 

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

 

    	 	10	 

     

    

 

(2)         any
limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.7 and except for any Securities which, pursuant to Section 3.3, are
deemed never to have been authenticated and delivered hereunder);

 

(3)         the
Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;

 

(4)         the
date or dates on which the principal of the Securities of the series is payable and/or the method by which such date or dates shall
be determined;

 

(5)         the
rate or rates (or method for establishing the rate or rates) at which the Securities of the series shall bear interest, if any,
the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and
the Regular Record Date for the interest payable on any Interest Payment Date (or method for establishing such date or dates);

 

(6)         the
place or places where the principal of (and premium, if any) and interest on Securities of the series shall be payable;

 

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

 

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

 

(9)         if
other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in which Securities
of the series shall be issuable;

 

(10)        if
other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or the method by which such portion shall be determined;

 

(11)        if
other than such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
or private debts, the currency or currencies (including composite currencies) in which payment of the principal of (and premium,
if any) and/or interest on the Securities of the series shall be payable;

 

(12)        if
the principal of (and premium, if any) and/or interest on the Securities of the series are to be payable, at the election of the
Company or any Holder, in a currency or currencies (including composite currencies) other than that in which the Securities are
stated to be payable, the period or periods within which, and the terms and conditions, upon which, such election may be made;

 

(13)        if
the amounts of payments of principal of (and premium, if any) and/or interest on the Securities of the series may be determined
with reference to an index, the manner in which such amounts shall be determined;

 

    	 	11	 

     

    

 

(14)        in
the case of Securities of a series the terms of which are not established pursuant to subsection (11), (12) or (13) above, whether
either or both of Section 13.2 or Section 13.3 shall not be applicable to the Securities of such series; or, in the case of Securities
the terms of which are established pursuant to subsection (11), (12) or (13) above, the adoption and applicability, if any, to
such Securities of any terms and conditions similar to those contained in Section 13.2 and/or Section 13.3;

 

(15)        whether
the Securities of the series shall be issued in whole or in part in the form of one or more Global Securities and, in such case,
the Depositary for such Global Security or Securities;

 

(16)        any
additional or different events of default that apply to Securities of the series, and any change in the right of the Trustee or
the Holders of such Securities to declare the principal thereof due and payable;

 

(17)        any
additional or different covenants that apply to Securities of the series;

 

(18)        the
form of the Securities of the series; and

 

(19)        any
other terms of the series (which terms shall not contradict the provisions of this Indenture).

 

(c)          All
Securities of any one series need not be issued at the same time and may be issued from time to time and, unless otherwise provided,
a series may be reopened, without the consent of the Holders, for issuances of additional Notes of such series; provided, however,
that if such additional Notes are not fungible with the Notes of such series for U.S. federal income tax purposes, the additional
Notes will have a separate CUSIP number.

 

(d)          If
any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record
of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or
prior to the delivery of the Officer’s Certificate setting forth the terms of the series. With respect to Securities of a
series constituting a medium term note program, such Board Resolution may provide general terms or parameters for Securities of
such series and may provide that the specific terms of particular Securities of such series, 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 3.3.

 

Section 3.2. Denominations.

 

The Securities of each series shall be issuable in registered
form without coupons in such denominations as shall be specified as contemplated by Section 3.1. In the absence of any such provisions
with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $2,000 and any
integral multiple of $1,000 in excess thereof.

 

Section 3.3. Execution,
Authentication, Delivery and Dating.

 

(a)
          The Securities shall be executed on behalf of the Company by any Officer. The signature of any such
Officer on the Securities may be manual or facsimile.

 

(b)          Securities
bearing the manual or facsimile signature of an individual who was at any time a proper Officer of the Company shall bind the Company,
notwithstanding that such individual has ceased to hold such office prior to the authentication and delivery of such Securities
or did not hold such office at the date of such Securities.

 

    	 	12	 

     

    

 

(c)          At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of
such Securities, and the Trustee in accordance with such Company Order shall authenticate and deliver such Securities; provided,
that, with respect to Securities of a series constituting a medium term note program, the Trustee shall authenticate and deliver
Securities of such series for original issue from time to time in the aggregate principal amount established for such series as
may be specified from time to time by a Company Order and pursuant to such procedures acceptable to the Trustee. 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.

 

(d)          If
the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted
by Sections 2.1 and 3.1, in authenticating such Securities, and accepting the additional responsibilities under this Indenture
in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected
in relying upon, an Opinion of Counsel stating,

 

(1)         if
the form of any of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.1, that such
form has been established in conformity with the provisions of this Indenture;

 

(2)         if
the terms of any of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.1, that
such terms have been established in conformity with the provisions of this Indenture; and

 

(3)         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 legally binding obligations of the Company, enforceable in accordance
with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting
the enforcement of creditors’ rights and to general equity principles.

 

(e)          Notwithstanding
that such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue
of such Securities pursuant to this Indenture would adversely affect the Trustee’s own rights, duties or immunities under
the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

 

(f)          Notwithstanding
the provisions of Section 3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued at
one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 3.1 or the
Company Order and Opinion of Counsel otherwise required pursuant to this Section 3.3 at or prior to the time of authentication
of each Security of such series if such documents have been delivered at or prior to the time of authentication upon original issuance
of the first Security of such series to be issued.

 

(g)          With
respect to Securities of a series constituting a medium term note program, if the form and general terms of the Securities of such
series have been established by or pursuant to one or more Board Resolutions or by an indenture supplemental hereto, as permitted
by Sections 2.1 and 3.1, in authenticating such Securities, and accepting the additional responsibilities under this Indenture
in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected
in relying upon, in addition to the foregoing documents and Opinion of Counsel, or in lieu of clause (c) above, an Opinion of Counsel
stating that the Securities have been duly authorized by the Company and, when duly executed by the Company and completed and authenticated
by the Trustee in accordance with the Indenture and issued, delivered and paid for in accordance with any applicable distribution
agreement, will have been duly issued under the Indenture and will constitute valid and binding obligations of the Company, enforceable
in accordance with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating
to or affecting the enforcement of creditors’ rights and to general equity principles.

 

(h)          Each
Security shall be dated the date of its authentication.

 

    	 	13	 

     

    

 

(i)          No
Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on
such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature,
and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall
have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security
to the Trustee for cancellation as provided in Section 3.9 together with a written statement (which need not comply with Section
1.2 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company,
for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall
never be entitled to the benefits of this Indenture.

 

Section 3.4. Temporary
Securities.

 

(a)          Pending
the preparation of definitive Securities of any series, the Company may execute, and upon Company Order, the Trustee shall authenticate
and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, with such appropriate insertions,
omissions, substitutions and other variations as the Officer executing such Securities may determine, as evidenced by his or her
execution of such Securities.

 

(b)          If
temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall
be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office
or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of
any one or more temporary Securities of any series the Company shall execute and, upon Company Order, the Trustee shall authenticate
and deliver in exchange therefor a like principal amount of definitive Securities of the same series and of like tenor, of authorized
denominations. 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.

 

Section 3.5. Registration;
Registration of Transfer and Exchange.

 

(a)          The
Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office
and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security
Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration
of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose
of registering Securities and transfers of Securities as herein provided and “Paying Agent” for the Securities. In
acting hereunder and in connection with the Securities, the Paying Agent and Security Registrar shall act solely as agents of the
Company, and will not thereby assume any obligations towards or relationship of agency or trust for or with any Holder.

 

(b)          Upon
surrender for registration of transfer of any Security of any series at an office or agency of the Company in a Place of Payment
designated by the Company pursuant to Section 10.2 for that series, the Company shall execute and, upon Company Order, the Trustee
shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same
series, of any authorized denominations and of a like aggregate principal amount and tenor.

 

(c)          At
the option of the Holder, Securities of any series may be exchanged for other Securities of the same series of any authorized denominations
and of a like aggregate principal amount and tenor, upon surrender of the Securities to be exchanged at such office or agency.
Whenever any Securities are so surrendered for exchange, the Company shall execute and, upon Company Order, the Trustee shall authenticate
and deliver, the Securities which the Holder making the exchange is entitled to receive.

 

    	 	14	 

     

    

 

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

  

(e)          Every
Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company, the Security
Registrar or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer, in form satisfactory to the
Company and the Security Registrar, duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing.

 

(f)          No
service charge shall be made for any registration of transfer or for exchange of Securities, but the Company or the Trustee 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 3.4, 9.6 or 11.7 not involving any transfer.

  

(g)          The
Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning
at the opening of business 15 days before the day of the sending of a notice of redemption of Securities of that series selected
for redemption under Section 11.3 and ending at the close of business on the day of such transmission, or (ii) to register the
transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part.

  

(h)          Notwithstanding
the foregoing, any Global Security shall be exchangeable pursuant to this Section 3.5 for Securities registered in the names of
Persons other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is
unwilling or unable to continue as Depositary for such Global Security or if any time such Depositary ceases to be a clearing agency
registered under the Exchange Act and the Company has not appointed a successor Depositary within 90 days from the date of such
notice or from the date the Company became aware that such Depositary is no longer registered, as applicable, (ii) the Company
executes and delivers to the Trustee a Company Order that such Global Security shall be so exchangeable or (iii) there shall have
occurred and be continuing an Event of Default of which the Trustee has been notified with respect to the Securities and the Depositary
for such Global Security requests such exchange in writing. Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate
principal amount equal to the principal amount of the Global Security with like tenor and terms.

  

(i)          Notwithstanding
any other provision in this Indenture, a Global Security may not be transferred except as a whole by the Depositary with respect
to such Global Security to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee
of such Depositary.

 

(j)          The
Trustee shall have no responsibility, obligation or duty to:

 

(1)         any
beneficial owner of a Global Security, any member or participant in the Depositary or any other Person with respect to (A) the
accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership
interest in the Securities, (B) the delivery to any participant, member, beneficial owner or other Person (other than the Depositary)
of any notice (including any notice of redemption or purchase) or the payment of any amount or delivery of any Securities (or other
security or property) under or with respect to such Securities, or (C) the selection of the particular Securities or portions thereof
to be redeemed or refunded in the event of a partial redemption or refunding of the Securities; or

 

(2)         monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with
respect to any transfer of any interest in any Security (including any transfers between or among the Depositary, its agent members
or beneficial owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence
as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture with respect to transfers
between Holders, and to examine the same to determine substantial compliance as to form with the express requirements hereof. Neither
the Trustee nor any of its agents shall have any responsibility for any actions taken or not taken by the Depositary.

 

    	 	15	 

     

    

 

(3)         All
notices and communications to be given by any beneficial owner of a Security and all payments to be made to any beneficial owner
of a Security in respect of the Securities shall be given or made only to or upon the order of the registered owner or owners of
the Securities (which shall be the Depositary or its nominee in the case of a Global Security). The rights of the beneficial owners
of any Global Security shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary.
The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members,
participants and beneficial owners.

 

Section 3.6. Mutilated,
Destroyed, Lost and Stolen Securities.

 

(a)          If
any mutilated Security is surrendered to the Trustee, the Company shall execute and, upon Company Order, the Trustee shall authenticate
and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount, and bearing a number
not contemporaneously outstanding.

 

(b)          If
there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of
any Security and (ii) such security and/or indemnity as may be required by them to save each of them and any agent of any of them
harmless, then, 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 execute and, upon Company Order, the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost
or stolen Security, a new Security of the same series and of like tenor and principal amount, and bearing a number not contemporaneously
outstanding.

 

(c)          In
case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Security, pay such Security.

 

(d)          Upon
the issuance of any new Security under this Section 3.6, the Company or the Trustee 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 reasonable
fees and expenses of the Trustee and its counsel) connected therewith.

 

(e)          Every
new Security of any series issued pursuant to this Section 3.6 in lieu of any destroyed, lost or stolen Security shall constitute
an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at
any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any
and all other Securities of that series duly issued hereunder.

 

(f)          The
provisions of this Section 3.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

 

Section 3.7. Payment
of Interest; Interest Rights Preserved.

 

(a)          Unless
otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, interest on any Security which is payable,
and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest.

 

(b)          Any
interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment
Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder entitled to such interest
by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (1) or (2) below:

 

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(1)         The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date (as defined below) for the
payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and
at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid
in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date
of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted
Interest as in this clause provided. Thereupon the Trustee shall fix a special record date (the “Special Record Date”)
for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of
the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice
of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be sent to each Holder of Securities
of such series in accordance with Section 1.6, not less than 10 days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been so sent, such Defaulted Interest shall be paid
to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the
close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).

 

(2)         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 such Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner
of payment shall be deemed practicable by the Trustee.

 

(c)          Subject
to the foregoing provisions of this Section 3.7, 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 3.8. Persons
Deemed Owners.

 

Prior to due presentment of a Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered
as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section
3.7) interest 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. Without limiting
the generality of the foregoing, a Holder, including any Depositary that is the Holder of a Global Security, may make, give or
take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or
other action provided in this Indenture to be made, given or taken by Holders, and the Depositary that is the Holder of a Global
Security may provide its proxy or proxies to the beneficial owners of interests in any such Global Security through such Depositary’s
standing instructions and customary practice.

 

Section 3.9. Cancellation.

 

All Securities surrendered for payment, redemption, registration
of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation
any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and
may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold and all Securities so delivered shall be promptly canceled by the Trustee.
No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section 3.9, except
as expressly permitted by this Indenture. Subject to the record retention requirements of the Act and the Trustee’s procedures,
all canceled Securities held by the Trustee shall be disposed of as directed by a Company Order.

 

    	 	17	 

     

    

 

Section 3.10. 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.

 

ARTICLE
IV

SATISFACTION AND DISCHARGE

 

Section 4.1. Satisfaction
and Discharge of Indenture.

 

(a)          This
Indenture shall upon Company Request cease to be of further effect with respect to Securities of any series (except as to any surviving
rights of registration of transfer or exchange of Securities of such series and replacement of lost, stolen or mutilated Securities
of such series herein expressly provided for), and the Trustee, on the demand of and at the expense of the Company, shall execute
instruments acknowledging satisfaction and discharge of this Indenture with respect to such series, when

 

(1)         either

 

(A)         all
Securities of such series theretofore authenticated and delivered (other than (i) Securities of such series which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 3.6 and (ii) 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 10.3) have been delivered to the Trustee for cancellation; or

 

(B)         all
such Securities of such series not theretofore delivered to the Trustee for cancellation

 

(i)          have
become due and payable, or

 

(ii)         will
become due and payable at their Stated Maturity within one year, or

 

(iii)        are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption,
and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds
in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities of such series not
theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit
(in the case of Securities of such series which have become due and payable) or to the Stated Maturity or Redemption Date, as the
case may be; and

 

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

 

(3)         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 satisfaction and discharge of this Indenture have been complied with.

 

    	 	18	 

     

    

 

(b)          At
any time when no Securities of any series are outstanding, this Indenture shall upon Company Request cease to be of further effect
and the Trustee, at the expense of the Company, shall execute instruments of satisfaction and discharge of this Indenture.

 

(c)          Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations
of the Company to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant
to subclause (B) of clause (1) of this Section 4.1, the obligations of the Trustee under Section 4.2 and the last paragraph of
Section 10.3 shall survive.

 

Section 4.2. Application
of Trust Money.

 

Subject to the provisions of the last paragraph of Section 10.3,
all money deposited with the Trustee pursuant to Section 4.1, all money and U.S. Government Obligations deposited with the Trustee
pursuant to Section 13.2 or Section 13.3 and all money received by the Trustee in respect of U.S. Government Obligations deposited
with the Trustee pursuant to Section 13.2 or Section 13.3, shall be held in trust and applied by it, in accordance with the provisions
of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting
as Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest
for whose payment such money has been deposited with or received by the Trustee as contemplated by Section 4.1, Section 13.2 or
Section 13.3.

 

ARTICLE
V

REMEDIES

 

Section 5.1. Events
of Default.

 

“Event of Default”, wherever used herein with respect
to Securities of any series, means any one of the following events (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):

 

(1)         default
in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default
for a period of 30 days;

 

(2)         default
in the payment of the principal of (or premium, if any, on) any Security of that series;

 

(3)         default
in the deposit of any sinking fund payment, to the extent applicable, when and as due by the terms of any Security of that series;

 

(4)         default
in the performance, or breach, of any covenant of the Company in this Indenture (other than a covenant a default in whose performance
or whose breach is elsewhere in this Section 5.1 specifically dealt with or which has expressly been included in this Indenture
solely for the benefit of a series of Securities other than the series in respect of which the Event of Default is being determined),
and continuance of such default or breach for a period of 60 days after there has been sent to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series, a
written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder;

 

(5)         the
entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree
or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its
property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief
or any such other decree or order unstayed and in effect for a period of 90 consecutive days;

 

    	 	19	 

     

    

 

(6)         the
commencement by the Company of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the
entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable federal
or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case
or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable
federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or of any substantial part of its property,
or the making by the Company of an assignment for the benefit of creditors, or the admission by the Company in writing of its inability
to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action;
or

 

(7)         any
other Event of Default provided with respect to Securities of that series.

 

Subject to the provisions of Section 6.1 hereof, the Trustee
shall not be deemed to have knowledge of an Event of Default hereunder (except for those described in paragraphs (1) through (3)
above, if the Trustee is then the Paying Agent) unless a Responsible Officer of the Trustee shall have actual knowledge thereof
or shall have received written notice thereof and such notice references the Securities and this Indenture.

 

Section 5.2. Acceleration
of Maturity; Rescission and Annulment.

 

(a)          If
an Event of Default (other than an Event of Default specified in clause (5) or (6) of Section 5.1) with respect to Securities of
any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less
than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount (or, if any of the Securities
of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified
in the terms thereof), together with accrued and unpaid interest, if any, of all of the Securities of that series to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration
such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default specified in clause
(5) or (6) of Section 5.1 with respect to Securities of any series at the time Outstanding occurs, the principal amount (or, if
any of the Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities
as may be specified in the terms thereof) of all of the Outstanding Securities of that series shall be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder of any Security of that series.

 

(b)          At
any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment
or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article V, the Holders
of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if:

 

(1)
         the Company has paid or deposited with the Trustee a sum sufficient to pay

 

(A)         all
overdue interest on all Securities of that series,

 

(B)         the
principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of
acceleration and interest thereon at the rate or rates prescribed therefor in such Securities,

 

    	 	20	 

     

    

  

(C)         to
the extent that payment of such interest is lawful, interest upon overdue principal (and premium, if any) and overdue interest
at the rate or rates prescribed therefor in such Securities, and

 

(D)         all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and

  

(2)         all
Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that
series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

  

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

  

(d)          Upon
receipt by the Trustee of any declaration of acceleration, or rescission and annulment thereof, with respect to Securities of a
series all or part of which is represented by a Global Security, the Trustee shall establish a record date for determining Holders
of Outstanding Securities of such series entitled to join in such declaration of acceleration, or rescission and annulment, as
the case may be, which record date shall be at the close of business on the day the Trustee receives such declaration of acceleration,
or rescission and annulment, as the case may be. The Holders on such record date, or their duly designated proxies, and only such
Persons, shall be entitled to join in such declaration of acceleration, or rescission and annulment, as the case may be, whether
or not such Holders remain Holders after such record date; provided, that unless such declaration of acceleration, or rescission
and annulment, as the case may be, shall have become effective by virtue of the requisite percentage having been obtained prior
to the day which is 90 days after such record date, such declaration of acceleration, or rescission and annulment, as the case
may be, shall automatically and without further action by any Holder be canceled and of no further effect. Nothing in this paragraph
shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day period, a new declaration of acceleration,
or rescission or annulment thereof, as the case may be, that is identical to a declaration of acceleration, or rescission or annulment
thereof, which has been canceled pursuant to the preceding sentence, in which event a new record date shall be established pursuant
to the provision of this Section 5.2.

 

Section 5.3. Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

(a)          The
Company covenants that if:

 

(1)         default
is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for
a period of 30 days; or

 

(2)         default
is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof; or

 

(3)         default
is made in the deposit of any sinking fund payment, when and as due by the terms of a Security; the Company will, upon demand of
the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities
for principal (and premium, if any) and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal (and premium, if any) and on any overdue interest, at the rate or rates prescribed therefor in
such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

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

  

    	 	21	 

     

    

  

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

  

Section 5.4. Trustee
May File Proofs of Claim.

 

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

 

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

 

(ii)         to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same.

 

(b)          Any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7.

 

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

 

(d)          The
Trustee shall be entitled to participate as a member of any official committee of creditors in the matters it deems advisable.

 

Section 5.5. Trustee
May Enforce Claims Without Possession of Securities.

 

All rights of action and claims under this Indenture or the
Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee
of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities
in respect of which such judgment has been recovered.

 

    	 	22	 

     

    

 

Section 5.6. Application
of Money Collected.

 

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

 

FIRST: To the payment of all amounts due the Trustee
under Section 6.7;

 

SECOND: To the payment of the amounts then due and
unpaid for principal of (and premium, if any) and interest on the Securities in respect of which or for the benefit of which such
money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such
Securities for principal (and premium, if any) and interest, respectively; and

 

THIRD: To the Company.

 

Section 5.7. Limitation
on Suits.

 

No Holder of any Security of any series shall have any right
to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless:

 

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

 

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

 

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

 

(4)         the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity and/or security has failed to institute any
such proceeding; and

 

(5)         no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of that series;

 

it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether
or not such actions or forbearances are unduly prejudicial to such Holders), or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal
and ratable benefit of all of such Holders.

 

Section 5.8. Unconditional
Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding any other provision in this Indenture, the Holder
of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium,
if any) and interest on such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption,
on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder.

 

    	 	23	 

     

    

 

Section 5.9. Restoration
of Rights and Remedies.

 

If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company,
the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all
rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

 

Section 5.10. Rights
and Remedies Cumulative.

