Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO 

AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT 
 This
First Amendment to Amended and Restated Employment Agreement (this “Amendment”) is made and entered into as of February 20, 2018 by and between Cinemark Holdings, Inc., a Delaware corporation (the
“Company”), and Mark Zoradi (“Executive”). 
 PRELIMINARY STATEMENTS 

A.    The Company and Executive are parties to that certain Amended and Restated Employment Agreement made and entered
into as of February 19, 2016, by and between the Company and Executive (the “Agreement”). Capitalized terms not otherwise defined herein have the meanings ascribed to such terms in the Agreement. 

B.    The Company and Executive have agreed to amend the Agreement as hereinafter set forth. 

STATEMENT OF AGREEMENT 

NOW, THEREFORE, in consideration of the above premises and other good and valuable consideration, receipt of which is hereby
acknowledged, the Company and Executive agree as follows: 
  

	 	1.	Section 2 of the Agreement is hereby deleted in its entirety and replaced with the following: 

“2. The term of Executive’s employment under this Agreement (the “Term”) shall commence on the Effective Date
and shall continue until December 31, 2019. Any references in this Agreement to the “balance of Term” shall mean the period of time remaining until the end of the Term.” 

 

	 	2.	Except as expressly amended hereby, the Agreement shall remain in full force and effect in accordance with its terms. 

IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly authorized representative and Executive has
executed this Amendment, effective as of the date first above written. 
  

									
	COMPANY:	 		 	EXECUTIVE:
			
	CINEMARK HOLDINGS, INC.	 		 	Mark Zoradi
					
	By:	 	/s/ Michael Cavalier	 		 	By:	 	/s/ Mark Zoradi
	Name: Michael Cavalier	 		 		 	
	Title: Executive Vice President – General SecretaryExhibit
4.1

 

 

 

 

 

 

LOEWS CORPORATION

 

AND

 

THE CHASE
MANHATTAN BANK (National Association)

Trustee

 

 

 

 

 

____________________ 

 

Indenture

Dated as of March 1, 1986

____________________

 

 

 

Debt Securities

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

CROSS-REFERENCE
TABLE

 

	 Trust
                    Indenture

                       Act Section      
	Indenture

        Section        

	§310	(a)(1)	‎609
	 	(a)(2) 	‎609
	 	(a)(3) 	Not Applicable
	 	(a)(4)	Not Applicable
	 	(b)	‎608,
    ‎610
	 	(c)	Not Applicable
	§311	(a)	‎613(a)
	 	(b)	‎613(b)
	 	(b)(2)	‎703(a)(2),
    ‎703(b)
	 	(c)	Not Applicable
	§312	(a)	‎701,
    ‎702(a)
	 	(b)	‎702(b)
	 	(c)	‎702(c)
	§313	(a)	‎703(a)
	 	(b)	‎703(b)
	 	(c)	‎703(a),
    ‎703(b)
	 	(d)	‎703(c)
	§314	(a)	‎704
	 	(b)	Not Applicable
	 	(c)(1)	‎102
	 	(c)(2)	‎102
	 	(c)(3)	Not Applicable
	 	(d)	Not Applicable
	 	(e)	‎102
	 	(f)	Not Applicable
	§315	(a)	‎601(a)
	 	(b)	‎602
	 	 	    ‎703(a)(6)
	 	(c)	‎601(b)
	 	(d)(1)	‎601(a)(1)
	 	(d)(2)	‎601(c)(2)
	 	(d)(3)	‎601(c)(3)
	 	(e)	‎514
	§316	(a)	‎101
	 	(a)(1)(A)	‎502    ‎
	 	 	512
	 	(a)(1)(B)	‎513
	 	(a)(2)	Not Applicable
	 	(b)	‎508
	§317	(a)(1)	‎503
	 	(a)(2)	‎504
	 	(b)	‎1003
	§318	(a)	‎107

_________________

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

 

     

    

    

TABLE
OF CONTENTS*

 _________________________

Page

 

	Parties	1
	Recitals of The Company	1
	 
	Article ONE
	Definitions and Other Provisions of General
    Application
	 
	Section 101.  Definitions	1
	Act
	2
	Affiliate; control	2
	Authenticating Agent	2
	Board of Directors	2
	Board Resolution	2
	Business Day	2
	Commission	2
	Company	2
	Company Request; Company Order	2
	Components	2
	Corporate Trust Office	3
	Corporation	3
	Debt Securities	3
	Defaulted Interest	3
	Discharged	3
	Dollar	3
	ECU	3
	ECU Conversion Date	3
	European Communities	3
	Event of Default	3
	Exchange Rate Officer’s Certificate	3
	Foreign Currency	3
	Holder	4
	Indenture	4
	Interest Payment Date	4
	Market Exchange Rate	4
	Maturity	4
	Officers’ Certificate	4
	Official Exchange Rate	4
	Opinion of Counsel	5
	Original Issue Discount Security	5
	Outstanding	5
	Paying Agent	6
	Person	6
	Place of Payment	6
	Predecessor Security	6
	Redemption Date	6
	Redemption Price	6
	Regular Record Date	6
	Responsible Officer	6
	Security Register; Security Registrar	6
	Special Record Date	6
	Stated Maturity	7
	Subsidiary	7
	Trustee	7
	Trust Indenture Act	7
	U.S. Person	7
	U.S. Government Obligations	7
	Section 102.  Compliance Certificates and Opinions	7
	Section 103.  Form of Documents Delivered to Trustee	8
	Section 104.  Acts of Holders	8
	Section 105.  Notices, Etc. to Trustee and Company	9
	Section 106.  Notice to Holders; Waiver	9
	Section 107.  Conflict with Trust Indenture Act	10
	Section 108.  Effect of Headings and Table of Contents	10
	Section 109.  Successors and Assigns	10
	Section 110.  Separability Clause	10
	Section 111.  Benefits of Indenture	10
	Section 112.  Governing Law	10
	Section 113.  Legal Holidays	10
	 	 
	Article TWO
	Debt Security Forms
	 
	Section 201.  Forms Generally	10
	Section 202.  Forms of Debt Securities	11
	Section 203.  Form of Trustee’s Certificate of Authentication	11
	 	 
	Article THREE
	The Debt Securities
	 
	Section 301.  Amount Unlimited; Issuable in Series	12
	Section 302.  Denominations	13
	Section 303.  Execution, Authentication, Delivery and Dating	13
	Section 304.  Temporary Debt Securities	15
	Section 305.  Registration, Registration of Transfer and Exchange	15
	Section 306.  Mutilated, Destroyed, Lost and Stolen Debt Securities	16
	Section 307.  Payment of Interest; Interest Rights Preserved	17
	Section 308.  Persons Deemed Owners	18
	Section 309.  Cancellation	18
	Section 310.  Computation of Interest	19
	Section 311.  Payment in Currencies	19

 

 

____________________

 

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

 

    i 

    

    

	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	25
	Section 504.  Trustee May File Proofs of Claim	26
	Section 505.  Trustee May Enforce Claims Without Possession of Debt Securities	27
	Section 506.  Application of Money Collected	27
	Section 507.  Limitations on Suits	28
	Section 508.  Unconditional Right of Holders to Receive Principal, Premium and Interest	28
	Section 509.  Restoration of Rights and Remedies	28
	Section 510.  Rights and Remedies Cumulative	29
	Section 511.  Delay or Omission Not Waiver	29
	Section 512.  Control by Holders	29
	Section 513.  Waiver of Past Defaults	29
	Section 514.  Undertaking for Costs	30
	Section 515.  Waiver of Stay or Extension Laws	30
	 	 
	Article SIX
	The Trustee
	 
	Section 601.  Certain Duties and Responsibilities	30
	Section 602.  Notice of Defaults	31
	Section 603.  Certain Rights of Trustee	32
	Section 604.  Not Responsible for Recitals or Issuance of Debt Securities	33
	Section 605.  May Hold Debt Securities	33
	Section 606.  Money Held in Trust	33
	Section 607.  Compensation and Reimbursement	33
	Section 608.  Disqualification; Conflicting Interests	34
	Section 609.  Corporate Trustee Required; Eligibility	39
	Section 610.  Resignation and Removal; Appointment of Successor	39
	Section 611.  Acceptance of Appointment by Successor	40
	Section 612.  Merger, Conversion, Consolidation or Succession to Business	41
	Section 613.  Preferential Collection of Claims Against Company	42
	Section 614.  Appointment of Authenticating Agent	45

    ii 

    

    

	Article SEVEN
	Holders’ Lists and Reports by Trustee
    and Company
	 
	Section 701.  Company to Furnish Trustee Names and Addresses of Holders	47
	Section 702.  Preservation of Information; Communications to Holders	47
	Section 703.  Reports by Trustee	48
	Section 704.  Reports by Company	50
	 	 
	Article EIGHT
	Consolidation, Merger, Conveyance or Transfer
	 
	Section 801.  Company May Consolidate, Etc., Only on Certain Terms	50
	Section 802.  Successor Corporation Substituted	51
	 	 
	Article NINE
	Supplemental Indentures
	 
	Section 901.  Supplemental Indentures without Consent of Holders	51
	Section 902.  Supplemental Indentures with Consent of Holders	52
	Section 903.  Execution of Supplemental Indentures	53
	Section 904.  Effect of Supplemental Indentures	54
	Section 905.  Conformity with Trust Indenture Act	54
	Section 906.  Reference in Debt Securities to Supplemental Indentures	54
	 	 
	Article TEN
	Covenants
	 
	Section 1001.  Payment of Principal, Premium and Interest	54
	Section 1002.  Maintenance of Office or Agency	54
	Section 1003.  Money for Debt Securities Payments to Be Held in Trust	55
	Section 1004.  Statement by Officers as to Default	56
	Section 1005.  Waiver of Certain Covenants	56
	 	 
	Article ELEVEN
	Redemption of Debt Securities
	 
	Section 1101.  Applicability of Article	56
	Section 1102.  Election to Redeem; Notice to Trustee	57
	Section 1103.  Selection by Trustee of Debt Securities to Be Redeemed	57
	Section 1104.  Notice of Redemption	57
	Section 1105.  Deposit of Redemption Price	58
	Section 1106.  Debt Securities Payable on Redemption Date	58
	Section 1107.  Debt Securities Redeemed in Part	58
	 	 
	Article TWELVE
	Sinking Funds
	 
	Section 1201.  Applicability of Article	59

    iii 

    

    

	Section 1202.  Satisfaction of Sinking Fund Payments with Debt Securities	59
	Section 1203.  Redemption of Debt Securities for Sinking Fund	59
	 	 
	Article THIRTEEN
	Immunity of Incorporators, Stockholders,
    Officers and Directors
	 
	Section 1301.  Exemption from Individual Liability	60
	 	 
	Article FOURTEEN
	Defeasance
	 
	Section 1401.  Applicability of Article	60
	Section 1402.  Defeasance upon Deposit of Moneys or U.S. Government Obligations	60
	Section 1403.  Deposited Moneys and U.S. Government Obligations to Be Held in Trust	62
	Section 1404.  Repayment to Company	62

 

TESTIMONIUM

SIGNATURES AND SEALS

ACKNOWLEDGEMENTS

EXHIBIT A

APPENDIX A

 

    iv 

    

    

INDENTURE,
dated as of March 1,1986, between LOEWS CORPORATION, a corporation duly organized and existing under the laws of State of Delaware
(herein called the (“Company”), having its principal office at 666 Fifth Avenue, New York, New York 10103,
and THE CHASE MANHATTAN BANK (National Association), a national banking association duly organized and existing under the laws
of the United States, as Trustee (herein called 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 (herein called the “Debt Securities”), to be issued in
one or more series as in this indenture provided.

 

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

 

NOW, THEREFORE,
THIS INDENTURE WITNESSETH:

 

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

 

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 Article have the meanings assigned to them in this Article and include the plural as well as
the singular;

 

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

 

(3)     All accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted
accounting principles; 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 the agent of the Trustee which at the time shall be appointed and acting pursuant to ‎Section
614.

 

“Board
of Directors”‘ means the board of directors of the Company or any duly authorized committee of directors and/or
officers appointed by 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 and to be in full force and effect on the date of such certification, and delivered
to the Trustee.

 

“Business
Day”, when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which
is not a day on which banking institutions in that Place of Payment are authorized or obligated by law 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
the Chairman of the Board, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Controller, an
Assistant Controller, the Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee.

