Document:

Form of Grant Acceptance Agreement relating to 2003 Common Stock performance

 Exhibit 10.3 
  

			
	

	 	Grant Acceptance Agreement
	 	  
 Prudential Financial, Inc.

	 	Performance Shares
	 	  
 (Insert Name of Employee)

	 	(Account ID – something other than SSN)
	 	  
 June 3, 2003

	 	  
 You have been granted a target number of XXX performance shares
(“performance shares”). The number of shares you will receive on vesting may be adjusted under the circumstances described below.

	 	  
 Vesting Date:

	 	February 11, 2006
	 	See the brochure entitled 2003 Performance Shares Program (“brochure”) for more information about this grant. This Agreement and the brochure are subject to the terms,
conditions and restrictions contained in the Prudential Financial, Inc. Omnibus Incentive Plan (“Plan”) document. This is not a substitute for the official Plan document, which governs the operation of the Plan. Also, this is not a stock
certificate or negotiable instrument.
	 	Your eligibility for the 2003 Performance Shares Program (“Program”), the benefits provided by this program and all other terms and conditions of the program and any long-term grant
will be determined pursuant to and are governed by the provisions of the Plan document. If there is any discrepancy between the information in this grant or in the 2003 Performance Shares Program brochure or if there is a conflict between
information discussed by Prudential Financial, Inc. (“Prudential”) associates and the actual Plan document, the Plan document, as interpreted by the Plan administrator in its sole discretion will always govern.
	 	Nothing contained in this grant or the 2003 Performance Shares Program brochure is intended to constitute or create a contract of employment nor shall it constitute or create the right to
remain associated with or in the employ of Prudential for any particular period of time. Employment with Prudential is employment at will, which means that either you or Prudential may terminate the employment relationship at any time, with or
without cause or notice.
	 	

 1. Earnout; Performance Goals 
  
 On the vesting date of the shares, you will receive a number of shares of Prudential Financial, Inc. Common Stock (“Common Stock”)
equal to the target number set forth above as adjusted based on achievement of the performance goals set forth below. The number of shares of Common Stock that you will earn will vary, from 50% to 150% of the target number of performance shares,
based on achievement of “Operating Return on Average Equity” as disclosed in Prudential’s Quarterly Financial Supplement (“ROE”) relative to the 12% ROE goal in 2005. For purposes of this calculation, “Average
Equity” will be the average of Prudential’s total equity, excluding unrealized gains and losses on investments, as of the following dates: December 31, 2004, March 31, 2005, June 30, 2005, September 30,
2005, and December 31, 2005. Subject to other provisions of the Plan and the Program, the number of shares of Common Stock that you will earn on vesting will equal the target number of performance shares multiplied by the percentage opposite
the ROE achievement set forth below (rounded to the nearest whole share): 
  

			
	 ROE Achievement

	  	 Earnout Percentage

	8% or less	  	50%
	9%	  	75%
	10%	  	100%
	11%	  	125%
	12% or more	  	150%

  
 Earnouts as a percentage of the target
number of performance shares will be interpolated linearly for ROE achievement between 8% and 12%. Notwithstanding the foregoing, under normal circumstances, the Compensation Committee of Prudential’s Board of Directors, in its sole discretion,
may exclude or take into account certain items in determining ROE achievement and may further adjust the earnout percentage, within the 50% to 150% range, to take into account certain events and other critical performance factors, as more fully
described in the brochure. In the event of circumstances deemed to be extraordinary by the Compensation Committee, the Committee reserves the right to make any additional adjustment to the final earnout percentage. 
  
 2. No Rights as a Shareholder; Dividend Equivalents 
  
 You will not have the rights of a shareholder with respect to the performance shares. You
will, however, be paid dividend equivalents on the target number of performance shares from date of grant through 2005 (or to date of forfeiture if sooner). There will be no reconciliation of the dividend equivalents paid on the target shares versus
the actual number of shares of Common Stock earned. 
  
 3. Taxes

  
 Prudential/your employer shall have the right to deduct and report taxes
(federal, state, local or social insurance taxes) or other obligations required to be withheld by law prior to distributions made to you. You will be responsible for satisfying your tax responsibility, if any. 
  
 4. Agreement to Retain Shares 
  
 You agree to retain ownership of 50% of the net shares of Common Stock of the company
acquired upon vesting of your performance shares. You also agree to hold all shares of Common Stock retained pursuant to the preceding sentence until the later of (i) one year following the date of acquisition of such shares, or (ii) the
date that you have satisfied the share ownership guidelines set forth in the letter from Art Ryan dated April 4, 2002 (the “Guidelines”). Once you have satisfied the holding period set forth in the preceding sentence, you may dispose
of any shares of Common Stock held in excess of the Guidelines. This agreement to retain shares is applicable to this grant and for as long as you are an insider for purposes of Section 16(a) of the U.S. Securities Exchange Act of 1934.

  
 5. Governing Law 
  
 The validity, construction and effect of this Agreement and the plan shall be determined in
accordance with the laws of the State of New Jersey without regard to principles of conflict of laws. 
  
 6. Covenant Not to Solicit 
  
 (a)
Restrictions During Employment. You agree that during your employment with Prudential or any of its direct or indirect subsidiaries (the “Company Group”), you shall not, other than on behalf of any member of the Company Group, or as
may otherwise be required in connection with the performance of your duties on behalf of any member of the Company Group, solicit or induce, either directly or indirectly, or take any action to assist any entity, either directly or indirectly, in
soliciting or inducing any employee of the Company Group (other than your administrative assistant) to leave the employ of the Company Group (“Induce Departures”). 
  
 (b) Post-Employment Restrictions. You agree that for a period of one year after the termination of your employment with each member
of the Company Group for any reason, you shall not Induce Departures or hire or employ, or assist in the hire or employment of, either directly or indirectly, any individual (other than your administrative assistant) whose employment by the Company
Group ended within sixty (60) days preceding that individual’s hire or employment by you or your successor employer. 
  
 (c) Restrictions Separable and Divisible. You hereby acknowledge that you understand the restrictions imposed upon you by Subsections 6(a) and 6(b) of this
Agreement. You and Prudential understand and intend that each such restriction agreed to by you will be construed as separable and divisible from every other restriction, and that the unenforceability, in whole or in part, of any restriction will
not affect the enforceability of the remaining restrictions and that one or more of all of such restrictions may be enforced in whole or in part as the circumstances warrant. No waiver of any one breach of the restrictions contained herein will be
deemed a waiver of any other breach. 
  
 (d) Remedies. You agree that the
covenants in Subsections 6(a) and 6(b) are fair, reasonable and necessary and are reasonably required for the protection of Prudential and any other member of the Company Group. You also agree and acknowledge that the amount of damages that would
derive from the breach of these covenants is not readily ascertainable and that the covenant contained herein is a significant portion of the consideration that you are conveying or have conveyed to Prudential in consideration of the grant of the
Restricted Stock evidenced by this Grant Acceptance Agreement (“Agreement”). Accordingly, you agree that, in the event that you breach any of the covenants set forth in Subsections 6(a) and 6(b), (i) all grants of performance shares
shall be cancelled immediately, and (ii) you shall disgorge to Prudential Financial, Inc. all Common Stock (rounded to the nearest whole share) earned upon vesting of the performance shares, or cash equal to the value of the Common Stock earned
(using the current Fair Market Value of the Common Stock when it was paid or payable). You shall disgorge such shares or make such payment within five (5) business days of the date Prudential notifies you that a breach of the provisions of this
Section 6 has occurred. If payment is not paid within such period, any subsequent payment shall be made with interest at a rate equal to the prime rate as reported in The Wall Street Journal (Eastern Edition) on the date on which notice
of your breach is sent to you by Prudential, plus 2 percent. Interest payments shall be made in the form of cash only. You also acknowledge that, in the event you breach any part of this Section, the damages to Prudential would be irreparable.
Therefore, in addition to monetary damages and/or reasonable attorney’s fees, Prudential shall have the right to seek injunctive and/or other equitable relief in any court of competent jurisdiction to enforce this covenant. Further, you consent
to the issuance of a temporary restraining order to maintain the status quo pending the outcome of any proceeding. 
  
 7. Other Terms 
  
 Any benefits granted under the Plan are not deemed compensation under any Prudential pension plan, welfare plan or any compensation plan or program and shall not be considered as part of such compensation for purposes
of calculating pension, bonuses, long-service awards, or in the event of severance, redundancy or resignation. 
  
 You understand and accept that the benefits granted under the Plan are entirely at the discretion of Prudential Financial, Inc., and that Prudential Financial, Inc. may modify, amend suspend or terminate the Plan or
any and all of the policies, programs and plans described in this agreement in whole or in part, at any time, without notice to you or your consent. 
  
 I accept the terms of this Agreement, and acknowledge that I understand this Agreement and the terms of the Plan. I have received a copy of the Program brochure as
currently in effect. 
  

							
	  

	  	

	(Signature)	 	 	  	(Print Name)	 	 
	  
  

	  	

	(Social Security Number)	 	 	  	(Date)	 	 

  
 Please return a signed copy of this
Agreement by October 3, 2003 to Prudential, Attention: Compensation Admin. Team, P.O. Box 4450, The Woodlands, TX 77387-4450. 
  
 Code: GAA/perfshares/7-03 
 EMPL-D1150Indenture, dated as of February 15,2006

 Exhibit 4.1 
  

  
  
 AMBAC FINANCIAL GROUP, INC. 
  
 TO 
  
 THE BANK OF NEW YORK 
 Trustee 
  

  
 INDENTURE 
  
 Dated as of February 15, 2006 
  

  
  

 Reconciliation and tie between Trust Indenture Act of 1939, as amended, and Indenture, dated as of February 15,
2006. 
  

				
	 Trust Indenture Act Section

	  	 Indenture
 Section

	 
	 § 310(a)(1)
	  	607	 
	  (a)(2)
	  	607	 
	  (b)
	  	608	 
	 § 312(a)
	  	703	 
	 § 312(c)
	  	701	 
	 § 313(a)
	  	702	 
	 § 314(a)
	  	703	 
	  (c)(1)
	  	102	 
	  (c)(2)
	  	102	 
	  (e)
	  	102	 
	 § 315(b)
	  	601	 
	 § 316(a)
	  	101	 
	 	  	(“Outstanding”	)
	  (a)(1)(A)
	  	502	 
	 	  	512	 
	  (a)(1)(B)
	  	513	 
	  (b)
	  	508	 
	 § 317(a)(1)
	  	503	 
	  (a)(2)
	  	504	 
	 § 318(a)
	  	111	 

	NOTE:	This reconciliation and tie shall not, for any purpose, be deemed to be a part of this Indenture. 

