Document:

FRANCESCA’S COLLECTIONS, INC.

 

February 6, 2013

 

Re: Employment Letter Agreement

 

Dear Mark:

 

Subject to the terms and conditions of
this letter agreement (this “Agreement”), Francesca’s Collections, Inc., a Texas corporation (“Francesca’s”)
which is a wholly-owned indirect subsidiary of Francesca’s Holdings Corporation, a Delaware corporation (“Parent”)
each, desires to employ you on the terms and conditions of this Agreement. Parent and Francesca’s are herein collectively
referred to as the “Company.” This Agreement is effective as of March 4, 2013 (the “Effective Date”).

 

1.     
Employment; Compensation and Benefits.

 

(a)   
Position and Duties. You shall serve both the Parent and Francesca’s as their respective Chief Financial Officer,
reporting to the Company’s Chief Executive Officer. During your Period of Employment (as defined below) with the Company,
you agree to (i) devote substantially all of your business time, energy and skill to the performance of your duties for the
Company, (ii) perform such duties in a faithful, effective and efficient manner and (iii) hold no other employment.

 

(b)  
Period of Employment. The “Period of Employment” shall be a period of three (3) years commencing
on the Effective Date and ending at the close of business on the third (3rd) anniversary of the Effective Date. Notwithstanding
the foregoing, the Period of Employment is subject to earlier termination as provided in Section 2(a) of this Agreement.

 

(c)   
Base Salary. Your base salary (the “Base Salary”) shall be at an annualized rate of Three Hundred
and Fifty Thousand Dollars ($350,000.00) and shall be paid in accordance with the Company’s regular payroll practices in
effect from time to time.

 

(d)  
Annual Bonus. You may be eligible for an annual incentive bonus based on the Company’s annual bonus plan that
may exist from time to time. Your target annual incentive bonus amount for a particular fiscal year of the Company during the Period
of Employment shall equal Fifty Percent (50%) of your Base Salary for that fiscal year.

 

(e)   
Retirement, Welfare and Fringe Benefits. During the Period of Employment you shall be entitled to participate in
all employee savings and welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Company
to the Company’s employees generally, in accordance with the eligibility and participation provisions of such plans and as
such plans or programs may be in effect from time to time.

 

(f)   
Benefits Allowance. For each fiscal year during the Period of Employment, commencing on the date hereof, the Company
shall provide you with an allowance of $25,000.00 to apply towards the purchase of additional benefits at your discretion. Such
allowance shall be paid in equal monthly installments (unless a pro-rata payment is to be made) on the closest payroll date on
or following the first day of each month of each calendar year, provided that you are employed with the Company on such date.

 

    	 

    	 

    
 

2.     
Termination and Severance. 

 

(a)   
Termination. Your employment by the Company may be terminated by the Company: (i) immediately upon notice, with
Cause (as defined below), or (ii) with no less than thirty (30) days’ advance written notice to you, without Cause,
or (iii) immediately in the event of your Disability (as defined below) or your death. In the event that you are provided
with notice of termination without Cause pursuant to clause (ii) above, the Company will have the option to place you
on administrative leave during the notice period. You may terminate your employment by the Company for any reason with no less
than thirty (30) days’ advance written notice to the Company. Any termination of your employment (by you or by the Company)
must be communicated by written notice from the terminating party to the other party. Such notice of termination must be hand delivered
(if to the Company, to the Company’s Chief Executive Officer) and must indicate the specific provision(s) of this Agreement
relied upon in effecting the termination. The date your employment by the Company terminates is referred to herein as your “Severance
Date.”

 

(b)  
Benefits upon Termination. Regardless of the reason for the termination of your employment with the Company, in connection
with such termination the Company will pay you (on or within 30 days following your Severance Date) your accrued and unused vacation
(if any) and you will be entitled to any benefits that are due to you under the Company’s 401(k) plan in accordance with
the terms of that plan. If you hold any stock options or other equity or equity-based awards granted by the Company, the terms
and conditions applicable to those awards will control as to the consequences of a termination of your employment on those awards.
In addition to the foregoing, if your employment with the Company terminates as a result of a termination by the Company of your
employment without Cause (as defined below), you will (subject to the other conditions set forth in Section 2(c) below) be
entitled to the following benefits: the Company will pay you, subject to tax withholding and other authorized deductions, an aggregate
amount equal to one (1) times your Base Salary as in effect on the Severance Date (the “Severance Benefit”).
Subject to Section 5, the Company will pay this benefit to you in substantially equal installments (each in the applicable
fraction of the aggregate benefit) in accordance with the Company’s standard payroll practices over a period of twelve (12)
months, with the first installment payable in the month following the month in which your Separation from Service (as such term
is defined below) occurs.

