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EXHIBIT 10.1

    Execution Version

    
FIFTH AMENDMENT
TO
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT

This FIFTH AMENDMENT TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Fifth Amendment”), dated as of November 13, 2020 (the “Fifth Amendment Effective Date”), is by and among SM ENERGY COMPANY, a corporation duly formed and existing under the laws of the State of Delaware (the “Borrower”); each of the Lenders that is a party hereto; and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, by operation of law or as otherwise provided in the Credit Agreement referred to below, the “Administrative Agent”), the Swingline Lender, and the Issuing Bank.

RECITALS
(A)    The Borrower, the Administrative Agent and the Lenders are party to that certain Sixth Amended and Restated Credit Agreement dated as of September 28, 2018 (as amended, supplemented, or otherwise modified prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower; 
(B)    The Administrative Agent, the Lenders party hereto, and the Borrower have agreed to make certain amendments and modifications to the Credit Agreement as more particularly set forth herein and to be effective as of the Fifth Amendment Effective Date; and
(C)    The Administrative Agent and the Lenders party hereto have agreed to reaffirm the Borrowing Base at $1,100,000,000.00 pursuant to Section 2.07 of the Credit Agreement, which redetermination shall constitute the October 1, 2020 Scheduled Redetermination of the Borrowing Base as set forth in this Fifth Amendment.
The parties hereto agree as follows:
Section 1.    Defined Terms.  Each capitalized term that is defined in the Credit Agreement, but that is not defined in this Fifth Amendment, shall have the meaning ascribed to such term in the Credit Agreement.  Unless otherwise indicated, all section references in this Fifth Amendment refer to the Credit Agreement.
Section 2.    Amendments.  In reliance on the representations, warranties, covenants and agreements contained in this Fifth Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Credit Agreement shall be amended, effective as of the Fifth Amendment Effective Date in the manner provided in this Section 2.
2.1    Amendments to Section 1.02.  
(a)    Section 1.02 of the Credit Agreement is hereby amended by inserting the following definitions in appropriate alphabetical order, which shall read in full as follows: 

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.
“Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.
“Fifth Amendment” means that certain Fifth Amendment to Sixth Amended and Restated Credit Agreement, dated as of the Fifth Amendment Effective Date, by and among the Borrower, the Lenders party thereto, and the Administrative Agent.
“Fifth Amendment Effective Date” means November 13, 2020.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Second Lien Redemption” has the meaning assigned to such term in the definition of “Permitted Second Lien Debt”.
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
(b)    Section 1.02 of the Credit Agreement is hereby amended by deleting the reference to “Third Amendment Effective Date” in the definition of “Aggregate Elected Commitment Amounts” and inserting “Fifth Amendment Effective Date” in lieu thereof.
(c)    Section 1.02 of the Credit Agreement is hereby amended by inserting “ Section 9.02(j),” immediately after “Section 9.02(i),” in the definition of “Borrowing Base”.
(d)    Section 1.02 of the Credit Agreement is hereby amended by inserting “ 9.02(j),” immediately after each instance in which “Section 9.02(i),” appears in the definition of “EBITDAX”.
(e)    Section 1.02 of the Credit Agreement is hereby amended by inserting “the Fifth Amendment,” immediately after “the Fourth Amendment,” in the definition of “Loan Documents”.
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SM Energy Company Sixth Amended and Restated Credit Agreement
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(f)    Section 1.02 of the Credit Agreement is hereby amended by amending the definition of “Permitted Second Lien Debt” to (i) delete “October 1, 2020” in clause (a) thereto and insert “April 1, 2021” in lieu thereof and (ii) amend and restate sub-clause (i) thereto in its entirety to read as follows: 
(i) all principal amounts of such Debt are either (A) used to Redeem Debt incurred pursuant to Section 9.02(i) for less than or equal to eighty percent (80%) of par value (with such percentage of par value determined on an average basis after giving pro forma effect to each such proposed Redemption and all Redemptions of Debt incurred pursuant to Section 9.02(i) with Permitted Second Lien Debt on or prior to the date of such proposed Redemption) (each such Redemption of Debt, a “Second Lien Redemption”) or (B) used for general corporate purposes, subject to the automatic adjustment of the Borrowing Base on the terms and conditions set forth in Section 9.02(j)(b),
(g)    Section 1.02 of the Credit Agreement is hereby amended to amend and restate each of the following definitions to read as follows:
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule) and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if 
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SM Energy Company Sixth Amended and Restated Credit Agreement
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a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
2.2    Amendment to Section 3.04(c)(iii).  Section 3.04(c)(iii) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(iii)    (A) Upon any adjustments to the Borrowing Base pursuant to Section 9.02(i), or Section 9.12, if the Aggregate Revolving Credit Exposures exceed the Borrowing Base as adjusted, then the Borrower shall (x)(1) if the Borrower does not have an Investment Grade Rating, either prepay the Borrowings in an aggregate principal amount equal to such excess, or add to the Mortgaged Property (as a result of transferring new Proved Oil and Gas Properties to the Loan Parties or causing a Subsidiary which is not a Loan Party to become a Loan Party) Oil and Gas Properties having value, as determined by the Administrative Agent and the Majority Lenders, equal to or greater than such excess, or implement a combination thereof and (2) if the Borrower has an Investment Grade Rating, either prepay the Borrowings in an aggregate principal amount equal to such excess or take such actions as reasonably requested by the Administrative Agent to include as Mortgaged Property Oil and Gas Properties having value, as determined by the Administrative Agent and the Majority Lenders, equal to or greater than such excess, or implement a combination thereof (as a result of transferring new Proved Oil and Gas Properties to the Loan Parties or causing a Subsidiary which is not a Loan Party to become a Loan Party), and (y) if any excess remains after prepaying all of the Borrowings as a result of an LC Exposure, pay to the Administrative Agent on behalf of the Lenders an amount equal to such excess to be held as cash collateral as provided in Section 2.08(j), and (B) upon any adjustment to the Borrowing Base pursuant to Section 9.02(j), if the Aggregate Revolving Credit Exposures exceed the Borrowing Base as adjusted, then the Borrower shall (x) either prepay the Borrowings in an aggregate principal amount equal to such excess, or add to the Mortgaged Property (as a result of transferring new Proved Oil and Gas Properties to the Loan Parties or causing a Subsidiary which is not a Loan Party to become a Loan Party) Oil and Gas Properties having value, as determined by the Administrative Agent and the Majority Lenders, equal to or greater than such excess, or implement a combination thereof and (y) if any excess remains after prepaying all of the Borrowings as a result of an LC Exposure, pay to the Administrative Agent on behalf of the Lenders an amount equal to such excess to be held as cash collateral as provided in Section 2.08(j).  The Borrower shall be obligated to make such prepayment, provide such collateral and/or deposit of cash collateral within ninety (90) days following such adjustment to the Borrowing Base (or, if sooner, on the date the Borrower receives cash proceeds as a result of a disposition pursuant to Section 9.12); provided that all payments required to be made pursuant to this Section 3.04(c)(iii) must be made on or prior to the Termination Date.
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SM Energy Company Sixth Amended and Restated Credit Agreement
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2.3    Amendment to Section 9.02(j) of the Credit Agreement.  Section 9.02(j) of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:
(j)     Permitted Second Lien Debt and guarantee obligations of any Loan Party in respect thereof; provided that, on and after the Fifth Amendment Effective Date, (a) immediately after giving effect to the incurrence or issuance of such Permitted Second Lien Debt and guarantee obligations of any Loan Party in respect thereof, the Borrower shall be in pro forma compliance with Section 9.01 (with EBITDAX equal to EBITDAX for the most recent Rolling Period for which financial statements have been, or are required to have been, delivered pursuant to Section 8.01(a) or Section 8.01(b), and (b) the Borrowing Base shall be immediately reduced on the ninety-first (91st) day after each issuance of Permitted Second Lien Debt by an amount equal to twenty-five percent (25%) of the aggregate principal amount of each such issuance of Permitted Second Lien Debt which was not used for Second Lien Redemptions in the prior ninety (90) day period.
2.4    Amendment to Section 11.06.  Section 11.06 of the Credit Agreement is hereby amended to delete each reference to “clause (vi)” and insert “clause (f)” in lieu thereof.
2.5    Amendment to Section 12.20 of the Credit Agreement.  Section 12.20 of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:
Section 12.20    Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b)    the effects of any Bail-in Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be 
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SM Energy Company Sixth Amended and Restated Credit Agreement
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issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.
Section 3.    Borrowing Base Redetermination.  The Lenders hereby agree that for the period from and including the Fifth Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be reaffirmed at $1,100,000,000.00.  Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07, Section 8.13(c), Section 9.02(i), Section 9.02(j), or Section 9.12 of the Credit Agreement.  For the avoidance of doubt, the Borrower and the Lenders hereby agree that the redetermination of the Borrowing Base in this Section 3 shall constitute the October 1, 2020 Scheduled Redetermination of the Borrowing Base.  This Section 3 constitutes the New Borrowing Base Notice pursuant to Section 2.07(d) of the Credit Agreement for the October 1, 2020 Scheduled Redetermination of the Borrowing Base.
Section 4.    Conditions Precedent.  This Fifth Amendment shall be effective upon the date of the receipt by the Administrative Agent of the following documents and satisfaction of the other conditions provided in this Section 4, each of which shall be reasonably satisfactory to the Administrative Agent in form and substance:
4.1    Counterparts.  The Administrative Agent shall have received counterparts hereof duly executed by the Borrower and each of the Lenders constituting at least the Supermajority Lenders, which may be delivered by the means described in Section 6.3 (or, in the case of any party as to which an executed counterpart shall not have been received, email, facsimile, or other written or electronic confirmation from such party of execution of a counterpart hereof by such party).
4.2    Fees and Expenses.  The Borrower shall have paid to the Administrative Agent any and all fees and expenses, including reasonable out-of-pocket expenses payable to the Administrative Agent and the Lenders pursuant to or in connection with this Fifth Amendment in accordance with Section 12.03(a) of the Credit Agreement.
4.3    No Event of Default or Deficiency.  No Event of Default shall have occurred which is continuing and the Aggregate Revolving Credit Exposures shall not exceed the Borrowing Base.
4.4    Other Documents.  The Administrative Agent shall have received such other documents as the Administrative Agent or its counsel may reasonably request.
Fifth Amendment to
SM Energy Company Sixth Amended and Restated Credit Agreement
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For purposes of determining satisfaction of the conditions specified in this Section 4, each Lender that has signed this Fifth Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required under this Section 4 to be consented to or approved by or acceptable or satisfactory to a Lender, unless the Administrative Agent shall have received notice from such Lender prior to the Fifth Amendment Effective Date specifying its objection thereto.  The Administrative Agent shall notify Borrower and each Lender of the Fifth Amendment Effective Date and such notice shall be conclusive and binding.
Section 5.    Reaffirm Existing Representations and Warranties.  The Borrower hereby (a) acknowledges the terms of this Fifth Amendment and the Credit Agreement; (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby; and (c) represents and warrants to the Lenders that, as of the date hereof, after giving effect to the terms of this Fifth Amendment: (i) all of the representations and warranties contained in each Loan Document to which the Borrower is a party are true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect, or a similar qualification, true and correct in all respects) as of the Fifth Amendment Effective Date (unless any such representation or warranty relates solely to a specific earlier date, in which case, such representation or warranty was true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect, or a similar qualification, true and correct in all respects) as of such earlier date); (ii) no Default or Event of Default has occurred and is continuing and the Aggregate Revolving Credit Exposures do not exceed the Borrowing Base; (iii) since the date of the most recent balance sheet delivered pursuant to Section 8.01(a) of the Credit Agreement, no Material Adverse Effect has occurred; (iv) the execution, delivery and performance by the Borrower of this Fifth Amendment are within Borrower’s corporate powers, have been duly authorized by all necessary corporate action, require no consent or approval of, or filing with, any governmental body, agency or official and do not violate any provision of applicable law or any agreement binding upon Borrower or any other Loan Party, except for violations of agreements that would not reasonably be expected to have a Material Adverse Effect; and (v) this Fifth Amendment constitutes the valid and binding obligation of the Borrower enforceable in accordance with its terms, except as (A) the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditor’s rights generally, and (B) the availability of equitable remedies may be limited by equitable principles of general application, regardless of whether considered in a proceeding in equity or at law. 
Section 6.    Miscellaneous.
6.1    Confirmation.  The provisions of the Credit Agreement (as amended by this Fifth Amendment) shall remain in full force and effect in accordance with its terms following the effectiveness of this Fifth Amendment.  This Fifth Amendment shall constitute a Loan Document.
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SM Energy Company Sixth Amended and Restated Credit Agreement
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6.2    No Waiver.  Neither the execution by the Administrative Agent or the Lenders party hereto of this Fifth Amendment, nor any other act or omission by the Administrative Agent or the Lenders or their officers in connection herewith, shall be deemed a waiver by the Administrative Agent or the Lenders of any Defaults or Events of Default which may exist on or after the Fifth Amendment Effective Date, which may have occurred prior to the Fifth Amendment Effective Date or which may occur in the future under the Credit Agreement and/or the other Loan Documents.  Similarly, nothing contained in this Fifth Amendment shall directly or indirectly in any way whatsoever either: (a) impair, prejudice or otherwise adversely affect the Administrative Agent’s or the Lenders’ right at any time to exercise any right, privilege or remedy in connection with the Loan Documents with respect to any Default or Event of Default, (b) except as provided herein, amend or alter any provision of the Credit Agreement, the other Loan Documents, or any other contract or instrument, or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument.  Nothing in this Fifth Amendment shall be construed to be a consent by the Administrative Agent or the Lenders to any Default or Event of Default.  Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or any other word or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference in any other Loan Document to the Credit Agreement or any word or words of similar import shall be and mean a reference to the Credit Agreement as amended hereby.
6.3    Counterparts.  This Fifth Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.   Delivery of an executed signature page to this Fifth Amendment by facsimile transmission or other electronic transmission (including .pdf) shall be as effective as delivery of a manually executed counterpart of this Fifth Amendment.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any  document to be signed in connection with this Fifth Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries 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 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.
6.4    Expenses.  As provided in Section 12.03 of the Credit Agreement and subject to the limitations included therein, the Borrower hereby agrees to pay on demand all reasonable out-of-pocket expenses incurred by the Administrative Agent in connection with the negotiation, preparation, and execution of this Fifth Amendment and all related documents, including, without limitation, the reasonable fees, charges, and disbursements of outside counsel.
6.5    Successors and Assigns.  This Fifth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
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SM Energy Company Sixth Amended and Restated Credit Agreement
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6.6    Severability.  Any provision of this Fifth Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
6.7    No Oral Agreement.  This Fifth Amendment, the Credit Agreement and the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties hereto relating to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof.  This Fifth Amendment, the Credit Agreement and the other Loan Documents represent the final agreement among the parties hereto and thereto and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.  There are no unwritten oral agreements between the parties.  
6.8    Governing Law.  THIS FIFTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
[Signature Pages to Follow]

