Document:

Exhibit 4.2

 

 

 

 

AUDIOCODES LTD.

ISSUER

 

AND

 

[·]

TRUSTEE

 

 

 

INDENTURE

 

DATED AS OF [·]

 

 

 

SUBORDINATED DEBT SECURITIES

 

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 
	ARTICLE 1
	DEFINITIONS
	 	 
	SECTION 1.01	Definitions of Terms	1
	 
	ARTICLE 2
	ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES
	 
	SECTION 2.01	Designation and Terms of Securities	4
	SECTION 2.02	Form of Securities and Trustee’s Certificate	7
	SECTION 2.03	Denominations; Provisions for Payment	8
	SECTION 2.04	Execution and Authentication	9
	SECTION 2.05	Registration of Transfer and Exchange	10
	SECTION 2.06	Temporary Securities	11
	SECTION 2.07	Mutilated, Destroyed, Lost or Stolen Securities	12
	SECTION 2.08	Cancellation	12
	SECTION 2.09	Benefits of Indenture	13
	SECTION 2.10	Authenticating Agent	13
	SECTION 2.11	Global Securities	14
	 
	ARTICLE 3
	REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
	 
	SECTION 3.01	Redemption	15
	SECTION 3.02	Notice of Redemption	15
	SECTION 3.03	Payment Upon Redemption	16
	SECTION 3.04	Sinking Fund	16
	SECTION 3.05	Satisfaction of Sinking Fund Payments with Securities	17
	SECTION 3.06	Redemption of Securities for Sinking Fund	17
	 
	ARTICLE 4
	COVENANTS
	 	 	 
	SECTION 4.01	Payment of Principal, Premium and Interest	17
	SECTION 4.02	Maintenance of Office or Agency	18
	SECTION 4.03	Paying Agents	18
	SECTION 4.04	Appointment to Fill Vacancy in Office of Trustee	19
	SECTION 4.05	Compliance with Consolidation Provisions	19
	 
	ARTICLE 5
	SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	 
	SECTION 5.01	Company to Furnish Trustee Names and Addresses of Securityholders	20
	SECTION 5.02	Preservation of Information; Communications with Securityholders	20
	SECTION 5.03	Reports by the Company	20
	SECTION 5.04	Reports by the Trustee	21

 

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TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 
	ARTICLE 6
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	 	 	 
	SECTION 6.01	Events of Default	21
	SECTION 6.02	Collection of Indebtedness and Suits for Enforcement by Trustee	23
	SECTION 6.03	Application of Moneys Collected	24
	SECTION 6.04	Limitation on Suits	25
	SECTION 6.05	Rights and Remedies Cumulative; Delay or Omission Not Waiver	25
	SECTION 6.06	Control by Securityholders	26
	SECTION 6.07	Undertaking to Pay Costs	26
	 
	ARTICLE 7
	CONCERNING THE TRUSTEE
	 	 	 
	SECTION 7.01	Certain Duties and Responsibilities of Trustee	27
	SECTION 7.02	Certain Rights of Trustee	28
	SECTION 7.03	Trustee Not Responsible for Recitals or Issuance or Securities	29
	SECTION 7.04	May Hold Securities	29
	SECTION 7.05	Moneys Held in Trust	29
	SECTION 7.06	Compensation and Reimbursement	30
	SECTION 7.07	Reliance on Officers’ Certificate	30
	SECTION 7.08	Disqualification; Conflicting Interests	31
	SECTION 7.09	Corporate Trustee Required; Eligibility	31
	SECTION 7.10	Resignation and Removal; Appointment of Successor	31
	SECTION 7.11	Acceptance of Appointment by Successor	32
	SECTION 7.12	Merger, Conversion, Consolidation or Succession to Business	34
	SECTION 7.13	Preferential Collection of Claims against the Company	34
	SECTION 7.14	Notice of Default	34
	 
	ARTICLE 8
	CONCERNING THE SECURITYHOLDERS
	 	 	 
	SECTION 8.01	Evidence of Action by Securityholders	34
	SECTION 8.02	Proof of Execution by Securityholders	35
	SECTION 8.03	Who May Be Deemed Owners	35
	SECTION 8.04	Certain Securities Owned by Company Disregarded	36
	SECTION 8.05	Actions Binding on Future Securityholders	36
	 
	ARTICLE 9
	SUPPLEMENTAL INDENTURES
	 	 	 
	SECTION 9.01	Supplemental Indentures Without the Consent of Securityholders	36
	SECTION 9.02	Supplemental Indentures With Consent of Securityholders	38
	SECTION 9.03	Effect of Supplemental Indentures	38
	SECTION 9.04	Securities Affected by Supplemental Indentures	38
	SECTION 9.05	Execution of Supplemental Indentures	39

 

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TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 
	ARTICLE 10
	SUCCESSOR ENTITY
	 	 	 
	SECTION 10.01	Company May Consolidate, etc	39
	SECTION 10.02	Successor Entity Substituted	40
	SECTION 10.03	Evidence of Consolidation, etc. to Trustee	40
	 
	ARTICLE 11
	SATISFACTION AND DISCHARGE
	 	 	 
	SECTION 11.01	Satisfaction and Discharge of Indenture	41
	SECTION 11.02	Discharge of Obligations	41
	SECTION 11.03	Deposited Moneys to be Held in Trust	42
	SECTION 11.04	Payment of Moneys Held by Paying Agents	42
	SECTION 11.05	Repayment to Company	42
	 
	ARTICLE 12
	IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS
	 	 	 
	SECTION 12.01	No Recourse	43
	 
	ARTICLE 13
	MISCELLANEOUS PROVISIONS
	 	 	 
	SECTION 13.01	Effect on Successors and Assigns	43
	SECTION 13.02	Actions by Successor	43
	SECTION 13.03	Surrender of Company Powers	43
	SECTION 13.04	Notices	43
	SECTION 13.05	Governing Law	44
	SECTION 13.06	Treatment of Securities as Debt	44
	SECTION 13.07	Compliance Certificates and Opinions	44
	SECTION 13.08	Payments on Business Days	44
	SECTION 13.09	Conflict with Trust Indenture Act	45
	SECTION 13.10	Counterparts	45
	SECTION 13.11	Separability	45
	SECTION 13.12	Compliance Certificates	45
	 
	ARTICLE 14
	SUBORDINATION OF SECURITIES
	 	 	 
	SECTION 14.01	Subordination Terms	45

 

This Table of Contents does not constitute
part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 

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INDENTURE, dated as
of [·], between AudioCodes Ltd., a company organized under the laws of Israel (the
“ Company ”), and [ · ], as trustee (the “ Trustee ”).

 

WHEREAS, for its lawful
corporate purposes, the Company duly authorized the execution and delivery of this Indenture to provide for the issuance of subordinated
debt securities (hereinafter referred to as the “ Securities ”), in an unlimited aggregate principal amount to be issued
from time to time in one or more series, as registered Securities without coupons, to be authenticated by the certificate of the
Trustee;

 

WHEREAS, to provide
the terms and conditions upon which the Securities were to be authenticated, issued and delivered, the Company duly authorized
the execution of this Indenture; and

 

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

 

NOW, THEREFORE, in
consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as
follows for the equal and ratable benefit of the holders of Securities:

 

ARTICLE 1

 

DEFINITIONS

 

	 	SECTION 1.01	Definitions of Terms.

 

The terms defined
in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context
otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings
specified in this Section and shall include the plural as well as the singular.  All other terms used in this Indenture
that are defined in the Trust Indenture Act or that are by reference in such Act defined in the Securities Act (except as in this
Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have
the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution
of this instrument.

 

“Authenticating
Agent” means an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant
to Section 2.10.

 

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

 

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

 

    	 

    	 

    

 

“Business Day”
means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions in the
Borough of Manhattan, the City of New York, are authorized or obligated by law, executive order or regulation to close.