 

(c)   
Conditions for Receipt of Severance Benefit. Notwithstanding anything to the contrary herein, if the Severance Benefit
is otherwise due to you and, at any time, you breach any obligation under Section 6 of this Agreement, from and after the
date of such breach and not in any way in limitation of any right or remedy otherwise available to the Company, you will no longer
be entitled to, and the Company will no longer be obligated to pay, any remaining unpaid portion of the Severance Benefit. In addition,
in order to receive any Severance Benefit, you must, upon or promptly following (and in all events, within twenty-one (21)
days of, unless a longer period of time is required by applicable law) your Severance Date, provide the Company with a separation
agreement which shall contain a valid, executed general release agreement in a form acceptable to the Company, and such release
shall have not been revoked. In the event a period longer than twenty-one (21) days is required by applicable law, then the first
installment of the Severance Benefit shall remain payable in the month following the month in which your Separation from Service
(as such term is defined below) occurs, provided that if you fail to provide the Company with the executed general release agreement
described above (or have otherwise revoked the release), any further instalments of the Severance Benefit shall cease at such time
and shall no longer be payable to you. You agree and acknowledge that such separation agreement may contain additional restrictive
covenants, including, without limitation, non-solicitation covenants and non-disparagement covenants.

 

    	2

    	 

    
 

(d)  
Exclusive Remedy. You agree that should your employment by the Company terminate for any reason, the payments and
benefits contemplated by this Agreement with respect to the circumstances of such termination shall constitute the exclusive and
sole remedy for any such termination of your employment and you agree not to assert or pursue any other remedies, at law or in
equity, with respect to any termination of employment. You agree that, in the event of a termination of your employment, you are
not and will not be entitled to severance benefits under any other agreement, plan, program, or policy of the Company.

 

3.     
Certain Defined Terms. As used in this Agreement, the following terms shall be defined as follows:

 

(a)   
“Cause” shall mean that one or more of the following has occurred: (i) you have committed a felony
(under the laws of the United States or any relevant state, or a similar crime or offense under the applicable laws of any relevant
foreign jurisdiction); (ii) you have engaged in acts of fraud, dishonesty or other acts of material misconduct in the course
of your duties; (iii) your abuse of narcotics or alcohol that has or may reasonably harm the Company; (iv) any violation
by you of the Company’s written policies; (v) your failure to perform or uphold your duties and/or you fail to comply
with reasonable directives of the Company’s Chief Executive Officer or Board of Directors, as applicable; or (vi) any
breach by you of any provision of Section 6, or any material breach by you of this Agreement or any other contract you are
a party to with the Company.

 

(b)  
“Disability” shall mean a physical or mental impairment which renders you unable to perform the essential
functions of your employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the
Company, for more than 180 days in any 12-month period, unless a longer period is required by federal or state law, in which case
that longer period would apply.

 

(c)   
“Separation from Service” occurs when you die, retire, or otherwise have a termination of employment
with the Company that constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h)(1),
without regard to the optional alternative definitions available thereunder.

 

4.     
Limitation on Benefits. Notwithstanding anything contained in this Agreement to the contrary, to the extent
that any payment, benefit or distribution of any type to you or for your benefit by the Company or any of its affiliates, whether
paid or payable, provided or to be provided, or distributed or distributable pursuant to the terms of this Agreement or otherwise
(collectively, the “Total Payments”) would be subject to the excise tax imposed under Section 4999 of the
Internal Revenue Code of 1986, as amended (the “Code”), then the Total Payments shall be reduced (but not below
zero) so that the maximum amount of the Total Payments (after reduction) shall be one dollar ($1.00) less than the amount which
would cause the Total Payments to be subject to the excise tax imposed by Section 4999 of the Code. Unless you shall have
given prior written notice to the Company to effectuate a reduction in the Total Payments if such a reduction is required, any
such notice consistent with the requirements of Section 409A of the Code to avoid the imputation of any tax, penalty or interest
thereunder, the Company shall reduce or eliminate the Total Payments by first reducing or eliminating any cash severance benefits
(with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated vesting
of stock options or similar awards, then by reducing or eliminating any accelerated vesting of restricted stock or similar awards,
then by reducing or eliminating any other remaining Total Payments. The preceding provisions of this Section 4 shall take
precedence over the provisions of any other plan, arrangement or agreement governing your rights and entitlements to any benefits
or compensation.

