Document:

Exhibit 4.21

 

 

 

ANTERO RESOURCES CORPORATION

 

to

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

Trustee

 

INDENTURE

 

Dated as of [ ] [ ],
20[ ]

 

SUBORDINATED DEBT SECURITIES

 

 

 

 

     

     

    

 

ANTERO RESOURCES CORPORATION

 

Certain Sections of this Indenture relating
to Sections 310

through 318, inclusive, of the Trust Indenture Act of 1939, as amended

 

	
        Trust
        Indenture Act Section
	
        Indenture
        Section

	Section 310(a)(1)	609
	(a)(2)	609
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(b)	608
	Section 311(a)	613
	(b)	613
	Section 312(a)	701
	 	702
	(b)	702
	(c)	702
	Section 313(a)	703
	(b)	703
	(c)	703
	(d)	703
	Section 314(a)	704
	(a)(4)	101
	(b)	Not Applicable
	(c)(1)	102
	(c)(2)	102
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	102
	Section 315(a)	601
	(b)	602
	(c)	601
	(d)	601
	(e)	514
	Section 316(a)	101
	(a)(1)(A)	502
	 	512
	(a)(1)(B)	513
	(a)(2)	Not Applicable
	(b)	508
	(c)	104
	Section 317(a)(1)	503
	(a)(2)	504
	(b)	1003
	Section 318(a)	107

 

    i

     

    

 

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

 

    ii

     

    

 

Table of Contents

 

Page

 

	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 101   Definitions	1
	Section 102   Compliance Certificates and Opinions	9
	Section 103   Form of Documents Delivered to Trustee	9
	Section 104   Acts of Holders; Record Dates	10
	Section 105   Notices, Etc., to Trustee, Company	12
	Section 106   Notice to Holders; Waiver	12
	Section 107   Trust Indenture Act Matters	13
	Section 108   Effect of Headings and Table of Contents	13
	Section 109   Successors and Assigns	13
	Section 110   Separability Clause	14
	Section 111   Benefits of Indenture	14
	Section 112   Governing Law	14
	Section 113   Legal Holidays	14
	Section 114   No Adverse Interpretation of Other Agreements	14
	Section 115   No Personal Liability of Directors, Officers, Employees and Stockholders	14
	Section 116   Language of Notices, Etc.	14
	Section 117   Force Majeure	15
	Section 118   Waiver of Jury Trial	15
	Section 119   U.S.A. Patriot Act	15
	ARTICLE II SECURITY FORMS	16
	Section 201   Forms Generally	16
	Section 202   Form of Face of Security	16
	Section 203   Form of Reverse of Security	18
	Section 204   Form of Legend for Global Securities	22
	Section 205   Form of Trustee’s Certificate of Authentication	23
	ARTICLE III THE SECURITIES	23
	Section 301   Amount Unlimited; Issuable in Series	23
	Section 302   Denominations	26
	Section 303   Execution, Authentication, Delivery and Dating	26
	Section 304   Temporary Securities	28
	Section 305   Registration, Registration of Transfer and Exchange	28
	Section 306   Mutilated, Destroyed, Lost and Wrongfully Taken Securities	31
	Section 307   Payment of Interest; Interest Rights Preserved	31
	Section 308   Persons Deemed Owners	33
	Section 309   Cancellation	33
	Section 310   Computation of Interest	33
	Section 311   CUSIP Numbers	33

 

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	ARTICLE IV SATISFACTION AND DISCHARGE	34
	Section 401   Satisfaction and Discharge of Indenture	34
	Section 402   Application of Trust Money	35
	ARTICLE V REMEDIES	36
	Section 501   Events of Default	36
	Section 502   Acceleration of Maturity; Rescission and Annulment	37
	Section 503   Collection of Indebtedness and Suits for Enforcement by Trustee	38
	Section 504   Trustee May File Proofs of Claim	38
	Section 505   Trustee May Enforce Claims Without Possession of Securities	39
	Section 506   Application of Money Collected	39
	Section 507   Limitation on Suits	39
	Section 508   Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert	40
	Section 509   Restoration of Rights and Remedies	40
	Section 510   Rights and Remedies Cumulative	40
	Section 511   Delay or Omission Not Waiver	40
	Section 512   Control by Holders	40
	Section 513   Waiver of Past Defaults	41
	Section 514   Undertaking for Costs	41
	Section 515   Waiver of Usury, Stay or Extension Laws	41
	ARTICLE VI THE TRUSTEE	42
	Section 601   Certain Duties and Responsibilities	42
	Section 602   Notice of Defaults	43
	Section 603   Certain Rights of Trustee	43
	Section 604   Not Responsible for Recitals or Issuance of Securities	44
	Section 605   May Hold Securities	45
	Section 606   Money Held in Trust	45
	Section 607   Compensation and Reimbursement	45
	Section 608   Conflicting Interests	46
	Section 609   Corporate Trustee Required; Eligibility	46
	Section 610   Resignation and Removal; Appointment of Successor	46
	Section 611   Acceptance of Appointment by Successor	48
	Section 612   Merger, Conversion, Consolidation or Succession to Business	48
	Section 613   Preferential Collection of Claims Against Company	49
	Section 614   Appointment of Authenticating Agent	49
	ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	50
	Section 701   Company to Furnish Trustee Names and Addresses of Holders	50
	Section 702   Preservation of Information; Communications to Holders	50
	Section 703   Reports by Trustee	51
	Section 704   Reports by Company	51

 

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	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	51
	Section 801   Company May Consolidate, Etc., Only on Certain Terms	51
	Section 802   Successor Substituted	52
	ARTICLE IX SUPPLEMENTAL INDENTURES	52
	Section 901   Supplemental Indentures Without Consent of Holders	52
	Section 902   Supplemental Indentures With Consent of Holders	53
	Section 903   Execution of Supplemental Indentures	54
	Section 904   Effect of Supplemental Indentures	54
	Section 905   Conformity with Trust Indenture Act	55
	Section 906   Reference in Securities to Supplemental Indentures	55
	Section 907   Subordination Unimpaired	55
	ARTICLE X COVENANTS	55
	Section 1001   Payment of Principal, Premium and Interest	55
	Section 1002   Maintenance of Office or Agency	55
	Section 1003   Money for Securities Payments to Be Held in Trust	55
	Section 1004   Corporate Existence	59
	Section 1005   Statement by Officers as to Default	60
	Section 1006   Waiver of Certain Covenants	60
	ARTICLE XI REDEMPTION OF SECURITIES	60
	Section 1101   Applicability of Article	60
	Section 1102   Election to Redeem; Notice to Trustee	60
	Section 1103   Selection by Trustee of Securities to Be Redeemed	61
	Section 1104   Notice of Redemption	62
	Section 1105   Deposit of Redemption Price	63
	Section 1106   Securities Payable on Redemption Date	63
	Section 1107   Securities Redeemed in Part	64
	Section 1108   No Limit on Repurchases	64
	ARTICLE XII SINKING FUNDS	64
	Section 1201   Applicability of Article	64
	Section 1202   Satisfaction of Sinking Fund Payments with Securities	64
	Section 1203   Redemption of Securities for Sinking Fund	65
	ARTICLE XIII DEFEASANCE AND COVENANT DEFEASANCE	65
	Section 1301   Company’s Option to Effect Defeasance or Covenant Defeasance	65
	Section 1302   Defeasance and Discharge	65
	Section 1303   Covenant Defeasance	66
	Section 1304   Conditions to Defeasance or Covenant Defeasance	66
	Section 1305   Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions	68
	Section 1306   Reinstatement	68

 

    v

     

    

 

	ARTICLE XIV SUBORDINATION OF SECURITIES	69
	Section 1401   Securities Subordinate to Senior Debt	69
	Section 1402   Payment Over of Proceeds Upon Dissolution, Etc.	69
	Section 1403   Prior Payment to Senior Debt Upon Acceleration of Securities	70
	Section 1404   No Payment When Senior Debt in Default	71
	Section 1405   Payment Permitted in Certain Situations	72
	Section 1406   Subrogation to Rights of Holders of Senior Debt	72
	Section 1407   Provisions Solely to Define Relative Rights	73
	Section 1408   Trustee to Effectuate Subordination	73
	Section 1409   No Waiver of Subordination Provisions	73
	Section 1410   Notice to Trustee	73
	Section 1411   Reliance on Judicial Order or Certificate of Liquidating Agent	74
	Section 1412   Trustee Not Fiduciary For Holders of Senior Debt	74
	Section 1413   Rights of Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights	74
	Section 1414   Article Applicable to Paying Agents	75
	* * *	75

 

    vi

     

    

 

INDENTURE, dated as
of                    , 20        
between Antero Resources Corporation, a corporation duly organized and existing under the laws of the State of Delaware (herein
called the “Company”), having its principal office at 1615 Wynkoop Street, Denver, Colorado 80202, and Wells Fargo
Bank, National Association, a national banking association duly organized and existing under the laws of the United States of America,
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 “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 Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate
benefit of all Holders of the Securities or of series thereof, as follows:

 

ARTICLE I

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 GAAP;

 

(4)              
unless the context otherwise requires, any reference to an “Article” or a “Section” refers
to an Article or a Section, as the case may be, of this Indenture;

 

(5)             
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;

 

    1

     

    

 

(6)               when
used with respect to any Security, the words “convert,” “converted” and “conversion” are
intended to refer to the right of the Holder or the Company to convert or exchange such Security into or for securities or
other property in accordance with such terms, if any, as may hereafter be specified for such Security as contemplated by
Section 301, and these words are not intended to refer to any right of the Holder or the Company to exchange such
Security for other Securities of the same series and like tenor pursuant to Sections 304, 305, 306, 906 or 1107 or
another similar provision of this Indenture, unless the context otherwise requires; and references herein to the terms of any
Security that may be converted mean such terms as may be specified for such Security as contemplated in Section 301;

 

(7)              
unless the context otherwise requires, any reference to “duly provided for” and other words of similar
import with respect to any amount or property required to be paid or delivered, as applicable, shall include, without limitation,
having made such amount or property available for payment or delivery;

 

(8)              
references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement of
successor sections or rules adopted by the Commission from time to time;

 

(9)              
when the words “includes” or “including” are used herein, they shall be deemed to be followed
by the words “without limitation;” and

 

(10)          
“or” is not exclusive.

 

“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.

 

“Applicable Procedures”
of a Depositary means, with respect to any matter at any time, the policies and procedures of such Depositary, if any, that are
applicable to such matter at such time.

 

“Authenticating
Agent” means, when used with respect to Securities of any series, any Person authorized by the Trustee to act on behalf of
the Trustee to authenticate the Securities of such series.

 

“Board of Directors”
means any of (a) the board of directors of the Company, (b) any duly authorized committee of that board or (c) any
officer of the Company duly authorized by the board of directors of the Company to take a specified action.

 

“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. Where any provision of this Indenture refers to action to be taken pursuant to a Board Resolution
(including the establishment of any series of the Securities and the forms and terms thereof), such action may be taken by
any officer or employee of the Company authorized to take such action by the Board of Directors as evidenced by a Board
Resolution.

 

    2

     

    

 

“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 or executive order to close.

 

“Capital Stock”
means:

 

(1)              
in the case of a corporation, corporate stock;

 

(2)              
in the case of a limited liability company or similar entity, any membership or similar interests therein;

 

(3)              
in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock;

 

(4)              
in the case of a partnership, partnership interests (whether general or limited); and

 

(5)              
any other interest or participation that confers on a Person the right to receive a share of the profits and losses
of, or distributions of assets of, the issuing Person.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, 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 Person shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such
successor Person.

 

“Company Request”
or “Company Order” means a written request or order signed in the name of the Company by any two Officers of the Company.

 

“Corporate Trust
Office” means the designated office of the Trustee at which this Indenture is administered and which, at the date hereof,
is located at CTSO Mail Operations, 600 South 4th Street, 7th Floor, MAC: N9300-070, Minneapolis, MN 55415, Attention: Antero Resources
Corporation Administrator, and for Agent services such office shall also mean the office or agency of the Trustee located at the
date hereof at Corporate Trust Operations, MAC N9300-070, 600 South Fourth Street, 7th Floor, Minneapolis, MN 55415 or at such
other address as the Trustee may designate from time to time by notice to the Company, or the principal corporate trust office
of any successor Trustee.

 

“corporation”
means a corporation, association, company (including a limited liability company), joint-stock company, business trust or other
business entity (other than a partnership).

 

    3

     

    

 

“Covenant Defeasance”
has the meaning specified in Section 1303.

 

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

 

“Defeasance”
has the meaning specified in Section 1302.

 

“Depositary”
means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing
agency registered under the Exchange Act that is designated to act as depositary for such Securities as contemplated by Section 301.

 

“DTC” has
the meaning specified in Section 104.

 

“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock).

 

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

 

“Exchange Act”
means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

 

“Expiration Date”
has the meaning specified in Section 104.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board, the Public Company Accounting Oversight Board or in such other statements by such other entity as have been approved by
a significant segment of the accounting profession, which are in effect from time to time. All ratio computations based on GAAP
contained in this Indenture will be computed in conformity with GAAP.

 

“Global Security”
means a Security that evidences all or part of the Securities of any series and bears the legend set forth in Section 204
(or such legend as may be specified as contemplated by Section 301 for such Securities).

 

“Holder”
means a Person in whose name a Security is, at the time of determination, registered in the Security Register.

 

“Indebtedness”
means, with respect to any Person, without duplication, any indebtedness of such Person, whether or not contingent:
(a) in respect of borrowed money; (b) evidenced by bonds, notes, debentures or similar instruments or letters of
credit (or reimbursement agreements in respect thereof); (c) in respect of banker’s acceptances;
(d) representing capital lease obligations; (e) representing the balance deferred and unpaid of the purchase price
of any property, except any such balance that constitutes an accrued expense or trade payable; or (f) representing any
hedging obligation, if and to the extent any of the foregoing indebtedness (other than letters of credit and hedging
obligations) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP. In addition,
the term “Indebtedness” includes (x) all indebtedness of any other Person, of the types described above in
Clauses (a) through (f), secured by a lien on any asset of such Person (whether or not such indebtedness is assumed
by such Person), and (y) to the extent not otherwise included, the guarantee by such Person of any indebtedness of any
other Person of the types described above in Clauses (a) through (f).

 

    4

     

    

 

“Indenture”
means this instrument as originally executed and 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, including, for all purposes of this instrument and
any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument
and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of any particular
series or specific Securities within a series established as contemplated by Section 301.

 

“interest,”
when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest
payable after Maturity.

 

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

 

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

 

“Notice of Default”
means a written notice of the kind specified in Section 501(4).

 

“Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such
Person (or, if such Person is a partnership, the general partner thereof) or any other officer or officers of such Person (or such
general partner) designated in a writing by or pursuant to authority of the Board of Directors (if such Person is the Company)
and delivered to the Trustee from time to time.

 

“Officers’
Certificate” means a certificate signed on behalf of the Company by at least two Officers of the Company, one of whom shall
be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company,
that meets the requirements of Section 102.

 

“Opinion of Counsel”
means a written opinion from legal counsel (who may be an employee of or counsel for the Company or any Affiliate thereof) that
meets the requirements of Section 102.

 

“Original Issue
Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and payable
upon a declaration of acceleration of the Maturity thereof pursuant to Section 502.