Fifth Amendment to
SM Energy Company Sixth Amended and Restated Credit Agreement
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The parties hereto have caused this Fifth Amendment to be duly executed effective as of the date first written above.

						
	BORROWER:	SM ENERGY COMPANY
		
	By:	/s/ A. WADE PURSELL
		
		A. Wade Pursell

		Executive Vice President and 
		Chief Financial Officer
		
		
		

[SIGNATURE PAGE TO FIFTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

						
	AGENTS AND LENDERS:	WELLS FARGO BANK, NATIONAL ASSOCIATION, Individually and as Administrative Agent, Swingline Lender and Issuing Bank
		
	By:	/s/ JONATHAN HERRICK
	Name:	Jonathan Herrick
	Title:	Director
		
		
		
		
		

[SIGNATURE PAGE TO FIFTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

						
		BANK OF AMERICA, NATIONAL ASSOCIATION, Individually and as Co-Syndication Agent
		
	By:	/s/ RONALD E. MCKAIG
	Name:	Ronald E. McKaig
	Title:	Managing Director
		
		
		
		
		

[SIGNATURE PAGE TO FIFTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

						
		JPMORGAN CHASE BANK, N.A., Individually and as Co-Syndication Agent
		
	By:	/s/ JO LINDA PAPADAKIS
	Name:	Jo Linda Papadakis
	Title:	Authorized Officer
		
		
		
		
		

[SIGNATURE PAGE TO FIFTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

						
		COMERICA BANK
		
	By:	/s/ CAROLINE M. MCCLURG
	Name:	Caroline M. McClurg
	Title:	Senior Vice President
		
		
		
		
		

[SIGNATURE PAGE TO FIFTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

						
		BARCLAYS BANK PLC
		
	By:	/s/ SYDNEY G. DENNIS
	Name:	Sydney G. Dennis
	Title:	Director
		
		
		
		
		

[SIGNATURE PAGE TO FIFTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

						
		ROYAL BANK OF CANADA
		
	By:	/s/ KRISTAN SPIVEY
	Name:	Kristan Spivey
	Title:	Authorized Signatory
		
		
		
		
		

[SIGNATURE PAGE TO FIFTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

						
		BOKF, NA DBA BANK OF OKLAHOMA
		
	By:	/s/ GUY C. EVANGELISTA
	Name:	Guy C. Evangelista
	Title:	Senior Vice President
		
		
		
		
		

[SIGNATURE PAGE TO FIFTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

						
		GOLDMAN SACHS BANK USA
		
	By:	/s/ MAHESH MOHAN
	Name:	Mahesh Mohan
	Title:	Authorized Signatory
		
		
		
		
		

[SIGNATURE PAGE TO FIFTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

						
		KEYBANK NATIONAL ASSOCIATION
		
	By:	/s/ GEORGE E. MCKEAN
	Name:	George E. McKean
	Title:	Senior Vice President
		
		
		
		
		

[SIGNATURE PAGE TO FIFTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

						
		THE BANK OF NOVA SCOTIA, HOUSTON BRANCH
		
	By:	/s/ MARC GRAHAM
	Name:	Marc Graham
	Title:	Managing Director
		
		
		
		
		

[SIGNATURE PAGE TO FIFTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

						
		U.S. BANK NATIONAL ASSOCIATION
		
	By:	/s/ JOHN C. LOZANO
	Name:	John C. Lozano
	Title:	Senior Vice President
		
		
		
		
		

[SIGNATURE PAGE TO FIFTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]

						
		BMO HARRIS BANK N.A.
		
	By:	/s/ PATRICK JOHNSTON
	Name:	Patrick Johnston
	Title:	Director
		
		
		
		
		

[SIGNATURE PAGE TO FIFTH AMENDMENT TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT - SM ENERGY COMPANY]EXHIBIT 4-z

 

[FORM
OF FACE OF NOTE] 

FLOATING RATE SENIOR NOTE

 

	
        REGISTERED

        No. FLR
	
        [PRINCIPAL AMOUNT] 

        CUSIP:

 

Unless
this certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New
York) to the issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in
the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and
any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.1

 

THIS
NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE FINANCIAL INSTRUMENTS AND EXCHANGE ACT OF JAPAN (LAW NO.25 OF 1948, AS
AMENDED, THE “FIEA”). THIS NOTE MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO OR FOR THE ACCOUNT
OR BENEFIT OF ANY RESIDENT OF JAPAN (AS DEFINED UNDER ITEM 5, PARAGRAPH 1, ARTICLE 6 OF THE FOREIGN EXCHANGE AND FOREIGN TRADE
ACT (LAW NO. 228 OF 1949, AS AMENDED)) OR TO OTHERS FOR RE-OFFERING OR RESALE, DIRECTLY OR INDIRECTLY, IN JAPAN OR TO OR FOR THE
ACCOUNT OR BENEFIT OF A RESIDENT OF JAPAN, EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF AND OTHERWISE
IN COMPLIANCE WITH THE FIEA AND ANY OTHER APPLICABLE LAWS, REGULATIONS AND MINISTERIAL GUIDELINES OF JAPAN.2

 

___________________

 

1 Applies
only if this Note is a Registered Global Security. 

2 If this
Note is offered in Japan or denominated in Japanese Yen, appropriate legends need to be added.

 

    	 

    	 

    

 

MORGAN
STANLEY FLOATING RATE SENIOR NOTE

SENIOR GLOBAL MEDIUM-TERM
NOTE, SERIES I

 

	BASE RATE:	ORIGINAL ISSUE DATE:	MATURITY DATE:
	INDEX MATURITY:	INTEREST ACCRUAL DATE:	INTEREST PAYMENT DATE(S):
	SPREAD (PLUS OR MINUS):	INITIAL INTEREST RATE:	INTEREST PAYMENT PERIOD:
	SPREAD MULTIPLIER:	INITIAL INTEREST RESET DATE:	INTEREST RESET PERIOD:
	REPORTING SERVICE:	MAXIMUM INTEREST RATE:	INTEREST RESET DATE(S):
	INDEX CURRENCY:	MINIMUM INTEREST RATE:	CALCULATION AGENT:
	EXCHANGE RATE AGENT: [MORGAN STANLEY & CO. LLC]	INITIAL REDEMPTION DATE:	SPECIFIED CURRENCY:
	 	INITIAL REDEMPTION PERCENTAGE:	IF
    SPECIFIED CURRENCY OTHER THAN U.S. DOLLARS, OPTION TO ELECT PAYMENT IN U.S. DOLLARS: [YES]3
	 	ANNUAL REDEMPTION PERCENTAGE REDUCTION:	DESIGNATED CMT REUTERS PAGE:
	 	OPTIONAL REPAYMENT DATE(S):	DESIGNATED CMT MATURITY INDEX:
	 	REDEMPTION
    NOTICE PERIOD: 4	 
	 	TAX
    REDEMPTION AND PAYMENT OF ADDITIONAL AMOUNTS: [NO]5	 
	 	IF YES, STATE INITIAL OFFERING DATE: [N/A]	
        OTHER PROVISIONS6:

         

        The Holder of this Note and the owner of any beneficial
        interest herein, by their purchase of this Note or such beneficial interest herein, are hereby deemed to have consented to any
        amendment to this Note that conforms the terms of this Note to the terms as set forth in Pricing Supplement No.