 

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5.     
Section 409A. It is intended that any amounts payable under this Agreement and the Company’s and
your exercise of authority or discretion hereunder shall comply with and avoid the imputation of any tax, penalty or interest under
Section 409A of the Code. This Agreement shall be construed and interpreted consistent with that intent. If you are a “specified
employee” within the meaning of Treasury Regulation Section 1.409A-1(i) as of the date of your Separation from Service
and you are entitled to the Severance Benefit, you shall not be entitled to any payment or benefit pursuant to Section 2(b)
until the earlier of (i) the date which is six (6) months after your Separation from Service for any reason other than
your death, or (ii) the date of your death. The provisions of the preceding sentence shall only apply if, and to the extent,
required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A of the Code. Any amounts otherwise
payable to you upon or in the six (6) month period following your Separation from Service that are not so paid by reason of
such 6-month delay provision shall be paid (without interest) as soon as practicable (and in all events within thirty (30)
days) after the date that is six (6) months after your Separation from Service (or, if earlier, as soon as practicable, and
in all events within thirty (30) days, after the date of your death).

 

6.     
Protective Covenants.

 

(a)   
Confidential Information.

 

(i)    
You shall not disclose or use at any time, either during the Period of Employment or thereafter, any Trade Secrets and Confidential
Information (as defined below) of which you become aware, whether or not such information is developed by you, except to the extent
that such disclosure or use is directly related to and required by your performance in good faith of duties for the Company. You
will take all appropriate steps to safeguard Trade Secrets and Confidential Information in your possession and to protect it against
disclosure, misuse, espionage, loss and theft. You shall deliver to the Company at the termination of your employment, or at any
time the Company may request, all memoranda, notes, plans, records, reports, computer tapes and software and other documents and
data (and copies thereof) relating to the Trade Secrets and Confidential Information or the Work Product (as hereinafter defined)
of the business of the Company or any of its affiliates which you may then possess or have under your control. Notwithstanding
the foregoing, you may truthfully respond to a lawful and valid subpoena or other legal process, but shall give the Company the
earliest possible notice thereof.

 

(ii)  
For purposes of this Agreement, “Trade Secrets and Confidential Information” means information that is
not generally known to the public and that is used, developed or obtained by the Company in connection with its business, including,
but not limited to, information, observations and data obtained by you while employed by the Company or any predecessors thereof
concerning (i) the business or affairs of the Company (or such predecessors), (ii) products or services, (iii) fees,
costs and pricing structures, (iv) designs, (v) analyses, (vi) drawings, photographs and reports, (vii) computer
software, including operating systems, applications and program listings, (viii) flow charts, manuals and documentation, (ix) data
bases, (x) accounting and business methods, (xi) inventions, devices, new developments, methods and processes, whether
patentable or unpatentable and whether or not reduced to practice, (xii) customers and clients and customer or client lists,
(xiii) other copyrightable works, (xiv) all production methods, processes, technology and trade secrets, and (xv) all
similar and related information in whatever form. Trade Secrets and Confidential Information will not include any information that
has been published (other than a disclosure by you in breach of this Agreement) in a form generally available to the public prior
to the date you propose to disclose or use such information. Trade Secrets and Confidential Information will not be deemed to have
been published merely because individual portions of the information have been separately published, but only if all material features
comprising such information have been published in combination.