 

    5

     

    

 

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

 

(1)              
Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(2)              
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 Securities; provided that, if such Securities are to be redeemed, notice
of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(3)              
Securities as to which Defeasance has been effected pursuant to Section 1302;

 

(4)              
Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities
have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall
have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands
such Securities are valid obligations of the Company; and

 

(5)              
Securities as to which any property deliverable upon conversion thereof has been delivered (or such delivery has
been duly provided for), or as to which any other particular conditions have been satisfied, in each case as may be provided for
such Securities as contemplated in Section 301;

 

provided, however, that
in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken
any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the
principal amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the
principal thereof which would be due and payable as of such date upon acceleration of the Maturity thereof to such date
pursuant to Section 502, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security
is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as
specified or determined as contemplated by Section 301, (C) the principal amount of a Security denominated in one
or more foreign currencies, composite currencies or currency units which shall be deemed to be Outstanding shall be the U.S.
dollar equivalent, determined as of such date in the manner provided as contemplated by Section 301, of the principal
amount of such Security (or, in the case of a Security described in Clause (A) or (B) above, of the amount
determined as provided in such Clause), and (D) Securities owned by the Company, or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent, waiver or other action, only Securities which a Responsible Officer of the Trustee actually knows
to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to
such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the
Company.

 

    6

     

    

 

“Paying Agent”
means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the
Company.

 

“Person”
means any individual, corporation, partnership, joint venture, trust, unincorporated organization or government or any agency or
political subdivision thereof.

 

“Place of Payment,”
when used with respect to the Securities of any series and subject to Section 1002, means the place or places where the principal
of and any premium and interest on the Securities of that series are payable as contemplated by Section 301.

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306
in exchange for or in lieu of a mutilated, destroyed, lost or wrongfully taken Security shall be deemed to evidence the same debt
as the mutilated, destroyed, lost or wrongfully taken Security.

 

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

 

“Redemption Price,”
when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record
Date” for the interest payable on any Interest Payment Date on the Securities of any series, means the date specified for
that purpose as contemplated by Section 301.

 

“Responsible
Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Department of the Trustee (or
any successor department of the Trustee), including any vice president, assistant vice president, assistant secretary, assistant
treasurer, trust officer or any other officer of the Trustee customarily performing functions similar to those performed by any
of the above designated officers who at the time shall be such officers and also means, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular
subject, and who, in each case, has direct responsibility for the administration of this Indenture.

 

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

 

“Securities Act”
means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 

“Security Register”
and “Security Registrar” have the respective meanings specified in Section 305.

 

    7

     

    

 

“Senior Debt”
means, with respect to the Company: (a) [ ](1)
and (b) any Indebtedness of the Company permitted under the terms of this Indenture, unless the instrument under which such
Indebtedness is incurred expressly provides that it is on a parity in right of payment with or subordinated in right of payment
to the Securities. Notwithstanding the foregoing, “Senior Debt” will not include: (a) Equity Interests; (b) any
liability for federal, state, local or other taxes due or owed by the Company; (c) any Indebtedness of the Company to any
Subsidiaries or Affiliates of the Company; (d) any trade payables; or (e) any Indebtedness that is incurred in violation
of this Indenture.

 

“Special Record
Date” for the payment of any Defaulted Interest, means a date fixed by the Company pursuant to Section 307.

 

“Stated Maturity,”
when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in
such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and
payable.

 

“Subsidiary,”
with respect to any Person, means any (i) corporation (other than a partnership) of which the outstanding Capital Stock having
a majority of the votes entitled to be cast in the election of directors, managers or trustees of such corporation under ordinary
circumstances shall at the time be owned, directly or indirectly, by such Person or any other Person of which a majority of the
voting interests under ordinary circumstances is at the time, directly or indirectly, owned by such Person or (ii) any partnership
(a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the
only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act”
means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used
with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series.

 

“Uniform Commercial
Code” means the Uniform Commercial Code in effect in the State of Delaware or the State of New York, as applicable, in each
case as amended from time to time.

 

“U.S. Government
Obligation” has the meaning specified in Section 1304.

 

 

(1) Specify any Indebtedness of the Company outstanding at the time the Indenture is executed and delivered that is intended to be “Senior
Debt.”

 

    8

     

    

 

“Vice President,”
when used with respect to the Company, means any executive vice president and any senior vice president, whether or not designated
by a number or a word or words added before or after the title “executive vice president” or “senior vice president.”

 

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 such certificates and opinions as may
be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an Officers’ Certificate,
if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements
of the Trust Indenture Act and any other requirements set forth in this Indenture.

 

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 individual signing such certificate or opinion has read such covenant or condition and the
definitions herein relating thereto;

 

(2)              
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based;

 

(3)              
a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary
to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(4)              
a statement as to whether, in the opinion of each such individual, such 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 an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such
certificate or opinion of, or representation by, counsel may be based, insofar as it relates to factual matters, upon a certificate
or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual
matters is in the possession of the Company unless such counsel knows that the certificate or opinion or representations with respect
to such matters are erroneous.

 

    9

     

    

 

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; Record Dates. Any request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given, made 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 an agent or agents 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 to Section 601) conclusive in favor of the Trustee, the Company, if made in the manner
provided in this Section 104.

 

Without limiting the
generality of this Section 104, unless otherwise provided in or pursuant to this Indenture, (i) a Holder, including a
Depositary or its nominee that is a Holder of a Global Security, may give, make or take, by an agent or agents duly appointed in
writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted in or pursuant
to this Indenture to be given, made or taken by Holders, and a Depositary or its nominee that is a Holder of a Global Security
may duly appoint in writing as its agent or agents members of, or participants in, such Depositary holding interests in such Global
Security in the records of such Depositary; and (ii) with respect to any Global Security the Depositary for which is The Depository
Trust Company (“DTC”), any consent or other action given, made or taken by an “agent member” of DTC by
electronic means in accordance with the Automated Tender Offer Procedures system or other Applicable Procedures of, and pursuant
to authorization by, DTC shall be deemed to constitute the “Act” of the Holder of such Global Security, and such Act
shall be deemed to have been delivered to the Company, and the Trustee upon the delivery by DTC of an “agent’s message”
or other notice of such consent or other action having been so given, made or taken in accordance with the Applicable Procedures
of DTC.

 

The fact and date of
the execution by any Person of any instrument or writing may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity
other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The
fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be
proved in any other manner which the Trustee deems sufficient.

 

The ownership of Securities
shall be proved by the Security Register.

 

Any request,
demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in
reliance thereon, whether or not notation of such action is made upon such Security.

 

    10

     

    

 

With respect to Securities
of any series, the Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities
of such series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided that
the Company may set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving, making
or taking of any notice, declaration, request or direction referred to in the next paragraph. If any record date is set pursuant
to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall
be entitled to give, make or take the relevant action, whether or not such Holders remain Holders after such record date; provided,
however, that no such action shall be effective hereunder unless given, made or taken on or prior to the applicable Expiration
Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this
paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date
has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action
by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action
given, made or taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date
such action is given, made or taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own
expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given
to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Sections 105
and 106.

 

The Trustee may set
any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in
the giving, making or taking of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502,
(iii) any request to institute proceedings referred to in Section 507(2) or (iv) any direction referred to in Section 512,
in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of such series on such record date, and no other Holders, shall be entitled to give, make or take such notice, declaration,
request or direction, whether or not such Holders remain Holders after such record date; provided, however, that
no such action shall be effective hereunder unless given, made or taken on or prior to the applicable Expiration Date by Holders
of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall
be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set
pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled
and of no effect), and nothing in this paragraph shall be construed to render ineffective any action given, made or taken
by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is given,
made or taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall
cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company
in writing and to each Holder of Securities of the relevant series in the manner set forth in Sections 105 and 106.

 

    11

     

    

 

With respect to any
record date set pursuant to this Section 104, the party hereto which sets such record date may designate any day as the “Expiration
Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change
shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each
Holder of Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration
Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section 104, the party
hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration
Date with respect thereto, subject to its right to change the Expiration Date to an earlier day as provided in this paragraph.
Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date.

 

Without limiting the
foregoing, a Holder entitled hereunder to give, make or take any action hereunder with regard to any particular Security may do
so, in person or by an agent duly appointed in writing, with regard to all or any part of the principal amount of such Security.

 

Section 105         
Notices, Etc., to Trustee, 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 (unless otherwise herein expressly
provided) if made, given, furnished or filed in writing and delivered in Person, mailed by first class mail (registered or certified,
return receipt requested), transmitted by facsimile or sent by overnight courier guaranteeing next Business Day delivery to or
with the Trustee addressed to it at its Corporate Trust Office or (2) the Company by the Trustee or by any Holder shall be
sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished or filed in writing
and delivered in Person, mailed by first class mail (registered or certified, return receipt requested), transmitted by facsimile
or sent by overnight courier guaranteeing next Business Day delivery, to or with the Company addressed to it at the address of
its principal office specified in the first paragraph of this instrument, Attention: Chief Financial Officer, Facsimile: [___]
with a copy to Vinson & Elkins L.L.P., 1001 Fannin Street, Suite 2500, Houston, Texas 77002, Facsimile: [___], Attention:
Douglas E. McWilliams, or at any other address previously furnished in writing to the Trustee by the Company.

 

All requests, demands,
authorizations, directions, notices, consents, waivers or Acts of Holders or other such documents made, given, furnished or filed
with or to the Company shall be deemed to have been duly made, given, furnished or filed: (i) at the time delivered by hand,
if personally delivered; (ii) five calendar days after being deposited in the mail, postage prepaid, if mailed; (iii) when
receipt is acknowledged, if telecopied; and (iv) the next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next Business Day delivery. Notices given by publication will be deemed given on the first date on which
publication is made. Any notice or communication to the Trustee shall be deemed delivered upon receipt by a Responsible Officer
of the Trustee.

 

Section 106          Notice
to Holders; Waiver. Where this Indenture provides for notice or other communication to Holders of any event, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if given in writing and mailed by first class mail
(registered or certified, return receipt requested) or sent by overnight air courier guaranteeing next Business Day delivery,
to each Holder affected by such event, at such Holder’s address as it appears in the Security Register, not later than
the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice or other
communication. Any notice or other communication shall also be so mailed or sent to any Person described in
Section 313(c) of the Trust Indenture Act, to the extent required by the Trust Indenture Act. Failure to mail or send a
notice or other communication to a Holder or any defect in it shall not affect its sufficiency with respect to other
Holders.

 

    12

     

    

 

If a notice or communication
is mailed or sent in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives
it. Where this Indenture provides for notice or other communication in any manner, such notice or other communication may be waived
in writing by the Person entitled to receive such notice or other communication, either before or after the event, and such waiver
shall be the equivalent of such notice or other communication. Waivers of notice or other communication by Holders shall be filed
with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such
waiver. If the Company mails a notice or communication to the Holders, it shall mail a copy to the Trustee at the same time.

 

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 or other communication
by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for
every purpose hereunder.

 

Where this Indenture
provides for notice or other communication with respect to any event or otherwise to a Holder of a Global Security, such notice
or other communication shall be sufficiently given if given to the Depositary for such Security (or its designee), pursuant to
its Applicable Procedures, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed
for the giving of such notice or other communication.

 

Section 107         
Trust Indenture Act Matters. If any provision hereof limits, qualifies or conflicts with a provision of the
Trust Indenture Act which is required under such Act to be a part of and govern this Indenture, the latter provision shall control.
If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded,
the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. Whenever
this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part
of this Indenture.

 

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 and the Securities by the Company and
the Trustee, except as otherwise provided in Section 802, shall bind their respective successors and assigns, whether so expressed
or not.

 

    13

     

    

 

Section 110         
Separability Clause. In case any provision in this Indenture, or in the Securities shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.

 

Section 111         
Benefits of Indenture. Nothing in this Indenture or in the Securities, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, the holders of Senior Debt and the Holders, any benefit or
any legal or equitable right, remedy or claim under this Indenture, except as may otherwise be provided pursuant to Section 301
with respect to any Securities of a particular series or under this Indenture with respect to such Securities.

 

Section 112         
Governing Law. This Indenture and the Securities and the rights and obligations of the parties hereto and
thereto, including the interpretation, construction, validity and enforceability thereof, shall be governed by and construed and
interpreted in accordance with the law of the State of New York.

 

Section 113         
Legal Holidays. In any case where any Interest Payment Date, Redemption Date or Maturity of any Security,
or any date on which a Holder has the right to convert his Security, shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically
states that such provision shall apply in lieu of this Section 113)) payment of interest or principal (and premium, if any),
or conversion of such Security need not be made at such Place of Payment on such date, but may be made on the next succeeding Business
Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the
Maturity, or on such date for conversion, as the case may be, and if payment is so made or such conversion occurs, no interest
shall accrue for the period from and after such Interest Payment Date, such Redemption Date, the Maturity, or such date for conversion,
as the case may be.

 

Section 114         
No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret any other indenture,
loan or other agreement of the Company or any Subsidiaries of the Company or of any other Person. Any such indenture, loan or other
agreement may not be used to interpret this Indenture.

 

Section 115         
No Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director,
officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company,
respectively, under the Securities or this Indenture or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Securities. The waiver may not be effective to waive liabilities under the federal
securities laws.

 

Section 116         
Language of Notices, Etc. Any request, demand, authorization, direction, notice, consent, waiver, other action
or Act provided or permitted under this Indenture shall be in the English language, except that any published notice may be in
an official language of the country of publication.

 

    14

     

    

 

Section 117         
Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, (i) any act or provision of present or future law or regulation or governmental authority, (ii) labor disputes, strikes
or work stoppages, (iii) accidents, (iv) acts of war or terrorism, (v) civil or military disturbances or unrest, (vi) disease,
(vii) epidemic or pandemic, (viii) quarantine, (ix) national emergency, (x) nuclear or natural catastrophes or acts of God, (xi)
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, (xii) communications
system failure, (xiii) malware or ransomware, (xiv) unavailability of the Federal Reserve Bank wire or other funds transfer systems,
or (xv) unavailability of any securities clearing system; it being understood that the Trustee shall use reasonable efforts that
are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 118         
Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER
OR IN CONNECTION WITH THIS INDENTURE.

 

Section 119         
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot
Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is
required to obtain, verify and record information that identities each person or legal entity that establishes a relationship or
opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information
as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

Section
120         Electronic Signature. The exchange of copies of this Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in
lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be
deemed to be their original signatures for all purposes. This Indenture and any certificate, agreement or other document to
be signed in connection with this Indenture and the transactions contemplated hereby shall be valid, binding, and enforceable
against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) an
original manual signature; (ii) a faxed, scanned, or photocopied manual signature; or (iii) in the case of this Indenture and
any certificate, agreement or other document to be signed in connection with this Indenture and the transactions contemplated
hereby, other than any Securities, any electronic signature permitted by the federal Electronic Signatures in Global and
National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic
signatures law, including relevant provisions of the Uniform Commercial Code (collectively, “Signature
Law”).  Each electronic signature (except in the case of any Securities) or faxed, scanned, or photocopied manual
signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual
signature.  Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to,
any faxed, scanned, or photocopied manual signature, or other electronic signature (except in the case of any Securities), of
any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.  For
avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the
Uniform Commercial Code or other Signature Law due to the character or intended character of the writings.

 

    15

     

    

 

ARTICLE II

SECURITY FORMS

 

Section 201         
Forms Generally. As to each series of Securities, the Securities of such series shall be in substantially
the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution or in one
or more indentures supplemental hereto, with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor or as
may, consistently herewith, be determined by the officers executing such Securities as evidenced by their execution thereof. If
the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record
of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or
prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities.

 

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

 

Section 202         
Form of Face of Security.

 

[Insert any legend
required by the Internal Revenue Code and the regulations thereunder.]