 TABLE OF CONTENTS1 
  

					
	 	  	PAGE

	 RECITALS OF THE COMPANY
	  	1
		
	 ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 
			
	 SECTION 101.
	  	 Definitions
	  	1
	 	  	 Act
	  	2
	 	  	 Affiliate
	  	2
	 	  	 Authenticating Agent
	  	2
	 	  	 Board of Directors
	  	2
	 	  	 Board Resolution
	  	2
	 	  	 Business Day
	  	2
	 	  	 Commission
	  	2
	 	  	 Company
	  	2
	 	  	 Company Request or Company Order
	  	2
	 	  	 Corporate Trust Office
	  	3
	 	  	 Corporation
	  	3
	 	  	 Currency
	  	3
	 	  	 Defaulted Interest
	  	3
	 	  	 Depositary
	  	3
	 	  	 Dollar or $
	  	3
	 	  	 Exchange Rate Agent
	  	3
	 	  	 Event of Default
	  	3
	 	  	 Global Security
	  	3
	 	  	 Holder
	  	3
	 	  	 Indenture
	  	3
	 	  	 Interest Payment Date
	  	3
	 	  	 Managing Director
	  	3
	 	  	 Maturity
	  	4
	 	  	 Mortgage
	  	4
	 	  	 Officers’ Certificates
	  	4
	 	  	 Opinion of Counsel
	  	4
	 	  	 Original Issue Discount Security
	  	4
	 	  	 Outstanding
	  	4
	 	  	 Paying Agent
	  	5
	 	  	 Person
	  	5
	 	  	 Place of Payment
	  	5
	 	  	 Predecessor Security
	  	5
	 	  	 Redemption Date
	  	5
	 	  	 Redemption Price
	  	5
	 	  	 Regular Record Date
	  	5

	1	This table of contents shall not, for any purpose, be deemed to be a part of the Indenture. 

  

 i 

					
	 	  	PAGE

	 	  	 Responsible Officer
	  	5
	 	  	 Restricted Subsidiary
	  	5
	 	  	 Securities
	  	6
	 	  	 Security Register and Security Registrar
	  	6
	 	  	 Special Record Date
	  	6
	 	  	 Stated Maturity
	  	6
	 	  	 Subsidiary
	  	6
	 	  	 Trustee
	  	6
	 	  	 Trust Indenture Act
	  	6
	 	  	 U.S. Government Obligations
	  	6
	 	  	 Vice President
	  	6
	 	  	 Voting Stock
	  	7
	 SECTION 102.
	  	 Compliance Certificates And Opinions
	  	7
	 SECTION 103.
	  	 Form Of Documents Delivered To Trustee
	  	7
	 SECTION 104.
	  	 Acts Of Holders
	  	8
	 SECTION 105.
	  	 Notices, Etc., To Trustee And Company
	  	9
	 SECTION 106.
	  	 Notice To Holders; Waiver
	  	9
	 SECTION 107.
	  	 Effect Of Headings And Table Of Contents
	  	9
	 SECTION 108.
	  	 Successors And Assigns
	  	9
	 SECTION 109.
	  	 Separability Clause
	  	10
	 SECTION 110.
	  	 Benefits Of Indenture
	  	10
	 SECTION 111.
	  	 Governing Law
	  	10
	 SECTION 112.
	  	 Legal Holidays
	  	10
	 SECTION 113.
	  	 Force Majeure
	  	10
	 SECTION 114.
	  	 Waiver Of Jury Trial
	  	10
		
	ARTICLE TWO SECURITY FORMS	  	 
			
	 SECTION 201.
	  	 Forms Generally
	  	11
	 SECTION 202.
	  	 Additional Provisions In Global Securities
	  	11
	 SECTION 203.
	  	 Form Of Trustee’s Certificate Of Authentication
	  	12
		
	ARTICLE THREE THE SECURITIES	  	 
			
	 SECTION 301.
	  	 Amount Unlimited; Issuable In Series
	  	12
	 SECTION 302.
	  	 Denominations
	  	15
	 SECTION 303.
	  	 Execution, Authentication, Delivery And Dating
	  	15
	 SECTION 304.
	  	 Temporary Securities
	  	17
	 SECTION 305.
	  	 Registration, Registration Of Transfer And Exchange
	  	17
	 SECTION 306.
	  	 Mutilated, Destroyed, Lost And Stolen Securities
	  	19
	 SECTION 307.
	  	 Payment Of Interest; Interest Rights Preserved
	  	19
	 SECTION 308.
	  	 Persons Deemed Owners
	  	21
	 SECTION 309.
	  	 Cancellation
	  	21
	 SECTION 310.
	  	 Computation Of Interest
	  	21
	 SECTION 311.
	  	 CUSIP Numbers
	  	22

  

 ii 

					
	 	  	PAGE

		
	ARTICLE FOUR SATISFACTION AND DISCHARGE	  	 
			
	 SECTION 401.
	  	 Satisfaction And Discharge Of Indenture
	  	22
	 SECTION 402.
	  	 Application Of Trust Money
	  	23
		
	ARTICLE FIVE REMEDIES	  	 
			
	 SECTION 501.
	  	 Events Of Default
	  	23
	 SECTION 502.
	  	 Acceleration Of Maturity; Rescission And Annulment
	  	25
	 SECTION 503.
	  	 Collection Of Indebtedness And Suits For Enforcement By Trustee
	  	26
	 SECTION 504.
	  	 Trustee May File Proofs Of Claim
	  	27
	 SECTION 505.
	  	 Trustee May Enforce Claims Without Possession Of Securities
	  	28
	 SECTION 506.
	  	 Application Of Money Collected
	  	28
	 SECTION 507.
	  	 Limitation On Suits
	  	29
	 SECTION 508.
	  	 Unconditional Right Of Holders To Receive Principal, Premium And Interest
	  	30
	 SECTION 509.
	  	 Restoration Of Rights And Remedies
	  	30
	 SECTION 510.
	  	 Rights And Remedies Cumulative
	  	30
	 SECTION 511.
	  	 Delay Or Omission Not Waiver
	  	30
	 SECTION 512.
	  	 Control By Holders
	  	30
	 SECTION 513.
	  	 Waiver Of Past Defaults
	  	31
	 SECTION 514.
	  	 Waiver Of Stay Or Extension Laws
	  	31
		
	ARTICLE SIX THE TRUSTEE	  	 
			
	 SECTION 601.
	  	 Notice Of Defaults
	  	32
	 SECTION 602.
	  	 Certain Rights Of Trustee
	  	32
	 SECTION 603.
	  	 Not Responsible For Recitals Or Issuance Of Securities
	  	34
	 SECTION 604.
	  	 May Hold Securities
	  	34
	 SECTION 605.
	  	 Money Held In Trust
	  	34
	 SECTION 606.
	  	 Compensation, Indemnity And Reimbursement
	  	34
	 SECTION 607.
	  	 Corporate Trustee Required; Eligibility
	  	35
	 SECTION 608.
	  	 Resignation And Removal; Appointment Of Successor
	  	35
	 SECTION 609.
	  	 Acceptance Of Appointment By Successor
	  	37
	 SECTION 610.
	  	 Merger, Conversion, Consolidation Or Succession To Business
	  	38
	 SECTION 611.
	  	 Appointment Of Authenticating Agent
	  	38
		
	ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	  	 
			
	 SECTION 701.
	  	 Disclosure Of Names And Addresses Of Holders
	  	40
	 SECTION 702.
	  	 Reports By Trustee
	  	40
	 SECTION 703.
	  	 Reports By Company And Holders’ Lists
	  	40

  

 iii 

					
	 	  	PAGE

		
	ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  	 
			
	 SECTION 801.
	  	 Company May Consolidate, Etc., Only On Certain Terms
	  	41
	 SECTION 802.
	  	 Successor Corporation Substituted
	  	42
		
	ARTICLE NINE SUPPLEMENTAL INDENTURES	  	 
			
	 SECTION 901.
	  	 Supplemental Indentures Without Consent Of Holders
	  	42
	 SECTION 902.
	  	 Supplemental Indentures With Consent Of Holders
	  	44
	 SECTION 903.
	  	 Execution Of Supplemental Indentures
	  	45
	 SECTION 904.
	  	 Effect Of Supplemental Indentures
	  	45
	 SECTION 905.
	  	 Conformity With Trust Indenture Act
	  	45
	 SECTION 906.
	  	 Reference In Securities To Supplemental Indentures
	  	46
		
	ARTICLE TEN COVENANTS	  	 
			
	 SECTION 1001.
	  	 Payment Of Principal, Premium And Interest
	  	46
	 SECTION 1002.
	  	 Maintenance Of Office Or Agency
	  	46
	 SECTION 1003.
	  	 Money For Securities Payments To Be Held In Trust
	  	47
	 SECTION 1004.
	  	 Corporate Existence
	  	48
	 SECTION 1005.
	  	 Maintenance Of Properties
	  	48
	 SECTION 1006.
	  	 Payment Of Taxes And Other Claims
	  	49
	 SECTION 1007.
	  	 Limitations On Liens
	  	49
	 SECTION 1008.
	  	 Limitations On Disposition Of Stock Of Restricted Subsidiaries
	  	49
	 SECTION 1009.
	  	 Statement As To Compliance
	  	49
	 SECTION 1010.
	  	 Waiver Of Certain Covenants
	  	50
	 SECTION 1011.
	  	 Statement by Officers as to Default
	  	50
		
	ARTICLE ELEVEN REDEMPTION OF SECURITIES	  	 
			
	 SECTION 1101.
	  	 Applicability Of Article
	  	50
	 SECTION 1102.
	  	 Election To Redeem; Notice To Trustee
	  	50
	 SECTION 1103.
	  	 Selection By Trustee Of Securities To Be Redeemed
	  	51
	 SECTION 1104.
	  	 Notice Of Redemption
	  	51
	 SECTION 1105.
	  	 Deposit Of Redemption Price
	  	52
	 SECTION 1106.
	  	 Securities Payable On Redemption Date
	  	52
	 SECTION 1107.
	  	 Securities Redeemed In Part
	  	52
		
	ARTICLE TWELVE SINKING FUNDS	  	 
			
	 SECTION 1201.
	  	 Applicability Of Article
	  	53
	 SECTION 1202.
	  	 Satisfaction Of Sinking Fund Payments With Securities
	  	53
	 SECTION 1203.
	  	 Redemption Of Securities For Sinking Fund
	  	54

  

 iv 

					
	 	  	PAGE

	ARTICLE THIRTEEN REPAYMENT AT OPTION OF HOLDERS	  	 
			
	 SECTION 1301.
	  	 Applicability Of Article
	  	55
	 SECTION 1302.
	  	 Repayment Of Securities
	  	55
	 SECTION 1303.
	  	 Exercise Of Option
	  	55
	 SECTION 1304.
	  	 When Securities Presented For Repayment Become Due And Payable
	  	56
	 SECTION 1305.
	  	 Securities Repaid In Part
	  	56
		
	ARTICLE FOURTEEN DEFEASANCE AND COVENANT DEFEASANCE	  	 
			
	 SECTION 1401.
	  	 Applicability Of Article; Company’s Option To Effect Defeasance Or Covenant Defeasance
	  	56
	 SECTION 1402.
	  	 Defeasance And Discharge
	  	57
	 SECTION 1403.
	  	 Covenant Defeasance
	  	57
	 SECTION 1404.
	  	 Conditions To Defeasance Or Covenant Defeasance
	  	57
	 SECTION 1405.
	  	 Application Of Trust Money
	  	59
	 SECTION 1406.
	  	 Reinstatement
	  	59

  

 v 

 INDENTURE, dated as of February 15, 2006, between Ambac Financial Group, Inc., a corporation
duly organized and existing under the laws of the State of Delaware (the “Company”), having its principal office at One State Street Plaza, New York, New York 10004, and The Bank of New York, a New York State banking corporation, as
Trustee (the “Trustee”). 
  