 

“Components”
shall mean the currency amounts that were components of the ECU on the ECU Conversion Date. If after the ECU Conversion Date the
official unit of any component currency is altered by way of combination or subdivision, the number of units of such currency
shall be divided or multiplied in the same proportion to calculate the component. If after the ECU Conversion Date two or more
component currencies are consolidated into a single currency, the amounts of those currencies as Components shall be replaced
by an amount in such single currency equal to the sum of the amounts of such

 

    2 

    

    

consolidated
component currencies expressed in such single currency, and such amount shall thereafter be a Component. If after the ECU Conversion
Date any component currency shall be divided into two or more currencies, the amount of such currency as a Component shall be
replaced by amounts of such two or more currencies, each of which shall be equal to the amount of such former component currency
divided by the number of currencies into which such component currency was divided, and such amounts shall thereafter be Components.

 

“Corporate
Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business
shall be administered and which, as of the date of this Indenture, is located at One New York Plaza, New York, New York 10081.

 

“Corporation”
means any corporation, association, company, partnership or business trust.

 

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

 

“Defaulted
Interest” has the meaning specified in ‎Section
307.

 

“Discharged”
has the meaning specified in ‎Section 1402.

 

“Dollar”
means the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public
and private debts.

 

“ECU”
means the European Currency Unit as defined and revised from time to time by the Council of the European Communities.

 

“ECU
Conversion Date” has the meaning specified in ‎Section
311.

 

“European
Communities” means the European Economic Community, the European Coal and Steel Community and the European Atomic Energy
Community.

 

“Event
of Default” has the meaning specified in ‎Section
501.

 

“Exchange
Rate Officer’s Certificate”, with respect to any date for the payment of principal of (and premium, if any) and
interest on any series of Debt Securities, means a certificate setting forth the applicable official Exchange Rate as of the Regular
or Special Record Date with respect to such payment date and the amounts payable in Dollars and Foreign Currencies in respect
of the principal of (and premium, if any) and interest on Debt Securities denominated in ECU or Foreign Currency, or signed by
the Chairman or Vice Chairman of the Board, the Treasurer, any Assistant Treasurer, the Controller or any Assistant Controller
of the Company and delivered to the Trustee.

 

“Foreign
Currency” means a currency issued by the government of any country other than the United States of America.

 

    3 

    

    

“Holder”
means a Person in whose name a Debt 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, unless the context otherwise requires, shall
include the terms of particular series of Debt Securities established as contemplated by ‎Section
301.

 

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

 

“Market
Exchange Rate”, with respect to any payment date for any currency, means the noon Dollar buying rate for that currency
for cable transfers quoted in The City of New York on the Regular or Special Record Date with respect to such payment date, as
certified for customs purposes by the Federal Reserve Bank of New York. If for any reason such rates are not available with respect
to one or more currencies for which a Market Exchange Rate is required, the Trustee shall use, in its sole discretion and
without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or
quotations from one or more major banks in The City of New York or in the country of issue of the currency in question, or such
other quotations as the Trustee shall deem appropriate. Unless otherwise specified by the Trustee, if there is more than one market
for dealing in any currency by reason of foreign exchange regulations or otherwise, the market to be used in respect of such currency
shall be that upon which a nonresident issuer of securities designated in such currency would purchase such currency in order
to make payments in respect of such securities.

 

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

 

“Officers’
Certificate” means a certificate signed by the Chairman of the Board, the President or a Vice President, and by the
Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary, of the Company,
and delivered to the Trustee.

 

“Official
Exchange Rate” means (a) with respect to a currency (other than the ECU) in which payment is to be made on a series
of Debt Securities denominated in ECU, the exchange rate between the ECU and such currency reported by the Council of the European
Communities (currently based on the rates in effect at 2:30 P.M., Brussels, Belgium time, on the relevant exchange markets) or
if such exchange rate ceases to be so reported, then such exchange rate as shall be determined by the Trustee using, in its sole
discretion, quotations from one or more major banks in The City of New York or such other quotation as the Trustee shall deem
appropriate, on the applicable Regular or Special Record Date, and (b) with respect to Dollars in which payment is to be made
on a series of Debt Securities denominated in a Foreign Currency, the Market Exchange Rate.

 

    4 

    

    

“Opinion
of Counsel” means a written opinion of counsel, which counsel is acceptable to the Trustee and who may be counsel for
the Company, which is delivered to the Trustee.

 

“Original
Issue Discount Security” means any Debt 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 Debt Securities, means, as of the date of determination, all Debt Securities theretofore authenticated
and delivered under this Indenture, except:

 

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

 

(ii)      Debt
Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any
Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as
its own Paying Agent) for the Holders of such Debt Securities; provided that, if such Debt 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)     Debt
Securities which have been paid pursuant to the third paragraph of ‎Section
306 or in exchange for or in lieu of which other Debt Securities have been authenticated and delivered pursuant to this Indenture,
other than any such Debt Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it
that such Debt Securities are held by a bona fide purchaser in whose hands such Debt Securities are valid obligations of the Company;

 

provided, however, that
in determining whether the Holders of the requisite principal amount of the Outstanding Debt Securities have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, Debt Securities owned by the Company or any other obligor
upon the Debt 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 Debt Securities which the Trustee knows to be so owned shall be so disregarded; and provided,
further, that Debt Securities so owned which have been pledged in good faith may be regarded as Outstanding in making such
determination if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to
such Debt Securities and that the pledgee is not the Company or any other obligor upon the Debt Securities or any Affiliate of
the Company or of such other obligor.

 

    5 

    

    

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

 

“Person”
means any individual, corporation, partnership, joint venture, 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 Debt Securities of any series, means the Corporate Trust Office of the Trustee,
the office or agency of the Company in the Borough of Manhattan, the City and State of New York, for the payment of the principal
of (and premium, if any) and interest on the Debt Securities of that series and such other place or places, if any, where the
principal of (and premium, if any) and interest on the Debt Securities of that series are payable as specified as contemplated
by ‎Section 301.

 

“Predecessor
Security” of any particular Debt Security means every previous Debt Security evidencing all or a portion of the same
debt as that evidenced by such particular Debt Security; and, for the purposes of this definition, any Debt Security authenticated
and delivered under ‎Section 3.06 in exchange for or in lieu
of a mutilated, destroyed, lost or stolen Debt Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Debt Security.

 

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

 

“Redemption
Price”, when used with respect to any Debt 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 Debt 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 the chairman of the board of directors, the chairman of the executive
committee of the board of directors, the president, any vice president, any second vice president, the secretary, any assistant
secretary, the treasurer, any assistant treasurer, any corporate trust officer or assistant corporate trust officer, or any other
officer of the Trustee customarily performing functions similar to those performed by any of the above-designated officers and
also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of
his knowledge of and familiarity with the particular subject.

 

“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.

 

    6 

    

    

“Stated
Maturity”, when used with respect to any Debt Security or any instalment of principal thereof or interest thereon, means
the date specified in such Debt Security as the fixed date on which the principal of such Debt Security or such instalment 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, by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting
stock” means stock having voting power for the election of directors, whether at all times or only so long as no senior
class of stock has such voting power by reason of any contingency.

 

“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 such
successor Trustee 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 Debt Securities of any series shall mean the Trustee with respect to Debt 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 9.05.

 

“U.S.
person” means a citizen, national or resident of the United States of America, its territories, possessions and all
areas subject to its jurisdiction (the “United States”), a corporation, partnership or other entity created
or organized in or under the laws of the United States or any political subdivision thereof or an estate or trust the income of
which is subject to United States federal income tax regardless of its source.

 

“U.S.
Government Obligations” has the meaning specified in ‎Section
1402.

 

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 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 certificates or
opinion need be furnished.

 

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

 

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

 

    7 

    

    

(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 Person, 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 Person, such condition or covenant 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.

 

Any certificate
or opinion of any officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which his 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 with respect to such factual matters, unless such officers or counsel
knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such
matters is or 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, directions, 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 (subject
‎Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.

 

    8 

    

    

(b)      The
fact and date of the execution by any Person of any such instrument or writing may be proved by any reasonable manner which the
Trustee deems sufficient.

 

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

 

(d)      Any
request, demand, authorization, direction, notice, consent, waiver or any other Act of the Holder of any Debt Security shall bind
every future Holder of the same Debt Security and the Holder of every Debt 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 Debt Security.

 

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 Department, or

 

(2)     the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to the Company, to the attention of its corporate secretary,
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 and any notice which is mailed in the manner herein provided shall be conclusively
presumed to have been duly given. 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 such 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

 

    9 

    

    

shall be made
with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

Section 107.     
Conflict with Trust Indenture Act.

 

If any provision hereof limits, qualifies or conflicts with another provision
hereof which is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision
shall control.

 

Section 108.     
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 109.     
Successors and Assigns.

 

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

 

Section 110.     
Separability Clause.

 

In case any provision in this Indenture or in the Debt 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 111.     
Benefits of Indenture.

 

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

 

Section 112.     
Governing Law.

 

This Indenture and the Debt Securities shall be governed by and construed in accordance with the
laws of the State of New York.

 

Section 113.     
Legal Holidays.

 

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Debt Security
shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Debt
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 such
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 Data or Stated Maturity, as the case may be.

 

Article
2

Debt Security Forms

 

Section 201.     
Forms Generally.

 

The Debt Securities shall have such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification
and such legends or other 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

 

    10 

    

    

officers executing
such Debt Securities, as evidenced by their execution of such Debt Securities. If the form of Debt securities of any series is
established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action together with a true
and correct copy of the form of the Debt Securities of such series approved by or pursuant to such Board Resolution 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 Debt Securities.

 

The Trustee’s
certificates of authentication shall be in substantially the form set forth in this Article.

 

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

 

Section 202.     
Forms of Debt Securities.

 

Each Debt Security shall be in one of the forms set forth in an Appendix hereto or approved
from time to time by or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or one or more indentures
supplemental hereto. If the form of a series of Debt Securities 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 Officers’ Certificate setting forth the form of such series.

 

Section 203.     
Form of Trustee’s Certificate of Authentication.

 

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

 

	 	THE CHASE MANHATTAN BANK (National Association) as Trustee	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Authorized Officer	 
	 	 		 

    11 

    

    

Article
3

The Debt Securities

 

Section 301.     
Amount Unlimited; Issuable in Series.

 

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

 

The Debt
Securities may be issued in one or more series. The series of Debt Securities set forth in the Appendix hereto is hereby established.
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 Debt Securities of any other series:

 

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

 

(2)     any limit upon the aggregate principal amount of the Debt Securities of the series which may be authenticated and delivered
under this Indenture (except for Debt Securities authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Debt Securities of the series pursuant to ‎Section 304, ‎305, ‎306, ‎906 or ‎1107);

 

(3)     the date or dates on which the principal of the Debt Securities of the series is payable;

 

(4)     the rate or rates at which the Debt 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;

 

(5)     the place or places, if any, in addition to the Corporate Trust Office of the Trustee and the office or agency of the Company
for that purpose in the Borough of Manhattan, the City and State of New York, where the principal of (and premium, if any) and
interest on Debt Securities of the series shall be payable;

 

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

 

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

 

(8)     provisions, if any, for the defeasance of Debt Securities of the series;

 

    12 

    

    

(9)      the denomination of the Debt Securities of any series, which may be in Dollars, any Foreign Currency or ECU;

 

(10)      if the principal of (and premium, if any) or interest on the Debt Securities of the series are to be payable, at the election
of a Holder thereof, in any Foreign Currency other than that in which the Debt Securities are denominated or stated to be payable,
the period or periods within which, and the terms and conditions upon which, such election may be made;

 

(11)     if the amount of payments of principal of (and premium, if any) or interest on the Debt Securities of the series may be
determined with reference to an index based on a currency or currencies other than that in which the Debt Securities are denominated
or stated to be payable, the manner in which such amounts shall be determined;

 

(12)      if other than the principal amount thereof, the portion of the principal amount of Debt Securities of the series which
shall be payable upon declaration of acceleration of the maturity thereof pursuant to ‎Section 502;

 

(13)    any other terms of the series (which terms shall not be inconsistent with the provisions of this indenture).

 

All Debt
Securities of any one series shall be substantially identical except as to denominations and except as may otherwise be provided
in such Appendix or in or pursuant to such Board Resolution and set forth in such Officers’ Certificate or in any such indenture
supplemental hereto.

 

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

 

Section 302.     
Denominations.