 

Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities in Section 3.6, no right or remedy herein conferred upon or reserved
to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to
the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 5.11. Delay
or Omission Not Waiver.

 

No delay or omission of the Trustee or of any Holder of any Securities
to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver
of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders,
as the case may be.

 

Section 5.12. 
Control by Holders.

 

(a)          The
Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
on the Trustee, with respect to the Securities of such series, provided that,

 

(1)         such
direction shall not be in conflict with any rule of law or with this Indenture, nor subject the Trustee to a risk of personal liability
in respect of which the Trustee has not received indemnification satisfactory to it in its sole discretion against all losses,
liabilities and expenses caused by taking or not taking such action, and

 

(2)         the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

 

(b)          Prior
to taking any such action hereunder, the Trustee shall be entitled to indemnification and/or security satisfactory to it in its
sole discretion against all fees, losses, liabilities and expenses (including attorney’s fees and expenses) caused by or
that might be caused by taking or not taking such action.

 

(c)          Upon
receipt by the Trustee of any such direction with respect to Securities of a series all or part of which is represented by a Global
Security, the Trustee may establish a record date for determining Holders of outstanding Securities of such series entitled to
join in such direction, which record date shall be at the close of business on the day the Trustee receives such direction. The
Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such direction,
whether or not such Holders remain Holders after such record date; provided, that unless such majority in principal amount shall
have been obtained prior to the day which is 90 days after such record date, such direction shall automatically and without further
action by any Holder be canceled and of no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder,
from giving, after expiration of such 90-day period, a new direction identical to a direction which has been canceled pursuant
to the provisions to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of
this Section 5.12.

 

    	 	24	 

     

    

 

Section 5.13. Waiver
of Past Defaults.

 

(a)          The
Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders
of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except
a default:

 

(1)         in
the payment of the principal of (or premium, if any) or interest on any Security of such series which have become due otherwise
than by a declaration of acceleration under Section 5.2 and interest thereon at the rate or rates prescribed therefor in such Securities,
or

 

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

 

(b)          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 5.14. 
Undertaking for Costs.

 

Each party to this Indenture agrees, and each Holder of any Security
by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any
suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such
suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section 5.14 shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding
Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium,
if any) or interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of
redemption, on or after the Redemption Date).

 

Section 5.15. Waiver
of Usury, Stay or Extension Laws.

 

The Company covenants (to the extent that it may lawfully do so)
that 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 (to the extent that it may lawfully do so) hereby expressly waives 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.

 

    	 	25	 

     

    

  

ARTICLE
VI

 

THE
TRUSTEE

 

Section 6.1. Certain
Duties and Responsibilities.

 

(a)          Except
during the continuance of an Event of Default,

 

(1)         the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and

 

(2)         in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such 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 (but need not confirm or investigate the accuracy or mathematical calculations or other facts
stated therein).

 

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

 

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

 

(1)         this
subsection shall not be construed to limit the effect of subsection (a) of this Section 6.1;

 

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

 

(3)         the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction, determined as provided in Section 5.12, of the Holders of a majority in principal amount of the Outstanding Securities
of any series, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and

 

(4)         no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have grounds
for believing that repayment of such funds or adequate indemnity and/or security against such risk or liability is not assured
to it.

 

(d)          Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section 6.1.

 

Section 6.2. Notice
of Defaults.

 

Within 90 days after the occurrence of any default hereunder with
respect to the Securities of any series, the Trustee shall send to all Holders of Securities of such series notice of such default
hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except
in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security of such series or
in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding
such notice if and so long as the board of directors, the executive committee or a trust committee of directors or Responsible
Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders of Securities
of such series. For the purpose of this Section 6.2, the term “default” means any event which is, or after notice or
lapse of time or both would become, an Event of Default with respect to Securities of such series.

 

    	 	26	 

     

    

 

Section 6.3. Certain
Rights of Trustee.

 

Subject to the provisions of Section 6.1:

 

(a)          the
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)          any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, or
as otherwise expressly provided herein, and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;

 

(c)          whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
of bad faith on its part, conclusively rely upon an Officer’s Certificate;

 

(d)          before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel
or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the written advice of such counsel
or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted
by it hereunder in good faith and in reliance thereon;

 

(e)          the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture (including, without limitation, instituting, conducting or defending any litigation),
unless such Holders shall have offered to the Trustee security and/or indemnity satisfactory to it against the costs, expenses
and liabilities which might be incurred by it in compliance with such request or direction;

 

(f)          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 the books, records and premises of the Company, personally or by agent or attorney;

 

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

 

(h)          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
(including Security Registrar and Paying Agent), and each agent, custodian and other Person employed to act hereunder;

 

(i)          the
Trustee is not required to give any bond or surety with respect to the performance of its
duties or the exercise of its powers under this Indenture;

 

(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;

 

    	 	27	 

     

    

 

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

 

(l)          the
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this
Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without
limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots;
interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes;
and acts of civil or military authorities and governmental action;

 

(m)          the
Trustee shall have no responsibility for any information in any offering document or other disclosure material
distributed with respect to any series of Securities, and the Trustee shall have no responsibility for compliance with any state
or federal securities laws in connection with the Securities, other than the filing of any documents required to be filed by an
indenture trustee pursuant to the Trust Indenture Act or otherwise required in the Indenture; and

 

(n)          the
permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed
as duties.

 

Section 6.4. Not
Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein and in the Securities, except the
Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating
Agent assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of
this Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be accountable for the use or application
by the Company of Securities or the proceeds thereof. The Trustee shall have no responsibility for filing any financing or continuation
statement in any public office at any time or otherwise to perfect or maintain the perfection of any security interest or lien
granted to it hereunder or to record this Indenture.

 

Section 6.5. May
Hold Securities.

 

The Trustee, any Authenticating Agent, any Paying Agent, any Security
Registrar or any other agent of the Company or of the Trustee, in its individual or any other capacity, may become the owner or
pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights it would
have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

 

Section 6.6. Money
Held in Trust.

 

Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received
by it hereunder except as otherwise agreed with the Company.

 

Section 6.7. Compensation
and Reimbursement.

 

The Company agrees:

 

(1)         to
pay to the Trustee from time to time such reasonable compensation for its acceptance of this Indenture and for its services hereunder
as Trustee, Paying Agent, Security Registrar and in all other capacities in which it is serving hereunder as the Company and the
Trustee shall from time to time agree in writing (which compensation shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust);

 

    	 	28	 

     

    

 

(2)         except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable out-of-pocket expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable
to its gross negligence or willful misconduct; and

 

(3)         to
indemnify the Trustee, any predecessor Trustee and their respective agents, directors, employees and officers for, and to hold
them harmless against, any loss, damage, claim, liability or out-of-pocket expense (including the reasonable compensation and the
expenses and disbursements of its agents and counsel and taxes (other than taxes based upon, measured or determined by the income
of the Trustee, any predecessor Trustee or their respective agents, directors, employees and officers)) incurred without gross
negligence or willful misconduct on its or their part (as determined by a competent court of appropriate jurisdiction in a final,
non-appealable judgment), arising out of or in connection with the acceptance or administration of the trust or trusts hereunder,
including the reasonable costs and out-of-pocket expenses of defending itself against any claim or liability in connection with
the exercise or performance of any of the Trustee’s powers or duties hereunder.

 

The Trustee shall notify the Company promptly of any claim for which
it may seek indemnification pursuant to the provisions of this Indenture. Failure by the Trustee to so notify the Company shall
not relieve the Company of its obligations hereunder. The Company shall be entitled to participate in, and to the extent that it
shall wish, to assume the defense of such claim, with counsel satisfactory to the Trustee (and the Trustee shall cooperate in the
defense thereof), and after notice from the Company to the Trustee of the Company’s election so to assume the defense thereof,
the Company shall not be liable to the Trustee under this Indenture for any legal or other expenses subsequently incurred by the
Trustee in connection with the defense thereof other than reasonable costs of investigation; provided, however, that the Trustee
may only employ separate counsel at the expense of the Company if in the judgment of the Trustee (i) the Company has not retained
counsel reasonably satisfactory to the Trustee, (ii) a conflict of interest or a potential conflict of interest exists by reason
of common representation or (iii) there are legal defenses available to the Trustee that are different from or are in addition
to those available to the Company or if all parties commonly represented do not agree as to the action (or inaction) of counsel.
Any settlement which affects the Trustee may not be entered into without the consent of the Trustee, unless the Trustee is given
a full and unconditional release from liability with the respect to the claims covered thereby and such settlement does not include
a statement or admission of fault, culpability or failure to act by or on behalf of the Trustee. After the Company has assumed
the defense of any indemnified party hereunder, no such indemnified party may settle or compromise any suit or action without the
consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed).

 

As security for the performance of the obligations of the Company
under this Section 6.7, the Trustee shall have a lien prior to the Securities upon all property and funds held or collected by
the Trustee as such, except funds held in trust for the payment of principal of, premium, if any, or interest, if any, on particular
Securities. If the Trustee incurs out-of-pocket expenses or renders services after the occurrence of an Event of Default, the expenses
and the compensation for the services will be intended to constitute expenses of administration under Title 11 of the United States
Bankruptcy Code or any applicable federal or state law for the relief of debtors. The provisions of this Section 6.7 shall survive
the resignation or removal of the Trustee and the termination of this Indenture.

 

Section 6.8. Disqualification;
Conflicting Interests.

 

The Trustee shall comply with the terms of Section 310(b) of the
Trust Indenture Act.

 

    	 	29	 

     

    

 

Section 6.9. Corporate
Trustee Required; Eligibility.

 

There shall at all times be a Trustee hereunder which shall be eligible
to act as such pursuant to the Trust Indenture Act and which shall be a corporation organized and doing business under the laws
of the United States of America, any state thereof or 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
or state authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements
of said supervising or examining authority, then for the purposes of this Section 6.9, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.9, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article VI.

 

Section 6.10. Resignation
and Removal; Appointment of Successor.

 

(a)          No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article VI shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11.

 

(b)          The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within
30 days after the giving of such notice of resignation, the resigning Trustee may, at the expense of the Company, petition any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

(c)          The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company.

 

(d)          If
at any time:

 

(1)         the
Trustee shall fail to comply with Section 6.8 after written request therefor by the Company or by any Holder who has been a bona
fide Holder of a Security for at least six months;

 

(2)         the
Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company or
by any such Holder; or

 

(3)         the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation, then, in any such case, (i) the Company by a Board Resolution may remove the Trustee
with respect to all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at
least six months may, on its own behalf and on behalf of all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

(e)          If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee
may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one
Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11.
If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with
respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding
Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith
upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee
with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no
successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted
appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a Security of such series for
at least six months may, on its own behalf and on behalf of all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.

 

    	 	30	 

     

    

 

(f)          The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any series by sending written notice of such event to
all Holders of Securities of such series in the manner provided in Section 1.6. Each notice shall include the name of the successor
Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.

 

(g)          Notwithstanding
replacement of the Trustee pursuant to this Section 6.10, the Company’s obligations under Section 6.7 hereof shall continue
for the benefit of the retiring Trustee.

 

Section 6.11. Acceptance
of Appointment by Successor.

 

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

 

(b)          In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates; (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee; and (3) shall add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other
such Trustee; and, upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee
shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee,
such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.

 

    	 	31	 

     

    

 

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

 

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

 

Section 6.12. Merger,
Conversion, Consolidation or Succession to Business.

 

Any corporation into which the Trustee may be merged or converted
or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall
be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article
VI, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities
shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as
if such successor Trustee had itself authenticated such Securities.

 

Section 6.13. Preferential
Collection of Claims.

 

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 6.14. Appointment
of Authenticating Agent.

 

(a)          At
any time when any of the Securities remain Outstanding, the Trustee may, and upon request of the Company, shall, appoint an Authenticating
Agent or Agents with respect to one or more series of Securities, which shall be authorized to act on behalf of the Trustee to
authenticate Securities of such series issued upon exchange, registration of transfer or partial redemption thereof or pursuant
to Section 3.6. Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory
for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or 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 the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and
shall at all times be a corporation organized and doing business under the laws of the United States of America, any state thereof
or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of
not less than $50,000,000 and subject to supervision or examination by federal or state authority. If such Authenticating Agent
publishes reports of condition at least annually pursuant to law or to the requirements of said supervising or examining authority,
then for the purposes of this Section 6.14, the combined capital and surplus of such Authenticating Agent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section 6.14, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section 6.14.

 

(b)          Any
corporation into which an 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 such Authenticating Agent shall be a party, or any corporation
succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating
Agent, provided such corporation shall be otherwise eligible under this Section 6.14, without the execution or filing of any paper
or any further act on the part of the Trustee or the Authenticating Agent.

 

    	 	32	 

     

    

 

(c)          An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at
any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the
Company, and the Trustee shall terminate any such agency promptly upon request by the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section 6.14, the Trustee may and, upon request of the Company, shall appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall send written notice in the manner provided in Section 1.6 of such appointment
to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section 6.14.

 

(d)          The
Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section
6.14.

 

(e)          If
an appointment of an Authenticating Agent with respect to one or more series is made pursuant to this Section 6.14, the Securities
of such series may have endorsed thereon, in lieu of the Trustee’s certificate of authentication, an alternate certificate
of authentication in the following form:

 

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

 

	 	
        U.S. Bank National Association,

        As Trustee

	 	 
	 	By	 
	 	As Authenticating Agent
	 	 
	 	By	 
	 	Authorized Signatory

 

ARTICLE
VII

 

HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 7.1. Company
to Furnish Trustee Names and Addresses of Holders.

 

If the Trustee is not the Security Registrar, the Company will furnish
or cause to be furnished to the Trustee:

 

(a)          semi-annually
(at intervals of not more than six months), not later than 15 days after each Regular Record Date (or, if there is no Regular Record
Date relating to a series, semi-annually on dates set forth in the Board Resolution or supplemental indenture with respect to such
series), a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders as of such date,
and

 

(b)          at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished.

 

    	 	33	 

     

    

 

Section 7.2. Preservation
of Information; Communications to Holders.

 

(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 7.1 and the names and addresses of Holders received by the Trustee
in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt
of a new list so furnished.

 

(b)          Holders
of any series may communicate pursuant to Section 312(b) of the Trust Indenture Act with other Holders of that series or any other
series with respect to their rights under this Indenture or the Securities of that series or any other series. The Company, the
Trustee, the Registrar and any other Person shall have the protection of Section 312(c) of the Trust Indenture Act.

 

Section 7.3. Reports
by Trustee.

 

(a)          Within
60 days after May 15 of each year, commencing the May 15 following the date of this Indenture, the Trustee shall, to the extent
that any of the events described in Section 313(a) of the Trust Indenture Act occurred within the previous twelve months, but not
otherwise, send to each Holder a brief report dated as of such date that complies with Section 313(a) of the Trust Indenture Act.
The Trustee also shall comply with Sections 313(a), 313(b), 313(c) and 313(d) of the Trust Indenture Act.

 

(b)          A
copy of each report at the time of transmission to Holders shall be sent to the Company and filed with the Commission and each
securities exchange, if any, on which the Securities of that series are listed.

 

(c)          The
Company shall notify the Trustee if the Securities of any series become listed on any securities exchange or of any delisting thereof
and the Trustee shall comply with Section 313(d) of the Trust Indenture Act.

 

Section 7.4. Reports
by Company.

 

(a)          The
Company shall:

 

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

 

(2)         file
with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such
additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this
Indenture as may be required from time to time by such rules and regulations; and

 

(3)         transmit
by mail to all Holders, as their names and addresses appear in the Security Register, within 30 days after the filing thereof with
the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs
(1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.

 

(b)          In
each case that the Company electronically delivers materials to the Trustee or files documents pursuant to the Commission’s “EDGAR” system (or any successor electronic filing system), such delivery or filing shall be deemed
to be “filed” with the Trustee for purposes of this Section 7.4, provided, however, that the Trustee shall have no
responsibility whatsoever to determine if such filing has occurred.

 

    	 	34	 

     

    

 

(c)          Delivery
of such reports, information and documents to the Trustee pursuant to paragraph (a)(1) and (a)(2) of this Section 7.4 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 an Officer’s Certificate).

 

ARTICLE
VIII

 

CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE

 

Section 8.1. Company
May Consolidate, Etc., Only on Certain Terms.

 

(a)          The
Company shall not merge or consolidate with or into any other Person (other than a merger of a wholly owned
Subsidiary of the Company into the Company) or sell, transfer, lease, convey or otherwise dispose of all or substantially all of
its property (provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the
Company or its Subsidiaries shall not be deemed to be any such sale, transfer, lease, conveyance or disposition) in one transaction
or series of related transactions unless:

 

(1)         the
Company shall be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than the Company)
formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made 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;

 

(2)         the
Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form reasonably satisfactory to the
Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and
premium, if any, and interest on, all the Notes Outstanding, and the due and punctual performance and observance of all the covenants
and conditions of this Indenture to be performed by the Company;

 

(3)         immediately
before and immediately after giving effect to such transaction or series of related transactions, no Default or Event of Default
shall have occurred and be continuing; and

 

(4)         in
the case of a merger where the Surviving Person is other than the Company, the Company shall deliver, or cause to be delivered,
to the Trustee, an Officer’s Certificate and an Opinion of Counsel, each stating that such transaction and the supplemental
indenture, if any, in respect thereto comply with this Section 8.1 and that all conditions precedent in this Indenture relating
to such transaction have been complied with.

 

Section 8.2. Successor
Substituted.

 

Upon any consolidation by the Company with or merger by the Company
into any other corporation or any conveyance, transfer or lease of the properties and assets of the Company substantially as an
entirety in accordance with Section 8.1, the successor corporation formed by such consolidation or into which the Company is merged
or the Person to which such conveyance, transfer or lease 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 had been named as the Company
herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants
under this Indenture and the Securities.

 

    	 	35	 

     

    

 

ARTICLE
IX

SUPPLEMENTAL INDENTURES

 

Section 9.1. Supplemental
Indentures Without Consent of Holders.

 

Without the written consent of any Holders, the Company, when authorized
by a Board Resolution, and the Trustee (at the direction of the Company) at any time and from time to time, may enter into one
or more indentures supplemental hereto to undertake clarifications and certain other changes that would not adversely affect Holders
in any material respect, including changes:

(1)         to
evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants, agreements
and obligations of the Company herein and in the Securities;

 

(2)         to
add to the covenants of the Company such new covenants, restrictions, conditions or provisions for the protection of the Holders
of all or any series of Securities;

 

(3)         to
make the occurrence, or the occurrence and continuance, of a default in any of such additional covenants, restrictions, conditions
or provisions pursuant to Section 9.1(2) an Event of Default;

 

(4)         to
modify, eliminate or add to any of the provisions of this Indenture to such extent as necessary to effect the qualification of
the indenture under the Trust Indenture Act, and to add to this Indenture such other provisions as may be expressly permitted by
the Trust Indenture Act, excluding however, the provisions referred to in Section 316(a)(2) of the Trust Indenture Act;

 

(5)         to
cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture which may be defective or inconsistent
with any other provisions herein or in any supplemental indenture;

 

(6)         to
secure the Securities;

 

(7)         to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11(b); 

 

(8)         to
establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1, including any subordination provisions;
or

 

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

 

Section 9.2. Supplemental Indentures
with Consent of Holders.

 

(a)          With
the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series so affected
by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by
a Board Resolution, and the Trustee (at the direction of the Company) may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of the Securities of such series or of modifying in any manner the rights of the Holders of Securities of such series under this
Indenture.

 

Without the written consent of the Holder of each Outstanding Securities
affected thereby, a supplemental indenture under this Section 9.2 shall not (with respect to any Outstanding Security held by a
non-consenting Holder):

 

    	 	36	 

     

    

 

(1)         change
the Stated Maturity of, the principal of, or any installment of principal of or interest on, any Security, or reduce the principal
amount thereof or the rate of interest thereon, or change any Place of Payment where, or the coin or currency in which, any Security
or any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment
on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date);

 

(2)         reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture; or

 

(3)         modify
any of the provisions of this Section 9.2 or Section 5.13, except to increase the percentage in principal amount of the Outstanding
Securities of any series, the consent of whose Holders is required under any such Section or to provide that certain other provisions
of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby;
provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references
to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements
of Sections 6.11(b) and 9.1(7).

 

(b)          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.

 

(c)          It
shall not be necessary for any Act of Holders under this Section 9.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof.

 

(d)          The
Company may set a record date for purposes of determining the identity of Holders of Securities entitled to consent pursuant to
this Section 9.2. Such record date shall be the later of (i) thirty days prior to the first solicitation of such consent or (ii)
the date of the most recent list of Holders furnished to the Trustee prior to such solicitation pursuant to Section 7.1. Any vote
or action pursuant to this Section 9.2 can only be taken by Persons who are Holders on such record date and, unless otherwise specified,
such vote or action must take place on or prior to the 180th day after such record date. The Company may change the record date
at its option, and the Company will provide written notice to the Trustee and to each Holder of any such change of record date.

 

Section 9.3. Execution
of Supplemental Indentures.

 

In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Trustee
shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, an Officer’s Certificate
and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture
and complies with the provisions hereof (including Section 9.5 hereof). The Trustee may, but shall not be obligated to, enter into
any such supplemental indenture which affects the Trustee’s own rights, duties, or immunities or liabilities under this Indenture
or otherwise.

 

Section 9.4. Effect
of Supplemental Indentures.

 

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

 

    	 	37	 

     

    

 

 

Section 9.5. Conformity
with Trust Indenture Act.

 

Every supplemental indenture executed pursuant to this Article IX
shall conform to the requirements of the Trust Indenture Act as then in effect.

 

Section 9.6. Reference
in Securities to Supplemental Indentures.