         

        dated _[, as amended by Amendment No.thereto
        dated]7, and the prospectus supplement [, any index supplement or other supplement] and prospectus referred
        to therein, each related to this Note and filed with the Securities and Exchange Commission, and the Trustee is hereby
        authorized to enter into any such amendment to this Note without any further consent thereto of the Holder hereof or of
        such owner.

         

 

    2 

     

    

 

___________________

 

3 Applies
if this is a Registered Global Security, unless arrangements are made with DTC outside of existing Letters of Representations,
as has been the case in the past. 

4 Applicable
if other than 30-60 calendar days. If this is a Registered Global Security, minimum notice period is [10] calendar days [current
DTC limitation]. 

5
Default provision is NO. Indicate YES only for certain notes issued on a global basis if specified in pricing supplement. 

6 Specify
if this Note is subject to contingent payment and, if so, the manner of calculating such payment. 

7 Applicable
if there is an amendment to the pricing supplement filed with the Securities and Exchange Commission prior to settlement of this
Note.

 

    3 

     

    

 

Morgan
Stanley, a Delaware corporation (together with its successors and assigns, the “Issuer”), for value received, hereby
promises to pay to , or registered assignees, the principal [sum of]8 [amount specified in Schedule A hereto]9
[the amount of cash, as determined in accordance with the provisions set forth under “[Payment at Maturity]”
above, due with respect to the principal sum of ]10 on the Maturity Date specified above (except to the extent redeemed
or repaid prior to maturity) and to pay interest thereon from and including the Interest Accrual Date specified above at a rate
per annum equal to the Initial Interest Rate specified above or determined in accordance with the provisions specified on the
reverse hereof until the Initial Interest Reset Date specified above, and thereafter at a rate per annum determined in accordance
with the provisions specified on the reverse hereof until the principal hereof is paid or duly made available for payment. Unless
such rate is otherwise specified on the face hereof, the Calculation Agent shall determine the Initial Interest Rate for this
Note in accordance with the provisions specified on the reverse hereof. The Issuer will pay interest in arrears weekly, monthly,
quarterly, semiannually or annually as specified above as the Interest Payment Period on each Interest Payment Date (as specified
above), commencing with the first Interest Payment Date next succeeding the Interest Accrual Date specified above, and on the
Maturity Date (or any redemption or repayment date); provided, however, that if the Interest Accrual Date occurs between a Record
Date, as defined below, and the next succeeding Interest Payment Date, interest payments will commence on the second Interest
Payment Date succeeding the Interest Accrual Date to the registered holder of this Note on the Record Date with respect to such
second Interest Payment Date; and provided, further, that if an Interest Payment Date (other than the Maturity Date or redemption
or repayment date) would fall on a day that is not a Business Day, as defined on the reverse hereof, such Interest Payment Date
shall be the following day that is a Business Day, except that if the Base Rate specified above is EURIBOR and such next Business
Day falls in the next calendar month, such Interest Payment Date shall be the immediately preceding day that is a Business Day;
and provided, further, that if the Maturity Date or redemption or repayment date would fall on a day that is not a Business Day,
such payment shall be made on the following day that is a Business Day and no interest shall accrue for the period from and after
such Maturity Date or redemption or repayment date.

 

Interest
on this Note will accrue from and including the most recent date to which interest has been paid or duly provided for, or, if
no interest has been paid or duly provided for, from and including the Interest Accrual Date, until but excluding the date the
principal hereof has been paid or duly made available for payment. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, subject to certain exceptions described herein, be paid to the person in whose name this
Note (or one or more predecessor Notes) is registered at the close of business on the date [one Business Day prior to such Interest
Payment Date]11 [15 calendar days prior to such Interest Payment Date (whether or not a Business Day)]12
(each such date, a “Record Date”); provided, however, that interest payable at maturity (or any redemption or repayment
date) shall be payable to the person to whom the principal hereof shall be payable.

 

Payment of the principal
of, premium, if any, and interest on this Note due at maturity (or any redemption or repayment date), unless this Note is
denominated in a Specified Currency other than U.S. dollars and is to be paid in whole or in part in such Specified Currency,
will be made in immediately available funds upon surrender of this Note at the office or agency of the Paying Agent, as
defined on the reverse hereof, maintained for that purpose in the Borough of Manhattan, The City of New York, or at such
other paying agency as the Issuer may determine, in U.S. dollars. U.S. dollar payments of interest, other than interest due
at maturity or on any date of redemption or repayment, will be made by U.S. dollar check mailed to the address of the person
entitled thereto as such address shall appear in the Note register. A holder of U.S. $10,000,000 (or the equivalent in a
Specified Currency) or more in aggregate principal amount of Notes having the same Interest Payment Date, the interest on
which is payable in U.S. dollars, shall be entitled to receive payments of interest, other than interest due at maturity or
on any date of redemption or repayment, by wire transfer of immediately available funds if appropriate wire transfer
instructions have been received by the Paying Agent in writing not less than 15 calendar days prior to the applicable
Interest Payment Date.

 

__________________

 

8 Applies if
this Note is not issued as part of, or in relation to, a Unit.

9 Applies if
this Note is issued as part of, or in relation to, a Unit.

10 Applies
if this Note has contingent payment.

11 Applies
only for a Registered Global Security.

12 Applies
for a Registered Note that is not in global form.

 

    4 

     

    

 

If
this Note is denominated in a Specified Currency other than U.S. dollars, and the holder does not elect (in whole or in part)
to receive payment in U.S. dollars pursuant to the next succeeding paragraph, payments of principal, premium, if any, and interest
with regard to this Note will be made by wire transfer of immediately available funds to an account maintained by the holder hereof
with a bank located outside the United States if appropriate wire transfer instructions have been received by the Paying Agent
in writing [not less than 15 calendar days prior to the applicable payment date]13 [, with respect to payments of interest,
on or prior to the fifth Business Day prior to the applicable Record Date and, with respect to payments of principal or any premium,
at least ten Business Days prior to the Maturity Date or any redemption or repayment date, as the case may be]14; provided
that, if payment of principal, premium, if any, or interest with regard to this Note is payable in euro, the account must be a
euro account in a country for which the euro is the lawful currency, provided, further, that if such wire transfer instructions
are not received, such payments will be made by check payable in such Specified Currency mailed to the address of the person entitled
thereto as such address shall appear in the Note register; and provided, further, that payment of the principal of, premium, if
any, and interest on this Note due at maturity (or on any redemption or repayment date) will be made upon surrender of this Note
at the office or agency referred to in the preceding paragraph.

 

If so indicated on the face
hereof, the holder of this Note, if denominated in a Specified Currency other than U.S. dollars, may elect to receive all or a
portion of payments on this Note in U.S. dollars by transmitting a written request to the Paying Agent, on or prior to the fifth
Business Day prior to such Record Date or at least ten Business Days prior to the Maturity Date or any redemption or repayment
date, as the case may be. Such election shall remain in effect unless such request is revoked by written notice to the Paying Agent
as to all or a portion of payments on this Note at least five Business Days prior to such Record Date, for payments of interest,
or at least ten calendar days prior to the Maturity Date or any redemption or repayment date, for payments of principal, as the
case may be.

 

If the holder elects to receive
all or a portion of payments of principal of, premium, if any, and interest on this Note, if denominated in a Specified Currency
other than U.S. dollars, in U.S. dollars, the Exchange Rate Agent (as defined on the reverse hereof) will convert such payments
into U.S. dollars. In the event of such an election, payment in respect of this Note will be based upon the exchange rate as determined
by the Exchange Rate Agent based on the highest bid quotation in The City of New York received by such Exchange Rate Agent at
approximately 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date from three recognized
foreign exchange dealers (one of which may be the Exchange Rate Agent unless such Exchange Rate Agent is an affiliate of the Issuer)
for the purchase by the quoting dealer of the Specified Currency for U.S. dollars for settlement on such payment date in the amount
of the Specified Currency payable in the absence of such an election to such holder and at which the applicable dealer commits
to execute a contract. If such bid quotations are not available, such payment will be made in the Specified Currency. All currency
exchange costs will be borne by the holder of this Note by deductions from such payments.

 

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

 

Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature (which signature may
be entered on such certificate electronically), this Note shall not be entitled to any benefit under the Senior Indenture, as defined
on the reverse hereof, or be valid or obligatory for any purpose.

 

___________________

 

13
Applies for a Registered Note that is not in global form.

14
Applies only for a Registered Global Security.

 

    5 

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this Note
to be duly executed.

 

	 	 	MORGAN STANLEY
	 	 	 
	DATED:	 	 	By:	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 

 

 

	
        TRUSTEE’S CERTIFICATE

        OF AUTHENTICATION

         

        This is one of the Notes referred to in the within-mentioned
        Senior Indenture.

         

        THE BANK OF NEW YORK MELLON,

        as Trustee

         
	 
	By:	 	 
	 	Authorized Signatory	 

 

 

    6 

     

    

 

[FORM OF REVERSE OF
NOTE]

SENIOR GLOBAL MEDIUM-TERM
NOTES, SERIES I

 

This Note is one of a duly
authorized issue of Senior Global Medium-Term Notes, Series I (the “Notes”), of the Issuer. The Notes are issuable
under a Senior Indenture, dated as of November 1, 2004, between the Issuer and The Bank of New York Mellon, a New York banking
corporation (as successor Trustee to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank)), as Trustee (the “Trustee,”
which term includes any successor trustee under the Senior Indenture) as supplemented by a First Supplemental Senior Indenture
dated as of September 4, 2007, a Second Supplemental Senior Indenture dated as of January 4, 2008, a Third Supplemental Senior
Indenture dated as of September 10, 2008, a Fourth Supplemental Senior Indenture dated as of December 1, 2008, a Fifth Supplemental
Senior Indenture dated as of April 1, 2009, a Sixth Supplemental Senior Indenture dated as of September 16, 2011, a Seventh Supplemental
Senior Indenture dated as of November 21, 2011, an Eighth Supplemental Senior Indenture dated as of May 4, 2012, a Ninth Supplemental
Senior Indenture dated as of March 10, 2014 and a Tenth Supplemental Senior Indenture dated as of January 11, 2017 (as the same
may be further amended or supplemented from time to time, the “Senior Indenture”), to which Senior Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities of the Issuer, the Trustee and holders of the Notes and the terms upon which the Notes are, and are to be, authenticated
and delivered. The Issuer has appointed The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A.) at its corporate
trust office in The City of New York as the paying agent (the “Paying Agent,” which term includes any additional or
successor Paying Agent appointed by the Issuer) with respect to the Notes. The terms of individual Notes may vary with respect
to interest rates, interest rate formulas, issue dates, maturity dates, or otherwise, all as provided in the Senior Indenture.
To the extent not inconsistent herewith, the terms of the Senior Indenture are hereby incorporated by reference herein.

 

Unless otherwise indicated
on the face hereof, this Note will not be subject to any sinking fund and, unless otherwise provided on the face hereof in accordance
with the provisions of this Note, including any Addendum, will not be redeemable or subject to repayment at the option of the holder
prior to maturity.