 

The Debt Securities of each series shall be issuable in registered form without coupons in such denominations
as shall be specified as contemplated by ‎Section 301. In the absence of any such provisions with respect to the Debt Securities
of any series, the Debt Securities of such series shall be issuable in denominations of $1,000 and any integral multiple of $1,000.

 

Section 303.     
Execution, Authentication, Delivery and Dating.

 

The Debt Securities shall be executed on behalf of the Company by
its Chairman of the Board of Directors or any Vice Chairman of the Board of Directors or its President or any Vice President,
under its corporate seal reproduced thereon attested by its Secretary or one of its Assistant Secretaries. The signature of any
of these officers on the Debt Securities may be manual or facsimile.

 

Debt 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

 

    13 

    

    

prior to the
authentication and delivery of such Debt Securities or did not hold such offices at the date of such Debt Securities.

 

At any time
and from time to time after the execution and delivery of this Indenture, the Company may deliver Debt 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 Debt Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Debt Securities.
The Trustee shall be entitled to receive, prior to the authentication and delivery of such Debt Securities, an Officers’
Certificate as to the absence of any event which is, or after notice or lapse of time or both would become, an Event of Default,
and an Opinion of Counsel stating that:

 

(1)      all instruments furnished by the Company to the Trustee in connection with the authentication and delivery of such Debt
Securities conform to the requirements of this Indenture and constitute sufficient authority hereunder for the Trustee to authenticate
and deliver such Debt Securities;

 

(2)      the form of such Debt Securities has been established in conformity with the provisions of this Indenture;

 

(3)      the terms of such Debt Securities have been established in conformity with the provisions of this Indenture;

 

(4)      in the event that the form or terms of such Debt Securities have been established in a supplemental indenture, the execution
and delivery of such supplemental indenture have been duly authorized by all necessary corporate action of the Company, such supplemental
indenture has been duly executed and delivered by the Company and, assuming due authorization, execution and delivery by the Trustee,
is a valid and binding obligation enforceable against the Company in accordance with its terms, subject to applicable bankruptcy,
insolvency and similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principles
of equity (regardless of whether enforcement is sought in a proceeding in equity or at law);

 

(5)      the execution and delivery of such Debt Securities have been duly authorized by all necessary corporate action of the Company
and such Debt Securities have been duly executed by the Company and, assuming due authentication by the Trustee and delivery by
the Company, are the valid and binding obligations of the Company enforceable against the Company in accordance with their terms,
entitled to the benefit of the Indenture, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’
rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought
in a proceeding in equity or at law); and

 

(6)       the amount of Debt Securities Outstanding of such series, together with the amount of such Debt Securities, does not exceed
any limit established under the terms of

 

    14 

    

    

this Indenture
on the amount of Debt Securities of such series that may be authenticated and delivered.

 

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

 

Each Debt
Security shall be dated the date of its authentication.

 

No Debt Security
shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Debt
Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature,
and such certificate upon any Debt Security shall be conclusive evidence, and the only evidence, that such Debt Security has been
duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.

 

Section 304.     
Temporary Debt Securities.

 

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

 

If temporary
Debt Securities of any series are issued, the Company will cause definitive Debt Securities of that series to be prepared without
unreasonable delay. After the preparation of definitive Debt Securities of such series, the temporary Debt Securities of such
series shall be exchangeable for definitive Debt Securities of such series upon surrender of the temporary Debt 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 Debt Securities of any series the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a like principal amount of definitive Debt Securities of the same series of authorized denominations.
Until so exchanged, the temporary Debt Securities of any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Debt Securities of such series.

 

Section 305.     
Registration, Registration of Transfer and Exchange.

 

The Company shall cause to be kept at one of its offices or
agencies maintained pursuant to ‎Section 1002 a register (the register maintained in such office and in any other office
or agency of the Company in any other Place of Payment being herein sometimes collectively referred to as the “Security
Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration
of Debt Securities and of transfers of Debt Securities. Said office or agency is hereby appointed

 

    15 

    

    

“Security
Registrar” for the purpose of registering Debt Securities and transfers of Debt Securities as herein provided.

 

Upon surrender
for registration of transfer of any Debt 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 transferee or transferees,
one or more new Debt Securities of the same series, of any authorized denominations and of like tenor and aggregate principal
amount.

 

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

 

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

 

Every Debt
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 Debt Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer
or exchange of Debt 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 Debt Securities of any particular series during a period
beginning at the opening of business 15 days before the day of any selection of Debt Securities to be called for redemption, or
(ii) to register the transfer of or exchange any Debt Security so selected for redemption in whole or in part, except the unredeemed
portion of any Debt Security being redeemed in part.

 

Section 306.     
Mutilated, Destroyed, Lost and Stolen Debt Securities.

 

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

 

    16 

    

    

If there
shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Debt 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 Debt Security has been acquired by a bona fide
purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed,
lost or stolen Debt Security, a new Debt Security of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

 

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

 

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

 

Every new
Debt Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Debt Security shall constitute
an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Debt 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 Debt 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 Debt Securities.

 

Section 307.     
Payment of Interest; Interest Rights Preserved.

 

Interest on any Debt 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 Debt Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. At the option
of the Company, payment of interest on any Debt Security may be made by check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register.

 

Any interest
on any Debt 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 his having been such Holder, and such Defaulted Interest shall be paid by the Company, at its
election in each case, as provided in Clause ‎(1) or ‎(2)
below:

 

(a)      The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Debt Securities of such
series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date

 

    17 

    

    

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 Debt Security of such series and the date of the proposed payment, and
at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid
in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date
of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted
Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest
which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of
such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be mailed, first class postage prepaid, to each Holder of Debt 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 Debt 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 Debt Securities of any series in any other lawful manner
not inconsistent with the requirements of any securities exchange on which such Debt Securities may be listed, and upon such notice
as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to
this Clause, such manner of payment shall be deemed practicable by the Trustee.

 

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

 

Section 308.     
Persons Deemed Owners.

 

Prior to due presentment of a Debt 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 Debt Security is registered as the
owner of such Debt Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to ‎Section
307) interest on such Debt Security and for all other purposes whatsoever, whether or not such Debt Security be overdue, and
neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice of the contrary.

 

Section 309.     
Cancellation.

 

All Debt 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

 

    18 

    

    

the Trustee
for cancellation any Debt Securities previously authenticated and delivered hereunder which the Company may have acquired in any
manner whatsoever, and all Debt Securities so delivered shall be promptly cancelled by the Trustee. No Debt Securities shall be
authenticated in Lieu of or in exchange for any Debt Securities cancelled as provided in this Section, except as expressly permitted
by this Indenture. All cancelled Debt Securities held by the Trustee shall be destroyed and certification of their destruction
delivered to the Company unless, by a Company Order, the Company shall direct that cancelled Debt Securities be returned to it.

 

Section 310.     
Computation of Interest.

 

Except
as otherwise specified as contemplated by ‎Section 301 for Debt Securities of any series, interest on the Debt
Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 311.     
Payment in Currencies.

 

(a) Payment of the principal of (and premium, if any) and interest, if any, on the Debt Securities
shall be made in the currency or currencies specified below:

 

(i)     With respect to Debt Securities denominated in Dollars, such payment shall be made in Dollars.

 

(ii)    With respect to Debt Securities denominated in a Foreign Currency, such payment shall be made in such Foreign Currency;
provided that the Holder of such a Debt Security may elect to receive such payment in Dollars if so provided in an Appendix,
a Board Resolution or an indenture supplemental hereto establishing such Debt Securities.

 

(iii)   With respect to Debt Securities denominated in ECU, such payment shall be made in ECU; provided that the Holder
of such a Debt Security may elect to receive such payment in Dollars or any Foreign Currency or Currencies designated for such
purpose by the Board of Directors pursuant to ‎Section 301 if so provided in an Appendix, a Board Resolution or an indenture
supplemental hereto establishing such Debt Securities.

 

A Holder may make the election
referred to in clause ‎(ii) or ‎(iii)
above by delivering to the Trustee a written notice thereof, substantially in the form attached hereto as Exhibit A or in such
other form as may be acceptable to the Trustee, not later than the close of business on the Regular or Special Record Date immediately
preceding the applicable payment date. Such election shall remain in effect with respect to such Holder until such Holder delivers
to the Trustee a written notice specifying a change in the currency in which such payment is to be made; provided that
any such notice must be delivered to the Trustee not later than the close of business on the Regular or Special Record Date immediately
preceding the next payment date in order to be effective for the payment to be made thereon; and provided further that
no such change in currency may be made with respect to payments to be made on any Debt Security with respect to which notice of
redemption has been given by the Company pursuant to ‎Article
Eleven.

 

    19 

    

    

(b)     The Trustee shall deliver to the Company, not later than the fourth Business Day after the Regular or Special Record Date
with respect to a payment date with respect to a series of Debt Securities, a written notice specifying, in the currency in which
such series of Debt Securities is denominated, the aggregate amount of the principal of (and premium, if any) and interest on
such series of Debt Securities to be paid on such payment date. If at least one Holder has made the election referred to in clause
‎(ii) or ‎(iii) of subsection ‎(a) above with respect to such series of Debt Securities, then the written notice referred
to in the preceding sentence shall also specify, in each currency in which payment with respect to such series of Debt Securities
is to be made pursuant to said subsection ‎(a), the amount of principal of (and premium, if any) and interest on such series
of Debt Securities to be paid in such currency on such payment date.

 

(c)     The amount receivable by Holders of a series of Debt Securities denominated in a Foreign Currency who have elected payment
in Dollars as provided in subsection ‎(a) above or by Holders of a series of Debt Securities denominated in ECU who have elected
payment in Dollars or a Foreign Currency, in each case as provided in subsection ‎(a), shall be determined by the Company
on the basis of the applicable Official Exchange Rate set forth in the applicable Exchange Rate Officer’s Certificate. The
Company shall deliver, not Later than the eight Business Days following each Regular or Special Record Date, to the Trustee an
Exchange Rate Officer’s Certificate in respect of the Dollar or Foreign Currency payments to be made on such payment date.

 

(d)(i)
If the Foreign Currency in which a series of Debt Securities is denominated ceases to be used both by the government of the country
which issued such currency and for the settlement of transactions by public institutions of or within the international banking
community, then with respect to each date for the payment of principal of (and premium, if any) and interest on such series of
Debt Securities occurring after the final date on which the Foreign currency was so used, all payments with respect to the Debt
Securities of any such series shall be made in Dollars. If payment is to be made in Dollars to the Holders of any such series
of Debt Securities pursuant to the provisions of the preceding sentence, then the amount to be paid in Dollars on a payment date
by the Company to the Trustee and by the Trustee or any Paying Agent to Holders shall be determined by the Trustee as of the Regular
or Special Record Date with respect to such payment date and shall be equal to the sum obtained by converting the specified Foreign
Currency into Dollars at the Market Exchange Rate on the last Record Date on which such Foreign Currency was so used in either
such capacity.

 

If a Holder
of a Debt Security denominated in ECU has elected payment in a specified Foreign Currency as provided for by subsection ‎(a)
and such Foreign Currency ceases to be used both by the government of the country which issued such currency and for the settlement
of transactions by public institutions of or within the international banking community, such Holder shall, subject to subsection
‎(d)‎(ii)
below, receive payment in ECU, provided that such payment to such Holder may be made in a different Foreign Currency if that Holder
has elected or elects payment in such Foreign Currency as provided for by subsection ‎(a)‎(ii)
above.

 

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(ii)      If the ECU ceases to be used both within the European Monetary System and for the settlement of transactions by public
institutions of or within the European Communities, then with respect to each date for the payment of principal of (and premium,
if any) and interest on a series of Debt Securities denominated in ECU occurring after the last date on which the ECU was so used
(the “ECU Conversion Date”), all payments with respect to the Debt Securities of any such series shall be made
in Dollars, provided that payment to a Holder of a Debt Security of such series may be made in a Foreign Currency if that Holder
has elected or elects payment in such Foreign Currency as provided for by subsection ‎(a)‎(ii) above.