 

“Company”
means AudioCodes, Ltd., a corporation duly organized and existing under the laws of Israel, and, subject to the provisions of Article
10, shall also include its successors and assigns.

 

“Corporate Trust
Office” means the office of the Trustee located at [·],[·],
New York, New York [·], Attention:  [
· ], or such other Corporate Trust Office as may be advised in writing by the Trustee to the Company.

 

 “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any bankruptcy law.

 

“Default”
means any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Depositary”
means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing
agency under the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company
pursuant to either Section 2.01 or 2.11.

 

“Event of Default”
means, with respect to Securities of a particular series, any event specified in Section 6.01, continued for the period of time,
if any, therein designated.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Global Security”
means, with respect to any series of Securities, a Security executed by the Company and delivered by the Trustee to the Depositary
or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name
of the Depositary or its nominee.

 

“Governmental
Obligations” means securities that are (a) direct obligations of the United States of America for the payment of which its
full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the
United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also
include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to
any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by
such custodian for the account of the holder of such depositary receipt; provided , however , that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any
amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest
on the Governmental Obligation evidenced by such depositary receipt.

 

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“herein”,
“hereof” and “hereunder”, and other words of similar import, refer to this Indenture as a whole and not
to any particular Article, Section or other subdivision.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms hereof.

 

“Interest Payment
Date”, when used with respect to any installment of interest on a Security of a particular series, means the date specified
in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date
on which an installment of interest with respect to Securities of that series is due and payable.

 

“Officers’
Certificate” means a certificate signed by the chief executive officer, the president, or a vice president (including any
senior or executive vice president) and by the chief financial officer or the treasurer or an assistant treasurer or the secretary
or an assistant secretary of the Company that is delivered to the Trustee in accordance with the terms hereof.  Each
such certificate shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.

 

“Opinion of
Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel
for the Company, that is delivered to the Trustee in accordance with the terms hereof.  Each such opinion shall include
the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.

 

“Outstanding”,
when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time,
all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that
have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental
Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the
Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent);
provided , however , that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice
of such redemption shall have been given as in Article 3 provided, or provision satisfactory to the Trustee shall have been made
for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.07.

 

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

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07
in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

  

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“Responsible
Officer” when used with respect to the Trustee means any officer in the Corporate Trust Office of the Trustee with direct
responsibility for the administration of this Indenture.

 

“Securities”
means the subordinated debt securities authenticated and delivered under this Indenture.

 

“Securities
Act”  means the Securities Act of 1933, as amended.

 

“Securityholder”,
“holder of Securities”, “registered holder”, or other similar term, means the Person or Persons in whose
name or names a particular Security shall be registered on the books of the Company kept for that purpose in accordance with the
terms of this Indenture.

 

“Subsidiary”
means, with respect to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time
be owned, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its
Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership
or similar interests shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one
or more of its Subsidiaries and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner.

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended.

 

“Trustee”
means [·], and, subject to the provisions of Article 7, shall also include its
successors and assigns, and, if at any time there is more than one Person acting in such capacity hereunder, “ Trustee ”
shall mean each such Person.  The term “ Trustee ” as used with respect to a particular series of the Securities
shall mean the trustee with respect to that series.

 

“Voting Stock”,
as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however
designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of
such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence
of a contingency.

 

ARTICLE 2

 

ISSUE, DESCRIPTION, TERMS, EXECUTION,
REGISTRATION AND

EXCHANGE OF SECURITIES

 

	 	SECTION 2.01	Designation and Terms of Securities.

 

(a)          The
aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.  The
Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time
authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto.  There shall
be no security for the obligations of the Company with respect to any Securities.  Prior to the initial issuance of Securities
of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate,
or established in one or more indentures supplemental hereto:

  

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

 

(2)           any
limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of that series);

 

(3)           the
date or dates on which the principal of the Securities of the series is payable, any original issue discount that may apply to
the Securities of that series upon their issuance, the principal amount due at maturity, and the place(s) of payment;

 

(4)           the
terms of subordination of the Securities;

 

(5)           the
rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if
any;

 

(6)           the
date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner
of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders
to whom interest is payable on any such Interest Payment Dates or the manner of determination of such record dates;

 

(7)           the
right, if any, to extend the interest payment periods and the duration of such extension;

 

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

 

(9)           the
obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory redemption,
or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of
a holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which,
Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(10)         the
form of the Securities of the series including the form of the Trustee’s certificate of authentication for such series;

  

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(11)         if
other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the
Securities of the series shall be issuable;

 

(12)         any
and all other terms (including terms, to the extent applicable, relating to any auction or remarketing of the Securities of that
series and any security for the obligations of the Company with respect to such Securities) with respect to such series (which
terms shall not be inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including any terms
which may be required by or advisable under United States laws or regulations or advisable in connection with the marketing of
Securities of that series;

 

(13)         whether
the Securities are issuable as a Global Security and, in such case, the terms and the identity of the Depositary for such series;

 

(14)         whether
the Securities will be convertible into or exchangeable for ordinary shares or other securities of the Company or any other Person
and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including the conversion
or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s
option or the holders’ option) conversion or exchange features, and the applicable conversion or exchange period;

 

(15)         if
other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;

 

(16)         any
additional or different Events of Default or restrictive covenants, which may include restrictions on the Company’s ability
or the ability of the Company’s Subsidiaries to effect a consolidation or merger or transfer or lease all or substantially
all of its assets or may include the requirement that the Company preserve and keep in full force and effect its corporate existence
and the corporate existence of the Company Subsidiaries and their respective rights, licenses or franchises (except to the extent
not material to the conduct of the business of the Company or to the extent that the loss of any such right, license or franchise
or dissolution of any Company Subsidiary would not have a material adverse impact on the holders of the Securities), but shall
not include:

 

(A)           restrictions
on the Company’s ability or the ability of the Company’s Subsidiaries to:  incur additional indebtedness;
issue additional securities; create liens; pay dividends or make distributions in respect of their capital stock; redeem capital
stock; place restrictions on such Subsidiaries placing restrictions on their ability to pay dividends, make distributions or transfer
assets; make investments or other restricted payments; sell or otherwise dispose of assets; enter into sale-leaseback transactions;
engage in transactions with shareholders and affiliates; or issue or sell stock of their Subsidiaries; or

  

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(B)           financial
covenants that require the Company and its Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based
or asset-based ratios, or other financial covenants;

 

(17)         if
other than U.S. dollars, the coin or currency in which the Securities of the series are denominated (including, but not limited
to, foreign currency);

 

(18)         if
other than the coin or currency in which the Securities are denominated, the coin or currency in which payment of the principal
of or interest on the Securities of such series shall be payable;

 

(19)         the
terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any, and
principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal
tax purposes; and

 

(20)         any
restrictions on transfer, sale or assignment of the Securities of the series.

 

All Securities of
any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant
to any such Board Resolution or in any indentures supplemental hereto.

 

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

 

Securities of any
particular series may be issued at various times, with different dates on which the principal or any installment of principal is
payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different
dates on which such interest may be payable and with different redemption dates.

 

	 	SECTION 2.02	Form of Securities and Trustee’s Certificate.

 

The Securities of
any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor
and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an
Officers’ Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends
or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with
the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto
or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage.

  

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	 	SECTION 2.03	Denominations; Provisions for Payment.

 

The Securities shall
be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof,
subject to Section 2.01(a)(10).  The Securities of a particular series shall bear interest payable on the dates and at
the rate specified with respect to that series.  The principal of and the interest on the Securities of any series, as
well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United
States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained
for that purpose in the Borough of Manhattan, the City and State of New York.  Each Security shall be dated the date
of its authentication.  Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve
30-day months.

 

The interest installment
on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that
series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close
of business on the regular record date for such interest installment.  In the event that any Security of a particular
series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect
to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation
and surrender of such Security as provided in Section 3.03.