 

If so indicated on the face
hereof, this Note may be redeemed in whole or in part at the option of the Issuer on or after the Initial Redemption Date specified
on the face hereof on the terms set forth on the face hereof, together with interest accrued and unpaid hereon to the date of redemption.
If this Note is subject to “Annual Redemption Percentage Reduction,” the Initial Redemption Percentage indicated on
the face hereof will be reduced on each anniversary of the Initial Redemption Date by the Annual Redemption Percentage Reduction
specified on the face hereof until the redemption price of this Note is 100% of the principal amount hereof, together with interest
accrued and unpaid hereon to the date of redemption. Notice of redemption shall be mailed to the registered holders of the Notes
designated for redemption at their addresses as the same shall appear on the Note register not less than 30 nor more than 60 calendar
days prior to the date fixed for redemption or within the Redemption Notice Period specified on the face hereof, subject to all
the conditions and provisions of the Senior Indenture. In the event of redemption of this Note in part only, a new Note or Notes
for the amount of the unredeemed portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof.

 

If so indicated on the face
of this Note, this Note will be subject to repayment at the option of the holder on the Optional Repayment Date or Dates specified
on the face hereof on the terms set forth herein. On any Optional Repayment Date, this Note will be repayable in whole or in part
in increments of $1,000 or, if this Note is denominated in a Specified Currency other than U.S. dollars, in increments of 1,000
units of such Specified Currency (provided that any remaining principal amount hereof shall not be less than the minimum authorized
denomination hereof) at the option of the holder hereof at a price equal to 100% of the principal amount to be repaid, together
with interest accrued and unpaid hereon to the date of repayment. For this Note to be repaid at the option of the holder hereof,
the Paying Agent must receive at its corporate trust office in the Borough of Manhattan, The City of New York, at least 15 but
not more than 30 calendar days prior to the date of repayment, (i) this Note with the form entitled “Option to Elect Repayment”
below duly completed or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange
or the Financial Industry Regulatory Authority, Inc. or a commercial bank or a trust company in the United States setting forth
the name of the holder of this Note, the principal amount hereof, the certificate number of this Note or a description of this
Note’s tenor and terms, the principal amount hereof to be repaid, a statement that the option to elect repayment is being
exercised thereby and a guarantee that this Note, together with the form entitled “Option to Elect Repayment” duly
completed, will be received by the Paying Agent not later than the fifth Business Day after the date of such telegram, telex,

 

    7 

     

    

 

facsimile
transmission or letter; provided, that such telegram, telex, facsimile transmission or letter shall only be effective if this
Note and form duly completed are received by the Paying Agent by such fifth Business Day. Exercise of such repayment option by
the holder hereof shall be irrevocable. In the event of repayment of this Note in part only, a new Note or Notes for the amount
of the unpaid portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof.

 

If the face hereof indicates
that this Note is subject to “Tax Redemption and Payment of Additional Amounts,” this Note may be redeemed, as a whole,
at the option of the Issuer at any time prior to maturity, upon the giving of a notice of redemption as described below, at a redemption
price equal to 100% of the principal amount hereof, together with accrued interest to the date fixed [as provided in the Addendum]
for redemption, if the Issuer determines that, as a result of any change in or amendment to the laws (including a holding, judgment
or as ordered by a court of competent jurisdiction), or any regulations or rulings promulgated thereunder, of the United States
or of any political subdivision or taxing authority thereof or therein affecting taxation, or any change in official position regarding
the application or interpretation of such laws, regulations or rulings, which change or amendment occurs, becomes effective or,
in the case of a change in official position, is announced on or after the Initial Offering Date hereof, the Issuer has or will
become obligated to pay Additional Amounts, as defined below, with respect to this Note as described below. Prior to the giving
of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee (i) a certificate stating that
the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to
the right of the Issuer to so redeem have occurred, and (ii) an opinion of independent legal counsel satisfactory to the Trustee
to such effect based on such statement of facts; provided that no such notice of redemption shall be given earlier than 60 calendar
days prior to the earliest date on which the Issuer would be obligated to pay such Additional Amounts if a payment in respect of
this Note were then due.

 

Notice of redemption will
be given not less than 30 nor more than 60 calendar days prior to the date fixed for redemption or within the Redemption Notice
Period specified on the face hereof, which date and the applicable redemption price will be specified in the notice.

 

If the face hereof indicates
that this Note is subject to “Tax Redemption and Payment of Additional Amounts,” the Issuer will, subject to certain
exceptions and limitations set forth below, pay such additional amounts (the “Additional Amounts”) to the holder of
this Note with respect to any interest in this Note held by a registered holder who is a U.S. Alien as may be necessary in order
that every net payment of the principal of and interest on this Note and any other amounts payable on this Note, after withholding
or deduction for or on account of any present or future tax, assessment or governmental charge imposed upon or as a result of such
payment by the United States, or any political subdivision or taxing authority of or in the United States, will not be less than
the amount provided for in this Note to be then due and payable. The Issuer will not, however, make any payment of Additional Amounts
for or on account of:

 

		•	any present or future tax, assessment or other governmental charge that would not have been so
imposed but for

 

		o	the existence of any present or former connection between the beneficial
owner of an interest in this Note, or between a fiduciary, settlor, beneficiary, member or shareholder of the beneficial owner,
if the beneficial owner is an estate, a trust, a partnership or a corporation for U.S. federal income tax purposes, and the United
States, including, without limitation, the beneficial owner, or the fiduciary, settlor, beneficiary, member or shareholder, being
or having been a citizen or resident of the United States or being or having been engaged in the conduct of a trade or business
or present in the United States or having, or having had, a permanent establishment in the United States; or

 

		o	the presentation by or on behalf of the beneficial owner of an interest in
this Note for payment on a date more than 15 days after the date on which payment became due and payable or the date on which payment
of this Note is duly provided for, whichever occurs later;

 

		•	any estate, inheritance, gift, sales, transfer, excise or personal property tax or any similar
tax, assessment or governmental charge;

 

		•	any tax, assessment or other governmental charge imposed by reason of the beneficial owner’s
past or present status as a controlled foreign corporation or passive foreign investment company with respect to the United States
or as a corporation that accumulates earnings to avoid U.S. federal income tax or as a private

 

    8 

     

    

 

foundation
or other tax-exempt organization;

 

		•	any tax, assessment or other governmental charge that is payable otherwise
than by withholding or deduction from payments on or in respect of this Note;

 

		•	any tax, assessment or other governmental charge required to be withheld
by any Paying Agent from any payment of principal of, or interest on, this Note, if payment can be made without withholding by
at least one other Paying Agent;

 

		•	any tax, assessment or other governmental charge imposed solely because
the beneficial owner of an interest in this Note (1) is a bank purchasing this Note in the ordinary course of its lending business
or (2) is a bank that is neither (A) buying this Note for investment purposes nor (B) buying this Note for resale to a third party
that either is not a bank or holding this Note for investment purposes only;

 

		•	any tax, assessment or other governmental charge that would not have been
imposed but for the failure to comply with certification, information or other reporting requirements concerning the nationality,
residence, identity or connection with the United States of the beneficial owner of an interest in this Note, if compliance is
required by statute or by regulation of the United States or of any political subdivision or taxing authority of or in the United
States as a precondition to relief or exemption from the tax, assessment or other governmental charge;

 

		•	any tax, assessment or other governmental charge imposed
or collected pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”),
any intergovernmental agreements entered into in connection with the implementation of such sections of the Code, or any fiscal
or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with
the implementation of such sections of the Code;

 

		•	any tax, assessment or other governmental charge imposed pursuant to Section
871(m) of the Code and any applicable Treasury regulations promulgated thereunder or published administrative guidance implementing
such section;

 

		•	any tax, assessment or other governmental charge imposed by reason of the
beneficial owner’s past or present status as the actual or constructive owner of 10% or more of the total combined voting
power of all classes of stock entitled to vote of the Issuer or as a direct or indirect subsidiary of the Issuer; or

 

		•	any combination of the items listed above.

 

Nor will the Issuer pay Additional
Amounts with respect to any payment with respect to any interest in this Note to a U.S. Alien who is a fiduciary or partnership
or other than the sole beneficial owner of the payment to the extent the payment would be required by the laws of the United States
(or any political subdivision of the United States) to be included in the income, for tax purposes, of a beneficiary or settlor
with respect to the fiduciary or a member of the partnership or a beneficial owner who would not have been entitled to the Additional
Amounts had the beneficiary, settlor, member or beneficial owner held its interest in this Note directly.

 

This Note will bear interest
at the rate determined in accordance with the applicable provisions below by reference to the Base Rate shown on the face hereof
based on the Index Maturity, if any, shown on the face hereof (i) plus or minus the Spread, if any, and/or (ii) multiplied by
the Spread Multiplier, if any, specified on the face hereof. Commencing with the Initial Interest Reset Date specified on the
face hereof, the rate at which interest on this Note is payable shall be reset as of each Interest Reset Date specified on the
face hereof (as used herein, the term “Interest Reset Date” shall include the Initial Interest Reset Date). For the
purpose of determining the Initial Interest Rate, references in this paragraph, the next succeeding paragraph and, if applicable,
clauses (i) and (ii) under “Determination of EURIBOR” below to Interest Reset Date shall be deemed to mean the Original
Issue Date. The determination of the rate of interest at which this Note will be reset on any Interest Reset Date shall be made
on the Interest Determination Date (as defined below) pertaining to such Interest Reset Dates. The Interest Reset Dates will be
the Interest Reset Dates specified on the face hereof; provided, however, that (a) the interest rate in effect for the period
from the Interest Accrual Date to the Initial Interest Reset Date will be the Initial Interest Rate and (b) unless otherwise specified
on the face hereof, the interest rate in effect for the ten calendar days immediately prior to maturity, redemption or repayment
will be that in effect on the tenth calendar day preceding such maturity,

 

    9 

     

    

 

redemption
or repayment date. If any Interest Reset Date would otherwise be a day that is not a Business Day, such Interest Reset Date shall
be postponed to the next succeeding day that is a Business Day, except that if the Base Rate specified on the face hereof is EURIBOR
and such Business Day is in the next succeeding calendar month, such Interest Reset Date shall be the immediately preceding Business
Day. As used herein, “Business Day” means any day, other than a Saturday or Sunday, (a) that is neither a legal holiday
nor a day on which banking institutions are authorized or required by law or regulation to close (x) in The City of New York or
(y) if this Note is denominated in a Specified Currency other than U.S. dollars, euro or Australian dollars, in the principal
financial center of the country of the Specified Currency, or (z) if this Note is denominated in Australian dollars, in Sydney
and (b) if this Note is denominated in euro, that is also a day on which the Trans-European Automated Real-time Gross Settlement
Express Transfer payment system (“TARGET”), which utilizes a single shared platform and was launched on November 19,
2007, is open for the settlement of payment in euro (a “TARGET Settlement Day”).