 

Securities authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX may, and shall if required by the Trustee, bear a notation in form approved
by 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 Trustee and the Company, to any such supplemental indenture may
be prepared and executed by the Company, and such Securities may be authenticated and delivered by the Trustee in exchange for
Outstanding Securities of such series.

 

ARTICLE
X

COVENANTS

 

Section 10.1. Payment
of Principal, Premium and Interest.

 

(a)          The
Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of
(and premium, if any) and interest on the Securities of that series in accordance with the terms of the Securities of that series
and this Indenture.

 

(b)          An
installment of principal or interest shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that
date money designated for and sufficient to pay such installment and is not prohibited from paying such money to the Holders pursuant
to the terms of this Indenture or otherwise.

 

Section 10.2. Maintenance
of Office or Agency.

 

(a)          The
Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series
may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may
be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such
office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.

 

(b)          The
Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may
be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an
office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

Section 10.3. Money
for Securities Payments to Be Held in Trust.

 

(a)          If
the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each
due date of the principal of (and premium, if any) or interest on any of the Securities of that series, segregate and hold in trust
for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming
due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee
of its failure so to act.

 

    	 	38	 

     

    

 

(b)          Whenever
the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal
of (and premium, if any) or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the
principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled
to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee
of its action or failure so to act.

 

(c)          The
Company will cause each Paying Agent for any series of Securities other than the Trustee or the Company 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
10.3, that such Paying Agent will:

 

(1)         hold
all sums held by it for the payment of the principal of (and premium, if any) or interest on Securities of that series in trust
for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided;

 

(2)         give
the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the making of any
payment of principal (and premium, if any) or interest on the Securities of that series; and

 

(3)         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.

 

(d)          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 trusts 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 money.

 

(e)          Any
money deposited with the Trustee or any Paying Agent, or then held by the Company in trust for the payment of the principal of
(and premium, if any) or interest on any Security of any series, and remaining unclaimed for two years after such principal (and
premium, if any) or interest has become due and payable shall be paid to the Company on Company Request or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon cease.

 

(f)          In
the event that the Paying Agent receives funds in advance of any due date, the Paying Agent shall be entitled to invest such funds
in the U.S. Bank Money Market Deposit Account or any substantially similar successor account, any earnings on which shall be for
the account of the Company.

 

Section 10.4. Corporate
Existence.

 

Subject to Article VIII, the Company will do or cause to be done
all things necessary to preserve and keep in full force and effect its corporate existence.

 

Section 10.5. [Reserved].

 

Section 10.6. Statement
by Officer as to Default.

 

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, an Officer’s 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 in the performance and observance of any of the terms, provisions and conditions applicable to
the Company and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which he
or she may have knowledge. If any default or Event of Default under Section 5.1 has occurred and is continuing, within 10 Business
Days after its becoming aware of such occurrence the Company shall deliver to the Trustee an Officer’s Certificate specifying
such event and what action the Company is taking or proposes to take with respect thereto.

 

    	 	39	 

     

    

 

ARTICLE
XI

 

REDEMPTION
OF SECURITIES

 

Section 11.1. Applicability
of Article.

 

Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1 for
Securities of any series) in accordance with this Article XI.

 

Section 11.2. Election
to Redeem; Notice to Trustee.

 

The election of the Company to redeem any Securities shall be evidenced
by a Board Resolution. In case of any redemption at the election of the Company of less than all the Securities of like tenor of
any series, the Company shall, at least 30 days and not more than 60 days prior to the Redemption Date fixed by the Company, notify
the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed. Any such notice may
be cancelled at any time prior to notice of such redemption being sent to any Holder and shall thereby be void and of no effect.
In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms
of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing
compliance with such restriction.

 

Section 11.3. Selection
by Trustee of Securities to Be Redeemed.

 

(a)          If
less than all the Securities of like tenor of any series are to be redeemed, the particular securities to be redeemed shall be
selected by the Trustee not more than 45 days prior to the redemption date, from the Outstanding Securities of like tenor of such
series not previously called for redemption, by lot or, in the Trustee’s discretion, on a pro-rata basis, subject to the
redemption procedures of the applicable depositary, and which may provide for the selection for redemption of portions (equal to
the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of
such Securities of a denomination larger than the minimum authorized denomination for such Securities.

 

(b)          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.

 

(c)          For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of
such Securities which has been or is to be redeemed.

 

Section 11.4. 
Notice of Redemption.

 

(a)          Notice
of redemption shall be sent not less than 30 nor more than 60 days prior to the Redemption Date to each Holder of Securities to
be redeemed, in accordance with Section 1.6; provided, that such notice of redemption may be furnished, in the Company’s
discretion, more than 60 days prior to the Redemption Date if the notice is issued in connection with a satisfaction and discharge
of this Indenture with respect to Securities of any series or a defeasance of the Securities pursuant to Articles IV or XIII hereof.

 

    	 	40	 

     

    

 

All notices of redemption shall state:

 

(1)         the
Redemption Date;

 

(2)         the
Redemption Price (or the method of calculating or determining the Redemption Price);

 

(3)         if
less than all the Outstanding Securities of like tenor of any series are to be redeemed, the identification (and, in the case of
partial redemption, the principal amounts) of the particular Securities to be redeemed;

 

(4)         in
case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption
Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of
authorized denominations for the principal amount thereof remaining unredeemed;

 

(5)         that
on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable,
that interest thereon will cease to accrue on and after said date;

 

(6)         the
CUSIP number and/or similar numbers of such Securities, if any (or any other numbers used by a Depositary to identify such Securities);

 

(7)         the
place or places where such Securities are to be surrendered for payment of the Redemption Price; and

 

(8)         that
the redemption is for a sinking fund, if such is the case.

 

(b)          Notice
of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s
request made at least five days prior to the date the notice of redemption is to be given (unless a shorter time period shall be
acceptable to the Trustee), by the Trustee in the name and at the expense of the Company.

 

Section 11.5. Deposit
of Redemption Price.

 

No later than 11:00 a.m. New York time on the Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, the Company
shall segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and
(except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed
on that date; provided, however, that to the extent any such money is received by the Trustee or a Paying Agent from the Company
after 11:00 a.m. New York time, on the due date, such money will be deemed deposited within one Business Day of receipt thereof.

 

Section 11.6. Securities
Payable on Redemption Date.

 

(a)          Notice
of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable
at the Redemption Price therein specified and, from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption
in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest
to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or prior to
the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such
at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.7.

 

    	 	41	 

     

    

 

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

 

Section 11.7. Securities
Redeemed in Part.

 

Any Security which is to be redeemed only in part shall be surrendered
at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of
transfer in form satisfactory to the Company and the Trustee duly executed by the Holder thereof or such Holder’s attorney
duly authorized in writing), and the Company shall execute and, upon Company Order, the Trustee shall authenticate and deliver
to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any
authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered.

 

ARTICLE
XIIARTICLE XII

SINKING FUNDS

 

Section 12.1. Applicability
of Article.

 

(a)          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.

 

(b)          The
minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of Securities of any series
is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

Section 12.2. Satisfaction
of Sinking Fund Payments with Securities.

 

The Company (1) may deliver Outstanding Securities of a series (other
than any previously called for redemption) and (2) may apply as a credit Securities of a series which have been redeemed either
at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking
fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment
with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the
terms of such series; provided that such Securities have not been previously so credited. Such Securities shall be received and
credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

Section 12.3. 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 an Officer’s Certificate specifying the amount of the next
ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be
satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of
that series pursuant to Section 12.2 and will also deliver to the Trustee any such Securities. Not less than 30 days before each
such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the
manner specified in Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption of such Securities shall be
made upon the terms and in the manner stated in Sections 11.6 and 11.7.

 

    	 	42	 

     

    

 

ARTICLE
XIII

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 13.1. Applicability
of Article; Company’s Option to Effect Defeasance or Covenant Defeasance.

 

Unless pursuant to Section 3.1 provision is made for either or both
of (a) defeasance of the Securities of a series under Section 13.2 to not be applicable with respect to the Securities of such
series or (b) covenant defeasance of the Securities of a series under Section 13.3 to not be applicable with respect to the Securities
of such series, then the provisions of such Sections 13.2 and 13.3, together with the other provisions of this Article XIII, shall
be applicable to the Securities of such series, and the Company may at its option by or pursuant to a Board Resolution, at any
time, with respect to the Securities of such series, elect to have either Section 13.2 or Section 13.3 be applied to the Outstanding
Securities of such series upon compliance with the conditions set forth below in this Article XIII.

 

Section 13.2. Defeasance
and Discharge.

 

Upon the Company’s exercise of the option set forth in Section
13.1 applicable to this Section 13.2, the Company shall be deemed to have been discharged from its obligations with respect to
the Outstanding Securities of such series on the date the conditions set forth below 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 the Outstanding Securities of such series and to have satisfied all its other obligations under such Securities and this Indenture
insofar as such Securities are concerned (and the Trustee, at the expense and request of the Company, shall execute instruments
acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the
rights of Holders of Outstanding Securities of such series to receive, solely from the trust fund described in Section 13.4 and
as more fully set forth in such Section, payments in respect of the principal of (and premium, if any) and interest on such Securities
when such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 3.4, 3.5, 3.6, 10.2
and 10.3, (C) the rights, powers, trusts, duties, and immunities of the Trustee under Sections 3.5, 3.6, 3.7, 3.9, 4.2, 6.7 and
Section 10.3(e), and otherwise the duty of the Trustee to authenticate Securities of such series issued on registration of transfer
or exchange and (D) this Article XIII. Subject to compliance with this Article XIII, the Company may exercise its option under
this Section 13.2 notwithstanding the prior exercise of its option under Section 13.3 with respect to the Securities of such series.

 

Section 13.3. Covenant
Defeasance.

 

Upon the Company’s exercise of the option set forth in Section
13.1 applicable to this Section 13.3, the Company shall be released from its obligations under Sections 7.4 and 10.4 and clause
(2) of the first paragraph of Section 8.1 and any other covenants to be applicable to the Securities of a series as specified pursuant
to Section 3.1 unless specified otherwise pursuant to such Section (and the failure to comply with any such provisions shall not
constitute a default or Event of Default under Section 5.1), and the occurrence of any event described in Section 5.1(4) and (7)
and any other Events of Default to be applicable to the Securities of a series as specified pursuant to Section 3.1 unless specified
otherwise pursuant to such Section shall not constitute a default or Event of Default hereunder, with respect to the Outstanding
Securities of such series on and after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance”).
For this purpose, such covenant defeasance means that, with respect to the Outstanding Securities of such series, the Company may
omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section with
respect to it, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any
reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such
Securities shall be unaffected thereby.

 

    	 	43	 

     

    

 

Section 13.4. Conditions
to Defeasance or Covenant Defeasance.

 

The following shall be the conditions to application of either Section
13.2 or Section 13.3 to the Outstanding Securities of such series:

 

(a)          the
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements
of Section 6.9 who shall agree to comply with the provisions of this Article XIII applicable to it) as trust funds in trust for
the purpose of making the following payments, for the benefit of the holders of such Securities, (A) money in an amount, or (B)
U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with
their terms will provide, not later than the due date of any payment, money in an amount, or (C) a combination thereof, sufficient,
in the opinion of a nationally recognized firm of independent public accountants, investment bank or appraisal firm, to pay and
discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and
premium, if any) on and each installment of principal of (premium, if any) and interest on the Outstanding Securities of such series
on the Stated Maturity or on the redemption date, as the case may be (the Company being required to specify whether the Outstanding
Securities of such series are being defeased to maturity or to a particular redemption date), of such principal or installment
of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable to the Outstanding Securities
of such series on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such
Securities. For this purpose, “U.S. Government Obligations” means securities that are (x) direct obligations of the
United States of America for the payment of which its full faith and credit is pledged or (y) obligations of a Person controlled
or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable
at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act of 1933, as amended) as custodian with respect to any such U.S. Government Obligation or a specific payment
of principal of or interest on any such U.S. Government Obligation held by such custodian for the account of the holder of such
depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S.
Government Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depository
receipt;

 

(b)          no
Event of Default with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit
(other than a default resulting from borrowing of funds to be applied to such deposit and the grant of any lien securing such borrowing);

 

(c)          no
defaults or Events of Default related to bankruptcy, insolvency or organization occurs during the 90 days following the deposit;

 

(d)          such
defeasance or covenant defeasance must not result in the trust arising from the deposit constituting an investment company within
the meaning of the Investment Company Act of 1940, as amended (the “Investment Company Act”), unless such trust will
be registered under the Investment Company Act or exempt from registration thereunder;

 

(e)          such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement
or instrument to which the Company is a party or by which it is bound (other than a default resulting from borrowing of funds to
be applied to such deposit and the grant of any lien securing such borrowing);

 

    	 	44	 

     

    

 

 

(f)          such
defeasance or covenant defeasance must not cause the trustee to have a conflicting interest within the meaning of the Trust Indenture
Act;

 

(g)          such
defeasance or covenant defeasance shall not cause any Securities of such series then listed on any registered national securities
exchange under the Exchange Act to be delisted;

 

(h)          in
the case of an election under Section 13.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that
(x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date
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 Holders of the Outstanding Securities of such series 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;

 

(i)          in
the case of an election under Section 13.3, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of the Outstanding Securities of such series 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;

 

(j)          such
defeasance or covenant defeasance shall be effected in compliance with any additional terms, conditions or limitations which may
be imposed on the Company in connection therewith pursuant to Section 3.1; and

 

(k)          the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to either the defeasance under Section 13.2 or the covenant defeasance under Section 13.3, as the
case may be, have been complied with.

 

Section 13.5. Deposited
Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.

 

(a)          Subject
to the provisions of the last paragraph of Section 10.3, all money and U.S. Government Obligations (including the proceeds thereof)
deposited with the Trustee (or other qualifying trustee, collectively, for purposes of this Section 13.5, the “Trustee”)
pursuant to Section 13.4 in respect of the Outstanding Securities of such series shall be held in trust and applied by the Trustee,
in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own paying agent), to the Holders of such Securities, of all sums due and to become
due thereon in respect of principal (and premium, if any) and interest, but such money need not be segregated from other funds
except to the extent required by law.

 

(b)          The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 13.4 or the principal and 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 the Outstanding Securities of such series.

 

(c)          Anything
in this Article XIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or U.S. Government Obligations held by it as provided in Section 13.4 which, in the opinion of a nationally recognized
firm of independent public accountants, investment bank or appraisal firm 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 an equivalent defeasance
or covenant defeasance.

 

    	 	45	 

     

    

 

(d)          In
the event that the Trustee is unable to apply the funds held in trust to the payment of obligations under the Securities by reason
of a court order or governmental injunction or prohibition, then those of the Company’s obligations discharged under the
defeasance or covenant defeasance will be revived and reinstated as though no deposit of funds had occurred, until such time as
the Trustee is permitted to apply all funds held in trust under the procedure described above to the payment of obligations under
the Securities. However, if the Company makes any payment of principal or interest the Holders, the Company will have the right
to receive such payments from the trust in the place of the Holders.

 

* * * *

 

This instrument may be executed in any number of counterparts, each
of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument. The exchange of copies of this Indenture and of signature pages by facsimile, PDF or other electronic transmission
shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture and signature pages for all purposes.

 

[The remainder of this page intentionally left
blank.]

 

    	 	46	 

     

    

 

 

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

 

	 	B. RILEY FINANCIAL, INC.
	 	 
	 	
        By:
	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Base Indenture]

 

    	 		 

     

    

 

	 	 
	 	U.S. Bank National Association, as Trustee
	 	 
	 	
        By:
	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Base Indenture]Exhibit 4.8

 

B. RILEY FINANCIAL, INC.

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

INDENTURE

 

Dated as of ________, 20__

 

SUBORDINATED DEBT SECURITIES

 

     

     

    

 

CROSS-REFERENCE TABLE

 

	TIA Section	 	 	 	 	Indenture Section
	Section 310	 	(a)(1)	 	 	6.9
	 	 	(a)(2)	 	 	6.9
	 	 	(a)(3)	 	 	N/A
	 	 	(a)(4)	 	 	N/A
	 	 	(b)	 	 	6.8, 6.10
	Section 311	 	(a)	 	 	6.13
	 	 	(b)	 	 	6.13
	Section 312	 	(a)	 	 	7.1, 7.2
	 	 	(b)	 	 	7.2
	 	 	(c)	 	 	7.2
	Section 313	 	(a)	 	 	7.3
	 	 	(b)	 	 	7.3
	 	 	(c)	 	 	7.3
	 	 	(d)	 	 	7.3
	Section 314	 	(a)	 	 	7.4
	 	 	(a)(4)	 	 	1.1, 10.4
	 	 	(b)	 	 	N/A
	 	 	(c)(1)	 	 	1.2
	 	 	(c)(2)	 	 	1.2
	 	 	(c)(3)	 	 	N/A
	 	 	(d)	 	 	N/A
	 	 	(e)	 	 	1.2
	Section 315	 	(a)	 	 	6.1
	 	 	(b)	 	 	6.2
	 	 	(c)	 	 	6.1
	 	 	(d)	 	 	6.1
	 	 	(e)	 	 	5.14
	Section 316	 	(a)	 	 	1.1
	 	 	(a)(1)(A)	 	 	5.2, 5.12
	 	 	(a)(1)(B)	 	 	5.13
	 	 	(a)(2)	 	 	N/A
	 	 	(b)	 	 	5.8
	 	 	(c)	 	 	1.4
	Section 317	 	(a)(1)	 	 	5.3
	 	 	(a)(2)	 	 	5.4
	 	 	(b)	 	 	10.3
	Section 318	 	(a)	 	 	1.7

 

N/A means Not Applicable

 

 

Note: This Cross-Reference Table shall not, for any purpose,
be deemed to be part of this Indenture.

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE 1           DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 1.1	Definitions	1
	Section 1.2	Compliance Certificates and Opinions	9
	Section 1.3	Form of Documents Delivered to Trustee	9
	Section 1.4	Acts of Holders; Record Dates	10
	Section 1.5	Notices, etc., to Trustee and Company	11
	Section 1.6	Notice to Holders; Waiver	12
	Section 1.7	Conflict with Trust Indenture Act	12
	Section 1.8	Effect of Headings and Table of Contents	12
	Section 1.9	Successors and Assigns	12
	Section 1.10	Separability Clause	12
	Section 1.11	Benefits of Indenture	13
	Section 1.12	Governing Law	13
	Section 1.13	Legal Holidays	13
	Section 1.14	Indenture and Securities Solely Corporate Obligations	13
	Section 1.15	Indenture May be Executed in Counterparts	13
	ARTICLE 2           SECURITY FORMS	14
	Section 2.1	Forms Generally	14
	Section 2.2	Form of Face of Security	14
	Section 2.3	Form of Reverse of Security	16
	Section 2.4	Form of Legend for Global Securities	19
	Section 2.5	Form of Trustee’s Certificate of Authentication	19
	Section 2.6	Form of Conversion Notice	19
	ARTICLE 3           THE SECURITIES	20
	Section 3.1	Amount Unlimited; Issuable in Series	20
	Section 3.2	Denominations	23
	Section 3.3	Execution, Authentication, Delivery and Dating	23
	Section 3.4	Temporary Securities	25
	Section 3.5	Registration; Registration of Transfer and Exchange	25
	Section 3.6	Mutilated, Destroyed, Lost and Stolen Securities	26
	Section 3.7	Payment of Interest; Interest Rights Preserved	27
	Section 3.8	Persons Deemed Owners	28
	Section 3.9	Cancellation	28
	Section 3.10	Computation of Interest	29
	ARTICLE 4           SATISFACTION AND DISCHARGE	29
	Section 4.1	Satisfaction and Discharge of Indenture	29
	Section 4.2	Application of Trust Money	30
	ARTICLE 5           REMEDIES	30
	Section 5.1	Events of Default	30
	Section 5.2	Acceleration of Maturity; Rescission and Annulment	31
	Section 5.3	Collection of Indebtedness and Suits for Enforcement by Trustee	33
	Section 5.4	Trustee May File Proofs of Claim	33
	Section 5.5	Trustee May Enforce Claims Without Possession of Securities	33
	Section 5.6	Application of Money Collected	34
	Section 5.7	Limitation on Suits	34
	Section 5.8	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert	35
	Section 5.9	Restoration of Rights and Remedies	35

 

    -i-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 5.10	Rights and Remedies Cumulative	35
	Section 5.11	Delay or Omission Not Waiver	35
	Section 5.12	Control by Holders	35
	Section 5.13	Waiver of Past Defaults	36
	Section 5.14	Undertaking for Costs	36
	Section 5.15	Waiver of Usury, Stay or Extension Laws	36
	ARTICLE 6           THE TRUSTEE	37
	Section 6.1	Certain Duties and Responsibilities	37
	Section 6.2	Notice of Defaults	37
	Section 6.3	Certain Rights of Trustee	37
	Section 6.4	Not Responsible for Recitals or Issuance of Securities	39
	Section 6.5	May Hold Securities and Act as Trustee under Other Indentures	39
	Section 6.6	Money Held in Trust	39
	Section 6.7	Compensation and Reimbursement	39
	Section 6.8	Conflicting Interests	40
	Section 6.9	Corporate Trustee Required; Eligibility	40
	Section 6.10	Resignation and Removal; Appointment of Successor	40
	Section 6.11	Acceptance of Appointment by Successor	42
	Section 6.12	Merger, Conversion, Consolidation or Succession to Business	43
	Section 6.13	Preferential Collection of Claims Against Company	43
	Section 6.14	Appointment of Authenticating Agent	43
	ARTICLE 7           HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	44
	Section 7.1	Company to Furnish Trustee Names and Addresses of Holders	44
	Section 7.2	Preservation of Information; Communications to Holders	44
	Section 7.3	Reports by Trustee	45
	Section 7.4	Reports by Company	45
	ARTICLE 8           CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	45
	Section 8.1	Company May Consolidate, etc., Only on Certain Terms	45
	Section 8.2	Successor Substituted	46
	ARTICLE 9           SUPPLEMENTAL INDENTURES	46
	Section 9.1	Supplemental Indentures Without Consent of Holders	46
	Section 9.2	Supplemental Indentures with Consent of Holders	47
	Section 9.3	Execution of Supplemental Indentures	48
	Section 9.4	Effect of Supplemental Indentures	48
	Section 9.5	Conformity with Trust Indenture Act	48
	Section 9.6	Reference in Securities to Supplemental Indentures	49
	Section 9.7	Subordination Unimpaired	49
	ARTICLE 10           COVENANTS	49
	Section 10.1	Payment of Principal, Premium and Interest	49
	Section 10.2	Maintenance of Office or Agency	49
	Section 10.3	Money for Securities Payments to be Held in Trust	49
	Section 10.4	Statement by Officers as to Default	50
	Section 10.5	Existence	51
	Section 10.6	Maintenance of Properties	51
	Section 10.7	Payment of Taxes and Other Claims	51
	Section 10.8	Waiver of Certain Covenants	51
	ARTICLE 11           REDEMPTION OF SECURITIES	51
	Section 11.1	Applicability of Article	51