 

If payment
with respect to Debt Securities of a series denominated in ECU is to be made in Dollars pursuant to the provisions of the preceding
paragraph, then the amount to be paid in Dollars on a payment date by the Company to the Trustee and by the Trustee or any Paying
Agent to Holders shall be determined by the Trustee as of the Regular or Special Record Date with respect to such payment date
and shall be equal to the sum of the amounts obtained by converting each Component into Dollars at its respective Market Exchange
Rate as of such Record Date, multiplied by the number of ECU that would have been so paid had the ECU not ceased to be so used.
If payment is to be made in Foreign Currency to the Holders of such series pursuant to the preceding paragraph, then the amount
to be paid in such Foreign Currency on a payment date by the Company to the Trustee and by the Trustee or any Paying Agent to
Holders shall be determined by the Trustee as of the Regular or Special Record Date with respect to such payment date and shall
be determined by (A) converting each Component into Dollars at the Market Exchange Rate for such Component on such Record Date
and (B) converting the sum in Dollars so obtained into such Foreign Currency at the Market Exchange Rate on such Record Date.

 

(e)      All decisions and determinations of the Trustee regarding conversion of Foreign Currency into Dollars pursuant to subsection
‎(d)‎(i) above or the conversion of ECU into Dollars or Foreign Currency pursuant to subsection ‎‎(d)‎(ii)
or the Market Exchange Rate shall, in the absence of manifest error, be conclusive for all purposes and irrevocably binding upon
the Company and all Holders of the Debt Securities. If a Foreign Currency in which payment of a series of Debt Securities may
be made, pursuant to subsection ‎(a) above, ceases to be used both by the government of the country which issued such currency
and for the settlement of transactions by public institutions of or within the international banking community, the Company, after
learning thereof, will give notice thereof to the Trustee immediately (and the Trustee promptly thereafter will give notice to
the Holders in the manner provided in ‎Section 106) specifying the last date on which the Foreign Currency was used for the
payment of principal of (and premium, if any) or interest on such series of Debt Securities. In the event the ECU ceases to be
used both within the European Monetary System and for the settlement of transactions by public institutions of or within the European
Communities, the Company, after learning thereof, will give notice thereof to the Trustee immediately (and the Trustee promptly
thereafter will give notice to the Holders in the manner provided in ‎Section 106) specifying the ECU Conversion Date and
the Components on the ECU Conversion Date. In the event of any subsequent change in any Component, the Company, after learning

 

    21 

    

    

thereof, will
give notice to the Trustee similarly. The Trustee shall be fully justified and protected in relying and acting upon the information
so received by it from the Company and shall not otherwise have any duty or obligation to determine such information independently.

 

Article
4

Satisfaction and Discharge

 

Section 401.     
Satisfaction and Discharge of Indenture.

 

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

 

(1)     either:

 

(A)     all Debt Securities theretofore authenticated and delivered (other than (i) Debt Securities which have been destroyed,
lost or stolen and which have been replaced or paid as provided in ‎Section 306 and (ii) Debt Securities for whose payment
money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust, as provided in ‎Section 1003) have been delivered to the Trustee for cancellation; or

 

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

 

(i)     have become due and payable, or

 

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

 

(iii)      are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in case of ‎(i),
(ii) or ‎(iii)
above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to
and discharge the principal of (and premium, if any) and interest to the date of such deposit (in the case of Debt Securities
which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be, on such Debt Securities;

 

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

 

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(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 his Indenture, the obligations of the Company to the Trustee under ‎Section
607 and, if money shall have been deposited with the Trustee pursuant to subclause ‎(3)
of clause ‎(1) of this Section, the obligations of
the Trustee under ‎Section 402 and the last paragraph
of ‎Section 1003 shall survive.

 

Section 402.     
Application of Trust Money.

 

Subject to the provisions of the last paragraph of ‎Section 1003, all money deposited
with the Trustee pursuant to ‎Section 401 shall be held in trust and applied by it, in accordance with the provisions of
the Debt 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
5

Remedies

 

Section 501.     
Events of Default.

 

“Events of Default”, wherever used herein with respect to Debt Securities of
any series, means arty one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body):

 

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

 

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

 

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

 

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

 

    23 

    

    

(5)     the happening of an event of default as defined in any mortgage, indenture or instrument (including this Indenture) under
which there may be outstanding or by which there may be secured or evidenced any indebtedness for money borrowed of the Company
in excess of $10,000,000, whether such indebtedness now exists or shall hereafter be created, which default shall have resulted
in such indebtedness becoming or being declared due and payable prior to the data on which it would otherwise have become due
and payable, without such acceleration having been rescinded or annulled within a period of 10 days after there shall have 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% principal amount of the Outstanding Debt Securities of that series a written notice specifying such default and stating that
such notice is a “Notice of Default” hereunder; provided, however, that, subject to the provisions of ‎Section
601 and ‎602, the Trustee shall not be deemed to have knowledge of such default unless either (A) a Responsible Officer
of the Trustee shall have actual knowledge of such default or (B) the Trustee shall have received written notice thereof from
the Company, from any Holder, from the holder of any such indebtedness or from the trustee under any such mortgage, indenture
or other instrument; or

 

(6)      the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company
in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar
law or (B) a decree or order adjudging the Company bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing
a custodian, receiver, liquidator, assignee, trustee, sequestrator, or other similar official of the Company or of any substantial
part of its property, or ordering the winding up or liquidation of its affairs; and the continuance of any such decree or order
for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or

 

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

 

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

 

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Section 502.     
Acceleration of Maturity; Rescission and Annulment.

 

If an Event of Default with respect to Debt Securities of any
series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25%
in principal amount of the Outstanding Debt Securities of that series may declare the principal amount (or, if the Debt Securities
are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series)
of all of the Debt Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to
the Trustee if given by Holders), and upon any such declaration such principal amount shall become immediately due and payable.

 

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

 

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

 

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

 

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

 

(C)    to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor
in such Debt 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 Debt Securities of that series, other than the non-payment of the principal of Debt
Securities of that series which has 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 default or impair any right consequent thereon.

 

Section 503.     
Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if:

 

    25 

    

    

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

 

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

 

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

 

If an Event
of Default with respect to Debt 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 Debt 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 any other obligor
upon the Debt Securities of a particular series or the property of the Company or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Debt Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of
overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

(i)     to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect
of the Debt Securities of such series 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

 

    26 

    

    

reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and 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 stall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the seasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other counts due the Trustee under ‎Section
607.

 

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 Debt 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 Debt Securities.

 

All rights of action and claims under this Indenture
or the Debt Securities may be prosecuted and enforced by the Trustee without possession of any of the Debt 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
Debt Securities in respect of which such judgment has been recovered.

 

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 Debt Securities and the notation thereon of the payment if only partially
paid and upon surrender thereof if fully paid:

 

FIRST: To
the payment of all amounts due the Trustee under ‎Section
607;

 

SECOND:
To the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest on the Debt 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 Debt Securities for principal (and premium, if any) and interest, respectively.
The Holders of each series of Debt Securities denominated in ECU or a Foreign Currency shall be entitled to receive a ratable
portion of the amount determined by the Trustee by converting the principal amount outstanding of such series of Debt Securities
in the currency in which such series of Debt Securities is denominated into Dollars at the Market Exchange Rate as of the date

 

    27 

    

    

of declaration
of acceleration of the maturity of the Debt Securities (or, if there is no such rate on such date for the reasons specified in
‎Section 311(d)(i) of the Indenture, on the date specified
in such Section); and

 

THIRD: To
the Company.

 

Section 507.     
Limitations on Suits.

 

No Holder of any Debt 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 Debt
Securities of that series;

 

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

 

(3)     such Holder or Holders have offered to the Trustee reasonable indemnity 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 Debt Securities of that series;

 

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

 

Section 508.     
Unconditional Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding any other provision in
this Indenture, the Holder of any Debt Security shall have the right, which is absolute and unconditional, to receive payment
of the principal of (and premium, if any) and (subject to ‎Section 307) interest on such Debt Security on the Stated Maturity
or Maturities expressed in such Debt 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,

 

    28 

    

    

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 Debt 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 Debt 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 5.12.     
Control by Holders.

 

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

 

(1)     such direction shall not be in conflict with any rule of law or with this Indenture;

 

(2)     subject to the provisions of ‎Section 601, the Trustee shall have the right to decline to follow any such direction
if the Trustee in good faith shall, by a Responsible Officer or Responsible Officers of the Trustee, determine that the proceeding
so directed would be unjustly prejudicial to the Holders of Debt Securities of such series not joining in any such direction or
would involve the Trustee in personal liability; and

 

(3)     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.

 

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

 

(1)     in the payment of the principal of (or premium, if any) or interest on any Debt Security of such series, or

 

    29 

    

    

(2)     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 Debt Security of such series affected.

 

Upon any
such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent
thereon.

 

Section 514.     
Undertaking for Costs.

 

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

 

Section 515.     
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 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
6

The Trustee

 

Section 6.01.     
Certain Duties and Responsibilities.

 

(a) With respect to Debt Securities of any series, except during the continuance
of an Event of Default with respect to the Debt Securities of such series:

 

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

 

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

 

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

 

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

 

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

 

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

 

(3)           
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it with respect to Debt Securities
of any series in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding
Debt Securities of such series, determined as provided in and subject to ‎Section 512, relating to the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee,
under this Indenture with respect to the Debt Securities of such series; and

 

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

 

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

 

Section 602.     
Notice of Defaults.

 

Within 90 days after the occurrence of any default hereunder with respect to the Debt Securities
of any series, the Trustee shall transmit by mail to all Holders of Debt Securities of such series, as their names and addresses
appear in the Security Register, notice of such default hereunder known to the

 

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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 Debt Security of such series or in the payment of any sinking fund instalment
with respect to Debt Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of directors or Responsible Officers of the Trustee in good faith
determines that the withholding of such notice is in the interest of the Holders of Debt Securities of such series; and provided,
further, that in the case of any default of the character specified in ‎Section 501(d) with respect to Debt Securities
of such series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof. For the purpose
of this Section, the term “default” means any event which is, or after notice or Lapse of time, or both, would become,
an Event of Default with respect to Debt Securities of such series.

 

Section 603.     
Certain Rights of Trustee.

 

Except as otherwise provided in ‎Section 601;

 

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

 

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

 

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

 

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

 

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

 

(6)       the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further

 

    32 

    

    

inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney;
and

 

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

 

Section 604.     
Not Responsible for Recitals or Issuance of Debt Securities.

 

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

 

Section 605.     
May Hold Debt Securities.

 

The Trustee, 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 Debt Securities and, subject to Sections ‎608
and ‎613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security
Registrar or such other agent.

 

Section 606.     
Money Held in Trust.

 

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

 

Section 607.     
Compensation and Reimbursement.

 

The Company agrees:

 

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

 

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

 

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

 

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As security
for the performance of the obligations of the Company under this ‎Section
6.07, the Trustee shall have a lien prior to the Debt 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, if any, on the Debt Securities.

 

Section 608.     
Disqualification; Conflicting Interests.

 

(a) If the Trustee has or shall acquire any conflicting interest, as defined
in this Section, with respect to the Debt Securities of any series, it shall, within 90 days after ascertaining that it has such
conflicting interest, either eliminate such conflicting interest or resign with respect to the Debt Securities of that series
in the manner and with the effect hereinafter specified in this Article.

 

(b)     In the event that the Trustee shall fail to comply with the provisions of subsection ‎(a) of this Section with respect
to the Debt Securities of any series, the Trustee shall, within 10 days after the expiration of such 90-day period, transmit by
mail to all Holders of Debt Securities of that series, as their names and addresses appear in the Security Register, notice of
such failure.