 

The Interest Determination
Date pertaining to an Interest Reset Date for Notes bearing interest calculated by reference to the Federal Funds Rate, Federal
Funds (Open) Rate and Prime Rate shall be on the Business Day prior to the Interest Reset Date. The Interest Determination Date
pertaining to an Interest Reset Date for Notes bearing interest calculated by reference to the Commercial Paper Rate and CMT Rate
will be the second Business Day prior to such Interest Reset Date. The Interest Determination Date pertaining to an Interest Reset
Date for Notes bearing interest calculated by reference to the CMS Rate will be the second U.S. Government Securities Business
Day (as defined herein) prior to such Interest Reset Date. The Interest Determination Date pertaining to an Interest Reset Date
for Notes bearing interest calculated by reference to EURIBOR shall be the second TARGET Settlement Day prior to such Interest
Reset Date. The Interest Determination Date pertaining to an Interest Reset Date for Notes bearing interest calculated by reference
to the Treasury Rate shall be the day of the week in which such Interest Reset Date falls on which Treasury bills normally would
be auctioned. Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which
case the auction is normally held on the following Tuesday, except that the auction may be held on the preceding Friday; provided,
however, that if an auction is held on the Friday of the week preceding such Interest Reset Date, the Interest Determination Date
shall be such preceding Friday; and provided, further, that if an auction shall fall on any Interest Reset Date, then the Interest
Reset Date shall instead be the first Business Day following the date of such auction. The Interest Determination Date pertaining
to an Interest Reset Date for Notes bearing interest calculated by reference to two or more base rates will be the latest Business
Day that is at least two Business Days before the Interest Reset Date for the applicable Note on which each base rate is determinable.

 

Unless otherwise specified
on the face hereof, the “Calculation Date” pertaining to an Interest Determination Date, including the Interest Determination
Date as of which the Initial Interest Rate is determined, will be the earlier of (i) the tenth calendar day after such Interest
Determination Date or, if such day is not a Business Day, the next succeeding Business Day, or (ii) the Business Day immediately
preceding the applicable Interest Payment Date or Maturity Date (or, with respect to any principal amount to be redeemed or repaid,
any redemption or repayment date), as the case may be.

 

Determination of Commercial
Paper Rate. If the Base Rate specified on the face hereof is the “Commercial Paper Rate,” for any Interest Determination
Date, the Commercial Paper Rate with respect to this Note shall be the Money Market Yield (as defined herein), calculated as described
below, of the rate on that date for U.S. dollar commercial paper having the Index Maturity specified on the face hereof, as that
rate is published in the H.15 Daily Update, under the heading “Commercial Paper — Nonfinancial.”

 

The following procedures shall
be followed if the Commercial Paper Rate cannot be determined as described above:

 

(i) If by 3:00 p.m., New
York City time, on that Calculation Date the above rate is not yet published in the H.15 Daily Update, or other recognized electronic
source used for the purpose of displaying the applicable rate, then the Calculation Agent shall determine the Commercial Paper
Rate to be the Money Market Yield of the arithmetic mean of the offered rates as of 11:00 a.m., New York City time, on that Interest
Determination Date of three leading dealers of U.S. dollar commercial paper in The City of New York, which may include the initial
dealer and its affiliates, selected by the Issuer or its designee (after consultation with the Issuer), for commercial paper of
the Index Maturity specified on the face hereof, placed for an industrial issuer whose bond rating is “Aa,” or the
equivalent, from a nationally recognized statistical rating agency.

 

    10 

     

    

(ii) If the dealers selected
by the Issuer or its designee are not quoting as set forth in (i) above, the Commercial Paper Rate for that Interest Determination
Date shall remain the Commercial Paper Rate for the immediately preceding Interest Reset Period, or, if there was no Interest Reset
Period, the rate of interest payable shall be the Initial Interest Rate.

 

The “Money Market Yield” shall be a yield
calculated in accordance with the following formula:

 

 

 

where
“D” refers to the applicable per year rate for commercial paper quoted on a bank discount basis and expressed as a
decimal and “M” refers to the actual number of days in the interest period for which interest is being calculated.

 

Determination of EURIBOR. If the Base Rate
specified on the face hereof is “EURIBOR,” for any Interest Determination Date, EURIBOR with respect to this Note shall
be the rate for deposits in euros as sponsored, calculated and published jointly by the European Banking Federation and ACI —
The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those
rates, for the Index Maturity specified on the face hereof as that rate appears on the display on Thomson Reuters Eikon (“Reuters”),
or any successor service, on page EURIBOR01 or any other page as may replace page EURIBOR01 on that service (“Reuters Page
EURIBOR01”) as of 11:00 a.m., Brussels time.

 

The following procedures shall be followed
if the rate cannot be determined as described above:

 

(i)       If
the above rate does not appear, the Calculation Agent shall request the principal Euro-zone office of each of four major banks
in the Euro-zone interbank market, as selected by the Issuer or its designee (after consultation with the Issuer), to provide the
Calculation Agent with its offered rate for deposits in euros, at approximately 11:00 a.m., Brussels time, on the Interest Determination
Date, to prime banks in the Euro-zone interbank market for the Index Maturity specified on the face hereof commencing on the applicable
Interest Reset Date, and in a principal amount not less than the equivalent of U.S.$1 million in euro that is representative
of a single transaction in euro, in that market at that time. If at least two quotations are provided, EURIBOR shall be the arithmetic
mean of those quotations.

 

(ii)       If
fewer than two quotations are provided, EURIBOR shall be the arithmetic mean of the rates quoted by four major banks in the Euro-zone
interbank market, as selected by the Issuer or its designee (after consultation with the Issuer), at approximately 11:00 a.m.,
Brussels time, on the applicable Interest Reset Date for loans in euro to leading European banks for a period of time equivalent
to the Index Maturity specified on the face hereof commencing on that Interest Reset Date in a principal amount not less than the
equivalent of U.S.$1 million in euro.

 

(iii)       If
the banks so selected by the Issuer or its designee are not quoting as set forth above, EURIBOR for that Interest Determination
Date shall remain EURIBOR for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period, the rate
of interest payable shall be the Initial Interest Rate.

 

(iv)       If
the Issuer or its designee determine that EURIBOR has been permanently discontinued, the Calculation Agent will use, as a substitute
for EURIBOR and for each future Interest Determination Date, the alternative reference rate selected by the central bank, reserve
bank, monetary authority or any similar institution (including any committee or working group thereof) in the jurisdiction of the
applicable Index Currency that is consistent with accepted market practice (the “Alternative Rate”). As part of such
substitution, the Issuer or its designee will make such adjustments to the Alternative Rate or the spread thereon, as well as the
business day convention, Interest Determination Dates and related provisions and definitions, in each case that are consistent
with accepted market practice for the use of such Alternative Rate for debt obligations such as this Note. If, however, the Issuer
or its designee determine that no such Alternative Rate exists on the relevant date, the Issuer or such designee shall make a determination
of an alternative rate as a substitute for EURIBOR for debt obligations such as this Note, as well as the spread thereon, the business
day convention and the Interest Determination Dates, that is consistent with accepted market practice.

 

“Euro-zone” means the region
comprised of Member States of the European Union that adopt the single currency in accordance with the relevant treaty of the European
Union, as amended.

 

Determination of the Federal
Funds Rate. If the Base Rate specified on the face hereof is the “Federal Funds

 

    11 

     

    

 

Rate,”
for any Interest Determination Date, the Federal Funds Rate with respect to this Note shall be the rate on that date for U.S.
dollar federal funds as published in the H.15 Daily Update under the heading “Federal Funds (Effective)” as displayed
on Reuters, or any successor service, on page FEDFUNDS1 or any other page as may replace the applicable page on that service (“Reuters
Page FEDFUNDS1”).

 

The following procedures shall be followed if
the Federal Funds Rate cannot be determined as described above:

 

(i)
If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, the Federal Funds Rate shall be
the rate on that Interest Determination Date as published in the H.15 Daily Update, or other recognized electronic source used
for the purpose of displaying the applicable rate, under the heading “Federal Funds (Effective).”

 

(ii) If the above rate is
not yet published in the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable
rate, by 3:00 p.m., New York City time, on the Calculation Date, the Calculation Agent shall determine the Federal Funds Rate to
be the arithmetic mean of the rates for the last transaction in overnight U.S. dollar federal funds prior to 9:00 a.m., New York
City time, on that Interest Determination Date, quoted by each of three leading brokers of U.S. dollar federal funds transactions
in The City of New York, which may include the initial dealer and its affiliates, selected by the Issuer or its designee (after
consultation with the Issuer).

 

(iii)
If the brokers selected by the Issuer or its designee are not quoting as set forth in (ii) above, the Federal Funds Rate for that
Interest Determination Date shall remain the Federal Funds Rate for the immediately preceding Interest Reset Period, or, if there
was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate.

 

Determination of Federal Funds
(Open) Rate. If the Base Rate specified on the face hereof is the “Federal Funds (Open) Rate,” for any Interest Determination
Date, the Federal Funds (Open) Rate with respect to this Note shall be the Federal Funds Rate on that date set forth opposite the
caption “Open” as displayed on Reuters, or any successor service, on page 5 or any other page as may replace the applicable
page on that service (“Reuters Page 5”).

 

The following procedures shall
be followed if the Federal Funds (Open) Rate cannot be determined as described above:

 

		•	If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date,
the Federal Funds (Open) Rate will be the rate on that Interest Determination Date displayed on FFPREBON Index Page on Bloomberg
L.P. (“Bloomberg”), which is the Fed Funds Opening Rate as reported by Prebon Yamane, or any successor service, on
Bloomberg.

 

		•	If the above rate is not displayed on the FFPREBON Index Page on Bloomberg, or other recognized
electronic source used for the purpose of displaying the applicable rate, by 3:00 p.m., New York City time, on the Calculation
Date, the Calculation Agent will determine the Federal Funds (Open) Rate to be the arithmetic mean of the rates for the last transaction
in overnight U.S. dollar federal funds prior to 9:00 a.m., New York City time, on that Interest Determination Date, quoted by each
of three leading brokers of U.S. dollar federal funds transactions in The City of New York, which may include the agent and its
affiliates, selected by the Issuer or its designee (after consultation with the Issuer).

 

    12 

     

    

		•	If the brokers selected by the Issuer or its designee are not quoting as set forth above, the
Federal Funds (Open) Rate for that Interest Determination Date shall remain the Federal Funds (Open) Rate for the immediately preceding
Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable will be the Initial Interest Rate.

 

Determination of Prime Rate.
If the Base Rate specified on the face hereof is “Prime Rate,” for any Interest Determination Date, the Prime Rate
with respect to this Note shall be the rate on that date as published in the H.15 Daily Update under the heading “Bank Prime
Loan.”

 

The following procedures shall be followed if the Prime
Rate cannot be determined as described above:

 

(i) If the above rate is not
published in the H.15 Daily Update by 3:00 p.m., New York City time, on the Calculation Date, the Calculation Agent shall determine
the Prime Rate to be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Page
US PRIME 1, as defined below, as that bank’s Prime Rate or base lending rate, as of 11:30 a.m., New York City time, as in
effect for that Interest Determination Date.

 

(ii)
If fewer than four rates for that Interest Determination Date appear on the Reuters Page US PRIME 1 by 3:00 p.m., New York City
time, on the Calculation Date, the Calculation Agent shall determine the Prime Rate to be the arithmetic mean of the Prime Rates
quoted on the basis of the actual number of days in the year divided by 360 as of the close of business on that Interest Determination
Date by at least three major banks in The City of New York, which may include affiliates of the initial dealer, selected by the
Issuer or its designee (after consultation with the Issuer).