 

    -ii-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 11.2	Election to Redeem; Notice to Trustee	52
	Section 11.3	Selection by Trustee of Securities to Be Redeemed	52
	Section 11.4	Notice of Redemption	52
	Section 11.5	Deposit of Redemption Price	52
	Section 11.6	Securities Payable on Redemption Date	54
	Section 11.7	Securities Redeemed in Part	54
	ARTICLE 12           SINKING FUNDS	54
	Section 12.1	Applicability of Article	54
	Section 12.2	Satisfaction of Sinking Fund Payments with Securities	55
	Section 12.3	Redemption of Securities for Sinking Fund	55
	ARTICLE 13           DEFEASANCE AND COVENANT DEFEASANCE	55
	Section 13.1	Company’s Option to Effect Defeasance or Covenant Defeasance	55
	Section 13.2	Defeasance and Discharge	55
	Section 13.3	Covenant Defeasance	56
	Section 13.4	Conditions to Defeasance or Covenant Defeasance	56
	Section 13.5	Deposited Money, U.S. Government Obligations and Foreign Government Obligations to be Held in Trust; Miscellaneous Provisions	58
	Section 13.6	Reinstatement	59
	ARTICLE 14           CONVERSION OF SECURITIES	59
	Section 14.1	Applicability of Article	59
	Section 14.2	Exercise of Conversion Privilege	60
	Section 14.3	No Fractional Shares	61
	Section 14.4	Adjustment of Conversion Price or Conversion Rate	61
	Section 14.5	Notice of Certain Corporate Actions	61
	Section 14.6	Reservation of Shares of Common Stock	62
	Section 14.7	Payment of Certain Taxes upon Conversion	62
	Section 14.8	Nonassessability	62
	Section 14.9	Provision in Case of Consolidation, Merger or Sale of Assets	63
	Section 14.10	Duties of Trustee Regarding Conversion	63
	Section 14.11	Repayment of Certain Funds upon Conversion	64
	ARTICLE 15           SUBORDINATION OF SECURITIES	64
	Section 15.1	Agreement of Subordination	64
	Section 15.2	Payments to Holders	64
	Section 15.3	Subrogation of Securities	66
	Section 15.4	Authorization to Effect Subordination	67
	Section 15.5	Notice to Trustee	67
	Section 15.6	Trustee’s Relation to Senior Debt	68
	Section 15.7	No Impairment of Subordination	68
	Section 15.8	Certain Conversions/Exchanges Deemed Payment	68
	Section 15.9	Article Applicable to Paying Agents	69
	Section 15.10	Senior Debt Entitled to Rely	69
	Section 15.11	Reliance on Judicial Order or Certificate of Liquidating Agent	69
	Section 15.12	Trust Monies Not Subordinated	69

 

    -iii-

     

    

 

INDENTURE, dated as of             ,
20      , between B. Riley Financial, Inc., a corporation duly organized and existing under the laws of
the State of Delaware (the “Company”), having its principal executive office at 21255 Burbank Boulevard, Suite 400,
Woodland Hills, California 91367 and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”).

 

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 unsecured subordinated debentures, notes or
other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as provided in
this Indenture.

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises
and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of the Securities or of series thereof appertaining, as follows:

 

ARTICLE
1

 

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.1 Definitions.

 

For all purposes of this Indenture, except
as otherwise expressly provided or unless the context otherwise requires:

 

(1) the
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 

(2) all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;

 

(3) all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles in the United States of America, and, except as otherwise herein expressly provided, the term “generally
accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting
principles in the United States of America as are generally accepted at the date of such computation;

 

(4) all
references to “$” refer to the lawful currency of the United States of America;

 

(5) unless
the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a
Section, as the case may be, of this Indenture; and

 

(6) 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.

 

    	 	-1-	 

     

    

 

“Act,” when used with respect
to any Holder, has the meaning specified in Section 1.4.

 

“Additional Interest” has the
meaning specified in Section 5.2(b).

 

“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.

 

“Authenticating Agent” means
any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of one
or more series.

 

“Board of Directors” means either
the board of directors of the Company or any duly authorized committee of that board empowered to act for it with respect to this
Indenture.

 

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

 

“Business Day,” when used with
respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment are authorized or obligated by law or executive order to close.

 

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

 

“Common Stock” includes any
stock of any class of the Company which has no preference in respect of dividends or of amounts payable in the event of any voluntary
or involuntary liquidation, dissolution or winding-up of the Company and which is not subject to redemption by the Company; provided,
however, subject to the provisions of Section 14.9, shares issuable upon conversion of Securities shall include only shares
of the class designated as Common Stock of the Company at the date of this Indenture or shares of any class or classes resulting
from any reclassification or reclassifications thereof and which have no preference in respect of dividends or of amounts payable
in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which are not subject to
redemption by the Company; provided, further, that if at any time there shall be more than one such resulting class,
the shares of each such class then so issuable shall be substantially in the proportion which the total number of shares of such
class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from all such
reclassifications.

 

“Company” means the corporation
named as the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.

 

“Company Request” or “Company
Order” means a written request or order signed in the name of the Company by its Chairman of the Board, its Vice Chairman
of the Board, its Chief Executive Officer, its President or a Vice President, and by its principal financial officer, its Treasurer,
an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.

 

“Constituent Person” has the
meaning specified in Section 14.9.

 

    	 	-2-	 

     

    

 

“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.

 

“Corporate Trust Office” means
the corporate trust office of the Trustee at             , Attention:            
, or such other office, designated by the Trustee by written notice to the Company, at which at any particular time its corporate
trust business shall be administered.

 

“corporation” means a corporation,
association, company, joint-stock company or business trust.

 

“Covenant Defeasance” has the
meaning specified in Section 13.3.

 

“Defaulted Interest” has the
meaning specified in Section 3.7.

 

“Defeasance” has the meaning
specified in Section 13.2.

 

“Depositary” means, with respect
to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing agency registered
under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 3.1.

 

“Designated Senior Debt” means
the Company’s obligations under any particular Senior Debt in which the instrument creating or evidencing the same or the
assumption or guarantee thereof (or related agreements or documents to which the Company is a party) expressly provides that such
Senior Debt shall be “Designated Senior Debt” for purposes of this Indenture (provided, that such instrument,
agreement or other document may place limitations and conditions on the right of such Senior Debt to exercise the rights of Designated
Senior Debt). If any payment made to any holder of any Designated Senior Debt or its Representative with respect to such Designated
Senior Debt is rescinded or must otherwise be returned by such holder or Representative upon the insolvency, bankruptcy or reorganization
of the Company or otherwise, the reinstated Indebtedness of the Company arising as a result of such rescission or return shall
constitute Designated Senior Debt effective as of the date of such rescission or return.

 

“euro” or “euros”
means the currency adopted by those nations participating in the third stage of the economic and monetary union provisions of the
Treaty on European Union, signed at Maastricht on February 7, 1992.

 

“European Economic Area” means
the member nations of the European Economic Area pursuant to the Oporto Agreement on the European Economic Area dated May 2, 1992,
as amended.

 

“European Union” means the member
nations of the European Union established by the Treaty of European Union, signed at Maastricht on February 7, 1992, which amended
the Treaty of Rome establishing the European Community.

 

“Event of Default” has the meaning
specified in Section 5.1.

 

“Exchange Act” means the Securities
Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

 

“Expiration Date” has the meaning
specified in Section 1.4.

 

    	 	-3-	 

     

    

 

“Foreign Government Obligation”
means with respect to Securities of any series which are not denominated in the currency of the United States of America (x) any
security which is (i) a direct obligation of the government which issued or caused to be issued the currency in which such security
is denominated and for the payment of which obligations its full faith and credit is pledged or, with respect to Securities of
any series which are denominated in euros, a direct obligation of any member nation of the European Union for the payment of which
obligation the full faith and credit of the respective nation is pledged so long as such nation has a credit rating at least equal
to that of the highest rated member nation of the European Economic Area, or (ii) an obligation of a Person controlled or supervised
by and acting as an agency or instrumentality of a government specified in clause (i) above the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by the such government, which, in either case (i) or (ii), is not callable or
redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act) as custodian with respect to any Foreign Government Obligation which is specified in clause (x) above and
held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal
of or interest on any Foreign Government Obligation which is so specified and held, provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the Foreign Government Obligation or the specific payment of principal or interest
evidenced by such depositary receipt.

 

“Global Security” means a Security
that evidences all or part of the Securities of any series and bears the legend set forth in Section 2.4 (or such legend as may
be specified as contemplated by Section 3.1 for such Securities).

 

“Holder” means a Person in whose
name a Security is registered in the Security Register.

 

“Indebtedness” means, with respect
to any Person, and without duplication, whether absolute or contingent, secured or unsecured, due or to become due, (a) all indebtedness,
obligations and other liabilities (contingent or otherwise) of such Person evidenced by a credit or loan agreement, note, bond,
debenture, or other written obligation (whether or not the recourse of the lender is to the whole of the assets of such person
or to only a portion thereof) or for money borrowed (including obligations of such Person in respect of overdrafts, foreign exchange
contracts, currency exchange agreements, interest rate protection agreements, and any loans or advances from banks, whether or
not evidenced by notes or similar instruments); (b) all obligations and liabilities (contingent or otherwise) of such Person evidenced
by a note or similar instrument given in connection with the acquisition of any businesses, properties or assets of any kind; (c)
all obligations and liabilities (contingent or otherwise) in respect of leases of such Person required, in conformity with generally
accepted accounting principles, to be accounted for as capitalized lease obligations on the balance sheet of such Person and all
obligations and other liabilities (contingent or otherwise) or as lessee under any leases or related documents for facilities,
capital equipment or related assets, whether or not capitalized, entered into or leased for financing purposes; (d) all obligations
of such Person (contingent or otherwise) with respect to interest rate and currency swaps, caps, floors, collars, hedge agreements,
forward contracts or similar agreements or arrangements; (e) all obligations and other liabilities (contingent or otherwise) of
such Person with respect to letters of credit, bankers’ acceptances or similar facilities, including reimbursement obligations
with respect to the foregoing; (f) all obligations and liabilities of such Person or assumed as the deferred purchase price of
property or services, but excluding trade accounts payable and accrued liabilities arising in the ordinary course of business;
(g) all obligations of the type referred to in (a) through (f) above of another Person the payment of which, in either case, such
Person has assumed or guaranteed or for which such Person is responsible or liable directly or indirectly, jointly or severally,
as obligor, guarantor or otherwise, or which are secured by a lien on such Person’s property; and (h) any and all renewals,
extensions, modifications, replacements, restatements and refundings of, or, any indebtedness or obligation issued in exchange
for, any such indebtedness or obligation of the kind described in clauses (a) through (g) above.

 

    	 	-4-	 

     

    

 

“Indenture” means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established
as contemplated by Section 3.1; provided, however, that if at any time more than one Person is acting as Trustee
under this Indenture due to the appointment of one or more separate Trustees for any one or more separate series of Securities,
“Indenture” shall mean, with respect to such series of Securities for which any such Person is Trustee, this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities for which
such Person is Trustee established as contemplated by Section 3.1, exclusive, however, of any provisions or terms which relate
solely to other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted,
and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered
after such Person had become such Trustee, but to which such person, as such Trustee, was not a party; provided, further
that in the event that this Indenture is supplemented or amended by one or more indentures supplemental hereto which are only applicable
to certain series of Securities, the term “Indenture” for a particular series of Securities shall only include the
supplemental indentures applicable thereto.

 

“interest,” when used with respect
to an Original Issue Discount Security, which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

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

 

“Investment Company Act” means
the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time.

 

“Maturity,” when used with respect
to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable
as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, repurchase at the option
of the Holder, upon redemption or otherwise.

 

“Non-electing Share” has the
meaning specified in Section 14.9.

 

“Non-Payment Default” has the
meaning specified in Section 15.2.

 

“Notice of Default” means a
written notice of the kind specified in Section 5.1(4).

 

“Officers’ Certificate”
means a certificate signed by the Chairman of the Board, a Vice Chairman of the Board, the Chief Executive Officer, the President
or a Vice President, and by the principal financial officer, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company, and delivered to the Trustee. One of the officers signing an Officers’ Certificate given pursuant
to Section 10.4 shall be the principal executive, financial or accounting officer of the Company.

 

    	 	-5-	 

     

    

 

“Opinion of Counsel” means a
written opinion of counsel, who may be counsel for, or an employee of, the Company, and who shall be reasonably acceptable to the
Trustee.

 

“Original Issue Discount Security”
means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.2.

 

“Outstanding,” when used with
respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this
Indenture, except

 

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

 

(2) Securities for whose payment or redemption
money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust
or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such
Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant
to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(3) Securities as to which Defeasance has
been effected pursuant to Section 13.2; and

 

(4) Securities which have been paid pursuant
to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture,
other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that
such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;

 

provided, however, that in
determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request,
demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of
an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which
would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 5.2, (B) if,
as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of
such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section
3.1, (C) the principal amount of a Security denominated in one or more non-U.S. dollar currencies or currency units which shall
be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated
by Section 3.1, of the principal amount of such Security (or, in the case of a Security described in clause (A) or (B) above, of
the amount determined as provided in such clause), and (D) Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Securities which the Trustee knows to be 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 Affiliate of the Company or of such other obligor.

 

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

 

    	 	-6-	 

     

    

 

“Payment Blockage Notice” has
the meaning specified in Section 15.2.

 

“Payment Default” has the meaning
specified in Section 15.2.

 

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

 

“Place of Payment,” when used
with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on
the Securities of that series are payable as specified as contemplated by 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 3.6 in exchange for
or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Security.

 

“Record Date” means any Regular
Record Date or Special Record Date.

 

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

 

“Redemption Price,” when used
with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record Date” for the
interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated
by Section 3.1.

 

“Reporting Default” has the
meaning specified in Section 5.2(b).

 

“Representative” means the (a)
indenture trustee or other trustee, agent or representative for any Senior Debt or (b) with respect to any Senior Debt that does
not have any such trustee, agent or other representative, (i) in the case of such Senior Debt issued pursuant to an agreement providing
for voting arrangements as among the holders or owners of such Senior Debt, any holder or owner of such Senior Debt acting with
the consent of the required persons necessary to bind such holders or owners of such Senior Debt and (ii) in the case of all other
such Senior Debt, the holder or owner of such Senior Debt.

 

“Responsible Officer” means,
when used with respect to the Trustee, an officer of the Trustee in the Corporate Trust Office assigned and duly authorized by
the Trustee to administer its corporate trust matters with respect to this Indenture.

 

“Securities” has the meaning
stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this
Indenture.

 

“Securities Act” means the Securities
Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 3.5.

 

    	 	-7-	 

     

    

 

“Senior Debt” means the principal
of, premium, if any, interest (including all interest accruing subsequent to the commencement of any bankruptcy or similar proceeding,
whether or not a claim for post-petition interest is allowable as a claim in any such proceeding) and rent payable on or in connection
with, and all fees, costs, expenses and other amounts accrued or due on or in connection with, Indebtedness of the Company, whether
outstanding on the date of this Indenture or thereafter created, incurred, assumed, guaranteed or in effect guaranteed by the Company
(including all deferrals, renewals, extensions or refundings of, or amendments, modifications or supplements to, the foregoing),
unless in the case of any particular Indebtedness the instrument creating or evidencing the same or the assumption or guarantee
thereof expressly provides that such Indebtedness shall not be senior in right of payment to the Securities or expressly provides
that such Indebtedness is “pari passu” or “ junior” to the Securities. Notwithstanding the foregoing,
the term Senior Debt shall not include any Indebtedness of the Company to any Subsidiary of the Company. If any payment made to
any holder of any Senior Debt or its Representative with respect to such Senior Debt is rescinded or must otherwise be returned
by such holder or Representative upon the insolvency, bankruptcy or reorganization of the Company or otherwise, the reinstated
Indebtedness of the Company arising as a result of such rescission or return shall constitute Senior Debt effective as of the date
of such rescission or return.

 

“Special Record Date” for the
payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7.

 

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

 

“Subsidiary” means a Person
of which at least a majority of the outstanding voting stock having the power to elect a majority of the board of directors of
such Person (in the case of a corporation) is, or of which at least a majority of the equity interests (in the case of a Person
which is not a corporation) are, at the time owned, directly or indirectly, by the Company or by one or more other Subsidiaries,
or by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock” means stock
or similar interests to the Company which ordinarily has or have voting power for the election of directors or persons performing
similar functions, whether at all times or only so long as no senior class of stock or other interests has or have such voting
power by reason of any contingency.

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however,
that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

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

 

“U.S. Government Obligation”
means (x) any security which is (i) a direct obligation of the United States of America for the payment of which the full faith
and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the
option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities
Act) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and held by such bank for
the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any
U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the
custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary
receipt.

 

    	 	-8-	 

     

    

 

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

 

Section 1.2 Compliance Certificates and
Opinions.

 

Upon any application or request by the Company
to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates
and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an
Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel,
and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture.

 

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

 

(1) a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;

 

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

 

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

 

(4) a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section 1.3 Form of Documents Delivered
to Trustee.

 

In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.

 

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

 

    	 	-9-	 

     

    

 

Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.

 

Section 1.4 Acts of Holders; Record Dates.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed
in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, where it is hereby expressly required, to the Company. The Trustee shall promptly deliver to
the Company copies of all such instrument or instruments delivered to the Trustee. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.

 

The fact and date of the execution by any
Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a
notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such
instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting in a capacity
other than his or her individual capacity, such certificate or affidavit shall also constitute sufficient proof of his or her authority.
The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also
be proved in any other manner that the Trustee deems sufficient.

 

The ownership of Securities shall be proved
by the Security Register.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the
Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect
of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of
such action is made upon such Security.

 

The Company may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request,
demand, authorization, direction, vote, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the
provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction
referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities
of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not
such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken
on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series
on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any
action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be construed
to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series
on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee
in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6.

 

    	 	-10-	 

     

    

 

The Trustee may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making
of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request to institute proceedings
referred to in Section 5.7(2) or (iv) any direction referred to in Section 5.12, in each case with respect to Securities of such
series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record
date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders
remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior
to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such
record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such
action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company
in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6.

 

With respect to any record date set pursuant
to this Section, the party hereto which sets such record dates may designate any day as the “Expiration Date” and from
time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective
unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities
of the relevant series in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date
is not designated with respect to any record date set pursuant to this Section, the party hereto which set such record date shall
be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject
to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall
be later than the 180th day after the applicable record date.

 

Without limiting the foregoing, a Holder
entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part
of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment
with regard to all or any part of such principal amount.

 

Section 1.5 Notices, etc., to Trustee
and Company.

 

Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with, (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing (or by facsimile transmissions, provided that oral confirmation of receipt shall have been
received) to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Department, or (2) the Company by the
Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, personally delivered or sent via overnight courier to the Company addressed to it at the
address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished
in writing to the Trustee by the Company, Attention: Chief Financial Officer.

 

    	 	-11-	 

     

    

 

Section 1.6 Notice 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, first-class postage prepaid, or delivered by hand or overnight courier, to each Holder affected by such event, at its address
as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice. Neither the failure to mail or deliver by hand or overnight courier any notice, nor any
defect in any notice so mailed or delivered by hand or overnight courier, to any particular Holder shall affect the sufficiency
of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived
in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent
of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such waiver.

 

In case by reason of the suspension of 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.

 

Notwithstanding any other provision of this
Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption
or purchase) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given
to the Depositary pursuant to the standing instructions from the Depositary.

 

Section 1.7 Conflict with Trust Indenture
Act.

 

If any provision hereof limits, qualifies
or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture 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, which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so
modified or to be excluded, as the case may be.

 

Section 1.8 Effect of Headings and Table
of Contents.

 

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

 

Section 1.9 Successors and Assigns.

 

All covenants and agreements in this Indenture
by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 1.10 Separability Clause.

 

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

 

    	 	-12-	 

     

    

 

Section 1.11 Benefits of Indenture.

 

Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the holders of Senior
Debt and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 1.12 Governing Law.

 

THIS INDENTURE AND THE SECURITIES SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 1.13 Legal Holidays.

 

In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security or the last date on which a Holder has the right to convert a Security at a
particular conversion price or conversion rate, as the case may be, shall not be a Business Day at any Place of Payment, then (notwithstanding
any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that
such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) or, if applicable to
a particular series of Securities, conversion 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 with the same force and effect as if made on the Interest Payment Date or Redemption
Date, at the Stated Maturity or on such last day for conversion, as the case may be.

 

Section 1.14 Indenture and Securities
Solely Corporate Obligations.