 

(c)     For the purposes of this Section, the Trustee shall be deemed to have a conflicting interest with respect to the Debt Securities
of any series if:

 

(1)     the Trustee is trustee under this Indenture with respect to the Outstanding Debt Securities of any series other than that
series or is trustee under another indenture under which any other securities, or certificates of interest or participation in
any other securities, of the Company are outstanding, unless such other indenture is a collateral trust indenture under which
the only collateral consists of Debt Securities issued under this Indenture, provided that there shall be excluded from
the operation of this paragraph this Indenture with respect to the Debt Securities of any series other than that series or any
other indenture or indentures under which other securities, or certificates of interest or participation in other securities,
of the Company are outstanding, if:

 

(i)      this Indenture and such other indenture or indentures are wholly unsecured and such other indenture or indentures are hereafter
qualified under the Trust Indenture Act, unless the Commission shall have found and declared by order pursuant to Section 305(b)
or Section 307(c) of the Trust Indenture Act that differences exist between the provisions of this Indenture with respect
to Debt Securities of that series and one or more other series or the provisions of such other indenture or indentures which are
so likely to involve a material conflict of interest as to make it necessary in the public interest or for the protection of investors
to disqualify the Trustee from acting as such under this Indenture with respect to the Debt Securities of that series and such
other series or under such other indenture, or indentures, or

 

    34 

    

    

(ii)     the Company shall have sustained the burden of proving, on application to the Commission and after opportunity for hearing
thereon, that trusteeship under this Indenture with respect to the Debt Securities of that series and such other series or such
other indenture or indentures is not so likely to involve a material conflict of interest as to make it necessary in the public
interest or for the protection of investors to disqualify the Trustee from acting as such under this Indenture with respect to
the Debt Securities of that series and such other series or under such other indenture or indentures;

 

(2)     the Trustee or any of its directors or executive officers is an obligor upon the Debt Securities or an underwriter for
the Company;

 

(3)    the Trustee directly or indirectly controls or is directly or indirectly controlled by or is under direct or indirect common
control with the Company or an underwriter for the Company;

 

(4)    the Trustee or any of its directors or executive officers is a director, officer, partner, employee, appointee or representative
of the Company, or of an underwriter (other than the Trustee itself) for the Company who is currently engaged in the business
of underwriting, except that (i) one individual may be a director or an executive officer, or both, of the Trustee and a director
or an executive officer, or both, of the Company but may not be at the same time an executive officer of both the Trustee and
the Company; (ii) if and so long as the number of directors of the Trustee in office is more than nine, one additional individual
may be a director or an executive officer, or both, of the Trustee and a director of the Company; and (iii) the Trustee may be designated
by the Company or by any underwriter for the Company to act in the capacity of transfer agent, registrar, custodian, paying agent,
fiscal agent, escrow agent or depositary, or in any other similar capacity, or, subject to the provisions of paragraph ‎(1)
of this subsection, to act as trustee, whether under an indenture or otherwise;

 

(5)     10% or more of the voting securities of the Trustee is beneficially owned either by the Company or by any director, partner
or executive officer thereof, or 20% or more of such voting securities is beneficially owned, collectively, by any two or more
of such persons; or 10% or more of the voting securities of the Trustee is beneficially owned either by an underwriter for the
Company or by any director, partner or executive officer thereof, or is beneficially owned, collectively, by any two or more such
persons;

 

(6)    the Trustee is the beneficial owner of, or holds as collateral security for an obligation which is in default (as hereinafter
in this subsection defined), (i) 5% or more of the voting securities, or 10% or more of any other class of security, of the Company
not including the Debt Securities issued under this Indenture and securities issued under any other indenture under which the
Trustee is also trustee, or (ii) 10% or more of any class of security of an underwriter for the Company;

 

    35 

    

    

(7)   the Trustee is the beneficial owner of, or holds as collateral security for an obligation which is in default (as hereinafter
in this subsection defined), 5% or more of the voting securities of any person who, to the knowledge of the Trustee, owns 10%
or more of the voting securities of, or controls directly or indirectly or is under direct or indirect common control with, the
Company;

 

(8)  the Trustee is the beneficial owner of, or holds as collateral security for an obligation which is in default (as hereinafter
in this subsection defined), 10% or more of any class of security of any person who, to the knowledge of the Trustee, owns 50%
or more of the voting securities of the Company; or

 

(9)     the Trustee owns, on May 15 in any calendar year, in the capacity of executor, administrator, testamentary or inter
vivos trustee, guardian, committee or conservator, or in any other similar capacity, an aggregate of 25% or more of the voting
securities, or of any class of security, of any person, the beneficial ownership of a specified percentage of which would have
constituted a conflicting interest under paragraph ‎(6), ‎(7) or ‎(8) of this subsection. As to any such securities
of which the Trustee acquired ownership through becoming executor, administrator or testamentary trustee of an estate which included
them, the provisions of the preceding sentence shall not apply, for a period of two years from the date of such acquisition, to
the extent that such securities included in such estate do not exceed 25% of such voting securities or 25% of any such class of
security. Promptly after May 15 in each calendar year, the Trustee shall make a check of its holdings of such securities in any
of the above-mentioned capacities as of such May 15. If the Company fails to make payment in full of the principal of (or premium,
if any) or interest on any of the Debt Securities of any series when and as the same becomes due and payable, and such failure
continues for 30 days thereafter, the Trustee shall make a prompt check of its holdings of such securities in any of the above-mentioned
capacities as of the date of the expiration of such 30-day period, and after such date, notwithstanding the foregoing provisions
of this paragraph, all such securities so held by the Trustee, with sole or joint control over such securities vested in it, shall,
but only so long as such failure shall continue, be considered as though beneficially owned by the Trustee for the purposes of
paragraphs ‎(6), ‎(7) and ‎(8) of this subsection.

 

The specification
of percentages in paragraphs ‎(5) to ‎(9),
inclusive, of this subsection shall not be construed as indicating that the ownership of such percentages of the securities of
a person is or is not necessary or sufficient to constitute direct or indirect control for the purposes of paragraph ‎(3)
or ‎(7) of this subsection.

 

For the purposes
of paragraphs ‎(6), ‎(7),
‎(8) and ‎(9),
of this subsection only, (i) the terms “security” and “securities” shall include only such securities
as are generally known as corporate securities, but shall not include any note or other evidence of indebtedness issued to evidence
an obligation to repay moneys lent to a person by one or more banks, trust companies or banking firms, or any certificate of interest
or participation in any such note or evidence of indebtedness; (ii) an obligation shall be

 

    36 

    

    

deemed to be
“in default” when a default in payment of principal shall have continued for 30 days or more and shall not have been
cured; and (iii) the Trustee shall not be deemed to be the owner or holder of (A) any security which it holds as collateral security,
as trustee or otherwise, for an obligation which is not in default as defined in clause ‎(ii)
above, or (B) any security which it holds as collateral security under this Indenture, irrespective of any default hereunder,
or (C) any security which it holds as agent for collection, or as custodian, escrow agent or depositary, or in any similar representative
capacity.

 

(d)     For the purposes of this Section:

 

(1)      The term “underwriter”, when used with reference to the Company, means every person who, within three years
prior to the time as of which the determination is made, has purchased from the Company with a view to, or has offered or sold
for the Company in connection with, the distribution of any security of the Company outstanding at such time, or has participated
or has had a direct or indirect participation in any such undertaking, or has participated or has had a participation in the direct
or indirect underwriting of any such undertaking, but such term shall not include a person whose interest was limited to a commission
from an underwriter or dealer not in excess of the usual and customary distributors’ or sellers’ commission.

 

(2)     The term “director” means any director of a corporation or any individual performing similar functions with
respect to any organization, whether incorporated or unincorporated.

 

(3)    The term “person” means an individual, a corporation, a partnership, an association, a joint-stock company,
a trust, an unincorporated organization or a government or political subdivision thereof. As used in this paragraph, the term
“trust” shall include only a trust where the interest or interests of the beneficiary or beneficiaries are evidenced
by a security.

 

(4)    The term “voting security” means any security presently entitling the owner or holder thereof to vote in the
direction or management of the affairs of a person, or any security issued under or pursuant to any trust, agreement or arrangement
whereby a trustee or trustees or agent or agents for the owner or holder of such security are presently entitled to vote in the
direction or management of the affairs of a person.

 

(5)     The term “Company” means any obligor upon the Debt Securities of any series.

 

(6)    The
term “executive officer” means the president, every vice president, every trust officer, the cashier,
the secretary and the treasurer of a corporation, and any individual customarily performing similar functions with
respect to any organization whether incorporated or unincorporated, but shall not include the chairman of the board of
directors.

 

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(e)     The percentages of voting securities and other securities specified in this Section shall be calculated in accordance with
the following provisions:

 

(1)     A specified percentage of the voting securities of the Trustee, the Company or any other person referred to in this Section
(each of whom is referred to as a “person” in this paragraph) means such amount of the outstanding voting securities
of such person as entitles the holder or holders thereof to cast such specified percentage of the aggregate votes which the holders
of all the outstanding voting securities of such person are entitled to cast in the direction or management of the affairs of
such person.

 

(2)    A specified percentage of a class of securities of a person means such percentage of the aggregate amount of securities
of the class outstanding.

 

(3)   The term “amount”, when used in regard to securities, means the principal amount if relating to evidences of
indebtedness, the number of shares if relating to capital shares and the number of units if relating to any other kind of security.

 

(4)   The term “outstanding” means issued and not held by or for the account of the issuer. The following securities
shall not be deemed outstanding within the meaning of this definition:

 

(i)     securities of an issuer held in a sinking fund relating to securities of the issuer of the same class;

 

(ii)      securities of an issuer held in a sinking fund relating to another class of securities of the issuer, if the obligation
evidenced by such other class of securities is not in default as to principal or interest or otherwise;

 

(iii)      securities pledged by the issuer thereof as security for an obligation of the issuer not in default as to principal or
interest or otherwise; and

 

(iv)      securities held in escrow if placed in escrow by the issuer thereof;

 

provided, however, that
any voting securities of an issuer shall be deemed outstanding if any person other than the issuer is entitled to exercise the
voting rights thereof.

 

(5)    A security shall be deemed to be of the same class as another security if both securities confer upon the holder or holders
thereof substantially the same rights and privileges; provided, however, that, in the case of secured evidences
of indebtedness, all of which are issued under a single indenture, differences in the interest rates or maturity dates of various
series thereof shall not be deemed sufficient to constitute such series different classes and provided, further, that,
in the case of unsecured evidences of indebtedness, differences in

 

    38 

    

    

the
interest rates or maturity dates thereof shall not be deemed sufficient to constitute them securities of different classes, whether
or not they are issued under a single indenture.

 

Section 609.     
Corporate Trustee Required; Eligibility.

 

There shall at all times be a Trustee hereunder which shall be a corporation
organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized
under such laws to exercise corporate trust powers, having a combined capital and additional paid-in capital and retained earnings
of at least $5,000,000 and subject to supervision or examination by Federal or State authority. If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and additional paid-in capital and retained earnings of such corporation
shall be deemed to be its combined capital and additional paid-in capital and retained earnings 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 610.     
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 611.

 

(b)     The Trustee may resign at any time with respect to the Debt 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 611 shall not have been delivered
to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect to the Debt Securities for such series.

 

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

 

(d)     If at any time:

 

(1)     the Trustee shall fail to comply with ‎Section 608(a) with respect to Debt Securities of any series after written
request therefor by the Company or by any Holder who has been a bona fide Holder of a Debt Security for at least six months, or

 

(2)    the Trustee shall cease to be eligible under ‎Section 609 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 with respect to Debt Securities of any series 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

 

    39 

    

    

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 Debt Securities, or (ii) subject to ‎Section
514, any Holder who has been a bona fide Holder of a Debt 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 Debt
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 Debt Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint
a successor Trustee or Trustees with respect to the Debt Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Debt 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 Debt Securities of any particular series) and shall comply with the applicable
requirements of ‎Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such
vacancy, a successor Trustee with respect to the Debt Securities of any series shall be appointed by Act of the Holders of a majority
in principal amount of the Outstanding Debt 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 611, become the successor Trustee with respect to the Debt Securities of such series and to that extent supersede
the successor Trustee appointed by the Company. If no successor Trustee with respect to the Debt Securities of any series shall
have been so appointed by the Company or the Holders and accepted appointment in the manner required by ‎Section 611, any
Holder who has been a bona fide Holder of a Debt 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 Debt Securities of such series.

 

(f)     The Company shall give notice of each resignation and each removal of the Trustee with respect to the Debt Securities of
any series and each appointment of a successor Trustee with respect to the Debt Securities of any series by mailing written notice
by first-class mail, postage prepaid, to all Holders of Debt 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 Debt Securities of such
series and the address of its Corporate Trust Office.

 

Section 6.11.     
Acceptance of Appointment by Successor.

 

(a) In case of the appointment hereunder of a successor Trustee with respect
to all Debt 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

 

    40 

    

    

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, subject
nevertheless to its lien provided for in ‎Section 607.

 

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

 

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

 

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

 

Section 612.     
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

 

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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 Debt Securities shall have been authenticated, but not delivered, by the Trustee
then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication
and deliver the Debt Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such
Debt Securities.

 

Section 613.     
Preferential Collection of Claims against Company.