 

Any interest on any
Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same
series (herein called “ Defaulted Interest ”) shall forthwith cease to be payable to the registered holder on the relevant
regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election,
as provided in clause (1) or clause (2) below:

 

(1)           The
Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest,
which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.  Thereupon
the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less
than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice
of the proposed payment.  The Trustee shall promptly notify the Company of such special record date and, in the name
and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record
date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security
Register (as hereinafter defined), not less than 10 days prior to such special record date.  Notice of the proposed payment
of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall
be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special
record date.

  

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

 

Unless otherwise set
forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant
to Section 2.01 hereof, the term “ regular record date ” as used in this Section with respect to a series of Securities
and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month
in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment
Date is the first day of a month, or the last day of the month immediately preceding the month in which an Interest Payment Date
established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of
a month, whether or not such date is a Business Day.

 

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

 

	 	SECTION 2.04	Execution and Authentication.

 

The Securities shall
be signed on behalf of the Company by its chief executive officer, or its president, or one of its vice presidents (including any
senior or executive vice president), or its chief financial officer, or its treasurer, or one of its assistant treasurers, or its
secretary, or one of its assistant secretaries, under its corporate seal attested by its secretary or one of its assistant secretaries.  Signatures
may be in the form of a manual or facsimile signature.

 

The Company may use
the facsimile signature of any Person who shall have been a chief executive officer, president or vice president (including any
senior or executive vice president) thereof, chief financial officer, treasurer or assistant treasurer, secretary or assistant
secretary thereof, notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of
such Person shall have ceased to be such an officer of the Company.  The seal of the Company may be in the form of a
facsimile of such seal and may be impressed, affixed, imprinted or otherwise reproduced on the Securities.  The Securities
may contain such notations, legends or endorsements required by law, stock exchange rule or usage.  Each Security shall
be dated the date of its authentication by the Trustee.

  

    	-9-

    	 

    

  

A Security shall not
be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent.  Such
signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and
that the holder is entitled to the benefits of this Indenture.  At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication,
together with a written order of the Company for the authentication and delivery of such Securities, signed by the chief executive
officer, president, a vice president (including any senior or executive vice president), chief financial officer, treasurer or
assistant treasurer, and its secretary or any assistant secretary, and the Trustee in accordance with such written order shall
authenticate and deliver such Securities.

 

In authenticating
such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee
shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating
that the form and terms thereof have been established in conformity with the provisions of this Indenture.

 

The Trustee shall
not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s
own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable
to the Trustee.

 

	 	SECTION 2.05	Registration of Transfer and Exchange.

 

(a)          Securities
of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose in
the Borough of Manhattan, the City and State of New York, for other Securities of such series of authorized denominations, and
for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation
thereto, all as provided in this Section.  In respect of any Securities so surrendered for exchange, the Company shall
execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities
of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously
outstanding.

 

(b)          The
Company shall keep, or cause to be kept, at its office or agency designated for such purpose in the Borough of Manhattan, the City
and State of New York, or such other location designated by the Company, a register or registers (herein referred to as the “
Security Register ”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register the
Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection
by the Trustee.  The registrar for the purpose of registering Securities and transfer of Securities as herein provided
shall be appointed as authorized by Board Resolution (the “ Security Registrar ”).

 

Upon surrender for
transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee
shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities
of the same series as the Security presented for a like aggregate principal amount.

  

    	-10-

    	 

    

  

All Securities presented
or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the
Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the
Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

 

(c)          Except
as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established
in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer
of Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06,
Section 3.03(b) and Section 9.04 not involving any transfer.

 

(d)          The
Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities
of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange
any Securities of any series or portions thereof called for redemption, other than the unredeemed portion of any such Securities
being redeemed in part.  The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section
2.11 hereof.

 

	 	SECTION 2.06	Temporary Securities.

 

Pending the preparation
of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities
(printed, lithographed or typewritten) of any authorized denomination.  Such temporary Securities shall be substantially
in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as
may be appropriate for temporary Securities, all as may be determined by the Company.  Every temporary Security of any
series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same
manner, and with like effect, as the definitive Securities of such series.  Without unnecessary delay, the Company will
execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may
be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company designated for such
purpose in the Borough of Manhattan, the City and State of New York, and the Trustee shall authenticate and such office or agency
shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series,
unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further
notice from the Company.  Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits
under this Indenture as definitive Securities of such series authenticated and delivered hereunder.

  

    	-11-

    	 

    

 

	 	SECTION 2.07	Mutilated, Destroyed, Lost or Stolen Securities.

 

In case any temporary
or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence)
shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security
of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security,
or in lieu of and in substitution for the Security so destroyed, lost or stolen.  In every case the applicant for a substituted
Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them
harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence
to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof.  The
Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer
of the Company.  Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee) connected therewith.

 

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

 

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

 

	 	SECTION 2.08	Cancellation.

 

All Securities surrendered
for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying
agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities
shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture.  On
request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the
Trustee.  In the absence of such request the Trustee may dispose of canceled Securities in accordance with its standard
procedures and deliver a certificate of disposition to the Company.  If the Company shall otherwise acquire any of the
Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such
Securities unless and until the same are delivered to the Trustee for cancellation.

  

    	-12-

    	 

    

 

	 	SECTION 2.09	Benefits of Indenture.

 

Nothing in this Indenture
or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the
holders of the Securities (and, with respect to the provisions of Article 14, the holders of any indebtedness of the Company to
which the Securities of any series are subordinated) any legal or equitable right, remedy or claim under or in respect of this
Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being
for the sole benefit of the parties hereto and of the holders of the Securities (and, with respect to the provisions of Article
14, the holders of any indebtedness of the Company to which the Securities of any series are subordinated).

 

	 	SECTION 2.10	Authenticating Agent.

 

So long as any of
the Securities of any series remain Outstanding, there may be an Authenticating Agent for any or all such series of Securities
which the Trustee shall have the right to appoint.  Said Authenticating Agent shall be authorized to act on behalf of
the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder.  All references in this Indenture to the authentication of Securities by the Trustee shall
be deemed to include authentication by an Authenticating Agent for such series.  Each Authenticating Agent shall be acceptable
to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by it,
sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business,
and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by federal
or state authorities.  If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions,
it shall resign immediately.

 

Any Authenticating
Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company.  The Trustee
may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice
of termination to such Authenticating Agent and to the Company.  Upon resignation, termination or cessation of eligibility
of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company.  Any
successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and
duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.

  

    	-13-

    	 

    

 

	 	SECTION 2.11	Global Securities.

 

(a)          If
the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global Security,
then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, one or more Global
Securities that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the
Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered
by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to
the following effect:  “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred,
in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor
Depositary.”

 

(b)          Notwithstanding
the provisions of Section 2.05, the Global Securities of a series may be transferred, in whole but not in part and in the manner
provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series
selected or approved by the Company or to a nominee of such successor Depositary.

 

(c)          If
at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary
for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default
has occurred and is continuing and the Company has received a request from the Depositary, this Section 2.11 shall no longer be
applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the Trustee will authenticate
and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Securities of such series in exchange for such Global Securities.  In
addition, the Company may at any time determine that the Securities of any series shall no longer be represented by Global Securities
and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series.  In such event the
Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officers’ Certificate evidencing such
determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Securities
of such series in exchange for such Global Securities.  Upon the exchange of the Global Securities for such Securities
in definitive registered form without coupons, in authorized denominations, the Global Securities shall be canceled by the Trustee.  Such
Securities in definitive registered form issued in exchange for the Global Securities pursuant to this Section 2.11(c) shall be
registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee.  The Trustee shall deliver such Securities to the Depositary for
delivery to the Persons in whose names such Securities are so registered.