 

(iii) If the banks selected
by the Issuer or its designee are not quoting as set forth above, the Prime Rate for that Interest Determination Date shall remain
the Prime Rate for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest
payable shall be the Initial Interest Rate.

 

“Reuters Page US PRIME
1” means the display designated as page “US PRIME 1” on Reuters, or any successor service, or any other page
as may replace the US PRIME 1 page on that service for the purpose of displaying prime rates or base lending rates of major U.S.
banks.

 

Determination
of Treasury Rate. If the Base Rate specified on the face hereof is “Treasury Rate,” the Treasury Rate with respect
to this Note shall be:

 

(i) the rate from the Auction
held on the applicable Interest Determination Date (the “Auction”) of direct obligations of the United States (“Treasury
Bills”) having the Index Maturity specified on the face hereof as that rate appears under the caption “INVEST RATE”
on the display on Reuters, or any successor service, on page USAUCTION10 or any other page as may replace page USAUCTION10 on that
service (“Reuters Page USAUCTION10”), or on page USAUCTION11 or any other page as may replace page USAUCTION11 on that
service (“Reuters Page USAUCTION11”); or

 

(ii) if the rate described
in (i) above is not published by 3:00 p.m., New York City time, on the related Calculation Date, the Bond Equivalent Yield of the
Auction rate of the applicable Treasury Bills, announced by the United States Department of the Treasury; or

 

(iii)
if the rate described in (ii) above is not announced by the United States Department of the Treasury, or if the Auction is not
held, the Bond Equivalent Yield of the Auction rate on the applicable Interest Determination Date of Treasury Bills having the
Index Maturity specified on the face hereof published in the H.15 Daily Update, or other recognized electronic source used for
the purpose of displaying the applicable rate, under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”;
or

 

(iv) if the rate described
in (iii) above is not so published by 3:00 p.m., New York City time, on the related Calculation Date, the rate on the applicable
Interest Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary
market bid rates, as of approximately 3:30 p.m., New York City time, on the applicable Interest Determination Date, of three primary
U.S. government securities dealers, which may include the initial dealer and its affiliates, selected by the Issuer or its designee,
for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified on the face hereof; or

 

    13 

     

    

 

(v) if the dealers selected
by the Issuer or its designee are not quoting as described in (iv), the Treasury Rate for the immediately preceding Interest Reset
Period, or, if there was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate.

 

The “Bond Equivalent Yield”
means a yield calculated in accordance with the following formula and expressed as a percentage:

 

 

where
“D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis, “N” refers
to 365 or 366, as the case may be, and “M” refers to the actual number of days in the interest period for which interest
is being calculated.

 

Determination of CMT Rate. If the Base
Rate specified on the face hereof is the “CMT Rate,” for any Interest Determination Date, the CMT Rate with respect
to this Note shall be any of the following rates published by the Federal Reserve System Board of Governors, or its successor,
on its website or in another recognized electronic source, as the yield is displayed for Treasury securities at “constant
maturity” under the column for the Designated CMT Maturity Index, as defined below, for:

 

(1) the rate on that Interest Determination Date, if
the Designated CMT Reuters Page is FRBCMT; and

 

(2) the week or the month, as applicable, ended immediately
preceding the week in which the related Interest Determination Date occurs, if the Designated CMT Reuters Page is FEDCMT.

 

The following procedures shall be followed if the CMT
Rate cannot be determined as described above:

 

(i) If the above rate is no
longer displayed on the relevant page, or if not published by 3:00 p.m., New York City time, on the related Calculation Date, then
the CMT Rate shall be the Treasury Constant Maturities Rate for the Designated CMT Maturity Index or other U.S. Treasury rate for
the Designated CMT Maturity Index on the Interest Determination Date for the related Interest Reset Date as may then be published
by either the Board of Governors of the Federal Reserve System or the United States Department of the Treasury that the Calculation
Agent determines to be comparable to the rate formerly displayed on the Designated CMT Reuters Page and published on the website
of the Federal Reserve System Board of Governors or in another recognized electronic source.

 

(ii) If the rate described
in (i) above is not provided by 3:00 p.m., New York City time, on the related Calculation Date, then the Calculation Agent shall
determine the CMT Rate to be a yield to maturity, based on the arithmetic mean of the secondary market closing offer side prices
as of approximately 3:30 p.m., New York City time, on the Interest Determination Date, reported, according to their written records,
by three leading primary U.S. government securities dealers (“Reference Dealers”) in The City of New York, which may
include the initial dealer or its affiliates, selected by the Issuer or its designee as described in the following sentence. The
Issuer or its designee (after consultation with the Issuer) shall select five Reference Dealers and shall eliminate the highest
quotation or, in the event of equality, one of the highest, and the lowest quotation or, in the event of equality, one of the lowest,
for the most recently issued direct noncallable fixed rate obligations of the United States (“Treasury Notes”) with
an original maturity of approximately the Designated CMT Maturity Index, a remaining term to maturity of no more than 1 year shorter
than that Designated CMT Maturity Index and in a principal amount that is representative for a single transaction in the securities
in that market at that time. If two Treasury Notes with an original maturity as described above have remaining terms to maturity
equally close to the Designated CMT Maturity Index, the quotes for the Treasury Note with the shorter remaining term to maturity
shall be used.

 

(iii) If three Treasury Notes
quotations are not obtained as described in (ii) above, the Calculation Agent shall determine the CMT Rate to be a yield to maturity
based on the arithmetic mean of the secondary market offer side prices as of approximately 3:30 p.m., New York City time, on the
Interest Determination Date of three Reference Dealers in The City of New York, selected using the same method described in (ii)
above, for Treasury Notes with an original maturity equal to the number of years closest to but not less than the Designated CMT
Maturity Index and a remaining term to maturity closest to the Designated CMT Maturity Index and in a principal amount that is
representative for a single transaction in the securities in that market at that time.

 

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(iv) If three or four, and
not five, of the Reference Dealers are quoting as described in (iii) above, then the CMT Rate for that Interest Determination Date
shall be based on the arithmetic mean of the offer prices obtained and neither the highest nor the lowest of those quotes shall
be eliminated.

 

(v) If fewer than three Reference
Dealers selected by the Issuer or its designee are quoting as described in (iii) above, the CMT Rate for that Interest Determination
Date shall remain the CMT Rate for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period,
the rate of interest payable shall be the Initial Interest Rate.

 

“Designated CMT Reuters
Page” means the display on Reuters, or any successor service, on the page designated on the face hereof or any other page
as may replace that page on that service for the purpose of displaying Treasury Constant Maturities published by the Federal Reserve
System Board of Governors, or its successor, on its website or in another recognized electronic source. If no Reuters page is specified
on the face hereof, the Designated CMT Reuters Page shall be FEDCMT, for the most recent week.

 

“Designated
CMT Maturity Index” means the original period to maturity of the U.S. Treasury securities, which is either 1, 2, 3, 5, 7,
10, 20 or 30 years, as specified on the face hereof, for which the CMT Rate shall be calculated. If no maturity is specified on
the face hereof, the Designated CMT Maturity Index shall be two years.

 

Determination of CMS Rate.
If the Base Rate specified on the face hereof is a “CMS Rate,” for any Interest Determination Date, the CMS Rate with
respect to this Note shall be the fixed rate of interest payable on an interest rate swap having the index maturity specified as
reported on Reuters Page ICESWAP1 or any successor page thereto at approximately 11:00 a.m. New York City time for such day.

 

The following procedures shall be followed if the CMS
Rate cannot be determined as described above:

 

(i) If
the rate is not displayed by approximately 11:00 a.m. New York City time on the Reuters Page ICESWAP1 on any day on which such
rate must be determined, such rate for such day will be determined on the basis of the mid-market semi-annual swap rate quotations
to the Calculation Agent provided by five leading swap dealers in the New York City interbank market selected by the Issuer or
its designee (the “Reference Banks”) at approximately 11:00 a.m., New York City time, on such day, and, for this purpose,
the mid-market semi-annual swap rate means the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a
30/360 day count basis, of a fixed-for-floating U.S. Dollar interest rate swap transaction with a term equal to the applicable
maturity commencing on such day and in a representative amount with an acknowledged dealer of good credit in the swap market, where
the floating leg, calculated on an actual/360 day count basis, is equivalent to the index rate that is then used in the calculation
of the CMS Rate with a designated maturity of three months. The Issuer or its designee shall request the principal New York City
office of each of the Reference Banks to provide a quotation of its rate.

 

(ii) If
at least three quotations are provided, the rate for that day shall be the arithmetic mean of the quotations, eliminating the highest
quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the
lowest).

 

(iii)
If fewer than three quotations are provided as requested, the affected rate shall be determined by the Issuer or its designee in
good faith and in a commercially reasonable manner.

 

Unless otherwise provided in
the Addendum, “U.S. Government Securities Business Day” means any day except for a Saturday, Sunday or a day on which
the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed
for the entire day for purposes of trading in U.S. government securities.

 

Notwithstanding the foregoing,
the interest rate hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if
any, specified on the face hereof. The Calculation Agent shall calculate the interest rate hereon in accordance with the foregoing
on or before each Calculation Date. The interest rate on this Note will in no event be higher than the maximum rate permitted by
New York law, as the same may be modified by United States Federal law of general application.

 

    15 

     

    

At the
request of the holder hereof, the Calculation Agent will provide to the holder hereof the interest rate hereon then in effect and,
if determined, the interest rate that will become effective as of the next Interest Reset Date.

 

Unless otherwise indicated
on the face hereof or in the Addendum, interest payments on this Note shall be the amount of interest accrued from and including
the Interest Accrual Date or from and including the last date to which interest has been paid or duly provided for to but excluding
the Interest Payment Dates or the Maturity Date (or any earlier redemption or repayment date), as the case may be. Unless otherwise
provided in the Addendum, accrued interest hereon shall be an amount calculated by multiplying the face amount hereof by an accrued
interest factor. Such accrued interest factor shall be computed by adding the interest factor calculated for each day in the period
for which interest is being paid. The interest factor for each such date shall be computed by dividing the interest rate applicable
to such day (i) by 360 if the Base Rate is Commercial Paper Rate, EURIBOR, Federal Funds Rate, Federal Funds (Open) Rate, Prime
Rate or CMS Rate; or (ii) by the actual number of days in the year if the Base Rate is the Treasury Rate or the CMT Rate. All percentages
resulting from any calculation of the rate of interest on this Note will be rounded, if necessary, to the nearest one hundred-thousandth
of a percentage point (with 0.000005% being rounded up to 0.00001%) and all U.S. dollar amounts used in or resulting from such
calculation on this Note will be rounded to the nearest cent, with one-half cent rounded upward. All Japanese Yen amounts used
in or resulting from such calculations will be rounded downwards to the next lower whole Japanese Yen amount. All amounts denominated
in any other currency used in or resulting from such calculations will be rounded to the nearest two decimal places in such currency,
with 0.005 being rounded up to 0.01. Unless otherwise provided in the Addendum, the interest rate in effect on any Interest Reset
Date will be the applicable rate as reset on such date. Unless otherwise provided in the Addendum, the interest rate applicable
to any other day is the interest rate from the immediately preceding Interest Reset Date (or, if none, the Initial Interest Rate).

