Document:

Exhibit 4.8

 

SERVISFIRST BANCSHARES, INC.

 

and

 

__________________, as Trustee

 

SUBORDINATED INDENTURE

 

Dated as of __________________, 20__

 

Providing for the Issuance of Subordinated
Debt Securities

 

    	 

    	 

    

 

CROSS-REFERENCE TABLE1

 

	Trust Indenture	 	
	Act Section	 	Indenture Section
	310(a)(1)	 	6.09
	(a)(2)	 	6.09
	(a)(3)	 	N.A.
	(a)(4)	 	N.A.
	(a)(5)	 	6.08
	(b)	 	6.08
	311(a)	 	6.13
	(b)	 	6.13
	312(a)	 	7.01
	(b)	 	7.02
	(c)	 	7.02
	313(a)	 	7.03
	(b)(2)	 	7.03
	(c)	 	7.03
	(d)	 	7.03
	314(a)	 	7.04; 10.04
	(b)	 	N.A.
	(c)(1)	 	1.02
	(c)(2)	 	1.02
	(c)(3)	 	N.A.
	(d)	 	N.A.
	(e)	 	1.02
	(f)	 	N.A.
	315(a)	 	6.01; 6.03
	(b)	 	6.02; 1.06
	(c)	 	6.01
	(d)	 	6.01; 6.03
	(e)	 	5.14
	316(a)(last sentence)	 	1.01
	(a)(1)(A)	 	5.02; 5.12
	(a)(1)(B)	 	5.02; 5.13
	(a)(2)	 	N.A.
	(b)	 	5.08
	(c)	 	1.04
	317(a)(1)	 	5.03
	(a)(2)	 	5.04
	(b)	 	10.03
	318(a)	 	1.07
	(b)	 	N.A.
	(c)	 	1.07

  

 

N.A. means not applicable

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

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	Page
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Officers’ Certificates and Opinions	8
	Section 1.03	Form of Documents Delivered to Trustee	8
	Section 1.04	Acts of Securityholders	9
	Section 1.05	Notices, etc., to Trustee and Company	10
	Section 1.06	Notice To Securityholders; Waiver	10
	Section 1.07	Conflict with Trust Indenture Act	11
	Section 1.08	Effect of Headings and Table of Contents	11
	Section 1.09	Successors and Assigns	11
	Section 1.10	Separability Clause	11
	Section 1.11	Benefits Of Indenture	11
	Section 1.12	Governing Law	11
	Section 1.13	Counterparts	11
	Section 1.14	Judgment Currency	12
	Section 1.15	Legal Holidays	12
	 	 	 
	ARTICLE II SECURITY FORMS	12
	 	 	 
	Section 2.01	Forms Generally	12
	Section 2.02	Forms of Securities	13
	Section 2.03	Securities in Global Form	13
	Section 2.04	Form of Trustee’s Certificate of Authentication	13
	 	 	 
	ARTICLE III THE SECURITIES	13
	 	 	 
	Section 3.01	General Title; General Limitations; Issuable in Series; Terms of Particular Series	13
	Section 3.02	Denominations and Currency	17
	Section 3.03	Execution, Authentication and Delivery, and Dating	17
	Section 3.04	Temporary Securities	19
	Section 3.05	Registration, Transfer and Exchange	20
	Section 3.06	Mutilated, Destroyed, Lost and Stolen Securities	22
	Section 3.07	Payment of Interest; Interest Rights Preserved	23
	Section 3.08	Persons Deemed Owners	24
	Section 3.09	Cancellation	24
	Section 3.10	Computation of Interest	24
	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	24
	 	 	 
	Section 4.01	Satisfaction and Discharge of Indenture	24
	Section 4.02	Discharge and Defeasance	26

 

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	Section 4.03	Covenant Defeasance	26
	Section 4.04	Conditions To Defeasance Or Covenant Defeasance	27
	Section 4.05	Application of Trust Money; Excess Funds	28
	Section 4.06	Paying Agent to Repay Moneys Held	29
	Section 4.07	Return of Unclaimed Amounts	29
	 	 	 
	ARTICLE V REMEDIES	30
	 	 	 
	Section 5.01	Events of Default	30
	Section 5.02	Acceleration of Maturity; Rescission, and Annulment	31
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Trustee	32
	Section 5.04	Trustee May File Proofs of Claim	33
	Section 5.05	Trustee May Enforce Claims Without Possession of Securities	33
	Section 5.06	Application of Money Collected	33
	Section 5.07	Limitation on Suits	34
	Section 5.08	Unconditional Right of Securityholders to Receive Principal, Premium, and Interest	34
	Section 5.09	Restoration of Rights and Remedies	35
	Section 5.10	Rights and Remedies Cumulative	35
	Section 5.11	Delay or Omission Not Waiver	35
	Section 5.12	Control by Securityholders	35
	Section 5.13	Waiver of Past Defaults	35
	Section 5.14	Undertaking for Costs	36
	Section 5.15	Waiver of Stay or Extension Laws	36
	 	 	 
	ARTICLE VI THE TRUSTEE	36
	 	 	 
	Section 6.01	Certain Duties and Responsibilities of Trustee	36
	Section 6.02	Notice of Defaults	37
	Section 6.03	Certain Rights of Trustee	38
	Section 6.04	Not Responsible for Recitals or Issuance of Securities	39
	Section 6.05	May Hold Securities	39
	Section 6.06	Money Held in Trust	39
	Section 6.07	Compensation and Reimbursement	39
	Section 6.08	Disqualification; Conflicting Interests	40
	Section 6.09	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 VII SECURITYHOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	44
	 	 	 
	Section 7.01	Company to Furnish Trustee Names and Addresses of Securityholders	44

 

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	Section 7.02	Preservation of Information; Communications to Securityholders	45
	Section 7.03	Reports by Trustee	46
	Section 7.04	Reports by Company	46
	 	 	 
	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER	47
	 	 	 
	Section 8.01	Company May Consolidate, etc., Only on Certain Terms	47
	Section 8.02	Successor Corporation Substituted	47
	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	48
	 	 	 
	Section 9.01	Supplemental Indentures Without Consent of Securityholders	48
	Section 9.02	Supplemental Indentures With Consent of Securityholders	49
	Section 9.03	Execution of Supplemental Indentures	50
	Section 9.04	Effect of Supplemental Indentures	51
	Section 9.05	Conformity With Trust Indenture Act	51
	Section 9.06	Reference in Securities to Supplemental Indentures	51
	 	 	 
	ARTICLE X COVENANTS	51
	 	 	 
	Section 10.01	Payment of Principal, Premium and Interest	51
	Section 10.02	Maintenance of Office or Agency	51
	Section 10.03	Money or Security Payments to Be Held in Trust	51
	Section 10.04	Certificate to Trustee	52
	Section 10.05	Corporate Existence	52
	 	 	 
	ARTICLE XI REDEMPTION OF SECURITIES	53
	 	 	 
	Section 11.01	Applicability of Article	53
	Section 11.02	Election to Redeem; Notice to Trustee	53
	Section 11.03	Selection by Trustee of Securities to be Redeemed	53
	Section 11.04	Notice of Redemption	54
	Section 11.05	Deposit of Redemption Price	54
	Section 11.06	Securities Payable on Redemption Date	54
	Section 11.07	Securities Redeemed in Part	55
	Section 11.08	Provisions with Respect to any Sinking Funds	55
	 	 	 
	ARTICLE XII REPAYMENT AT OPTION OF HOLDERS	56
	 	 	 
	Section 12.01	Applicability of Article	56
	Section 12.02	Repayment of Securities	57
	Section 12.03	Exercise of Option	57
	Section 12.04	When Securities Presented for Repayment Become Due and Payable	57
	Section 12.05	Securities Repaid in Part	57

 

    	iii

    	 

    

 

	ARTICLE XIII SUBORDINATION	58
	 	 	 
	Section 13.01	Agreement to Subordinate	58
	Section 13.02	Payments to Securityholders	58
	Section 13.03	Subrogation	60
	Section 13.04	Authorization by Securityholders	60
	Section 13.05	Notice to Trustee	61
	Section 13.06	Trustee’s Relation to Senior Indebtedness	62
	Section 13.07	No Impairment of Subordination	62

 

    	iv

    	 

    

  

THIS SUBORDINATED INDENTURE,
between ServisFirst Bancshares, Inc., a Delaware corporation (hereinafter called the “Company”) having its principal
office at 850 Shades Creek Parkway, Suite 200, Birmingham, Alabama 35209, and, ________________, a _______________, as trustee
(hereinafter called the “Trustee”), is made and entered into as of ________________, 20__.

 

Recitals of the Company

 

The Company has duly
authorized the execution and delivery of this Indenture to provide for the issuance of its subordinated unsecured debentures, notes,
bonds, and other evidences of indebtedness, to be issued in one or more fully registered series.

 

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

 

Agreements of the Parties

 

To set forth or to
provide for the establishment of the terms and conditions upon which the Securities (as hereinafter defined) are to be authenticated,
issued, and delivered, and in consideration of the premises thereof, and the purchase of Securities by the Holders (as hereinafter
defined) thereof, it is mutually covenanted and agreed as follows, for the equal and proportionate benefit of all Holders from
time to time of the Securities or of any series thereof, as the case may be:

 

ARTICLE
I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.01         Definitions.
For all purposes of this Indenture and of any indenture supplemental hereto, except as otherwise expressly provided or unless the
context otherwise requires:

 

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

 

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

 

(c)          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
in the United States of America at the date of such computation;

 

(d)          all
references in this instrument to designated “Articles”, “Sections” and other subdivisions are to
the designated Articles, Sections and other subdivisions of this instrument as originally executed. 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; and

 

    	1

    	 

    

  

(e)          the
following terms will have the meanings set forth below:

 

“Act”,
when used with respect to any Securityholder (as hereinafter defined), has the meaning specified in Section 1.04.

 

“Affiliate”
of any specified Person (as hereinafter defined) 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.

 

“applicants”
has the meaning specified in Section 7.02(b).

 

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

 

“Authentication
Order” has the meaning specified in Section 3.03.

 

“Board of Directors”
means (i) the board of directors of the Company, (ii) any duly authorized committee of that board, or (iii) any officer, director,
or authorized representative of the Company, in each case duly authorized by such Board to act hereunder.

 

“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 (except, with respect to any particular series of Securities, as may be otherwise provided in the form of such Securities)
any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions are authorized
or required by law, regulation, or executive order to be closed within either the City of New York, New York or the city in which
the Corporate Trust Office is located.

 

“Capital Stock”
means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participations or other
ownership interests (however designated) of such Person and any rights (other than debt securities convertible or exchangeable
for corporate stock), warrants or options to purchase any thereof.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of
1934, or, if at any time after the execution 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 on such date.

 

    	2

    	 

    

 

“Company”
means ServisFirst Bancshares, Inc., unless and until a successor corporation shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Company” shall mean such successor corporation.

 

“Company Request”,
“Company Order”, and “Company Consent” mean, respectively, a written request, order,
or consent signed in the name of the Company by the chairman of the Board of Directors, the chief executive officer, the chief
financial officer, the treasurer, the controller, or by any other officer or officers of the Company pursuant to an applicable
Board Resolution, and delivered to the Trustee.

 

“Corporate Trust
Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered, which office at the date hereof is located at ___________________.

 

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

 

“Covenant Defeasance”
has the meaning specified in Section 4.03.

 

“Defaulted Interest”
has the meaning specified in Section 3.07.

 

“Defeasance”
has the meaning specified in Section 4.02.

 

“Depositary”
means with respect to the Securities of any series issuable or issued in whole or in part in global form, the Person designated
as Depositary by the Company pursuant to Section 3.01, unless and until a successor Depositary shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each
Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary”
as used with respect to the Securities of any such series shall mean the “Depositary” with respect to the Securities
of that series.

 

“Equivalent
Government Securities” means, in relation to Securities denominated in a currency other than U.S. dollars, securities
of the government that issued the currency in which such Securities are denominated or securities of government agencies backed
by the full faith and credit of such government.

 

“Event of Default”
has the meaning specified in Article V.

 

“Federal Bankruptcy
Code” means Title 11 of the United States Code or any successor statute thereto.

 

“Holder”,
“Securityholder” and “Holder of Securities” means a Person in whose name a Security is registered
in the Security Register (as hereinafter defined).

 

    	3

    	 

    

  

“Guarantee”
by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Indebtedness
or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect,
contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase
assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered
into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof
or to protect such obligee against loss in respect thereof (in whole or in part), provided that the term Guarantee shall not include
endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” when used as
a verb has a corresponding meaning.

 

“Indebtedness”
with respect to any Person means (1) any liability of such Person (a) for borrowed money, or (b) evidenced by a bond, note,
debenture or similar instrument (including purchase money obligations but excluding Trade Payables), or (c) for the payment of
money relating to a lease that is required to be classified as a capitalized lease obligation in accordance with generally accepted
accounting principles; (2) mandatorily redeemable preferred or preference stock of a Subsidiary held by Persons other than the
Company or a Subsidiary; (3) any liability of others described in the preceding clause (1) that such Person has Guaranteed, that
is recourse to such Person or that is otherwise such Person’s legal liability; and (4) any amendment, supplement, modification,
deferral, renewal, extension or refunding of any liability of the types referred to in clauses (1), (2) and (3) above.

 

“Indenture”
or “this 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 any particular series of Securities established as contemplated by Section 3.01.

 

“Interest Payment
Date”, when used with respect to any series of Securities, means any date on which an installment of interest
on those Securities is scheduled to be paid.

 

“Judgment Currency”
has the meaning specified in Section 1.14.

 

“Maturity”,
when used with respect to any Security, means the date on which the principal amount outstanding under such Security or an
installment of principal amount outstanding under such Security becomes due and payable, as therein or herein provided, whether
on the Scheduled Maturity Date (as hereinafter defined), by declaration of acceleration, call for redemption, or otherwise.

 

“Officers’
Certificate” means a certificate signed by any two of the chairman of the Board of Directors, the chief executive officer,
the president, any vice president, the treasurer or by any other officer or officers of the Company pursuant to an applicable Board
Resolution, and delivered to the Trustee.

 

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

 

“Original Issue
Discount Security” means any Security which is initially sold at a discount from the principal amount thereof and the
terms of which provide that upon redemption or acceleration of the Maturity thereof, an amount less than the principal amount thereof
would become due and payable.

 

    	4

    	 

    

 

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

 

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

 

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

 

(iii)        such
Securities in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture,
or which shall have been paid, in each case, pursuant to the terms of Section 3.06 (except with respect to any such Security as
to which proof satisfactory to the Trustee is presented that such Security is held by a Person in whose hands such Security is
a legal, valid, and binding obligation of the Company).

 

In determining whether
the Holders of the requisite principal amount of such Securities Outstanding have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of any 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 a declaration
of acceleration of the Maturity thereof. In determining whether the Holders of the requisite principal amount of such Securities
Outstanding have given a direction concerning the time, method, and place of conducting any proceeding for any remedy available
to the Trustee, or concerning the exercise of any trust or power conferred upon the Trustee under this Indenture, or concerning
a consent on behalf of the Holders of any series of Securities to the waiver of any past default and its consequences, Securities
owned by the Company, any other obligor upon the Securities, or any Affiliate of the Company or such other obligor shall be disregarded
and deemed not to be Outstanding. In determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent, or waiver, only Securities which a Responsible Officer assigned to the corporate trust
department of the Trustee knows to be owned by the Company or any other obligor upon the Securities or any Affiliate of the Company
or such other obligor 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 to act as owner 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 such other
obligor.

 

    	5

    	 

    

 

“Paying Agent”
means, with respect to any Securities, any Person appointed by the Company to distribute amounts payable by the Company on
such Securities. If at any time there shall be more than one such Person, “Paying Agent” as used with respect to the
Securities of any particular series shall mean the Paying Agent with respect to Securities of that series. As of the date of this
Indenture, the Company has appointed _________________ as Paying Agent with respect to all Securities issuable hereunder.

 

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

 

“Place of Payment”
means with respect to any series of Securities issued hereunder the city or political subdivision so designated with respect
to the series of Securities in question in accordance with the provisions of Section 3.01.

 

“Predecessor Securities”
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 3.06
in lieu of a lost, destroyed, mutilated, or stolen Security shall be deemed to evidence the same debt as the lost, destroyed, mutilated,
or stolen Security.

 

“Record Date”
means any date as of which the Holder of a Security will be determined for any purpose described herein, such determination
to be made as of the close of business on such date by reference to the Security Register.

 

“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 specified in the Security at which it is to be redeemed
pursuant to this Indenture.

 

“Repayment Date”,
when used with respect to any Security to be repaid, means the date fixed for such repayment pursuant to such Security.

 

“Repayment Price”,
when used with respect to any Security to be repaid, means the price at which it is to be repaid pursuant to such Security.

 

“Required Currency”
has the meaning specified in Section 1.14.

 

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

 

“Scheduled Maturity
Date”, when used with respect to any Security, means the date specified in such Security as the date on which
all outstanding principal and interest will be due and payable.

 

    	6

    	 

    

 

“Security”
or “Securities” means any subordinated note or notes, bond or bonds, debenture or debentures, or any other
evidences of indebtedness, as the case may be, of any series authenticated and delivered from time to time under this Indenture.

 

“Security Register”
has the meaning specified in Section 3.05.