  

    	-14-

    	 

    

  

ARTICLE 3

 

REDEMPTION OF SECURITIES AND SINKING
FUND PROVISIONS

 

	 	SECTION 3.01	Redemption.

 

The Company may redeem
the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series
pursuant to Section 2.01 hereof.

 

	 	SECTION 3.02	Notice of Redemption.

 

(a)          In
case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series
in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall
cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first
class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption
of that series to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period
is specified in the Securities to be redeemed.  Any notice that is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the registered holder receives the notice.  In any case, failure duly
to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in
the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other
series.  In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided
in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with any such restriction.

 

Each such notice of
redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed,
and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of
the Company in the Borough of Manhattan, the City and State of New York, upon presentation and surrender of such Securities, that
interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest
will cease to accrue and that the redemption is for a sinking fund, if such is the case.  If less than all the Securities
of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the
particular Securities to be so redeemed.

 

In case any Security
is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof
to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities
of such series in principal amount equal to the unredeemed portion thereof will be issued.

  

    	-15-

    	 

    

 

(b)          If
less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice
in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and
thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and
that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple
thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall
thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part.  The
Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by its chief executive officer,
president or any vice president (including any senior or executive vice president), instruct the Trustee or any paying agent to
call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner set
forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem
advisable.  In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company
shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such
Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee
or such paying agent to give any notice by mail that may be required under the provisions of this Section.

 

	 	SECTION 3.03	Payment Upon Redemption.

 

(a)          If
the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice
at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities
or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in
the payment of such redemption price and accrued interest with respect to any such Security or portion thereof.  On presentation
and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said
Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon
to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable
on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section
2.03).

 

(b)          Upon
presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall
authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the
Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the
Security so presented.

 

	 	SECTION 3.04	Sinking Fund.

 

The provisions of
Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise
specified as contemplated by Section 2.01 for Securities of such series.

 

    	-16-

    	 

    

 

If provided for by
the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section
3.05.  Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series.

 

	 	SECTION 3.05	Satisfaction of Sinking Fund Payments with Securities.

 

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

 

	 	SECTION 3.06	Redemption of Securities for Sinking Fund.

 

Not less than 45 days
prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series,
the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section
3.05 and the basis for such credit and will, together with such Officers’ Certificate, deliver to the Trustee any Securities
to be so delivered.  Not less than 30 days before each such sinking fund payment date, the Trustee shall select the Securities
to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof
to be given in the name of and at the expense of the Company in the manner provided in Section 3.02.  Such notice having
been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.

 

ARTICLE 4

 

COVENANTS

 

	 	SECTION 4.01	Payment of Principal, Premium and Interest.

 

The Company will duly
and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at
the time and place and in the manner provided herein and established with respect to such Securities.  Payments of principal
on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check
drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register,
or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an aggregate
principal amount of Securities of the applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have
furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment date).  Payments of interest
on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check
mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar
wire transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an aggregate principal amount
of Securities of the applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished wire instructions
in writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date).

  

    	-17-

    	 

    

 

	 	SECTION 4.02	Maintenance of Office or Agency.

 

So long as any series
of the Securities remain Outstanding, the Company agrees to maintain an office or agency in the Borough of Manhattan, the City
and State of New York, with respect to each such series and at such other location or locations as may be designated as provided
in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented
as herein above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect
of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office
or agency until the Company shall, by written notice signed by any officer authorized to sign an Officers’ Certificate and
delivered to the Trustee, designate some other office or agency for such purposes or any of them.  If at any time the
Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee as its agent to receive all such presentations, notices and demands.  The Company initially appoints
the Corporate Trust Office of [ · ], located in the Borough of Manhattan, the City
of New York, as its paying agent with respect to the Securities.

 

	 	SECTION 4.03	Paying Agents.

 

(a)          If
the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company
will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the
Trustee, subject to the provisions of this Section:

 

(1)           that
it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities
of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for
the benefit of the Persons entitled thereto;

 

(2)           that
it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment
of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;

 

    	-18-

    	 

    

  

(3)           that
it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(4)           that
it will perform all other duties of paying agent as set forth in this Indenture.

 

(b)          If
the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date
of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming
due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and
will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action.  Whenever
the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal
of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the
principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled
to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee
of this action or failure so to act.

 

(c)          Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the
provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the
Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums
were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company
or such paying agent shall be released from all further liability with respect to such money.

 

	 	SECTION 4.04	Appointment to Fill Vacancy in Office of Trustee.

 

The Company, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee,
so that there shall at all times be a Trustee hereunder.

 

	 	SECTION 4.05	Compliance with Consolidation Provisions.

 

The Company will not,
while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company
is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other Person unless
the provisions of Article 10 hereof are complied with.

  

    	-19-

    	 

    

  

ARTICLE 5

 

SECURITYHOLDERS’ LISTS AND REPORTS
BY THE COMPANY AND

THE TRUSTEE

 

	 	SECTION 5.01	Company to Furnish Trustee Names and Addresses of Securityholders.

 

The Company will furnish
or cause to be furnished to the Trustee (a) on each regular record date (as defined in Section 2.03) a list, in such form as the
Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record
date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall
not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the
Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and
content as of a date not more than 15 days prior to the time such list is furnished; provided , however , that, in either case,
no such list need be furnished for any series of Securities for which the Trustee shall be the Security Registrar.

 

	 	SECTION 5.02	Preservation of Information; Communications with Securityholders.

 

(a)          The
Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the
holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses
of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b)          The
Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(c)          Securityholders
may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights
under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations
under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.

 

	 	SECTION 5.03	Reports by the Company.

 

The Company covenants
and agrees to provide a copy to the Trustee, within 15 days after the Company is required to file the same with the Securities
and Exchange Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions
of any of the foregoing as the Securities and Exchange Commission may from time to time by rules and regulations prescribe) that
the Company may be required to file with the Securities and Exchange Commission pursuant to Section 13 or Section 15(d) of the
Exchange Act.

  

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	 	SECTION 5.04	Reports by the Trustee.

 

(a)          On
or before May 1 in each year in which any of the Securities are Outstanding, the Trustee shall transmit by mail, first class postage
prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as of the
preceding May 1, if and to the extent required under Section 313(a) of the Trust Indenture Act.

 

(b)          The
Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c)          A
copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company,
with each securities exchange on which any Securities are listed (if so listed) and also with the Securities and Exchange Commission.  The
Company agrees to notify the Trustee when any Securities become listed on any securities exchange.

 

ARTICLE 6

 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
ON EVENT OF

DEFAULT

 

	 	SECTION 6.01	Events of Default.

 

(a)          Whenever
used herein with respect to Securities of a particular series, “Event of Default ” means any one or more of the following
events that has occurred and is continuing:

 

(1)           the
Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same
shall become due and payable, and such default continues for a period of 90 days; provided , however , that a valid extension of
an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute
a default in the payment of interest for this purpose;

 

(2)           the
Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the
same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required
by any sinking or analogous fund established with respect to that series; provided , however , that a valid extension of the maturity
of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment
of principal or premium, if any;

 

(3)           the
Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture
or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement
that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series)
for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that
such notice is a “ Notice of Default ” hereunder, shall have been given to the Company by the Trustee, by registered
or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that
series at the time Outstanding;

  

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(4)           the
Company pursuant to or within the meaning of any bankruptcy law (i) commences a voluntary case, (ii) consents to the entry of an
order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(5)           a
court of competent jurisdiction enters an order under any bankruptcy law that (i) is for relief against the Company in an involuntary
case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of
the Company, and the order or decree remains unstayed and in effect for 90 days.

 

(b)          In
each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of
all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than
25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company
(and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid
interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become
and shall be immediately due and payable.  If an Event of Default specified in clause (4) or clause (5) above occurs,
the principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and
payable without any declaration or other act on the part of the Trustee or the holders of the Securities.