 

	 	CUSIP
    [ ]
	 	 
	No.	$ 

 

ANTERO RESOURCES CORPORATION

 

ANTERO RESOURCES CORPORATION,
a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which
term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to ,
or registered assigns, the principal sum of Dollars on [if the Security is to bear interest prior to Maturity, insert
— , and to pay interest thereon from (2)
or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on and in
each year, commencing , and at the Maturity thereof, at the rate of % per annum, until the principal hereof is paid
or made available for payment, provided that any premium, and any such installment of interest, which is overdue shall
bear interest at the rate of % per annum (to the extent that the payment of such interest shall be legally enforceable),
from the date such overdue amount is due until such amount is paid or duly provided for, and such interest on any overdue amount
shall be payable on demand](3).
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 Security (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which shall be the  or (whether or not a Business Day), as
the case may be, next preceding such Interest Payment Date. Any such interest so payable, but not punctually paid or duly provided
for, will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose
name this 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 Company, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid in any other lawful manner not inconsistent with the
requirements of any securities exchange on which this Security may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture.

 

 

(2) If the Securities of the applicable series are to be sold “flat”, insert the date of original issuance of Securities of
such series. If the Securities of the applicable series are to be issued “with accrued interest”, insert the Interest Payment
Date for Securities of such series next preceding the date of original issuance of Securities of such series.

 

    16

     

    

 

[If the Security
is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear
interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity
and in such case the overdue principal and any overdue premium shall bear interest at the rate of [ ]% per annum (to the extent
that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid
or made available for payment. Interest on any overdue principal or premium shall be payable on demand. Any such interest on overdue
principal or premium which is not paid on demand shall bear interest at the rate of [ ]% per annum (to the extent that the
payment of such interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded
is paid or made available for payment. Interest on any overdue interest shall be payable on demand.](3)

 

Payment of the
principal of (and premium, if any) and [if applicable, insert — any such] interest
on this Security will be made at the office or agency of the Company maintained for that purpose in the continental United
States, 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, against surrender of this Security in the case of any payment due at the Maturity of the principal
thereof or any payment of interest becomes payable on a day other than an Interest Payment Date; provided, however,
that if this Security is not a Global Security, (i) payment of interest on an Interest Payment Date will be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; and all
other payments will be made by check against surrender of this Security; (ii) all payments by check will be made in
next-day funds (i.e., funds that become available on the day after the check is cashed); and (iii) notwithstanding
clauses (i) and (ii) above, with respect to any payment of any amount due on this Security, if this Security is in
a denomination of at least $1,000,000 and the Holder hereof at the time of surrender hereof or, in the case of any payment of
interest on any Interest Payment Date, the Holder thereof on the related Regular Record Date delivers a written request to
the Paying Agent to make such payment by wire transfer at least fifteen days before the date such payment becomes due,
together with appropriate wire transfer instructions specifying an U.S. dollar account at a bank in the United States, the
Company shall make such payment by wire transfer of immediately available funds to such account at such bank in the United
States, any such wire instructions, once properly given by a Holder as to this Security, remaining in effect as to such
Holder and this Security unless and until new instructions are given in the manner described above and provided
further, that notwithstanding anything in the foregoing to the contrary, if this Security is a Global Security, payment
shall be made pursuant to the Applicable Procedures of the Depositary as permitted in said Indenture.

 

 

(3) To remain in brackets and italicized in indenture as executed.

 

    17

     

    

 

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

 

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

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly signed manually or by facsimile by its duly authorized officers.

 

	 	ANTERO
    RESOURCES CORPORATION, a Delaware corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	             

 

Section 203         
Form of Reverse of Security. This Security is one of a duly authorized issue of senior securities of the Company
(herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of [Insert
date of indenture] (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument),
among the Company and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee,” which term includes
any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated
on the face hereof [if applicable, insert — limited in aggregate principal amount to $ ].

 

This Security is the
general, unsecured, senior obligation of the Company.

 

[If
applicable, insert — The Securities of this series are subject to redemption upon not less
than 30 days’ nor more than 60 days’ notice, at any time [if applicable, insert
— on or after [ ], 20[ ], as a whole or in part, at the election of the Company, at
the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert
— on or before [ ], [ ]%, and if redeemed] during the 12-month period beginning [ ] of the years
indicated,

 

	
        Year
	 	
        Redemption
        Price
	 	
        Year
	 	
        Redemption
        Price

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    18

     

    

 

and thereafter at a Redemption Price
equal to [ ]% of the 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 will be payable to the Holders
of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record
Dates referred to on the face hereof, all as provided in the Indenture.]](3)

 

[If applicable,
insert — The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’
notice by mail, (1) on [ ] in any year commencing with the year [ ] and ending with the year [ ] through
operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable,
insert — on or after [ ], as a whole or in part, at the election of the Company, at
the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal
amount) set forth in the table below: If redeemed during the 12-month period beginning [ ] of the years indicated,

 

	Year 	 	Redemption Price For Redemption

 Through Operation of the Sinking

 Fund 	 	Redemption Price For Redemption

 Otherwise Than Through

 Operation of the Sinking Fund 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

and thereafter] at a Redemption Price
equal to% of the principal amount, together in the case of any such redemption (whether through operation of the sinking
fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or
prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities,
of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the
Indenture.](3)

 

[If
applicable, insert — Notwithstanding the foregoing, the Company may not, prior
to [ ], redeem any Securities of this series as contemplated by [if applicable, insert
— clause (2) of] the preceding paragraph 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 [ ]% per annum.](3)

 

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[If applicable,
insert — The sinking fund for this series provides for the redemption on [ ] in each year beginning with
the year [ ] and ending with the year [ ] of [if applicable, insert — not less than
$[ ] (“mandatory sinking fund”) and not more than] $[ ] aggregate principal amount of Securities
of this series. Securities of this series acquired or redeemed by the Company otherwise than through [if applicable,
insert — mandatory] sinking fund payments may be credited against subsequent [if applicable,
insert — mandatory] sinking fund payments otherwise required to be made [if applicable, insert
—, in the inverse order in which they become due.]](3)

 

[If the Security
is subject to redemption of any kind, insert — In the event of redemption of this Security in part
only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.](3)

 

The Indebtedness evidenced
by this Security is, to the extent provided in the Indenture, subordinate and subject in right of payment to the prior payment
in full of all Senior Debt, and this Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder
of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs
the Trustee on his or her behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided
and (c) appoints the Trustee his or her attorney-in-fact for any and all such purposes. Each Holder hereof, by his or her
acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by
each holder of Senior Debt, whether now outstanding or hereafter created, incurred, assumed or guaranteed, and waives reliance
by each such holder upon said provisions.

 

[If applicable,
insert — The Indenture contains provisions for defeasance at any time of the entire Indebtedness of this Security
or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with
certain conditions set forth in the Indenture.](3)

 

[If the Security
is not an Original Issue Discount Security, insert — If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable
in the manner and with the effect provided in the Indenture.](3)

 

[If the Security
is an Original Issue Discount Security, insert — If an Event of Default with respect to Securities
of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to — insert formula for
determining the amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest
on any overdue principal, premium and interest (in each case to the extent that the payment of such interest shall be legally
enforceable), all of the Company’s obligations in respect of the payment of the principal of and premium and interest,
if any, on the Securities of this series shall terminate.](3)

 

    20

     

    

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in principal amount (including consents obtained in connection with a purchase of, or
tender offer or exchange offer for, Securities) of all Securities at the time Outstanding to be affected (considered together as
one class for this purpose and such Securities to be affected potentially being Securities of the same or different series and,
with respect to any series, potentially comprising fewer than all the Securities of such series), except as may otherwise be provided
pursuant to the Indenture for all or any specific Securities of any series. The Indenture also contains provisions (i) permitting
the Holders of a majority in principal amount (including waivers obtained in connection with a purchase of, or tender offer or
exchange offer for, Securities) of the Securities at the time Outstanding to be affected under the Indenture (considered together
as one class for this purpose and such affected Securities potentially being Securities of the same or different series and, with
respect to any particular series, potentially comprising fewer than all the Securities of such series), on behalf of the Holders
of all Securities so affected, to waive compliance by the Company with certain provisions of the Indenture and (ii) permitting
the Holders of a majority in principal amount (including waivers obtained in connection with a purchase of, or tender offer or
exchange offer for, Securities) of the Securities at the time Outstanding of any series to be affected under the Indenture (with
each such series considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain
past defaults under the Indenture with respect to such series and their consequences, in the case of Clause (i) or (ii),
except as may otherwise be provided pursuant to the Indenture for all or any specific Securities of any series. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this
series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have
made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
indemnity satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities
of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such
proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon
on or after the respective due dates expressed herein.

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

 

    21

     

    

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal
of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Securities of this
series are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, 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 Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee shall
treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

[If this Security
is a Global Security, insert — This Security is a Global Security and is subject to the provisions of the Indenture
relating to Global Securities, including the limitations therein on transfers and exchanges of Global Securities.]

 

This Security and the
Indenture shall be governed by and construed in accordance with the law of the State of New York.

 

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

 

Section 204         
Form of Legend for Global Securities. Unless otherwise specified as contemplated by Section 301 for the
Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially
the following form:

 

THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

    22

     

    

 

Section 205         
Form of Trustee’s Certificate
of Authentication. The Trustee’s certificates of authentication shall be in substantially
the following form:

 

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

 

	Dated:	WELLS FARGO BANK, NATIONAL ASSOCIATION, As Trustee
	 	
	 	 
	 	By:	              
	 	Authorized Signatory

 

ARTICLE III

THE SECURITIES

 

Section 301         
Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is unlimited.

 

The Securities may
be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and, subject to Section 303,
set forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series,

 

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

 

(2)              
any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or
in lieu of, other Securities of the series pursuant to Sections 304, 305, 306, 906 or 1107 and except for any Securities which,
pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder);

 

(3)              
the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name
that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest;

 

(4)              
the date or dates on which the principal of any Securities of the series is payable;

 

(5)              
the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which
any such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date
for any such interest payable on any Interest Payment Date;

 

    23

     

    

 

(6)              
the place or places where the principal of and any premium and interest on any Securities of the series shall be
payable and the manner in which any payment may be made;

 

(7)              
the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities
of the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the
manner in which any election by the Company to redeem the Securities shall be evidenced;

 

(8)              
the obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking
fund or analogous provisions or at the option of the Holder thereof and the period or periods within which, the price or prices
at which and the terms and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part,
pursuant to such obligation;

 

(9)              
if other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in
which any Securities of the series shall be issuable;

 

(10)            
if the amount of principal of or any premium or interest on any Securities of the series may be determined with reference
to an index or pursuant to a formula, the manner in which such amounts shall be determined;

 

(11)            
if other than the currency of the United States of America, the currency, currencies, composite currency, composite
currencies or currency units in which the principal of or any premium or interest on any Securities of the series shall be payable
and the manner of determining the equivalent thereof in the currency of the United States of America for any purpose, including
for the purposes of making payment in the currency of the United States of America and applying the definition of “Outstanding”
in Section 101;

 

(12)            
if the principal of or any premium or interest on any Securities of the series is to be payable, at the election
of the Company or the Holder thereof, in one or more currencies, composite currencies or currency units other than that or those
in which such Securities are stated to be payable, the currency, currencies, composite currency, composite currencies or currency
units in which the principal of or any premium or interest on such Securities as to which such election is made shall be payable,
the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or the
manner in which such amount shall be determined);

 

(13)             
if other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series
which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502;

 

(14)             if
the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or
more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of
any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable
upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the
Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be
determined);

 

    24

     

    

 

(15)             
if applicable, that the Securities of the series, in whole or any specified part, shall not be defeasible pursuant
to Section 1302 or Section 1303 or both such Sections, and, if such Securities may be defeased, in whole or in part,
pursuant to either or both such Sections, any provisions to permit a pledge of obligations other than U.S. Government Obligations
(or the establishment of other arrangements) to satisfy the requirements of Section 1304(1) for defeasance of such Securities
and, if other than by a Board Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced;

 

(16)             
if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more
Global Securities and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends
which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 204, any addition
to, elimination of or other change in the circumstances set forth in Clause (2) of the penultimate paragraph of Section 305
in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global
Security in whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security
or a nominee thereof and any other provisions governing exchanges or transfers of any such Global Security;

 

(17)             
any addition to, elimination of or other change in the Events of Default which applies to any Securities of the series
and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof
due and payable pursuant to Section 502;

 

(18)            
any addition to, elimination of or other change in the covenants set forth in Article X which applies to Securities
of the series;

 

(19)            
any provisions necessary to permit or facilitate the issuance, payment or conversion of any Securities of the series
that may be converted into securities or other property other than Securities of the same series and of like tenor, whether in
addition to, or in lieu of, any payment of principal or other amount and whether at the option of the Company or otherwise;

 

(20)            
if applicable, that Persons other than those specified in Section 111 shall have such benefits, rights, remedies
and claims with respect to any Securities of the series or under this Indenture with respect to such Securities, as and to the
extent provided for such Securities;

 

(21)             any
change in the actions permitted or required under this Indenture to be taken by or on behalf of the Holders of the Securities
of the series, including any such change that permits or requires any or all such actions to be taken by or on behalf of the
Holders of any specific Securities of the series rather than or in addition to the Holders of all Securities of the
series;

 

    25

     

    

 

(22)            
if other than as provided in Article XIV, any provisions for subordination of any Securities of the series to
other Indebtedness of the Company (including Securities of other series); and

 

(23)            
any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except
as permitted by Section 901(5)).

 

All Securities of any
one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to
the Board Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the
Officers’ Certificate referred to above or in any such indenture supplemental hereto. All Securities of any one series need
not be issued at the same time and, unless otherwise provided pursuant to this Section 301 for any series, after issuance
of Securities of such series, such series may be reopened for issuances of additional Securities of that series.

 

The terms of any Security
of a series may differ from the terms of other Securities of the same series, if and to the extent provided pursuant to this Section 301.
The matters referenced in any or all of Clauses (1) through (24) above may be established and set forth or determined
as aforesaid with respect to all or any specific Securities of a series (in each case to the extent permitted by the Trust Indenture
Act).

 

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

 

The Securities shall
be subordinated in right of payment to Senior Debt as provided in Article XIV, or as set forth in an Officers’ Certificate
or established in one or more indentures supplemental hereto.

 

Section 302         
Denominations. The Securities of each series shall be issuable only in registered form without coupons and
only in such denominations as shall be specified as contemplated by Section 301. In the absence of any such specified denomination
with respect to the Securities of any series, the Securities of such series shall be issuable in minimum denominations of $2,000
and any integral multiple of $1,000 in excess thereof.

 

Section 303         
Execution, Authentication, Delivery and Dating. The Securities shall be executed on behalf of the Company
by its Chairman of the Board, Chief Executive Officer, President or any Vice President of the Company (or any other officer of
the Company designated in writing by or pursuant to authority of the Board of Directors and delivered to the Trustee from time
to time). The signature of any of these officers on the Securities may be manual or facsimile.

 

At any time and
from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company, to the Trustee for authentication, together with a Company Order, and the Trustee in accordance with
the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have
been established by or pursuant to one or more Board Resolutions, and accepting the additional responsibilities under this
Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 601) shall
be fully protected in relying upon, an Opinion of Counsel stating,

 

    26

     

    

 

(1)              
if the form of such Securities has been established by or pursuant to Board Resolution, as permitted by Section 201,
that such form has been established in conformity with the provisions of this Indenture;

 

(2)              
if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 301,
that such terms have been established in conformity with the provisions of this Indenture; and

 

(3)              
that when such Securities have been authenticated and delivered by the Trustee and issued by the Company in the manner
and subject to any conditions specified in such Opinion of Counsel, such Securities will constitute valid and legally binding obligations
of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles
and subject to any limitation with respect to payments in currency other than U.S. dollars.