 

“Security Registrar”
means the Person who maintains the Security Register, which Person shall be the Trustee unless and until a successor Security
Registrar is appointed by the Company.

 

“Senior Indebtedness”
means all Indebtedness of, or Guaranteed or assumed by, the Company, whether or not represented by bonds, debentures notes
or similar instruments, [for borrowed money], and any amendments, renewals, extensions, modifications and refundings of
any such Indebtedness, unless in the instrument creating or evidencing any such Indebtedness or pursuant to which the same is outstanding
it is specifically stated, at or prior to the time the Company becomes liable in respect thereof, that any such Indebtedness or
such amendment, renewal, extension, modification and refunding thereof is not Senior Indebtedness.

 

“Significant Subsidiary”
means each Subsidiary which is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X promulgated
by the Commission, as amended or modified and in effect from time to time.

 

“Special Record
Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07.

 

“Specified Currency”
has the meaning specified in Section 3.01.

 

“Subsidiary”
means any corporation, partnership or other entity of which at the time of determination the Company owns or controls directly
or indirectly more than 50% of the shares of voting stock or equivalent interest.

 

“Trade Payables”
means accounts payable or any other indebtedness or monetary obligations to trade creditors created or assumed in the ordinary
course of business in connection with the obtaining of materials, finished products, inventory or services.

 

“Trust Indenture
Act” or “TIA” means the Trust Indenture Act of 1939, as in force as of the date hereof, except as provided
in Section 9.05.

 

“Trustee”
means the party named as such above until a successor becomes such pursuant to this Indenture and thereafter means or includes
each party who is then a trustee hereunder, and if at any time there is more than one such party, “Trustee” as used
with respect to the Securities of any series means the Trustee with respect to Securities of that series. If Trustees with respect
to different series of Securities are trustees under this Indenture, nothing herein shall constitute the Trustees co-trustees of
the same trust, and each Trustee shall be the trustee of a trust separate and apart from any trust administered by any other Trustee
with respect to a different series of Securities.

 

    	7

    	 

    

 

“U.S. Government
Obligations” means (i) securities that are direct obligations of the United States of America, the payment of which is
unconditionally Guaranteed by the full faith and credit of the United States of America and (ii) securities that are 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 by the full faith and credit of the United States of America, and also includes depository
receipts issued by a bank or trust company as custodian with respect to any of the securities described in the preceding clauses
(i) and (ii), and any payment of interest or principal payable under any of the securities described in the preceding clauses (i)
and (ii) that is held by such custodian for the account of the holder of a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository
receipt, or from any amount received by the custodian in respect of such securities, or from any specific payment of interest or
principal payable under the securities evidenced by such depository receipt.

 

“Voting Stock”,
as applied to the stock of any corporation, means stock of any class or classes (however designated), the outstanding shares
of which have, by the terms thereof, ordinary voting power to elect a majority of the members of the board of directors (or other
governing body) of such corporation, other than stock having such power only by reason of the happening of a contingency.

 

Section
1.02         Officers’ Certificates and Opinions. Every
Officers’ Certificate, Opinion of Counsel, and other certificate or opinion to be delivered to the Trustee under this Indenture
with respect to any action to be taken by the Trustee (except for the Officers’ Certificate required by Section 10.04) shall
include the following:

 

(a)          a
statement that each individual signing such certificate or opinion has read all covenants and conditions of this Indenture relating
to such proposed action, including the definitions herein relating thereto;

 

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

 

(c)          a
statement that, in the opinion of 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

 

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

 

Section
1.03         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 the other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

    	8

    	 

    

 

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, legal counsel, unless such officer knows that any such certificate, opinion, or representation is erroneous. Any opinion of
counsel for the Company 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, unless such counsel knows that any such certificate, opinion, or representation is erroneous.

 

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, such instruments may, but need not, be consolidated and form a single instrument.

 

Section 1.04         Acts
of Securityholders.

 

(a)          Any
request, demand, authorization, direction, notice, consent, waiver, or other action provided by this Indenture to be given or taken
by Securityholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Securityholders
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 (if expressly required by the applicable terms of
this Indenture) to the Company. If any Securities are denominated in coin or currency other than that of the United States, then
for the purposes of determining whether the Holders of the requisite principal amount of Securities have taken any action as herein
described, the principal amount of such Securities shall be deemed to be that amount of United States dollars that could be obtained
for such principal amount on the basis of the spot rate of exchange into United States dollars for the currency in which such Securities
are denominated (as evidenced to the Trustee by a certificate provided by a financial institution, selected by the Company, that
maintains an active trade in the currency in question, acting as conversion agent) as of the date the taking of such action by
the Holders of such requisite principal amount is evidenced to the Trustee as provided in the immediately preceding sentence. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Securityholders 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 6.01) conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Section.

 

(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 to such
execution or by the certificate of any 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 an
officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit
shall also constitute sufficient proof of his 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.

 

(c)          The
ownership of Securities shall for all purposes be determined by reference to the Security Register, as such register shall exist
as of the applicable date.

 

    	9

    	 

    

 

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

 

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

 

Section
1.05         Notices, etc., to Trustee and Company. Any
request, order, authorization, direction, consent, waiver, or other action to be taken by the Trustee, the Company, or the Securityholders
hereunder (including any Authentication Order), and any notice to be given to the Trustee or the Company with respect to any action
taken or to be taken by the Trustee, the Company, or the Securityholders hereunder, shall be sufficient if made in writing and

 

(a)          (if
to be furnished or delivered to or filed with the Trustee by the Company or any Securityholder) delivered to the Trustee at its
Corporate Trust Office, Attention: ____________________, or

 

(b)          (if
to be furnished or delivered to the Company by the Trustee or any Securityholder, and except as otherwise provided in Section 5.01(d)
and, in the case of a request for repayment, except as specified in the Security carrying the right to repayment) mailed to the
Company, first-class postage prepaid, at its principal office (as specified in the first paragraph of this instrument), Attention:
Chief Financial Officer, or at any other address hereafter furnished in writing by the Company to the Trustee.

 

Section
1.06         Notice To Securityholders; Waiver. Where this
Indenture or any Security provides for notice to Securityholders of any event, such notice shall be sufficiently given (unless
otherwise expressly provided herein or in such Security) if in writing and mailed, first-class postage prepaid, to each Securityholder
affected by such event, at his or her address as it appears in the Security Register as of the applicable Record Date, not later
than the latest date or earlier than the earliest date prescribed by this Indenture or such Security for the giving of such notice.
In any case where notice to Securityholders is given by mail, neither the failure to mail such notice nor any defect in any notice
so mailed to any particular Securityholder shall affect the sufficiency of such notice with respect to other Securityholders. Where
this Indenture or any Security 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 Securityholders 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.

 

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In case, by reason of the
suspension of regular mail service as a result of a strike, work stoppage or otherwise, it shall be impractical to mail notice
of any event to any Securityholder when such notice is required to be given pursuant to any provision of this Indenture or the
applicable Security, then any method of notification as shall be satisfactory to the Trustee and the Company shall be deemed to
be sufficient for the giving of such notice.

 

Section 1.07         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 TIA, such required provision shall control.

 

Section 1.08         Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents hereof are for
convenience only and shall not affect the construction of any provision of this Indenture.

 

Section 1.09         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 any Securities, express or implied, shall give to any Person, other than
the parties hereto, their successors hereunder, the Authenticating Agent, the Security Registrar, any Paying Agent, and the Holders
of Securities (or such of them as may be affected thereby), any benefit or any legal or equitable right, remedy or claim under
this Indenture.

 

Section 1.12         Governing
Law. This Indenture shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 1.13         Counterparts.
This instrument may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original,
but all of which shall together constitute but one and the same instrument.

 

    	11

    	 

    

 

Section 1.14         Judgment
Currency. The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if
for the purpose of obtaining judgment in any court with respect to the Securities of any series it is necessary to convert the
sum due in respect of the principal, premium, if any, or interest, if any, payable with respect to such Securities into a currency
in which a judgment can be rendered (the “Judgment Currency”), the rate of exchange from the currency in which
payments under such Securities is payable (the “Required Currency”) into the Judgment Currency shall be the
highest bid quotation (assuming European-style quotation — i.e., Required Currency per Judgment Currency) received by the
Company from three recognized foreign exchange dealers in the City of New York for the purchase of the aggregate amount of the
judgment (as denominated in the Judgment Currency) on the Business Day preceding the date on which a final unappealable judgment
is rendered, for settlement on such payment date, and at which the applicable dealer timely commits to execute a contract, and
(b) the Company’s obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged
or satisfied by any tender, or by any recovery pursuant to any judgment (whether or not entered in accordance with the preceding
clause (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in
the actual receipt by the judgment creditor of the full amount of the Required Currency expressed to be payable in respect of such
payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required
Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed
to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture.

 

Section 1.15         Legal
Holidays. In any case where any Interest Payment Date, Redemption Date, Repayment Date or 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, Redemption Date, Repayment Date or at Maturity, provided that no interest shall accrue for the period from and after such
Interest Payment Date, Redemption Date, Repayment Date or Maturity, as the case may be.

 

ARTICLE II

SECURITY FORMS

 

Section 2.01         Forms
Generally. The Securities of each series shall have 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 officers executing such Securities, as evidenced by their execution of the Securities.
Any portion of the text of any Security may be set forth on the reverse thereof, with an appropriate reference thereto on the face
of the Security.

 

The definitive Securities,
if any, shall be produced in such manner as shall be determined by the officers executing such Securities, as evidenced by their
execution of such Securities.

 

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Section 2.02         Forms
of Securities. Each Security shall be in one of the forms approved from time to time by or pursuant to any Board Resolution,
or established in one or more indentures supplemental hereto. Prior to the delivery to the Trustee for authentication of any Security
in any form approved by or pursuant to a Board Resolution, the Company shall deliver to the Trustee a copy of such Board Resolution,
together with a true and correct copy of the form of Security which has been approved thereby, or, if a Board Resolution authorizes
a specific officer or officers to approve a form of Security, together with a certificate of such officer or officers approving
the form of Security attached thereto, provided, however, that with respect to all Securities issued pursuant to the same Board
Resolution, the required copy of such Board Resolution, together with the appropriate attachment, need be delivered only once.
Any form of Security approved by or pursuant to a Board Resolution must be acceptable as to form to the Trustee, such acceptance
to be evidenced by the Trustee’s authentication of Securities in that form or by a certificate signed by a Responsible Officer
of the Trustee and delivered to the Company.

 

Section 2.03         Securities
in Global Form. If Securities of a series are issuable in whole or in part in global form, the global security representing
such Securities may provide that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon
and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced to
reflect exchanges or increased to reflect the issuance of additional Securities. Any endorsement of a Security in global form to
reflect the amount (or any increase or decrease in the amount) of Outstanding Securities represented thereby shall be made in such
manner and by such Person or Persons as shall be specified therein or in the Authentication Order delivered to the Trustee pursuant
to Section 3.03 hereof.

 

Section 2.04         Form
of Trustee’s Certificate of Authentication. The form of Trustee’s Certificate of Authentication for any
Security issued pursuant to this Indenture shall be substantially as follows:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

________________________,
as Trustee,

 

	 	By:	 	 
	 	 	Authorized Officer	 

 

ARTICLE III

THE SECURITIES

 

Section 3.01         General
Title; General Limitations; Issuable in Series; Terms of Particular Series.

 

(a)          The
aggregate principal amount of Securities that may be authenticated, delivered, and Outstanding at any time under this Indenture
is not limited.

 

(b)          The
Securities may be issued in one or more series in such aggregate principal amount as may from time to time be authorized by the
Board of Directors. All Securities of a series issued under this Indenture shall in all respects be equally and ratably entitled
to the benefits hereof, without preference, priority, or distinction on account of the actual time of the authentication and delivery
or Scheduled Maturity Date thereof, but all Securities issued hereunder shall be subordinate and junior in right and payment, to
the extent and in the manner set forth in Article XIII, to all Senior Indebtedness of the Company.

 

    	13

    	 

    

 

(c)          Each
series of Securities shall be created either by or pursuant to one or more Board Resolutions, by an Officers’ Certificate
or by one or more indentures supplemental hereto. Any such Board Resolution or supplemental indenture (or, in the case of a series
of Securities created pursuant to a Board Resolution, any officer or officers authorized by such Board Resolution) shall establish
the terms of any such series of Securities, including the following (as and to such extent as may be applicable):

 

(1)         the
title of such series;

 

(2)         the
limit, if any, upon the aggregate principal amount or issue price of the Securities of such series;

 

(3)         the
issue date or issue dates of the Securities of such series;

 

(4)         the
Scheduled Maturity Date of the Securities of such series;

 

(5)         the
place or places where the principal, premium, if any, interest, if any, and additional amounts, if any, payable with respect to
the Securities of such series shall be payable;

 

(6)         whether
the Securities of such series will be issued at par or at a premium over or a discount from their face amount;

 

(7)         the
rate or rates (which may be fixed or variable) at which the Securities of such series shall bear interest, if any, and, if applicable,
the method by which such rate or rates may be determined;

 

(8)         the
date or dates (or the method by which such date or dates may be determined) from which interest, if any, shall accrue, and the
Interest Payment Dates on which such interest shall be payable;

 

(9)         the
rights, if any, to defer payments of interest on the Securities by extending the interest payment periods and the duration of such
extension;

 

(10)        the
period or periods within which, the Redemption Price(s) or Repayment Price(s) at which, and any other terms and conditions upon
which the Securities of such series may be redeemed or repaid, in whole or in part, by the Company;

 

(11)        the
obligation, if any, of the Company to redeem, repay, or purchase any of the Securities of such series pursuant to any sinking fund,
mandatory redemption, purchase obligation, or analogous provision at the option of a Holder thereof, and the period or periods
within which, the Redemption Price(s) or Repayment Price(s) or other price or prices at which, and any other terms and conditions
upon which the Securities of such series shall be redeemed, repaid, or purchased, in whole or in part, pursuant to such obligation;

 

    	14

    	 

    

 

(12)        the
issuance of the Securities of such series in whole or in part in global form and, if so, the identity of the Depositary for such
global security and the terms and conditions, if any, upon which interests in the Securities represented by such global security
may be exchanged, in whole or in part, for the individual Securities represented thereby (if other than as provided in Section
3.05);

 

(13)        the
denominations in which the Securities of such series will be issued (which may be any denomination as set forth in the terms of
such Securities) if other than U.S. $1,000 or an integral multiple thereof;

 

(14)        whether
and under what circumstances additional amounts on the Securities of such series shall be payable in respect of any taxes, assessments,
or other governmental charges withheld or deducted and, if so, whether the Company will have the option to redeem such Securities
rather than pay such additional amounts;

 

(15)        the
basis upon which interest shall be calculated;

 

(16)        if
the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security for a definitive Security of such series) only upon receipt of certain certificates or other documents or upon satisfaction
of other conditions, then the form and terms of such certificates, documents, and/or conditions;

 

(17)        the
exchange or conversion of the Securities of that series, whether or not at the option of the Holders thereof, for or into new Securities
of a different series or for or into any other securities which may include shares of Capital Stock of the Company or any Subsidiary
of the Company or securities directly or indirectly convertible into or exchangeable for any such shares or securities of entities
unaffiliated with the Company or any Subsidiary of the Company;

 

(18)        if
other than U.S. dollars, the foreign or composite currency or currencies (each such currency a “Specified Currency”)
in which the Securities of such series shall be denominated and in which payments of principal, premium, if any, interest, if any,
or additional amounts, if any, payable with respect to such Securities shall or may be payable;

 

(19)        if
the principal, premium, if any, interest, if any, or additional amounts, if any, payable with respect to the Securities of such
series are to be payable in any currency other than that in which the Securities are stated to be payable, whether at the election
of the Company or of a Holder thereof, the period or periods within which, and the terms and conditions upon which, such election
may be made;

 

(20)        if
the amount of any payment of principal, premium, if any, interest, if any, or other sum payable with respect to the Securities
of such series may be determined by reference to the relative value of one or more Specified Currencies, commodities, securities,
or instruments, the level of one or more financial or non-financial indices, or any other designated factors or formulas, the manner
in which such amounts shall be determined;

 

    	15

    	 

    

 

(21)        the
exchange of Securities of such series, at the option of the Holders thereof, for other Securities of the same series of the same
aggregate principal amount of a different authorized kind or different authorized denomination or denominations, or both;

 

(22)        the
appointment by the Trustee of an Authenticating Agent in one or more places other than the Corporate Trust Office of the Trustee,
with power to act on behalf of the Trustee, and subject to its direction, in the authentication and delivery of the Securities
of such series;

 

(23)        any
trustees, depositaries, paying agents, transfer agents, exchange agents, conversion agents, registrars, or other agents with respect
to the Securities of such series if other than the Trustee, Paying Agent and Security Registrar named herein;

 

(24)        the
portion of the principal amount of Securities of such series, if other than the principal amount thereof, that shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or provable in bankruptcy pursuant to Section
5.04;

 

(25)        any
Event of Default with respect to the Securities of such series, if not set forth herein, or any modification of any Event of Default
set forth herein with respect to such series;

 

(26)        any
covenant solely for the benefit of the Securities of such series;

 

(27)        the
applicability of Section 4.02 and Section 4.03 of this Indenture to the Securities of such series and if Section 4.03 is applicable,
the covenants subject to Covenant Defeasance under Section 4.03; and

 

(28)        any
other terms of the securities of such series (which terms shall not be inconsistent with the provisions of this Indenture, but
which may modify or delete any provision of this Indenture insofar as it applies to such series).