 

(c)          At
any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall
have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained
or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then
Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences
if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all
the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have
become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such
payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities
of that series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and
all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium,
if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have
been remedied or waived as provided in Section 6.06.

  

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No such rescission
and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

(d)           In
case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall
have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the
Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies
and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.

 

SECTION 6.02                   Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

(a)           The
Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of a
series, and such default shall have continued for a period of 90 Business Days, or (ii) in case it shall default in the payment
of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable,
whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise, or in any payment required
by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable,
then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that
series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if
any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent
that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum
expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, and the amount payable to the Trustee under Section 7.06.

 

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

 

(c)           In
case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial
proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings
and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled
to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the
Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company
after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute
the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in
bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to
the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.06.

  

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(d)           All
rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities
of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any
trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts
due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series.

 

In case of an Event
of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture
by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either
at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained
in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law.

 

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

 

SECTION 6.03                   
Application of Moneys Collected.

 

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

 

FIRST: To the payment
of reasonable costs and expenses of collection and of all amounts payable to the Trustee under Section 7.06;

 

SECOND: To the payment
of all indebtedness of the Company to which such series of Securities is subordinated to the extent required by Article 14;

 

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

  

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FOURTH: To the payment
of the remainder, if any, to the Company or any other Person lawfully entitled thereto.

 

SECTION 6.04                   Limitation
on Suits.

 

No holder of any Security
of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event
of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore
provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding
shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder;
(iii) such holder or holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses
and liabilities to be incurred therein or thereby; (iv) the Trustee for 90 days after its receipt of such notice, request and offer
of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders
of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request.

 

Notwithstanding anything
contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive
payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective
due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement
of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent
of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder
of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities
of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect,
disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or
preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for
the equal, ratable and common benefit of all holders of Securities of such series.  For the protection and enforcement
of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

 

SECTION 6.05                   Rights
and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a)           Except
as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders shall,
to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee
or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants
and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

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(b)           No
delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event
of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of
any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this
Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient,
by the Trustee or by the Securityholders.

 

SECTION 6.06                   Control
by Securityholders.

 

The holders of a majority
in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.04,
shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee with respect to such series; provided , however , that such direction
shall not be in conflict with any rule of law or with this Indenture.  Subject to the provisions of Section 7.01, the
Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer
or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture
Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the
proceeding.  The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding
affected thereby, determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series
waive any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with
respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest
on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by
acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal
and any premium has been deposited with the Trustee (in accordance with Section 6.01(c)).  Upon any such waiver, the
default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders
of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or impair any right consequent thereon.

 

SECTION 6.07                   Undertaking
to Pay Costs.

 

All parties to this
Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that
any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee,
to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal amount
of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment
of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates expressed
in such Security or established pursuant to this Indenture.

  

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ARTICLE 7

 

CONCERNING THE TRUSTEE

 

SECTION 7.01                   Certain
Duties and Responsibilities of Trustee.

 

(a)          The
Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all
Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect
to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants shall be read into this Indenture against the Trustee.  In case an Event of Default with respect to the Securities
of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise as a
prudent man would exercise or use under the circumstances in the conduct of his own affairs.

 

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

 

(i)           prior
to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such
Events of Default with respect to that series that may have occurred:

 

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

 

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

  

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

 

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

 

(iv)         none
of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable
ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture
or adequate indemnity against such risk is not reasonably assured to it.

 

SECTION 7.02                   Certain
Rights of Trustee.

 

Except as otherwise
provided in Section 7.01:

 

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

 

(b)           any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an
instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof
is specifically prescribed herein);

 

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

 

(d)           the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order
or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have
offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein
or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of
Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities
of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their
exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs;

  

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

 

(f)        
   the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers
or documents, unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding
Securities of the particular series affected thereby (determined as provided in Section 8.04); provided , however , that if the
payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making
of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by
the terms of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition
to so proceeding.  The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee,
shall be repaid by the Company upon demand; and

 

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

 

SECTION 7.03                   Trustee
Not Responsible for Recitals or Issuance or Securities.

 

(a)           The
recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for the correctness of the same.

 

(b)           The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c)           The
Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such
Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture
or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than the
Trustee.

 

SECTION 7.04                   May
Hold Securities.

 

The Trustee or any
paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with
the same rights it would have if it were not Trustee, paying agent or Security Registrar.

 

SECTION 7.05                   Moneys
Held in Trust.

 

Subject to the provisions
of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the
purposes for which they were received, but need not be segregated from other funds except to the extent required by law.  The
Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company
to pay thereon.

  

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SECTION 7.06                   Compensation
and Reimbursement.

 

(a)           The
Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee
may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the
exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided
herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation
and the expenses and disbursements of its counsel and of all Persons not regularly in its employ), except any such expense, disbursement
or advance as may arise from its negligence or bad faith and except as the Company and Trustee may from time to time agree in writing.  The
Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless
against, any loss, liability or expense incurred without negligence or bad faith on the part of the Trustee and arising out of
or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending
itself against any claim of liability in the premises.

 

(b)           The
obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable
expenses, disbursements and advances shall constitute additional indebtedness of the Company to which the Securities are subordinated.  Such
additional indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected
by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities.

 

SECTION 7.07                   Reliance
on Officers’ Certificate.

 

Except as otherwise
provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably
necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder,
such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad
faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered
to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant
to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith
thereof.

  

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SECTION 7.08                   Disqualification;
Conflicting Interests.

 

If the Trustee has
or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee
and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

SECTION 7.09                   Corporate
Trustee Required; Eligibility.

 

There shall at all
times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing
business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a
corporation or other Person permitted to act as trustee by the Securities and Exchange Commission, authorized under such laws to
exercise corporate trust powers, having (or, in the case of a subsidiary of a bank holding company, its bank holding company parent
shall have) a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or
examination by federal, state, territorial, or District of Columbia authority.

 

If such corporation
or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  The
Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company,
serve as Trustee.  In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this
Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.

 

SECTION 7.10                   Resignation
and Removal; Appointment of Successor.

 

(a)           The
Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving
written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders
of such series, as their names and addresses appear upon the Security Register.  Upon receiving such notice of resignation,
the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy
to the successor trustee.  If no successor trustee shall have been so appointed and have accepted appointment within
30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who
has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly
situated, petition any such court for the appointment of a successor trustee.  Such court may thereupon after such notice,
if any, as it may deem proper and prescribe, appoint a successor trustee.

 

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

  

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(i)          the
Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder
who has been a bona fide holder of a Security or Securities for at least six months; or

 

(ii)         the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request
therefor by the Company or by any such Securityholder; or

 

(iii)        the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding,
or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

 

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

 

(c)           The
holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove
the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor trustee for such
series with the consent of the Company.

 

(d)           Any
resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant
to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided
in Section 7.11.

 

(e)           Any
successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all
of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

SECTION 7.11                   Acceptance
of Appointment by Successor.

 

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

  

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(b)           In
case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any
trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any act or failure
to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation
or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect
to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility
for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture,
and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer
and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor
trustee relates.

 

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

 

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

 

(e)           Upon
acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession
of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon
the Security Register.  If the Company fails to transmit such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

  

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SECTION 7.12                   Merger,
Conversion, Consolidation or Succession to Business.

 

Any corporation into
which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of
the corporate trust business of the Trustee (including the administration of the trust created by this Indenture), shall be the
successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and
eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding.  In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had
itself authenticated such Securities.

 

SECTION 7.13                   Preferential
Collection of Claims against the Company.

 

The Trustee shall
comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust
Indenture Act.  A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture
Act to the extent included therein.

 

SECTION 7.14                   Notice
of Default.