 

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(iii)
 For purposes of this Agreement, “Work Product” means all inventions, innovations, improvements, technical
information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names,
logos and all similar or related information (whether patentable or unpatentable, copyrightable, registerable as a trademark, reduced
to writing, or otherwise) which relates to the Company’s or any of its affiliates’ actual or anticipated business,
research and development or existing or future products or services and which are conceived, developed or made by you (whether
or not during usual business hours, whether or not by the use of the facilities of the Company or any of its affiliates, and whether
or not alone or in conjunction with any other person) while employed by the Company (including those conceived, developed or made
prior to the Effective Date) together with all patent applications, letters patent, trademark, trade name and service mark applications
or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. All Work Product that you
may have discovered, invented or originated during your employment by the Company or any of its affiliates prior to the date hereof,
that you may discover, invent or originate during your employment or at any time following the termination of your employment with
the Company, shall be the exclusive property of the Company and its affiliates, as applicable, and you hereby assign all of your
right, title and interest in and to such Work Product to the Company or its applicable affiliate, including all intellectual property
rights therein. You shall promptly disclose all Work Product to the Company, shall execute at the request of the Company any assignments
or other documents the Company may deem necessary to protect or perfect its (or any of its affiliates’, as applicable) rights
therein, and shall assist the Company, at the Company’s expense, in obtaining, defending and enforcing the Company’s
(or any of its affiliates’, as applicable) rights therein. You hereby appoint the Company as your attorney-in-fact to execute
on your behalf any assignments or other documents deemed necessary by the Company to protect or perfect the Company, the Company’s
(and any of its affiliates’, as applicable) rights to any Work Product.

 

(b)  
Restriction on Competition. During your employment with the Company and twelve (12) months following
the termination of your employment with the Company (regardless of the reason for such termination and regardless of whether or
not you are entitled to the Severance Benefit) (the “Restricted Period”), you shall not directly or indirectly,
individually or on behalf of any other person or entity, manage, participate in, work for, consult with, render services for, or
take an interest in (as an owner, stockholder, partner or lender) any Competitor. For purposes of this Agreement, “Competitor”
means a Person anywhere in the world (the “Restricted Area”) that at any time during the period of time during
which you are employed by the Company, or any time during the Restricted Period engages in the business of operating retail stores
for the sale of women’s apparel, jewelry, accessories, gifts, greeting cards, picture frames and related items or any other
business that the Company is engaged in, or reasonably anticipates becoming engaged in. The parties hereto agree that the Company
intends to engage in business throughout the Restricted Area, even if it does not currently do so, and therefore its scope is reasonable.
Nothing herein shall prohibit you from being a passive owner of not more than 2% of the outstanding stock of any class of a corporation
which is publicly traded, so long as you have no active participation in the business of such corporation. The term “Person”
as used in this Agreement shall be construed broadly and shall include, without limitation, an individual, a partnership, a limited
liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization
and a governmental entity or any department, agency or political subdivision thereof.

 

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(c)   
Non-Solicitation of Employees and Consultants. During your employment with the Company and during the Restricted
Period, you will not, and should be enjoined (if necessary) from being able to directly or indirectly through any other Person:
(i) induce or attempt to induce any employee or independent contractor of the Company or any affiliate of the Company to leave
the employ or service, as applicable, of the Company or such affiliate, or in any way interfere with the relationship between the
Company or any such affiliate, on the one hand, and any employee or independent contractor thereof, on the other hand, or (ii) hire
any person who was an employee of the Company or any affiliate of the Company until twelve (12) months after such individual’s
employment relationship with the Company or such affiliate has been terminated.

 

(d)  
Non-Solicitation of Customers. During your employment with the Company and during the Restricted Period, you will
not, and should be enjoined (if necessary) from being able to directly or indirectly through any other Person: (i) influence
or attempt to influence customers, vendors, suppliers, licensors, lessors, joint venturers, associates, consultants, agents, or
partners of the Company or any affiliate of the Company to divert their business away from the Company or such affiliate; and (ii) interfere
with, disrupt or attempt to disrupt the business relationships, contractual or otherwise, between the Company or any affiliate
of the Company, on the one hand, and any of its or their customers, suppliers, vendors, lessors, licensors, joint venturers, associates,
officers, employees, consultants, managers, partners, members or investors, on the other hand.