 

If all of the Securities
issuable by or pursuant to any Board Resolution are not to be issued at one time, it shall not be necessary to deliver the Officers’
Certificate and Opinion of Counsel required by Section 3.03 hereof at the time of issuance of each such Security, but such Officers’
Certificate and Opinion of Counsel shall be delivered at or before the time of issuance of the first such Security.

 

If any series of Securities
shall be established by action taken pursuant to any Board Resolution, the execution by the officer or officers authorized by such
Board Resolution of an Authentication Order (as defined in Section 3.03 below) with respect to the first Security of such series
to be issued, and the delivery of such Authentication Order to the Trustee at or before the time of issuance of the first Security
of such series, shall constitute a sufficient record of such action. Except as otherwise permitted by Section 3.03, if all of the
Securities of any such series are not to be issued at one time, the Company shall deliver an Authentication Order with respect
to each subsequent issuance of Securities of such series, but such Authentication Orders may be executed by any authorized officer
or officers of the Company, whether or not such officer or officers would have been authorized to establish such series pursuant
to the aforementioned Board Resolution.

 

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Unless otherwise provided
by or pursuant to the Board Resolution or supplemental indenture creating such series (i) a series may be reopened for issuances
of additional Securities of such series, and (ii) all Securities of the same series shall be substantially identical, except for
the initial Interest Payment Date, issue price, initial interest accrual date and the amount of the first interest payment.

 

The form of the Securities
of each series shall be established in a supplemental indenture or by or pursuant to the Board Resolution creating such series.
The Securities of each series shall be distinguished from the Securities of each other series in such manner as the Board of Directors
or its authorized representative or representatives may determine.

 

Unless otherwise provided
with respect to Securities of a particular series, the Securities of any series may only be issuable in registered form, without
coupons.

 

Section 3.02         Denominations
and Currency. The Securities of each series shall be issuable in such denominations and currency as shall be provided
in the provisions of this Indenture or by or pursuant to the Board Resolution or supplemental indenture creating such series. In
the absence of any such provisions with respect to the Securities of any series, the Securities of that series shall be issuable
only in fully registered form in denominations of U.S. $1,000 and any integral multiple thereof.

 

Section 3.03         Execution,
Authentication and Delivery, and Dating. The Securities shall be executed on behalf of the Company by the president,
the chief executive officer, the chief financial officer, any vice president, the treasurer or any assistant treasurer and attested
by the secretary or any one of its assistant secretaries, under its corporate seal. The signature of any of these officers on the
Securities may be manual or facsimile. The seal of the Company, if set forth thereon, may be in the form of a facsimile thereof
and may be impressed, affixed, imprinted, or otherwise reproduced on the Securities. Typographical and other minor errors or defects
in any such reproduction of the seal or any such signature shall not affect the validity or enforceability of any Security that
has been duly authenticated and delivered by the Trustee.

 

Unless otherwise provided
in the form of Security for any series, all Securities shall be dated the date of their authentication.

 

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 to the Trustee for authentication,
together with a Company Order for authentication and delivery (such Order an “Authentication Order”) with respect
to such Securities, and the Trustee shall, upon receipt of such Authentication Order, in accordance with procedures acceptable
to the Trustee set forth in the Authentication Order, and subject to the provisions hereof, authenticate and deliver such Securities
to such recipients as may be specified from time to time pursuant to such Authentication Order. The material terms of such Securities
shall be determinable by reference to such Authentication Order and procedures. If provided for in such procedures, such Authentication
Order may authorize authentication and delivery of such Securities pursuant to oral instructions from the Company or its duly authorized
agent, which instructions shall be promptly confirmed in writing. In authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to
the provisions of Section 6.01 hereof) shall be fully protected in relying upon:

 

    	17

    	 

    

 

(1)         an
executed supplemental indenture, if any;

 

(2)         an
Officers’ Certificate, certifying as to the authorized form or forms and terms of such Securities; and

 

(3)         an
Opinion of Counsel, stating that:

 

(a)         the
form or forms and terms of such Securities have been established by and in conformity with the provisions of this Indenture; provided
that if all such Securities are not to be issued at the same time, such Opinion of Counsel may state that such terms will be
established in conformity with the provisions of this Indenture, subject to any conditions specified in such Opinion of Counsel;
and

 

(b)          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, moratorium, reorganization, and other laws of general applicability relating
to or affecting the enforcement of creditors’ rights and to general principles of equity and doctrines applicable thereto
(including, but not limited to, all matters of public policy);

 

provided, however, that if all Securities
issuable by or pursuant to a Board Resolution or supplemental indenture are not to be originally issued at one time, it shall not
be necessary to deliver the Officers’ Certificate or Opinion of Counsel otherwise required pursuant to this paragraph at
or prior to the time of authentication of each such Security if such documents are delivered at or prior to the time of authentication
upon original issuance of the first such Security to be issued. After the original issuance of the first such Security to be issued,
any separate request by the Company that the Trustee authenticate such Securities for original issuance will be deemed to be a
certification by the Company that it is in compliance with all conditions precedent provided for in this Indenture relating to
the authentication and delivery of such Securities.

 

The Trustee shall not be
required to authenticate such Securities if the issue thereof will adversely affect the Trustee’s own rights, duties, or
immunities under the Securities and this Indenture.

 

    	18

    	 

    

 

If the Company shall establish
pursuant to Section 3.01 that Securities of a series may be issued in whole or in part in global form, then the Company shall execute,
and the Trustee shall (in accordance with this Section 3.03 and the Authentication Order with respect to such series) authenticate
and deliver, one or more Securities in global form that (i) shall represent and shall be denominated in an aggregate amount equal
to the aggregate principal amount of the Outstanding Securities of such series to be represented by such one or more Securities
in global form, (ii) shall be registered, in the name of the Depositary for such Security or Securities in global form, or in the
name of a nominee of such Depositary, (iii) shall be delivered to such Depositary or pursuant to such Depositary’s instruction,
and (iv) shall bear a legend substantially as follows: “Unless and until it is exchanged in whole or in part for Securities
in certificated form, this Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary,
or by a nominee of the Depositary to the Depositary or another nominee of the Depositary, or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary.” Each Depositary designated pursuant to Section 3.01
for a Security in global form must, at the time of its designation and at all times while it serves as Depositary, be a clearing
agency registered under the Securities Exchange Act of 1934 and any other applicable statute or regulation.

 

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 of an authorized officer,
and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder.

 

Section 3.04         Temporary
Securities. Pending the preparation of definitive Securities of any series, the Company may execute, and, upon receipt
of the documents required by Sections 2.02, 3.01 and 3.03 hereof, together with an Authentication Order, the Trustee shall authenticate
and deliver, temporary Securities of such series that 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 in registered
form, without coupons, 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. In the case of Securities of any series for
which a temporary Security may be issued in global form, such temporary global security shall represent all of the Outstanding
Securities of such series and tenor.

 

Except in the case of temporary
Securities in global form, which shall be exchanged in accordance with the provisions thereof, if temporary Securities of any series
are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation
of definitive Securities, the temporary Securities of such series shall be exchangeable, at the Corporate Trust Office of the Trustee,
or at such other office or agency as may be maintained by the Company in a Place of Payment pursuant to Section 10.02 hereof, for
definitive Securities of such series having identical terms and provisions, upon surrender of the temporary Securities of such
series, at the Company’s own expense and without charge to the Holder; and 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
a like principal amount of definitive Securities of such series in authorized denominations containing identical terms and provisions.
Unless otherwise specified as contemplated by Section 3.01 with respect to a temporary Security in global form, until so exchanged,
the temporary Securities of such series shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities of such series.

 

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Section 3.05         Registration,
Transfer and Exchange. With respect to the Securities of each series, the Trustee shall keep a register (herein sometimes
referred to as the “Security Register”) which shall provide for the registration of Securities of such series,
and for transfers of Securities of such series, in accordance with information to be provided to the Trustee by the Company, subject
to such reasonable regulations as the Trustee may prescribe. Such register shall be in written form or in any other form capable
of being converted into written form within a reasonable time. At all reasonable times the information contained in such register
or registers shall be available for inspection at the Corporate Trust Office of the Trustee or at such other office or agency to
be maintained by the Company pursuant to Section 10.02 hereof.

 

Upon due presentation for
registration of transfer of any Security of any series at the Corporate Trust Office of the Trustee or at any other office or agency
maintained by the Company with respect to that series pursuant to Section 10.02 hereof, 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 such series
of any authorized denominations, of like aggregate principal amount, tenor, terms and Scheduled Maturity Date.

 

Any other provision of
this Section 3.05 notwithstanding, unless and until it is exchanged in whole or in part for the individual Securities represented
thereby, in definitive form, a Security in global form representing all or a portion of the Securities of a series may not be transferred
except as a whole by the Depositary for such series to a nominee of such Depositary, or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary, or by such Depositary or any such nominee to a successor Depositary for such
series or a nominee of such successor Depositary.

 

At the option of the Holder,
Securities of any series may be exchanged for other Securities of such series of any authorized denominations, of like aggregate
principal amount, tenor, terms and Scheduled Maturity Date, 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 which the Securityholder making the exchange is entitled to receive.

 

If at any time the Depositary
for the Securities of a series represented by one or more Securities in global form notifies the Company that it is unwilling or
unable to continue as Depositary for the Securities of such series, or if at any time the Depositary for the Securities of such
series shall no longer be eligible under Section 3.03 hereof, the Company, by Company Order, shall appoint a successor Depositary
with respect to the Securities of such series. If a successor Depositary for the Securities of such series is not appointed by
the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company’s election
pursuant to Section 3.01 that such Securities be represented by one or more Securities in global form shall no longer be effective
with respect to the Securities of such series and the Company will execute, and the Trustee, upon receipt of an Authentication
Order for the authentication and delivery of definitive Securities of such series, will authenticate and deliver Securities of
such series in definitive form, in authorized denominations, in an aggregate principal amount, and of like terms and tenor, equal
to the principal amount of the Security or Securities in global form representing such series, in exchange for such Security or
Securities in global form.

 

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The Company may at any
time and in its sole discretion and subject to the procedures of the Depositary determine that individual Securities of any series
issued in global form shall no longer be represented by such Security or Securities in global form. In such event the Company will
execute, and the Trustee, upon receipt of an Authentication Order for the authentication and delivery of definitive Securities
of such series and of the same terms and tenor, will authenticate and deliver Securities of such series in definitive form, in
authorized denominations, and in aggregate principal amount equal to the principal amount of the Security or Securities in global
form representing such series in exchange for such Security or Securities in global form.

 

If specified by the Company
pursuant to Section 3.01 with respect to a series of Securities issued in global form, the Depositary for such series of Securities
may surrender a Security in global form for such series of Securities in exchange in whole or in part for Securities of such series
in definitive form and of like terms and tenor on such terms as are acceptable to the Company and such Depositary. Thereupon, the
Company shall execute, and the Trustee upon receipt of an Authentication Order for the authentication and delivery of definitive
Securities of such series, shall authenticate and deliver, without service charge:

 

(a)          to
each Person specified by such Depositary, a new definitive Security or Securities of the same series and of the same tenor and
terms, in authorized denominations, in aggregate principal amount equal to and in exchange for such Person’s beneficial interest
in the Security in global form; and

 

(b)          to
such Depositary, a new Security in global form in a denomination equal to the difference, if any, between the principal amount
of the surrendered Security in global form and the aggregate principal amount of the definitive Securities delivered to Holders
pursuant to clause (a) above.

 

Upon the exchange of a
Security in global form for Securities in definitive form, such Security in global form shall be canceled by the Trustee or an
agent of the Company or the Trustee. Securities issued in definitive form in exchange for a Security in global form pursuant to
this Section 3.05 shall be registered in such names and in such authorized denominations as the Depositary for such Security in
global form, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or an agent
of the Company or the Trustee in writing. The Trustee or such agent shall deliver such Securities to or as directed by the Persons
in whose names such Securities are so registered or to the Depositary.

 

Whenever any securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which
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 transfer or exchange.

 

Every Security presented
or surrendered for registration of transfer, exchange, redemption or payment 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 his attorney duly authorized in writing.

 

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Unless otherwise provided
in the Security to be transferred or exchanged, no service charge shall be imposed for any registration of transfer or exchange
of Securities, but the Company may (unless otherwise provided in such Security) require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any transfer or exchange of Securities, other than exchanges
pursuant to Section 3.04, 3.06, 9.06 and 11.07 hereof not involving any transfer.

 

The Company shall not be
required to (i) issue, register the transfer of, or exchange any Security of any series during a period beginning at the opening
of business 15 days before the day of the mailing of a notice of redemption of Securities of such series selected for redemption
under Section 11.03 and ending at the close of business on the date of such mailing, or (ii) register the transfer of or exchange
any Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the portion
thereof not to be redeemed.

 

Section 3.06         Mutilated,
Destroyed, Lost and Stolen Securities. If (i) any mutilated Security is surrendered to the Trustee, or the Company and
the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Security, and (ii) there is delivered
to the Company and the Trustee such security or indemnity as may be required by them to save each 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 may
in its discretion execute and upon request of the Company the Trustee shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Security, a new Security of like tenor, terms, series, Scheduled Maturity Date,
and principal amount, bearing a number not contemporaneously outstanding.

 

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 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 the same
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.

 

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Section 3.07         Payment
of Interest; Interest Rights Preserved. Interest on any Security which is payable and is punctually paid or duly provided
for on any Interest Payment Date shall, if so provided in such Security, 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 applicable Record Date, notwithstanding any transfer
or exchange of such Security subsequent to such Record Date and prior to such Interest Payment Date (unless such Interest Payment
Date is also the date of Maturity of such Security).

 

Any interest on any Security
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 registered Holder on the applicable Record Date by virtue of having
been such Holder; and, except as hereinafter provided, such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in clause (a) or clause (b) below:

 

(a)          The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names any such Securities (or their respective
Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon
the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 nor less
than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice
of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor
to be mailed, first-class postage prepaid, to the Holder of each such Security at his address as it appears in the Security Register,
not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such
Securities (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and
shall no longer be payable pursuant to the following clause (b).

 

(b)          The
Company may make payment of any Defaulted Interest 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.

 

Interest on Securities
of any series that bear interest may be paid by mailing a check to the address of the Person entitled thereto at such address as
shall appear in the Securities Register for such series or by such other means as may be specified in the form of such Security.

 

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Subject to the foregoing
provisions of this Section 3.07 and the provisions of Section 3.05 hereof, 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 3.08         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 any Security is registered on the applicable Record Date(s)
as the owner of such Security for the purpose of receiving payment of principal, premium, if any, interest, if any (subject to
Sections 3.05 and 3.07 hereof), and any additional amounts payable with respect to 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.

 

None of the Company, the
Trustee, any Authenticating Agent, any Paying Agent, the Security Registrar, or any Co-Security Registrar will have any responsibility
or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Security
in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests and each
of them may act or refrain from acting without liability on any information relating to such records provided by the Depositary.

 

Section 3.09         Cancellation.
All Securities surrendered for payment, redemption, registration of transfer, exchange, or credit against a sinking or analogous
fund shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and, if not already canceled, 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 all Securities so delivered shall be
promptly canceled by the Trustee. Acquisition of such Securities by the Company shall not operate as a redemption or satisfaction
of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. No
Security 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. The Trustee shall dispose of all canceled Securities in accordance with its customary procedures and
deliver a certificate of such disposition to the Company.

 

Section 3.10         Computation
of Interest. Unless otherwise provided as contemplated in Section 3.01, interest on the Securities shall be calculated
on the basis of a 360-day year of twelve 30-day months.

 

ARTICLE IV

SATISFACTION AND DISCHARGE

 

Section 4.01         Satisfaction
and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to any series of Securities
(except as to any surviving rights of conversion or transfer or exchange of Securities of such series expressly provided for herein
or in the form of Security for such series and obligations described as surviving below), and the Trustee, on demand of and at
the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such
series, when

 

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(a)          either

 

(i)          all
Securities of that series theretofore authenticated and delivered (other than (A) Securities of such series which have been destroyed,
lost, or stolen and which have been replaced or paid as provided in Section 3.06, and (B) 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 4.07) have been delivered to the Trustee canceled or for cancellation; or

 

(ii)         all
such Securities of that series not theretofore delivered to the Trustee canceled or for cancellation

 

(A)         have
become due and payable, or

 

(B)          will,
in accordance with their Scheduled Maturity Date, become due and payable within one year, or

 

(C)         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, in any of the cases described in subparagraphs (A), (B), or
(C) above, the Company has irrevocably deposited or caused to be deposited with the Trustee, as trust funds in trust for the purpose,
(x) an amount in money sufficient, (y) U.S. Government Obligations or Equivalent Government Securities which through the payment
of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before the due
date of any payment, money sufficient, or (z) a combination of (x) and (y) sufficient, in the opinion with respect to (y) and (z)
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge the entire indebtedness on such Securities with respect to principal, premium, if any, and interest,
if any, to the date of such deposit (in the case of Securities which have become due and payable), or to the Scheduled Maturity
Date or Redemption Date, as the case may be; provided, however, that if such U.S. Government Obligations or Equivalent Government
Securities are callable or redeemable at the option of the issuer thereof, the amount of such money, U.S. Government Obligations,
and Equivalent Government Securities deposited with the Trustee must be sufficient to pay and discharge the entire indebtedness
referred to above if such issuer elects to exercise such call or redemption provisions at any time prior to the Scheduled Maturity
Date or Redemption Date, as the case may be, and the Company, but not the Trustee, shall be responsible for monitoring any such
call or redemption provision; and

 

(b)          the
Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Securities of such series;
and

 

(c)          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 with respect to the Securities of such
series have been complied with.