 

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

 

Notwithstanding the
provisions of Section 301 and of the preceding paragraph, if all Securities of a series are not to be originally issued at
one time, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 301
or the Company Order, and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication
of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the
first Security of such series to be issued.

 

Each Security shall
be dated the date of its authentication.

 

No Security shall be
entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but
never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in
Section 309, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered
hereunder and shall never be entitled to the benefits of this Indenture.

 

    27

     

    

 

Section 304         
Temporary Securities.
Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order, the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced,
in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine,
as evidenced by their execution of such Securities.

 

If temporary Securities
of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company
in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary
Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or
more definitive Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.
Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture
as definitive Securities of such series and tenor.

 

Section 305         
Registration, Registration of Transfer and Exchange. The Company shall cause to be kept at each office or
agency of the Company designated as a Place of Payment pursuant to the first paragraph of Section 1002 a register (the
register, maintained in each such office or agency of the Company designated as a 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 Securities and of transfers of Securities. The Trustee is hereby appointed “Security
Registrar” for the purpose of registering Securities and transfers of Securities as herein provided.

 

Upon surrender for
registration of transfer of any Security of a series at the office or agency of the Company 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 Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount.

 

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

 

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

 

    28

     

    

 

Every Security presented
or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed,
by the Holder thereof or his attorney duly authorized in writing.

 

No service charge shall
be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Sections 304, 906 or 1107 not involving any transfer.

 

If the Securities of
any series (or of any series and specified tenor) are to be redeemed in whole or in part, the Company shall not be required (A)
to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case
may be) during a period beginning at the opening of business 15 days before the day of selection of any such Securities for redemption
under Section 1103 and ending at the close of business on the day of such selection (or during such period as otherwise specified
pursuant to Section 301 for such Securities), or (B) to register the transfer of or exchange any Security so selected for
redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 

The Trustee shall have
no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture
or under applicable law with respect to any transfer of any interest in any Security other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of,
this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

The provisions of Clauses (1),
(2), (3) and (4) below shall apply only to Global Securities:

 

(1)              
Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated
for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and
each such Global Security shall constitute a single Security for all purposes of this Indenture.

 

(2)               Notwithstanding
any other provision in this Indenture, and subject to such applicable provisions, if any, as may be specified as contemplated
by Section 301, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a
Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global
Security or a nominee thereof unless (A) such Depositary has notified the Company that it (i) is unwilling or
unable to continue as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under
the Exchange Act, or (B) the Company has executed and delivered to the Trustee a Company Order stating that such Global
Security shall be exchanged in whole for Securities that are not Global Securities (in which case such exchange shall
promptly be effected by the Trustee). If the Company receives a notice of the kind specified in Clause (A) above or
has delivered a Company Order of the kind specified in Clause (B) above, it may, in its sole discretion, designate
a successor Depositary for such Global Security within 90 days after receiving such notice or delivery of such order, as the
case may be. If the Company designates a successor Depositary as aforesaid, such Global Security shall promptly be exchanged
in whole for one or more other Global Securities registered in the name of the successor Depositary, whereupon such
designated successor shall be the Depositary for such successor Global Security or Global Securities and the provisions of
Clauses (1), (2), (3) and (4) of this provision shall continue to apply thereto.

 

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(3)              
Subject to Clause (2) above and to such applicable provisions, if any, as may be specified as contemplated
by Section 301, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities
issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global
Security shall direct.

 

(4)              
Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a
Global Security or any portion thereof, whether pursuant to this Section 305, Section 304, 306, 906 or 1107 or otherwise,
shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the
name of a Person other than the Depositary for such Global Security or a nominee thereof.

 

Every Person who takes
or holds any beneficial interest in a Global Security agrees that:

 

(5)              
the Company and the Trustee may deal with the Depositary as sole owner of the Global Security and as the authorized
representative of such Person;

 

(6)              
such Person’s rights in the Global Security shall be exercised only through the Depositary and shall be limited
to those established by law and agreement between such Person and the Depositary and/or direct and indirect participants of the
Depositary;

 

(7)              
the Depositary and its participants make book-entry transfers of beneficial ownership among, and receive and transmit
distributions of principal and interest on the Global Securities to, such Persons in accordance with the Applicable Procedures
of the Depositary; and

 

(8)              
none of the Company, the Trustee nor any agent of the Company or the Trustee will have any responsibility or liability
for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or
for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 

The transferor of any Security shall
provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable
tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Code.
The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such
information. In connection with any proposed exchange of a Security that is not a Global Security for a Global Security, the
Company or the Depositary shall be required to provide or cause to be provided to the Trustee all information necessary to
allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis
reporting obligations under Section 6045 of the Code. The Trustee may rely on information provided to it and shall have no
responsibility to verify or ensure the accuracy of such information.

 

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Section 306         
Mutilated, Destroyed, Lost and Wrongfully Taken Securities. If (a) any mutilated Security is surrendered
to the Trustee or (b) both (i) there shall be delivered to the Company and the Trustee (A) a claim by a Holder as to
the destruction, loss or wrongful taking of any Security of such Holder and a request thereby for a new replacement Security of
the same series, and (B) such indemnity bond as may be required by them to save each of them and any agent of either of them harmless
and (ii) such other reasonable requirements as may be imposed by the Company as permitted by Section 8-405 of the Uniform
Commercial Code have been satisfied, then, in the absence of notice to the Company or the Trustee that such Security has been acquired
by a “protected purchaser” within the meaning of Section 8-405 of the Uniform Commercial Code, the Company shall
execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such mutilated, destroyed, lost or wrongfully
taken Security, a new 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 wrongfully taken Security has become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, pay such Security.

 

Upon the issuance of
any new Security under this Section 306, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith.

 

Every new Security
of any series issued pursuant to this Section 306 in lieu of any destroyed, lost or wrongfully taken Security shall constitute
an original additional contractual obligation of the Company, whether or not the destroyed, lost or wrongfully taken Security shall
be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that series duly issued hereunder.

 

The provisions of this
Section 306 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 wrongfully taken Securities.

 

Section 307         
Payment of Interest; Interest Rights Preserved. Except as otherwise provided as contemplated by Section 301
with respect to any Securities of a series, interest on any Security which is payable, and is punctually paid or duly provided
for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date (whether or not a Business Day) for such interest.

 

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Any interest on
any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular
Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in
each case, as provided in Clause (1) or (2) below:

 

(1)              
The Company may elect to make payment of any Defaulted Interest payable on any Securities of a series to the Persons
in whose names such Securities (or their respective Predecessor Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each of such Securities 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 Company 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 Company shall promptly notify the Trustee
of such Special Record Date and the Trustee, 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 given to each Holder of such Securities in the manner
set forth in Section 106, 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 such Securities (or their respective Predecessor Securities) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following Clause (2).

 

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

 

Except as may otherwise
be provided in this Section 307 or as contemplated in Section 301 with respect to any Securities of a series, the Person
to whom interest shall be payable on any Security that first becomes payable on a day that is not an Interest Payment Date shall
be the Holder of such Security on the day such interest is paid.

 

Subject to the foregoing
provisions of this Section 307, each Security delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by
such other Security.

 

In the case of
any Security which is converted after any Regular Record Date and on or prior to the next succeeding Interest Payment Date
(other than any Security whose Maturity is prior to such Interest Payment Date), interest whose Stated Maturity is on such
Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion, and such interest
(whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on such Regular Record Date. Except as otherwise expressly
provided in the immediately preceding sentence, in the case of any Security which is converted, interest whose Stated
Maturity is after the date of conversion of such Security shall not be payable.

 

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Notwithstanding the
foregoing, the terms of any Security that may be converted may provide that the provisions of the immediately preceding paragraph do
not apply, or apply with such additions, changes or omissions as may be provided thereby, to such Security.

 

Section 308         
Persons Deemed Owners. Prior to due presentment of a Security for registration of transfer, the Company and
the Trustee and any agent of the Company or the Trustee shall treat the Person in whose name such Security is registered as the
owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 307) any
interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company
the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

Section 309         
Cancellation. All Securities surrendered for payment, redemption, registration of transfer or exchange or
conversion 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 in accordance with its customary procedures. The Company may at any time deliver
to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired
in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation
any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall
be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled
as provided in this Section 309, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee
shall be disposed of in accordance with the Trustee’s customary procedures.

 

Section 310         
Computation of Interest. Except as otherwise specified as contemplated by Section 301 for Securities
of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 311         
CUSIP Numbers. The Company, in issuing the Securities may use “CUSIP” and “ISIN” numbers
(if then generally in use), and, if so, the Trustee shall use “CUSIP” and “ISIN” numbers in notices of
redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in “CUSIP”
or “ISIN” numbers.

 

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ARTICLE IV

SATISFACTION AND DISCHARGE

 

Section 401         
Satisfaction and Discharge of Indenture. This Indenture shall upon Company Request cease to be of further
effect with respect to the Securities of any series (except as to any surviving rights of the Trustee, and of conversion, registration
of transfer or exchange of any such Security expressly provided for herein or in the terms of such Security), and the Trustee,
at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with
respect to such Securities, when

 

(1)              
either

 

(A)           
all such Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed,
lost or wrongfully taken and which have been replaced or paid as provided in Section 306 and (ii) Securities for the
payment of which 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 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 the case
of (i), (ii) or (iii) above, has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds
in trust for such purpose money in an amount sufficient to pay and discharge the entire Indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case
of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

(2)              
the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to such Securities;

 

(3)               no
event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or
any other Securities (other than such an event or Event of Default with respect to such Securities resulting solely from the
incurrence of Indebtedness or other borrowing of funds, or the grant of liens securing such Indebtedness or other borrowing,
all or a portion of which are to be applied to such deposit) shall have occurred and be continuing at the time of such
deposit;

 

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(4)              
such deposit shall not result in a breach or violation of, or constitute a default under, any other agreement or
instrument to which the Company is a party or by which it is bound; and

 

(5)              
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to such
Securities have been complied with.

 

Notwithstanding the
satisfaction and discharge of this Indenture with respect to Securities of any series, the obligations of the Company to the Trustee
under Section 607, the obligations of the Company to any Authenticating Agent under Section 614, and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of this Section 401 with
respect to such Securities, the obligations of the Company of such series under Section 1002 and the obligations of the Trustee
under Section 402, Section 606 and the last paragraph of Section 1003 with respect to such Securities shall
survive such satisfaction and discharge.

 

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 with respect to Securities of any series shall be held in trust and
applied by it, in accordance with the provisions of such 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 any premium and interest for whose payment such money has been deposited with the Trustee. All moneys deposited
with the Trustee pursuant to Section 401 (and held by it or any Paying Agent) for the payment of Securities subsequently converted
shall be returned to the Company upon Company Request, to the extent originally deposited by the Company. The Company may direct
by a Company Order the investment of any money deposited with the Trustee pursuant to Section 401, without distinction between
principal and income, in (1) United States Treasury Securities with a maturity of one year or less or (2) a money market
fund that invests solely in short term United States Treasury Securities and from time to time the Company may direct the reinvestment
of all or a portion of such money in other securities or funds meeting the criteria specified in Clause (1) or (2) of
this sentence.

 

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ARTICLE V

REMEDIES

 

Section 501         
Events of Default.

 

Except as may
otherwise be provided pursuant to Section 301 for all or any specific Securities of any series, “Event of
Default,” wherever used herein with respect to the Securities of that series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be occasioned by the provisions of Article XIV, 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 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 any premium on any 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 Security of that series and
continuance of such default for a period of 60 days; 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 501 specifically dealt with
or which has expressly been included in this Indenture solely for the benefit of series of Securities other than that series),
and continuance of such default or breach for a period of 90 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 the Outstanding
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

 

(5)              
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 a 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 90 consecutive days

 

(provided that, if any Person becomes
the successor to the Company pursuant to Article VIII and such Person is a corporation, partnership or trust organized and
validly existing under the law of a jurisdiction outside the United States, each reference in this Clause (5) to an applicable
Federal or State law of a particular kind shall be deemed to refer to such law or any applicable comparable law of such non-U.S.
jurisdiction, for as long as such Person is the successor to the Company hereunder and is so organized and existing); or

 

(6)               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 the Company 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 other
similar official of the Company or of any substantial part of its property, or the making by it of an assignment for the
benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or
the taking of corporate action by the Company in furtherance of any such action (provided that, if any Person becomes the
successor to the Company pursuant to Article VIII and such Person is a corporation, limited liability company,
partnership, trust or other entity organized and validly existing under the law of a jurisdiction outside the United States,
each reference in this Clause (6) to an applicable Federal or State law of a particular kind shall be deemed to
refer to such law or any applicable comparable law of such non-U.S. jurisdiction, for as long as such Person is the successor
to the Company hereunder and is so organized and existing); or

 

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(7)              
any other Event of Default provided with respect to Securities of that series in accordance with Section 301.

 

Section 502         
Acceleration of Maturity; Rescission and Annulment. Except as may otherwise be provided pursuant to Section 301
for all or any specific Securities of any series, if an Event of Default (other than an Event of Default specified in Section 501(5)
or Section 501(6)) with respect to Securities of that 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 Securities of that series may
declare the principal amount of all the Securities of that series (or, in the case of any Security of that series which specifies
an amount to be due and payable thereon upon acceleration of the Maturity thereof, such amount as may be specified by the terms
thereof) 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 (or specified amount), together with any accrued and unpaid interest thereon, shall
become immediately due and payable. Except as may otherwise be provided pursuant to Section 301 for all or any specific Securities
of any series, if an Event of Default specified in Section 501(5) or Section 501(6) with respect to Securities of
that series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, in the case of any Security
of that series which specifies an amount to be due and payable thereon upon acceleration of the Maturity thereof, such amount as
may be specified by the terms thereof), together with any accrued and unpaid interest thereon, shall automatically, and without
any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable.

 

Except as may otherwise
be provided pursuant to Section 301 for all or any specific Securities of any series, at any time after such a declaration
of acceleration with respect to Securities of that 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 Securities of that series, by written notice to the Company, and the Trustee, may rescind and annul such declaration
and its consequences if 

 

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

 

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

 

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

 

(C)           
to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed
therefor in such Securities, and

 

(D)           
all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel; and

 

(2)              
all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities
of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513.

 

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

 

Section 503         
Collection of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that if

 

(1)              
default is made in the payment of any interest on any Security when such interest becomes due and payable and such
default continues for a period of 60 days, or

 

(2)              
default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof,

 

the Company will, upon demand of the Trustee,
pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal
and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue
principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

 

If an Event of Default
with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 504          Trustee
May File Proofs of Claim. In case of any judicial proceeding relative to the Company or any other obligor upon the
Securities, their property or their creditors, the Trustee shall be entitled and empowered, by intervention in such
proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the
Holders and the Trustee allowed in any such proceeding. The Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. To the extent
that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 607 out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a line on, and shall be paid out of, any and all distributions, dividends, money,
securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or
under any plan of reorganization or arrangement or otherwise.

 

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No provision of this
Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize
the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee
may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’
or other similar committee.

 

Section 505         
Trustee May Enforce Claims Without Possession of Securities. All rights of action and claims under this Indenture
or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production
thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities
in respect of which such judgment has been recovered.