 

(a) Subject to subsection ‎(b) of this Section, if the Trustee
shall be or shall become a creditor, directly or indirectly, secured or unsecured, of the Company within four months prior to
a default, as defined in subsection ‎(c) of this Section, or subsequent to such a default, then, unless and until such default
shall be cured, the Trustee shall set apart and hold in a special account for the benefit of the Trustee individually, the Holders
of the Debt Securities and the holders of other indenture securities, as defined in subsection ‎(c) of this Section:

 

(1)     an amount equal to any and all reductions in the amount due and owing upon any claim as such creditor in respect of principal
or interest, effected after the beginning of such four months’ period and valid as against the Company and its other creditors,
except any such reduction resulting from the receipt or disposition of any property described in paragraph ‎(2) of this subsection,
or from the exercise of any right of setoff which the Trustee could have exercised if a petition in bankruptcy had been filed
by or against the Company upon the date of such default; and

 

(2)    all property received by the Trustee in respect of any claims as such creditor, either as security therefor, or in satisfaction
or composition thereof, or otherwise, after the beginning of such four months’ period, or an amount equal to, the proceeds
of any such property, if disposed of, subject, however, to the rights, if any, of the Company and its other creditors
in such property or such proceeds.

 

Nothing herein
contained, however, shall affect the right of the Trustee:

 

(A)     to retain for its own account (i) payments made on account of any such claim by any Person (other than the Company) who
is liable thereon, and (ii) the proceeds of the bona fide sale of any such claim by the Trustee to a third Person, and (iii) distributions
mate in cash, securities or other property in respect of claims filed against the Company in bankruptcy or receivership or in
proceedings for reorganization pursuant to the Federal Bankruptcy Code or applicable State Law;

 

(B)     to realize, for its own account, upon any property held by it as security for any such claim, if such property was so held
prior to the beginning of such four months’ period;

 

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(C)     to realize, for its own account, but only to the extent of the claim hereinafter mentioned, upon any property held by it
as security for any such claim, if such claim was created after the beginning of such four months’ period and such property
was received as security therefor simultaneously with the creation thereof, and if the Trustee shall sustain the burden of that
at the time such property was so received the Trustee had no reasonable cause to believe that a default, as defined in subsection
‎(c) of this Section, would occur within four months; or

 

(D)     to receive payment on any claim referred to in paragraph ‎(B) or ‎(C), against the release of any property held
as security for such claim as provided in paragraph ‎(B) or ‎(C), as the case may be, to the extent of the fair value
of such property.

 

For the purposes
of paragraphs ‎(B), ‎(C)
and ‎(D), property substituted after the beginning of such
four months’ period for property held as security at the time of such substitution shall, to the extent of the fair value
of the property released, have the same status as the property released, and, to the extent that any claim referred to in any
of such paragraphs is created in renewal of or in substitution for or for the purpose of repaying or refunding any pre-existing
claim of the Trustee as such creditor, such claim shall have the same status as such pre-existing claim.

 

If the Trustee
shall be required to account, the funds and property held in such special account and the proceeds thereof shall be apportioned
among the Trustee, the Holders and the holders of other indenture securities in such manner that the Trustee, the Holders and
the holders of other indenture securities realize, as a result of payments from such special account and payments of dividends
on claims filed against the Company in bankruptcy or receivership or in proceedings for reorganization pursuant to the Federal
Bankruptcy Code or applicable State law, the same percentage of their respective claims, figured before crediting to the claim
of the Trustee anything on account of the receipt by it from the Company of the funds and property in such special account and
before crediting to the respective claims of the Trustee and the Holders and the holders of other indenture securities dividends
on claims filed against the Company in bankruptcy or receivership or in proceedings for reorganization pursuant to the Federal
Bankruptcy Code or applicable State law, but after crediting thereon receipts on account of the indebtedness represented by their
respective claims from all sources other than from such dividends and from the funds and property so held in such special account.
As used in this paragraph, with respect to any claim, the term “dividends” shall include any distribution with respect
to such claim, in bankruptcy or receivership or proceedings for reorganization pursuant to the Federal Bankruptcy Code or applicable
State law, whether such distribution is made in cash, securities or other property, but shall not include any such distribution
with respect to the secured portion, if any, of such claim. The court in which such bankruptcy, receivership or proceedings for
reorganization is pending shall have jurisdiction (i) to apportion among the Trustee, the Holders and the holders of other indenture
securities, in accordance with the provisions of this paragraph, the funds and property held in such special account and proceeds
thereof, or (ii) in lieu of such apportionment, in whole or in part, to give to the provisions of this paragraph due

 

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consideration
in determining the fairness of the distributions to be made to the Trustee and the Holders and the holders of other indenture
securities with respect to their respective claims, in which event it shall not be necessary to liquidate or to appraise the value
of any securities or other property held in such special account or as security for any such claim, or to make a specific allocation
of such distributions as between the secured and unsecured portions of such claims, or otherwise to apply the provisions of this
paragraph as a mathematical formula.

 

Any Trustee
which has resigned or been removed after the beginning of such four months’ period shall be subject to the provisions of
this subsection as though such resignation or removal had not occurred; if any Trustee has resigned or been removed prior to the
beginning of such four months’ period, it shall be subject to the provisions of this subsection if and only if the following
conditions exist:

 

(i)      the
receipt of property or reduction of claim, which would have given rise to the obligation to account, if such Trustee has continued
as Trustee, occurred after the beginning of such four months’ period; and

 

(ii)     such
receipt of property or reduction of claim occurred within four months after such resignation or removal.

 

(b)      There shall be excluded from the operation of subsection ‎(a) of this Section a creditor relationship arising from:

 

(1)      the ownership or acquisition of securities issued under any indenture, or any security or securities having a maturity
of one year of more at the time of acquisition by the Trustee;

 

(2)     advances authorized by a receivership or bankruptcy court of competent jurisdiction or by this Indenture, for the purpose
of preserving any property which shall at any time be subject to the lien of this Indenture or of discharging tax liens or other
prior liens or encumbrances thereon, if notice of such advances and of the circumstances surrounding the making thereof is given
to the Holders at the time and in the manner provided in this Indenture;

 

(3)    disbursements made in the ordinary course of business in the capacity of trustee under an indenture, transfer agent, registrar,
custodian, paving agent, fiscal agent or depositary, or other similar capacity;

 

(4)    an indebtedness created as a result of services rendered or premises rented; or an indebtedness created as a result of
goods or securities sold in a cash transaction, as defined in subsection ‎(c) of this Section;

 

(5)     the ownership of stock or of other securities of a corporation organized under the provisions of Section 25(a) of the Federal
Reserve Act, as amended, which is directly or indirectly a creditor of the Company; and

 

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(6)    the acquisition, ownership, acceptance or negotiation of any drafts, bills of exchange, acceptances or obligations which
fall within the classification of self-liquidating paper, as defined in subsection ‎(c) of this Section.

 

(c)     For the purposes of this Section only:

 

(1)     the term “default” means any failure to make payment in full of the principal of or interest on any of the
Debt Securities or upon the other indenture securities when and as such principal or interest becomes due and payable;

 

(2)    the term “other indenture securities” means securities upon which the Company is an obligor outstanding under
any other indenture (i) under which the Trustee is also trustee, (ii) which contains provisions substantially similar to the provisions
of this Section, and (iii) under which a default exists at the time of the apportionment of the funds and property held in such
special account;

 

(3)   the term “cash transaction” means any transaction in which full payment for goods or securities sold is made
within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers
and payable upon demand;

 

(4)   the term “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made,
drawn, negotiated or incurred by the Company for the purpose of financing the purchase, processing, manufacturing, shipment, storage
or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the
goods, wares or merchandise or the receivables or proceeds arising from the sale of goods, wares or merchandise previously constituting
the security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship with
the Company arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation;

 

(5)    the term “Company” means any obligor upon the Debt Securities; and

 

(6)   the term “Federal Bankruptcy Code” means Title II of the United States Code or any other applicable
Federal bankruptcy, insolvency, reorganization or other similar law as hereafter constituted.

 

Section 614.     
Appointment of Authenticating Agent.

 

At any time when any of the Debt Securities remain Outstanding the Trustee
may appoint an Authenticating Agent or Agents with respect to one or more series of Debt Securities which shall be authorized
to act on behalf of the Trustee to authenticate Debt Securities of such series issued upon exchange, registration of transfer
or partial redemption thereof or pursuant to ‎Section 306, and Debt 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 Debt Securities by the Trustee or the Trustee’s
certificate of

 

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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 $5,000,000 and subject to supervision or examination by Federal or State authority.
If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating
Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in this Section.

 

Any corporation
into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding
to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent,
provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any
further act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating
Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice to such Authenticating Agent and to the Company. Upon receiving
such notice thereof 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 Debt 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 his 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 Trustee
agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section, and
the Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of ‎Section
607.

 

If an appointment
with respect to one or more series is made pursuant to this Section, the Debt 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:

 

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

 

	 	THE CHASE MANHATTAN BANK (National Association), as Trustee	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	As Authenticating Agent	 
	 	 	 	 
	 	By:	 	 
	 	 	Title:	 

 

Article
Seven

Holders’ Lists and Reports by Trustee and Company

 

Section 701.     
Company to Furnish Trustee Names and Addresses of Holders.

 

The Company will furnish or cause to be furnished to
the Trustee with respect to Debt Securities of each series for which it acts as Trustee:

 

(a)     semi-annually, not more than 15 days after the Record Date for the payment of interest in respect of Debt Securities of
such series, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of such series
as of a date not more than 15 days prior to the time such information is furnished, and

 

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

 

provided no such list
need be furnished if the Trustee shall be the Security Registrar.

 

Section 702.     
Preservation of Information; Communications to Holders.

 

(a) The Trustee shall preserve, in as current a form as
is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided
in ‎Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The
Trustee may destroy any List furnished to it as provided in ‎Section 701 upon receipt of a new List so furnished.

 

(b)     If three or more Holders (herein referred as “applicants”) apply in writing to the Trustee, and furnish
to the Trustee reasonable proof that each such applicant has owned a Debt Security for a period of at least six months preceding
the date of such application, and such application states that the applicants desire to communicate with other Holders with respect
to their rights under this Indenture or under the Debt Securities and is accompanied by a copy of the form of proxy or other communication
which such

 

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applicants
propose to transmit, then the Trustee shall, within five business days after the receipt of such action, at its election, either:

 

(i)     afford such applicants access to the information preserved at the time by the Trustee in accordance with ‎Section 702(a),
or

 

(ii)    inform such applicants as to the approximate number of Holders whose names and addresses appear in the information preserved
at the time by the Trustee in accordance with ‎Section 702(a) and as to the approximate cost of mailing to such Holders the
form of proxy or other communication, if any, specified in such application.

 

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

 

(c)     Every Holder of Debt 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 702(b), regardless of the source from
which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant
to a request made under ‎Section 702(b).

 

Section 703.     
Reports by Trustee.

 

(a) Within 60 days after May 15 of each year commencing with the year 1986, the Trustee shall
transmit by mail to all Holders of Debt Securities of any series with respect to which it acts as Trustee, as their names and
addresses appear in the Security Register, a brief report dated as of such May 15 with respect to:

 

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(1)     its eligibility under ‎Section 609 and its qualifications under ‎Section 608, or in lieu thereof, if to the best
of its knowledge it has continued to be eligible and qualified under said Sections, a written statement to such effect;

 

(2)    the character and amount of any advances (and if the Trustee elects so to state, the circumstances surrounding the making
thereof) made by the Trustee (as such) which remain unpaid on the date of such report, and for the reimbursement of which it claims
or may claim a lien or charge, prior to that of the Debt Securities of such series, on any property or funds held or collected
by it as Trustee, except that the Trustee shall not be required (but may elect) to report such advances if such advances so remaining
unpaid aggregate not more than 1/2 of 1% of the principal amount of the Debt Securities Outstanding of such series on the date
of such report;

 

(3)   the amount, interest rate and maturity date of all other indebtedness owing by the Company (or by any other obligor on
the Debt Securities of such series) to the Trustee in its individual capacity, on the date of such report, with a brief description
of any property held as collateral security therefor, except an indebtedness based upon a creditor relationship arising in any
manner described in ‎Section 613(b)(2), ‎(3), ‎(4) or ‎(6);

 

(4)   the property and funds, if any, physically in the possession of the Trustee as such on the date of such report;

 

(5)    any additional issue of Debt Securities which the Trustee has not previously reported; and

 

(6)   any action taken by the Trustee in the performance of its duties hereunder which it has not previously reported and which
in its opinion materially affects the Debt Securities, except action in respect of a default, notice of which has been or is to
be withheld by the Trustee in accordance with ‎Section 602.