 

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Notwithstanding the satisfaction
and discharge of this Indenture with respect to any series of Securities, the obligations of the Company under paragraph (a) of
this Section 4.01 and its obligations to the Trustee with respect to that series under Section 6.07 shall survive, and the obligations
of the Trustee under Sections 4.05, 4.07 and 10.03 shall survive.

 

Section 4.02         Discharge
and Defeasance. The provisions of this Section and Section 4.04 (insofar as relating to this Section) shall apply to
the Securities of each series unless specifically otherwise provided in a Board Resolution or indenture supplemental hereto provided
pursuant to Section 3.01. In addition to discharge of this Indenture pursuant to Section 4.01, in the case of any series of Securities
with respect to which the exact amount described in subparagraph (a) of Section 4.04 can be determined at the time of making the
deposit referred to in such subparagraph (a), the Company shall be deemed to have paid and discharged the entire indebtedness on
all the Securities of such a series as provided in this Section on and after the date the conditions set forth in Section 4.04
are satisfied, and the provisions of this Indenture with respect to the Securities of such series shall no longer be in effect
(except as to (i) rights of registration of transfer and exchange of Securities of such series, (ii) substitution of mutilated,
destroyed, lost or stolen Securities of such series, (iii) rights of Holders of Securities of such series to receive, solely from
the trust fund described in subparagraph (a) of Section 4.04, payments of principal thereof, premium, if any, and interest, if
any, thereon upon the original stated due dates or upon the Redemption Dates therefor (but not upon acceleration), and remaining
rights of the Holders of Securities of such series to receive mandatory sinking fund payments, if any, (iv) the rights, obligations,
duties and immunities of the Trustee hereunder, (v) this Section 4.02, Section 4.07, Section 10.02 and Section 10.03 and (vi) the
rights of the Holders of Securities of such series as beneficiaries hereof with respect to the property so deposited with the Trustee
payable to all or any of them) (hereinafter called “Defeasance”), and the Trustee at the cost and expense of
the Company, shall execute proper instruments acknowledging the same.

 

Section 4.03         Covenant
Defeasance. The provisions of this Section and Section 4.04 (insofar as relating to this Section) shall apply to the
Securities of each series unless specifically otherwise provided in a Board Resolution or indenture supplemental hereto provided
pursuant to Section 3.01. In the case of any series of Securities with respect to which the exact amount described in subparagraph
(a) of Section 4.04 can be determined at the time of making the deposit referred to in such subparagraph (a), (i) the Company shall
be released from its obligations under any covenants specified in or pursuant to Section 3.01 as being subject to Covenant Defeasance
with respect to such series (except as to (a) rights of registration of transfer and exchange of Securities of such series and
rights under Section 4.07, Section 10.02 and Section 10.03, (b) substitution of mutilated, destroyed, lost or stolen Securities
of such series, (c) rights of Holders of Securities of such series to receive, from the Company pursuant to Section 10.01, payments
of principal thereof and interest, if any, thereon upon the original stated due dates or upon the Redemption Dates therefor (but
not upon acceleration), and remaining rights of the Holders of Securities of such series to receive mandatory sinking fund payments,
if any, (d) the rights, obligations, duties and immunities of the Trustee hereunder and (e) the rights of the Holders of Securities
of such series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them),
and (ii) the occurrence of any event specified in Section 5.01(d) (with respect to any of the covenants specified in or pursuant
to Section 3.01 as being subject to Covenant Defeasance with respect to such series) shall be deemed not to be or result in a default
or an Event of Default, in each case with respect to the Outstanding Securities of such series as provided in this Section on and
after the date the conditions set forth in Section 4.04 are satisfied (hereinafter called “Covenant Defeasance”),
and the Trustee at the cost and expense of the Company, shall execute proper instruments acknowledging the same. For this purpose,
such Covenant Defeasance means that the Company may omit to comply with and shall have no liability in respect of any term, condition
or limitation set forth in any such covenant (to the extent so specified in the case of Section 5.01(d)), whether directly or indirectly
by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document, but the remainder of this Indenture and the Securities of such series shall be unaffected
thereby.

 

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Section 4.04         Conditions
To Defeasance Or Covenant Defeasance. The following shall be the conditions to application of either Section 4.02 or
Section 4.03 to the Outstanding Securities:

 

(a)          with
reference to Section 4.02 or Section 4.03, the Company has irrevocably deposited or caused to be irrevocably deposited with the
Trustee as funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of Securities
of such series (i) money in an amount, or (ii) U.S. Government Obligations or Equivalent Government Securities which through the
payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before
the due date of any payment, money in an amount, or (iii) a combination of (i) and (ii), sufficient, in the opinion (with respect
to (ii) and (iii)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund payments) of, premium,
if any, and interest on, the Outstanding Securities of such series on the dates such installments of interest, premium or principal
are due, including upon redemption; provided, however, that if such U.S. Government Obligations and Equivalent Government
Securities are callable or redeemable at the option of the issuer thereof, the amount of such money, U.S. Government Obligations,
and/or Equivalent Government Securities deposited with the Trustee must be sufficient to pay and discharge the entire indebtedness
referred to above if the issuer of any such U.S. Government Obligations or Equivalent Government Securities elects to exercise
such call or redemption provisions at any time prior to the Scheduled Maturity Date or Redemption Date of such Securities, as the
case may be. The Company, but not the Trustee, shall be responsible for monitoring any such call or redemption provision;

 

(b)          in
the case of Defeasance under Section 4.02, the Company has delivered to the Trustee an Opinion of Counsel based on the fact that
(x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (y) since the date
hereof, there has been a change in the applicable United States federal income tax law, in either case to the effect that, and
such opinion shall confirm that, the Holders of the Securities of such series will not recognize income, gain or loss for federal
income tax purposes as a result of such deposit, defeasance and discharge and will be subject to federal income tax on the same
amount and in the same manner and at the same times, as would have been the case if such deposit, Defeasance and discharge had
not occurred;

 

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(c)          in
the case of Covenant Defeasance under Section 4.03, the Company has delivered to the Trustee an Opinion of Counsel to the effect
that, and such opinion shall confirm that, the Holders of the Securities of such series will not recognize income, gain or loss
for federal income tax purposes as a result of such deposit and Covenant Defeasance and will be subject to federal income tax on
the same amount and in the same manner and at the same times, as would have been the case if such deposit and Covenant Defeasance
had not occurred;

 

(d)          no
Event of Default or event which, with notice or lapse of time or both, would become an Event of Default with respect to the Securities
of such series shall have occurred and be continuing on the date of such deposit, after giving effect to such deposit or, in the
case of a Defeasance under Section 4.02, no Event of Default specified in Section 5.01(e) or Section 5.01(f) shall have occurred,
at any time during the period ending on the 91st day after the date of such deposit or, if longer, ending on the day following
the expiration of the longest preference period applicable to the Company in respect of such deposit (it being understood that
this condition shall not be deemed satisfied until the expiration of such period);

 

(e)         such
Defeasance or Covenant Defeasance will not cause the Trustee to have a conflicting interest within the meaning of the TIA, assuming
all Securities of a series were in default within the meaning of the TIA;

 

(f)          such
Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any agreement or
instrument to which the Company is a party or by which it is bound;

 

(g)          such
Defeasance or Covenant Defeasance will not result in the trust arising from such deposit constituting an investment company within
the meaning of the Investment Company Act of 1940, as amended, unless the trust is registered under such Act or exempt from registration;

 

(h)          if
the Securities of such series are to be redeemed prior to their Stated Maturity Date (other than from mandatory sinking fund payments
or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory
to the Trustee shall have been made; and

 

(i)           the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for herein relating to such Defeasance or Covenant Defeasance, as the case may be, have been complied with.

 

Section 4.05        Application
of Trust Money; Excess Funds. All money and U.S. Government Obligations or Equivalent Government Securities (including
the proceeds thereof) deposited with the Trustee pursuant to Section 4.01 or Section 4.04 hereof shall be held in trust and applied
by it, in accordance with the provisions of this Indenture and of the series of Securities in respect of which it was deposited,
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, premium, if any, and interest, if any, for whose payment such
money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required
by law.

 

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The Company will pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations
or Equivalent Government Securities deposited pursuant to Section 4.01 or Section 4.04 hereof 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.

 

Anything in this Article
IV 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. Governmental Obligations or Equivalent Government Securities held by it as provided in Section 4.01 or Section 4.04
which, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 4.01 or Section 4.04,
as applicable), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent satisfaction
and discharge, Covenant Defeasance or Defeasance of the applicable series.

 

Section 4.06         Paying
Agent to Repay Moneys Held. Upon the satisfaction and discharge of this Indenture, all moneys then held by any Paying
Agent of the Securities (other than the Trustee) shall, upon demand of the Company, be repaid to it or paid to the Trustee, and
thereupon such Paying Agent shall be released from all further liability with respect to such moneys.

 

Section 4.07         Return
of Unclaimed Amounts. Any amounts deposited with or paid to the Trustee or any Paying Agent or then held by the Company,
in trust for payment of the principal of, premium, if any, or interest, if any, on the Securities and not applied but remaining
unclaimed by the Holders of such Securities for two years after the date upon which the principal of, premium, if any, or interest,
if any, on such Securities, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee
on Company Request or (if then held by the Company) shall be discharged from such trust; and the Holder of any of such Securities
shall thereafter look only to the Company for any payment which such Holder may be entitled to collect (until such time as such
unclaimed amounts shall escheat, if at all, under applicable law) 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. Notwithstanding the foregoing,
the Trustee or Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published
once a week for two successive weeks (in each case on any day of the week) in a newspaper printed in the English language and customarily
published at least once a day at least five days in each calendar week and of general circulation in the Borough of Manhattan,
in the City and State of New York, a notice that said amounts have not been so applied and that after a date named therein any
unclaimed balance of said amounts then remaining will be promptly returned to the Company.

 

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ARTICLE
V

REMEDIES

 

Section 5.01         Events
of Default. “Event of Default”, wherever used herein, means with respect to any series of Securities
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), unless such event is either inapplicable to a particular series or it is specifically
deleted or modified in the manner contemplated by Section 3.01:

 

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

 

(b)          default
in the payment of the principal amount of (or premium, if any, on) any Security of such series as and when the same shall become
due, either at Maturity, upon redemption, by declaration, or otherwise; or

 

(c)          default
in the payment of any sinking or purchase fund or analogous obligation when the same becomes due by the terms of the Securities
of such series and continuance of such default for a period of 30 days; or

 

(d)          default
in the performance or breach of any covenant or warranty of the Company in this Indenture in respect of the Securities of such
series (other than a covenant or warranty in respect of the Securities of such series a default in the performance of which or
the breach of which is elsewhere in this Section specifically dealt with), 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 the principal amount of the Outstanding Securities of such 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

 

(e)          the
entry of an order for relief against the Company under the Federal Bankruptcy Code by a court having jurisdiction in the premises
or a decree or order by a court having jurisdiction in the premises adjudging the Company a bankrupt or insolvent under any other
applicable Federal or State law, or the entry of a decree or order approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under the Federal Bankruptcy Code or any other applicable
Federal or State law, or appointing a 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 unstayed and in effect for a period of 90 consecutive days; or

 

(f)          the
consent by the Company to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under the Federal Bankruptcy Code or any other applicable Federal or State
law, or the consent by it to the filing of any such petition or to the appointment of a 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

 

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(g)          any
other Event of Default provided for with respect to the Securities of such series in accordance with Section 3.01.

 

A default under any
indebtedness of the Company other than the Securities will not constitute an Event of Default under this Indenture, and a default
under one series of Securities will not constitute a default under any other series of Securities. The Trustee shall not be charged
with knowledge of an Event of Default unless a Responsible Officer at the Corporate Trust Office has actual knowledge thereof.

 

Section 5.02         Acceleration
of Maturity; Rescission, and Annulment. If any Event of Default described in Section 5.01 above (other than Event of
Default described in Section 5.01(e) and Section 5.01(f)) shall have occurred and be continuing with respect to any series, then
and in each and every such case, unless the principal of all the Securities of such series shall have already become due and payable,
either the Trustee or the Holders of not less than 51% in aggregate principal amount of the Securities of such series then Outstanding
hereunder, by notice in writing to the Company (and to the Trustee if given by Holders), may declare the principal amount (or,
if the Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified
in the terms of that series) of all the Securities of such series and any and all accrued interest thereon to be due and payable
immediately, and upon any such declaration the same shall become and shall be immediately due and payable, any provision of this
Indenture or the Securities of such series to the contrary notwithstanding. If an Event of Default specified in Section 5.01(e)
or Section 5.01(f) occurs, the principal amount (or, if the Securities of such series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of that series) of the Securities of such series and any and all
accrued interest thereon shall immediately become and be due and payable without any declaration or other act on the party of the
Trustee or any Holder. No declaration of acceleration by the Trustee with respect to any series of Securities shall constitute
a declaration of acceleration by the Trustee with respect to any other series of Securities, and no declaration of acceleration
by the Holders of at least 51% in aggregate principal amount of the Outstanding Securities of any series shall constitute a declaration
of acceleration or other action by any of the Holders of any other series of Securities, in each case whether or not the Event
of Default on which such declaration is based shall have occurred and be continuing with respect to more than one series of Securities,
and whether or not any Holders of the Securities of any such affected series shall also be Holders of Securities of any other such
affected series.

 

At any time after such
a declaration of acceleration has been made with respect to the Securities of any series 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 not less than a majority
of the aggregate principal amount of the Outstanding Securities of such series, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if all Events of Default with respect to such series of Securities,
other than the nonpayment of the principal of the Securities of such series which have become due solely by such acceleration,
have been cured or waived as provided in Section 5.13, if such cure or waiver does not conflict with any judgment or decree set
forth in Section 5.01(e) and Section 5.01(f) and if all sums paid or advanced by the Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel have been paid.

 

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

 

Section 5.03         Collection
of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that if:

 

(a)          default
is made in the payment of any installment of interest on any Security of any series when such interest becomes due and payable,
or

 

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

 

(c)          default
is made in the payment of any sinking or purchase fund or analogous obligation when the same becomes due by the terms of the Securities
of any series, and

 

(d)          any
such default continues for any period of grace provided in relation to such default pursuant to Section 5.01, then, with respect
to the Securities of such series, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holder of any
such Security (or the Holders of any such series in the case of clause (c) above), the whole amount then due and payable on any
such Security (or on the Securities of any such series in the case of clause (c) above) for principal (and premium, if any) and
interest, if any, with interest (to the extent that payment of such interest shall be legally enforceable) upon the overdue principal
(and premium, if any) and upon overdue installments of interest, if any, at such rate or rates as may be prescribed therefor by
the terms of any such Security (or of Securities of any such series in the case of clause (c) above); 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 and all other amounts due the Trustee under Section
6.07.

 

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, and may prosecute such proceeding to judgment or final
decree, and may enforce the same against the Company or any other obligor upon the Securities of such series and collect the money
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.

 

If an Event of Default
with respect to any series of Securities 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.

 

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Section 5.04         Trustee
May File Proofs of Claim. 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 or interest) shall be entitled and empowered,
by intervention in such proceedings or otherwise,

 

(a)          to
file and prove a claim for the whole amount of principal (or, with respect to Original Discount Securities, such portion of the
principal amount as may be specified in the terms of such Securities), premium, if any, and interest, if any, owing and unpaid
in respect of the Securities, and to file such other papers or documents as may be necessary and 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 all other amounts due the Trustee under Section 6.07) and of the Securityholders allowed in such judicial
proceedings, and

 

(b)          to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized
by each Securityholder 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 Securityholders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee and its agent and counsel, and any other amounts due the Trustee under Section 6.07 hereof.

 

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

 

Section 5.05         Trustee
May Enforce Claims Without Possession of Securities. All rights of action and claims under this Indenture or the Securities
of any series may be prosecuted and enforced by the Trustee without the possession of any of the Securities of such series 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 and its agents and counsel, be for the ratable benefit of the
Holders of the Securities, of the series in respect of which such judgment has been recovered.

 

Section 5.06         Application
of Money Collected. Any money collected by the Trustee with respect to a series of Securities 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, premium, if any, or interest, if any, upon presentation of the Securities of such series and the notation
thereon of the payment, if only partially paid, and upon surrender thereof, if fully paid:

 

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First: To the
payment of all amounts due the Trustee under Section 6.07 hereof.

 

Second: To the
payment of the amounts then due and unpaid upon the Securities of that series for principal, premium, if any, interest, if any,
and additional amounts, if any, in respect of which or for the benefit of which such money has been collected, ratably, without
preference or priority of any kind.