 RECITALS OF THE COMPANY

  
 The Company has duly authorized the execution and delivery
of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as in this Indenture provided. 
  
 This Indenture is subject to the provisions of the Trust Indenture Act of
1939, as amended, that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions. 
  
 All things necessary to make this Indenture a valid and legally binding agreement of the Company, in accordance with its terms, have been done.

  
 NOW, THEREFORE, the Company agrees as follows with the Trustee
for the equal and proportionate benefit of all Holders of the Securities or of series thereof: 
  
 ARTICLE ONE 
  
 DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 
  

	SECTION 101.	Definitions. 

  
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (1) the terms defined in this Section have the meanings
assigned to them in this Section and include the plural as well as the singular; 
  
 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein; 
  
 (3) all accounting
terms not otherwise defined herein have the meanings assigned to them in accordance with United States generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting
principles” with respect to any computation required or permitted hereunder shall mean such accounting principles are generally accepted at the date of such computation; and 

 (4) the words “herein,” “hereof,” and “hereunder” and other
words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
  
 Certain terms, used principally in Article Six, are defined in that Article. 
  
 “Act,” when used with respect to any Holder, has the meaning specified in Section 104. 
  
 “Affiliate” of any specified Person means any other Person directly
or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
  
 “Authenticating Agent” means any Person
authorized by the Trustee to act on behalf of the Trustee to authenticate Securities. 
  
 “Board of Directors” means either the board of directors of the Company or any duly authorized committee of that 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 or a committee thereto and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
  
 “Business Day”, except as otherwise specified as contemplated by Section 301, when used with respect to any
Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment are generally authorized or obligated by law to close. 
  
 “Commission” means the Securities and Exchange Commission, as from
time to time constituted, created under the Securities Exchange Act of 1934, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then
the body performing such duties at such time. 
  
 “Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor corporation shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Company” shall mean such successor corporation. 
  
 “Company Request” or “Company Order” means a written request or order signed in the name of the Company by its Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer, Managing Director or a
Vice President, and by its Treasurer, an Assistant Treasurer, Secretary or an Assistant Secretary, and delivered to the Trustee. 
  

 2 

 “Corporate Trust Office” means the office of the Trustee in New York, New York at which at any
particular time its corporate trust business shall be administered. 
  
 “Corporation” includes corporations, associations, companies and business trusts. 
  
 “Currency” means any currency or currencies, composite currency or currency unit or currency units issued by the government of one or more
countries or by any recognized confederation or association of such governments. 
  
 “Defaulted Interest” has the meaning specified in Section 307. 
  
 “Depositary” means, with respect to the Securities of any series issuable or issued in whole or in part in the form of one or more Global
Securities, the Person designated as Depositary by the Company pursuant to Section 301, and if at any time there is more than one such Person, ‘Depositary’ as used with respect to the Securities of any such series shall mean the
Depositary with respect to the Securities of that series. 
  
 “Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender for the payment of public and private debts. 
  
 “Exchange Rate Agent” means a New York Clearinghouse Bank retained
for the purpose of quoting the exchange rate on any day between Dollars and any Currency, or between any two Currencies. 
  
 “Event of Default” has the meaning specified in Section 501. 
  
 “Global Security” means a Security issued to evidence all or a part of any series of Securities which is executed
by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and pursuant to a Company Order, which shall be registered in the name of the
Depositary or its nominee. 
  
 “Holder” means a Person
in whose name a Security is registered in the Security Register. 
  
 “Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall
include the terms of particular series of Securities established as contemplated by Section 301. 
  
 “Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest of such Security.

  
 “Managing Director,” when used with respect to the
Company, means any managing director, whether or not designated by a number or a word or words added before or after the title “managing director.” 
  

 3 

 “Maturity,” when used with respect to any security, means the date on which the principal of
such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 
  
 “Mortgage” means any mortgage, pledge, lien, security interest or
other encumbrance. 
  
 “Officers’ Certificates”
means a certificate signed by two officers, one of whom shall be the principal financial officer from among the Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer, Managing Director or a Vice President, and by the
Treasurer, an Assistant Treasurer, Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee. 
  
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company. 
  
 “Original Issue Discount Security” means any Security which
provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 
  
 “Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities
theretofore authenticated and delivered under this Indenture, except: 
  
 (i) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
  
 (ii) Securities for the payment or redemption of which money or U.S. Government Obligations in the necessary amount has been theretofore deposited with
the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities as contemplated by Article Four or Article
Fourteen; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and 
  
 (iii) Securities which have been paid pursuant to Section 306 or in
exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such
Securities are held by a protected purchaser (as defined in Article 8 of the Uniform Commercial Code as in effect from time to time in the state of New York) in whose hands such Securities are valid obligations of the Company; provided, however,
that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (a) the principal amount of an Original Issue
Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable as 

  

 4 

 
of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 502, and (b) Securities owned by the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor. 
  
 “Paying Agent”
means any Person authorized by the Company to pay the principal of (and premium, if any) or interest on any Securities on behalf of the Company. 
  
 “Person” means any individual, corporation, partnership, joint venture, limited liability company, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Place of Payment,” when used with respect to the Securities of any series, means the place or places where the principal of (and premium, if any) and interest on the Securities of that series are payable as
specified as contemplated by Section 301. 
  
 “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 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
  
 “Redemption Date,” when used with respect to any Security to be
redeemed, means the date fixed by the Company for such redemption by or pursuant to this Indenture. 
  
 “Redemption Price,” when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this
Indenture. 
  
 “Regular Record Date” for the interest
payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 301. 
  
 “Responsible Officer,” when used with respect to the Trustee, means any officer of the Trustee with direct responsibility for the administration
of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge and familiarity with the particular subject. 
  
 “Restricted Subsidiary” means Ambac Assurance Corporation and any
successor to all or substantially all of its business, provided that such successor is a Subsidiary. 
  

 5 

 “Securities” has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this Indenture. 
  
 “Security Register” and “Security Registrar” have the respective meanings specified in Section 305. 
  
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307. 
  
 “Stated Maturity,” when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 
  
 “Subsidiary” means a corporation more than 50% of the outstanding
Voting Stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. 
  
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a
successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such
Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed, except as provided
in Section 905; provided however, that in the event the Trust Indenture Act is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

  
 “U.S. Government Obligations” means direct
obligations of the United States for the payment of which its full faith and credit is pledged, or obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States and the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined
in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by such custodian for
the account of the holder of such depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the
custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt. 
  
 “Vice President,” when used with respect to the Company or the Trustee, means any vice president, whether or not
designated by a number or a word or words added before or after the title “vice president.” 
  

 6 

 “Voting Stock” means, with respect to any Subsidiary, stock of any class or classes (or
equivalent interest), if the holders of the stock of such class or classes (or equivalent interests) are ordinarily, in the absence of contingencies, entitled to vote for the election of the directors (or persons performing similar functions) of
such corporation, even though the right so to vote has been suspended by the happening of such a contingency. 
  

	SECTION 102.	Compliance Certificates And Opinions. 

  
 Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the
Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel such
proposed action is authorized or permitted by this Indenture and all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically
required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 
  
 Every certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to
Section 1010) shall include: 
  
 (1) a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
  
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
  
 (3) a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

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

	SECTION 103.	Form Of Documents Delivered To Trustee. 

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

 7 

 Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his
certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating
that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinions or representations with respect to such
matters are erroneous. 
  
 Where any Person is required to make,
give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  

	SECTION 104.	Acts Of Holders. 

  
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may
be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as
the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the
Trustee and the Company, if made in the manner provided in this Section. 
  
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized
by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which
the Trustee deems sufficient. 
  
 (c) At any time, the ownership
of Securities shall be proved by the Security Register. 
  
 (d)
Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof
or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 
  

 8 

	SECTION 105.	Notices, Etc., To Trustee And Company. 

  
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be
made upon, given or furnished to, or filed with, 
  
 (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration,
or 
  
 (2) the Company by the Trustee or by any
Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first
paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company. 
  

	SECTION 106.	Notice To Holders; Waiver. 

  
 Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if
in writing and mailed, first class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of
such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders.
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice
by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  

In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
  

	SECTION 107.	Effect Of Headings And Table Of Contents. 

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

	SECTION 108.	Successors And Assigns. 

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

 9 

	SECTION 109.	Separability Clause. 

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

	SECTION 110.	Benefits Of Indenture. 

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

	SECTION 111.	Governing Law. 

  
 This Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York. This Indenture is subject to
the provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions. 
  

	SECTION 112.	Legal Holidays. 

  
 In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment or in
New York City, then unless otherwise specified in the Securities, payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of
Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated
Maturity, as the case may be. 
  

	SECTION 113.	Force Majeure 

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

	SECTION 114.	Waiver of Jury Trial 

  
 EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
  

 10 

 ARTICLE TWO 
  
 SECURITY FORMS 
  

	SECTION 201.	Forms Generally. 

  
 The Securities of each series shall be in substantially such form as shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the
Securities. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities. 
  
 The Trustee’s certificates of authentication shall be in substantially the form set forth in this Article. 

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

	SECTION 202.	Additional Provisions In Global Securities. 

  
 Any Global Security may provide that it shall represent the aggregate or specified amount of Outstanding Securities from time to time endorsed thereon and
may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced to reflect exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the
amount or changes in the rights of Holders of Outstanding Securities represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to
Section 303 or Section 304. Subject to the provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the
Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 303 or 304 has been, or simultaneously is, delivered, any instructions by the Company with respect to a Security in global form shall
be in writing but need not comply with Section 314(c) of the Trust Indenture Act. 
  

 11 

 Notwithstanding the provisions of Section 307, unless otherwise specified as contemplated by
Section 301, payment of principal of and any premium and interest on any Security in permanent global form shall be made to the Person or Persons specified therein. 
  
 Notwithstanding the provisions of Section 308 and except as provided in the preceding paragraph, the Company, the
Trustee and any agent of the Company and the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent Global Security the registered Holder of such permanent Global Security. 
  

	SECTION 203.	Form Of Trustee’s Certificate Of Authentication. 