 

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 any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially
paid and upon surrender thereof if fully paid:

 

FIRST: To the payment
of all amounts due the Trustee, its agents and attorneys hereunder;

 

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

 

THIRD: To the payment
of the remainder, if any, to the Company, or to whomsoever may be lawfully entitled to receive the same as a court of competent
jurisdiction may direct.

 

Section 507         
Limitation on Suits. No Holder of any Security of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless

 

(1)              
such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the
Securities of that series;

 

(2)              
the Holders of not less than 25% in principal amount of the Outstanding 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 indemnity satisfactory to it against the costs, losses, expenses
and liabilities to be incurred in compliance with such request;

 

(4)              
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute
any such proceeding; and

 

(5)              
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the
Holders of a majority in principal amount of the Outstanding Securities of that series;

 

    39

     

    

 

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 of such 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 of such Holders (it being understood that the Trustee does not have an affirmative duty
to ascertain or determine whether any action or inaction disturbs or prejudices the rights of any Holder or seeks to obtain priority
or preference over any Holder).

 

Section 508         
Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert. Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date), and, if the terms of such
Security so provide, to convert such Security in accordance with its terms, and to institute suit for the enforcement of any such
payment and, if applicable, any such right to convert, and such rights shall not be impaired without the consent of such Holder.

 

Section 509          Restoration
of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under
this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the
Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the
Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all
rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

 

Section 510         
Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or wrongfully taken Securities in the last paragraph of Section 306, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 511         
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Securities to exercise
any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may
be.

 

Section 512         
Control by Holders. The Holders of a majority in principal amount of the Outstanding Securities of any series
shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that

 

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

 

(2)              
the Trustee may require indemnity satisfactory to it being furnished prior to taking such action;

 

(3)              
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction;
and

 

(4)              
subject to the provisions of Section 601, the Trustee shall have the right to decline to follow any such direction
if the Trustee shall determine that the proceeding so directed would involve the Trustee in personal liability.

 

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Section 513         
Waiver of Past Defaults. Except as may otherwise be provided pursuant to Section 301 for all or any specific
Securities of any series, the Holders of not less than a majority in principal amount (including waivers obtained in connection
with a purchase of, or tender offer or exchange offer for, Securities) of the Outstanding Securities of any series to be affected
under this Indenture may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect
to such series and its consequences, except a default

 

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

 

(2)              
 in respect of a covenant or provision hereof which under Article IX cannot be modified or amended without the
consent of the Holder of each Outstanding Security of such series affected.

 

Upon any such waiver
with respect to any series, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have
been cured, with respect to such series for every purpose of this Indenture; but no such waiver shall extend to any subsequent
or other default or impair any right consequent thereon. A waiver of any past default and its consequences given by or on behalf
of any Holder of Securities in connection with a purchase of, or tender or exchange offer for, such Holder’s Securities will
not be rendered invalid by such purchase, tender or exchange.

 

Section 514         
Undertaking for Costs. 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, a court may require any party litigant
in such suit to file an undertaking to pay the costs of such suit, and may assess costs, including reasonable attorneys’
fees and expenses, against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided
that neither this Section 514 nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking
or to make such an assessment in any suit instituted by the Trustee, or by any Holder, or group of Holders, holding in the aggregate
more than 10% in aggregate principal amount of the Outstanding 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 Security on or after the Stated
Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date) or, if applicable,
in any suit for the enforcement of the right to convert any Security in accordance with its terms.

 

Section 515         
Waiver of Usury, 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
usury, 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.

 

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ARTICLE VI

THE TRUSTEE

 

Section 601         
Certain Duties and Responsibilities.

 

(a)       Except
during the continuance of an Event of Default,

 

(1)              
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

 

(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 (but need not confirm or investigate the accuracy of mathematical calculations or
other facts stated therein).

 

(b)       In
case an Event of Default has occurred and is continuing, the Trustee shall 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 person would exercise or use under
the circumstances in the conduct of such person’s own affairs.

 

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

 

(1)       this
Subsection shall not be construed to limit the effect of the first paragraph of this Section 601;

 

(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 in good faith in accordance with the
direction of the Holders of a majority in principal amount of the Outstanding Securities of any series, determined as provided
in 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 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.

 

(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 601.

 

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(e)       No
provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. 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 unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs,
expenses, losses and liabilities that might be incurred by it in compliance with such request or direction.

 

Section 602         
Notice of Defaults. If a default or Event of Default occurs and is continuing hereunder with respect to Securities
of any series, and if it is known to the Trustee as provided in Section 603(10), the Trustee shall send to the Holders of Securities
of such series notice of such default or Event of default within 90 days after the Trustee gains knowledge of the default or Event
of Default unless such default or Event of Default shall have been cured or waived before the giving of such notice. Except in
the case of a default or Event of Default in payment of principal of, premium or interest on Securities of any series, the Trustee
may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the
notice is in the interests of the Holders of the Securities of such series. For the purpose of this Section 602 and Section 1005,
the term “default” means, with respect to Securities of any series, any event which is, or after notice or lapse of
time or both would become, an Event of Default with respect to Securities of such series.

 

Section 603         
Certain Rights of Trustee. Subject to the provisions of Section 601:

 

(1)              
the Trustee may conclusively 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 shall be sufficiently evidenced by a Board Resolution;

 

(3)              
before the Trustee acts or refrains from acting, it may require an Officers’ Certificate and/or an Opinion
of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officers’
Certificate or Opinion of Counsel;

 

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

 

(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 pursuant to this Indenture, unless such Holders shall have offered to the Trustee
security or indemnity satisfactory to it against the costs, losses, 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 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 at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation;

 

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(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 and shall not be responsible for the supervision of officers and employees
of such agents or attorneys;

 

(8)              
the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate
may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized
in any such certificate previously delivered and not superseded;

 

(9)              
the Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture;

 

(10)            
the Trustee shall not be deemed to have notice of any default or Event of Default unless a Responsible Officer of
the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the
Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture;

 

(11)            
the rights, privileges, protections, immunities and benefits given to the Trustee, including its rights to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and
other Person employed to act hereunder;

 

(12)            
in no event shall the Trustee be responsible or liable for any special, indirect, punitive or consequential loss
or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised
of the likelihood of such loss or damage and regardless of the form of action;

 

(13)            
the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder;

 

(14)            
the right of the Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as
a duty; and

 

(15)            
under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the
Securities.

 

Section 604          Not
Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities and in any
offering memorandum, prospectus or prospectus supplement of the Company prepared from time to time with respect to the offer
and sale of Securities of any series, except the Trustee’s certificates of authentication, shall be taken as the
statements of the Company, and the Trustee does not assume any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be
accountable for the use or application by the Company of Securities or the proceeds thereof. The Trustee shall not be bound
to ascertain or inquire as to the performance, observance, or breach of any covenants, conditions, representations,
warranties or agreements on the part of the Company or any Guarantors. Under no circumstances shall the Trustee be liable in
its individual capacity for the obligations evidenced by the Securities. The Trustee shall have no obligation to pursue any
action that is not in accordance with applicable law. The Trustee shall have no obligation to independently determine or
verify if any event has occurred or notify the Holders of any event dependent upon the rating of the Securities, or if the
rating on the Securities has been changed, suspended or withdrawn by any ratings agency.

 

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Section 605         
May Hold Securities. The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any
other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject
to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating
Agent, Paying Agent, Security Registrar or such other agent.

 

Section 606         
Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds
and need not be held in an interest-bearing account, in each case, except to the extent required by law or by any other provision
of this Indenture. The Trustee (acting in any capacity hereunder) shall be under no liability for interest on any money received
by it hereunder except as otherwise agreed in writing with the Company.

 

Section 607         
Compensation and Reimbursement.

 

(1)             
The Company shall pay to the Trustee (in each of its capacities hereunder) from time to time reasonable compensation
for its acceptance of this Indenture and services hereunder in accordance with a written schedule provided by the Trustee to the
Company. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The
Company shall reimburse the Trustee promptly upon request for all reasonable and customary disbursements, advances and reasonable
out-of-pocket expenses incurred or made by it in addition to the compensation for its services, except those resulting from its
own negligence or willful misconduct as adjudicated by a court of competent jurisdiction in a final, non-appealable decision. Such
expenses shall include the reasonable and customary compensation, disbursements and expenses of the Trustee’s agents and
counsel.

 

(2)               The
Company shall indemnify, defend and protect the Trustee (in any capacity under this Indenture or any other document or
transaction entered into in connection with this Indenture) and its officers, directors, agents and employees, and hold the
Trustee harmless against any and all losses, liabilities, claims, damages or expenses (including taxes (other than taxes
based upon, or measured by or determined by the income of the Trustee), reasonable attorney’s fees and expenses and
court costs) incurred by it arising out of or in connection with the acceptance or administration of its duties under this
Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 607
and reasonable attorneys’ fee and expenses and court costs) and defending itself against any claim (whether asserted by
either of the Company or any Holder or any other person) or liability in connection with the exercise or performance of any
of its powers or duties hereunder, except to the extent any such loss, liability or expense that is the result of its
negligence or willful misconduct as adjudicated by a court of competent jurisdiction in a final, non-appealable decision. The
Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee
shall cooperate in the defense. The Trustee may elect to have separate counsel defend the claim. The Company need not pay for
any settlement made without its consent, which consent shall not be unreasonably withheld. As security for the performance of
the obligations of the Company under this Section 607 the Trustee shall have a lien prior to the Securities of any
series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of
principal of (and premium, if any) or interest on Securities of such series. Such lien shall survive satisfaction and
discharge of this Indenture. As security for the performance of the obligations of the Company under this Section 607
the Trustee shall have a lien prior to the Securities of any series upon all property and funds held or collected by the
Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest on Securities
of such series. Such lien shall survive satisfaction and discharge of this Indenture.

 

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(3)              
Without limiting any rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 501(5) or Section 501(6), the expenses (including
the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of
administration under any applicable Federal or State bankruptcy, insolvency or other similar law.

 

(4)              
The provisions of this Section 607 shall survive the termination of this Indenture and the satisfaction and
discharge of this Indenture or the earlier resignation or removal of the Trustee.

 

Section 608         
Conflicting Interests. If the Trustee has or shall acquire a conflicting interest within the meaning of the
Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and
subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the
Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities
of more than one series.

 

Section 609          Corporate
Trustee Required; Eligibility. There shall at all times be one (and only one) Trustee hereunder with respect to the
Securities of each series, which may be Trustee hereunder for Securities of one or more other series. Each Trustee shall be a
Person that is eligible pursuant to the Trust Indenture Act to act as such, has a combined capital and surplus of at least
$50,000,000 and has its Corporate Trust Office in the continental United States of America. If any such Person publishes
reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority,
then for the purposes of this Section 609 and to the extent permitted by the Trust Indenture Act, the combined capital
and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in
accordance with the provisions of this Section 609, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

 

Section 610         
Resignation and Removal; Appointment of Successor. 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.

 

The Trustee may resign
at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument
of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 60 days after
the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

The Trustee may be
removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series, by 30 days’ written notice delivered to the Trustee and 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 a notice of removal pursuant to this paragraph, the Trustee being removed may petition, at the expense of the Company,
any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

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If at any time:

 

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

 

(2)              
the Trustee shall cease to be eligible under Section 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 or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee
or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation,

 

then, in any such case, (A) the Company
by a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to Section 514, any Holder
who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment
of a successor Trustee or Trustees.

 

If the Trustee shall
resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect
to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with
respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect
to the Securities of any particular series) and shall comply with the applicable requirements of Section 611. If an instrument
of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice
of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series. If, within one year after such resignation, removal
or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed
by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and
the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance
with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series
and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 611,
any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect
to the Securities of such series.

 

The Company shall give
notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of
a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided
in Section 106. Each notice shall include the name of the successor Trustee with respect to the Securities of such series
and the address of its Corporate Trust Office.

 

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Section 611         
Acceptance of Appointment by Successor. In case of the appointment hereunder of a successor Trustee with respect
to all Securities, such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring
Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall,
upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and
trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held
by such retiring Trustee hereunder.

 

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

 

Upon request of any
such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case
may be.

 

No successor Trustee
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 or substantially all the corporate trust business of
the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and
eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties
hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by
merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so
authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

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Section 613         
Preferential Collection of Claims Against Company. If and when the Trustee shall be or become a creditor of
the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims against the Company (or any such other obligor).

 

Section 614          Appointment
of Authenticating Agent. The Trustee may appoint an Authenticating Agent or Agents with respect to any series of
Securities which shall be authorized to act on behalf of the Trustee to authenticate the Securities of such Series issued
upon original issue and upon exchange, registration of transfer, partial conversion or partial redemption or pursuant to
Section 306, and Securities of such series so authenticated shall be entitled to the benefits of this Indenture and
shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in
this Indenture to the authentication and delivery of Securities of such series by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee
by an Authenticating Agent so appointed with respect to such series and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent so appointed with respect to such series. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United
States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent,
having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or
State authority. If such Authenticating Agent publishes reports of condition at least annually pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes of this Section 614, 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 614, such Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section 614.

 

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 614, without the execution or filing of any paper or any further
act on the part of the Trustee, the Company, the Authenticating Agent or such successor corporation.

 

An Authenticating Agent
may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 614, the Trustee may appoint a successor Authenticating Agent with respect
to any series of Securities which shall be acceptable to the Company and shall give notice of such appointment to all Holders of
Securities of such series in the manner provided in Section 106. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all 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 614.

 

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The Company agrees
to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 614.

 

If an appointment is
made pursuant to this Section 614 with respect to Securities of any series, the Securities of such series may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following
form:

 

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

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, As Trustee
	 	 
	 	By	[NAME OF AUTHENTICATING AGENT],
	 	 	As Authenticating Agent
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

ARTICLE VII

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

 

(1)              
semi-annually, not later than on each Record Date in each year, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders of Securities of each series as of such Record Date, and

 

(2)              
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;

 

excluding from any such list names and
addresses received by the Trustee in its capacity as Security Registrar.

 

Section 702         
Preservation of Information; Communications to Holders. 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.

 

The rights of Holders
to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding
rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act.

 

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Every Holder of Securities,
by receiving and holding the same, agrees with the Company and the Trustee that neither of the Company nor the Trustee nor any
agent of any of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders
made pursuant to the Trust Indenture Act.

 

Section 703         
Reports by Trustee. The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto.

 

Reports so required
to be transmitted at stated intervals of not more than 12 months shall be transmitted no later than [ ] and shall be
dated as of [ ] in each calendar year, commencing in 20[ ].

 

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

 

Section 704         
Reports by Company. The Company shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act, if
any, at the times and in the manner provided pursuant to such Act; provided that any such information, documents or reports
required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act need not be filed with the Trustee
until the 15th day after the same are actually filed with the Commission. Delivery of such reports, information and documents to
the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive
notice of any information contained therein or determinable from information contained therein, including the compliance by the
Company with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).
The Company will be deemed to have furnished each report required above to the Trustee and the Holders of the Securities if it
has filed such report with the SEC using the EDGAR filing system or if such report is otherwise publicly available. The Trustee
shall have no obligation to determine whether or not such reports have been filed on the EDGAR filing system.