 

If any Default or
any Event of Default occurs and is continuing and if such Default or Event of Default is known to a Responsible Officer of the
Trustee, the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust
Indenture Act notice of the Default or Event of Default within 45 days after it occurs, unless such Default or Event of Default
has been cured; provided , however , that, except in the case of a default in the payment of the principal of (or premium, if any)
or interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determines that
the withholding of such notice is in the interest of the Securityholders.

 

ARTICLE 8

 

CONCERNING THE SECURITYHOLDERS

 

SECTION 8.01                   Evidence
of Action by Securityholders.

 

Whenever in this Indenture
it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular
series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking
of any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage
of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by
such holders of Securities of that series in person or by agent or proxy appointed in writing.

  

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

 

SECTION 8.02                   Proof
of Execution by Securityholders.

 

Subject to the provisions
of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his
agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(a)           The
fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b)           The
ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar
thereof.

 

The Trustee may require such additional proof
of any matter referred to in this Section as it shall deem necessary.

 

SECTION 8.03                   Who
May Be Deemed Owners.

 

Prior to the due presentment
for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and
treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security
(whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other
than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject
to Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent
nor any Security Registrar shall be affected by any notice to the contrary.

  

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SECTION 8.04                   Certain
Securities Owned by Company Disregarded.

 

In determining whether
the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent
or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities
of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or
any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any
such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction,
consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded.  The
Securities so owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the
pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities
and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control
with the Company or any such other obligor.  In case of a dispute as to such right, any decision by the Trustee taken
upon the advice of counsel shall be full protection to the Trustee.

 

SECTION 8.05                   Actions
Binding on Future Securityholders.

 

At any time prior
to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the
majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection
with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders
of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in
Section 8.02, revoke such action so far as concerns such Security.  Except as aforesaid, any such action taken by the
holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security,
and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether
or not any notation in regard thereto is made upon such Security.  Any action taken by the holders of the majority or
percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with
such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series.

 

ARTICLE 9

 

SUPPLEMENTAL INDENTURES

 

SECTION 9.01                   Supplemental
Indentures Without the Consent of Securityholders.

 

In addition to any
supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time
enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as
then in effect), without the consent of the Securityholders, for one or more of the following purposes:

  

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(a)           to
cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;

 

(b)           to
comply with Article 10;

 

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

 

(d)           to
add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any
series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all
series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included solely for
the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional
covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon
the Company;

 

(e)           to
add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue,
authentication, and delivery of Securities, as herein set forth;

 

(f)     
      to make any change that does not adversely affect the rights of any Securityholder in any material
respect;

 

(g)           to
provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section
2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series
of Securities, or to add to the rights of the holders of any series of Securities;

 

(h)           to
evidence and provide for the acceptance of appointment hereunder by a successor trustee; or

 

(i)   
        to comply with any requirements of the Securities and Exchange Commission or any
successor in connection with the qualification of this Indenture under the Trust Indenture Act.

 

The Trustee is hereby
authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements
and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture
that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

  

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Any supplemental indenture
authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders
of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

SECTION 9.02                   Supplemental
Indentures With Consent of Securityholders.

 

With the consent (evidenced
as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the Securities of each
series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution,
and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform
to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not
covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided , however , that
no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby,
(a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend
the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, or make the principal thereof
(including any amount in respect of original issue discount) or interest thereon payable in any coin or currency other than that
provided in the Securities or in accordance with the terms thereof or (b) reduce the aforesaid percentage of Securities, the holders
of which are required to consent to any such supplemental indenture.

 

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

 

SECTION 9.03                   Effect
of Supplemental Indentures.

 

Upon the execution
of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect
to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights,
obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series
affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes.

 

SECTION 9.04                   Securities
Affected by Supplemental Indentures.

 

Securities of any
series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant
to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form
meets the requirements of any securities exchange on which Securities of such series may be listed, as to any matter provided for
in such supplemental indenture.  If the Company shall so determine, new Securities of that series so modified as to conform,
in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may
be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

  

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SECTION 9.05                  
Execution of Supplemental Indentures.

 

Upon the request of
the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing
with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join
with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not
be obligated to enter into such supplemental indenture.  The Trustee, subject to the provisions of Section 7.01, may
receive an Officers’ Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed
pursuant to this Article is authorized or permitted by, and conforms to, the terms of this Article and that it is proper for the
Trustee under the provisions of this Article to join in the execution thereof; provided , however , that such Officers’ Certificate
or Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms
of a series of Securities pursuant to Section 2.01 hereof.

 

Promptly after the
execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee
shall transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental
indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security Register.  Any
failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.

 

ARTICLE 10

 

SUCCESSOR ENTITY

 

SECTION 10.01                 Company
May Consolidate, etc.

 

Except as provided
pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one
or more indentures supplemental to this Indenture, nothing contained in this Indenture shall prevent any consolidation or merger
of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers
in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer
or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety,
to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and
operate the same; provided , however , the Company hereby covenants and agrees that, upon any such consolidation or merger (in
each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, (a) the due
and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with
the terms of each series, according to their tenor, and the due and punctual performance and observance of all the covenants and
conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to
be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions
of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee
by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have
acquired such property and (b) in the event that the Securities of any series then Outstanding are convertible into or exchangeable
for ordinary shares or other securities of the Company, such entity shall, by such supplemental indenture, make provision so that
the Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion or exchange of such Securities
the number of securities or property to which a holder of the number of ordinary shares or other securities of the Company deliverable
upon conversion or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior
to such consolidation, merger, sale, conveyance, transfer or other disposition.

  

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SECTION 10.02                 Successor
Entity Substituted.

 

(a)           In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations
set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be
substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation
shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

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

 

(c)           Nothing
contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the
Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of
all or any part of the property of any other Person (whether or not affiliated with the Company).

 

SECTION 10.03                 Evidence
of Consolidation, etc. to Trustee.

 

The Trustee, subject
to the provisions of Section 7.01, may receive an Officers’ Certificate or an Opinion of Counsel as conclusive evidence that
any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions
of this Article.

  

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ARTICLE 11

 

SATISFACTION AND DISCHARGE

 

SECTION 11.01                 Satisfaction
and Discharge of Indenture.

 

If at any time: (a)
the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered
to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been
replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations have theretofore
been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such
trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee
for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be
called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and
the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental
Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of
that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due
or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or
cause to be paid all other sums payable hereunder with respect to such series by the Company, then this Indenture shall thereupon
cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03
and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that
shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company
shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series.

 

SECTION 11.02                 Discharge
of Obligations.

 

If at any time all
such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and
payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds
moneys or, in the case of any series of Securities the payments on which may only be made in U.S. dollars, an amount of Governmental
Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the
Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity
or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable
hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case
may be, are deposited with the Trustee, the obligations of the Company under this Indenture with respect to such series shall cease
to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that
shall survive until such Securities shall mature and be paid.

  

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Thereafter, Sections
7.06 and 11.05 shall survive.

 

SECTION 11.03                 Deposited
Moneys to be Held in Trust.

 

All moneys or Governmental
Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment
as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the
particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited
with the Trustee.

 

SECTION 11.04                 Payment
of Moneys Held by Paying Agents.

 

In connection with
the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the
provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be
released from all further liability with respect to such moneys or Governmental Obligations.

 

SECTION 11.05                 Repayment
to Company.

 

Any moneys or Governmental
Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or
premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders
of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on such
Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned
or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request or (if then
held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from
all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled
to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof.

  

    	-42-

    	 

    

  

ARTICLE 12

 

IMMUNITY OF INCORPORATORS, SHAREHOLDERS,
OFFICERS AND DIRECTORS

 

SECTION 12.01                 No
Recourse.

 

No recourse under
or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise
in respect thereof, shall be had against any incorporator, shareholder, officer or director, past, present or future as such, of
the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations,
and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, shareholders, officers
or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of
the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture
or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either
at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator,
shareholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason
of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby
expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of
such Securities.