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

			
	THE BANK OF NEW YORK,
	as Trustee
		
	 By:
	 	 
	 	 	 Authorized Signatory

		
	Dated: 	 	 

  
 ARTICLE THREE

  
 THE SECURITIES 
  

	SECTION 301.	Amount Unlimited; Issuable In Series. 

  
 The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
  
 The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 
  
 (1) the title of the Securities of the series (which shall
distinguish the Securities of the series from all other Securities); 
  
 (2) the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued 
  
 (3) any limit upon the aggregate principal amount of the Securities of the series which may be authenticated
and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 

  

 12 

 
305, 306, 906, 1107 or 1305); provided, however, that the authorized aggregate principal amount of such series may be increased above such amount by a Board
Resolution to such effect; 
  
 (4) the date or
dates on which the principal of the Securities of the series is payable; 
  
 (5) the rate or rates at which the Securities of the series shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and
the Regular Record Date for the interest payable on any Interest Payment Date; 
  
 (6) the place or places where the principal of (and premium, if any) and interest on Securities of the series shall be payable;

  
 (7) the period or periods within which, the
price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have that option; 
  
 (8) the obligation, if any, of the Company to redeem, repay
or purchase Securities of the series pursuant to any sinking fund or analogous provision or at the option of a Holder thereof, and the period or periods within which, the price or prices at which, the Currency in which, and other terms and
conditions upon which Securities of the series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation; 
  
 (9) if other than denominations of $1,000 and integral multiples thereof, the denominations in which Securities of the series shall be
issuable; 
  
 (10) 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 502 or the method by which such portion shall be determined;

  
 (11) if other than Dollars, the Currency in
which payment of the principal of (and premium, if any) or interest, if any, on the Securities of the series shall be payable or in which the Securities of the series shall be denominated; 
  
 (12) whether the amount of payments of principal of (and
premium, if any) or interest on the Securities of the series may be determined with reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or more Currencies, commodities, equity
indices or other indices), and the manner in which such amounts shall be determined; 
  

 13 

 (13) provisions, if any, granting special rights to the Holders of Securities of the
series upon the occurrence of such events as may be specified; 
  
 (14) the terms, if any, on which a series of Securities may be convertible into or exchangeable for the Company’s preferred stock, common stock, warrants or other debt securities of the Company, including
provisions as to whether conversion or exchange is mandatory, at the option of the holder or at the Company’s option, which provisions may allow or require the number of shares of the Company’s common stock, preferred stock, warrants or
other debt securities of the Company to be received by; 
  
 (15) any deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to Securities of the series, whether or not such Events of Default or covenants are consistent
with the Events of Default or covenants set forth herein; 
  
 (16) the application, if any, of Section 1402 or 1403 to the Securities of any series; 
  
 (17) whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms
and conditions, if any, upon which such Global Securities or Securities may be exchanged in whole or in part for other definitive Securities; and the Depositary for such Global Security or Securities, which Depositary must be a clearing agency
registered under the Securities Exchange Act of 1934; 
  
 (18) any trustees, authenticating or paying agents, transfer agents or registrars or any other agents with respect to the Securities of such series; 
  

(19) the ability to issue additional Securities of any series, having the same ranking and the same interest rate, maturity and other
terms as the Securities of that series, except for the issue price and issue date and, in some cases, the first interest payment date, whereby such additional Securities will, together with the then outstanding such series of Securities, constitute
a single class of Securities under this Indenture, and will vote together on matters under this Indenture; and 
  
 (20) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by
Section 901(5)). 
  
 All Securities of any one series shall
be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution and set forth in such Officers’ Certificate or in any such Indenture supplemental hereto related to such
series. 
  
 If any of the terms of the series are established by
action taken pursuant to a Board Resolution, copy of an appropriate record of such action shall be certified by the Secretary or an 

  

 14 

 
Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the
series. 
  

	SECTION 302.	Denominations. 

  
 The Securities of each series shall be issuable in registered form without coupons in such denominations as shall be specified as contemplated by
Section 301. With respect to Securities of any series denominated in Dollars, in the absence of any such provisions, the Securities of such series, other than Securities issued in global form (which may be of any denomination), shall be
issuable in denominations of $1,000 and any integral multiple thereof. 
  

	SECTION 303.	Execution, Authentication, Delivery And Dating. 

  
 The Securities shall be executed on behalf of the Company by its Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer,
Managing Director or one of its Vice Presidents. The signature of any of these officers on the Securities may be manual or facsimile. 
  
 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 
  
 At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the
Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted by Sections 201 and 301, in authenticating such
Securities, and accepting the additional responsibilities under this Indenture in relation to such series of Securities, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating,

  
 (a) if the form of such Securities has been
established by or pursuant to a Board Resolution as permitted by Section 201, that such form has been established in conformity with the provisions of this Indenture; 
  
 (b) if the terms of such Securities have been established by or pursuant to a Board Resolution as permitted
by Section 301, that such terms have been established in conformity with the provisions of this Indenture; and 
  
 (c) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general
applicability relating to or affecting the enforcement of creditors’ rights and to general principles of equity. 
  

 15 

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

  
 If all of the Securities of a series are not to be originally
issued at the same time, then the documents required to be delivered pursuant to this Section 303 must be delivered only once, prior to the authentication and delivery of the first Security of such series; provided, however, that any subsequent
request by the Company to the Trustee to authenticate Securities of such series upon original issuance shall constitute a representation and warranty by the Company that, as of the date of such request, the statements made in the Officers’
Certificate delivered pursuant to Section 301 shall be true and correct as if made on such date and that all the conditions precedent, if any, provided for in this Indenture or the terms of the Securities of such series relating to the
authentication and delivery of Securities of such series have been complied with. 
  
 If the Company shall establish pursuant to Section 301 that the Securities of a series are to be issued in whole or in part in the form of one or more Global Securities, then the Company shall execute and the
Trustee shall, in accordance with this Section and the Company Order with respect to such series, 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 the Outstanding Securities of such series to be represented by such Global Security or Securities, (ii) shall be registered in the name of the Depositary for such Global Security or Securities or the nominee of such
Depositary, (iii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instruction and (iv) shall bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or
in part for Securities in certificated form, this Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary” or to such other effect as the Depositary and the Trustee may agree. 
  
 Each Depositary designated pursuant to Section 301 must, at the time of its designation and at all times while it
serves as Depositary, be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and any other applicable statute or regulation. The Trustee shall have no responsibility to determine if the Depositary is so registered.
Each Depositary may enter into an agreement with the Trustee and the Company governing their respective duties and rights with regard to Global Securities. 
  
 Each Security shall be dated the date of its authentication. 
  
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 
  

 16 

	SECTION 304.	Temporary Securities. 

  
 Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. 
  
 Except in the case of temporary Securities in global form, which shall be exchanged in accordance with the provisions
thereof, if temporary Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities
of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Securities of any series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of
authorized denominations. Until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 
  

	SECTION 305.	Registration, Registration Of Transfer And Exchange. 

  
 The Company shall cause to be kept, at an office or agency of the Company maintained pursuant to Section 1002, a register (herein sometimes referred
to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. Such office or agency shall be the
“Security Registrar” for the purpose of registering Securities and transfers as herein provided. The Trustee is hereby initially appointed Security Registrar. 
  
 Upon surrender for registration of transfer of any Security of any series at the office or agency in a Place of Payment for
that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferees, one or more new Securities of the same series, of any authorized denominations and of a like aggregate principal
amount and tenor. 
  
 At the option of the Holder, Securities of
any series may be exchanged for other Securities of the same series with the same terms, of any authorized denominations and of a like aggregate principal amount and tenor, upon surrender of the Securities to be exchanged at such office or agency.
Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
  

 17 

 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid
obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
  
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or
the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
  
 No service charge shall be made for any registration of transfer or exchange
of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 304, 906 or 1107 not involving any transfer. 
  
 The Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of
Securities of that series selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in
part, except the unredeemed portion of any Security being redeemed in part. 
  
 Notwithstanding the foregoing, except as otherwise specified as contemplated by Section 301, any Global Security shall be exchangeable pursuant to this Section 305 for Securities registered in the names of
Persons other than the Depositary with respect to such Security or its nominee only as provided in this paragraph. A Global Security shall be so exchangeable pursuant to this Section 305 if (i) the Depositary with respect to such Global
Security notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and,
in either such case, a successor Depositary is not appointed by the Company within 90 days, (ii) the Company executes and delivers to the Trustee a Company Order that such Global Security shall be so exchangeable or (iii) there shall have
occurred and be continuing an Event of Default, or an event which, with the giving of notice or lapse of time, or both, would constitute an Event of Default, with respect to the Securities. Upon the exchange of a Global Security for Securities in
certificated form, such Global Security shall be cancelled by the Trustee. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary with respect to
such Global Security shall direct. 
  
 Notwithstanding any other
provision of this Section 305, unless and until it is exchanged in whole or in part for Securities in certificated form, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a
nominee of such Depositary, or by a nominee of such Depositary to such Depositary or to another nominee of such Depositary. 
  

 18 

	SECTION 306.	Mutilated, Destroyed, Lost And Stolen Securities. 

  
 If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a
new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
  
 If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and
(ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser
(as defined in Article 8 of the Uniform Commercial Code as in effect from time to time in the state of New York), the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or
stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
  
 In any case such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, pay such Security. 
  
 Upon the
issuance of any new Security under this Section, the Company or the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee) incurred in connection therewith. 
  
 Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen
Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder. 
  
 The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
  

	SECTION 307.	Payment Of Interest; Interest Rights Preserved. 

  
 Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose
name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest at the office or agency of the Company maintained for such purpose pursuant to Section 1002;
provided, however, that each installment of interest on any Security may at the Company’s option be paid by mailing a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 308, to
the address of such Person as it appears on the Security Register. 
  

 19 

 Any interest on any Security of any series which is payable, but is not punctually paid or duly provided
for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by
the Company, at its election in each case, as provided in Clause (1) or (2) below: 
  
 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money in the Currency in which the Securities of each
series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) 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 on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a
Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close
of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). 
  
 (2) The Company may make payment of any Defaulted Interest on the Securities of any series in the Currency in which the Securities of each
series are payable 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. 
  

 20 

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

	SECTION 308.	Persons Deemed Owners. 

  
 Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 307) interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 
  
 No holder of any beneficial interest in any Global Security held on its behalf by a Depositary shall have any rights under
this Indenture with respect to such Global Security, and such Depositary may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by a Depositary or impair, as between a Depositary
and such holders of beneficial interests, the operation of customary practices governing the exercise of the rights of the Depositary as Holder of any Security. 
  

	SECTION 309.	Cancellation. 

  
 All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so 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 surrendered to the Trustee for cancellation. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as
provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of in accordance with the Trustee’s customary procedures unless directed by a Company Order. 

 

	SECTION 310.	Computation Of Interest. 

  
 Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be
computed on the basis of a year of twelve 30-day months. 
  