 

(e)   
Understanding of Covenants. You acknowledge and agree that the Company would not have entered into this Agreement,
providing for severance protections to you on the terms and conditions set forth herein, but for your agreements herein. You agree
that the foregoing covenants set forth in this Section 6 (the “Restrictive Covenants”) are reasonable,
including in temporal and geographical scope, and in all other respects, and necessary to protect the Company’s and its affiliates’
Trade Secrets and Confidential Information, good will, stable workforce, and customer relations. The parties hereto intend that
Restrictive Covenants shall be deemed to be a series of separate covenants, one for each county or province of each and every state
or jurisdiction within the Restricted Area and one for each month of the Restricted Period. You understand that the Restrictive
Covenants may limit your ability to earn a livelihood in a business similar to the business of the Company and any of its affiliates,
but you nevertheless believe that you have received and will receive sufficient consideration and other benefits as an employee
of the Company and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions
which, in any event (given your education, skills and ability), you do not believe would prevent you from otherwise earning a living.
You agree that the Restrictive Covenants do not confer a benefit upon the Company disproportionate to your detriment.

 

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(f)   
Enforcement. You agree that a breach by you of any of the covenants in this Section 6 would cause immediate
and irreparable harm to the Company that would be difficult or impossible to measure, and that damages to the Company for any such
injury would therefore be an inadequate remedy for any such breach. Therefore, you agree that in the event of any breach or threatened
breach of any provision of this Section 6, the Company shall be entitled, in addition to and without limitation upon all other
remedies the Company may have under this Agreement, at law or otherwise, to obtain specific performance, injunctive relief and/or
other appropriate relief (without posting any bond or deposit) in order to enforce or prevent any violations of the provisions
of this Section 6, or require you to account for and pay over to the Company all compensation, profits, moneys, accruals,
increments or other benefits derived from or received as a result of any transactions constituting a breach of this Section 6,
if and when final judgment of a court of competent jurisdiction is so entered against you.

 

7.     
Withholding Taxes. Notwithstanding anything else herein to the contrary, the Company may withhold (or cause
there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such federal,
state and local income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

8.     
Successors and Assigns. This Agreement is personal to you and without the prior written consent of the Company
shall not be assignable by you otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the
benefit of and be enforceable by your legal representatives. This Agreement shall inure to the benefit of and be binding upon the
Company and its successors and assigns.

 

9.     
Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
TEXAS, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY
OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF TEXAS TO BE APPLIED.

 

10. 
Severability. If any provision of this Agreement is found by any court of competent jurisdiction to be invalid
or unenforceable for any reason, such finding shall not affect, impair or invalidate the remainder of this Agreement. If any aspect
of any restriction herein is too broad or restrictive to permit enforcement to its fullest extent, you and the Company agree that
any court of competent jurisdiction shall modify such restriction to the minimum extent necessary to make it enforceable and then
enforce the provision as modified.

 

11. 
Entire Agreement, Amendment and Waiver. This Agreement constitutes the entire agreement between you and the
Company with respect to the subject matter hereof and supersedes any and all prior or contemporaneous oral or written communications
respecting such subject matter. This Agreement shall not be modified, amended or in any way altered except by written instrument
signed by you and the Company’s Chief Executive Officer. A waiver by either party hereto of any rights or remedies hereunder
on any occasion shall not be a bar to the exercise of the same right or remedy on any subsequent occasion or of any other right
or remedy at any time.

 

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12. 
Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

13. 
Remedies. Each of the parties to this Agreement and any such person or entity granted rights hereunder whether
or not such person or entity is a signatory hereto shall be entitled to enforce its rights under this Agreement specifically to
recover damages and costs for any breach of any provision of this Agreement and to exercise all other rights existing in its favor.
The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this
Agreement and that each party may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific
performance, injunctive relief and/or other appropriate equitable relief (without posting any bond or deposit) in order to enforce
or prevent any violations of the provisions of this Agreement. Each party shall be responsible for paying its own attorneys’
fees, costs and other expenses pertaining to any such legal proceeding and enforcement regardless of whether an award or finding
or any judgment or verdict thereon is entered against either party.

 

14. 
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed
an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument.

 

[Signature page follows]

 

    	8

    	 

    

 

IN WITNESS WHEREOF, you, Francesca’s
and Parent have executed this Agreement as of February 7, 2013.

 

 

 

	 	Francesca’s Collections, Inc.,
	 	a Texas corporation
	 	 
	 	By: 	/s/ Neill Davis
	 	 	Neill Davis, CEO

 

	 	Francesca’s Holdings Corporation,
	 	a Delaware corporation
	 	 
	 	By: 	/s/ Neill Davis
	 	 	Neill Davis, CEO

 

 

	 	AGREED BY:
	 	 
	 	By: 	/s/ Mark J. Vendetti
	 	 	Mark J. Vendetti

  

    	9CLIFFS NATURAL RESOURCES INC. 