 

No recourse for the payment of the principal
of or premium, if any, or interest on any Security, or for any claim based thereon or otherwise in respect thereof, and no recourse
under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any
Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder,
employee, agent, officer, or director or subsidiary, as such, past, present or future, of the Company or of any successor corporation,
either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is
hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue
of the Securities.

 

Section 1.15 Indenture May be Executed
in Counterparts.

 

This instrument may be executed in any number
of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.
The exchange of copies of this Indenture and of signature pages by facsimile, PDF or other electronic transmission shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture and
signature pages for all purposes.

 

Section 1.16 Force Majeure.

 

In no event shall the Trustee be responsible
or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused by, directly
or indirectly, forces beyond its reasonable 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 or hardware) services.

 

    	 	-13-	 

     

    

 

ARTICLE
2

 

SECURITY
FORMS

 

Section 2.1 Forms Generally.

 

The Securities of each series shall be in
substantially the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution
thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate
record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of such Securities.
Any such Board Resolution or record of such action shall have attached thereto a true and correct copy of the form of Security
referred to therein approved by or pursuant to such Board Resolution.

 

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

 

Section 2.2 Form of Face of Security.

 

[INSERT ANY LEGEND REQUIRED BY THE INTERNAL
REVENUE CODE AND THE REGULATIONS THEREUNDER.]

 

B. RILEY FINANCIAL, INC.

 

__________________________________________________________________________

 

	NO  __________	$ __________
	 	CUSIP:  __________

 

B. RILEY FINANCIAL, INC., a corporation
duly organized and existing under the laws of Delaware (herein called the “Company,” which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to                    ,
or registered assigns, the principal sum of                    
dollars on                    [if
the Security is to bear interest prior to Maturity, insert — , and to pay interest thereon from                    or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on            
and                    in each
year, commencing                    
, at the rate of                    %
per annum, until the principal hereof is paid or made available for payment [if applicable, insert — , provided
that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of %
per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until
they are paid or made available for payment, and such interest shall be payable on demand]. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which shall be the             or                    (whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in said Indenture].

 

    	 	-14-	 

     

    

 

[If the Security is not to bear interest
prior to Maturity, insert — The principal of this Security shall not bear interest except in the case of a default in
payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue
premium shall bear interest at the rate of             % per annum
(to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they
are paid or made available for payment. Interest on any overdue principal or premium shall be payable on demand. Any such interest
on overdue principal or premium which is not paid on demand shall bear interest at the rate of            
% per annum (to the extent that the payment of such interest on interest shall be legally enforceable), from the date of such demand
until the amount so demanded is paid or made available for payment. Interest on any overdue interest shall be payable on demand.]
Payment of the principal of (and premium, if any) and [if applicable, insert — any such] interest on this Security
will be made at the office or agency of the Company maintained for that purpose in                    
, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts [if applicable, insert —; provided, however, that at the option of the Company payment
of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register].

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

 

	Dated:   _______________	 	B. RILEY FINANCIAL, INC.
	 	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Title: 	 
	ATTEST:	 	 	 
	 	 	 	 
	 	 	 	 

 

    	 	-15-	 

     

    

 

Section 2.3 Form of Reverse of Security.

 

This Security is one of a duly authorized
issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series
under an Indenture, dated as of , 200 (herein called the “Indenture,” which term shall have the meaning assigned to
it in such instrument), between the Company and             , as Trustee
(herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee, the holders of Senior Debt and the Holders of the Securities and
of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated
on the face hereof [if applicable, insert — , limited in aggregate principal amount to $            
].

 

[If applicable, insert — The
Securities of this series are subject to redemption upon not less than [if applicable, insert — 30] days’ notice
by mail, [if applicable, insert — (1) on                    in
any year commencing with the year             and ending with the year            through
operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time
[if applicable, insert — on or after ,                    20
], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal
amount): If redeemed [if applicable, insert — on or before            
,          %, and if redeemed] during the 12-month period beginning                        of
the years indicated,

 

	Year	 	 	Redemption
 Price	 	 	Year	 	 	Redemption
 Price	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

and thereafter at a Redemption Price equal
to            % of the principal amount, together in the case of any
such redemption [if applicable, insert — (whether through operation of the sinking fund or otherwise)] with accrued
interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be
payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant
Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable, insert — The
Securities of this series are subject to redemption upon not less than [if applicable, insert — 30] days’ notice
by mail, (1) on             in any year commencing with the year            
and ending with the year                    through
operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable, insert — on
or after                    
], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation
of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month
period beginning                              
of the years indicated,

 

	Year	 	 	Redemption
 Price For
 Redemption
 Through
 Operation of the
 Sinking Fund	 	 	Year	 	 	Redemption
 Price For
 Redemption
 Otherwise Than
 Through
 Operation of the
 Sinking Fund	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	-16-	 

     

    

 

and thereafter at a Redemption Price equal
to % of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise)
with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business
on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable, insert — Notwithstanding
the foregoing, the Company may not, prior to                    
, redeem any Securities of this series as contemplated by [if applicable, insert — clause (2) of] the preceding paragraph
as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having
an interest cost to the Company (calculated in accordance with generally accepted financial practice) of less than % per annum.]

 

[If applicable, insert — The
sinking fund for this series provides for the redemption on                    ,
in each year beginning with the year          and ending with the year            
of [if applicable, insert — not less than $ (“mandatory sinking fund”) and not more than] $                        
aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise
than through [if applicable, insert — mandatory] sinking fund payments may be credited against subsequent [if applicable,
insert — mandatory] sinking fund payments otherwise required to be made [if applicable, insert —, in the
inverse order in which they become due].]

 

[If the Security is subject to redemption
of any kind, insert — In the event of redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.]

 

[If applicable, insert — The
Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security] [or] [certain restrictive
covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth
in the Indenture.]

 

[If the Security is convertible into
other securities of the Company, specify the conversion features.] The indebtedness evidenced by this Security is, to the extent
and in the manner provided in the Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior
Debt of the Company, and this Security is issued subject to such provisions of the Indenture with respect thereto. Each Holder
of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee
on his behalf to take such action as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints
the Trustee his attorney-in-fact for any and all such purposes.

 

[If the Security is not an Original Issue
Discount Security, insert — If an Event of Default with respect to Securities of this series shall occur and be continuing,
the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the
Indenture.]

 

[If the Security is an Original Issue
Discount Security, insert — If an Event of Default with respect to Securities of this series shall occur and be continuing,
an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided
in the Indenture. Such amount shall be equal to — insert formula for determining the amount. Upon payment (i) of the
amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case
to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect
of the payment of the principal of and premium and interest, if any, on the Securities of this series shall terminate.]

 

    	 	-17-	 

     

    

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of more than 50% in principal amount of the Securities at the time Outstanding of each series to be
affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

As provided in and subject to the provisions
of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than a majority in principal amount of the Securities of this series at the time Outstanding shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity satisfactory
to the Trustee, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this
series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after
the respective due dates expressed herein.

 

No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed.

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Securities of this series are issuable
only in registered form without coupons in denominations of $ and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

    	 	-18-	 

     

    

 

Prior to due presentment of this Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this Security that are
defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

Section 2.4 Form of Legend for Global
Securities.

 

Unless otherwise specified as contemplated
by Section 3.1 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend
in substantially the following form:

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

Section 2.5 Form of Trustee’s Certificate
of Authentication.

 

The Trustee’s certificates of authentication
shall be in substantially the following form:

 

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

 

	 	________________,
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

Section 2.6 Form of Conversion Notice.

 

Conversion notices shall be in substantially
the following form:

To B. RILEY FINANCIAL, INC.:

 

The undersigned owner of this Security hereby
irrevocably exercises the option to convert this Security, or portion hereof (which is $2,000 and any integral multiple of $1,000
in excess thereof) below designated, into shares of Common Stock of the Company in accordance with the terms of the Indenture referred
to in this Security, and directs that the shares issuable and deliverable upon the conversion, together with any check in payment
for fractional shares and any Securities representing any unconverted principal amount hereof, be issued and delivered to the registered
holder hereof unless a different name has been indicated below. If this Notice is being delivered on a date after the close of
business on a Regular Record Date and prior to the opening of business on the related Interest Payment Date (unless this Security
or the portion thereof being converted has been called for redemption on a Redemption Date during the period beginning at the close
of business on a Regular Record Date and ending at the opening of business on the first Business Day after the next succeeding
Interest Payment Date, or if such Interest Payment Date is not a Business Day, the second such Business Day), this Notice is accompanied
by payment, in funds acceptable to the Company, of an amount equal to the interest payable on such Interest Payment Date of the
principal of this Security to be converted. If shares are to be issued in the name of a person other than the undersigned, the
undersigned will pay all transfer taxes payable with respect hereto. Any amount required to be paid by the undersigned on account
of interest accompanies this Security.

 

    	 	-19-	 

     

    

 

 

Principal Amount to be Converted

($2,000 and any integral multiple of $1,000 in excess thereof,
if less than all)

 

U.S. $____

 

Dated:    _________

 

	 	Signature(s) must be guaranteed by an eligible guarantor institution (banks, stock brokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program) pursuant to Securities and Exchange Commission Rule 17Ad-15.
	 	 
	 	 
	 	Signature Guaranty

 

Fill in for registration of shares of Common
Stock and Security if to be issued otherwise than to the registered Holder.

 

	 	 	 
	(Name)	 	 Social Security or Other Taxpayer Identification Number
	 	 	 
	 	 	 
	(Address)	 	 
	 	 	 
	 	 	 
	Please print Name and Address 	 	 
	(including zip code)	 	 

 

[The above conversion notice is to be modified, as appropriate,
for conversion into other securities or property of the Company.]

 

ARTICLE
3

 

THE
SECURITIES

 

Section 3.1 Amount Unlimited;
Issuable in Series.

 

The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series.
There shall be established in or pursuant to a Board Resolution and, subject to Section 3.3, set forth, or determined in the manner
provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance
of Securities of any series,

 

    	 	-20-	 

     

    

 

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

 

(2)         any
limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.7 and except for any Securities which, pursuant to Section 3.3, are
deemed never to have been authenticated and delivered hereunder);

 

(3)         the
Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;

 

(4)         the
date or dates on which the principal of any Securities of the series is payable;

 

(5)         the
rate or rates (which may be fixed or variable) at which any Securities of the series shall bear interest, if any, the date or dates
from which any such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular
Record Date for any such interest payable on any Interest Payment Date (or the method for determining the dates and rates);

 

(6)         the
place or places where the principal of and any premium and interest on any Securities of the series shall be payable;

 

(7)         the
period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series
may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which
any election by the Company to redeem the Securities shall be evidenced;

 

(8)         the
obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous
provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the
terms and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such
obligation;

 

(9)         if
other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in which any Securities
of the series shall be issuable;

 

(10)        if
the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index
or pursuant to a formula, the manner in which such amounts shall be determined;

 

(11)        if
other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or
any premium or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in
the currency of the United States of America for any purpose, including for purposes of the definition of “Outstanding”
in Section 1.1;

 

(12)        if
the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or
the Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to
be payable, the currency, currencies or currency units in which the principal of or any premium or interest on such Securities
as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such election
is to be made and the amount so payable (or the manner in which such amount shall be determined);

 

    	 	-21-	 

     

    

 

(13)        if
other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall
be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2;

 

(14)        if
the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more
dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such
date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity
other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any
such case, the manner in which such amount deemed to be the principal amount shall be determined);

 

(15)        if
applicable, that the Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 13.2 or
Section 13.3 or both such Sections, or any other defeasance provisions applicable to any Securities of the series, and, if other
than by a Board Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced;

 

(16)        if
applicable, the terms of any right to convert or exchange Securities of the series into shares of Common Stock of the Company or
other securities or property;

 

(17)        if
applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne
by any such Global Security in addition to or in lieu of that set forth in Section 2.4 and any circumstances in addition to or
in lieu of those set forth in Form of clause (2) of the last paragraph of Section 3.5 in which any such Global Security may be
exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof;

 

(18)        any
addition to or change in the Events of Default which applies to any Securities of the series and any change in the right of the
Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section
5.2;

 

(19)        any
addition to or change in the covenants set forth in Article 10 which applies to Securities of the series;

 

(20)        any
Authenticating Agents, Paying Agents, Security Registrars or such other agents necessary in connection with the issuance of the
Securities of such series, including, without limitation, exchange rate agents and calculation agents;

 

(21)        if
applicable, the terms of any security that will be provided for a series of Securities, including provisions regarding the circumstances
under which collateral may be released or substituted;

 

    	 	-22-	 

     

    

 

(22)        if
applicable, the terms of any guaranties for the Securities and any circumstances under which there may be additional obligors on
the Securities;

 

(23)        any
addition to or change in or modification to the subordinated provisions of this Indenture relating to the Securities of that series
(including the provisions of Article 15), or different subordination provisions, including a different definition of “Senior
Debt” or “Designated Senior Debt,” will apply to Securities of the series; and

 

(24)        any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by
Section 9.1(5)).

 

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 Board Resolution
referred to above and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officers’ Certificate
referred to above or in any such indenture supplemental hereto.

 

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

 

The Securities shall be subordinated in
right of payment to Senior Debt as provided in Article 15.

 

Section 3.2 Denominations.

 

The Securities of each series shall be issuable
only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 3.1. In
the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall
be issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

 

Section 3.3 Execution, Authentication,
Delivery and Dating.

 

The Securities shall be executed on behalf
of the Company by its Chairman of the Board, its Vice Chairman of the Board, its Chief Executive Officer, its principal financial
officer, its President or one of its Vice Presidents, attested by its Treasurer, its Secretary or one of its Assistant Treasurers
or Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.

 

Securities bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or
did not hold such offices at the date of such Securities.

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have
been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating such Securities,
and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled
to receive, and (subject to Section 6.1) shall be fully protected in relying upon, a copy of such Board Resolution, the Officers’
Certificate setting forth the terms of the series and an Opinion of Counsel, with such Opinion of Counsel stating,

 

    	 	-23-	 

     

    

 

(1)         if
the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.1, that such form
has been established in conformity with the provisions of this Indenture;

 

(2)         
if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.1, that such
terms have been established in conformity with the provisions of this Indenture; and

 

(3)         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 legally binding obligations of the Company enforceable in accordance
with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights and to general equity principles.

 

If such form or terms have been so established,
the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which
is not reasonably acceptable to the Trustee.

 

Notwithstanding the provisions of Section
3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be
necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 3.1 or the Company Order and Opinion
of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series
if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to
be issued.

 

Each Security shall be dated the date of
its authentication.

 

No Security shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security
shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding
the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.9, for all purposes of this
Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to
the benefits of this Indenture.

 

Neither the Company nor the Trustee shall
have any responsibility for any defect in the CUSIP number that appears on any Security, check, advice of payment or redemption
notice, and any such document may contain a statement to the effect that CUSIP numbers have been assigned by an independent service
for convenience of reference and that neither the Company nor the Trustee shall be liable for any inaccuracy in such numbers.

 

    	 	-24-	 

     

    

 

Section 3.4 Temporary Securities.

 

Pending the preparation of definitive Securities
of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities
which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions
and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.

 

If temporary Securities of any series are
issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation
of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities
of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment
for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series,
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities
of the same series, of any authorized denominations and of like tenor and aggregate principal amount. 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 and tenor.

 

Section 3.5 Registration; Registration
of Transfer and Exchange.

 

The Company shall cause to be kept at the
Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency of the
Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities
and transfers of Securities as herein provided.

 

Upon surrender for registration of transfer
of any Security of a series at the office or agency of the Company in a Place of Payment for that series, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities
of the same series, of any authorized denominations and of like tenor and aggregate principal amount.

 

At the option of the Holder, Securities
of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate
principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the Holder making
the exchange is entitled to receive. All Securities issued upon any registration of transfer or exchange of Securities shall be
the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Securities surrendered upon such registration of transfer or exchange.

 

Every Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
thereof or its attorney duly authorized in writing. 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 3.4,
9.6 or 11.7 not involving any transfer.

 

    	 	-25-	 

     

    

 

If the Securities of any series (or of any
series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register the transfer of
or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning
at the opening of business 15 days before the day of the sending of a notice of redemption of any such Securities selected for
redemption under Section 11.3 and ending at the close of business on the day of such transmission, or (B) to register the transfer
of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being
redeemed in part.

 

The provisions of clauses (1), (2), (3)
and (4) below shall apply only to Global Securities:

 

(1)         Each
Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global
Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global
Security shall constitute a single Security for all purposes of this Indenture.

 

(2)         Notwithstanding
any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no
transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such
Global Security or a nominee thereof unless (A) such Depositary (i) has notified the Company that it is unwilling or unable to
continue as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act, (B)
there shall have occurred and be continuing an Event of Default with respect to such Global Security or (C) there shall exist such
circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section
3.1.

 

(3)         Subject
to clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities
issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global
Security shall direct.

 

(4)         Every
Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any
portion thereof, whether pursuant to this Section, Section 3.4, 3.6, 9.6 or 11.7 or otherwise, shall be authenticated and delivered
in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary
for such Global Security or a nominee thereof.

 

Section 3.6 Mutilated, Destroyed, Lost
and Stolen Securities.

 

If any mutilated Security is surrendered
to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of
the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company
and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or
indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series
and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

    	 	-26-	 

     

    

 

In case any such mutilated, destroyed, lost
or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security.

 

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

 

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

 

The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities.

 

Section 3.7 Payment of Interest; Interest
Rights Preserved.

 

Except as otherwise provided as contemplated
by Section 3.1 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest.

 

Any interest on any Security of any series
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been
such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or
(2) below:

 

(1)         The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company
shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.
Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than
15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in
the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor to be given to each Holder of Securities of such series in the manner set forth in Section 1.6, not less than
10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series
(or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer
be payable pursuant to the following clause (2).

 

    	 	-27-	 

     

    

 

(2)         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 such Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner
of payment shall be deemed practicable by the Trustee.

 

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.

 

Subject to the provisions of Section 14.2,
in the case of any Security (or any part thereof) which is converted after any Regular Record Date and on or prior to the next
succeeding Interest Payment Date (other than any Security the principal of (or premium, if any, on) which shall become due and
payable, whether at Stated Maturity or by declaration of acceleration or otherwise prior to such Interest Payment Date), interest
whose Stated Maturity is on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion
and such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Security
(or any one or more Predecessor Securities) is registered at the close of business on such Regular Record Date. Except as otherwise
expressly provided in the immediately preceding sentence or in Section 14.2, in the case of any Security (or any part thereof)
which is converted, interest whose Stated Maturity is after the date of conversion of such Security (or such part thereof) shall
not be payable.

 

Section 3.8 Persons Deemed Owners.

 

Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium
and (subject to Section 3.7) any interest 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. Without limiting the generality of the foregoing, a Holder, including any Depositary that is the Holder of a Global Security,
may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and the Depositary that is the
Holder of a Global Security may provide its proxy or proxies to the beneficial owners of interests in any such Global Security
through such Depositary’s standing instructions and customary practice.

 

Section 3.9 Cancellation.

 

All Securities surrendered for payment,
redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person
other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to
the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired
in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation
any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall
be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled
as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall
be disposed of in accordance with its customary procedures.

 

    	 	-28-	 

     

    

 

Section 3.10 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.

 

ARTICLE
4

 

SATISFACTION
AND DISCHARGE

 

Section 4.1 Satisfaction and Discharge
of Indenture.

 

This Indenture shall upon Company Request
cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly
provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when

 

(1)   either

 

(A)  all
Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 3.6 and (ii) Securities for whose payment money has theretofore been deposited
in trust or segregated and held in trust by the Trustee or the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or

 

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

 

(i)          have
become due and payable, or

 

(ii)         will
become due and payable at their Stated Maturity within one year, or

 

(iii)        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, in the case of
(i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money
in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee
for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have
become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

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

 

    	 	-29-	 

     

    

 

(3)   the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations of the Trustee to any Authenticating
Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this
Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3 shall survive.

 

Section 4.2 Application of Trust Money.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and
any premium and interest for whose payment such money has been deposited with the Trustee.

 

ARTICLE
5

 

REMEDIES

 

Section 5.1 Events of Default.

 

“Event of Default,” wherever
used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event
of Default and whether it shall be occasioned by the provisions of Article 15 or 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 in the Board Resolution, supplemental indenture or Officers’ Certificate establishing such
series, it is provided that such series shall not have the benefit of said Event of Default:

 

(1)         default
in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default
for a period of 30 days; or

 

(2)         default
in the payment of the principal of or any premium on any Security of that series at its Maturity; or

 

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

 

(4)         default
in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty
a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been
included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default
or breach for a period of 60 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 25% in principal amount of the Outstanding Securities of that series
a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; or

 

    	 	-30-	 

     

    

 

(5)         the
entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree
or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its
property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief
or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or

 

(6)         the
commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the
entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal
or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case
or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable
Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its
property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability
to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action;
or

 

(7)         any
other Event of Default provided with respect to Securities of that series in the Board Resolution, supplemental indenture or Officers’
Certificate establishing that series.

 

Section 5.2 Acceleration of Maturity;
Rescission and Annulment.

 

(a)          Unless
the Board Resolution, supplemental indenture or Officers’ Certificate establishing such series provides otherwise, if an
Event of Default (other than an Event of Default specified in Section 5.1(5) or 5.1(6)) with respect to Securities of any series
at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal
amount of the Outstanding Securities of that series may declare the principal amount of all the Securities of that series (or,
if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities
as may be specified by the terms thereof), and premium, if any, together with accrued and unpaid interest, if any, thereon, to
be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any
such declaration such principal amount (or specified amount), and premium, if any, together with accrued and unpaid interest, if
any, thereon, shall become immediately due and payable. If an Event of Default specified in Section 5.1(5) or 5.1(6) with respect
to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any
Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may
be specified by the terms thereof), and premium, if any, together with accrued and unpaid interest, if any, thereon, shall automatically,
and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. Any payments
by the Company on the Securities following any such acceleration will be subject to the subordination provisions of Article 15
to the extent provided therein.