 21 

	SECTION 311.	CUSIP Numbers 

  
 The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a
redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee
in writing of any change in the “CUSIP” numbers. 
  
 ARTICLE FOUR 
  
 SATISFACTION AND DISCHARGE

  

	SECTION 401.	Satisfaction And Discharge Of Indenture. 

  
 This Indenture shall upon Company Request cease to be of further effect with respect to any series of Securities (except as to any surviving rights of
registration of transfer or exchange of Securities of such series herein expressly provided for), and the Trustee, at the expense of the Company and upon Company Request, shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture as to such series when 
  
 (1)
either 
  
 (A) all Securities of such series
theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities for whose payment money has, or U.S.
Government Obligations have, theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee
for cancellation; or 
  
 (B) all Securities of
such series not theretofore delivered to the Trustee for cancellation 
  
 (i) have become due and payable, or 
  
 (ii) will become due and payable at their Stated Maturity within one year, or 
  
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of 

  

 22 

 
redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited
or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount, in the Currency in which the Securities of such series are payable, or U.S. Government Obligations, maturing as to principal and interest at such times as
will assure the availability of cash, sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit
(in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
  
 (2) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 
  
 (3) the Company has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 606 and, if money or U.S. Government Obligations shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the
Trustee under Section 402 and the last paragraph of Section 1003 shall survive such satisfaction and discharge. 
  

	SECTION 402.	Application Of Trust Money. 

  
 Subject to provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations deposited with the Trustee pursuant to
Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as
the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee. 
  
 ARTICLE FIVE 
  
 REMEDIES 
  

	SECTION 501.	Events Of Default. 

  
 “Event of Default”, wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, 

  

 23 

 
decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
  
 (1) default in the payment of any interest upon any Security
of such series when it becomes due and payable, and continuance of such default for a period of 30 days; or 
  
 (2) default in the payment of the principal of (or premium, if any, on) any Security of such series at its Maturity; or 
  
 (3) default in the payment of any sinking fund installment
as and when the same shall become due and payable by the terms of the Securities of such series; or 
  
 (4) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty
a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than such series), and continuance of
such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of all Outstanding
Securities a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
  
 (5) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in
respect of the Company or any Restricted Subsidiary in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company or any
Restricted Subsidiary a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment, rehabilitation, conservation or composition of or in respect of the Company or any Restricted Subsidiary under
any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, rehabilitation, conservator, sequestrator or other similar official of the Company or any Restricted Subsidiary or of any substantial part of
its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or 
  
 (6) the commencement by the Company or any Restricted
Subsidiary of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the
entry of a decree or order for relief in respect of the Company or any Restricted 

  

 24 

 
Subsidiary in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such
petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or any Restricted Subsidiary or of any substantial part of its property, or the making by
it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company or any Restricted Subsidiary in furtherance of any
such action; or 
  
 (7) any other Event of
Default provided with respect to Securities of that series. 
  
 When the Trustee incurs expenses or renders services in connection with an Event of Default specified in clauses (5) and (6) of this Section 501, the expenses (including the reasonable charges and expenses of its counsel) and
the compensation for the services are intended to constitute expenses of administration under any bankruptcy law. 
  

	SECTION 502.	Acceleration Of Maturity; Rescission And Annulment. 

  
 If an Event of Default described in clauses (1) (2), (3) or (7) of Section 501 above with respect to Securities of any series at the
time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such series (each such series voting as a separate class) may declare
the principal amount (or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of all of the Securities of that series and interest accrued
thereon, if any, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such amount shall become immediately due and payable. If an Event of Default described
in clauses (4), (5) or (6) of Section 501 above with respect to Securities of all series at the time Outstanding occurs and is continuing, then in every such case, the Trustee or the Holders of not less than 25% in aggregate principal
amount of all Outstanding Securities hereunder (voting as a single class) may declare the principal amount (or, if the Securities of any series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the
terms of that series) of all of the Securities then Outstanding and interest accrued thereon, if any, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon such declaration
such amount shall become immediately due and payable. 
  
 At any
time after such a declaration of acceleration with respect to Securities of any series (or all Securities, as the case may be) has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter
in this Article 

  

 25 

 
provided, the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series (voting as a separate class) with respect to
an Event of Default described in clauses (1), (2), (3) and (7) of Section 501 above, and the Holders of a majority in aggregate principal amount of the Outstanding Securities of all series (voting as a single class) with respect to an
Event of Default described in clause (4), (5) or (6) of Section 501 above, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 
  
 (1) the Company has paid or deposited with the Trustee a sum
sufficient to pay 
  
 (A) all Defaulted Interest
on all Securities of such series (or on all Securities, as the case may be), 
  
 (B) the principal of (and premium, if any, on) any Securities of such series (or of all Securities, as the case may be) which has become due otherwise than by such declaration of acceleration and interest thereon at
the rate or rates prescribed therefor in such Securities, 
  
 (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and 
  
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel; and 
  
 (2) all Events of Default with respect to Securities of such series (or all Securities, as the case may be), other than the non-payment of the principal of Securities which have become due solely by such declaration
of acceleration, have been cured or waived as provided in Section 513. 
  
 No such rescission shall affect any subsequent Event of Default or impair any right consequent thereon. 
  

	SECTION 503.	Collection Of Indebtedness And Suits For Enforcement By Trustee. 

  
 The Company covenants that if there is a 
  
 (1) default in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a
period of 30 days, or 
  
 (2) default in the
payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the 

  

 26 

 
whole amount then due and payable on such Securities for principal (and premium, if any) and interest and, to the extent that payment of such interest shall
be legally enforceable, interest on any overdue principal (and premium, if any) and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
  

	SECTION 504.	Trustee May File Proofs Of Claim. 

  
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Company for the payment of overdue principal, premium, if any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 
  
 (i) to file and prove a claim for the whole amount of
principal (and premium, if any) or such portion of the principal amount of any series of Original Issue Discount Securities as may be specified in the terms of such series, and interest owing and unpaid in respect of the Securities and to file such
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the
Holders allowed in such judicial proceeding, and 
  
 (ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due the Trustee under Section 606. 
  

 27 

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

	SECTION 505.	Trustee May Enforce Claims Without Possession Of Securities. 

  
 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
  
 In connection with any filings of any claims pursuant to
Section 317(a)(2) of the Trust Indenture Act (i) the Trustee shall be entitled to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, (ii) unless prohibited by law or
applicable regulation, to vote on behalf of the Holders for the election of a trustee in bankruptcy or other similar official, and any receiver trustee or similar official in any proceeding is hereby authorized by each Holder to make such payments
to the Trustee and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amounts due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee or any predecessor Trustee under Section 606. 
  

	SECTION 506.	Application Of Money Collected. 

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

 
 FIRST: To the payment of all amounts due the Trustee or any predecessor
Trustee under Section 606; and 
  
 SECOND: To the payment of
the amounts then due and unpaid for principal of (and premium, if any) and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to
the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively; and 
  

 28 

 THIRD: The balance, if any, to the Company. 
  

	SECTION 507.	Limitation On Suits. 

  
 No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for
the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
  
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of such
series; 
  
 (2) the Holders of not less than 25%
in principal amount of the Outstanding Securities of that series in the case of any Event of Default described in clause (1), (2), (3) or (7) of Section 501, or, in the case of any Event of Default described in clause (4), (5) or
(6) of Section 501, the Holders of not less than 25% in aggregate principal amount of all Outstanding Securities, shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name
as Trustee hereunder; 
  
 (3) such Holder or
Holders have offered to the Trustee reasonable indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 
  
 (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to
institute any such proceeding; and 
  
 (5) no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series in the case of any Event of Default described in
clause (1), (2), (3) or (7) of Section 501, or, in the case of any Event of Default described in clause (4), (5) or (6) of Section 501, the Holders of not less than 25% in aggregate principal amount of all Outstanding
Securities; 
  
 it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Securities of the same series, in the case of any Event of
Default described in clauses (1), (2), (3) or (7) of Section 501, or of Holders of all Securities in the case of any Event of Default described in clauses (4), (5), or (6) of Section 501, or to obtain or to seek to obtain
priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all Holders of Securities of the same series, in the case of any Event
of Default described in clauses (1), (2), (3) or (7) of Section 501, or of Holders of all Securities in the case of any Event of Default described in clauses (4), (5) or (6) of Section 501. 
  

 29 

	SECTION 508.	Unconditional Right Of Holders To Receive Principal, Premium And Interest. 

  
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment, as provided herein (including, if applicable, Article Fourteen) of the principal of (and premium, if any) and (subject to Section 307) interest on, such Security on the respective due dates expressed in
such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
  

	SECTION 509.	Restoration Of Rights And Remedies. 

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

	SECTION 510.	Rights And Remedies Cumulative. 

  
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
  

	SECTION 511.	Delay Or Omission Not Waiver. 

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

	SECTION 512.	Control By Holders. 

  
 The Holders of not less than a majority in principal amount of the Outstanding Securities of any series (with each series voting as a separate class)
shall have the right to direct the time, method and place of conducting any proceeding pertaining to such series for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, relating to or 

  

 30 

 
arising under clause (1), (2), (3) or (7) of Section 501, and the Holders of not less than a majority in aggregate principal amount of all
Outstanding Securities 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 not relating to or arising under clause
(1), (2), (3) or (7) of Section 501, provided that, in each case: 
  
 (1) such direction shall not conflict with any rule of law or with this Indenture, and 
  
 (2) the Trustee may take any other action deemed proper by
the Trustee which is not inconsistent with such direction. 
  

	SECTION 513.	Waiver Of Past Defaults. 

  
 Prior to the declaration of the acceleration of the maturity of the Securities of any series as provided in Section 502, the Holders of not less than
a majority in aggregate principal amount of the Outstanding Securities of such series, voting as a separate class, may, on behalf of the Holders of all such Outstanding Securities of such series, waive any past default or Event of Default described
in clause (3) or (7) of Section 501, and the Holders of not less than a majority in aggregate principal amount of all Outstanding Securities hereunder (voting as a single class) may on behalf of the Holders of all Outstanding
Securities hereunder waive any past default or Event of Default described in clause (4), (5) or (6) of Section 501 and its consequences, except a default in respect of a covenant or provision hereof which under Article Nine cannot be
modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 
  
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
  
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to waive any past default hereunder.
If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to waive any default hereunder, or to retract (prior to the requisite percentage for such waiver to become
effective having been obtained) any such waiver previously given, whether or not such Holders remain Holders after such record date; provided that, unless such waiver shall have become effective by virtue of such requisite percentage have long been
obtained prior to the date which is 90 days after such record date, such waiver shall, automatically and without further action by the Holder, be canceled and of no further force or effect. 
  

	SECTION 514.	Waiver Of Stay Or Extension Laws. 