 

This Note and all the obligations
of the Issuer hereunder are direct, unsecured obligations of the Issuer and rank without preference or priority among themselves
and pari passu with all other existing and future unsecured and unsubordinated indebtedness of the Issuer, subject to certain statutory
exceptions in the event of liquidation upon insolvency.

 

This Note, and any Note
or Notes issued upon transfer or exchange hereof, is issuable only in fully registered form, without coupons, and, if
denominated in U.S. dollars, unless otherwise stated above, is issuable only in denominations of U.S. $1,000 and any integral
multiple of U.S. $1,000 in excess thereof. If this Note is denominated in a Specified Currency other than U.S. dollars, then,
unless a higher minimum denomination is required by applicable law, it is issuable only in denominations of the equivalent of
U.S. $1,000 (rounded to an integral multiple of 1,000 units of such Specified Currency), or any amount in excess thereof
which is an integral multiple of 1,000 units of such Specified Currency, as determined by reference to the noon dollar buying
rate in The City of New York for cable transfers of such Specified Currency published by the Federal Reserve Bank of New York
(the “Market Exchange Rate”) on the Business Day immediately preceding the date of issuance.

 

The Trustee has been appointed
registrar for the Notes (the “Registrar,” which term includes any successor registrar appointed by the Issuer), and
the Registrar will maintain at its office in The City of New York a register for the registration and transfer of Notes. This
Note may be transferred at the aforesaid office of the Registrar by surrendering this Note for cancellation, accompanied by a
written instrument of transfer in form satisfactory to the Issuer and the Registrar and duly executed by the registered holder
hereof in person or by the holder’s attorney duly authorized in writing, and thereupon the Registrar shall issue in the
name of the transferee or transferees, in exchange herefor, a new Note or Notes having identical terms and provisions and having
a like aggregate principal amount in authorized denominations, subject to the terms and conditions set forth herein; provided,
however, that the Registrar will not be required (i) to register the transfer of or exchange any Note that has been called for
redemption in whole or in part, except the unredeemed portion of Notes being redeemed in part, (ii) to register the transfer of
or exchange any Note if the holder thereof has exercised his right, if any, to require the Issuer to repurchase such Note in whole
or in part, except the portion of such Note not required to be repurchased, or (iii) to register the transfer of or exchange Notes
to the extent and during the period so provided in the Senior Indenture with respect to the redemption of Notes. Notes are exchangeable
at said office for other Notes of other authorized denominations of equal aggregate principal amount having identical terms and
provisions. All such exchanges and transfers of Notes will be free of charge, but the Issuer may require payment of a sum sufficient
to cover any tax or other governmental charge in connection therewith. All Notes surrendered for exchange shall be accompanied
by a written instrument of transfer in form satisfactory to the Issuer and the Registrar and executed by the registered

 

    16 

     

    

holder
in person or by the holder’s attorney duly authorized in writing. The date of registration of any Note delivered upon any
exchange or transfer of Notes shall be such that no gain or loss of interest results from such exchange or transfer.

 

In case this Note shall at
any time become mutilated, defaced or be destroyed, lost or stolen and this Note or evidence of the loss, theft or destruction
thereof (together with the indemnity hereinafter referred to and such other documents or proof as may be required in the premises)
shall be delivered to the Trustee, the Issuer in its discretion may execute a new Note of like tenor in exchange for this Note,
but, if this Note is destroyed, lost or stolen, only upon receipt of evidence satisfactory to the Trustee and the Issuer that this
Note was destroyed or lost or stolen and, if required, upon receipt also of indemnity satisfactory to each of them. All expenses
and reasonable charges associated with procuring such indemnity and with the preparation, authentication and delivery of a new
Note shall be borne by the owner of the Note mutilated, defaced, destroyed, lost or stolen.

 

The Senior Indenture provides
that (a) if an Event of Default (as defined in the Senior Indenture) due to the default in payment of principal of, premium, if
any, or interest on any series of debt securities issued under the Senior Indenture, including the series of Notes of which this
Note forms a part, shall have occurred and be continuing, either the Trustee or the holders of not less than 25% in aggregate
principal amount of the outstanding debt securities of each affected series, voting as one class, by notice in writing to the
Issuer and to the Trustee, if given by the securityholders, may then declare the principal of all debt securities of all such
series and interest accrued thereon to be due and payable immediately and (b) if an Event of Default due to certain events of
bankruptcy, insolvency or reorganization of the Issuer shall have occurred and be continuing, either the Trustee or the holders
of not less than 25% in aggregate principal amount of all outstanding debt securities issued under the Senior Indenture, voting
as one class, by notice in writing to the Issuer and to the Trustee, if given by the securityholders, may declare the principal
of all such debt securities and interest accrued thereon to be due and payable immediately, but upon certain conditions such declarations
may be annulled and past defaults may be waived (except a continuing default in payment of principal, premium, if any, or interest
on such debt securities) by the holders of a majority in aggregate principal amount of the debt securities of all affected series
then outstanding.

 

The
Senior Indenture permits the Issuer and the Trustee, with the consent of the holders of not less than a majority in aggregate
principal amount of the debt securities of all series issued under the Senior Indenture then outstanding and affected (voting
as one class), to execute supplemental indentures adding any provisions to or changing in any manner the rights of the holders
of each series so affected; provided that the Issuer and the Trustee may not, without the consent of the holder of each outstanding
debt security affected thereby, (i) extend the final maturity of any such debt security, or reduce the principal amount thereof,
or reduce the rate or extend the time of payment of interest thereon, or reduce any amount payable on redemption thereof, or change
the currency of payment thereof, or reduce the amount of any original issue discount security payable upon acceleration or provable
in bankruptcy, or modify or amend the provisions for conversion of any currency into any other currency, or modify or amend the
provisions for conversion or exchange of the debt security for securities of the Issuer or other entities or for other property
or the cash value of the property (other than as provided in the antidilution provisions or other similar adjustment provisions
of the debt securities or otherwise in accordance with the terms thereof), or alter certain provisions of the Senior Indenture
relating to debt securities not denominated in U.S. dollars or impair or affect the rights of any holder of any series to institute
suit for the payment thereof or (ii) reduce the aforesaid percentage in principal amount of debt securities of any series the
consent of the holders of which is required for any such supplemental indenture.

 

Except as set forth below,
if the principal of, premium, if any, or interest on this Note is payable in a Specified Currency other than U.S. dollars and
such Specified Currency is not available to the Issuer for making payments hereon due to the imposition of exchange controls or
other circumstances beyond the control of the Issuer or is no longer used by the government of the country issuing such currency
or for the settlement of transactions by public institutions within the international banking community, then the Issuer will
be entitled to satisfy its obligations to the holder of this Note by making such payments in U.S. dollars on the basis of the
Market Exchange Rate on the date of such payment or, if the Market Exchange Rate is not available on such date, as of the most
recent practicable date; provided, however, that if the euro has been substituted for such Specified Currency, the Issuer may
at its option (or shall, if so required by applicable law) without the consent of the holder of this Note effect the payment of
principal of, premium, if any, or interest on any Note denominated in such Specified Currency in euro in lieu of such Specified
Currency in conformity with legally applicable measures taken pursuant to, or by virtue of, the Treaty establishing the European
Community, as amended. Any payment made under such circumstances in U.S. dollars or

 

    17 

     

    

 

euro
where the required payment is in an unavailable Specified Currency will not constitute an Event of Default. If such Market Exchange
Rate is not then available to the Issuer or is not published for a particular Specified Currency, the Market Exchange Rate will
be based on the highest bid quotation in The City of New York received by the Exchange Rate Agent at approximately 11:00 a.m.,
New York City time, on the second Business Day preceding the date of such payment from three recognized foreign exchange dealers
(the “Exchange Dealers”) for the purchase by the quoting Exchange Dealer of the Specified Currency for U.S. dollars
for settlement on the payment date, in the aggregate amount of the Specified Currency payable to those holders or beneficial owners
of Notes and at which the applicable Exchange Dealer commits to execute a contract. One of the Exchange Dealers providing quotations
may be the Exchange Rate Agent unless the Exchange Rate Agent is an affiliate of the Issuer. If those bid quotations are not available,
the Exchange Rate Agent shall determine the market exchange rate at its sole discretion.

 

The
“Exchange Rate Agent” shall be Morgan Stanley & Co. LLC, unless otherwise indicated on the face hereof.

 

All
determinations referred to above made by, or on behalf of, the Issuer or by, or on behalf of, the Exchange Rate Agent shall
be at such entity’s sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and
binding on holders of Notes.

 

So
long as this Note shall be outstanding, the Issuer will cause to be maintained an office or agency for the payment of the principal
of, premium, if any, and interest on this Note as herein provided in the Borough of Manhattan, The City of New York, and an office
or agency in said Borough of Manhattan for the registration, transfer and exchange as aforesaid of the Notes. The Issuer may designate
other agencies for the payment of said principal, premium and interest at such place or places (subject to applicable laws and
regulations) as the Issuer may decide. So long as there shall be such an agency, the Issuer shall keep the Trustee advised of
the names and locations of such agencies, if any are so designated. If any European Union Directive on the taxation of savings
comes into force, the Issuer will, to the extent possible as a matter of law, maintain a Paying Agent in a Member State of the
European Union that will not be obligated to withhold or deduct tax pursuant to any such Directive or any law implementing or
complying with, or introduced in order to conform to, such Directive.

 

With
respect to moneys paid by the Issuer and held by the Trustee or any Paying Agent for payment of the principal of, premium, if
any, or interest on any Notes that remain unclaimed at the end of two years after such principal, interest or premium shall have
become due and payable (whether at maturity or upon call for redemption or otherwise), (i) the Trustee or such Paying Agent shall
notify the holders of such Notes that such moneys shall be repaid to the Issuer and any person claiming such moneys shall thereafter
look only to the Issuer for payment thereof and (ii) such moneys shall be so repaid to the Issuer. Upon such repayment all liability
of the Trustee or such Paying Agent with respect to such moneys shall thereupon cease, without, however, limiting in any way any
obligation that the Issuer may have to pay the principal of, premium, if any, or interest on this Note as the same shall become
due.

 

No provision of this Note
or of the Senior Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of, premium, if any, and interest on this Note at the time, place, and rate, and in the coin or currency, herein prescribed
unless otherwise agreed between the Issuer and the registered holder of this Note.

 

Prior to due presentment of
this Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the holder
in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the
Issuer, the Trustee or any such agent shall be affected by notice to the contrary.

 

No recourse shall be had for
the payment of the principal of, premium, if any, or interest on this Note, for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Senior Indenture or any indenture supplemental thereto, against any incorporator, shareholder,
officer or director, as such, past, present or future, of the Issuer or of any successor corporation, either directly or through
the Issuer or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of
any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

 

This Note shall for all purposes be governed by, and
construed in accordance with, the laws of the State of New York.