 

ARTICLE 13

 

MISCELLANEOUS PROVISIONS

 

SECTION 13.01                 Effect
on Successors and Assigns.

 

All the covenants,
stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns,
whether so expressed or not.

 

SECTION 13.02                 Actions
by Successor.

 

Any act or proceeding
by any provision of this Indenture authorized or required to be done or performed by the Board of Directors or any officer of the
Company shall and may be done and performed with like force and effect by the corresponding board of directors, duly authorized
committee thereof or officer of any corporation that shall at the time be the lawful successor of the Company.

 

SECTION 13.03                 Surrender
of Company Powers.

 

The Company by instrument
in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved
to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

 

SECTION 13.04                 Notices.

 

Except as otherwise
expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be
given, made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on
the Company may be given or served by being deposited in first class mail, postage prepaid, addressed (until another address is
filed in writing by the Company with the Trustee), as follows:  AudioCodes Ltd., 1 Hayarden Street, Airport City, Lod
7019900 Israel.  Any notice, election, request or demand by the Company or any Securityholder or by any other Person
pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if
given or made in writing at the Corporate Trust Office of the Trustee.

  

    	-43-

    	 

    

  

SECTION 13.05                 Governing
Law.

 

This Indenture and
each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall
be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable.

 

SECTION 13.06                 Treatment
of Securities as Debt.

 

It is intended that
the Securities will be treated as indebtedness and not as equity for federal income tax purposes.  The provisions of
this Indenture shall be interpreted to further this intention.

 

SECTION 13.07                 Compliance
Certificates and Opinions.

 

(a)           Upon
any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company
shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent provided for in this Indenture
relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all
such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing
of such documents is specifically required by any provision of this Indenture relating to such particular application or demand,
no additional certificate or opinion need be furnished.

 

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

 

SECTION 13.08                 Payments
on Business Days.

 

Except as provided
pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one
or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security
or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any)
may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption,
and no interest shall accrue for the period after such nominal date.

  

    	-44-

    	 

    

  

SECTION 13.09                 Conflict
with Trust Indenture Act.

 

If and to the extent
that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive,
of the Trust Indenture Act, such imposed duties shall control.

 

SECTION 13.10                 Counterparts.

 

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

 

SECTION 13.11                 Separability.

 

In case any one or
more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions
of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal
or unenforceable provision had never been contained herein or therein.

 

SECTION 13.12                 Compliance
Certificates.

 

The Company shall
deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding,
an Officers’ Certificate stating whether or not the signers know of any Default or Event of Default that occurred during
such fiscal year.  Such certificate shall contain a certification from the principal executive officer, principal financial
officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the
Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this
Indenture.  For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace
or requirement of notice provided under this Indenture.  If any of the officers of the Company signing such certificate
has knowledge of such a Default or Event of Default, the certificate shall describe any such Default or Event of Default and its
status.

 

ARTICLE 14

 

SUBORDINATION OF SECURITIES

 

SECTION 14.01                 Securities
Subordinated to Senior Indebtedness.

 

The payment by the
Company of the principal of, premium, if any, and interest on any series of Securities issued hereunder shall be subordinated to
the extent set forth in an indenture supplemental hereto relating to such Securities.

  

    	-45-

    	 

    

 

 

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

 

	 	AUDIOCODES LTD.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 	 
	 	[·],
	 	as Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	-46-

    	 

    

  

CROSS-REFERENCE TABLE (1)

 

	SECTION OF TRUST INDENTURE ACT OF 1939, AS AMENDED	 	SECTION OF INDENTURE
	 	 	 
	310(a)	 	7.09
	310(b)	 	7.08, 7.10
	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	311(c)	 	Inapplicable
	312(a)	 	5.01, 5.02(a)
	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	5.04(a), 5.04(b)
	313(d)	 	5.04(c)
	314(a)	 	5.03, 13.12
	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	7.01
	315(b)	 	7.14
	315(c)	 	7.01
	315(d)	 	7.01(b)
	315(e)	 	6.07
	316(a)	 	6.06, 8.04
	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	13.09

 

 

 

	(1)	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.SECOND AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

This
SECOND amendment to second amended and RESTATED CREDIT AGREEMENT (this “Amendment”) is effective as of December
30, 2013, by and among LEXINGTON REALTY TRUST, a real estate investment trust formed under the laws of the State of Maryland (the
“Trust”), LEPERCQ CORPORATE INCOME FUND L.P., a limited partnership formed under the laws of the State of Delaware
(“LCIF”), and LEPERCQ CORPORATE INCOME FUND II L.P., a limited partnership formed under the laws of the State of Delaware
(“LCIFII”; collectively with the Trust and LCIF, the “Borrowers” and each a “Borrower”), each
of the Lenders party hereto, and KEYBANK NATIONAL ASSOCIATION, as administrative agent (the “Agent”).

 

WHEREAS, the Borrowers,
the Lenders, the Agent and certain other parties have entered into that certain Second Amended and Restated Credit Agreement dated
as of February 12, 2013, as amended by that certain First Amendment to Second Amended and Restated Credit Agreement dated as of
September 30, 2013 (as amended and in effect immediately prior to the date hereof, the “Credit Agreement”); and

 

WHEREAS, the Borrower,
the Lenders and the Agent desire to amend certain provisions of the Credit Agreement on the terms and conditions contained herein.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties
hereto hereby agree as follows:

 

Section 1        Specific
Amendments to Credit Agreement. The parties hereto agree that the Credit Agreement is amended as follows:

 

(a) The last sentence of Section
9.4 which currently reads as follows:

 

“In addition to the foregoing
limitations, the aggregate value of the items subject to the limitations in the preceding clauses (a) through (e) shall not exceed
40.0% of Capitalized Value at any time, and clauses (b) through (e) shall not exceed 20.0% of Capitalized Value at any time.”;

 

is hereby deleted in its entirety
and shall be replaced by the following:

 

“In addition to the foregoing
limitations, the aggregate value of the items subject to the limitations in the preceding clauses (a) through (e) shall not exceed
40.0% of Capitalized Value at any time, and clauses (b) through (d) shall not exceed 25.0% of Capitalized Value at any time.”

 

(b) The definition of “Operating
Partnership” is hereby deleted in its entirety and shall be replaced by the following:

 

“Operating Partnership”
means at all times prior to a merger of LCIFII into LCIF, LCIF and/or LCIFII, and upon a merger of LCIFII into LCIF, LCIF.

 

    	 

    	 

    

 

Section 2        Consent
to Merger. The Borrowers have informed the Agent and the Lenders that the Borrowers intend, on or about December 30, 2013,
to merge LCIFII with LCIF, with LCIF as the surviving entity (the “Merger”). The consideration for the Merger (the
“Merger Consideration”) will consist of (a) for any holder who is not an Accredited Investor (as defined in rule
501(a) of Regulation D promulgated under the Securities Act of 1933, as amended or who fails to return a letter of transmittal
on or prior to February 1, 2014, cash equal to the value of the Trust’s common shares, or (b) LCIF units on a one for one
basis for any holder who is an Accredited Investor and returns a letter of transmittal. The Borrowers have requested that the
Lenders consent to the Merger and payment of the Merger Consideration. The Requisite Lenders hereby consent to the Merger and
the making of Restricted Payments in connection with payment of the Merger Consideration, and waive any prohibition in Sections
9.2 and/or 9.7 of the Credit Agreement implicated with respect to the consummation of the Merger and payment of the Merger Consideration.

 

Section 3        Conditions
Precedent. The effectiveness of this Amendment and the consent of the Requisite Lenders under Section 2 above, is subject
to receipt by the Agent of each of the following, each in form and substance satisfactory to the Agent:

 

(a)        A
counterpart of this Amendment duly executed by the Borrowers and the Requisite Lenders; and

 

(b)        Copies
of all documents and agreements which implement the Merger.