 

ARTICLE VIII

CONSOLIDATION, MERGER, CONVEYANCE,
TRANSFER OR LEASE

 

Section 801         
Company May Consolidate, Etc., Only on Certain Terms. The Company shall not, in a single transaction or a
series of related transactions, consolidate with or merge into any other Person or sell, convey, transfer or lease all or substantially
all its properties and assets to any Person, and the Company shall not permit any Person to consolidate with or merge into the
Company, unless:

 

(1)              
in case the Company shall consolidate with or merge into another Person or sell, convey, transfer or lease all or
substantially all its properties and assets to any Person, the Person formed by such consolidation or into which the Company is
merged or the Person which acquires by sale, conveyance or transfer, or which leases, all or substantially all the properties and
assets of the Company shall be a corporation, limited liability company, partnership or trust, shall be organized and validly existing
under the laws of the United States, any state thereof or the District of Columbia and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the due and punctual
payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant
of this Indenture on the part of the Company to be performed or observed and, for each Security that by its terms provides for
conversion, shall have provided for the right to convert such Security in accordance with its terms;

 

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(2)              
 immediately after giving effect to such transaction and treating any Indebtedness which becomes an obligation of
the Company or any Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the
time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event
of Default, shall have happened and be continuing; and

 

(3)              
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
such consolidation, merger, sale, conveyance, transfer or lease and, if a supplemental indenture is required in connection with
such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating
to such transaction have been complied with.

 

Section 802         
Successor Substituted. Upon any consolidation of the Company with, or merger of the Company into, any other
Person or any sale, conveyance, transfer or lease of all or substantially all the properties and assets of the Company in accordance
with Section 801, the successor Person formed by such consolidation or into which the Company is merged or to which such sale,
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter,
except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and
the Securities.

 

ARTICLE IX

SUPPLEMENTAL INDENTURES

 

Section 901         
Supplemental Indentures Without Consent of Holders. Except as may otherwise be provided pursuant to Section 301
for all or any specific Securities of any series, 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 Person to the Company and the assumption by any such successor of the covenants
of the Company herein and in the Securities, as the case may be; or

 

(2)              
to add to the covenants of the Company for the benefit of the Holders of all or any Securities of any series (and
if such covenants are to be for the benefit of less than all Securities of such series, stating that such covenants are expressly
being included solely for the benefit of such Securities within such series) or to surrender any right or power herein conferred
upon the Company with regard to all or any Securities of any series (and if any such surrender is to be made with regard to less
than all Securities of such series, stating that such surrender is expressly being made solely with regard to such Securities within
such series); or

 

(3)              
to add any additional Events of Default for the benefit of the Holders of all or any Securities of any series (and
if such additional Events of Default are to be for the benefit of less than all Securities of such series, stating that such additional
Events of Default are expressly being included solely for the benefit of such Securities within such series); or

 

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

 

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(5)              
to add to, change or eliminate any of the provisions of this Indenture in respect of all or any Securities of any
series (and if such addition, change or elimination is to apply with respect to less than all Securities of such series, stating
that it is expressly being made to apply solely with respect to such Securities within such series), provided that any such
addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution
of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any
such Security with respect to such provision or (B) shall become effective only when there is no such Security Outstanding;
or

 

(6)              
to secure the Securities; or

 

(7)              
to establish the form or terms of all or any 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 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; or

 

(9)              
to add to or change any of the provisions of this Indenture with respect to any Securities that by their terms may
be converted into securities or other property other than Securities of the same series and of like tenor, in order to permit or
facilitate the issuance, payment or conversion of such Securities; or

 

(10)            
to conform the text of this Indenture or any Securities to any provision of the “Description of the Notes”
(or comparable) section in any offering memorandum, prospectus or prospectus supplement of the Company prepared from time to time
after the date of this Indenture with respect to the offer and sale of Securities of any series, to the extent that such provision
was intended to be a verbatim recitation of a provision of this Indenture, the Securities; which intention shall be established
by an Officers’ Certificate; or

 

(11)            
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,
provided that such action pursuant to this Clause (12) shall not adversely affect the interests of the Holders of Securities
of any series in any material respect.

 

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

 

Section 902         
Supplemental Indentures With Consent of Holders. Except as may otherwise be provided pursuant to Section 301
for all or any specific Securities of any series, with the consent of the Holders of a majority in principal amount (including
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities) of the Outstanding Securities
of all series affected by such supplemental indenture (considered together as one class for this purpose and such affected Securities
potentially being Securities of the same or different series and, with respect to any series, potentially comprising fewer than
all the Securities of such series), 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 Securities of such series under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security affected thereby (including consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Securities),

 

(1)              
change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security,
or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce
the amount of the principal of an Original Issue Discount Security or any other Security which would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 502, or permit the Company to redeem any Security
if, absent such supplemental indenture, the Company would not be permitted to do so, or change any Place of Payment where, or the
coin or currency in which, any Security or any premium or interest thereon is payable, or impair the right to institute suit for
the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption
Date), or

 

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(2)              
if any Security provides that the Holder may require the Company to repurchase or convert such Security, impair such
Holder’s right to require repurchase or conversion of such Security on the terms provided therein, or

 

(3)              
reduce the percentage in principal amount of the Outstanding Securities of any one or more series (considered separately
or together as one class, as applicable, and whether comprising the same or different series or less than all the Securities of
a 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

 

(4)              
modify any of the provisions of this Section 902, Section 513 or Section 1006, except to increase
any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent
of the Holder of each Outstanding Security affected thereby; provided, however, that this clause shall not be deemed
to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes
in this Section 902 and Section 1006, or the deletion of this proviso, in accordance with the requirements of Sections 611
and 901(8).

 

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 Securities or series of Securities, or which modifies the rights of the Holders of such Securities
or series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the
Holders of any other Securities or of any other series, as applicable.

 

It shall not be necessary
for any Act of Holders under this Section 902 to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof. A consent to any indenture supplemental hereto by or on behalf
of any Holder of Securities given in connection with a purchase of, or tender or exchange offer for, such Holder’s Securities
will not be rendered invalid by such purchase, tender or exchange.

 

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 and Officers’
Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and constitutes
the legal, valid and binding obligation of the Company enforceable against it in accordance with its terms. The Trustee may, but
shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise.

 

Section 904         
Effect of Supplemental Indentures. Upon the execution of 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 Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

 

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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.

 

Section 906         
Reference in Securities to Supplemental Indentures. Securities of any series authenticated and delivered after
the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation
in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental
indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding
Securities of such series.

 

Section 907         
Subordination Unimpaired. No supplemental indenture shall adversely affect the interests of any holder of
Senior Debt then outstanding under Article XIV in any material respect unless each holder of Senior Debt so affected (or
the group or representative thereof authorized or required to consent thereto pursuant to the instrument creating or evidencing,
or pursuant to which there is outstanding, such Senior Debt) consents to such supplemental indenture in writing.

 

ARTICLE X

COVENANTS

 

Section 1001     
Payment of Principal, Premium and Interest. The Company covenants and agrees for the benefit of each series
of Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series
in accordance with the terms of the Securities and this Indenture. With respect to physical Securities, if any, presentation is
due at maturity.

 

Section 1002     
Maintenance of Office or Agency. The Company will maintain in each Place of Payment for any series of Securities
an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series
may be surrendered for registration of transfer or exchange, where Securities may be surrendered for conversion and where notices
and demands to or upon the Company in respect of the 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 Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency
in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee
of any such designation or rescission and of any change in the location of any such other office or agency.

 

With respect to any
Global Security, and except as otherwise may be specified for such Global Security as contemplated by Section 301, the Corporate
Trust Office of the Trustee shall be the Place of Payment where such Global Security may be presented or surrendered for payment
or for registration of transfer or exchange, or where successor Securities may be delivered in exchange therefor, provided,
however, that any such payment, presentation, surrender or delivery effected pursuant to the Applicable Procedures of the
Depositary for such Global Security shall be deemed to have been effected at the Place of Payment for such Global Security in accordance
with the provisions of this Indenture.

 

Section 1003      Money
for Securities Payments to Be Held in Trust. If the Company shall at any time act as its own Paying Agent with respect to
any series of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the
Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to
pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise
disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.

 

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Whenever the Company
shall have one or more Paying Agents for any series of Securities, it will, on or prior to 11:00 A.M., New York City time, on each
due date of the principal of or any premium or interest on any Securities of that series, deposit (or, if the Company has deposited
any trust funds with a trustee pursuant to Section 1304(1), cause such trustee to deposit) with a Paying Agent a sum sufficient
to pay such amount, such sum to be held as provided by the Trust Indenture Act, 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 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 1003, that such Paying Agent will
(1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance
of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment in respect
of the Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust
by such Paying Agent for payment in respect of the Securities of that series.

 

The Company may at
any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be
held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon
such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to
such money.

 

Subject to applicable
escheat or abandoned property laws, 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 or any premium or interest on any Security of any series and remaining unclaimed for two years
after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then
held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, shall thereupon cease.

 

Section 1004     
Corporate Existence. Subject to Article VIII, the Company will do or cause to be done all things necessary
to preserve and keep in full force and effect its corporate existence, rights (charter and statutory), licenses and franchises;
provided, however, that the Company will not be required to preserve any such right, license or franchise if it shall
determine that the preservation thereof is no longer desirable in the conduct of the business of the Company.

 

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Section 1005      Statement
by Officers as to Default. The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of
the Company ending after the date hereof, an Officers’ Certificate, stating that a review of the activities of the
Company during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture with respect
to the Securities of each series Outstanding and further stating, as to each such Officer signing such certificate, that to
the best of such Officer’s actual knowledge, the Company has kept, observed, performed and fulfilled its obligations
under this Indenture with respect to Securities of such series and is not in default in the performance and observance of any
of the material terms, provisions and conditions of this Indenture with respect to Securities of such series, in each case,
so as not to result in any default or Event of Default with respect to Securities of such series (or, if a default or Event
of Default with respect to Securities of such series shall have occurred and be continuing, describing all such defaults or
Events of Default of which such Officer may have knowledge and what action the Company is taking or propose to take with
respect thereto).

 

Section 1006     
Waiver of Certain Covenants. Except as otherwise provided pursuant to Section 301 for all or any Securities
of any series, the Company may, with respect to all or any Securities of any series, omit in any particular instance to comply
with any term, provision or condition set forth in Section 1004 or in any covenant provided pursuant to Sections 301(18),
901(2), 901(6) or 901(7) for the benefit of the Holders of such series or in Article VIII if, before the time for such
compliance, the Holders of a majority in principal amount (including waivers obtained in connection with a purchase of, or tender
offer or exchange offer for, Securities) of all Outstanding Securities affected by such waiver (considered together as one class
for this purpose and such affected Securities potentially being Securities of the same or different series and, with respect to
any particular series, potentially comprising fewer than all the Securities of such series) shall, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver
shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall
become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition
shall remain in full force and effect. A waiver of compliance given by or on behalf of any Holder of Securities in connection with
a purchase of, or tender or exchange offer for, such Holder’s Securities will not be rendered invalid by such purchase, tender
or exchange.

 

ARTICLE XI

REDEMPTION OF SECURITIES

 

Section 1101     
Applicability of Article. Securities of any series which are redeemable before their Stated Maturity shall
be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for such Securities)
in accordance with this Article.

 

Section 1102      Election
to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be established in or pursuant to
a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities. In case of any
redemption at the election of the Company of less than all the Securities of any series (including any such redemption
affecting only a single Security), the Company shall, at least 5 Business Days prior to the date the notice of redemption is
sent to Holders (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date,
of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be
redeemed. In the case of any redemption of Securities (1) prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, or (2) pursuant to an election of the Company
that is subject to a condition specified in the terms of the Securities of the series to be redeemed, the Company shall
furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition. Redemptions
may be conditioned upon the occurrence of conditions precedent with respect to the redemption.

 

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Any redemption notice
may, at the Company’s discretion, be subject to one or more conditions precedent, including completion of a corporate transaction.
In such event, the related notice of redemption shall describe each such condition and, if applicable, shall state that, at the
Company’s discretion, the Redemption Date may be delayed until such time (including more than 60 days after the date the
notice of redemption was mailed or delivered, including by electronic transmission) as any or all such conditions shall be satisfied
(or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event
that any or all such conditions shall not have been satisfied or waived by the Redemption Date, or by the Redemption Date as so
delayed. The Company shall provide written notice to the Trustee prior to the close of business two Business Days prior to the
Redemption Date if any such redemption has been rescinded or delayed, and upon receipt the Trustee shall provide such notice to
each Holder of the Securities in the same manner in which the notice of redemption was given.

 

Section 1103     
Selection by Trustee of Securities to Be Redeemed. If less than all the Securities of any series are to be
redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption affects
only a single Security), the particular Securities to be redeemed shall be selected by the Trustee, from the Outstanding Securities
of such series not previously called for redemption, pro rata (and when the Securities are in the form of Global Securities,
the Trustee shall select such Securities in accordance with the Applicable Procedures of the Depositary), and which may provide
for the selection for redemption of a portion of the principal amount of any Security of such series, provided that the
unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than
the minimum authorized denomination) for such Security. If less than all the Securities of such series and of a specified tenor
are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected
by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance
with the preceding sentence.

 

If any Security selected
for partial redemption is converted in part before termination of the conversion right with respect to the portion of the Security
so selected, the converted portion of such Security shall be deemed (so far as it may be) to be the portion selected for redemption.
Securities which have been converted during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding
for the purpose of such selection, subject to the Applicable Procedures of the DTC.

 

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

 

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The provisions of the
two preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security
is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount
of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such
Security.

 

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

 

Section 1104     
Notice of Redemption. Notice of redemption shall be given in the manner provided in Section 106 not less
than 30 days nor more than 60 days prior to the Redemption Date (or within such period as otherwise specified as contemplated by
Section 301 for the relevant Securities), to each Holder of Securities to be redeemed, at his address appearing in the Security
Register, except that redemption notices may be sent more than 60 days prior to a Redemption Date if the notice is issued in connection
with a defeasance of the Securities or a satisfaction and discharge of this Indenture pursuant to Article VI or Article XIII
hereof, respectively.

 

All notices of redemption
shall identify the Securities to be redeemed (including the series, issue date, interest rate, maturity date, certificate number
and CUSIP numbers, if any) and shall state:

 

(1)        the Redemption Date,

 

(2)        the
Redemption Price,

 

(3)        if
less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification
(and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed
and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal
amount of the particular Security to be redeemed,

 

(4)        that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed
and, if applicable, that interest thereon will cease to accrue on and after said date and, unless the Company shall default in
the payment of the Redemption Price and accrued interest, that interest on each such Security to be redeemed will cease to accrue
on and after said date and the only remaining right of the Holders of such Security to be redeemed is to receive payment of the
redemption price upon surrender to the Paying Agent of the Security to be redeemed,

 

(5)        the place or places where each such Security is to be surrendered for payment of the Redemption Price,

 

(6)        the name and address of the Paying Agent,

 

(7)        that
Securities called for redemption must be surrendered to the Paying Agent to collect the Redemption Price,

 

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(8)        that
no representation is made as to the accuracy or correctness of the CUSIP, Common Code and ISIN numbers, if applicable, if any,
listed in such notice or printed on the Securities,

 

(9)        the
conditions precedent for the redemption, if any,

 

(10)      for any Securities that by their terms may be converted, the terms of conversion, the date on which the right to
convert the Security to be redeemed will terminate and the place or places where such Securities may be surrendered for conversion,
and

 

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

 

Notice of redemption
of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, the
Trustee shall give notice of redemption in the Company’s name and at the Company’s expense; provided however that the
Company deliver to the Trustee at least five Business Days prior to the date the notice of Redemption is sent to Holders (unless
a shorter notice shall be satisfactory to the Trustee) a Company Order requesting that the Trustee give such notice in the name
and at the expense of the Company and setting forth the information to be stated in such notice as provided in this Section.