 

    18 

     

    

 

As used herein, the term
“U.S. Alien” means any person who is, for U.S. federal income tax purposes, (i) a nonresident alien individual, (ii)
a foreign corporation, (iii) a nonresident alien fiduciary of a foreign estate or trust or (iv) a foreign partnership one or more
members of which is, for U.S. federal income tax purposes, a nonresident alien individual, a foreign corporation or a nonresident
alien fiduciary of a foreign estate or trust.

 

All terms used in this Note
which are defined in the Senior Indenture and not otherwise defined herein shall have the meanings assigned to them in the Senior
Indenture.

 

    19 

     

    

 

ABBREVIATIONS

 

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

 

	TEN COM	-	as tenants in common
	 	 	 
	TEN ENT	-	as tenants by the entireties
	 	 	 
	JT TEN	-	as joint tenants with right of survivorship and not as tenants in common

 

 

	UNIF GIFT MIN ACT      -		Custodian	 
		(Minor)	 	(Cust)

 

	Under Uniform Gifts to Minors
Act	
		(State)

 

 

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

_______________________

 

  

    20 

     

    

 

FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto

 

	 
	[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE]

	 
	 
	 
	[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

 

 

the
within Note and all rights thereunder, hereby irrevocably constituting and appointing __________ attorney to transfer such Note
on the books of the Issuer, with full power of substitution in the premises.

 

Dated:
_______________________

 

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

 

    21 

     

    

 

OPTION
TO ELECT REPAYMENT

 

The
undersigned hereby irrevocably requests and instructs the Issuer to repay the within Note (or portion thereof specified below)
pursuant to its terms at a price equal to the principal amount thereof, together with interest to the Optional Repayment Date,
to the undersigned at

 

 

 

 

 

 

(Please
print or typewrite name and address of the undersigned)

 

If
less than the entire principal amount of the within Note is to be repaid, specify the portion thereof which the holder elects
to have repaid:_____________________; and specify the denomination or denominations (which shall not be less than the minimum
authorized denomination) of the Notes to be issued to the holder for the portion of the within Note not being repaid (in the absence
of any such specification, one such Note will be issued for the portion not being repaid): .

 

	Dated:	 	 	 
	 	 	 	NOTICE: The signature on this Option to Elect Repayment
must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement.
	 	 	 	 

 

 

    22 

     

    

 

[SCHEDULE A]15

 

GLOBAL
NOTE SCHEDULE OF EXCHANGES

 

The
initial principal amount of this Note is $________. [In accordance with the [Unit Agreement dated [   ], 20[    ]
among the Issuer, The Bank of New York Mellon, as Unit Agent, as Collateral Agent and as Trustee under the Indenture referred
to therein and the Holders from time to time of the Units described therein] [the Unit Agreement Without Holders’ Obligations
dated as of [   ], 20[   ], between the Company and The Bank of New York Mellon, as Unit Agent, as Trustee
and Paying Agent under the Indenture referred to therein, and as Warrant Agent under the Warrant Agreement referred to therein],
the following (A) reductions of the principal amount of this Note by cancellation upon the application of such amount to the settlement
of Purchase Contracts or the exercise of Warrants or for any other reason or (B) exchanges of portions of this Note for an interest
in a Note that has been separated from a Unit (a “Separated Note”) have been made:]16 [The following (A)
reductions of the principal amount of this Note by cancellation upon the application of such amount to the settlement of Purchase
Contracts or the exercise of Warrants or for any other reason or (B) exchanges of an interest in a Note that is part of a Unit
(an “Attached Unit Note”) for an interest in this Note have been made:]17

 

 

	
        Date of Exchange or
Cancellation
	
        Principal Amount

        Cancelled
	
        Principal Amount

        Exchanged For

        Separated Note (13)
	
        Reduced
Principal Amount Outstanding Following Such Exchange or

        Cancellation
	
        Principal
Amount of Attached Unit Note Exchanged For Interest

        in this Note(14)
	
        Increased
Principal Amount of this Note Outstanding Following

        Such Exchange(14)
	
        Notation Made by or on

        Behalf of Paying Agent

         

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

__________________

 

15 Schedule
A needed only if this Note is issued as part of, or in relation to, a Unit.

 

16 Applies
only if this Note remains part of a Unit.

 

17 Applies
only if this Note has been separated from a Unit.

 

    23 

     

    

 

[ADDENDUM]1

 

Determination of SOFR

 

The Base Rate specified
on the face hereof is based on SOFR. The Calculation Agent shall determine SOFR for each U.S. Government Securities Business Day
as follows:

 

SOFR means, with respect
to any U.S. Government Securities Business Day:

 

(1) the Secured Overnight
Financing Rate in respect of such U.S. Government Securities Business Day as provided by the New York Federal Reserve, as the administrator
of such rate (or a successor administrator) on the New York Federal Reserve’s Website on or about 5:00 p.m. (New York time)
on the U.S. Government Securities Business Day immediately following such U.S. Government Securities Business Day; or

 

(2) if the Secured
Overnight Financing Rate in respect of such U.S. Government Securities Business Day does not appear as specified in paragraph (1),
unless both a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the Secured Overnight Financing
Rate in respect of the last U.S. Government Securities Business Day for which such rate was published on the New York Federal Reserve’s
Website; or

 

(3) if a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred:

 

		·	the sum of: (a)
the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; or

 

		·	the sum of: (a)
the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

 

		·	the sum of: (a)
the alternate rate of interest that has been selected by the Issuer or its designee as the replacement for the then-current Benchmark
for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for
the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment.

 

“Benchmark”
means the Secured Overnight Financing Rate with the Index Maturity specified above; provided that if a Benchmark Transition
Event and its related Benchmark Replacement Date have occurred with respect to the Secured Overnight Financing Rate with the Index
Maturity specified above or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

 

“Benchmark
Replacement” means the first alternative set forth in the order presented in clause (3) of the definition of “SOFR”
that can be determined by the Issuer or its designee as of the Benchmark Replacement Date. In connection with the implementation
of a Benchmark Replacement, the Issuer or its designee will have the right to make Benchmark Replacement Conforming Changes from
time to time.

 

“Benchmark
Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Issuer or
its designee as of the Benchmark Replacement Date: 

 

(1)
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value
or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

 

(2)
if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;

 

(3)
the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Issuer or its designee
giving due consideration to any industry-accepted spread adjustment, or method for

 

___________________

 

1 Applies
only if the specified Base Rate is SOFR.

 

    24 

     

    

 

calculating
or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar-denominated floating rate notes at such time.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “Interest Payment Period,” timing and frequency of determining rates
and making payments of interest and other administrative matters) that the Issuer or its designee decides may be appropriate to
reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Issuer
or its designee decides that adoption of any portion of such market practice is not administratively feasible or if the Issuer
or its designee determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Issuer
or its designee determines is reasonably necessary).

 

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark: 

 

(1)
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark
permanently or indefinitely ceases to provide the Benchmark; or

 

(2)
in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein.

 

For
the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than,
the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the
Reference Time for such determination.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1)
a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement
or publication, there is no successor administrator that will continue to provide the Benchmark;

 

(2)
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central
bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution
authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution
authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease
to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there
is no successor administrator that will continue to provide the Benchmark; or

 

(3)
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing
that the Benchmark is no longer representative.

 

A
“business day” means 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 or regulation to close in The City of New York.

 

“Corresponding
Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding
business day adjustment) as the applicable tenor for the then-current Benchmark.

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time.

 

    25 

     

    

 

“ISDA
Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with
respect to the Benchmark for the applicable tenor.

 

“ISDA
Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable
ISDA Fallback Adjustment.

 

“New
York Federal Reserve” means the Federal Reserve Bank of New York.

 

“New
York Federal Reserve’s Website” means the website of the New York Federal Reserve, currently at http://www.newyorkfed.org,
or any successor source.

 

“Reference
Time” with respect to any determination of the Benchmark means the time determined by the Issuer or its designee in accordance
with the Benchmark Replacement Conforming Changes.

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“U.S.
Government Securities Business Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry
and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in U.S. government securities.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

If
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, any determination, decision or election
that may be made by the Issuer or its designee pursuant to this Note, including any determination with respect to a tenor, rate
or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from
taking any action or any selection:

 

		·	will be conclusive and binding absent manifest
error;

 

		·	will be made in the Issuer’s or its
designee’s sole discretion; and

 

		·	notwithstanding anything to the contrary
in the documentation relating to this Note, shall become effective without consent from the holder of this Note or any other party.

 

How Interest is Calculated

 

The
amount of interest accrued and payable on this Note for each Interest Payment Period during the Floating Rate Period will be equal
to the outstanding principal amount of this Note multiplied by the product of:

 

		·	the sum of the accrued interest compounding
factor plus the Spread for the relevant Interest Payment Period,

 

-
multiplied by -

 

		·	the quotient obtained by dividing the actual
number of calendar days in such Interest Payment Period by 360.

 

Notwithstanding
the foregoing, in no event will the interest rate payable for any Interest Payment Period be less than zero percent.

 

With
respect to any Interest Payment Period during the Floating Rate Period, the accrued interest compounding factor means the rate
of return of a daily compound interest investment computed in accordance with the following 

 

    26 

     

    

 

formula
(with the resulting percentage rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005
being rounded upwards to 0.00001):

 

 

“d0”,
for any Interest Payment Period, is the number of U.S. Government Securities Business Days in the relevant Interest Payment Period.

 

“i”
is a series of whole numbers from one to d0, each representing the relevant U.S. Government Securities Business Days
in chronological order from, and including, the first U.S. Government Securities Business Day in the relevant Interest Payment
Period.

 

“SOFRi”,
for any day “i” in the relevant Interest Payment Period, is a reference rate equal to SOFR in respect of that day.

 

“ni”
is the number of calendar days in the relevant Interest Payment Period on which the rate is SOFRi.

 

“d”
is the number of calendar days in the relevant Interest Payment Period.

 

For
these calculations, the interest rate in effect on any U.S. Government Securities Business Day will be the applicable rate as reset
on that date. The interest rate applicable to any other day is the interest rate from the immediately preceding U.S. Government
Securities Business Day.

 

Alternate
Interest Accrual Calculation in Case of an Event of Default

 

In
case an Event of Default with respect to this Note shall have occurred and be continuing, the amount declared due and payable for
each $1,000 principal amount of this Note (the “Stated Principal Amount”) upon any acceleration of this Note shall
be determined by the Calculation Agent, after consultation with the Issuer, and shall be an amount in cash equal to the Stated
Principal Amount plus accrued and unpaid interest thereon calculated as if the date of such acceleration were the Maturity Date,
final Interest Payment Period End-Date (if applicable) and final Interest Payment Date.

 

Alternate
Interest Accrual Calculation in Case of a Tax Redemption

 

If
this Note is redeemed in accordance with the provisions relating to “Tax Redemption and Payment of Additional Amounts,”
the Stated Principal Amount upon any such redemption of this Note shall be determined by the Calculation Agent and shall be an
amount in cash equal to the Stated Principal Amount plus accrued and unpaid interest thereon calculated as if the date of such
redemption were the Maturity Date, final Interest Payment Period End-Date and final Interest Payment Date.

 

  

    27

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