 

Section 4        Representations.
Each Borrower represents and warrants to the Agent and each Lender as follows:

 

(a)        Authorization.
Each Borrower has the right and power, and has taken all necessary action to authorize it, to execute and deliver this Amendment
and to perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their
respective terms. This Amendment has been duly executed and delivered by the duly authorized officers of each Borrower and each
of this Amendment and the Credit Agreement, as amended by this Amendment, is a legal, valid and binding obligation of each Borrower
enforceable against each Borrower in accordance with its respective terms except as the same may be limited by bankruptcy, insolvency,
and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement
of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles
generally (whether in a proceeding in law or equity).

 

(b)        Compliance
with Laws, etc. The execution and delivery by each Borrower of this Amendment and the performance by each Borrower of this
Amendment and the Credit Agreement, as amended by this Amendment, in accordance with their respective terms, do not and will not,
by the passage of time, the giving of notice or otherwise: (i) require any Government Approvals or violate any Applicable
Laws relating to any Borrower; (ii) conflict with, result in a breach of or constitute a default under the organizational
documents of any Borrower or any indenture, agreement or other instrument to which any Borrower is a party or by which it or any
of its properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect
to any property now owned or hereafter acquired by the Borrower.

 

(c)        No
Default. No Default or Event of Default has occurred and is continuing as of the date hereof nor will exist immediately after
giving effect to this Amendment.

 

    	-2-

    	 

    

 

Section 5        Reaffirmation
of Representations by Borrowers. Each Borrower hereby repeats and reaffirms all representations and warranties made by such
Borrower to the Agent and the Lenders in the Credit Agreement and the other Loan Documents to which it is a party on and as of
the date hereof with the same force and effect as if such representations and warranties were set forth in this Amendment in full.

 

Section 6        Certain
References. Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit
Agreement as amended by this Amendment.

 

Section 7        Expenses.
The Borrowers shall reimburse the Agent upon demand for all reasonable out-of-pocket costs and expenses (including attorneys’
fees) actually incurred by the Agent in connection with the preparation, negotiation and execution of this Amendment and the other
agreements and documents executed and delivered in connection herewith.

 

Section 8        Benefits.
This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and
assigns, and shall be deemed a Loan Document.

 

Section 9        GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE (INCLUDING, FOR SUCH PURPOSE, SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAWS OF THE STATE OF NEW YORK).

 

Section 10        Effect.
Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full
force and effect. The amendment contained herein shall be deemed to have prospective application only.

 

Section 11        Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding
upon all parties, their successors and assigns.

 

Section 12        Definitions.
All capitalized terms not otherwise defined herein are used herein with the respective definitions given them in the Credit Agreement.

 

[Signatures on Next Page]

 

    	-3-

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Second Amendment to Second Amended and Restated Credit Agreement to be executed as of the date first above written.

 

	 	Lexington REALTY Trust
	 	 
	 	By: 	/s/ Joseph Bonventre
	 	 	Name:	Joseph Bonventre
	 	 	Title:	Executive Vice President

 

	 	Lepercq Corporate Income Fund L.P.
	 	Lepercq Corporate Income Fund II L.P.
	 	 
	 	Each By:  LEX GP-1 Trust, its sole general partner
	 	 
	 	By: 	 /s/ Joseph Bonventre
	 	  	  Name: Joseph Bonventre
	 		  Title: Vice President

 

[Signatures Continue on Next Page]

 

    	 

    	 

    

 

[Signature Page to Second Amendment to
Second Amended and Restated Credit Agreement

with Lexington Realty Trust et al.]

  

	 	KEYBANK
NATIONAL ASSOCIATION, as Agent and as a Lender
	 	 
	 	By:	/s/ Jane E. McGrath
	 	 	Jane E. McGrath
	 	 	Vice President 

 

[Signatures Continue on Next Page]

    	 

    	 

    

 

[Signature Page to Second Amendment to
Second Amended and Restated Credit Agreement

with Lexington Realty Trust et al.]

	 	 
	 	WELLS FARGO BANK, N. A.
	 	 
	 	By:	/s/ D. Bryan Gregory
	 	 	D. Bryan Gregory
	 	 	
        Director

         

 

    	 

    	 

    

 

[Signature Page to Second Amendment to
Second Amended and Restated Credit Agreement

with Lexington Realty Trust et al.]

 

	 	PNC Bank, NATIONAL ASSOCIATION
	 	 
	 	By:	/s/ Luis Donoso
	 	 	Luis Donoso
	 	 	
        Vice President

         

 

    	 

    	 

    

 

[Signature Page to Second Amendment to
Second Amended and Restated Credit Agreement

with Lexington Realty Trust et al.]

 

	 	BANK OF AMERICA, N.A.
	 	 
	 	By:	/s/ Kurt Mathison
	 	 	Kurt Mathison
	 	 	Senior Vice President

 

    	 

    	 

    

 

[Signature Page to Second Amendment to
Second Amended and Restated Credit Agreement

with Lexington Realty Trust et al.]

 

	 	U.S. Bank national association
	 	 
	 	By:	/s/ Gordon Clough
	 	 	Gordon Clough
	 	 	Vice President

 

    	 

    	 

    

 

[Signature Page to Second Amendment to
Second Amended and Restated Credit Agreement

with Lexington Realty Trust et al.]

 

	 	Rbs citizens, n.a.
	 	 
	 	By:	/s/ Donald W. Woods
	 	 	Donald W. Woods
	 	 	
        Senior Vice President

         

 

    	 

    	 

    

 

[Signature Page to Second Amendment to
Second Amended and Restated Credit Agreement

with Lexington Realty Trust et al.]

 

	 	TD Bank, N.A.
	 	 
	 	By:	/s/ Brian Welch
	 	 	Brian Welch
	 	 	Senior Vice President

 

    	 

    	 

    

 

[Signature Page to Second Amendment to
Second Amended and Restated Credit Agreement

with Lexington Realty Trust et al.]

 

	 	CAPITAL ONE, N.A.
	 	 
	 	By:	/s/ Frederick H. Denecke
	 	 	Frederick H. Denecke
	 	 	Vice President

 

    	 

    	 

    

 

[Signature Page to Second Amendment to
Second Amended and Restated Credit Agreement

with Lexington Realty Trust et al.]

 

	 	JPMorgan chase bank, n.a.
	 	 
	 	By:	/s/ Rita Lai
	 	 	Rita Lai
	 	 	Senior Credit Banker

 

    	 

    	 

    

 

[Signature Page to Second Amendment to
Second Amended and Restated Credit Agreement

with Lexington Realty Trust et al.]

 

	 	regions bank
	 	 
	 	By:	/s/ Kerri L. Raines
	 	 	 Kerri L. Raines
	 	 	Vice President

 

    	 

    	 

    

 

[Signature Page to Second Amendment to
Second Amended and Restated Credit Agreement

with Lexington Realty Trust et al.]

 

	 	FIFTH THIRD BANK
	 	 
	 	By:	/s/ Casey Gehrig
	 	 	Casey Gehrig
	 	 	Vice President

 

    	 

    	 

    

 

[Signature Page to Second Amendment to
Second Amended and Restated Credit Agreement

with Lexington Realty Trust et al.]

 

	 	bARCLAYS BANK PLC
	 	 
	 	By:	/s/ Noam Azachi
	 	Name:	Noam Azachi
	 	Title:	Vice President

 

    	 

    	 

    

 

[Signature Page to Second Amendment to
Second Amended and Restated Credit Agreement

with Lexington Realty Trust et al.]

  

	 	BRANCH BANK AND TRUST COMPANY
	 	 
	 	By:	/s/ Mark Edwards
	 	 	Mark Edwards
	 	 	Senior Vice President

 

    	A-1

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