 

Section 1105     
Deposit of Redemption Price. Prior to 11:00 A.M., New York City time, on any Redemption Date, the Company
shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date, other than
any Securities called for redemption on that date which have been converted prior to the date of such deposit.

 

If any Security called
for redemption is converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for
the redemption of such Security shall (subject to any right of the Holder of such Security or any Predecessor Security to receive
interest as provided in the last paragraph of Section 307 or in the terms of such Security) be paid to the Company upon
Company Request or, if then held by the Company, shall be discharged from such trust.

 

Section 1106      Securities
Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date
(unless the Company shall default in the payment of the Redemption Price and accrued interest or unless the conditions for
the redemption have not been satisfied) such Securities shall cease to bear interest. Upon surrender of any such Security for
redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with
accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by
Section 301, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the
Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of Section 307.

 

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If any Security called
for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear
interest from the Redemption Date at the rate prescribed therefor in the Security.

 

Section 1107     
Securities Redeemed in Part. Any Security which is to be redeemed only in part shall be surrendered at a Place
of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing),
and the Company and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security
or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

 

Section 1108     
No Limit on Repurchases. Nothing in this Indenture or the Securities shall prohibit or limit the right of
the Company or any Affiliate of the Company to repurchase Securities from time to time at any price in open market purchases or
private transactions at negotiated prices, by tender offer or otherwise, in each case without any notice to or consent by Holders.
Any Securities purchased by the Company or any Affiliate of the Company may, to the extent permitted by law and at the discretion
of the Company, be held, resold or delivered to the Trustee for cancellation. Any such Securities delivered to the Trustee for
cancellation may not be resold and shall be disposed of by the Trustee in accordance with its customary procedures.

 

ARTICLE XII

SINKING FUNDS

 

Section 1201     
Applicability of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement
of Securities of any series except as otherwise specified as contemplated by Section 301 for such Securities.

 

The minimum amount
of any sinking fund payment provided for by the terms of any Securities 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 such Securities is herein referred
to as an “optional sinking fund payment.” If provided for by the terms of any Securities, the cash 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 Securities as provided for by the terms of such Securities.

 

Section 1202      Satisfaction
of Sinking Fund Payments with Securities. The Company (1) may deliver Outstanding Securities of a series (other than
any previously called for redemption) and (2) may apply as a credit Securities of a series which have been converted in
accordance with their terms or which have been redeemed either at the election of the Company pursuant to the terms of such
Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
in each case in satisfaction of all or any part of any sinking fund payment with respect to any Securities of such series
required to be made pursuant to the terms of such Securities as and to the extent provided for by the terms of such
Securities; provided that the Securities to be so credited have not been previously so credited. The Securities to be
so credited shall be received and credited for such purpose by the Trustee at the Redemption Price, as specified in the
Securities so to be redeemed (or at such other prices as may be specified for such Securities as contemplated in
Section 301), for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be
reduced accordingly.

 

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Section 1203     
Redemption of Securities for Sinking Fund. Not less than 45 days (or such shorter period as shall be satisfactory
to the Trustee) prior to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities,
the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied
by delivering and crediting Securities pursuant to Section 1202 and will also deliver to the Trustee any Securities to be
so delivered. Not less than 30 days prior to each such sinking fund payment date, the Trustee shall select the Securities to be
redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof
to be given in the name of and at the expense of the Company in the manner provided in Section 1104. Such notice having been
duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107.

 

ARTICLE XIII

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 1301     
Company’s Option to Effect Defeasance or Covenant Defeasance. Unless otherwise designated pursuant to
Section 301(15), the Securities of any series of Securities shall be subject to defeasance or covenant defeasance pursuant
to such Section 1302 or Section 1303, in accordance with any applicable requirements provided pursuant to Section 301
and upon compliance with the conditions set forth below in this Article. The Company may elect, at its option, at any time, to
have Section 1302 or Section 1303 applied to any Securities or any series of Securities so subject to defeasance or covenant
defeasance. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301
for such Securities.

 

Section 1302      Defeasance
and Discharge. Upon the Company’s exercise of its option (if any) to have this Section 1302 applied to any
Securities or any series of Securities, as the case may be, the Company shall be deemed to have been discharged from its
obligations, and the provisions of Article XIV shall cease to be effective, with respect to such Securities as provided
in this Section 1302 on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter
called “Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and
discharged the entire Indebtedness represented by such Securities and to have satisfied all their other respective
obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall
survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive,
solely from the trust fund described in Section 1304(1) and as more fully set forth in such Section, payments in respect
of the principal of and any premium and interest on such Securities when payments are due, or, if applicable, to convert such
Securities in accordance with their terms, (2) the obligations of the Company with respect to such Securities under
Sections 304, 305, 306, 1002 and 1003, and, if applicable, their obligations with respect to the conversion of such
Securities, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (4) this Article.
Subject to compliance with this Article, the Company may exercise its option (if any) to have this Section 1302 applied
to any Securities notwithstanding the prior exercise of its option (if any) to have Section 1303 applied to such
Securities.

 

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Section 1303     
Covenant Defeasance. Upon the Company’s exercise of its option (if any) to have this Section 1303
applied to any Securities or any series of Securities, as the case may be, (1) the Company shall be released from its obligations
under Section 1004 and any covenants provided pursuant to Section 301(18), 901(2), 901(6) or 901(7) for the benefit
of the Holders of such Securities and (2) the occurrence of any event specified in Sections 501(4) (with respect to Section 1004
and any such covenants provided pursuant to Sections 301(18), 901(2), 901(6) or 901(7)) and 501(8) shall be deemed not
to be or result in an Event of Default, and (3) the provisions of Article XIV shall cease to be effective, in each case
with respect to such Securities as provided in this Section 1303 on and after the date the conditions set forth in Section 1304
are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with
respect to such Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such specified Section (to the extent so specified in the case of Section 501(4)) or Article XIV,
whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in
any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities
thereof shall be unaffected thereby.

 

Section 1304     
Conditions to Defeasance or Covenant Defeasance. The following shall be the conditions to the application
of Section 1302 or Section 1303 to any Securities or any series of Securities, as the case may be:

 

(1)        The
Company shall irrevocably have deposited or caused to be irrevocably deposited with the Trustee (or another trustee which
satisfies the requirements contemplated by Section 609 and agrees to comply with the provisions of this Article
applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security
for, and dedicated solely to, the benefits of the Holders of such Securities, (A) money in an amount, or (B) U.S.
Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with
their terms will provide, not later than one day before the due date of any payment, money in an amount, or (C) such
other obligations or arrangements as may be specified as contemplated by Section 301 with respect to such Securities, or
(D) a combination thereof, in each case sufficient (except in the case of clause (A), in the opinion of a
nationally recognized firm of independent public accountants or a nationally recognized investment banking firm expressed in
a written certification thereof delivered to the Trustee) to pay and discharge, and which shall be applied by the Trustee (or
any such other qualifying trustee) to pay and discharge, the principal of and any premium and interest on such Securities on
the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein,
“U.S. Government Obligation” means (x) any security which is (i) a direct obligation of the United
States of America for the payment of which the full faith and credit of the United States of America is pledged or
(ii) an obligation 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 (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and
(y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with
respect to any U.S. Government Obligation which is specified in Clause (x) above and held by such bank for the
account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any
U.S. Government Obligation which is so specified and held, 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 depositary receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest
evidenced by such depositary receipt.

 

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(2)        In the event of an election to have Section 1302 apply to any Securities or any series of Securities, as the
case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Company has received
from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this instrument, there
has been a change in the applicable Federal income tax law, in either case (A) or (B) to the effect that, and based thereon
such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for Federal income tax purposes
as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal
income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge
were not to occur.

 

(3)        In the event of an election to have Section 1303 apply to any Securities or any series of Securities, as the
case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities
will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected
with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same
times as would be the case if such deposit and Covenant Defeasance were not to occur.

 

(4)        The Company shall have delivered to the Trustee an Officers’ Certificate to the effect that neither such Securities
nor any other Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit.

 

(5)        No event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such
Securities or any other Securities (other than such an event or Event of Default with respect to such Securities resulting solely
from the incurrence of Indebtedness or other borrowing of funds, or the grant of liens securing such Indebtedness or other borrowing,
all or a portion of which are to be applied to such deposit) shall have occurred and be continuing at the time of such deposit.

 

(6)        Such
Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other
agreement or instrument (other than this Indenture insofar as such Securities are concerned) to which the Company is a party
or by which it is bound.

 

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(7)        The
Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of such Securities over the other creditors of the Company or with the intent of defeating,
hindering, delaying or defrauding creditors of the Company.

 

(8)        The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent with respect to such Defeasance or Covenant Defeasance have been complied with.

 

Section 1305     
Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions. Subject to
the provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations (including the proceeds
thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section 1305 and Section 1306,
the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 1304
in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities
and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying
Agent or any Subsidiary or Affiliate of the Company) as the Trustee may determine, to the Holders of such Securities, of all sums
due and to become due thereon in respect of principal and any premium and interest, but money and U.S. Government Obligations so
held in trust need not be segregated from other funds except to the extent required by law. Money and U.S. Government Obligations
(including the proceeds thereof) so held in trust shall not be subject to the provisions of Article XIV, provided that
the applicable conditions of Section 1304 have been satisfied.

 

The Company shall pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited
pursuant to Section 1304 or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of Outstanding Securities.

 

Anything in this Article
to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money
or U.S. Government Obligations held by it as provided in Section 1304 with respect to any Securities which, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant
Defeasance, as the case may be, with respect to such Securities.

 

Section 1306      Reinstatement.
If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any
Securities by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the respective obligations under this Indenture and such Securities from which the Company
has been discharged or released pursuant to Section 1302 or 1303 shall be revived and reinstated as though no deposit
had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying Agent is
permitted to apply all money held in trust pursuant to Section 1305 with respect to such Securities in accordance with
this Article; provided, however, that if the Company makes any payment of principal of or any premium or
interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights
(if any) of the Holders of such Securities to receive such payment from the money so held in trust.

 

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ARTICLE XIV

SUBORDINATION OF SECURITIES

 

Section 1401     
Securities Subordinate to Senior Debt. The Company covenants and agrees, and each Holder of a Security, by
his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article,
the Indebtedness represented by the Securities and the payment of the principal of (and premium, if any) and interest on each and
all of the Securities are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all
Senior Debt.

 

Notwithstanding the
foregoing, if a deposit referred to in Section 1304(1) is made pursuant to Section 1302 or Section 1303 with
respect to any Securities (and provided all other conditions set out in Section 1302 or Section 1303, as applicable,
shall have been satisfied with respect to such Securities), then no money or U.S. Government Obligations so deposited, and no proceeds
thereon, will be subject to any rights of holders of Senior Debt, including any such rights arising under this Article XIV.

 

Section 1402     
Payment Over of Proceeds Upon Dissolution, Etc. In the event of (a) any insolvency or bankruptcy case
or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative
to the Company or to its creditors, as such, or to its assets, or (b) any liquidation, dissolution or other winding up of
the Company, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c) any assignment
for the benefit of creditors or any other marshalling of assets and liabilities of the Company, then and in any such event the
holders of Senior Debt shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all
Senior Debt (including any interest accruing thereon after the commencement of any such case or proceeding), or provision shall
be made for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, before
the Holders of the Securities are entitled to receive any payment on account of principal of (or premium, if any) or interest on
the Securities, and to that end the holders of Senior Debt shall be entitled to receive, for application to the payment thereof,
any payment or distribution of any kind or character, whether in cash, property or securities, including any such payment or distribution
which may be payable or deliverable by reason of the payment of any other Indebtedness of the Company being subordinated to the
payment of the Securities, which may be payable or deliverable in respect of the Securities in any such case, proceeding, dissolution,
liquidation or other winding up event.

 

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In the event
that, notwithstanding the foregoing provisions of this Section 1402, the Trustee or the Holder of any Security shall
have received any payment or distribution of assets of the Company of any kind or character, whether in cash, property or
securities, including any such payment or distribution which may be payable or deliverable by reason of the payment of any
other Indebtedness of the Company being subordinated to the payment of the Securities, before all Senior Debt is paid in full
or payment thereof provided for, and if such fact shall, at or prior to the time of such payment or distribution, have been
made known to the Trustee or, as the case may be, such Holder, then and in such event such payment or distribution shall be
paid over or delivered forthwith to the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or
other Person making payment or distribution of assets of the Company for application to the payment of all Senior Debt
remaining unpaid, to the extent necessary to pay all Senior Debt in full, after giving effect to any concurrent payment or
distribution to or for the holders of Senior Debt; provided, however, payments to the Trustee in any of its
capacities in respect of fees, expenses or indemnities owed by the Company hereunder shall be allowed and the Trustee shall
not be required to pay over or deliver such funds as contemplated herein. Any taxes that have been withheld or deducted from
any payment or distribution in respect of the Securities, or any taxes that ought to have been withheld or deducted from any
such payment or distribution that have been remitted to the relevant taxing authority, shall not be considered to be an
amount that the Trustee or the Holder of any Security receives for purposes of this Section 1402.

 

For purposes of this
Article only, the words “cash, property or securities” shall not be deemed to include shares of stock of the Company
as reorganized or readjusted, or securities of the Company or any other corporation or other entity, provided for by a plan
of reorganization or readjustment which are subordinated in right of payment to all Senior Debt which may at the time be outstanding
to substantially the same extent as, or to a greater extent than, the Securities are so subordinated as provided in this Article.
The consolidation of the Company with, or the merger of the Company into, or the sale, conveyance, transfer or lease by the Company
of all or substantially all its properties and assets to, another Person upon the terms and conditions set forth in Article VIII,
or the liquidation or dissolution of the Company following any such sale, conveyance or transfer, shall not be deemed a dissolution,
winding up, liquidation, reorganization, assignment for the benefit of creditors or marshalling of assets and liabilities of the
Company for the purposes of this Section 1402 if the Person formed by such consolidation or into which the Company is merged
or the Person which acquires by sale, conveyance, transfer or lease all or substantially all of such properties and assets, as
the case may be, shall, as a part of such consolidation, merger, sale, conveyance, transfer or lease, comply with the conditions
set forth in Article VIII.

 

Section 1403     
Prior Payment to Senior Debt Upon Acceleration of Securities. In the event that any Securities are declared
due and payable before their Stated Maturity, then and in such event the holders of Senior Debt shall be entitled to receive payment
in full of all amounts due or to become due on or in respect of all Senior Debt or provision shall be made for such payment in
cash, before the Holders of the Securities are entitled to receive any payment (including any payment which may be payable by reason
of the payment of any other Indebtedness of the Company being subordinated to the payment of the Securities) by the Company on
account of the principal of (or premium, if any) or interest on the Securities or on account of the purchase or other acquisition
of Securities; provided, however, that nothing in this Section 1403 shall prevent the satisfaction of any sinking
fund payment in accordance with Article XII by delivering and crediting pursuant to Section 1202 Securities which have
been acquired (upon redemption or otherwise) prior to such declaration of acceleration.

 

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In the event that,
notwithstanding the foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the
foregoing provisions of this Section 1403, and if such fact shall, at or prior to the time of such payment, have been made
known to the Trustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered
forthwith to the Company.