 

(b)     The Trustee shall transmit by mail to all Holders of Debt Securities of any series with respect to which it acts as Trustee,
as their names and addresses appear in the Security Register, a brief report with respect to the character and amount of any advances
(and if the Trustee elects so to state, the circumstances surrounding the making thereof) made by the Trustee (as such) since
the date of the last report transmitted pursuant to subsection ‎(a) of this Section (or if no such report has yet been so
transmitted, since the date of execution of this instrument) for the reimbursement of which it claims or may claim a lien or charge,
prior to that of the Debt Securities of such series, on property or funds held or collected by it as Trustee and which it has
not previously reported pursuant to this subsection, except that the Trustee shall not be required (but may elect) to report such
advances if such advances remaining unpaid at any time aggregate 10% or less of the principal amount of the Debt Securities Outstanding
of such series at such time, such report to be transmitted within 90 days after such time.

 

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

 

Section 704.     
Reports by Company.

 

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 said 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; and

 

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

 

Article
eight

Consolidation, Merger, Conveyance or Transfer

 

Section 801.     
Company May Consolidate, Etc., Only on Certain Terms.

 

The Company shall not consolidate with or merge into any other
corporation or convey or transfer its properties and assets substantially as an entirety to any Person, unless:

 

(1)     either the Company shall be the continuing corporation, or the corporation (if other than the Company) formed by such consolidation
or into which the Company is merged or the Person which acquires by conveyance or transfer the properties and assets of the Company
substantially as an entirety shall be a corporation organized and existing under the laws of the United States of America or any
State thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and

 

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delivered to
the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest
on all the Debt Securities and the performance of every covenant of this Indenture on the part of the Company to be performed
or observed (but only for the benefit of such series of Debt Securities for which any such covenant has been included in this
Indenture);

 

(2)     immediately after giving effect to 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 or transfer and 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 or merger, or any conveyance or transfer 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 or transfer is made shall succeed to, and
be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such
successor corporation had been named as the Company herein, and thereafter the predecessor corporation shall be relieved of all
obligations and covenants under the Indenture and the Debt 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 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 Debt Securities; or

 

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

 

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(4)     to add or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the
issuance of Debt Securities of any series in bearer form, registrable or not registrable as to principal, and with or without
interest coupons; or

 

(5)     to add or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the
issuance of uncertificated Debt Securities of any series; or

 

(6)      to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall
become effective only when there is no Debt Security Outstanding of any series created prior to the execution of such supplemental
indenture which is entitled to the benefit of such provision; or

 

(7)     to establish the form or terms of Debt Securities of any series as permitted by Sections ‎201 and ‎301; or

 

(8)     to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Debt 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 611(b);
or

 

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

 

Section 902.     
Supplemental Indentures with Consent of Holders.

 

With the consent of the Holders of not less than a majority in
principal amount of all Outstanding Debt Securities affected by such supplemental indenture, by Act of said Holders delivered
to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture
or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Indenture or of modifying in any manner the rights of the Holders of such Debt Securities under this Indenture;
provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding
Debt Security affected thereby,

 

(1)     change the Stated Maturity of the principal of, or any instalment of principal of or interest on, any Debt Security, or
reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or change
any Place of Payment where, or the coin or currency in which, any Debt Security or any premium or the interest thereon is payable,
or impair the right to institute suit for the

 

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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 of the principal amount of the Outstanding Debt 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 1005, 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 Debt Security affected thereby, provided, however, that this clause shall not be deemed to require
the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this
Section and ‎Section 1005, or the deletion of this proviso, in accordance with the requirements of Sections ‎611(b) and
‎901(7).

 

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 Debt Securities, or which modifies the rights of the Holders of Debt 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 Debt 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.

 

For purposes
of this Section, each Debt Security denominated in ECU or a Foreign Currency shall be deemed to have the principal amount determined
by the Trustee by converting the principal amount of such Debt Security in the currency in which such Debt Security is denominated
into Dollars at the Market Exchange Rate as of the date the company first solicits any such consent (or, if there is no such rate
on such date for the reasons specified in ‎Section 311(d)(i)
of the Indenture, on the date specified in such Section), as such date is set forth in an Officers’ Certificate and each
Original Issue Discount Security shall be deemed to have a principal amount equal to such portion of its principal amount as may
be specified in the terms of such security.

 

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
entitled to receive, and (subject to ‎Section 601) 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.

 

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Section 904.     
Effect of Supplemental Indentures.

 

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

 

Section 906.     
Reference in Debt Securities to Supplemental Indentures.

 

Debt 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 Debt 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
Debt 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 Debt
Securities that it will duly and punctually pay the principal of (and premium, if any) and interest on the Debt Securities of
that series in accordance with the terms of the Debt Securities and this Indenture.

 

Section 1002. 
 Maintenance of Office or Agency.

 

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

 

The Company
may also from time to time designate one or more other offices or agencies where the Debt 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 Debt Securities of any series for such purpose. The Company will give prompt written

 

    54 

    

    

notice to the
Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

Section 1003. 
 Money for Debt 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 Debt Securities, it will, on or before each due date of the principal of (and premium, if any) or
interest on any of the Debt Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto
a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure to act.

 

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

 

The Company
will cause each Paying Agent for any series of Debt 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 Debt 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 Debt Securities of that series) in
the making of any payment of principal of (and premium, if any) or interest on the Debt 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 the Company to the Trustee, all liability of the Company as trustee of such money shall thereupon
cease, and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability
with respect to such money.

 

    55 

    

    

Any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and
premium, if any) or interest on any Debt Security of any series and remaining unclaimed for two years after such principal (and
premium, if any) or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Debt Security shall thereafter 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 the expense of the Company cause to be published once, in newspaper published
in the English language, customarily published on each business day and of general circulation in Borough of Manhattan, the City
and State of New York, or to each such Holder, notice that such money remains claimed and that, after a date specified therein,
which will not be less than 30 days from the date of such publication or mailing, any unclaimed balance of such money then
remaining will be repaid to the Company.

 

Section 1004. 
 Statement by Officers as to Default.

 

The
Company will deliver to the Trustee, on or before a date not more than four months after the end of the fiscal year of the
Company (which, on the date of execution hereof, ends on December 31) ending after the date of, commencing with the fiscal
year ended in 1987, an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the
Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture to
be performed or served by it and, if the Company shall be in default, specifying all such defaults and the nature thereof of
which they may have knowledge.

 

Section
1005.   Waiver of Certain Covenants.

 

The
Company may omit in any particular instance to comply with any covenant or condition (other than those set forth in Sections
‎1001 to ‎1004) that may be established pursuant to the terms of this Indenture with respect to the Debt Securities
of any series if before the time for such compliance the Holders of not less than a majority in principal amount of the
Outstanding Debt Securities of such  series shall, by Act of such Holders, either waive such compliance in such instance or
generally waive compliance  with such covenant or condition, but no such waiver shall extend to or affect such covenant or
condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the
Company and  duties of the Trustee in respect of any such covenant or condition shall remain in full force and
effect.

 

Article
eleven

Redemption of Debt Securities

 

Section 1101. 
 Applicability of Article.

 

Debt 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 Debt
Securities of any series) in accordance with this Article.

 

    56 

    

    

Section 1102.  
Election to Redeem; Notice to Trustee.

 

The election of the Company to redeem any Debt Securities shall be evidenced
by a Board Resolution. In case of any redemption at the election of the Company of less than all the Debt Securities of any series,
the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory
to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Debt Securities of such series to be
redeemed. In the case of any redemption of Debt Securities prior to the expiration of any restriction on such redemption provided
in the terms of such Debt 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 Debt Securities to Be Redeemed.

 

If less than all the Debt Securities of any series are to
be redeemed, the particular Debt Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date
by the Trustee, from the Outstanding Debt 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 Debt Securities of that series or any integral multiple thereof which is also an authorized denomination)
of the principal amount of Debt Securities of such series of a denomination larger than the minimum authorized denomination for
Debt Securities of that series and which may provide (to the extent permitted by applicable laws and the rules of any securities
exchanges on which the Debt Securities of such series may be listed) that the Trustee may first select for redemption Debt Securities
of such series, if any, in denominations of less than $1,000.

 

The Trustee
shall promptly notify the Company in writing of the Debt Securities selected for redemption and, in the case of any Debt 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 Debt Securities shall relate,
in the case of any Debt Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Debt
Securities which has been or is to be redeemed.

 

Section 1104. 
Notice of Redemption.

 

Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less
than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Debt 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 Debt Securities of any series are to be redeemed, the identification (and, in the case
of partial redemption, the principal amounts) of the particular Debt Securities to be redeemed;

 

    57 

    

    

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

 

(5)     the Place or Places of Payment where such Debt Securities are to be surrendered for payment of the Redemption Price; and

 

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

 

Notice of
redemption of Debt 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.

 

On or prior to any Redemption Date, the Company shall deposit with the Trustee or with
a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in ‎Section
1003) an amount of money sufficient to pay the Redemption Price of and (except if the Redemption Date shall be an Interest Payment
Date) accrued Interest on all the Debt Securities which are to be redeemed on that date.

 

Section 1106. 
 Debt Securities Payable on Redemption Date.

 

Notice of redemption having been given as aforesaid, the Debt Securities
so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and
after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Debt Securities
shall cease to bear interest. Upon surrender of any such Debt Security for redemption in accordance with said notice, such Debt
Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided,
however, that instalments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the
Holders of such Debt 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 Debt
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 Debt Security.

 

Section 1107.  
Debt Securities Redeemed in Part.

 

Any Debt 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 written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing),
and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Debt Security without service
charge, a new Debt Security or Debt 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 Debt Security so surrendered.

 

    58 

    

    

Article
twelve

Sinking Funds

 

Section 1201.  
Applicability of Article.

 

The provisions of this Article shall be applicable to any sinking fund for the retirement
of Debt Securities of a series except as otherwise specified as contemplated by ‎Section 301 for Debt Securities of such
series.

 

The minimum
amount of any sinking fund payment provided for by the terms of Debt 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 Debt Securities of
any series is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Debt Securities
of any series, the amount of any sinking fund payment may be subject to reduction as provided in ‎Section
1202. Each sinking fund payment shall be applied to the redemption of Debt Securities of any series as provided for by the terms
of Debt Securities of such series.

 

Section 1202.  
Satisfaction of Sinking Fund Payments with Debt Securities.

 

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

 

Section 1203.  
Redemption of Debt Securities for Sinking Fund.

 

Not less than 60 days prior to each sinking fund payment date for
any series of Debt Securities (unless a shorter period shall be satisfactory to the Trustee), 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, the portion thereof, if
any, which is to be satisfied by delivering and crediting Debt Securities of that series pursuant to ‎Section 1202 and the
basis for any such credit and, prior to or concurrently with the delivery of such Officers’ Certificate, will also deliver
to the Trustee any Debt Securities to be so delivered. Not less than 45 days (unless a shorter period shall be satisfactory to
the Trustee) before each such sinking fund payment date the Trustee shall select the Debt 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 Debt Securities shall be made upon the terms and in the manner stated in Sections ‎1106 and ‎1107.

 

    59 

    

    

Article
thirteen

Immunity of Incorporators, Stockholders, Officers and Directors

 

Section 1301.  
Exemption from Individual Liability.

 

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

 

Article
fourteen

Defeasance

 

Section 1401.  
Applicability of Article.

 

If pursuant to ‎Section 301 provision is made for the defeasance of Debt Securities
of a series, then the provisions of this Article shall be applicable except as otherwise specified as contemplated by ‎Section
301 for Debt Securities of such series.

 

Section 1402. 
 Defeasance Upon Deposit of Moneys or U.S. Government Obligations.