  
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it 

  

 31 

 
may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  
 ARTICLE SIX 
  
 THE TRUSTEE 
  

	SECTION 601.	Notice Of Defaults. 

  
 Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit, in the manner and
to the extent provided in Section 313(c) of the Trust Indenture Act, notice of such default hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the
payment of the principal of (or premium, if any) or interest on any Security of such series or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice if and
so long as a trust committee of directors and/or a Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders of Securities of such series; and provided further that in the case
of any default of the character specified in Section 501(4) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term
“default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 
  

	SECTION 602.	Certain Rights Of Trustee. 

  
 Subject to the provisions of the Trust Indenture Act: 
  
 (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper
party or parties; 
  
 (b) any request or
direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
  
 (c) whenever in the administration of this Indenture the
Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officers’ Certificate; 
  

 32 

 (d) the Trustee may consult with counsel of its own selection and the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
  
 (e) the Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against
the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
  
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorneys at the expense of the
Company and shall incur no liability of any kind by reason of such inquiry or investigation; 
  
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
  
 (h) the Trustee shall not be liable for any action taken, suffered or omitted 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; 
  
 (i) the Trustee shall not be charged with knowledge of any default or Event of Default with respect to the Securities unless either
(1) a Responsible Officer shall have actual knowledge of such default or Event of Default or (2) written notice of such default or Event of Default shall have been given to the Trustee by the Company or by any Holder of the Securities;

  
 (j) the permissive rights of the Trustee
enumerated herein shall not be construed as duties; 
  
 (k) the Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; 
  
 (l) in no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of 

  

 33 

 
profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and 

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

	SECTION 603.	Not Responsible For Recitals Or Issuance Of Securities. 

  
 The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the
Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating
Agent shall not be accountable for the use or application by the Company of Securities or the proceeds thereof. 
  

	SECTION 604.	May Hold Securities. 

  
 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying
Agent, Security Registrar or such other agent. 
  

	SECTION 605.	Money Held In Trust. 

  
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. 
  

	SECTION 606.	Compensation, Indemnity And Reimbursement. 

  
 The Company agrees 
  
 (1) to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
  
 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as
shall be determined to have been caused by its own negligence or willful misconduct; 
  

 34 

 (3) to fully indemnify the Trustee or any predecessor Trustee for, and to hold it
harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of
defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder; and 
  
 (4) whenever the Trustee incurs expenses or renders services in connection with an Event of Default specified in clauses (5) and
(6) of Section 501, the expenses (including the fees and expenses of its counsel) and the compensation for services are intended to constitute expenses of administration under any bankruptcy law. 
  
 The obligations of the Company under this Section to compensate the Trustee,
to pay or reimburse the Trustee for expenses, disbursements and advances and to indemnify and hold harmless the Trustee shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture and the
removal or resignation of the Trustee. 
  
 As security for the
performance of such obligations of the Company, the Trustee shall have a claim prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (and premium, if
any) or interest on particular Securities. 
  

	SECTION 607.	Corporate Trustee Required; Eligibility. 

  
 There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under Section 310(a)(1) of the Trust Indenture Act and
shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of any Federal, State, Territorial or District of Columbia supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time
the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
  

	SECTION 608.	Resignation And Removal; Appointment Of Successor. 

  
 (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 609. 
  
 (b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required by Section 609 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court 

  

 35 

 
of competent jurisdiction at the expense of the Company for the appointment of a successor Trustee with respect to the Securities of such series. 

 
 (c) The Trustee may be removed at any time with respect to the Securities
of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. The Trustee being removed may petition any court of competent jurisdiction at the
expense of the Company for the appointment of a successor Trustee with respect to the Securities of such series. 
  
 (d) If at any time: 
  
 (1) the Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act after written request therefor by the Company or
by any Holder who has been a bona fide Holder of a Security for at least six months, or 
  
 (2) the Trustee shall cease to be eligible under Section 310(a) of the Trust Indenture Act and shall fail to resign after written
request therefor by the Company or by any such Holder, or 
  
 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation. 
  
 then, in any such case, (i) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder who has been
a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a
successor Trustee or Trustees. 
  
 (e) If the Trustee shall
resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be
only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 609. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy,
a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor
Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 609, become the successor Trustee with respect to the Securities of such series and to that extent supersede
the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 609, any
Holder who has been a bona 

  

 36 

 
fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
  
 (f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of
a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to all Holders of Securities of such series as their names and addresses appear in the Security Register.
Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
  

	SECTION 609.	Acceptance Of Appointment By Successor. 

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

  

 37 

 
but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 
  
 (c) Upon request of any such successor Trustee, the Company shall execute any and all instruments necessary to more fully
and certainly vest in and confirm 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. 
  

	SECTION 610.	Merger, Conversion, Consolidation Or Succession To Business. 

  
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation
shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the
Trustee then in the 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 611.	Appointment Of Authenticating Agent. 

  
 At any time when any of the Securities remain Outstanding the Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of
Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 306, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on
behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or
the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating
Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be
deemed to be its combined capital and surplus as set forth in 

  

 38 

 
its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 
  
 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent,
provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 
  
 An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company
and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security
Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No
successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
  
 The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section. 
  
 If an appointment with respect to one or more series is made pursuant to this
Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 
  
 “This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK,
 As Trustee

		
	 By:
	 	 
	 As Authenticating Agent
  

		
	 By:
	 	 
	 Authorized Signatory

	
	 Dated:                                     
                                        
           ”

  

 39 

 ARTICLE SEVEN 
  
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
  

	SECTION 701.	Disclosure Of Names And Addresses Of Holders. 

  
 Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any
agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with Section 312 of the Trust Indenture Act, regardless of the source from which
such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act. 
  

	SECTION 702.	Reports By Trustee. 

  
 Within 60 days after May 15 of each year commencing with the first May 15 after the first issuance of securities pursuant to this Indenture, the
Trustee shall transmit to the Holders of Securities, in the manner provided in Section 313(c) of the Trust Indenture Act, a brief report dated as of May 15 of such year if required by Section 313(a) of the Trust Indenture Act.

  

	SECTION 703.	Reports By Company And Holders’ Lists. 

  
 The Company shall: 
  
 (1) file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports
and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or reports pursuant to either of such Sections, then it shall file with the Trustee and the
Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Securities
Exchange Act of 1934 in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 
  
 (2) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time
to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations;

  

 40 

 (3) transmit to all Holders, in the manner and to the extent provided in
Section 313(c) of the Trust Indenture Act, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of
this Section as may be required by rules and regulations prescribed from time to time by the Commission; and 
  
 (4) furnish or cause to be furnished to the Trustee (a) not more than 15 days after each Regular Record Date as defined in
Section 101, but in any event not less frequently than semi-annually, a list in such form as the Trustee may reasonably require, containing all the information in the possession or control of the Company or any of its Paying Agents other than
the Trustee, as to the names and addresses of the Holders of Securities to which such Regular Record Date applies as of such Regular Record Date, and (b) at such other times as the Trustee may request in writing, within 30 days after 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, excluding from any such list names and addresses received by the Trustee in its capacity as Security
Registrar. The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in this Section and the names and addresses of
Holders received by the Trustee in its capacity as Securities Registrar. The Trustee may destroy any list furnished to it as provided in this Section upon receipt of a new list so furnished. 
  
 Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  
 ARTICLE EIGHT 
  
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
  

	SECTION 801.	Company May Consolidate, Etc., Only On Certain Terms. 

  
 The Company shall not consolidate with or merge into any other corporation or convey, transfer or lease its properties and assets substantially as an
entirety to any Person unless: 
  
 (1) in case
the Company shall consolidate with or merge into another corporation or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the corporation formed by such consolidation or into which the Company is merged
or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially 

  

 41 

 
as an entirety shall be a corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia
and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest on all the
Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed; 
  
 (2) immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company as a
result of such transaction as having been incurred by the Company at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be
continuing; and 
  
 (3) the Company has delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required with such transaction, such supplemental indenture
comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 
  

	SECTION 802.	Successor Corporation Substituted. 

  
 Upon any consolidation by the Company with or merger by the Company into any other corporation or any conveyance, transfer or lease of the properties and
assets of the Company substantially as an entirety in accordance with Section 801, the successor corporation formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation had been named as the Company herein, and thereafter, except in the case of a lease, the
predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities. 
  
 ARTICLE NINE 
  
 SUPPLEMENTAL INDENTURES 
  

	SECTION 901.	Supplemental Indentures Without Consent Of Holders. 

  
 Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for any of the following purposes: 
  
 (1) to evidence the succession of another corporation to the Company and the assumption by any such successor of the covenants of the
Company herein and in the Securities; or 
  

 42 

 (2) to add to the covenants of the Company for the benefit of the Holders of all or any
series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein
conferred upon the Company; or 
  
 (3) to add any
additional Events of Default (and if such Events of Default are to be for the benefit of less than all series of Securities, stating that such Events of Default are being included solely for the benefit of such series); or 
  
 (4) to add to or to change any of the provisions of this
Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interests coupons; or 
  
 (5) to add to, change or eliminate any of the provisions of
this Indenture in respect of one or more series of Securities; provided, that any such addition, change or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture
and entitled to the benefit of such provision nor (B) materially modify the rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; or; or

  
 (6) to secure the Securities pursuant to the
requirements of Section 1007; or 
  
 (7) to
establish the form or terms of Securities of any series as permitted by Sections 201 and 301; or 
  
 (8) to allow the issuance of additional Securities of any series, having the same ranking and the same interest rate, maturity and other
terms as the Securities of that series, except for the issue price and issue date and, in some cases, the first interest payment date, whereby such additional Securities will, together with the then outstanding such series of Securities, constitute
a single class of Securities under this Indentures, and will vote together on matters under this Indenture; 
  
 (9) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 609(b);
or 
  

 43 

 (10) to cure any ambiguity, to correct or supplement any provision herein which may be
inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided such action shall not adversely affect the interests of the Holders of Securities of any series
in any material respect; or 
  
 (11) to make any
changes to this Indenture in order for this Indenture to conform to the final prospectus provided to investors in connection with the initial offering of the Securities by the Company. 
  

	SECTION 902.	Supplemental Indentures With Consent Of Holders. 

  
 With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to
this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security
affected thereby, 
  
 (1) change the Stated
Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the
principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502 or the amount thereof payable in bankruptcy pursuant to Section 504, or
adversely affect any right of repayment at the option of any Holder of any Security, or the Currency in which any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment
on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or 
  
 (2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for
any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 

 
 (3) modify any of the provisions of this Section,
Section 513 or Section 1010, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby,
provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to 

  

 44 

 
changes in the references to “the Trustee” and concomitant changes in this Section and Section 1010 or the deletion of this proviso, in
accordance with the requirements of Sections 609(b) and 901(9). A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular
series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other
series. 
  