 

Section 5.07         Limitation
on Suits. Except to enforce the right to receive payment of the principal amount of (or, in the case of Original Issue
Discount Securities, the portion thereby specified in the terms of such Security), 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

 

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

 

(b)          the
Holders of not less than 51% in principal amount of the Outstanding Securities of such 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;

 

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

 

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

 

(e)          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 such series; it being understood and intended that no one or more Holders
of Securities of such series 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 Holders of Securities of such series, or to obtain or to seek
to obtain priority or preference over any other such Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and proportionate benefit of all the Holders of all Securities of such series.

 

Section 5.08         Unconditional
Right of Securityholders 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, premium,
if any, and (subject to Section 3.07) interest, if any, (and additional amounts, if any) on such Security on or after the respective
payment dates expressed in such Security (or, in the case of redemption or repayment, on the Redemption Date or Repayment Date,
as the case may be) and to institute suit for the enforcement of any such payment on or after such respective date, and such right
shall not be impaired or affected without the consent of such Holder.

 

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Section 5.09         Restoration
of Rights and Remedies. If the Trustee or any Securityholder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, then and in every such case the Company,
the Trustee and the Securityholders shall, subject to any determination in such proceeding, be restored severally and respectively
to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Securityholders shall continue
as though no such proceeding had been instituted.

 

Section 5.10         Rights
and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to the Securityholders
is intended to be exclusive of any other right or remedy, and every right or 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 Security 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 Securityholders may
be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Securityholders, as the case
may be.

 

Section 5.12         Control
by Securityholders. 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

 

(a)          the
Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, determines that
the action so directed may not lawfully be taken or would conflict with this Indenture or if the Trustee in good faith shall, by
a Responsible Officer, determine that the proceedings so directed would involve it in personal liability or be unjustly prejudicial
to the Holders not taking part in such direction, and

 

(b)          the
Trustee may take any other action deemed proper by the Trustee which 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 a default not theretofore cured:

 

(a)          in
the payment of principal, premium, if any, or interest, if any, on any Security of such series, or in the payment of any sinking
or purchase fund or analogous obligation with respect to the Securities of such series, or

 

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

 

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. All parties to this Indenture agree, 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 or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable
costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Securityholder or group of Securityholders holding in the aggregate more
than 10% in principal amount of the Outstanding Securities of any series to which the suit relates, or to any suit instituted by
any Securityholder for the enforcement of the payment of principal, premium, if any, or interest, if any, on any Security on or
after the respective payment dates expressed in such Security (or, in the case of redemption or repayment, on or after the Redemption
Date or Repayment Date).

 

Section 5.15         Waiver
of 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 stay or extension law (other
than any bankruptcy 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.

 

ARTICLE
VI

THE TRUSTEE

 

Section 6.01         Certain
Duties and Responsibilities of Trustee.

 

(a)          Except
during the continuance of an Event of Default with respect to any series of Securities,

 

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

 

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(ii)         in
the absence of bad faith on its part, the Trustee may, with respect to Securities of such series, conclusively rely 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 on their face to the requirements of this Indenture (but need
not confirm or investigate the accuracy of calculations or other facts stated therein).

 

(b)          If
an Event of Default with respect to any series of Securities actually known to a Responsible Officer of the Trustee has occurred
and is continuing, the Trustee shall exercise, with respect to the Securities of such series, such of the rights and powers vested
in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of his own affairs.

 

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

 

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

 

(ii)         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 negligent in ascertaining the pertinent facts;

 

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

 

(iv)        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.

 

(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.

 

Section 6.02         Notice
of Defaults. Within 90 days after the occurrence of any default hereunder known to the Trustee with respect to Securities
of any series, the Trustee shall transmit by mail to all Securityholders of such series, as their names and addresses appear in
the Security Register, notice of such default hereunder, 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, premium, if any, or interest, if any, on any Security
of such series or in the payment of any sinking or purchase fund installment or analogous obligation 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 and/or Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the interests of the Securityholders of such series and; provided, further, that, in the case of any
default of the character specified in Section 5.01(d) with respect to Securities of such series, no such notice to Securityholders
of such series shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default”,
with respect to Securities of any series, 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.

 

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Section 6.03         Certain
Rights of Trustee. Except as otherwise provided in Section 6.01 above:

 

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

 

(b)          any
request, direction or order of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order
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, rely upon an Officers’ Certificate or Opinion of Counsel or both, and shall not be liable for any
action it takes or omits to take in good faith reliance on such certificate or opinion;

 

(d)          the
Trustee may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full
and complete authorization and protection from liability 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 Securityholders pursuant to this Indenture, unless such Securityholders shall have offered to the Trustee security
or indemnity reasonably satisfactory to the Trustee 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 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; and

 

(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.

 

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Section 6.04         Not
Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except the
certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for
their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.
The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

Section 6.05         May
Hold Securities. The Trustee or any Paying Agent, Security Registrar, or other agent of the Company, in its individual
or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.13 hereof, may otherwise
deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, or such other
agent.

 

Section 6.06         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 6.07         Compensation
and Reimbursement. The Company covenants and agrees

 

(a)          to
pay the Trustee from time to time, and the Trustee shall be entitled to, 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);

 

(b)          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 reasonable 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

 

(c)          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 this trust, including the reasonable 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.

 

Without prejudice to
any other rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 5.01(e) and Section 5.01(f) above, such expenses (including the reasonable charges
and expenses of its counsel) and compensation for such services are intended to constitute expenses of administration under any
applicable Federal or State bankruptcy, insolvency, reorganization, or other similar law.

 

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The Trustee shall have
a lien prior to the Securities upon all property and funds held or collected by it as such for any amount owing to it or any predecessor
Trustee pursuant to this Section 6.07, except with respect to funds held in trust for the benefit of the Holders of particular
Securities.

 

The provisions of this
Section shall survive the satisfaction and discharge of this Indenture.

 

Section 6.08         Disqualification;
Conflicting Interests. If the Trustee has or shall acquire any conflicting interest within the meaning of the Trust
Indenture Act, it shall either eliminate such interest or resign as Trustee with respect to one or more series of Securities, 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 such 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 6.09         Corporate
Trustee Required; Eligibility. There shall at all times be a Trustee hereunder with respect to each series of Securities
that shall be a corporation organized and doing business under the laws of the United States of America or of any State or Territory
thereof or of the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital
and surplus of at least $50,000,000, and subject to supervision or examination by Federal or State authority and qualified and
eligible under this Article VI. If such corporation publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such corporation 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 any series of Securities 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.

 

(a)          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 under Section 6.11.

 

(b)          The
Trustee may resign with respect to any one or more series of Securities at any time by giving at least 60 days’ written notice
thereof to the Company. If an instrument of acceptance by a successor Trustee 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.

 

(c)          The
Trustee may be removed with respect to any series of Securities at any time by Act of the Holders of 66 2/3% in principal amount
of the Outstanding Securities of that series, delivered to the Trustee and to the Company.

 

(d)          If
at any time:

 

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(i)          the
Trustee shall fail to comply with Section 6.08 above with respect to any series of Securities after written request therefor by
the Company or by any Securityholder who has been a bona fide Holder of a Security of that series for at least six months, or

 

(ii)         the
Trustee shall cease to be eligible under Section 6.09 above with respect to any series of Securities and shall fail to resign after
written request therefor by the Company or by any such Securityholder, or

 

(iii)        the
Trustee shall become incapable of acting with respect to any series of Securities, or

 

(iv)        the
Trustee 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
may remove the Trustee, with respect to the series or, in the case of clause (iv), with respect to all series, or (B) subject to
Section 5.14, any Securityholder who has been a bona fide Holder of a Security of such series for at least 6 months may, on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee with respect to the series or, in the case of clause (iv), with respect to all series.

 

(e)          If
the Trustee shall resign, be removed or become incapable of acting with respect to any series of Securities, or if a vacancy shall
occur in the office of Trustee with respect to any series of Securities for any cause, the Company shall promptly appoint a successor
Trustee for that series of Securities. If, within one year after such resignation, removal or incapacity, or the occurrence of
such vacancy, a successor Trustee with respect to such series of Securities shall be appointed by Act of the Holders of 66 2/3%
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, become the successor Trustee with respect to such
series and supersede the successor Trustee appointed by the Company with respect to such series. If no successor Trustee with respect
to such series shall have been so appointed by the Company or the Securityholders of such series and accepted appointment in the
manner hereinafter provided, any Securityholder who has been a bona fide Holder of a Security of that series for at least six months
may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of
a successor Trustee with respect to such series.

 

(f)          The
Company shall give notice of each resignation and each removal of the Trustee with respect to any series and each appointment of
a successor Trustee with respect to any series by mailing written notice of such event by first-class mail, postage prepaid, to
the Holders of Securities of that series as their names and addresses appear in the Security Register. Each notice shall include
the name of the successor Trustee and the address of its principal Corporate Trust Office.

 

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Section 6.11         Acceptance
of Appointment by Successor. Every successor Trustee appointed hereunder with respect to all series of Securities shall
execute, acknowledge and deliver to the Company and to the predecessor Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the predecessor Trustee shall become effective, and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the predecessor Trustee with respect
to any such series; but, on request of the Company or the successor Trustee, such predecessor Trustee shall, upon payment of its
reasonable charges, if any, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and
trusts of the predecessor Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money
held by such predecessor 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 predecessor
Trustee and each successor Trustee with respect to the Securities of any applicable series shall execute and deliver an indenture
supplemental hereto which (1) shall contain such provisions as shall be deemed necessary or desirable to transfer and to conform
to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the predecessor Trustee with respect to
the Securities of any series as to which the appointment of such successor Trustee relates and (2) if the predecessor 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 predecessor Trustee with respect to the Securities of any series as to which
the predecessor Trustee is not being succeeded shall continue to be vested in the predecessor 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; and, 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
with respect to any series of Securities shall accept its appointment unless at the time of such acceptance such successor Trustee
shall be qualified and eligible with respect to that series under this Article.

 

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Notwithstanding replacement
of the Trustee pursuant to this Section, the Company’s obligations under Section 6.07 hereof shall continue for the benefit
of the retiring Trustee.

 

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 of the corporate trust business of the Trustee, shall
be the successor of the Trustee hereunder, provided that 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 Trustee 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 Against Company. If and when the Trustee shall be or shall become a creditor, of the Company (or
of 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 against any such other obligor, as the case may be).

 

Section 6.14         Appointment
of Authenticating Agent. At any time when any of the Securities remain Outstanding the Trustee, with the approval of
the Company, 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 exchange, registration of transfer or partial
redemption thereof or pursuant to Section 3.06, 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 an 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, 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.

 

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An Authenticating Agent
may resign at any time by giving written notice thereof to the Trustee and, if other than the Company, 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,
if other than the Company, 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, with
the approval of the Company, may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail
written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect
to which such Authenticating Agent will serve, as their names and addresses appear in the Security Register. 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 originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

 

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, the Securities of such series may have endorsed thereon, in addition
to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

_____________________,
as Trustee

 

	By:	 	 
	 	As Authenticating Agent	 
	 	 	 
	By:	 	 
	 	Authorized Officer	 

 

ARTICLE
VII

SECURITYHOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 7.01         Company
to Furnish Trustee Names and Addresses of Securityholders. The Company will furnish or cause to be furnished to the
Trustee:

 

(a)          semiannually,
not more than 15 days after January 1 and July 1 in each year, in such form as the Trustee may reasonably require, a list of the
names and addresses of the Holders of Securities of each series as of such date, and

 

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

 

provided that if the Trustee shall
be the Security Registrar for such series, such list shall not be required to be furnished.

 

Section 7.02         Preservation
of Information; Communications to Securityholders.

 

(a)          The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of Securities contained
in the most recent list furnished to the Trustee as provided in Section 7.01 and the names and addresses of Holders of Securities
received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in
Section 7.01 upon receipt of a new list so furnished.

 

(b)          If
three or more Holders of Securities of any series (hereinafter referred to as “applicants”) apply in writing
to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Security of such series for a
period of at least six months preceding the date of such application, and such application states that the applicants desire to
communicate with other Holders of Securities of such series or with the Holders of all Securities with respect to their rights
under this Indenture or under such Securities and is accompanied by a copy of the form of proxy or other communication which such
applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its
election, either:

 

(i)          afford
such applicants access to the information preserved at the time by the Trustee in accordance with Section 7.02(a), or

 

(ii)         inform
such applicants as to the approximate number of Holders of Securities of such series or all Securities, as the case may be, whose
names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 7.02(a), and as to
the approximate cost of mailing to such Securityholders the form of proxy or other communication, if any, specified in such application.

 

If the Trustee shall
elect not to afford such applicants access to such information, the Trustee shall, upon the written request of such applicants,
mail to each Holder of a Security of such series or to all Securityholders, as the case may be, whose names and addresses appear
in the information preserved at the time by the Trustee in accordance with Section 7.02(a), a copy of the form of proxy or other
communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be
mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after such
tender, the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed,
a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of
the Holders of Securities of such series or all Securityholders, as the case may be, or would be in violation of applicable law.
Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections
specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry
of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that
all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material
to all Securityholders of such series or all Securityholders, as the case may be, with reasonable promptness after the entry of
such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants
respecting their application.

 

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(c)          Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the
Trustee shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders
of Securities in accordance with Section 7.02(b), regardless of the source from which such information was derived, and that the
Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 7.02(b).

 

Section 7.03         Reports
by Trustee.

 

(a)          The
Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant
to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust
Indenture Act, the Trustee shall, within 60 days after each June 1 following the date of this Indenture, deliver to each Holder,
as provided in Trust Indenture Act Section 313(c), a brief report dated as of such June 1, which complies with the provisions of
such Section 313(a).

 

(b)          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 as required by Trust Indenture Act Section 313(d). The
Company will promptly notify the Trustee when any Securities are listed on any stock exchange.

 

Section 7.04         Reports
by Company. The Company will:

 

(a)          file
with the Trustee, within 30 days after the Company is required to file 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 Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or
reports pursuant to either of said Sections, then it will file with the Trustee and the Commission, in accordance with 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 Securities Exchange Act of 1934 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;

 

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(b)          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

 

(c)          transmit
by mail to all Securityholders, 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
(a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.

 

ARTICLE VIII

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

 

Section 8.01         Company
May Consolidate, etc., Only on Certain Terms. The Company shall not consolidate with or merge into any other corporation
or convey or transfer all or substantially all of its properties and assets and the properties and assets of the Subsidiaries,
taken as a whole, to any Person, unless:

 

(a)          either
the Company shall be the continuing corporation, or the corporation formed by such consolidation or into which the Company is merged
or the Person which acquires by conveyance or transfer all or substantially all of the properties and assets of the Company and
the Subsidiaries, taken as a whole, shall be a corporation organized and existing under the laws of the United States of America
or any State or the District of Columbia, and shall expressly assume, by an indenture supplemental hereto, executed and delivered
to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal, premium, if any, and interest,
if any, on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed
or observed;

 

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

 

(c)          the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that any such consolidation,
merger, conveyance or transfer and any assumption permitted or required by this Article complies with the provisions of this Article.

 

Section 8.02         Successor
Corporation Substituted. Upon any consolidation or merger, or any conveyance or transfer of all or substantially all
of the properties and assets of the Company in accordance with Section 8.01, the successor corporation formed by such consolidation
or into which the Company is merged or the Person to which such conveyance or transfer is made shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation
had been named as the Company herein and the Company shall thereupon be released from all obligations hereunder and under the Securities.
Such successor corporation thereupon may cause to be signed and may issue any or all of the Securities issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor corporation,
instead of the Company, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver any Securities which previously shall have been signed and delivered by the officers of the Company
to the Trustee for authentication, and any Securities which such successor corporation thereafter shall cause to be signed and
delivered to the Trustee for that purpose. All of the Securities so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though
all of such Securities had been issued at the date of the execution hereof.

 

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

 

ARTICLE IX

SUPPLEMENTAL INDENTURES

 

Section 9.01         Supplemental
Indentures Without Consent of Securityholders. Without the consent of the Holders of any Securities, the Company and
the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform
to the provisions of the Trust Indenture Act as in force at the date of execution thereof), in form satisfactory to the Trustee,
for any of the following purposes:

 

(a)          to
evidence the succession of another corporation to the Company, or successive successions, and the assumption by any such successor
of the covenants, agreements and obligations of the Company pursuant to Article VIII hereof; or

 

(b)          to
add to the covenants of the Company such further covenants, restrictions or conditions for the protection of the Holders of the
Securities of any or all series as the Company and the Trustee shall consider to be for the protection of the Holders of the Securities
of any or all series or to surrender any right or power herein conferred upon the Company (and if such covenants or the surrender
of such right or power are to be for the benefit of less than all series of Securities, stating that such covenants are expressly
being included or such surrenders are expressly being made solely for the benefit of one or more specified series); or

 

(c)          to
cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or
in any supplemental indenture, or to make any other provisions with respect to matters or questions arising under this Indenture
that do not adversely affect the interests of the Holders of Securities of any series in any material respect; or

 

(d)          to
add to this Indenture such 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 as in effect at the date as of which this instrument is executed or
any corresponding provision in any similar federal statute hereafter enacted; or

 

(e)          to
add guarantors or co-obligors with respect to any series of Securities; or

 

(f)          to
secure any series of Securities; or

 

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(g)          to
establish any form of Security, as provided in Article II hereof, and to provide for the issuance of any series of Securities,
as provided in Article III hereof, and to set forth the terms thereof, and/or to add to the rights of the Holders of the Securities
of any series; or

 

(h)          to
evidence and provide for the acceptance of appointment by another corporation as a successor Trustee hereunder with respect to
one or more series of Securities 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 Section 6.11 hereof; or

 

(i)          to
add any additional Events of Default in respect of the Securities of any or all series (and if such additional Events of Default
are to be in respect of less than all series of Securities, stating that such Events of Default are expressly being included solely
for the benefit of one or more specified series); or

 

(j)          to
comply with the requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture
Act; or

 

(k)          to
make any change in any series of Securities that does not adversely affect in any material respect the interests of the Holders
of such Securities.