 

    	 	-31-	 

     

    

 

(b)          Notwithstanding
the foregoing, at the election of the Company, the sole remedy with respect to an Event of Default for the failure by the Company
to comply with its obligations under Section 314(a)(1) of the Trust Indenture Act relating to the Company’s failure to file
any documents or reports that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act
or of its covenants set forth in Section 7.4 (any such Event of Default, a “Reporting Default”), shall for the first
180 calendar days after the occurrence of such Reporting Default consist exclusively of the right to receive additional interest
(the “Additional Interest”) on the Securities at an annual rate equal to (i) 0.25% of the principal amount of the Securities
for the first 90 calendar days after the occurrence of such Reporting Default and (ii) 0.50% of the principal amount of the Securities
from the 91st day to, and including, the 180th day after the occurrence of such Reporting Default. If the Company so elects, the
Additional Interest shall accrue on all Outstanding Securities from and including the date on which such Reporting Default first
occurs until such violation is cured or waived and shall be payable as provided in Section 3.7. On the 181st day after such Reporting
Default (if such violation is not cured or waived prior to such 181st calendar day), then the Trustee or the Holders of not less
than 25% in principal amount of the Outstanding securities may declare the principal of, and premium, if any, together with accrued
and unpaid interest, if any, on all such Securities to be due and payable immediately.

 

If the Company elects to pay the Additional
Interest as the sole remedy for the Reporting Default, the Company shall notify in writing, by a certificate, the Holders, the
Paying Agent and the Trustee of such election at any time on or before the close of business on the first Business Day following
the date on which such Event of Default first occurs. Unless and until a Responsible Officer of the Trustee receives at the Corporate
Trust Office such a certificate, the Trustee may assume without inquiry that Additional Interest is not payable. The Company shall
pay the Additional Interest semi-annually in arrears, with the first semi-annual payment due on the first Interest Payment Date
following the date of such Reporting Default, in the same manner as described on the face of the Security.

 

(c)          At
any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment
or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of
a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if

 

(1)  the
Company has paid or deposited with the Trustee a sum sufficient to pay

 

(A)         all
overdue interest on all Securities of that series,

 

(B)         the
principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of
acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities,

 

(C)         to
the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in
such Securities, and

 

(D)         all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and

 

(2)  all
Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that
series that have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

 

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

 

    	 	-32-	 

     

    

 

Section 5.3 Collection of Indebtedness
and Suits for Enforcement by Trustee.

 

The Company covenants that if

 

(1)         default
is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for
a period of 30 days, or

 

(2)         default
is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, the Company will, upon
demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such
Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

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

 

Section 5.4 Trustee May File Proofs of
Claim.

 

In case of any judicial proceeding relative
to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered,
by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order
to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7. No provision of this
Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize
the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee
may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’
or other similar committee.

 

Section 5.5 Trustee May Enforce Claims
Without Possession of Securities.

 

All rights of action and claims under this
Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the
production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Securities in respect of which such judgment has been recovered.

 

    	 	-33-	 

     

    

 

Section 5.6 Application of Money Collected.

 

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

 

FIRST: To the payment of all amounts due
the Trustee under Section 6.7;

 

SECOND: Subject to Article 15, to the payment
of the amounts then due and unpaid for principal of and any premium, if any, and interest on the Securities in respect of which
or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the
amounts due and payable on such Securities for principal and any premium, if any, and interest, respectively; and

 

THIRD: The balance, if any, to the Company
or any other Person or Persons entitled thereto.

 

Section 5.7 Limitation on Suits.

 

No Holder of any Security of any series
shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless

 

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

 

(2)         the
Holders of at least 25% in aggregate principal amount of the Outstanding Securities of that series shall have made written request
to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

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

 

(4)         the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and

 

(5)         no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of that series;

 

it being understood and intended that no one
or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture
to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal
and ratable benefit of all of such Holders.

 

    	 	-34-	 

     

    

 

Section 5.8 Unconditional Right of Holders
to Receive Principal, Premium and Interest and to Convert.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of and any premium and (subject to Section 3.7) interest on such Security on the respective Stated Maturities expressed in such
Security (or, in the case of redemption, on the Redemption Date), to convert such Securities in accordance with Article 14 to the
extent that such right to convert is applicable to such Security, and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such Holder.

 

Section 5.9 Restoration of Rights and
Remedies.

 

If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination
in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had
been instituted.

 

Section 5.10 Rights and Remedies Cumulative.

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.6, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 5.11 Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or of
any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or
remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article
or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the
Trustee (subject to the limitations contained in this Indenture) or by the Holders, as the case may be.

 

Section 5.12 Control by Holders.

 

The Holders of a majority in principal amount
of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities
of such series, provided that

 

(1)         such
direction shall not be in conflict with any rule of law or with this Indenture, nor subject the Trustee to a risk of personal liability
in respect of which the trustee has not received indemnification satisfactory to it in its sole discretion against all losses,
liabilities and expenses caused by taking or not taking such action; and

 

    	 	-35-	 

     

    

 

(2)         the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.

 

Section 5.13 Waiver of Past Defaults.

 

The Holders of not less than a majority
in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series
waive any past default hereunder with respect to such series and its consequences, except

 

(1)         a
default in the payment of the principal of or any premium or interest on any Security of such series as and when the same shall
become due and payable by the terms thereof, otherwise than by acceleration (unless such default has been cured and a sum sufficient
to pay all matured installments of interest, principal and premium, if any, has been deposited with the Trustee), or

 

(2)         to
the extent such right is applicable to such Security, a failure by the Company on request to convert any Security into Common Stock;
or

 

(3)         in
respect of a covenant or provision hereof which under Article 9 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 5.14 Undertaking for Costs.

 

In any suit for the enforcement of any right
or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee,
a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs
against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither
this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such
an assessment in any suit instituted by the Company or in any suit for the enforcement of the right to convert any Security in
accordance with Article 14.

 

Section 5.15 Waiver of Usury, Stay or
Extension Laws.

 

The Company covenants (to the extent that
it may lawfully do so) that 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 (to the extent that it may lawfully do so) hereby expressly waives
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.

 

    	 	-36-	 

     

    

 

ARTICLE
6

 

THE
TRUSTEE

 

Section 6.1 Certain Duties and Responsibilities.

 

The duties and responsibilities of the Trustee
shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section.

 

Section 6.2 Notice of Defaults.

 

If a default occurs hereunder with respect
to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such default as and to the
extent provided by the Trust Indenture Act; provided, however, that except in the case of a default in the payment
of principal of (or premium, if any) or interest on any Securities of such series or in the payment of any sinking fund installment
or any conversion right applicable to Securities of such series, the Trustee shall be protected in withholding such notice if and
so long as a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the interests of the holders of Securities of such series; provided, further, however, that
in the case of any default of the character specified in Section 5.1(4) with respect to Securities of such series, no such notice
to Holders shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default”
means any event that is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities
of such series.

 

Except with respect to Section 10.1, the
Trustee shall have no duty to inquire as to the performance of the Company with respect to the covenants contained in Article 10.
In addition, the Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or Event of Default
occurring pursuant to Sections 5.1(1), 5.1(2) and 5.1(3) (defaults in payments on the Securities) (if the Trustee is also the Paying
Agent) or (ii) any Default or Event of Default of which the Trustee shall have received written notification or obtained actual
knowledge.

 

Delivery of reports, information and documents
to the Trustee under Section 7.4 is for informational purposes only and the Trustee’s receipt of the foregoing shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely conclusively
on Officers’ Certificates).

 

Section 6.3 Certain Rights of Trustee.

 

Subject to the provisions of Section 6.1:

 

(1)         in
the absence of bad faith on the part of the Trustee, the Trustee may rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented
by the proper party or parties;

 

    	 	-37-	 

     

    

 

(2)         any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and
any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;

 

(3)         whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) is entitled to
and may, in the absence of bad faith on its part, rely upon an Officers’ Certificate;

 

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

 

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

 

(6)         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 the books, records and premises of the Company, personally or by agent or attorney;

 

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

 

(8)         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 (including Security Registrar and
Paying Agent), and each agent, custodian and other Person employed to act hereunder;

 

(9)         the
Trustee is not required to give any bond or surety with respect to the performance of its duties or the exercise of its powers
under this Indenture;

 

(10)        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;

 

(11)        the
Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions with respect to any series of Securities pursuant to this Indenture,
which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any
person specified as so authorized in any such certificate previously delivered and not superseded;

 

    	 	-38-	 

     

    

 

(12)        the
Trustee shall have no responsibility for any information in any offering document or other disclosure material distributed with
respect to any series of Securities, and the Trustee shall have no responsibility for compliance with any state or federal securities
laws in connection with the Securities, other than the filing of any documents required to be filed by an indenture trustee pursuant
to the Trust Indenture Act or otherwise required in the Indenture; and

 

(13)        the
permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as duties.

 

Section 6.4 Not Responsible for Recitals
or Issuance of Securities.

 

The recitals contained herein and in the
Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and neither
the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations
as to the validity, sufficiency or priority of this Indenture or of the Securities. Neither the Trustee nor any Authenticating
Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

Section 6.5 May Hold Securities and
Act as Trustee under Other Indentures.

 

The Trustee, any Authenticating Agent, any
Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights
it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. Subject to the
limitations imposed by the Trust Indenture Act, nothing in this Indenture shall prohibit the Trustee from becoming and acting as
trustee under other indentures under which other securities, or certificates of interest of participation in other securities,
of the Company are outstanding in the same manner as if it were not Trustee hereunder.

 

Section 6.6 Money Held in Trust.

 

Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest
on any money received by it hereunder except as otherwise agreed with the Company.

 

Section 6.7 Compensation and Reimbursement.

 

The Company agrees:

 

(1)         to
pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

    	 	-39-	 

     

    

 

(2)         except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable
to its negligence or bad faith; and

 

(3)         to
indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith
on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including
the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any
of its powers or duties hereunder.

 

As security for the performance of the
obligations of the Company under this Section 6.7, the Trustee shall have a lien prior to the Securities upon all property and
funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, premium, if any, or
interest, if any, on particular Securities. When the Trustee incurs expenses or renders services after an Event of Default specified
in Section 5.1(5) or Section 5.1(6) hereof occurs, the expenses and the compensation for the services (including the fees and expenses
of its agents and counsel) are intended to constitute expenses of administration under any applicable bankruptcy, insolvency, reorganization
or similar law. The provisions of this Section 6.7 shall survive the resignation or removal of the Trustee and the termination
of this Indenture.

 

Section 6.8 Conflicting Interests.

 

If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act and there is an Event of Default under the Securities of that series, the
Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions
of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed
to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series.

 

Section 6.9 Corporate Trustee Required;
Eligibility.

 

There shall at all times be one (and only
one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more
other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has (or if
the Trustee is a member of a bank holding company system, its bank holding company has) a combined capital and surplus of at least
$50,000,000. If any such Person or bank holding company publishes reports of condition at least annually, pursuant to law or to
the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent permitted by
the Trust Indenture Act, the combined capital and surplus of such Person or bank holding company shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to
the Securities of any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article.

 

Section 6.10 Resignation and Removal;
Appointment of Successor.

 

No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by
the successor Trustee in accordance with the applicable requirements of Section 6.11. The Trustee may resign at any time with respect
to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor
Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

 

    	 	-40-	 

     

    

 

The Trustee may be removed at any time with
respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of
such series, delivered to the Trustee and to the Company.

 

If at any time:

 

(1)         the
Trustee shall fail to comply with Section 6.8 after written request therefor by the Company or by any Holder who has been a bona
fide Holder of a Security for at least six months, or

 

(2)         the
Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company or
by any such Holder, or

 

(3)         the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

 

then, in any such case, (A) the Company by
a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to Section 5.14, any Holder who has been
a bona fide Holder of a Security 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 with respect to all Securities and the appointment of a successor
Trustee or Trustees.

 

If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to
the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities
of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to
the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment
in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of
such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to
the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner
required by Section 6.11, the retiring Trustee may petition, or any Holder who has been a bona fide Holder of a Security of such
series for at least six months may petition, on behalf of himself and all others similarly situated, any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.

 

The Company shall give notice of each resignation
and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect
to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.6. Each notice
shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate
Trust Office.

 

    	 	-41-	 

     

    

 

Section 6.11 Acceptance of Appointment
by Successor.

 

In case of the appointment hereunder of
a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver
to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of
the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, -36- trusts and duties of the retiring Trustee; but, on the request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder.

 

In case of the appointment hereunder of
a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each
successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary
or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates,
(2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary
or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of
that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery
of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the
Securities of that or those series to which the appointment of such successor Trustee relates.

 

Upon request of any such successor Trustee,
the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. No successor Trustee
shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under
this Article.

 

    	 	-42-	 

     

    

 

Section 6.12 Merger, Conversion, Consolidation
or Succession to Business.

 

Any corporation into which the Trustee may
be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of
the Trustee (including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any
paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities. In the event that any Securities shall not have been authenticated by such predecessor Trustee,
any such successor Trustee may authenticate and deliver such Securities in either its own name or that of a predecessor Trustee,
with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee.

 

Section 6.13 Preferential Collection
of Claims Against Company.

 

If and when the Trustee shall be or become
a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust
Indenture Act regarding the collection of claims against the Company (or any such other obligor).

 

Section 6.14 Appointment of Authenticating
Agent.

 

The Trustee may appoint an Authenticating
Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof
or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid
and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or 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 the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and
shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof
or the District of Columbia, authorized under such laws to act as Authenticating Agent, having (or if the Authenticating Agent
is a member of a bank holding company system, its bank holding company has) a combined capital and surplus of not less than $50,000,000
and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition
at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of
this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

 

Any
corporation into which an 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 such Authenticating Agent shall be a party, or any corporation
succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating
Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper
or any further act on the part of the Trustee or the Authenticating Agent.

 

An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may
at any time terminate the agency of an Authenticating Agent by giving written notice thereof 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 such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in Section 1.6
to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

 

    	 	-43-	 

     

    

 

The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section.

 

If an appointment with respect to one or
more series is made pursuant to this Section 6.14, the Securities of such series may have endorsed thereon, in lieu of the Trustee’s
certificate of authentication, an alternative certificate of authentication in the following form:

 

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

 

	 	By:	 
	 	 	As Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

ARTICLE
7

 

HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 7.1 Company to Furnish Trustee
Names and Addresses of Holders.

 

The Company will furnish or cause to be
furnished to the Trustee

 

(1)         semi-annually,
not later than 15 days after the Regular Record Date for each respective series of Securities, a list, in such form as the Trustee
may reasonably require, of the names and addresses of the Holders of Securities of each series as of such Regular Record Date,
as the case may be, or if there is no Regular Record Date for such series of Securities, semi-annually, and

 

(2)         at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;

 

(3)         provided
that no such list need be furnished by the Company to the Trustee so long as the Trustee is acting as Security Registrar.

 

Section 7.2 Preservation of Information;
Communications to Holders.

 

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 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar.
The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished.

 

    	 	-44-	 

     

    

 

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. 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 either of them shall be held
accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture
Act.

 

Section 7.3 Reports by Trustee.

 

The Trustee shall transmit to Holders such reports concerning
the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant thereto.

 

Reports so required to be transmitted at
stated intervals of not more than 12 months shall be transmitted no later than July 15 in each calendar year, commencing with the
first July 15 after the first issuance of Securities pursuant to this Indenture.

 

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

 

Section 7.4 Reports by Company.

 

Any information, documents or other reports
that the Company shall file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee
within 15 days after the same is filed with the Commission; provided that any such information, documents or reports filed
or furnished with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval (or EDGAR) system shall be deemed
to be filed with the Trustee as of the time such information, documents or reports are filed or furnished via EDGAR.

 

ARTICLE
8

 

CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE

 

Section 8.1 Company May Consolidate,
etc., Only on Certain Terms.

 

The Company shall not merge or consolidate
with or into any other Person (other than a merger of a wholly owned Subsidiary of the Company into the Company) or sell, transfer,
lease, convey or otherwise dispose of all or substantially all of its property (provided that, for the avoidance of doubt,
a pledge of assets pursuant to any secured debt instrument of the Company or its Subsidiaries shall not be deemed to be any such
sale, transfer, lease, conveyance or disposition) in one transaction or series of related transactions unless:

 

(1)         the
Company shall be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than the Company)
formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made 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;

 

(2)         the
Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form reasonably satisfactory to the
Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and
premium, if any, and interest on, all the Notes Outstanding, and the due and punctual performance and observance of all the covenants
and conditions of this Indenture to be performed by the Company;

 

    	 	-45-	 

     

    

 

(3)         immediately
before and immediately after giving effect to such transaction or series of related transactions, no Default or Event of Default
shall have occurred and be continuing; and

 

(4)         in
the case of a merger where the Surviving Person is other than the Company, the Company shall deliver, or cause to be delivered,
to the Trustee, an Officer’s Certificate and an Opinion of Counsel, each stating that such transaction and the supplemental
indenture, if any, in respect thereto comply with this Section 8.1 and that all conditions precedent in this Indenture relating
to such transaction have been complied with.

 

Section 8.2 Successor Substituted.

 

Upon any consolidation of the Company with,
or merger of the Company into, any other Person or any conveyance, transfer or lease of the properties and assets of the Company
substantially as an entirety in accordance with Section 8.1, the successor Person formed by such consolidation or into which the
Company is merged or to which such conveyance, transfer or lease 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 had been named as the
Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities.

 

ARTICLE
9

 

SUPPLEMENTAL
INDENTURES

 

Section 9.1 Supplemental Indentures Without
Consent of Holders.

 

Without the consent of any Holders, the
Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1)         to
evidence the succession of another Person to the Company, or successive successions, and the assumption by any such successor of
the covenants of the Company herein and in the Securities in compliance with Article 8; or

 

(2)         to
add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are
to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred upon the Company; or

 

(3)         to
add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional
Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default
are expressly being included solely for the benefit of such series); or

 

(4)         to
add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided
that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the
execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder
of any such Security with respect to such provision or (B) shall become effective only when there is no such Security Outstanding;
or

 

    	 	-46-	 

     

    

 

(5)         to
secure the Securities, including provisions regarding the circumstances under which Collateral may be released or substituted;
or

 

(6)         to
add or provide for a guaranty of the Securities or additional obligors on the Securities; or

 

(7)         to
establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1; or

 

(8)         to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11; or

 

(9)         to
cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that
such action pursuant to this clause (10) shall not adversely affect the interests of the Holders of Securities of any series in
any material respect; or

 

(10)        to
supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the defeasance and
discharge of any series of Securities pursuant to Articles 4 and 13, provided that any such action shall not adversely affect
the interests of the Holders of Securities of such series or any other series of Securities in any material respect.

 

Section 9.2 Supplemental Indentures with
Consent of Holders.

 

With the consent of the Holders of a majority
in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders
delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under
this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby,

 

(1)         change
the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal
amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the
principal of an Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration
of the Maturity thereof pursuant to Section 5.2, or change the place of payment or the coin or currency in which, any Security
or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or modify the provisions
of this Indenture with respect to the subordination of such series of Securities in a manner materially adverse to the Holders
of Securities of such series, or, in the case of Securities of any series that are convertible into Securities or other securities
of the Company, adversely affect the right of Holders to convert any of the Securities of such series other than as provided in
or pursuant to this Indenture, or

 

    	 	-47-	 

     

    

 

(2)         reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or

 

(3)         modify
any of the provisions of this Section, Section 5.13 or Section 10.8, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with
respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 10.8, or
the deletion of this proviso, in accordance with the requirements of Sections 6.11 and 9.1(8), or

 

(4)         if
applicable, make any change that adversely affects the right to convert any security as provided in Article 14 or pursuant to Section
3.1 (except as permitted by Section 9.1(9)).

 

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

 

Section 9.3 Execution of Supplemental
Indentures.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Sections 6.1 and 6.3) shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.
The Trustee may, but 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.

 

Section 9.4 Effect of Supplemental Indentures.

 

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

 

Section 9.5 Conformity with Trust Indenture
Act.

 

Every supplemental indenture executed pursuant
to this Article shall conform to the requirements of the Trust Indenture Act.

 

    	 	-48-	 

     

    

 

Section 9.6 Reference in Securities to
Supplemental Indentures.

 

Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee,
bear a notation in form approved by 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 Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for
Outstanding Securities of such series.

 

Section 9.7 Subordination Unimpaired.

 

No provision in any supplemental indenture
that affects the superior position of the holders of Senior Debt shall be effective against holders of Senior Debt.

 

ARTICLE
10

 

COVENANTS

 

Section 10.1 Payment of Principal, Premium
and Interest.

 

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

 

Section 10.2 Maintenance of Office
or Agency.

 

The Company will maintain in each Place
of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for
payment, where Securities of that series may be surrendered for registration of transfer or exchange, where Securities of that
series may be surrendered for conversion and where notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands. Unless otherwise provided in a supplemental indenture or pursuant to Section
3.1 hereof, the Place of Payment for any series of Securities shall be the Corporate Trust Office of the Trustee.

 

The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for
Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency.

 

Section 10.3 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 will, on or before each due date of the principal of or any premium
or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto
a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.

 

    	 	-49-	 

     

    

 

Whenever the Company shall have one or more
Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of or any premium or interest
on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided
by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action
or failure so to act.

 

The Company will 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 will (1) comply with the provisions
of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Company (or
any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series,
upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in
respect of the Securities of that series.

 

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 trusts 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 money.

 

Any money deposited with the Trustee or
any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium or interest on any Security
of any series and remaining unclaimed for a period ending on the earlier of the date that is ten Business Days prior to the date
such money would escheat to the State or two years after such principal, premium or interest has become due and payable shall be
paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of
such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in each Place of Payment, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance
of such money then remaining will be repaid to the Company.