 

Section 1404     
No Payment When Senior Debt in Default. Subject to the last paragraph of this Section 1404, (a) (i) in
the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior
Debt beyond any applicable grace period with respect thereto, or (ii) in the event that any event of default with respect
to any Senior Debt shall have occurred and be continuing permitting the holders of such Senior Debt (or a trustee on behalf of
the holders thereof) to declare such Senior Debt due and payable prior to the date on which it would otherwise have become due
and payable, whether or not such Senior Debt has been so accelerated (provided that, in the case of Clause (i) or Clause (ii),
if such default in payment or event of default shall have been cured or waived or shall have ceased to exist and any such declaration
of acceleration shall have been rescinded or annulled, then such default in payment or event of default, as the case may be, shall
be deemed not to have occurred for the purposes of this Section 1404), or (b) in the event that any judicial proceeding
shall be pending with respect to any such default in payment or event of default that shall be deemed to have occurred for the
purpose of this Section 1404, then no payment (including any payment which may be payable by reason of the payment of any
other Indebtedness of the Company being subordinated to the payment of the Securities) shall be made by the Company on account
of principal of (or premium, if any) or interest on the Securities or on account of the purchase or other acquisition of Securities;
provided, however, that nothing in this Section 1404 shall prevent the satisfaction of any sinking fund payment
in accordance with Article XII by delivering and crediting pursuant to Section 1202 Securities which have been acquired
(upon redemption or otherwise) prior to such default in payment.

 

In the event that,
notwithstanding the foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the
provisions of this Section 1404, and if such fact shall, at or prior to the time of such payment, have been made known to
the Trustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith
to the Company.

 

Notwithstanding anything
to the contrary, payments to the Trustee in any of its capacities in respect of fees, expenses or indemnities owed by the Company
hereunder, shall be permitted notwithstanding the occurrence of any event described in (a) or (b).

 

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No default in
payment or event of default with respect to any Senior Debt shall be deemed to be a default in payment or event of default of
the kind specified in Clause (a)(i) or (a)(ii) of this Section 1404, and no judicial proceeding with respect
to any such default in payment or event of default shall be deemed to be a judicial proceeding of the kind specified in
Clause (b) of this Section 1404, if (x) the Company shall be disputing the occurrence or continuation of
such default in payment or event of default, or any obligation purportedly giving rise to such default in payment or event of
default, and (y) no final judgment holding that such default in payment or event of default has occurred and is
continuing shall have been issued. For this purpose, a “final judgment” means a judgment that is issued by a
court having jurisdiction over the Company or its property, is binding on the Company or their property, is in full force and
effect and is not subject to judicial appeal or review (including because the time within which a party may seek appeal or
review has expired), provided that, if any such judgment has been issued but is subject to judicial appeal or review,
it shall nevertheless be deemed to be a final judgment unless the Company shall in good faith be prosecuting such appeal or a
proceeding for such review and shall have obtained a stay of execution pending such appeal or review. Notwithstanding the
foregoing, this paragraph shall not apply to any default in payment or event of default with respect to any Senior Debt
as to which the Company has waived the application of this paragraph in the instrument evidencing such Senior Debt or by
which such Senior Debt is created, incurred, assumed or guaranteed by the Company.

 

Section 1405     
Payment Permitted in Certain Situations. Nothing contained in this Article or elsewhere in this Indenture
or in any of the Securities shall prevent (a) the Company, at any time except during the pendency of any case, proceeding,
dissolution, liquidation or other winding up, assignment for the benefit of creditors or other marshalling of assets and liabilities
of the Company referred to in Section 1402 or under the conditions described in Section 1403 or Section 1404, from
making payments at any time of or on account of the principal of (and premium, if any) or interest on the Securities, or on account
of the purchase or other acquisition of Securities, or (b) the application by the Trustee of any money deposited with it hereunder
to the payment of or on account of the principal of (and premium, if any) or interest on the Securities or the retention of such
payment by the Holders, if, at the time of such application by the Trustee, it did not have knowledge that such payment would have
been prohibited by the provisions of this Article.

 

Section 1406     
Subrogation to Rights of Holders of Senior Debt. Subject to the payment in full of all Senior Debt or the
provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, the
Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior
Debt pursuant to the provisions of this Article (equally and ratably with the holders of Indebtedness of the Company which by its
express terms is subordinated to other Indebtedness of the Company to substantially the same extent as the Securities are subordinated
to the Senior Debt and is entitled to like rights of subrogation) to the rights of the holders of such Senior Debt to receive payments
and distributions of cash, property and securities applicable to the Senior Debt until the principal of (and premium, if any) and
interest on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders
of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled
except for the provisions of this Article, and no payments over pursuant to the provisions of this Article to the holders of Senior
Debt by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt
and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt.

 

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Section 1407      Provisions
Solely to Define Relative Rights. The provisions of this Article are and are intended solely for the purpose of defining
the relative rights of the Holders of the Securities on the one hand and the holders of Senior Debt on the other hand.
Nothing contained in this Article or elsewhere in this Indenture or in the Securities is intended to or shall
(a) impair, as among the Company, its creditors other than holders of Senior Debt and the Holders of the Securities, the
obligation of the Company, which is absolute and unconditional (and which, subject to the rights under this Article of the
holders of Senior Debt, is intended to rank equally with all other general obligations of the Company), to pay to the Holders
of the Securities the principal of (and premium, if any) and interest on the Securities as and when the same shall become due
and payable in accordance with their terms; or (b) affect the relative rights against the Company of the Holders of the
Securities and creditors of the Company other than the holders of Senior Debt; or (c) prevent the Trustee or the Holder
of any Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject
to the rights, if any, under this Article of the holders of Senior Debt to receive cash, property and securities otherwise
payable or deliverable to the Trustee or such Holder.

 

Section 1408     
Trustee to Effectuate Subordination. Each Holder of a Security by his acceptance thereof authorizes and directs
the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this
Article and appoints the Trustee his attorney-in-fact for any and all such purposes.

 

Section 1409     
No Waiver of Subordination Provisions. No right of any present or future holder of any Senior Debt to enforce
subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part
of the Company or by any act or failure to act, in good faith, by any such holder, or by any non-compliance by the Company with
the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise
charged with.

 

Without in any way
limiting the generality of the foregoing paragraph, the holders of Senior Debt may, at any time and from time to time, without
the consent of or notice to the Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the
Securities and without impairing or releasing the subordination provided in this Article or the obligations hereunder of the Holders
of the Securities to the holders of Senior Debt do any one or more of the following: (a) change the manner, place or terms
of payment or extend the time of payment of, or renew or alter, Senior Debt or otherwise amend or supplement in any manner Senior
Debt or any instrument evidencing the same or any agreement under which Senior Debt is outstanding; (b) sell, exchange, release
or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt; (c) release any Person liable in
any manner for the collection of Senior Debt; and (d) exercise or refrain from exercising any rights against the Issuers and
any other Person.

 

Section 1410      Notice
to Trustee. The Company shall give prompt written notice to the Trustee of any fact known to the Company which would
prohibit the making of any payment to or by the Trustee in respect of the Securities. Notwithstanding the provisions of this
Article or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any
facts which would prohibit the making of any payment to or by the Trustee in respect of the Securities, unless and until the
Trustee shall have received written notice thereof at its Corporate Trust Office from the Company or a holder of Senior Debt
or from any trustee therefor; and, prior to the receipt of any such written notice, the Trustee, subject to the provisions of
Section 601, shall be entitled in all respects to assume that no such facts exist; provided that, if a
Responsible Officer of the Trustee shall not have received the notice provided for in this Section 1410 at least three
Business Days prior to the date upon which, by the terms of this Indenture, any monies shall become payable for any purpose
(including, without limitation, the payment of the principal of or premium, if any, or interest on any Security), then,
notwithstanding anything herein to the contrary, the Trustee shall have full power and authority to receive any monies from
the Company and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the
contrary that may be received by it on or after such three Business Day period except for an acceleration of the Securities
prior to such application.

 

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Subject to the provisions
of Section 601, the Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself
to be a holder of Senior Debt (or a trustee therefor) to establish that such notice has been given by a holder of Senior Debt (or
a trustee therefor). In the event that the Trustee determines in good faith that further evidence is required with respect to the
right of any Person as a holder of Senior Debt to participate in any payment or distribution pursuant to this Article, the Trustee
may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Debt held
by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article, and if such evidence is not furnished, the Trustee may defer any payment
to such Person pending judicial determination as to the right of such Person to receive such payment.

 

Section 1411     
Reliance on Judicial Order or Certificate of Liquidating Agent. Upon any payment or distribution of assets
of the Company referred to in this Article, the Trustee, subject to the provisions of Section 601, and the Holders of the
Securities shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency,
bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate
of the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other Person
making such payment or distribution, delivered to the Trustee or to the Holders of Securities, for the purpose of ascertaining
the Persons entitled to participate in such payment or distribution, the holders of Senior Debt and other Indebtedness of the Company,
the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto
or to this Article.

 

Section 1412     
Trustee Not Fiduciary For Holders of Senior Debt. The Trustee shall not be deemed to owe any fiduciary duty
to the holders of Senior Debt and shall not be liable to any such holders or creditors if it shall in good faith pay over or distribute
to Holders of Securities or to the Company or to any other Person cash, property or securities to which any holders of Senior Debt
shall be entitled by virtue of this Article or otherwise. With respect to the holders of Senior Debt, the Trustee undertakes to
perform or to observe only such of its covenants or obligations as are specifically set forth in this Article and no implied covenants
or obligations with respect to holders of Senior Debt shall be read into this Indenture against the Trustee.

 

Section 1413     
Rights of Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights. The Trustee in its individual
capacity shall be entitled to all the rights set forth in this Article with respect to any Senior Debt which may at any time be
held by it, to the same extent as any other holder of Senior Debt and nothing in this Indenture shall deprive the Trustee of any
of its rights as such holder.

 

Nothing in this Article
shall apply to claims of, or payments to, the Trustee under or pursuant to Section 606.

 

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Section 1414     
Article Applicable to Paying Agents. In case at any time any Paying Agent other than the Trustee shall have
been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article shall in such
case (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as
fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee;
provided, however, this Article shall not be applicable if the Company or an Affiliate thereof is a Paying Agent.

 

* * *

 

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. Delivery of an executed counterpart of this Indenture by facsimile or
electronic transmission shall be equally as effective as delivery of an original executed counterpart of this Indenture. Any party
delivering an executed counterpart of this Indenture by facsimile or electronic transmission also shall deliver an original executed
counterpart of this Indenture, but failure to deliver an original executed counterpart shall not affect the validity, enforceability
and binding effect of this Indenture.

 

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

 

	 	ANTERO RESOURCES CORPORATION
	 	 
	 	By:	                      
	 	Name:	 
	 	Title:	 

 

[Signature Page to Indenture]

 

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	                                
	 	Name:	 
	 	Title:	 

 

[Signature Page to Indenture]EXHIBIT
10.1

 

FIRST
AMENDMENT TO PURCHASE AND SALE AGREEMENT

This
First Amendment to Purchase and Sale Agreement (this “First Amendment”), is dated as of December 31, 2020 by
and between Pardus Oil & Gas, LLC, a Delaware limited liability company (“Seller”), and Empire
Texas LLC, a Delaware limited liability company (“Purchaser”). Seller and Purchaser are sometimes referred
to herein, individually, as a “Party” and, collectively, as the “Parties.”

RECITALS

WHEREAS,
Purchaser, Seller and Pardus Oil & Gas Operating GP, LLC entered into that certain Purchase and Sale Agreement dated as of
April 6, 2020, (“Purchase Agreement”); and

WHEREAS,
Purchaser and Seller desire additionally to amend the Purchase Agreement as provided herein. Capitalized terms used but not otherwise
defined herein shall have the meanings attributed to them in the Purchase Agreement.

NOW,
THEREFORE, in consideration of the mutual covenants and conditions set forth herein and in the Purchase Agreement, Purchaser and
Seller hereby agree as follows:

AGREEMENT
AND AMENDMENT

1.           
Amendment to Section 2.1 of the Purchase Agreement. Section 2.1 of the Purchase Agreement is hereby amended by deleting
it in its entirety and replacing it with the following:

2.1
Purchase Price. The purchase price for the Assets shall be (a) the assumption of the Assumed Obligations by Purchaser hereunder
plus (b) $40,000, which shall be paid by Purchaser to Seller no later than January 29, 2021 (such $40,000 only, the “Cash
Purchase Price”).

2.           
Amendment to Section 2.3 of the Purchase Agreement. Section 2.3 of the Purchase Agreement is hereby amended by deleting
it in its entirety.

3.           
Other Amendments.

(a)            
All references to “Cash Base Purchase Price” are hereby replaced with references to “Cash Purchase Price”.

(b)            
All references to “Contingent Value Payment” or “Contingent Value Payments” are hereby replaced with references
to “Cash Purchase Price”.

(c)            
Section 2.2 is hereby amended by deleting “increased or decreased by a share of each adjustment to the Cash Base Purchase
Price under Section 2.3”.

(d)            
All references in Section 3.6 to “(AND ANY ADJUSTMENTS TO THE CONTINGENT VALUE PAYMENTS ATTRIBUTABLE THERETO)” are
hereby deleted.

 

    

     

    

 

(e)            
Section 11.1(a) is amended by deleting “subject to the adjustments to the Cash Base Purchase Price and Contingent Value
Payment set forth in Section 2.3,”.

(f)             
Section 11.2(b) is amended by deleting “Section 2.3 and”.

(g)            
Section 11.5(d) is amended and restated as follows: “Notwithstanding anything to the contrary contained elsewhere in this
Agreement, in no event shall Seller Group’s aggregate liability to Purchaser Group for Damages arising from or related to
any breach of this Agreement, representation, warranty, covenant, indemnity, or indemnity obligation contained in this Agreement
exceed $40,000.”

4.           
Assignment. Neither Party shall assign (including by change of control, merger, consolidation, or stock purchase) or otherwise
transfer all or any part of this First Amendment to any third Person, nor shall any Party delegate any of its rights or duties
hereunder (including by change of control, merger, consolidation, or stock purchase) to any third Person, without the prior written
consent of the other Party and any transfer or delegation made without such consent shall be void ab initio; provided, however,
that Seller is expressly authorized to assign all or a portion (i) of its right to receive the Cash Purchase Price, together with
any and all rights incident or necessary thereto to any person without the consent of any other Party.

5.           
References. All references to the Purchase Agreement in any document, instrument, agreement, or writing delivered pursuant
to the Purchase Agreement (as amended hereby) shall hereafter be deemed to refer to the Purchase Agreement as amended hereby.

6.           
Counterparts. This First Amendment may be executed in any number of counterparts, and each such counterpart hereof shall
be deemed to be an original instrument, but all of such counterparts shall constitute for all purposes one agreement. Any signature
hereto delivered by a Party by facsimile transmission shall be deemed an original signature hereto.

7.           
Ratification. The Purchase Agreement, as amended hereby, is hereby adopted, ratified, and confirmed by Purchaser and Seller.

 

 

 

 

[signature
page follows]

    2 

     

    

 

IN
WITNESS WHEREOF, Seller has executed this First Amendment as of the date first written above. 

 

SELLER:

Pardus Oil & Gas, LLC

By: /s/ Dan Morrison        

             Dan Morrison

             President

 

 

 

 

 

 

 

 

First
Amendment to Purchase and Sale Agreement 

     

     

    

 

 IN
WITNESS WHEREOF, Purchaser has executed this First Amendment as of the date first written above.

 

 

PURCHASER:

Empire Texas LLC

By:  /s/ Thomas Pritchard        

              Thomas Pritchard

              CEO

 

 

 

 

 

 

 

 

 

 

 

 

 

First
Amendment to Purchase and Sale Agreement

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