 

Section 9.02         Supplemental
Indentures With Consent of Securityholders. With the consent of the Holders of not less than a majority in principal
amount of the Outstanding Securities of each series affected by such supplemental indenture or indentures, by Act of said Holders
delivered to the Company and the Trustee, the Company and the Trustee may from time to time and at any time enter into an indenture
or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities
of each such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent
of the Holder of each Outstanding Security affected thereby:

 

(a)          change
the Scheduled Maturity Date or the stated payment date of any payment of premium or interest payable on any Security, or reduce
the principal amount thereof, or any amount of interest or premium payable thereon; or

 

(b)          change
the method of computing the amount of principal of any Security or any interest payable thereon on any date, or change any Place
of Payment where, or the coin or currency in which, any Security or any payment of premium or interest thereon is payable; or

 

(c)          impair
the right to institute suit for the enforcement of any payment described in clauses (a) or (b) on or after the same shall become
due and payable, whether at Maturity or, in the case of redemption or repayment, on or after the Redemption Date or the Repayment
Date, as the case may be; or

 

(d)          change
or waive the redemption or repayment provisions of any series; or

 

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(e)          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

 

(f)          modify
any of the provisions of this Section or Section 5.13, 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, or the deletion of this proviso, in accordance
with the requirements of Sections 6.11 and 9.01(h); or

 

(g)          adversely
affect the ranking or priority of the Outstanding Security (or series thereof) of such Holder; or

 

(h)          release
any guarantor or co-obligor from any of its obligations under its Guarantee of such Outstanding Security or this Indenture, except
in compliance with the terms of this Indenture; or

 

(i)          waive
any Event of Default pursuant to Section 5.01(a), Section 5.01(b) or Section 5.01(c) hereof with respect to such Security.

 

A supplemental indenture
that changes or eliminates any covenant or other provision of this Indenture that has expressly been included solely for the benefit
of one or more particular series of Securities, or that 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 Securityholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof.

 

Section 9.03         Execution
of Supplemental Indentures. Upon request of the Company and upon filing with the Trustee of evidence of an Act of Securityholders
as aforementioned, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee’s own rights, powers, trusts, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 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 Section 6.01) 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.

 

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Section 9.04         Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture shall
be and be deemed to be modified and amended in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and the respective rights, limitation of rights, duties, powers, trusts and immunities under this Indenture
of the Trustee, the Company, and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall
be determined, exercised and enforced thereunder to the extent provided therein.

 

Section 9.05         Conformity
With Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the requirements
of the Trust Indenture Act as then in effect.

 

Section 9.06         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
so modified as to conform, in the opinion of the Trustee and the Company, to any modification of this Indenture contained in any
such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange
for Outstanding Securities.

 

ARTICLE X

COVENANTS

 

Section 10.01         Payment
of Principal, Premium and Interest. With respect to each series of Securities, the Company will duly and punctually
pay or cause to be paid the principal, premium, if any, and interest, if any, on such Securities in accordance with their terms
and this Indenture, and will duly comply with all the other terms, agreements and conditions contained in the Indenture for the
benefit of the Securities of such series.

 

Section 10.02         Maintenance
of Office or Agency. So long as any of the Securities remain outstanding, the Company will maintain an office or agency
in each Place of Payment where Securities may be presented or surrendered for payment, where Securities may be surrendered for
registration of transfer or exchange, and where notices and demands to or upon the Company in respect of the Securities and this
Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and of any change in the location,
of such office or agency. If at any time the Company shall fail to maintain such 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 its agent to receive all such presentations, surrenders, notices
and demands.

 

Section 10.03         Money
or Security Payments to Be Held in Trust. If the Company shall at any time act as its own Paying Agent for any series
of Securities, it will, on or before each due date of the principal, premium, if any, or interest, if any, on any of the Securities
of such series, segregate and hold in trust for the benefit of the Holders of the Securities of such series a sum sufficient to
pay such principal, premium, or interest so becoming due until such sums shall be paid to such Holders of such Securities or otherwise
disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act.

 

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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, premium, if
any, or interest, if any, on any Securities of such series, deposit with a Paying Agent a sum sufficient to pay such principal,
premium, or interest so becoming due, such sum to be held in trust for the benefit of the Holders of the Securities entitled to
the same 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 other than the Trustee for any series of Securities 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

 

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

 

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

 

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

 

The Company may, at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture with respect to any series of Securities 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 in respect of each and every series of Securities as to which it seeks to discharge this Indenture or, if
for any other purpose, all sums so held in trust by the Company in respect of all Securities, 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.

 

Section 10.04         Certificate
to Trustee. The Company will deliver to the Trustee within 120 days after the end of each fiscal year, an Officers’
Certificate, one of whose signatories shall be the Company’s principal executive, accounting or financial officer, stating
that in the course of the performance by the signers of their duties as officers of the Company they would normally have knowledge
of any default by the Company in the performance of any of its covenants, conditions or agreements contained herein (without regard
to any period of grace or requirement of notice provided hereunder), stating whether or not they have knowledge of any such default
and, if so, specifying each such default of which the signers have knowledge and the nature thereof.

 

Section 10.05         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.

 

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ARTICLE XI

REDEMPTION OF SECURITIES

 

Section 11.01         Applicability
of Article. The Company may reserve the right to redeem and pay before the Scheduled Maturity Date all or any part of
the Securities of any series, either by optional redemption, sinking or purchase fund or analogous obligation or otherwise, by
provision therefor in the form of Security for such series established and approved pursuant to Section 2.02 and 2.03 or as otherwise
provided in Section 3.01, and on such terms as are specified in such form or in the indenture supplemental hereto with respect
to Securities of such series as provided in Section 3.01. Redemption of Securities of any series shall be made in accordance with
the terms of such Securities and, to the extent that this Article does not conflict with such terms, the succeeding Sections of
this Article.

 

Section 11.02         Election
to Redeem; Notice to Trustee. In case of any redemption at the election of the Company, the Company shall, at least
60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee) notify
the Trustee in writing of such Redemption Date and of the maturities and principal amount of each such maturity of Securities of
such series to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election of the Company
which is subject to a condition specified 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 or condition.

 

Section 11.03         Selection
by Trustee of Securities to be Redeemed. If fewer than all the Securities of any maturity of any series are to be redeemed,
the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and
appropriate, which may include provision for the selection for redemption of portions of the principal of Securities of such series
of a denomination larger than the minimum authorized denomination for Securities of that series. Unless otherwise provided in the
terms of a particular series of Securities, the portions of the principal of Securities so selected for partial redemption shall
be equal to the minimum authorized denomination of the Securities of such series, or an integral multiple thereof, and the principal
amount which remains outstanding shall not be less than the minimum authorized denomination for Securities of such series.

 

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

 

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

 

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Section 11.04         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, to each Holder of Securities to be redeemed, at such Holder’s address appearing
in the Security Register on the applicable Record Date.

 

All notices of redemption
shall state:

 

(1)         the
Redemption Date;

 

(2)         the
Redemption Price, or if not then ascertainable, the manner of calculation thereof;

 

(3)         if
fewer than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the respective principal amounts) of the Securities to be redeemed, from the Holder to whom the notice is given and that on and
after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of the same series in the aggregate
principal amount equal to the unredeemed portion thereof will be issued in accordance with Section 11.07;

 

(4)         that
on the Redemption Date the Redemption Price will become due and payable upon each such Security, and that interest, if any, thereon
shall cease to accrue from and after said date;

 

(5)         the
place where such Securities are to be surrendered for payment of the Redemption Price, which shall be the office or agency maintained
by the Company in the Place of Payment pursuant to Section 10.02 hereof; and

 

(6)         that
the redemption is on account of a sinking or purchase fund, or other analogous obligation, if that be the case.

 

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 business days prior to the date on which notice is to be given, by the Trustee in the name and at the expense of
the Company.

 

Section 11.05         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 10.03) an amount
of money, in immediately available funds, sufficient to pay the Redemption Price of all the Securities which are to be redeemed
on that date.

 

Section 11.06         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) such Securities shall cease to bear interest. Upon surrender of such
Securities for redemption in accordance with the notice, such Securities shall be paid by the Company at the Redemption Price.
Any installment of interest due and payable on or prior to the Redemption Date shall be payable to the Holders of such Securities
registered as such on the relevant Record Date according to the terms and the provisions of Section 3.07 above, unless, with respect
to an Interest Payment Date that falls on a Redemption Date, such Securities provide that interest due on such date is to be paid
to the Person to whom principal is payable.

 

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If any Security called
for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid, bear interest from
the Redemption Date at the rate borne by the Security, or as otherwise provided in such Security.

 

Section 11.07         Securities
Redeemed in Part. Any Security that is to be redeemed only in part shall be surrendered at the office or agency maintained
by the Company in the Place of Payment pursuant to Section 10.02 hereof with respect to that series (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 his 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 and at the expense of the Company, a new Security
or Securities of the same series, tenor, terms and Scheduled Maturity Date, 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.

 

Section 11.08         Provisions
with Respect to any Sinking Funds. Unless the form or terms of any series of Securities shall provide otherwise, in
lieu of making all or any part of any mandatory sinking fund payment with respect to such series of Securities in cash, the Company
may at its option (a) deliver to the Trustee for cancellation any Securities of such series theretofore acquired by the Company,
or (b) receive credit for any Securities of such series (not previously so credited) acquired or redeemed by the Company (other
than through operation of a mandatory sinking fund) and theretofore delivered to the Trustee for cancellation, and if it does so
then (i) Securities so delivered or credited shall be credited at the applicable sinking fund Redemption Price with respect to
Securities of such series, and (ii) on or before the 60th day next preceding each sinking fund Redemption Date with respect to
such series of Securities, the Company will deliver to the Trustee (A) an Officers’ Certificate specifying the portions of
such sinking fund payment to be satisfied by payment of cash and by the delivery or credit of Securities of such series acquired
or redeemed by the Company, and (B) such Securities, to the extent not previously surrendered. Such Officers’ Certificate
shall also state the basis for any such credit and that the Securities for which the Company elects to receive credit have not
been previously so credited and were not acquired by the Company through operation of the mandatory sinking fund, if any, provided
with respect to such Securities and shall also state that no Event of Default with respect to Securities of such series has occurred
and is continuing. All Securities so delivered to the Trustee shall be canceled by the Trustee and no Securities shall be authenticated
in lieu thereof.

 

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If the sinking fund payment
or payments (mandatory or optional) with respect to any series of Securities made in cash plus any unused balance of any preceding
sinking fund payments with respect to Securities of such series made in cash shall exceed $50,000 (or a lesser sum if the Company
shall so request), unless otherwise provided by the terms of such series of Securities, that cash shall be applied by the Trustee
on the sinking fund Redemption Date with respect to Securities of such series next following the date of such payment to the redemption
of Securities of such series at the applicable sinking fund Redemption Price with respect to Securities of such series, together
with accrued interest, if any, to the date fixed for redemption, with the effect provided in Section 11.06. The Trustee shall select,
in the manner provided in Section 11.03, for redemption on such sinking fund Redemption Date a sufficient principal amount of Securities
of such series to utilize that cash and shall thereupon cause notice of redemption of the Securities of such series for the sinking
fund to be given in the manner provided in Section 11.04 (and with the effect provided in Section 11.06) for the redemption of
Securities in part at the option of the Company. Any sinking fund moneys not so applied or allocated by the Trustee to the redemption
of Securities of such series shall be added to the next cash sinking fund payment with respect to Securities of such series received
by the Trustee and, together with such payment, shall be applied in accordance with the provisions of this Section 11.08. Any and
all sinking fund moneys with respect to Securities of any series held by the Trustee at the Maturity of Securities of such series,
and not held for the payment or redemption of particular Securities of such series, shall be applied by the Trustee, together with
other moneys, if necessary, to be deposited sufficient for the purpose, to the payment of the principal of the Securities of such
series at Maturity.

 

On or before each sinking
fund Redemption Date provided with respect to Securities of any series, the Company shall pay to the Trustee in cash a sum equal
to all accrued interest, if any, to the date fixed for redemption on Securities to be redeemed on such sinking fund Redemption
Date pursuant to this Section 11.08.

 

The Trustee shall not redeem
any Securities with sinking fund moneys or give any notice of redemption of Securities by operation of the applicable sinking fund
during the continuance of a default in payment of interest on Securities of such series or of any Event of Default with respect
to such series, except that if the notice of redemption of any Securities shall theretofore have been mailed in accordance with
the provisions hereof, the Trustee shall redeem such Securities if cash sufficient for that purpose shall be deposited with the
Trustee for that purpose in accordance with the terms of this Article XI. Except as aforesaid, any moneys in the sinking fund with
respect to Securities of any series at the time when any such default or Event of Default with respect to such series shall occur,
and any moneys thereafter paid into such sinking fund shall, during the continuance of such default or Event of Default with respect
to such series, be held as security for the payment of all Securities of such series; provided, however, that in case such
default or Event of Default with respect to such series shall have been cured or waived as provided herein, such moneys shall thereafter
be applied on the next sinking fund payment date on which such moneys may be applied pursuant to the provisions of this Section
11.08.

 

ARTICLE XII

REPAYMENT AT OPTION OF HOLDERS

 

Section 12.01         Applicability
of Article. Repayment of Securities of any series before their Scheduled Maturity Date at the option of Holders thereof
shall be made in accordance with the terms of such Securities and (except as otherwise specified as contemplated by Section 3.01
for Securities of any series) in accordance with this Article.

 

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Section 12.02         Repayment
of Securities. Securities of any series subject to repayment in whole or in part at the option of the Holders thereof
will, unless otherwise provided in the terms of such Securities, be repaid at a price equal to the principal amount thereof, together
with interest thereon accrued to the Repayment Date specified in the terms of such Securities. On or before the Repayment Date,
the Company will 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 10.03) an amount of money, in immediately available funds, sufficient to pay the Repayment
Price of all the Securities which are to be repaid on such date.

 

Section 12.03         Exercise
of Option. Securities of any series subject to repayment at the option of the Holders thereof will contain an “Option
to Elect Repayment” form on the reverse of such Securities. To be repaid at the option of the Holder, any Security so
providing for such repayment, with the “Option to Elect Repayment” form on the reverse of such Security duly
completed by the Holder, must be received by the Company at the Place of Payment therefor specified in the terms of such Security
(or at such other place or places of which the Company shall from time to time notify the Holders of such Securities) not earlier
than 30 days nor later than 15 days prior to the Repayment Date. If less than the entire principal amount of such Security is to
be repaid in accordance with the terms of such Security, the principal amount of such Security to be repaid, in increments of $1,000
unless otherwise specified in the terms of such Security, and the denomination or denominations of the Security or Securities to
be issued to the Holder for the portion of the principal amount of such Security surrendered that is not to be repaid must be specified.
The principal amount of any Security providing for repayment at the option of the Holder thereof may not be repaid in part, if,
following such repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination of
Securities of the series of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any
Security providing for repayment at the option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable
unless waived by the Company.

 

Section 12.04         When
Securities Presented for Repayment Become Due and Payable. If Securities of any series providing for repayment at the
option of the Holders thereof shall have been surrendered as provided in this Article and as provided by the terms of such Securities,
such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and shall be paid by the
Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the Company shall default in the
payment of such Securities on such Repayment Date) interest on such Securities or the portions thereof, as the case may be, shall
cease to accrue.

 

Section 12.05         Securities
Repaid in Part. Upon surrender of any Security which is to be repaid in part only, the Company shall execute and the
Trustee shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company,
a new Security or Securities of the same series, tenor, terms and Scheduled Maturity Date, of any authorized denomination specified
by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal of such Security so surrendered
which is not to be repaid.

 

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ARTICLE XIII

SUBORDINATION

 

Section 13.01         Agreement
to Subordinate. The Company covenants and agrees, and each Holder of a Security issued hereunder, by such Holder’s
acceptance thereof, likewise covenants and agrees, that all Securities issued hereunder shall be issued subject to the provisions
of this Article; and each Person holding any Security issued hereunder, whether upon original issue or upon transfer, assignment
or exchange thereof, accepts and agrees that the principal of and interest on all Securities issued hereunder shall, to the extent
and in the manner herein set forth, be subordinated and subject in right of payment to the prior payment in full of all Senior
Indebtedness, and that the subordination is for the benefit of the holders of the Senior Indebtedness.