 

Section 10.4 Statement by Officers as
to Default.

 

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, an Officers’ Certificate,
stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and observance
of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice
provided hereunder) 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 fiscal year of the Company currently ends on December 31; and the Company will give the Trustee
prompt written notice of any change of its fiscal year.

 

    	 	-50-	 

     

    

 

Section 10.5 Existence.

 

Subject to Article 8, the Company will do
or cause to be done all things necessary to preserve and keep in full force and effect its existence.

 

Section 10.6 Maintenance of Properties.

 

The Company will cause all properties used
or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with
all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof,
all as, and to the extent, in the judgment of the Company may be necessary so that the business carried on in connection therewith
may be properly and advantageously conducted at all times; provided, however, that nothing in this Section shall
prevent the Company from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the
judgment of the Company, desirable in the conduct of its business and not disadvantageous in any material respect to the Holders.

 

Section 10.7 Payment of Taxes and Other
Claims.

 

The Company will pay or discharge or cause
to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or
imposed upon the Company or upon the income, profits or property of the Company, and (2) all lawful claims for labor, materials
and supplies which, if unpaid, might by law become a lien upon the property of the Company; provided, however, that
the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim
(i) whose amount, applicability or validity is being contested in good faith by appropriate proceedings or (ii) if the failure
to pay or discharge would not have a material adverse effect on the assets, business, operations, properties or condition (financial
or otherwise) of the Company and its subsidiaries, taken as a whole.

 

Section 10.8 Waiver of Certain Covenants.

 

Except as otherwise specified as contemplated
by Section 3.1 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular
instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 3.1(19), 9.1(2),
9.1(7), 10.6 or 10.7 for the benefit of the Holders of such 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 shall, by Act of such Holders, either waive such compliance
in such instance or generally waive 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.

 

ARTICLE
11

 

REDEMPTION
OF SECURITIES

 

Section 11.1 Applicability of Article.

 

Securities of any series that are redeemable
before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 3.1 for such Securities) in accordance with this Article.

 

    	 	-51-	 

     

    

 

Section 11.2 Election to Redeem; Notice
to Trustee.

 

The election of the Company to redeem any
Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such Securities.
In case of any redemption at the election of the Company of less than all the Securities of any series (including any such redemption
affecting only a single Security), the Company shall, at least 45 days prior to the Redemption Date fixed by the Company (unless
a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of
Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any
redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance
with such restriction.

 

Section 11.3 Selection by Trustee of
Securities to Be Redeemed.

 

If less than all the Securities of any series
are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption
affects only a single Security), the particular Securities to be redeemed shall be selected not more than 45 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by lot, or
in the Trustee’s discretion, on a pro-rata basis, provided that the unredeemed portion of the principal amount of
any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such
Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects
only a single Security), the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption
Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in
accordance with the preceding sentence.

 

If any Security selected for partial redemption
is converted in part before termination of the conversion right with respect to the portion of the Security so selected, the converted
portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities that have been
converted during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such
selection.

 

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

 

The provisions of the two preceding paragraphs
shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole
or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be
in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.

 

For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities
redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.

 

Section 11.4 Notice of Redemption.

 

Notice of redemption shall be given by first-class
mail, postage prepaid, mailed not fewer than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is
specified in the Securities to be redeemed, to each Holder of Securities to be redeemed, at its address appearing in the Security
Register.

 

    	 	-52-	 

     

    

 

All notices of redemption shall state:

 

(1)         the
Redemption Date,

 

(2)         the
Redemption Price (including accrued interest, if any),

 

(3)         if
less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification
(and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed
and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal
amount of the particular Security to be redeemed,

 

(4)         in
case any Security is to be redeemed in part only, that on and after the Redemption Date, upon surrender of such Security, the Holder
of such Security will receive, without charge, a new Security or Securities of authorized denominations for the principal amount
thereof remaining unredeemed,

 

(5)         that
on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable,
that interest thereon will cease to accrue on and after said date,

 

(6)         the
place or places where each such Security is to be surrendered for payment of the Redemption Price,

 

(7)         if
applicable, the conversion price or conversion rate, as the case may be, the date on which the right to convert the principal of
the Securities or the portions thereof to be redeemed will terminate, and the place or places where such Securities may be surrendered
for conversion,

 

(8)         that
the redemption is for a sinking fund, if such is the case, and

 

(9)         the
CUSIP number or numbers and/or common codes of the Security being redeemed.

 

Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the
name and at the expense of the Company and shall be irrevocable.

 

Section 11.5 Deposit of Redemption Price.

 

On or prior to any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and (except if the
Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date.

 

If any Security called for redemption is
converted, any money deposited with the Trustee or with a Paying Agent or so segregated and held in trust for the redemption of
such Security shall (subject to the right of any Holder of such Security to receive interest as provided in the last paragraph
of Section 3.7) be paid to the Company on Company Request, or if then held by the Company, shall be discharged from such trust.

 

    	 	-53-	 

     

    

 

Section 11.6 Securities Payable on Redemption
Date.

 

Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein
specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice,
such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided,
however, that, unless otherwise specified as contemplated by Section 3.1, installments of interest whose Stated Maturity is
on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered
as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.7.

 

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

 

Section 11.7 Securities Redeemed in Part.

 

Any Security which is to be redeemed only
in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by,
or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or
its attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized
denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of
the principal of the Security so surrendered.

 

ARTICLE
12

 

SINKING
FUNDS

 

Section 12.1 Applicability of Article.

 

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

 

The minimum amount of any sinking fund payment
provided for by the terms of any Securities 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 such Securities is herein referred to as an “optional sinking
fund payment.” If provided for by the terms of any Securities, the cash amount of any sinking fund payment may be subject
to reduction as provided in Section 12.2. Each sinking fund payment shall be applied to the redemption of Securities as provided
for by the terms of such Securities.

 

    	 	-54-	 

     

    

 

Section 12.2 Satisfaction of Sinking
Fund Payments with Securities.

 

The Company (1) may deliver Outstanding
Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which
have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part
of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities
as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have not
been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at
the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and
the amount of such sinking fund payment shall be reduced accordingly.

 

Section 12.3 Redemption of Securities
for Sinking Fund.

 

Not fewer than 60 days prior to each sinking
fund payment date for any Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount
of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, 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 pursuant to Section 12.2 and will also deliver to the Trustee any Securities to be so delivered. Not fewer than 30 days
prior to each such sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such sinking fund payment
date in the manner specified in Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in Sections 11.6 and 11.7.

 

ARTICLE
13

 

DEFEASANCE
AND COVENANT DEFEASANCE

 

Section 13.1 Company’s Option to
Effect Defeasance or Covenant Defeasance.

 

The Company may elect, at its option at
any time, to have Section 13.2 or Section 13.3 applied to any Securities or any series of Securities, as the case may be, designated
pursuant to Section 3.1 as being defeasible pursuant to such Section 13.2 or 13.3, in accordance with any applicable requirements
provided pursuant to Section 3.1 and upon compliance with the conditions set forth below in this Article. Any such election shall
be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such Securities.

 

Section 13.2 Defeasance and Discharge.

 

Upon the Company’s exercise of its
option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Company shall
be deemed to have been discharged from its obligations, and the provisions of Article 15 shall cease to be effective, with respect
to such Securities as provided in this Section on and after the date the conditions set forth in Section 13.4 are satisfied (hereinafter
called “Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged
the entire indebtedness represented by such Securities and to have satisfied all 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), subject to the following which shall survive until otherwise terminated or discharged hereunder:

 

    	 	-55-	 

     

    

 

(1)         the
rights of Holders of such Securities to receive, solely from the trust fund described in Section 13.4 and as more fully set forth
in such Section, payments in respect of the principal of and any premium and interest on such Securities when payments are due,

 

(2)         the
Company’s obligations with respect to such Securities under Sections 3.4, 3.5, 3.6, 10.2 and 10.3, and, if applicable, Article
14,

 

(3)         the
rights, powers, trusts, duties and immunities of the Trustee hereunder, and

 

(4)         this
Article.

 

Subject to compliance with this Article,
the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise
of its option (if any) to have Section 13.3 applied to such Securities.

 

Section 13.3 Covenant Defeasance.

 

Upon the Company’s exercise of its
option (if any) to have this Section applied to any Securities or any series of Securities, as the case maybe,

 

(1)         the
Company shall be released from its obligations under Sections 10.6 and 10.7 and any covenants provided pursuant to Sections 3.1(19),
9.1(2) or 9.1(7) for the benefit of the Holders of such Securities,

 

(2)         the
occurrence of any event specified in Sections 5.1(4) (with respect to any of Sections 10.6 and 10.7 and any such covenants provided
pursuant to Section 3.1(19), 9.1(2) or 9.1(7)) and the occurrence of any Event of Default specified pursuant to Section 3.1, shall
be deemed not to be or result in an Event of Default, and

 

(3)         the
provisions of Article 15 shall cease to be effective,

 

in each case with respect to such Securities
or series of Securities as provided in this Section on and after the date the conditions set forth in Section 13.4 are satisfied
(hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to
such 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 specified Section (to the extent so specified in the case of Section 5.1(4) and the occurrence of any Event
of Default specified pursuant to Section 3.1) or Article 15, whether directly or indirectly by reason of any reference elsewhere
herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein
or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.

 

Section 13.4 Conditions to Defeasance
or Covenant Defeasance.

 

The following shall be the conditions to
the application of Section 13.2 or Section 13.3 to any Securities or any series of Securities, as the case may be:

 

(1)   The
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements
contemplated by Section 6.9 and agrees to comply with the provisions of this Article 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 benefits of
the Holders of such Securities,

 

(A)    in
the case of Securities of a series denominated in currency of the United States of America,

 

    	 	-56-	 

     

    

 

 

(i)          cash
in currency of the United States of America in an amount, or

 

(ii)         U.S.
Government Obligations 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, an amount in cash, or

 

(iii)        a
combination thereof, or

 

(B)    in
the case of Securities of a series denominated in currency other than that of the United States of America,

 

(i)          cash
in the currency in which such series of Securities is denominated in an amount, or

 

(ii)         Foreign
Government Obligations 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, an amount in cash, or

 

(iii)        a
combination thereof,

 

in each case sufficient, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the
principal of and any premium and interest on such Securities on the respective Stated Maturities, in accordance with the terms
of this Indenture and such Securities.

 

(2)   In
the event of an election to have Section 13.2 apply to any Securities or any series of Securities, as the case may be, the Company
shall have delivered to the Trustee an Opinion of Counsel stating that

 

(A)         the
Company has received from, or there has been published by, the Internal Revenue Service a ruling or

 

(B)         since
the date of this instrument, there has been a change in the applicable Federal income tax law,

 

(C)         in
either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will
not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected
with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same
times as would be the case if such deposit, Defeasance and discharge were not to occur.

 

(3)   In
the event of an election to have Section 13.3 apply to any Securities or any series of Securities, as the case may be, the Company
shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize
gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to
such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would
be the case if such deposit and Covenant Defeasance were not to occur.

 

    	 	-57-	 

     

    

 

(4)   The
Company shall have delivered to the Trustee an Officers’ Certificate to the effect that neither such Securities nor any other
Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit.

 

(5)   No
event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or any
other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified
in Sections 5.1(5) and (6), at any time on or prior to the 90th day after the date of such deposit (it being understood that this
condition shall not be deemed satisfied until after such 90th day).

 

(6)   Such
Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture
Act (assuming all Securities are in default within the meaning of such Act).

 

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

 

(8)   Such
Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within
the meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder.

 

(9)   At
the time of such deposit,

 

(A)         no
default in the payment of any principal of or premium or interest on any Senior Debt shall have occurred and be continuing,

 

(B)         no
event of default with respect to any Senior Debt shall have resulted in such Senior Debt becoming, and continuing to be, due and
payable prior to the date on which it would otherwise have become due and payable (unless payment of such Senior Debt has been
made or duly provided for), and

 

(C)         no
other event of default with respect to any Senior Debt shall have occurred and be continuing permitting (after notice or lapse
of time or both) the holders of such Senior Debt (or a trustee on behalf of such holders) to declare such Senior Debt due and payable
prior to the date on which it would otherwise have become due and payable.

 

(10)   The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent with respect to such Defeasance or Covenant Defeasance have been complied with.

 

Section 13.5 Deposited Money, U.S. Government
Obligations and Foreign Government Obligations to be Held in Trust; Miscellaneous Provisions.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money, U.S. Government Obligations and Foreign Government Obligations (including the proceeds thereof) deposited
with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 13.6, the Trustee and any such other
trustee are referred to collectively as the “Trustee”) pursuant to Section 13.4 in respect of any Securities shall
be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest,
but money so held in trust need not be segregated from other funds except to the extent required by law. Money, U.S. Government
Obligations and Foreign Government Obligations so held in trust shall not be subject to the provisions of Article 15.

 

    	 	-58-	 

     

    

 

The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations or Foreign Government
Obligations deposited pursuant to Section 13.4 or the principal and 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 Outstanding Securities.

 

Anything in this Article to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money, U.S. Government
Obligations or Foreign Government Obligations held by it as provided in Section 13.4 with respect to any Securities 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 the Defeasance or Covenant
Defeasance, as the case may be, with respect to such Securities.

 

Section 13.6 Reinstatement.

 

If the Trustee or the Paying Agent is unable
to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture
and such Securities from which the Company has been discharged or released pursuant to Section 13.2 or 13.3 shall be revived and
reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee
or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.5 with respect to such Securities in accordance
with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest
on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of
the Holders of such Securities to receive such payment from the money so held in trust.

 

ARTICLE
14

 

CONVERSION
OF SECURITIES

 

Section 14.1 Applicability of Article.

 

The provisions of this Article shall be
applicable to the Securities of any series which are convertible into shares of Common Stock of the Company, and the issuance of
such shares of Common Stock upon the conversion of such Securities, except as otherwise specified as contemplated by Section 3.1
for the Securities of such series.

 

    	 	-59-	 

     

    

 

Section 14.2 Exercise of Conversion Privilege.

 

In order to exercise a conversion privilege,
the Holder of a Security of a series with such a privilege shall surrender such Security to the Company at the office or agency
maintained for that purpose pursuant to Section 10.2, accompanied by a duly executed conversion notice to the Company substantially
in the form set forth in Section 2.6 stating that the Holder elects to convert such Security or a specified portion thereof. Such
notice shall also state, if different from the name and address of such Holder, the name or names (with address) in which the certificate
or certificates for shares of Common Stock, which shall be issuable on such conversion, shall be issued. Securities surrendered
for conversion shall (if so required by the Company or the Trustee) be duly endorsed by or accompanied by instruments of transfer
in forms satisfactory to the Company and the Trustee duly executed by the Holder or its attorney duly authorized in writing; and
Securities so surrendered for conversion (in whole or in part) during the period from the close of business on any Regular Record
Date to the opening of business on the next succeeding Interest Payment Date (excluding Securities or portions thereof called for
redemption during the period beginning at the close of business on a Regular Record Date and ending at the opening of business
on the first Business Day after the next succeeding Interest Payment Date, or if such Interest Payment Date is not a Business Day,
the second such Business Day) shall also be accompanied by payment in funds acceptable to the Company of an amount equal to the
interest payable on such Interest Payment Date on the principal amount of such Security then being converted, and such interest
shall be payable to such Holder notwithstanding the conversion of such Security, subject to the provisions of Section 3.7 relating
to the payment of Defaulted Interest by the Company. As promptly as practicable after the receipt of such notice and of any payment
required pursuant to a Board Resolution and, subject to Section 3.3, set forth, or determined in the manner provided, in an Officers’
Certificate, or established in one or more indentures supplemental hereto setting forth the terms of such series of Security, and
the surrender of such Security in accordance with such reasonable regulations as the Company may prescribe, the Company shall issue
and shall deliver, at the office or agency at which such Security is surrendered, to such Holder or on its written order, a certificate
or certificates for the number of full shares of Common Stock issuable upon the conversion of such Security (or specified portion
thereof), in accordance with the provisions of such Board Resolution, Officers’ Certificate or supplemental indenture, and
cash as provided therein in respect of any fractional share of such Common Stock otherwise issuable upon such conversion. Such
conversion shall be deemed to have been effected immediately prior to the close of business on the date on which such notice and
such payment, if required, shall have been received in proper order for conversion by the Company and such Security shall have
been surrendered as aforesaid (unless such Holder shall have so surrendered such Security and shall have instructed the Company
to effect the conversion on a particular date following such surrender and such Holder shall be entitled to convert such Security
on such date, in which case such conversion shall be deemed to be effected immediately prior to the close of business on such date)
and at such time the rights of the Holder of such Security as such Security Holder shall cease and the person or persons in whose
name or names any certificate or certificates for shares of Common Stock of the Company shall be issuable upon such conversion
shall be deemed to have become the Holder or Holders of record of the shares represented thereby. Except as set forth above and
subject to the final paragraph of Section 3.7, no payment or adjustment shall be made upon any conversion on account of any interest
accrued on the Securities (or any part thereof) surrendered for conversion or on account of any dividends on the Common Stock of
the Company issued upon such conversion.

 

In the case of any Security which is converted
in part only, upon such conversion the Company shall execute and the Trustee shall authenticate and deliver to or on the order
of the Holder thereof, at the expense of the Company, a new Security or Securities of the same series, of authorized denominations,
in aggregate principal amount equal to the unconverted portion of such Security.

 

    	 	-60-	 

     

    

 

Section 14.3 No Fractional Shares.

 

No fractional share of Common Stock of the
Company shall be issued upon conversions of Securities of any series. If more than one Security shall be surrendered for conversion
at one time by the same Holder, the number of full shares which shall be issuable upon conversion shall be computed on the basis
of the aggregate principal amount of the Securities (or specified portions thereof to the extent permitted hereby) so surrendered.
If, except for the provisions of this Section 14.3, any Holder of a Security or Securities would be entitled to a fractional share
of Common Stock of the Company upon the conversion of such Security or Securities, or specified portions thereof, the Company shall
pay to such Holder an amount in cash equal to the current market value of such fractional share computed, (i) if such Common Stock
is listed or admitted to unlisted trading privileges on a national securities exchange or market, on the basis of the last reported
sale price regular way on such exchange or market on the last trading day prior to the date of conversion upon which such a sale
shall have been effected, or (ii) if such Common Stock is not at the time so listed or admitted to unlisted trading privileges
on a national securities exchange or market, on the basis of the average of the bid and asked prices of such Common Stock in the
over-the-counter market, on the last trading day prior to the date of conversion, as reported by the National Quotation Bureau,
Incorporated or similar organization if the National Quotation Bureau, Incorporated is no longer reporting such information, or
if not so available, the fair market price as determined by the Board of Directors. For purposes of this Section, “trading
day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday other than any day on which the Common Stock is not
traded on the principal exchange or market on which the Common Stock is then traded or quoted.

 

Section 14.4 Adjustment of Conversion
Price or Conversion Rate.

 

The conversion price or conversion rate,
as the case may be, of Securities of any series that is convertible into Common Stock of the Company shall be adjusted for any
stock dividends, stock splits, reclassifications, combinations or similar transactions in accordance with the terms of the supplemental
indenture or Board Resolutions setting forth the terms of the Securities of such series.

 

Whenever the conversion price or conversion
rate, as the case may be, is adjusted, the Company shall compute the adjusted conversion price or conversion rate, as the case
may be, in accordance with terms of the applicable Board Resolution or supplemental indenture and shall prepare an Officers’
Certificate setting forth the adjusted conversion price or conversion rate, as the case may be, and showing in reasonable detail
the facts upon which such adjustment is based, and such certificate shall forthwith be filed at each office or agency maintained
for the purpose of conversion of Securities pursuant to Section 10.2 and, if different, with the Trustee. The Company shall forthwith
cause a notice setting forth the adjusted conversion price or conversion rate, as the case may be, to be mailed, first class postage
prepaid, to each Holder of Securities of such series at its address appearing on the Security Register and to any conversion agent
other than the Trustee.

 

Section 14.5 Notice of Certain Corporate
Actions.

 

In case:

 

(1)         the
Company shall declare a dividend (or any other distribution) on its Common Stock payable otherwise than in cash out of its retained
earnings (other than a dividend for which approval of any shareholders of the Company is required) that would require an adjustment
pursuant to Section 14.4; or

 

(2)         the
Company shall authorize the granting to all or substantially all of the holders of its Common Stock of rights, options or warrants
to subscribe for or purchase any shares of capital stock of any class or of any other rights (other than any such grant for which
approval of any shareholders of the Company is required); or

 

(3)         of
any reclassification of the Common Stock of the Company (other than a subdivision or combination of its outstanding shares of Common
Stock, or of any consolidation, merger or share exchange to which the Company is a party and for which approval of any shareholders
of the Company is required), or of the sale of all or substantially all of the assets of the Company; or

 

(4)         of
the voluntary or involuntary dissolution, liquidation or winding up of the Company;

 

    	 	-61-	 

     

    

 

then the Company shall cause to be filed with
the Trustee, and shall cause to be mailed to all Holders at their last addresses as they shall appear in the Security Register,
at least 20 days (or 10 days in any case specified in clause (1) or (2) above) prior to the applicable record date hereinafter
specified, a notice stating (i) the date on which a record is to be taken for the purpose of such dividend, distribution, rights,
options or warrants, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled
to such dividend, distribution, rights, options or warrants are to be determined, or (ii) the date on which such reclassification,
consolidation, merger, share exchange, sale, dissolution, liquidation or winding up is expected to become effective, and the date
as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification, consolidation, merger, share exchange, sale, dissolution,
liquidation or winding up. If at any time the Trustee shall not be the conversion agent, a copy of such notice shall also forthwith
be filed by the Company with the Trustee.

 

Section 14.6 Reservation of Shares of
Common Stock.