 

At the Company’s option, either (a) the
Company shall be deemed to have been Discharged (as defined below) from its obligations with respect to Debt Securities of any
series on the 91st day after the applicable conditions set forth below have been satisfied or (b) the Company shall cease to be
under any obligation to comply with any term, provision or condition set forth in ‎Section 801 or any other covenant (other
than those set forth in Sections ‎1001 to ‎1004) that may hereafter be included in this Indenture for the benefit of
one or more series of Debt Securities at any time after the applicable conditions set forth below have been satisfied:

 

(1)     the Company shall have deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust, specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of the Debt Securities of such series (i) money in
an amount, or (ii) U.S. Government Obligations (as defined below) which through the payment of interest and principal in respect

 

    60 

    

    

thereof
in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or
(iii) a combination of ‎(i) and ‎(ii), sufficient, in the opinion (with respect to ‎(ii) and ‎(iii)) of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay
and discharge each instalment of principal (including any sinking fund payments or analogous obligations) of, and interest on,
the Outstanding Debt Securities of such series on the dates such instalments of interest or principal are due;

 

(2)     if the Debt Securities of such series are then listed on any stock exchange, the Company shall have delivered to the Trustee
an Opinion of Counsel to the effect that the Company’s exercise of its option under this Section would not cause such Debt
Securities to be delisted;

 

(3)    no Event of Default or event (including such deposit) which, with notice or lapse of time or both, would become an Event
of Default with respect to the Debt Securities of such series shall have occurred and be continuing on the date of such deposit;

 

(4)    the Company shall have delivered to the Trustee an Officers’ Certificate to the effect that under the laws in effect
on the date such money and/or U.S. Government Obligations are deposited with the Trustee, the amount thereof will be sufficient,
after payment of all Federal, state and local taxes in respect thereof payable by the Trustee, to pay all principal and interest
when due on the Debt Securities of such series; and

 

(5)     the Company shall have delivered to the Trustee an Opinion of Counsel of nationally recognized tax counsel to the effect
that Holders of the Debt Securities of such series will not recognize income, gain or loss for Federal income tax purposes as
a result of the Company’s exercise of its option under this Section and will be subject to Federal income tax in the same
amount and in the same manner and at the same times as would have been the case if such option had not been exercised.

 

“Discharged”
means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by, and obligations under,
the Debt Securities of such series and to have satisfied all the obligations under this Indenture relating to the Debt Securities
of such series (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except
(A) the rights of Holders of Debt Securities of such series to receive, from the trust fund described in clause ‎(1)
above, payment of the principal of and interest on such Debt Securities when such payments are due, (B) the Company’s obligations
with respect to the Debt Securities of such series under Sections ‎305,
‎306, ‎1002
and ‎1403 and (C) the rights, powers, trusts, duties and
immunities of the Trustee hereunder.

 

“U.S.
Government Obligations” means securities that are (i) direct obligations of the United States of America for the payment
of which its full faith and credit is

 

    61 

    

    

pledged or
(ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America
the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which,
in either case under clauses ‎(i) or ‎(ii)
are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank
or trust company as custodian with respect to any such U.S. Government Obligation held by such custodian for the account of the
holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S.
Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligations evidenced by such
depository receipt.

 

Section 1403.  
Deposited Moneys and U.S. Government Obligations to Be Held in Trust.

 

All moneys and U.S. Government Obligations
deposited with the Trustee pursuant to ‎Section 1402 in respect of Debt Securities of a series shall be held in trust and
applied by it, in accordance with the provisions of such Debt 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 Holders of
such Debt Securities, of all sums due and to become due thereon for principal, premium, if any, and interest, if any, but such
money need not be segregated from other funds except to the extent required by law.

 

Section 1404. 
 Repayment to Company.

 

The Trustee and any Paying Agent shall promptly pay or return to the Company upon Company
Request any money or U.S. Government Obligations held by them at any time that are not required for the payment of the principal
of and premium, if any, and interest on the Debt Securities of any series for which money or U.S. Government Obligations have
been deposited pursuant to ‎Section 1402 (in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee).

 

The provisions
of the last paragraph of ‎Section 1003 shall apply to any
money held by the Trustee or any Paying Agent under this Article that remains unclaimed for two years after the Maturity of any
series of Debt Securities for which money or U.S. Government Obligations have been deposited pursuant to ‎Section
1402.

 

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.

 

    62 

    

    

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

 

	 	LOEWS CORPORATION	 
	 	 	 
	 	 	 
	 	By:	/s/ Roy E. Posner	 
	 	 	Title:   Vice President	 

 

	[SEAL]

         

        ATTEST:

         

	By:	/s/ Gary W. Garson
	 	Title:   Assistant Secretary

 

	 	THE CHASE MANHATTAN BANK

    (National Association)	 
	 	 	 
	 	 	 
	 	By:	/s/ Frederick W. Clark	 
	 	 	Title:   Vice President	 

	[SEAL]

         

        ATTEST:

         

	By:	/s/ R. J. Halleran
	 	Title:   Assistant Secretary

    63 

    

    

	STATE OF NEW YORK	)
	 	SS.:
	COUNTY
    OF NEW YORK	)

 

On the 19th
day of March, 1986, before me personally came Roy E. Posner, to me known, who, being by me duly sworn, did depose and say that
he resides at 273 Whitman Street Haworth, New Jersey, that he is the Vice President-Financial Services and Chief Financial Officer
of LOEWS CORPORATION, one of the corporations described in and which executed the foregoing instrument; that he knows the seal
of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the
Board of Directors of said corporation, and that he signed his name thereto by like authority.

 

[SEAL]

	 	 	 
	 	/s/ John Fiumara	 
	 	Notary Public	 

 

 

 

	STATE OF NEW YORK	)
	 	SS.:
	COUNTY
    OF NEW YORK	)

 

On the 19th
day of March, 1986, before me personally came Frederick W. Clark, to me known who, being by me duly sworn, did depose and say
that he resides at 615 Charles Court, River Vale, N.J. 07675, that he is a Vice President of THE CHASE MANHATTAN BANK (National
Association), one of the corporations described in and which executed the foregoing instrument; that he knows the seal of said
corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board
of Directors of said corporation, and that he signed his name thereto by like authority.

 

[SEAL]

	 	 	 
	 	/s/ Della K. Benjamin	 
	 	Notary Public	 

 

 

    64 

    

    

Exhibit
A

 

Form of election
to receive payments in

[Dollars or other applicable currency]

or to rescind such election

 

The understand, registered owner
of certificate number R-__________, representing [name of series of Debt Securities] (the “Debt Securities”) in an
aggregate principal amount of ________, hereby

 

		☐	elects
                                         to receive all payments in respect of the Debt Securities in [Dollars or other applicable
                                         currency]. Subject to the terms and conditions set forth in the indenture under which
                                         the Debt Securities were issued, this election shall take effect on the next Record Date
                                         (as defined in such indenture) after this election form is received by the Trustee and
                                         shall remain in effect until it is rescinded by the undersigned or until such certificate
                                         is transferred.

 

		☐	rescinds
                                         the election previously submitted by the undersigned to receive all payments in respect
                                         of the Debt Securities in [Dollars or other applicable currency]. Subject to the terms
                                         and conditions set forth in the indenture under which the Debt Securities were issued,
                                         this rescission shall take effect on the next Record Date (as defined in such indenture)
                                         after this election form is received by the Trustee.

 

	 	 	 
	 	(Name of Owner)	 
	 	 	 
	 	 	 
	 	 	 
	 	(Signature of Owner)	 

     

    

    

APPENDIX
A

to

INDENTURE

 

Dated as
of March 1, 1986, between

 

LOEWS CORPORATION

and

THE CHASE MANHATTAN BANK (National Association)

9% Senior Sinking Fund Debentures Due 2016

 

There is
hereby created under this Indenture a series of Debt Securities known and designated as the “9% Senior Sinking Fund Debentures
Due 2016” of the Company (in this Appendix referred to as the “Debentures”). The aggregate principal amount
of Debentures which may be authenticated and delivered under this Indenture is limited to $200,000,000, except for Debentures
authenticated and delivered upon transfer of, or in exchange for, or in lieu of, other Debentures pursuant to Section ‎304,
‎305, ‎306,
‎906 or ‎1107.

 

The Debentures
shall be issued in fully registered form only and shall be issued only in denominations of $1,000 and integral multiples thereof.

 

The Stated
Maturity of the Debentures shall be March 15, 2016, and the Debentures shall bear interest at the rate of 9% per annum, from March
15, 1986, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may
be, payable semi-annually on March 15 and September 15, commencing September 15, 1986, to the Persons in whose names the Debentures
(or any Predecessor Securities) are registered at the close of business on the February 28 or August 31 next preceding such Interest
Payment Date, until the principal thereof is paid or made available for payment.

 

The
Debentures may be redeemed pursuant to ‎Article  Eleven
of the Indenture at the election of the Company, as a whole or from time to time in part, at any time and from time to time
at the following Redemption Prices (expressed as percentages of their principal amount):

 

If redeemed during the twelve-month
period beginning March 15,

 

	Year	Redemption
    Price	 	Year	Redemption
    Price
	1986	109.00	 	1996	104.50
	1987	108.55	 	1997	104.05
	1988	108.10	 	1998	103.60
	1989	107.65	 	1999	103.15
	1990	107.20	 	2000	102.70
	1991	106.75	 	2001	102.25
	1992	106.30	 	2002	101.80
	1993	105.85	 	2003	101.35
	1994	105.40	 	2004	100.90

    1 

    

    

	Year	Redemption Price	 	Year	Redemption Price
	1995	104.95	 	2005	100.45

 

and thereafter at a Redemption
Price equal to 100% of their principal amount, together with accrued interest to the Redemption Date, but interest installments
whose Stated Maturity is on or prior to such Redemption Date shall be payable to the Holders of the Debentures, or one or more
Predecessor Securities, of record at the close of business on the relevant Record Dates, all as provided in the Indenture.

 

Notwithstanding
the foregoing, the Company may not, prior to March 15, 1996, redeem any of the Debentures, as a part of, or in anticipation of,
any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company
(calculated in accordance with generally accepted financial practice) of less than 9.098% per annum.

 

On or before
March 15 in each year commencing March 15, 1997, to and including March 15, 2015, the Company shall pay in cash as and for a mandatory
sinking fund an amount sufficient to redeem $10,000,000 in such year of the aggregate principal amount of the Debentures at 100%
of their principal amount, together in the case of any such redemption with accrued interest to the Redemption Date, but interest
installments whose Stated Maturity is on or prior to such Redemption Date shall be payable to the Holders of the Debentures, or
one or more Predecessor Securities, of record at the close of business on the relevant Record Dates, all as provided in the Indenture.
At its option, the Company may make an additional sinking fund payment on or before any such March 15 in an amount sufficient
to redeem up to, but not exceeding, an additional $15,000,000 aggregate principal amount of the Debentures. The option to make
any such additional sinking fund payment is not cumulative and to the extent not exercised shall terminate for such year. Mandatory
sinking fund payments may be reduced as provided in ‎Article
 Twelve of the Indenture.

 

The Debentures
will be subject to defeasance at the option of the Company as provided in ‎Article
 Fourteen of the Indenture.

 

The certificates
evidencing the Debentures stall be in substantially the following form:

 

[Form of
Face of Debenture]

 

LOEWS CORPORATION

 

9% SENIOR
SINKING FUND DEBENTURE DUE 2016

 

	No. __________	$___________

 

LOEWS CORPORATION,
a corporation duly organized and existing under the laws of the State of Delaware (the “Company”, which term includes
any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to ________________,
or registered assigns, the principal sum of

 

    2 

    

    

__________
Dollars on March 15, 2016, and to pay interest thereon from March 15, 1986, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on March 15 and September 15 of each year, commencing September 15,
1986, at the rate of 9% per annum, until the principal hereof becomes due and payable, and at such rate on any overdue principal
and (to the extent that the payment of such interest shall be legally enforceable) on any overdue installment of interest. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Debt Security (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest payment, which shall be the February 28 or August 31 (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall
forthwith cease to be payable to the registered Holder on such Regular Record Date by virtue of his having been such Holder, and
may either be paid to the Person in whose name this Debt Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof
shall be given to Holders of Debt Securities of this series not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debt Securities
of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of
the principal of (and premium, if any) and interest on this Debt Security will be made at the office or agency of the Company
maintained for that purpose in the Borough of Manhattan, the City and State of New York, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register.

 

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

 

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

 

    3 

    

    

IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

 

	Dated:	 	LOEWS CORPORATION	 
	 	 	 	 
	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	 
	 	 	 	 	 
	[SEAL]	 	By:	 	 

 

The Debt
Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Debt Securities of this series are
exchangeable for a like aggregate principal amount of Debt Securities of this series of different authorized denominations, as
requested by the Holder surrendering the same.

 

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

 

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

 

No recourse
shall be had for the payment of the principal of or interest on this Debt Security, or for any claim based hereon, or otherwise
in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator,
stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such
liabilities being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released.

 

The Debt
Securities of this series are subject to defeasance at the option of the Company as provided in the Indenture.

 

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

 

    4

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