 

Section 13.02         Payments
to Securityholders. As to each series of Securities, if any, issued hereunder, in the event (a) of any insolvency or
bankruptcy proceedings, or any receivership, dissolution, winding-up, total or partial liquidation, reorganization or other similar
proceedings in respect of the Company or a substantial part of its property, whether voluntary or involuntary, or (b) that (i)
a default shall have occurred with respect to the payment of principal of or premium, if any, or interest, if any, on or other
monetary amounts due and payable with respect to any Senior Indebtedness, or (ii) there shall have occurred an event of default
(other than a default in the payment of principal of or premium, if any, or interest, if any, on or other monetary amounts due
and payable) in respect of any Senior Indebtedness, as defined in such Senior Indebtedness or in the instrument under which the
same is outstanding, permitting the holder or holders thereof to accelerate the maturity thereof, and such default or event of
default shall not be cured or was continued beyond the period of grace, if any, in respect thereof, and such default or event of
default shall not have been waived or shall not have ceased to exist, or (c) separately with respect to each series of Securities
issued hereunder, that the principal of or premium, if any, and accrued interest, if any, on such Securities shall have been declared
due and payable pursuant to Section 5.01 and such declaration shall not have been rescinded and annulled as provided in Section
5.01, then the holders of all Senior Indebtedness shall first be entitled to receive payment in full of all amounts due or to become
due thereon, or provision shall be made, in accordance with the terms of such Senior Indebtedness, for such payment in money or
money’s worth, before the Holders of such series of Securities issued hereunder are entitled to receive a payment on account
of the principal of or premium, if any, or interest, if any, on the indebtedness evidenced by such series of Securities, including,
without limitation, any payments made pursuant to Article XI, or any cash payments to purchase such series of Securities at the
option of the Holders thereof.

 

Upon any such insolvency
or bankruptcy proceeding, receivership, dissolution, winding-up, total or partial liquidation, reorganization, or other similar
proceeding referred to in clause (a) of the immediately preceding paragraph, any payment 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 under
this Indenture would be entitled, except for the provisions hereof, shall be paid by the Company or by any receiver, trustee in
bankruptcy, liquidating trustee, agent or other Person making such payment or distribution or, to the extent required by the next
succeeding paragraph, by the Holders of the Securities or the Trustee, if received by them or it, directly to the holders of Senior
Indebtedness (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders) or their
respective representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any
of such Senior Indebtedness may have been issued, as their respective interests may appear, to the extent necessary to pay all
Senior Indebtedness in full after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness,
before any payment or distribution is made to the Holders of the Indebtedness evidenced by the Securities issued hereunder (including
any cash payments to repurchase such Securities at the option of the Holders thereof) or to the Trustee under this Indenture.

 

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In the event that, notwithstanding
the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities,
prohibited by the foregoing provisions of this Section, shall be received by the Trustee under this Indenture or the Holders of
the Securities before all Senior Indebtedness is paid in full or provision is made for such payment in accordance with its terms,
and if such fact shall, at or prior to the time of such payment or distribution, have been known to the Trustee, then such payment
or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of such Senior Indebtedness
or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing
any of such Senior Indebtedness may have been issued, as their respective interests may appear, for application to the payment
of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full in accordance with
its terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness.

 

For purposes of this Article
only, 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 arrangement, reorganization or readjustment,
the payment of which is subordinated (at least to the extent provided in this Article with respect to the Securities) to the payment
of all Senior Indebtedness which may at the time be outstanding; provided that (i) the Senior Indebtedness is assumed by the new
corporation, if any, resulting from any such arrangement, reorganization or readjustment, and (ii) the rights of the holders of
the Senior Indebtedness are not, without the consent of such holders, altered by such arrangement, reorganization or readjustment.
The consolidation of the Company with, or the merger of the Company with or into, another corporation or the liquidation or dissolution
of the Company following the conveyance or transfer of all or substantially all of its assets to another corporation upon the terms
and conditions provided in Article VIII shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes
of this Section if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the
conditions stated in Article VIII. Nothing in this Section shall apply to claims of, or payments to, the Trustee under or pursuant
to Article VI, except as expressly provided therein. This Section shall be subject to the further provisions of Section 13.05.

 

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Section 13.03         Subrogation.
Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities subject to the provisions of Section 13.02
shall be subrogated (equally and ratably with the holders of all obligations of the Company which by their express terms are subordinated
to Senior Indebtedness of the Company to the same extent as the Securities are subordinated and which are entitled to like rights
of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities
of the Company applicable to the Senior Indebtedness until the principal of or, premium, if any, and interest, if any, on such
Securities shall be paid in full; and, for the purpose of such subrogation, no payments or distributions to the holders of the
Senior Indebtedness of any cash, property or securities to which the Holders of such Securities or the Trustee on their behalf
would be entitled except for the provisions of this Article, and no payment over pursuant to the provisions of this Article to
the holders of Senior Indebtedness by Holders of such Securities or the Trustee on their behalf shall, as between the Company,
its creditors other than holders of Senior Indebtedness and the Holders of such Securities, be deemed to be a payment by the Company
to or on account of the Senior Indebtedness; 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 provision of this Article, which would otherwise have been paid to
the holders of Senior Indebtedness, shall be deemed to be a payment by the Company to or for the account of such Securities. The
provisions of this Article are intended solely for the purpose of defining the relative rights of the Holders of the Securities,
on the one hand, and the holders of the Senior Indebtedness, on the other hand.

 

Nothing contained in this
Article or elsewhere in this Indenture or in the Securities is intended to or shall impair, as between the Company, its creditors
other than the holders of Senior Indebtedness, 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 or premium, if any, and interest, if any, 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 against the Company of the Holders of the Securities and creditors of the Company other than the holders of Senior Indebtedness,
nor shall anything herein or therein prevent the Holder of any Security or the Trustee on his behalf from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the
holders of Senior Indebtedness 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, the Trustee, subject to the provisions of Section 6.01 and Section 6.03,
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 insolvency, bankruptcy, dissolution, winding-up, liquidation, arrangement or reorganization proceedings are pending,
or a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution,
delivered to the Trustee or to the Holders of the Securities, for the purpose of ascertaining the Persons entitled to participate
in such distribution, the holders of the Senior Indebtedness and other Indebtedness of the 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 13.04         Authorization
by Securityholders. Each Holder of a Security by his acceptance thereof authorizes the Trustee on such Holder’s
behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints
the Trustee his attorney-in-fact for any and all such purposes.

 

    	60

    	 

    

 

Section 13.05         Notice
to Trustee. The Company shall give prompt written notice to 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. Regardless of anything to the contrary contained in this Article or elsewhere
in this Indenture, the Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness or of any default
or event of default with respect to any Senior Indebtedness or of any other facts which would prohibit the making of any payment
of monies to or by the Trustee in respect of the Securities, unless and until the Trustee shall have received notice in writing
(which may be by telegram, telecopy or other similar writing) at its Corporate Trust Office to that effect signed by an officer
of the Company, or by a holder or agent of a holder of Senior Indebtedness who shall have been certified by the Company or otherwise
established to the reasonable satisfaction of the Trustee to be such holder or agent, or by the trustee under any indenture pursuant
to which Senior Indebtedness shall be outstanding, and, prior to the receipt of any such written notice, the Trustee shall, subject
to Section 6.01 and Section 6.03, be entitled to assume that no such facts exist; provided that if on a date at least two Business
Days prior to the date upon which by the terms hereof any such monies shall become payable for any purpose (including, without
limitation, the payment of the principal of or premium, if any, or interest, if any, on any Security) the Trustee shall not have
received with respect to such monies the notice provided for in this Section, then, regardless of anything herein to the contrary,
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.

 

Regardless of anything
to the contrary herein (but subject, in the case of clause (a) of this paragraph, to the second paragraph of Section 13.02), nothing
shall prevent (a) any payment by the Company or the Trustee to the Securityholders of amounts in connection with a redemption of
Securities if (i) notice of such redemption has been given pursuant to Article XI prior to the receipt by the Trustee of written
notice as aforesaid, and (ii) such notice of redemption is given not earlier than 60 days before any redemption date, or (b) any
payment by the Trustee to the Securityholders of amounts deposited with it pursuant to Section 4.01, provided, that, in the case
of Section 4.02, the applicable Securities are deemed to have been paid and discharged, and in the case of Section 4.01, the Trustee
shall not have received, by at least two Business Days prior to the date of execution of instruments acknowledging the satisfaction
of and discharge of this Indenture with respect to the applicable Securities, the notice provided in the preceding paragraph.

 

Subject to Section 6.01
and Section 6.03, the Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself
to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a
holder of Senior Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee determines in good faith
that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in
any payment or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled
to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article, and
if such evidence is not furnished the Trustee may defer any payment to such Person pending judicial determination as to the right
of such Person to receive such payment.

 

    	61

    	 

    

 

Section 13.06         Trustee’s
Relation to Senior Indebtedness. The Trustee and any agent of the Company or the Trustee shall be entitled to all the
rights set forth in this Article with respect to any Senior Indebtedness which may at any time be held by it in its individual
or any other capacity to the same extent as any other holder of Senior Indebtedness and nothing in the first paragraph of Section
6.14 or elsewhere in this Indenture shall deprive the Trustee or any such agent of any of its rights as such holder. Nothing in
this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.07.

 

With respect to the holders
of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically
set forth in this Article, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be
read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness and, subject to the provisions of Section 6.01 and Section 6.03, the Trustee shall not be liable to any holder of
Senior Indebtedness if it shall in good faith pay over or deliver to Holders of Securities, the Company or any other Person monies
or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article or otherwise.

 

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

 

(signature page follows)

 

    	62

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and
attested; all as of the day and year first above written.

 

	 	 	SERVISFIRST BANCSHARES, INC.
	 	 	 	 
	 	 	By:	 
	 	 	Name:  	 
	 	 	Title:	 

 

	Attest:	 	 
	 	 	 	 
	By:	 	 	 
	Name: 	 	 	 
	Title:	 	 	 

 

	 	 	___________________________, TRUSTEE
	 	 	 	 
	 	 	By:	 
	 	 	Name:  	 
	 	 	Title:	 

 

	Attest:	 	 
	 	 	 	 
	By:	 	 	 
	Name: 	 	 	 
	Title:	 	 	 

 

    	63

    	 

    

 

	State of 	 	 	 
	 	ss:	 
	County of 	 	 	 	 	 

 

On the                   
day of                   , 20__
before me personally came                                              
to me known, who, being duly sworn, did depose and say that he resides at                                     ;
that he is of                                     ,
one of the parties described in and which executed the above instrument; that he knows the corporate seal of said corporation;
that the seal affixed to that instrument is such corporate seal; that it was affixed by authority of the board of directors of
said corporation; and that he signed his name thereto by like authority.

 

	Name	 	 
	 	 	 
	 	 	 
	Notary Public	 	 

 

    	64

    	 

    

 

	State of 	 	 	 
	 	ss:	 
	County of 	 	 	 	 	 

 

On the                   
day of                   , 20__
before me personally came                                              
to me known, who, being duly sworn, did depose and say that he resides at                                     ;
that he is of                                     ,
one of the parties described in and which executed the above instrument; that he knows the corporate seal of said corporation;
that the seal affixed to that instrument is such corporate seal; that it was affixed by authority of the board of directors of
said corporation; and that he signed his name thereto by like authority.

 

	Name	 	 
	 	 	 
	 	 	 
	Notary Public	 	 

 

    	65Sixth Amendement to Credit Agreement

EXHIBIT 10.1
SIXTH AMENDMENT TO CREDIT AGREEMENT
THIS SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Sixth Amendment”), dated as of May 20, 2015, is by and among CARRIAGE SERVICES, INC., a Delaware corporation (the “Borrower”), the banks listed as Lenders on the signature pages hereof (the “Lenders”), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer (in said capacity as Administrative Agent, the “Administrative Agent”).
BACKGROUND
A.The Borrower, the Lenders, and the Administrative Agent are parties to that certain Credit Agreement, dated as of August 30, 2012, as amended by that certain First Amendment to Credit Agreement, dated as of November 29, 2012, that certain Second Amendment to Credit Agreement, dated as of February 14, 2013, that that certain Third Amendment and Commitment Increase, dated as of April 23, 2013, that certain Fourth Amendment to Credit Agreement, dated as of February 27, 2014, and that certain Fifth Amendment and Commitment Increase to Credit Agreement, dated as of April 14, 2014 (said Credit Agreement, as amended, the “Credit Agreement”; the terms defined in the Credit Agreement and not otherwise defined herein shall be used herein as defined in the Credit Agreement).
B.The Borrower has requested that the Lenders amend the Credit Agreement to make certain amendments thereto, as more fully set forth herein.
NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are all hereby acknowledged, the parties hereto covenant and agree as follows:
1.AMENDMENTS.  
(a)Section 1.01 of the Credit Agreement is hereby amended by adding the following defined terms thereto in proper alphabetical order.
“Designated Jurisdiction” means any country or territory to the extent that such territory itself is the subject of any Sanction.
“OFAC” mean the Office of Foreign Assets Control of the United States Department of the Treasury.
“Sanction(s)” means any sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union or Her Majesty’s Treasury (“HMT”).
“Sixth Amendment” means that certain Sixth Amendment to Credit Agreement dated as of May 20, 2015, among the Borrower, the Lenders and Bank of America, as Administrative Agent, Swing Line Lender.

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“Sixth Amendment Effective Date” means the date that all conditions to effectiveness set forth in Section 3 of the Sixth Amendment are satisfied.
(b)The definition of “Eurodollar Rate” set forth in Section 1.01 of the Credit Agreement is hereby amended by adding the following paragraph at the end thereof to read as follows:
Notwithstanding the foregoing, if the Eurodollar Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
(c)The definition of “Committed Loan Notice” set forth in Section 1.01 of the Credit Agreement is hereby amended to read as follows:
“Committed Loan Notice” means a notice of (a) a Term Borrowing, (b) a Revolving Credit Borrowing, (c) a conversion of Loans from one Type to the other, or (d) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A, or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed as signed by a Responsible Officer of the Borrower.
(d)The definition of “Responsible Officer” set forth in Section 1.01 of the Credit Agreement is hereby amended to read as follows:
“Responsible Officer” means the chief executive officer, president, principal financial officer, principal accounting officer, partner, treasurer, assistant treasurer or controller of a Loan Party, and solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent.  Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.  To the extent requested by the Administrative Agent, each Responsible Officer will provide an incumbency certificate and to the extent requested by the Administrative Agent, appropriate authoritative documentation, in form and substance satisfactory to the Administrative Agent.  
(e)The definition of “Swing Line Notice” set forth in Section 1.01 of the Credit Agreement is hereby amended to read as follows:
“Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit B or such other form as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the 

2

Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.
(f)Section 2.02(a) of the Credit Agreement is hereby amended to read as follows:
(a)    Each Term Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Credit Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (i) telephone or (ii) Committed Loan Notice; provided that any telephone notice must be confirmed immediately by delivery to the Administrative Agent of a Committed Loan Notice.  Each Committed Loan Notice must be sent by the Borrower and be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans.  Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof.  Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $100,000 or a whole multiple of $100,000 in excess thereof.  Each Committed Loan Notice shall specify (i) whether the Borrower is requesting a Term Borrowing, a Revolving Credit Borrowing, a conversion of Term Loans or Revolving Credit Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Term Loans or Revolving Credit Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto.  If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Credit Loans shall be made as, or converted to, Base Rate Loans.  Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans.  If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.  Notwithstanding anything to the contrary herein, a Swing Line Loan may not be converted to a Eurodollar Rate Loan.
(g)Section 2.04(b) of the Credit Agreement is hereby amended to read as follows:
(b)    Borrowing Procedures.  Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by (i) telephone or (ii) Swing Line Loan Notice; provided that any telephonic notice must be confirmed by delivery to the Swing Line Lender and the Administrative Agent of a Swing Line Loan Notice.  Each Swing Line Loan Notice must be received by the Swing Line Lender and the Administrative Agent not later than 11:00 a.m. on the requested borrowing date, and shall specify (i) the amount to be 

3

borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day.    Promptly after receipt by the Swing Line Lender of any Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof.  Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Revolving Credit Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 1:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrower at its office by crediting the account of the Borrower on the books of the Swing Line Lender in immediately available funds.
(h)Sections 3.01(e)(ii)(B), (I), (III) and (IV) of the Credit Agreement are hereby amended by adding “or W-8BEN-E or any applicable successor form” immediately after each reference therein to “IRS Form W-8BEN”.
(i)Section 3.01 of the Credit Agreement is hereby amended by adding the following new clause (i) thereto to read as follows:
(i)    FATCA Grandfather Status.  For purposes of determining withholding Taxes imposed under FATCA, from and after the Sixth Amendment Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
(j)Article V of the Credit Agreement is hereby amended by adding a new Section 5.25 at the end thereof to read as follows:
5.25    OFAC.  Neither the Borrower, nor any of its Subsidiaries, nor to the knowledge of the Borrower and its Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by any individual or entity that is (a) currently the subject or target of any Sanctions or (b) located, organized or resided in a Designated Jurisdiction.
(k)Section 7.06(a)(ii) of the Credit Agreement is hereby amended to read as follows:

(ii)  so long as immediately before and after giving pro-forma effect to any purchase by the Borrower of Equity Interests of the Borrower, (A) no Default shall have occurred and be continuing, (B) Liquidity is at least $15,000,000 and (C) the Senior Secured Leverage Ratio is less than 3.25 to 1.00, the Borrower may purchase such Equity Interests;