 

The Company shall at all times reserve and
keep available, free from preemptive rights, out of its authorized but unissued Common Stock, for the purpose of effecting the
conversion of Securities, the full number of shares of Common Stock of the Company then issuable upon the conversion of all outstanding
Securities of any series that has conversion rights.

 

Section 14.7 Payment of Certain Taxes
upon Conversion.

 

Except as provided in the next sentence,
the Company will pay any and all taxes that may be payable in respect of the issue or delivery of shares of its Common Stock on
conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be payable in respect
of any transfer involved in the issue and delivery of shares of its Common Stock in a name other than that of the Holder of the
Security or Securities to be converted, and no such issue or delivery shall be made unless and until the person requesting such
issue has paid to the Company the amount of any such tax, or has established, to the satisfaction of the Company, that such tax
has been paid.

 

Section 14.8 Nonassessability.

 

The Company covenants that all shares of
its Common Stock that may be issued upon conversion of Securities will upon issue in accordance with the terms hereof be duly and
validly issued and fully paid and nonassessable.

 

    	 	-62-	 

     

    

 

Section 14.9 Provision in Case of Consolidation,
Merger or Sale of Assets.

 

In case of any consolidation or merger of
the Company with or into any other Person, any merger of another Person with or into the Company (other than a merger which does
not result in any reclassification, conversion, exchange or cancellation of outstanding shares of Common Stock of the Company)
or any conveyance, sale, transfer or lease of all or substantially all of the assets of the Company, the Person formed by such
consolidation or resulting from such merger or which acquires such assets, as the case may be, shall execute and deliver to the
Trustee a supplemental indenture providing that the Holder of each Security of a series then Outstanding that is convertible into
Common Stock of the Company shall have the right thereafter (which right shall be the exclusive conversion right thereafter available
to said Holder), during the period such Security shall be convertible, to convert such Security only into the kind and amount of
securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease by a holder
of the number of shares of Common Stock of the Company into which such Security might have been converted immediately prior to
such consolidation, merger, conveyance, sale, transfer or lease, assuming such holder of Common Stock of the Company (i) is not
a Person with which the Company consolidated or merged with or into or which merged into or with the Company or to which such conveyance,
sale, transfer or lease was made, as the case may be (a “Constituent Person”), or an Affiliate of a Constituent Person
and (ii) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other property receivable
upon such consolidation, merger, conveyance, sale, transfer or lease (provided that if the kind or amount of securities,
cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer, or lease is not the same for each
share of Common Stock of the Company held immediately prior to such consolidation, merger, conveyance, sale, transfer or lease
by others than a Constituent Person or an Affiliate thereof and in respect of which such rights of election shall not have been
exercised (“Non-electing Share”), then for the purpose of this Section 14.9 the kind and amount of securities, cash
and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease by the holders of each Non-electing
Share shall be deemed to be the kind and amount so receivable per share by a plurality of the Non-electing Shares). Such supplemental
indenture shall provide for adjustments which, for events subsequent to the effective date of such supplemental indenture, shall
be as nearly equivalent as may be practicable to the adjustments provided for in this Article or in accordance with the terms of
the supplemental indenture or Board Resolutions setting forth the terms of such adjustments. The above provisions of this Section
14.9 shall similarly apply to successive consolidations, mergers, conveyances, sales, transfers or leases. Notice of the execution
of such a supplemental indenture shall be given by the Company to the Holder of each Security of a series that is convertible into
Common Stock of the Company as provided in Section 1.6 promptly upon such execution.

 

Neither the Trustee nor any conversion agent,
if any, shall be under any responsibility to determine the correctness of any provisions contained in any such supplemental indenture
relating either to the kind or amount of shares of stock or other securities or property or cash receivable by Holders of Securities
of a series convertible into Common Stock of the Company upon the conversion of their Securities after any such consolidation,
merger, conveyance, transfer, sale or lease or to any such adjustment, but may accept as conclusive evidence of the correctness
of any such provisions, and shall be protected in relying upon, an Opinion of Counsel with respect thereto, which the Company shall
cause to be furnished to the Trustee upon request.

 

Section 14.10 Duties of Trustee Regarding
Conversion.

 

Neither the Trustee nor any conversion agent
shall at any time be under any duty or responsibility to any Holder of Securities of any series that is convertible into Common
Stock of the Company to determine whether any facts exist which may require any adjustment of the conversion price or conversion
rate, as the case may be, or with respect to the nature or extent of any such adjustment when made, or with respect to the method
employed, whether herein or in any supplemental indenture, any resolutions of the Board of Directors or written instrument executed
by one or more officers of the Company provided to be employed in making the same. Neither the Trustee nor any conversion agent
shall be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock of the Company,
or of any securities or property, which may at any time be issued or delivered upon the conversion of any Securities and neither
the Trustee nor any conversion agent makes any representation with respect thereto. Subject to the provisions of Section 6.1, neither
the Trustee nor any conversion agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares
of its Common Stock or stock certificates or other securities or property upon the surrender of any Security for the purpose of
conversion or to comply with any of the covenants of the Company contained in this Article 14 or in the applicable supplemental
indenture, resolutions of the Board of Directors or written instrument executed by one or more duly authorized officers of the
Company.

 

    	 	-63-	 

     

    

 

Section 14.11Repayment of Certain Funds
upon Conversion.

 

Any funds which at any time shall have been
deposited by the Company or on its behalf with the Trustee or any other paying agent for the purpose of paying the principal of,
and premium, if any, and interest, if any, on any of the Securities (including, but not limited to, funds deposited for the sinking
fund referred to in Article 12 hereof and funds deposited pursuant to Article 13 hereof) and which shall not be required for such
purposes because of the conversion of such Securities as provided in this Article 14 shall after such conversion be repaid to the
Company by the Trustee upon the Company’s written request.

 

ARTICLE
15

 

SUBORDINATION
OF SECURITIES

 

Section 15.1 Agreement of Subordination.

 

Except as otherwise provided in a supplemental
indenture or pursuant to Section 3.1, the Company covenants and agrees, and each Holder of Securities issued hereunder by its acceptance
thereof likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article 15; and each
Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees to
be bound by such provisions.

 

The payment of the principal of, premium,
if any, and interest on all Securities (including, but not limited to, the redemption price with respect to the Securities called
for redemption in accordance with Article 11 as provided in the Indenture) issued hereunder shall, to the extent and in the manner
hereinafter set forth, be subordinated and subject in right of payment to the prior payment in full of all Senior Debt, whether
outstanding at the date of this Indenture or thereafter incurred.

 

No provision of this Article 15 shall prevent
the occurrence of any default or Event of Default hereunder.

 

Section 15.2 Payments to Holders.

 

No payment shall be made with respect to
the principal of, or premium, if any, or interest on the Securities (including, but not limited to, the redemption price with respect
to the Securities to be called for redemption in accordance with Article 11 as provided in the Indenture), except payments and
distributions made by the Trustee as permitted by the first or second paragraph of Section 15.5, if:

 

(i)          a
default in the payment of principal, premium, if any, interest, rent or other obligations due on any Senior Debt occurs and is
continuing (or, in the case of Senior Debt for which there is a period of grace, in the event of such a default that continues
beyond the period of grace, if any, specified in the instrument or lease evidencing such Senior Debt) (a “Payment Default”),
unless and until such default shall have been cured or waived or shall have ceased to exist; or

 

(ii)         a
default, other than a Payment Default, on any Designated Senior Debt occurs and is continuing that then permits holders of such
Designated Senior Debt to accelerate its maturity and the Trustee receives a notice of the default (a “Payment Blockage Notice”)
from a holder of Designated Senior Debt, a Representative of Designated Senior Debt or the Company (a “Non-Payment Default”).

 

    	 	-64-	 

     

    

 

If the Trustee receives any Payment Blockage
Notice pursuant to clause (ii) above, no subsequent Payment Blockage Notice shall be effective for purposes of this Section unless
and until at least 365 days shall have elapsed since the initial effectiveness of the immediately prior Payment Blockage Notice.
No Non-Payment Default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall
be, or be made, the basis for a subsequent Payment Blockage Notice.

 

The Company may and shall resume payments
on and distributions in respect of the Securities upon the earlier of:

 

(2)         in
the case of any Payment Default, the date upon which the Payment Default is cured or waived or ceases to exist, or

 

(3)         in
the case of a Non-Payment Default, the earlier of (a) the date upon which such Non-Payment Default is cured, waived or ceases to
exist or (b) 179 days after the date on which the applicable Payment Blockage Notice is received by the Trustee,

 

unless this Article 15 otherwise prohibits
the payment or distribution at such time.

 

Upon any payment or distribution of assets
of the Company of any kind or character, whether in cash, property or securities, to creditors upon any dissolution or winding-up
or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, reorganization,
liquidation, receivership or other proceedings, or upon an assignment for the benefit of creditors or any marshalling of the assets
and liabilities of the Company, or otherwise, all amounts due or to become due upon all Senior Debt shall first be paid in full
in cash or other payment satisfactory to the holders of such Senior Debt, or payment thereof in accordance with its terms provided
for in cash or other payment satisfactory to the holders of such Senior Debt, before any payment is made on account of the principal
of, premium, if any, or interest on the Securities (except payments made pursuant to Article 4 from monies deposited with the Trustee
pursuant thereto prior to commencement of proceedings for such dissolution, winding-up, liquidation, reorganization, assignment
for the benefit of creditors or the marshalling of assets and liabilities of the Company); and upon any such dissolution, winding-up,
liquidation, reorganization, assignment for the benefit of creditors or marshalling of assets and liabilities of the Company or
bankruptcy, insolvency, receivership or other proceeding, any payment by the Company, or distribution of assets of the Company
of any kind or character, whether in cash, property or securities, to which the Holders of the Securities or the Trustee would
be entitled, except for the provision of this Article 15, shall (except as aforesaid) be paid by the Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders of the
Securities or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior Debt (pro rata to
such holders on the basis of the respective amounts of Senior Debt held by such holders, or as otherwise required by law or a court
order) or their Representative or Representatives, or to the trustee or trustees under any indenture pursuant to which any instruments
evidencing any Senior Debt may have been issued, as their respective interests may appear, to the extent necessary to pay all Senior
Debt in full, in cash or other payment satisfactory to the holders of such Senior Debt, after giving effect to any concurrent payment
or distribution to or for the holders of Senior Debt, before any payment or distribution or provision therefor is made to the Holders
of the Securities or to the Trustee.

 

    	 	-65-	 

     

    

 

For purposes of this Article 15, the words,
“cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted,
or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of
which is subordinated at least to the extent provided in this Article 15 with respect to the Securities to the payment of all Senior
Debt which may at the time be outstanding; provided that (i) the Senior Debt is assumed by the new corporation, if any,
resulting from any reorganization or readjustment, and (ii) the rights of the holders of Senior Debt (other than leases which are
not assumed by the Company or the new corporation, as the case may be) are not, without the consent of such holders, altered by
such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company into, another corporation
or the liquidation or dissolution of the Company following the conveyance or transfer of its property as an entirety, or substantially
as an entirety, to another corporation upon the terms and conditions provided for in Article 8 shall not be deemed a dissolution,
winding-up, liquidation or reorganization for the purposes of this Section 15.2 if such other corporation shall, as a part of such
consolidation, merger, conveyance or transfer, comply with the conditions stated in Article 8.

 

In the event of the acceleration of the
Securities because of an Event of Default, no payment or distribution shall be made to the Trustee or any Holder of Securities
in respect of the principal of, premium, if any, or interest on the Securities (including, but not limited to, the redemption price
with respect to the Securities called for redemption in accordance with Article 11 as provided in the Indenture), except payments
and distributions made by the Trustee as permitted by the first or second paragraph of Section 15.5, until all Senior Debt has
been paid in full in cash or other payment satisfactory to the holders of Senior Debt or such acceleration is rescinded in accordance
with the terms of this Indenture. If payment of the Securities is accelerated because of an Event of Default, the Company shall
promptly notify holders of Senior Debt of the acceleration.

 

In the event that, notwithstanding the foregoing
provisions, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities
(including, without limitation, by way of setoff or otherwise), prohibited by the foregoing, shall be received by the Trustee or
the Holders of the Securities before all Senior Debt is paid in full in cash or other payment satisfactory to the holders of such
Senior Debt, or provision is made for such payment thereof in accordance with its terms in cash or other payment satisfactory to
the holders of such Senior Debt, such payment or distribution shall be held in trust for the benefit of and shall be paid over
or delivered to the holders of Senior Debt or their Representative or Representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing any Senior Debt may have been issued, as their respective interests may
appear, as calculated by the Company, for application to the payment of all Senior Debt remaining unpaid to the extent necessary
to pay all Senior Debt in full in cash or other payment satisfactory to the holders of such Senior Debt, after giving effect to
any concurrent payment or distribution to or for the holders of such Senior Debt.

 

Nothing in this Section 15.2 or elsewhere
in this Article 15 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.7. This Section 15.2 shall
be subject to the further provisions of Section 15.5.

 

Section 15.3 Subrogation of Securities.

 

Subject to the payment in full of all Senior
Debt, the rights of the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the
holders of such Senior Debt pursuant to the provisions of this Article 15 (equally and ratably with the holders of all indebtedness
of the Company which by its express terms is subordinated to other indebtedness of the Company to substantially the same extent
as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of Senior Debt to
receive payments or distributions of cash, property or securities of the Company applicable to the Senior Debt until the principal,
premium, if any, and interest on the Securities shall be paid in full; and, for the purposes of such subrogation, no payments or
distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the
Trustee would be entitled except for the provisions of this Article 15, and no payment over pursuant to the provisions of this
Article 15, to or for the benefit of the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as between
the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment by the
Company to or on account of the Senior Debt; and no payments or distributions of cash, property or securities to or for the benefit
of the Holders of the Securities pursuant to the subrogation provisions of this Article 15, which would otherwise have been paid
to the holders of Senior Debt shall be deemed to be a payment by the Company to or for the account of the Securities. It is understood
that the provisions of this Article 15 are and are intended solely for the purposes of defining the relative rights of the Holders
of the Securities, on the one hand, and the holders of the Senior Debt, on the other hand.

 

    	 	-66-	 

     

    

 

Nothing contained in this Article 15 or
elsewhere in this Indenture or in the Securities is intended to or shall impair, as among the Company, its creditors other than
the holders of Senior Debt, and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional,
to pay to the Holders of the Securities the principal of (and premium, if any) and interest on the Securities as and when the same
shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders
of the Securities and creditors of the Company other than the holders of the Senior Debt, nor shall anything herein or therein
prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default
under this Indenture, subject to the rights, if any, under this Article 15 of the holders of Senior Debt in respect of cash, property
or securities of the Company received upon the exercise of any such remedy.

 

Upon any payment or distribution of assets
of the Company referred to in this Article 15, the Trustee, subject to the provisions of Section 6.1, and the Holders of the Securities
shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such bankruptcy, dissolution,
winding-up, liquidation or reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidating
trustee, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of the securities,
for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of the Senior Debt and other
indebtedness of the Company, the amount thereof or payable thereon and all other facts pertinent thereto or to this Article 15.

 

Section 15.4 Authorization to Effect
Subordination.

 

Each Holder of a Security by the holder’s
acceptance thereof authorizes and directs the Trustee on the holder’s behalf to take such action as may be necessary or appropriate
to effectuate the subordination as provided in this Article 15 and appoints the Trustee to act as the holder’s attorney-in-fact
for any and all such purposes. If the Trustee does not file a proper proof of claim or proof of debt in the form required in any
proceeding referred to in Section 5.4 hereof at least 30 days before the expiration of the time to file such claim, the holders
of any Senior Debt or their representatives are hereby authorized to file an appropriate claim for and on behalf of the Holders
of the Securities.

 

Section 15.5 Notice to Trustee.

 

The Company shall give prompt written notice
in the form of an Officers’ Certificate to a Responsible Officer of the Trustee and to any Paying Agent of any fact known
to the Company which would prohibit the making of any payment of monies to or by the Trustee or any Paying Agent in respect of
the Securities pursuant to the provisions of this Article 15. Notwithstanding the provisions of this Article 15 or any other provision
of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making
of any payment of monies to or by the Trustee in respect of the Securities pursuant to the provisions of this Article 15, unless
and until a Responsible Officer of the Trustee shall have received written notice thereof at the Corporate Trust Office from the
Company (in the form of an Officers’ Certificate) or a Representative or a holder or holders of Senior Debt or from any trustee
therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of Section 6.1, shall be entitled
in all respects to assume that no such facts exist; provided that if on a date not fewer than two Business Days prior to
the date upon which by the terms hereof any such monies may become payable for any purpose (including, without limitation, the
payment of the principal of, or premium, if any, or interest on any Security) the Trustee shall not have received, with respect
to such monies, the notice provided for in this Section 15.5, then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority to receive such monies and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be received by it on or after such prior date.

 

    	 	-67-	 

     

    

 

Notwithstanding anything in this Article
15 to the contrary, nothing shall prevent any payment by the Trustee to the Holders of monies deposited with it pursuant to Section
4.1, and any such payment shall not be subject to the provisions of Section 15.1 or 15.2.

 

The Trustee, subject to the provisions of
Section 6.1, shall be entitled to rely on the delivery to it of a written notice by a Representative or a person representing himself
to be a holder of Senior Debt (or a trustee on behalf of such holder) to establish that such notice has been given by a Representative
or a holder of Senior Debt or a trustee on behalf of any such holder or holders. The Trustee shall not be required to make any
payment or distribution to or on behalf of a holder of Senior Debt pursuant to this Article 15 unless it has received satisfactory
evidence as to the amount of Senior Debt 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 15.

 

Section 15.6 Trustee’s Relation
to Senior Debt.

 

The Trustee in its individual capacity shall
be entitled to all the rights set forth in this Article 15 in respect of any Senior Debt at any time held by it, to the same extent
as any other holder of Senior Debt, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder.

 

With respect to the holders of Senior Debt,
the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this
Article 15, and no implied covenants or obligations with respect to the holders of Senior Debt shall be read into this Indenture
against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt and, subject to the
provisions of Section 6.1, the Trustee shall not be liable to any holder of Senior Debt (i) for any failure to make any payments
or distributions to such holders or (ii) if it shall pay over or deliver to Holders of Securities, the Company or any other Person
money or assets to which any holder of Senior Debt shall be entitled by virtue of this Article 15 or otherwise.

 

Section 15.7 No Impairment of Subordination.

 

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

 

Section 15.8 Certain Conversions/Exchanges
Deemed Payment.

 

For the purposes of this Article 15 only,
(1) the issuance and delivery of junior securities upon conversion or exchange of Securities in accordance with Article 14 or otherwise
(except upon conversion of the Securities in accordance with their terms) shall not be deemed to constitute a payment or distribution
on account of the principal of (or premium, if any) or interest on Securities or on account of the purchase or other acquisition
of Securities, and (2) the payment, issuance or delivery of cash (except in satisfaction of fractional shares pursuant to Section
14.3), property or securities (other than junior securities) upon conversion or exchange of a Security shall be deemed to constitute
payment on account of the principal of such Security. For the purposes of this Section 15.8, the term “junior securities”
means (a) shares of any stock of any class of the Company, or (b) securities of the Company which are subordinated in right of
payment to all Senior Debt which may be outstanding at the time of issuance or delivery of such securities to substantially the
same extent as, or to a greater extent than, the Securities are so subordinated as provided in this Article. Nothing contained
in this Article 15 or elsewhere in this Indenture or in the Securities is intended to or shall impair, as among the Company, its
creditors other than holders of Senior Debt and the Holders of Securities, the right, which is absolute and unconditional, of the
Holder of any Security to convert such Security in accordance with Article 14.

 

    	 	-68-	 

     

    

 

Section 15.9 Article Applicable to Paying
Agents.

 

If at any time any Paying Agent other than
the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this
Article shall (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning
as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee;
provided, however, that the first paragraph of Section 15.5 shall not apply to the Company or any Affiliate of the
Company if the Company or such Affiliate acts as Paying Agent. The Trustee shall not be responsible for the actions or inactions
of any other Paying Agents (including the Company if acting as its own Paying Agent) and shall have no control of any funds held
by such other Paying Agents.

 

Section 15.10 Senior Debt Entitled to
Rely.

 

The holders of Senior Debt (including, without
limitation, Designated Senior Debt) shall have the right to rely upon this Article 15, and no amendment or modification of the
provisions contained herein shall diminish the rights of such holders unless such holders shall have agreed in writing thereto.

 

Section 15.11 Reliance on Judicial Order
or Certificate of Liquidating Agent.

 

Upon any payment or distribution of assets
of the Company referred to in this Article, the Trustee and the Holders shall be entitled to rely upon any order or decree entered
by any court of competent jurisdiction in which such dissolution, winding up, liquidation, reorganization, assignment for the benefit
of creditors or marshalling of assets and liabilities of the Company or bankruptcy, insolvency, receivership or other like proceeding
is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of
creditors, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders, for the purpose
of ascertaining the persons entitled to participate in such payment or distribution, the holders of Senior Debt and other indebtedness
of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article.

 

Section 15.12 Trust Monies Not Subordinated.

 

Notwithstanding anything contained herein
to the contrary, payments from money, U.S. Government Obligations and/or Foreign Government Obligations held in trust under Article
4 or Article 13 by the Trustee for the payment of the principal of, premium, if any, and interest on the Securities shall not be
subordinated to the prior payment in full of any Senior Debt of the Company or subject to the restrictions set forth in this Article
15, and none of the Holders shall be obligated to pay over any such amount to the Company or any holder of Senior Debt of the Company
or any other creditor of the Company.

 

[The remainder of this page is intentionally left blank.]

 

    	 	-69-	 

     

    

 

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

 

	 	B. RILEY FINANCIAL, INC.
	 	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	 	 
	 	Title:

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