 It shall not be necessary for any Act of Holders under
this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture
supplemental hereto. If a record date is fixed, the Holders on such record date or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture or to revoke (prior to the requisite percentage for
such consent to become effective having been obtained) any such consent previously given, whether or not such Holders remain Holders after such record date; provided, that unless such consent shall have become effective by virtue of such requisite
percentage having been obtained prior to the date which is 90 days after such record date, such consent shall, automatically and without further action by the Holder, be canceled and of no further force or effect. 
  

	SECTION 903.	Execution Of Supplemental Indentures. 

  
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the
trusts created by this Indenture, the Trustee shall be provided with, in addition to the documents required by Section 102, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

  

	SECTION 904.	Effect Of Supplemental Indentures. 

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

	SECTION 905.	Conformity With Trust Indenture Act. 

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

 

 45 

	SECTION 906.	Reference In Securities To Supplemental Indentures. 

  
 Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required
by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental Indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee
and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
  
 ARTICLE TEN 
  
 COVENANTS 
  

	SECTION 1001.	Payment Of Principal, Premium And Interest. 

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

	SECTION 1002.	Maintenance Of Office Or Agency. 

  
 The Company will maintain or cause to be maintained in each Place of Payment for any series of Securities an office or agency where Securities of that
series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this
Indenture may be served, and the Company hereby initially appoints the Corporate Trust Office of the Trustee as its agent to receive all such presentations, surrenders, notices and demands. The Company will give prompt written notice to the Trustee
of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
  
 The Company may also from time to time designate one or more other offices or
agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of
any change in the location of any such other office or agency. 
  
 Unless otherwise specified with respect to any Securities pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a Currency other than Dollars or (ii) may be payable in a Currency other
than Dollars, or if so required under any other provision of 

  

 46 

 
the Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one Exchange Rate Agent.

  

	SECTION 1003.	Money For Securities Payments To Be Held In Trust. 

  
 If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the
principal of (and premium, if any) or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the Currency in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and will promptly notify the Trustee of its action or failure so to act. 
  
 Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, at or prior to 11:00 a.m., New York City time, on each due date of the principal of (and premium, if any) or interest on
any Securities of that series, deposit with a Paying Agent a sum (in the Currency described in the preceding paragraph) sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit
of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
  
 The Company will cause each Paying Agent (other than the Trustee) for any
series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
  
 (1) hold all sums held by it for the payment of the
principal of (and premium, if any) or interest on Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
  
 (2) give the Trustee notice of any default by the Company
(or any other obligor upon the Securities of that series) in the making of any payment of principal (and premium, if any) or interest on the Securities of that series; and 
  
 (3) at any time during the continuance of any such default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
  
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums
held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the 

  

 47 

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

	SECTION 1004.	Corporate Existence. 

  
 Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence and that of each Subsidiary and the rights (charter and statutory) and franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be required to preserve any such right or franchise or to retain any
Subsidiary if the Company shall determine that the preservation or retention thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries considered as a whole and that the loss thereof is not disadvantageous in
any material respect to the Holders. 
  

	SECTION 1005.	Maintenance Of Properties. 

  
 The Company will cause all properties owned or leased by the Company or any Subsidiary and used in the conduct of its business or the business of any
Subsidiary to be maintained and kept in such condition, repair and working order and supplied with such equipment and will cause to be made such repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the
Company may be necessary or appropriate in the performance of its business, provided, however, that nothing in this Section shall prevent the Company from discontinuing the operation and maintenance of any of such properties, or disposing of any of
them, if such discontinuance or disposal is, in the judgment of the Company or of the Subsidiary concerned, desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous in any material respect to the Holders.

  

 48 

	SECTION 1006.	Payment Of Taxes And Other Claims. 

  
 The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all material taxes, assessments and
governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary, and (2) all material lawful claims for labor, materials and supplies which, if unpaid, might by
law become a lien upon the property of the Company or any Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate proceedings or otherwise and the Company shall have set aside on its books adequate reserves with respect thereto (if and to the extent required by generally accepted
accounting principles). 
  

	SECTION 1007.	Limitations On Liens. 

  
 The Company will not, and will not permit any Subsidiary to, directly or indirectly, create, issue, assume, incur or guarantee any indebtedness for
borrowed money which is secured by a Mortgage of any nature on any of the present or future capital stock of any Restricted Subsidiary (or any corporation, other than the Company, having direct or indirect control of any Restricted Subsidiary)
unless the Securities then Outstanding shall be secured equally and ratably with or prior to such other secured debt so long as it is outstanding. 
  

	SECTION 1008.	Limitations On Disposition Of Stock Of Restricted Subsidiaries. 

  
 The Company will not, and will not permit any Subsidiary to, sell, transfer or otherwise dispose of any shares of capital stock of any Restricted
Subsidiary (or of any corporation having direct or indirect control of any Restricted Subsidiary) except for, subject to Article Eight (i) a sale, transfer or other disposition of any capital stock of any Restricted Subsidiary to a wholly-owned
Subsidiary of the Company; (ii) a sale, transfer or other disposition of the entire capital stock of any Restricted Subsidiary for at least fair value (as determined by the Board of Directors of the Company acting in good faith); or
(iii) a sale, transfer or other disposition of the capital stock of any Restricted Subsidiary for at least fair value (as determined by the Board of Directors of the Company acting in good faith) if, after giving effect thereto, the Company and
its Subsidiaries would own more than 80% of the issued and outstanding voting Stock of such Restricted Subsidiary. 
  

	SECTION 1009.	Statement As To Compliance. 

  
 The Company will deliver to the Trustee, by May 1 of each year, a certificate from the principal executive officer, principal financial officer or
principal accounting officer of the Company, stating, as to each signer thereof, that 
  
 (1) a review of the activities of the Company during such year and of performance under this Indenture has been made under his
supervision, and 
  

 49 

 (2) to the best of his knowledge, based on such review, (a) the Company has
fulfilled all its obligations under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to him and the nature and status thereof, and (b) no event
has occurred and is continuing which is, or after notice or lapse of time or both would become, an Event of Default, or, if such an event has occurred and is continuing, specifying each such event known to him and the nature and status thereof.

  

	SECTION 1010.	Waiver Of Certain Covenants. 

  
 The Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 1004 to 1008, inclusive, with
respect to the Securities of all series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of all series shall, by Act of such Holders, either waive such compliance in such
instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
  

	SECTION 1011.	Statement by Officers as to Default 

  
 The Company shall deliver to the Trustee, as soon as possible and in any event within five days after the Company becomes aware of the occurrence of any
Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the details of such Event of Default or default and the action which the Company proposes
to take with respect thereto. 
  
 ARTICLE ELEVEN 

 
 REDEMPTION OF SECURITIES 
  

	SECTION 1101.	Applicability Of Article. 

  
 Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise
specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 
  

	SECTION 1102.	Election To Redeem; Notice To Trustee. 

  
 The election of the Company to redeem any Securities shall be evidenced by a Board Resolution and Company Order. In case of any redemption at the election
of the Company of all or less than all the Securities of any series, the Company shall, at least 15 days prior to the mailing of the notice of redemption (unless a shorter notice shall be satisfactory to the Trustee) to each Holder of Securities,
notify the Trustee of the Redemption Date and of the principal amount 

  

 50 

 
of Securities of such series to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction. 
  

	SECTION 1103.	Selection By Trustee Of Securities To Be Redeemed. 

  
 If less than all the Securities of any series with the same issue date, interest rate and Stated Maturity are to be redeemed, the particular Securities to
be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and
which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination
larger than the minimum authorized denomination for Securities of that series. 
  
 The Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.

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

	SECTION 1104.	Notice Of Redemption. 

  
 Unless otherwise specified in the Securities, notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 15 nor more
than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register. 
  
 All notices of redemption shall state: 
  
 (1) the Redemption Date, 
  
 (2) the Redemption Price, 
  
 (3) if less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of the particular Securities to be redeemed, 
  
 (4) that on the Redemption Date the Redemption Price (together with accrued interest, if any, to the Redemption Date payable as provided
in Section 1106) will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 
  

 51 

 (5) the place or places where such Securities are to be surrendered for payment of the
Redemption Price, 
  
 (6) that the redemption is
for a sinking fund, if such is the case, and 
  
 (7) applicable CUSIP Numbers. 
  
 Notice of redemption of
Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 
  

	SECTION 1105.	Deposit Of Redemption Price. 

  
 At or prior to 11:00 a.m., New York City time, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to
Section 301 for the Securities of such series) sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date.

  

	SECTION 1106.	Securities Payable On Redemption Date. 

  
 Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series), and from and after such date (unless the Company
shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at
the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or
more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 
  
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and
premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
  

	SECTION 1107.	Securities Redeemed In Part. 

  
 Any Security (including any Global Security) which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and 

  

 52 

 
the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities
of the same series, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered; provided, that if a Global Security is
so surrendered, the new Global Security shall be in a denomination equal to the unredeemed portion of the principal of the Global Security so surrendered. 
  
 ARTICLE TWELVE 
  
 SINKING FUNDS 
  

	SECTION 1201.	Applicability Of Article. 

  
 Retirements of Securities of any series pursuant to any sinking fund shall be made in accordance with the terms of such Securities and (except as
otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 
  
 The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking
fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any
series, the cash amount of any mandatory sinking fund payment may be subject to reduction as provided in Section 1202. 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 1202.	Satisfaction Of Sinking Fund Payments With Securities. 

  
 Subject to Section 1203, in lieu of making all or any part of any mandatory sinking fund payment with respect to any Securities of a series in cash,
the Company may at its option (1) deliver to the Trustee Outstanding Securities of a series (other than any previously called for redemption) theretofore purchased or otherwise acquired by the Company, and/or (2) receive credit for the
principal amount of Securities of such series which have been previously delivered to the Trustee by the Company or for Securities of such series which have been redeemed either at the election of the Company pursuant to the terms of such Securities
or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any mandatory sinking fund payment with respect to the Securities of the same series
required to be made pursuant to the terms of such Securities as provided for by the terms of such series; provided, however, 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 mandatory sinking fund payment shall be reduced accordingly. 
  

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	SECTION 1203.	Redemption Of Securities For Sinking Fund. 

  
 Not less than 60 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash in the Currency in which the Securities of such
series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) and the portion thereof, if any, which is to be satisfied by delivering or crediting Securities of that series pursuant to
Section 1202 (which Securities will, if not previously delivered, accompany such certificate) and whether the Company intends to exercise its right to make a permitted optional sinking fund payment with respect to such series. Such certificate
shall be irrevocable and upon its delivery the Company shall be obligated to make the cash payment or payments therein referred to, if any, not later than one Business Day before the next succeeding sinking fund payment date. In the case of the
failure of the Company to deliver such certificate, the sinking fund payment due on the next succeeding sinking fund payment date for that series shall be paid entirely in cash and shall be sufficient to redeem the principal amount of such
Securities subject to a mandatory sinking fund payment without the option to deliver or credit Securities as provided in Section 1202 and without the right to make any optional sinking fund payment, if any, with respect to such series.