4

(l)Section 7.06(a)(iv) of the Credit Agreement is hereby amended by deleting “2.75 to 1.00” in clause (y)(i) of the proviso therein and inserting “3.25 to 1.00” in lieu thereof.
(m)Article VII of the Credit Agreement is hereby amended by adding a new Section 7.14 at the end thereof to read as follows:
7.14    Sanctions.  Directly or, to the knowledge of the Borrower and its Subsidiaries, indirectly, use any Credit Extension or the proceeds of any Credit Extension, or lend, contribute or otherwise make available such Credit Extension or the proceeds of any Credit Extension to any Person, to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Loan Party or any other party hereto (whether as Lender, Arranger, Administrative Agent, L/C Issuer, Swing Line Lender or otherwise) of any applicable Sanctions.
(n)Section 10.10 of the Credit Agreement is hereby amended to read as follows:
10.10    Counterparts; Integration; Effectiveness.  This Agreement and each of the other Loan Documents may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement, the other Loan Documents and any separate letter agreement with respect to fees payable to the Administrative Agent or the L/C Issuer, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Sections 4.01 and 4.02, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement or such other Loan Document or certificate.  Without limiting the foregoing, to the extent a manually executed counterpart is not specifically required to be delivered under the terms of any Loan Document, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.
(o)Section 10.17 of the Credit Agreement is hereby amended to read as follows:
10.17    Electronic Execution of Assignments and Certain Other Documents.  The words “execution,” “signed,” “signature,” and words of like import in any Loan Document or any other document executed in connection herewith or therewith (including amendments and waivers hereof) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any 

5

Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided further without limiting the foregoing, upon the request of the Administrative Agent, any electronic signature shall be promptly followed by such manually executed counterpart.
(p)Exhibit D, the Compliance Certificate, is hereby amended to be in the form of Exhibit  D to this Sixth Amendment.
2.REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT.  By its execution and delivery hereof, the Borrower represents and warrants that, as of the date hereof, and immediately after giving effect to this Sixth Amendment:
(a)the representations and warranties contained in the Credit Agreement and the other Loan Documents that are subject to materiality or Material Adverse Effect qualifications are true and correct in all respects on and as of the date hereof as made on and as of such date, and the representations and warranties contained in the Credit Agreement and the other Loan Documents that are not subject to materiality or Material Adverse Effect qualifications are true and correct in all material respects on and as of the date hereof as made on and as of such date, except in each case to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to Sections 6.01(a) and (b), respectively, of the Credit Agreement;
(b)no event has occurred and is continuing which constitutes a Default or Event of Default;
(c)(i) the Borrower has full power and authority to execute and deliver this Sixth Amendment, (ii) this Sixth Amendment, has been duly executed and delivered by the Borrower and (iii) this Sixth Amendment and the Credit Agreement, as amended hereby, constitute the legal, valid and binding obligations of the Borrower, enforceable in accordance with their respective terms, except as enforceability may be limited by applicable Debtor Relief Laws and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and except as rights to indemnity may be limited by federal or state securities laws;
(d)neither the execution, delivery and performance of this Sixth Amendment or the Credit Agreement, as amended hereby, nor the consummation of any transactions contemplated herein or therein, will conflict with (i) any Organization Documents of the Borrower or its Subsidiaries, (ii) to Borrower’s knowledge, any Law applicable to the Borrower or its Subsidiaries or (iii) any indenture, agreement or other instrument to which the Borrower, the Subsidiaries or any of their respective properties are subject; and

6

(e)no authorization, approval, consent, or other action by, notice to, or filing with, any Governmental Authority or other Person not previously obtained is required to be obtained or made by the Borrower pursuant to statutory law applicable to the Borrower as a condition to (i) the execution, delivery or performance by the Borrower of this Sixth Amendment or (ii) the acknowledgement by each Guarantor of this Sixth Amendment.
3.CONDITIONS OF EFFECTIVENESS.  All provisions of this Sixth Amendment shall be effective upon satisfaction of, or completion of, the following:
(a)the Administrative Agent shall have received counterparts of this Sixth Amendment executed by the Required Lenders;
(b)the Administrative Agent shall have received counterparts of this Sixth Amendment executed by the Borrower and acknowledged by each Guarantor;
(c)the representations and warranties set forth in Section 2 of this Sixth Amendment shall be true and correct; 
(d)since December 31, 2014, there shall not have occurred any event or condition that has had or could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; and
(e)the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent and its counsel, such other documents, certificates and instruments as the Administrative Agent shall require.
4.GUARANTOR’S ACKNOWLEDGMENT.  By signing below, each Guarantor (a) acknowledges, consents and agrees to the execution, delivery and performance by the Borrower of this Sixth Amendment, (b) acknowledges and agrees that its obligations in respect of its Guaranty are not released, diminished, waived, modified, impaired or affected in any manner by this Sixth Amendment or any of the provisions contemplated herein and cover the Commitments and Loans as increased by this Sixth Amendment, (c) ratifies and confirms its obligations under its Guaranty, (d) acknowledges and agrees that it has no claim or offsets against, or defenses or counterclaims to, its Guaranty and (e) hereby appoints the Borrower to act as its agent for all purposes of the Credit Agreement, the other Loan Documents and all other documents and electronic platforms entered into in connection therewith and agrees that (i) the Borrower may execute such documents and provide such authorizations on behalf of such Guarantor as the Borrower deems appropriate in its sole discretion and such Guarantor shall be obligated by all of the terms of any such document and/or authorization executed on its behalf (ii) any notice or communication delivered by the Administrative Agent, L/C Issuer or a Lender to the Borrower shall be deemed delivered to such Guarantor and (iii) the Administrative Agent, L/C Issuer or the Lenders may accept, and be permitted to rely on, any document, authorization, instrument or agreement executed by the Borrower on behalf of each of such Guarantor.

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5.REFERENCE TO THE CREDIT AGREEMENT.
(a)Upon and during the effectiveness of this Sixth Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, or words of like import shall mean and be a reference to the Credit Agreement, as affected and amended by this Sixth Amendment.
(b)Except as expressly set forth herein, this Sixth Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights or remedies of the Administrative Agent or the Lenders under the Credit Agreement or any of the other Loan Documents, and shall not alter, modify, amend, or in any way affect the terms, conditions, obligations, covenants, or agreements contained in the Credit Agreement or the other Loan Documents, all of which are hereby ratified and affirmed in all respects and shall continue in full force and effect.
6.COSTS AND EXPENSES.  The Borrower shall be obligated to pay the reasonable costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Sixth Amendment and the other instruments and documents to be delivered hereunder.
7.EXECUTION IN COUNTERPARTS.  This Sixth Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  For purposes of this Sixth Amendment, a counterpart hereof (or signature page thereto) signed and transmitted by any Person party hereto to the Administrative Agent (or its counsel) by facsimile or other electronic imaging means (e.g., “pdf” or “tif”) is to be treated as an original.  The signature of such Person thereon, for purposes hereof, is to be considered as an original signature, and the counterpart (or signature page thereto) so transmitted is to be considered to have the same binding effect as an original signature on an original document.
8.GOVERNING LAW; BINDING EFFECT.  This Sixth Amendment shall be governed by and construed in accordance with the laws of the State of Texas applicable to agreements made and to be performed entirely within such state; provided that the Administrative Agent and each Lender shall retain all rights arising under federal law.  This Sixth Amendment shall be binding upon the Borrower, the Guarantors, the Administrative Agent and each Lender and their respective successors and permitted assigns.
9.HEADINGS.  Section headings in this Sixth Amendment are included herein for convenience of reference only and shall not constitute a part of this Sixth Amendment for any other purpose.
10.ENTIRE AGREEMENT.  THE CREDIT AGREEMENT, AS AMENDED BY THIS SIXTH AMENDMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AS TO THE SUBJECT MATTER THEREIN AND HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.

8

IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amendment as of the date above written.
CARRIAGE SERVICES, INC.
                        

                            

                                

                            

                            

                                

                            

                            

                            

                            

                            

    

                    

                    

EXHIBIT D
FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date:__________, ______    
		
	To:
	Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen:

Reference  is made  to that  certain Credit Agreement,  dated as of August 30, 2012  (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the  "Agreement;"  the  terms  defined  therein  being  used  herein  as  therein  defined),  among Carriage Services, Inc., a Delaware corporation (the "Borrower"), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, LIC Issuer and Swing Line Lender.

The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the                                                                                    of ___________________________________________the Borrower, and that, as such, he/she is
authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the
Borrower, and that:
[Use following paragraph 1for fiscal year-end financial  statements]

1. Attached hereto as Schedule 1 are the  year-end  audited  fmancial  statements required by Section 6.01(a) of the Agreement for the fiscal year ofthe Borrower ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section.
[Use following paragraph 1for fiscal quarter-end financial statementsJ

1.Attached hereto as Schedule 1 are the unaudited  financial statements required by Section 6.01(b) of the Agreement for the fiscal quarter of the Borrower ended as of the above date. Such financial statements fairly present the financial condition, results of operations and cash flows of the Borrower and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.

2.The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused  to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Borrower during the accounting period covered by the attached financial statements.

3.A review of the activities  of the Borrower  during  such fiscal period  has been made under the supervision of the undersigned with a view to determining whether during such fiscal period the Borrower performed and observed all its Obligations under the Loan Documents, and

[select one:]

Exhibit D- Page 1
Form of Compliance Certificate

[to the best knowledge of the undersigned during such fiscal period, the Borrower performed and observed each covenant and condition of the Loan Documents applicable to it.]

--or-

[the following covenants or conditions have not been performed or observed and the following is a list of each such Default and its nature and status:]

4.The representations and warranties of the Borrower contained in Article V of the Agreement, or which are contained in any document furnished at any time under or in connection with the Loan Documents, are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Compliance Certificate, the  representations  and  warranties  contained  in  subsections (a)   and  (b)  of Section 5.05 of the Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Agreement, including the statements in connection with which this Compliance Certificate is delivered.

5.The financial covenant analyses and information set forth on Schedule 2 attached hereto are true and accurate on and as of the date of this Certificate.

IN WITNESS WHEREOF, the undersigned has  executed this Certificate on behalf of the                      Borrower as of ______________________, ________.
CARRIAGE SERVICES, INC.

		
	By:    ________________________________
	 

Name:      ______________________________ 
Title    _______________________________    

Exhibit D- Page 2
Form of Compliance Certificate

For the Quarter/Year ended____________________("Statement Date")

SCHEDULE 2
to the Compliance Certificate ($in 000's)

		
	I.
	Section 7.01- Liens.

    	
				
	A.
	Debt on acquired Property:
	 
	$______________

	B.
	Purchase money Liens and surety bond deposits:
	 
	$______________

	C.
	Total permitted Secured Debt (Lines I.A. + I.B.):
	 
	$______________

	D.
	10% of Borrower's Net Worth:
	 
	$______________

		
	II.
	Section 7.02- Investments.

    	
				
	A.
	Investments made pursuant to Section 7.02(g):
	 
	$______________

	B.
	Investments permitted pursuant to Section 7.02(g):
	 
	$ 3,500,000

	C.
	Investments in Unrestricted Subsidiaries pursuant to Section 7.02(j):
	 
	$______________

	D.
	Investments permitted pursuant to Section 7.02(j):
	 
	$ 5,000,000

		
	III.
	Section 7.03- Debt.

    	
				
	A.
	Trade Payables more than 90 days past due not being contested in good 
faith with GAAP reserves:
	 
	$______________

	B.
	Aggregate amount of permitted trade payables described in Line III.B.:
	 
	$ 200,000

	C.
	Amount of other Debt outstanding pursuant to Section 7.01(j):
	 
	$______________

	D.
	5% of Borrower's Net Worth:
	 
	$______________

		
	IV.
	Section 7.05- Dispositions.

    	
				
	A.
	Net  Cash  Proceeds  from  Dispositions  pursuant  to  Section 7.05(d)
pending reinvestment:
	 
	$______________

	B.
	Aggregate amount   of  permitted   Net   Cash   Proceeds   described   in Line IV.A.:
	 
	$ 2,000,000

		
	V.
	INTENTIONALLY OMITTED.

		
	VI.
	Section 7.11 (a)- Maximum Senior Secured Leverage Ratio.

	
					
	A.
	Total Senior Secured Debt at Statement Date:
	 
	 

	 
	(1)
	Debt of the Borrower and its Subsidiaries at Statement Date:
	 
	$______________

	 
	(2)
	Subordinated  Debt  of  the  Borrower and  its  Subsidiaries  at Statement Date:
	 
	$______________

	 
	(3)
	Refinancing Subordinated  Debt  of  the  Borrower and  its  Subsidiaries  at Statement Date:
	 
	$______________

Exhibit D- Page 3
Form of Compliance Certificate

	
					
	 
	(4)
	Debt of the Borrower and its Subsidiaries not secured by a Lien:
	 
	$______________

	 
	(5)
	Total Senior Secured Debt (Lines (VI.A.1)- (VI.A.2 + 3 + 4)):
	 
	$______________

    	
					
	B.
	EBITDA  for four consecutive  fiscal quarters  ending on the  Statement Date ("Subject Period"):
	 
	 

	 
	(1)
	Net Income for the Subject Period:
	 
	$______________

	 
	(2)
	To the extent deducted in calculating Net Income, Interest Expense for the Subject Period:
	 
	$______________

	 
	(3)
	To the extent deducted in calculating Net Income, the provision for federal,  state,  local  and  foreign  income  taxes  payable  by  the Borrower and its Subsidiaries for the Subject Period:
	 
	$______________

	 
	(4)
	To the extent deducted in calculating Net Income, depreciation and amortization expenses and payments in respect of Deferred Purchase Price for the Subject Period:
	 
	$______________

	 
	(5)
	To the extent deducted in calculating Net Income, other expenses of the Borrower and the Subsidiaries reducing Net Income which do not represent  a cash item in the  Subject Period  or any future period:
	 
	$______________

	 
	(6)
	To  the  extent  deducted  in  calculating  Net  Income,  costs  and expenses of   the  Borrower and   its   Subsidiaries   incurred in connection with the tender for, consent solicitation with respect to, and purchase of, the Senior Notes:
	 
	$______________

	 
	(7)
	To the extent deducted  in calculating Net  Income,  non-recurring costs  and  expenses,  including  acquisition  costs,  of the  Borrower and its Subsidiaries not to exceed $1,000,000 in aggregate amount:
	 
	$______________

	 
	(8)
	Withdrawable  trust  income  received  by  the  Borrower  and  its Subsidiaries from preneed trust accounts that allow income to be withdrawn before contract maturity, less cash amounts required to be replaced, if any:
	 
	$______________

	 
	(9)
	EBITDA of any Acquisition calculated on a historic basis for such Acquisition  as if the  same had  occurred  on the  first  day  of the period  for which such EBITDA is measured with such pro-forma adjustments as the Administrative Agent shall approve:
	 
	$______________

	 
	(10)
	For  any  period  of  calculation  including  Fiscal  Quarter  ending March 31,  2011,  severance  costs not to exceed $2,300,000  in aggregate amount.
	 
	$______________

	 
	(11)
	Non-cash items increasing Net Income for the Subject Period:
	 
	$______________

	 
	(12)
	EBITDA of any Subsidiary or business Disposed of calculated on a historic business as if the same had occurred on the first day of the period for which such EBITDA is measured  with such pro-forma adjustments as the Administrative Agent shall approve:
	 
	$______________

Exhibit D- Page 4
Form of Compliance Certificate

    	
					
	 
	(13)
	EBITDA (Lines VI.B.l + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 +10- 11-  12):
	 
	$______________

	C.
	Senior Secured Leverage Ratio (Line VI.A.5 +Line VI.B.13):
	 
	______to________

        
Maximum permitted:
    	
		
	Period
	Maximum Senior Secured Leverage Ratio

	Fifth Amendment Effective Date through March 30, 2015 
	3.75 to 1.00

	March 31, 2015 and thereafter
	3.50 to 1.00

		
	VII.
	Section 7.11 (b)- Maximum Fixed Charge Coverage Ratio.

    	
				
	A.
	EBITDA for the Subject Period (Line VI.B.13. above):
	 
	$______________

	B.
	Maintenance Capital Expenditures for the Subject Period:
	 
	$______________

	C.
	Cash taxes paid during the Subject Period:
	 
	$______________

	D.
	Cash tax refunds received during the Subject Period:
	 
	$______________

	E.
	Dividends paid in cash during the Subject Period:
	 
	$______________

	F.
	Cash Interest Expense during the Subject Period:
	 
	$______________

	G.
	Scheduled and required principal payments during the Subject Period in respect of Debt
	 
	$______________

	H.
	Scheduled and required payments  made by the Borrower  in respect  of Deferred Purchase Price for the Subject Period (to extent not included in VII.E. and VII.F. above):
	 
	$______________

	I.
	Fixed Charge Coverage Ratio (Lines VII.A.- VII.B.- VII.C. + VII.D.- VII.E.)+ (Lines VII.F. + VII.G. + VII.H):
	 
	_____      to  1.00

    	
				
	 
	Minimum required:
	 
	1.20 to 1.00 

		
	VII.
	Section 6.12(d)- Field Level EBITDA

    	
				
	A.
	Funeral Field Level EBITDA for the Subject Period:
	 
	$______________

	B.
	Line VIII.A x .75:
	 
	$______________

	C.
	EBITDA generated by Mortgaged Property and related operations for the Subject Period:
	 
	$______________

Exhibit D- Page 5
Form of Compliance Certificate

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