  
 Not more than 60 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 1103 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 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 
  
 Prior to any sinking fund payment date, the Company shall pay to the Trustee
or a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) in cash a sum equal to any interest that will accrue to the date fixed for redemption of Securities or portions
thereof to be redeemed on such sinking fund payment date pursuant to this Section 1203. 
  
 Notwithstanding the foregoing, with respect to a sinking fund for any series of Securities, if at any time the amount of cash to be paid into such sinking fund on the next succeeding sinking fund payment date,
together with any unused balance of any preceding sinking fund payment or payments for such series, does not exceed in the aggregate $100,000, the Trustee, unless requested by the Company, shall not give the next succeeding notice of the redemption
of Securities of such series through the operation of the sinking fund. Any such unused balance of moneys deposited in such sinking fund shall be added to the sinking fund payment for such series to be made in cash on the next succeeding sinking
fund payment date or, at the request of the Company, shall be applied at any time or from time to time to the purchase of Securities of such series, by public or private purchase, in the open market or otherwise, at a purchase price for such
Securities (excluding accrued interest and brokerage commissions, for which the Trustee or any paying agent will be provided funds by the Company) not in excess of the principal amount thereof. 
  

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 ARTICLE THIRTEEN 
  
 REPAYMENT AT OPTION OF HOLDERS 
  

	SECTION 1301.	Applicability Of Article. 

  
 Repayment of Securities of any series before their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such
Securities and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 
  

	SECTION 1302.	Repayment Of Securities. 

  
 Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of
such Securities, be repaid at a price equal to the principal amount thereof, together with interest, if any, thereon accrued to the repayment date specified in or pursuant to the terms of such Securities (the “Repayment Date”). The Company
covenants that not later than 10:00 a.m., New York City time, on the Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in
Section 1003) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay the principal (or if so
provided by the terms of the Securities of any series, a percentage of the principal) of, and (except if the Repayment Date shall be an Interest Payment Date) accrued interest on, all the Securities or portions thereof, as the case may be, to be
repaid on such date. 
  

	SECTION 1303.	Exercise Of Option. 

  
 Securities of any series subject to repayment at the option of the Holders thereof will contain an “Option to Elect Repayment” form on the
reverse of such Securities. In order to exercise such option if so specified in the terms of any Security, the Holder shall deliver, or cause to be delivered, such Security at the place of payment therefor specified in the terms of such Security (or
at such other place or places which the Company shall from time to time notify the Holders of such Securities) with the “Option to Elect Repayment” form duly completed by the Holder (or by the Holder’s attorney duly authorized in
writing), not earlier than 45 days nor later than 30 days prior to the Repayment Date applicable to such Security. If less than the entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal
amount of such Security to be repaid, in increments of the minimum denomination for Securities of such series, and the denomination or denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount of
such Security surrendered that is not to be repaid, must be specified. The principal amount of any Security providing for repayment at the option of the Holder thereof, may not be repaid in part if, following such repayment, the unpaid principal
amount of such Security would be less than the minimum 

  

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authorized denomination of Securities of the series of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any
Security, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company. 
  

	SECTION 1304.	When Securities Presented For Repayment Become Due And Payable. 

  
 If Securities of any series providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as
provided by or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and
after such Repayment Date (unless the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest-bearing, cease to bear interest. Upon surrender of any such Security for repayment
in accordance with such provisions, the principal amount of such Security so to be repaid shall be paid by the Company, together with accrued interest, if any, to the Repayment Date; provided, however, that, installments of interest, if any, whose
Stated Maturity is on or prior to the Repayment Date shall be payable (but without interest thereon, unless the Company shall default in the payment thereof) to the Holders of such Securities, or one or more Predecessor Securities, registered as
such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 
  
 If the principal amount of any Security surrendered for repayment shall not be so repaid upon surrender thereof, such principal amount (together with
interest, if any, thereon accrued to such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest set forth in such Security. 
  

	SECTION 1305.	Securities Repaid In Part. 

  
 Upon surrender of any Security which is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder
of such Security, without service charge and at the expense of the Company, a new Security or Securities of the same series, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the
portion of the principal of such Security so surrendered which is not to be repaid. 
  
 ARTICLE FOURTEEN 
  
 DEFEASANCE AND COVENANT DEFEASANCE 
  

	SECTION 1401.	Applicability Of Article; Company’s Option To Effect Defeasance Or Covenant Defeasance. 

  
 If pursuant to Section 301 provision is made for either or both of (a) defeasance of the Securities of a series
under Section 1402 or (b) covenant defeasance of the Securities of a series under Section 1403, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article Fourteen, shall be
applicable to the Securities of such 

  

 56 

 
series, and the Company may at its option by Board Resolution, at any time, with respect to the Securities of such series, elect to have either
Section 1402 (if applicable) or Section 1403 (if applicable) be applied to the Outstanding Securities of such series upon compliance with the conditions set forth below in this Article Fourteen. 
  

	SECTION 1402.	Defeasance And Discharge. 

  
 Upon the Company’s exercise of the above option applicable to this Section with respect to any Securities of a series, the Company shall be deemed to
have been discharged from its obligations with respect to the Outstanding Securities of such series on and after the date the conditions precedent set forth below are satisfied but subject to satisfaction of the conditions subsequent set forth below
(hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the Outstanding Securities of such series and to have satisfied all
its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company and upon Company Request, shall execute proper instruments acknowledging the same), except for
the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of Outstanding Securities of such series to receive, solely from the trust fund described in Section 1404 and as more fully set
forth in such Section, payments of the principal of (and premium, if any) and interest on such Securities when such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 304, 305, 306, 1002 and 1003
and such obligations as shall be ancillary thereto, (C) the rights, powers, trusts, duties, immunities and other provisions in respect of the Trustee hereunder and (D) this Article Fourteen. Subject to compliance with this Article
Fourteen, the Company may exercise its option under this Section 1402 notwithstanding the prior exercise of its option under Section 1403 with respect to the Securities of such series. 
  

	SECTION 1403.	Covenant Defeasance. 

  
 Upon the Company’s exercise of the option provided in Section 1401 applicable to this Section, the Company shall be released from its
obligations under Sections 1005, 1006, 1007 and 1008 with respect to the Outstanding Securities of such series on and after the date the conditions precedent set forth below are satisfied (hereinafter, “covenant defeasance”). For this
purpose, such covenant defeasance means that, with respect to the Outstanding Securities of such series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section,
whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such
Securities shall be unaffected thereby. 
  

	SECTION 1404.	Conditions To Defeasance Or Covenant Defeasance. 

  
 The following shall be the conditions precedent or, as specifically noted below, subsequent to application of either Section 1402 or
Section 1403 to the Outstanding Securities of such series: 
  

 57 

 (1) The Company shall irrevocably have deposited or caused to be deposited with the
Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government
Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one Business Day before the due date of any payment, money in an amount, or (C) a
combination thereof, sufficient, in each case, without reinvestment, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and
which shall be applied by the Trustee to pay and discharge, (i) the principal of (and premium, if any) and interest on the Outstanding Securities of such series to maturity or redemption, as the case may be, and (ii) any mandatory sinking
fund payments or analogous payments applicable to the Outstanding Securities of such series on the due dates thereof. Before such a deposit the Company may make arrangements satisfactory to the Trustee for the redemption of Securities at a future
date or dates in accordance with Article Eleven, which shall be given effect in applying the foregoing. 
  
 (2) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to the
Securities of such series shall have occurred and be continuing (A) on the date of such deposit or (B) insofar as subsections 501(5) and (6) are concerned, at any time during the period ending on the 123rd day after the date of such
deposit or, if longer, ending on the day following the expiration of the longest preference period applicable to the Company in respect of such deposit (it being understood that the condition in this clause (B) is a condition subsequent and
shall not be deemed satisfied until the expiration of such period). 
  
 (3) Such defeasance or covenant defeasance shall not (A) cause the Trustee for the Securities of such series to have a conflicting interest for purposes of the Trust Indenture Act with respect to any securities
of the Company or (B) result in the trust arising from such deposit constituting, unless it is qualified as, a regulated investment company under the Investment Company Act of 1940, as amended. 
  
 (4) Such defeasance or covenant defeasance shall not result
in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound. 
  
 (5) The Company has delivered to the Trustee an Opinion of Counsel, to the effect that, based on federal
income tax laws then in effect, the Holders of the Securities will not recognize income, gain or loss on the Securities or the Securities of such series, as the case may be, for federal income tax purposes as a result of such defeasance or covenant
defeasance and shall be subject to federal 

  

 58 

 
income tax in the same amounts and at the same times as would have been the case if such option had not been exercised. 
  
 (6) The Company has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to either the defeasance under Section 1402 or the covenant defeasance under Section 1403, as the case may be,
have been complied with and an Opinion of Counsel to the effect that either (i) as a result of a deposit pursuant to paragraph (1) above and the related exercise of the Company’s option under Section 1402 or Section 1403 (as
the case may be), registration is not required under the Investment Company Act of 1940, as amended, by the Company, with respect to the trust funds representing such deposit, or by the trustee for such trust funds or (ii) all necessary
registrations under said Act have been effected. 
  
 (7) Such defeasance or covenant defeasance shall be effected in compliance with any additional terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 301. 
  
 Notwithstanding the satisfaction and discharge of this
Indenture, the obligations of the Company to the Trustee under Section 606 and, if money or U.S. Government Obligations shall have been deposited with the Trustee pursuant to this Section, the obligations of the Trustee under Section 1405
and the last paragraph of Section 1003 shall survive. 
  

	SECTION 1405.	Application Of Trust Money. 

  
 Subject to the provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations deposited with the Trustee pursuant to
Section 1401 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as
the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee. 
  

	SECTION 1406.	Reinstatement. 

  
 Anything in this Article Fourteen to the contrary notwithstanding, if and to the extent the deposited money or U.S. Government Obligations (or the
proceeds thereof) either (i) cannot be applied by the Trustee in accordance with this Section because of a court order or (ii) are for any reason insufficient in amount, then the Company’s obligations to pay principal of (and premium,
if any) and interest on the Securities of such series shall be reinstated to the extent necessary to cover the deficiency on any due date for payment. In any case specified in clause (i), the Company’s interest in the deposited money and U.S.
Government Obligations (and proceeds thereof) shall be reinstated to the extent the Company’s payment obligations are reinstated. 
  

 59 

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

 60 

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

					
	AMBAC FINANCIAL GROUP, INC.
		
	By	 	 /s/ SEAN T. LEONARD

	 	 	Name:	 	 Sean T. Leonard

	 	 	Title:	 	Senior Vice President and Chief Financial Officer
	
	 THE BANK OF NEW YORK,
 as
Trustee

		
	By	 	 /s/ ROBERT A. MASSIMILLO

	 	 	Name:	 	 Robert A. Massimillo

	 	 	Title:	 	 Vice President

  

 61

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