 

_________________________

 

INDENTURE 

 

Dated as of March 17, 2010

 

_________________________

 

U.S. BANK NATIONAL ASSOCIATION 

 

Trustee

 

 

 

    	 

    	 

    

 

Table
of Contents

  

	 	 	Page
	 	 	 
	ARTICLE I.	DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 	 
	Section 1.1.	Definitions	1
	Section 1.2.	Other Definitions	3
	Section 1.3.	Incorporation by Reference of Trust Indenture Act	3
	Section 1.4.	Rules of Construction	4
	 	 	 
	ARTICLE II.	THE SECURITIES	4
	 	 	 
	Section 2.1.	Amount Unlimited; Issuable in Series	4
	Section 2.2.	Establishment of Terms of Series of Securities	4
	Section 2.3.	Execution and Authentication	5
	Section 2.4.	Registrar and Paying Agent	6
	Section 2.5.	Paying Agent to Hold Money in Trust	7
	Section 2.6.	Securityholder Lists	7
	Section 2.7.	Transfer and Exchange	7
	Section 2.8.	Persons Deemed Owners	7
	Section 2.9.	Mutilated, Destroyed, Lost and Stolen Securities	7
	Section 2.10.	Outstanding Securities	8
	Section 2.11.	Treasury Securities	8
	Section 2.12.	Temporary Securities	8
	Section 2.13.	Cancellation	8
	Section 2.14.	Defaulted Interest	8
	Section 2.15.	Global Securities	9
	Section 2.16.	CUSIP Numbers	9
	Section 2.17.	Form of Trustee’s Certification of Authentication	9
	 	 	 
	ARTICLE III.	REDEMPTION	10
	 	 	 
	Section 3.1.	Notice to Trustee	10
	Section 3.2.	Selection of Securities to be Redeemed	10
	Section 3.3.	Notice of Redemption	10
	Section 3.4.	Effect of Notice of Redemption	11
	Section 3.5.	Deposit of Redemption Price	11
	Section 3.6.	Securities Redeemed in Part	11
	 	 	 
	ARTICLE IV.	COVENANTS	11
	 	 	 
	Section 4.1.	Payment of Principal and Interest	11
	Section 4.2.	SEC Reports	11
	Section 4.3.	Compliance Certificate	11
	Section 4.4.	Corporate Existence	11
	Section 4.5.	Calculation of Original Issue Discount	12
	 	 	 
	ARTICLE V.	SUCCESSORS	12
	 	 	 
	Section 5.1.	When Company May Merge, Etc	12
	Section 5.2.	Successor Corporation Substituted	12
	 	 	 
	ARTICLE VI.	DEFAULTS AND REMEDIES	12
	 	 	 
	Section 6.1.	Events of Default	12
	Section 6.2.	Acceleration of Maturity; Rescission and Annulment	13
	Section 6.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	13
	Section 6.4.	Trustee May File Proofs of Claim	14
	Section 6.5.	Trustee May Enforce Claims Without Possession of Securities	14
	Section 6.6.	Application of Money Collected	14
	Section 6.7.	Limitation on Suits	15
	Section 6.8.	Unconditional Right of Holders to Receive Principal and Interest	15
	Section 6.9.	Restoration of Rights and Remedies	15
	Section 6.10.	Rights and Remedies Cumulative	15
	Section 6.11.	Delay or Omission Not Waiver	15
	Section 6.12.	Control by Holders	15
	Section 6.13.	Waiver of Past Defaults	16

 

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Table
of Contents

(continued)

  

	 	 	Page
	 	 	 
	Section 6.14.	Undertaking for Costs	16
	 	 	 
	ARTICLE VII.	TRUSTEE	16
	 	 	 
	Section 7.1.	Duties of Trustee	16
	Section 7.2.	Rights of Trustee	17
	Section 7.3.	Individual Rights of Trustee	17
	Section 7.4.	Trustee’s Disclaimer	17
	Section 7.5.	Notice of Defaults	18
	Section 7.6.	Reports by Trustee to Holders	18
	Section 7.7.	Compensation and Indemnity	18
	Section 7.8.	Replacement of Trustee	18
	Section 7.9.	Successor Trustee by Merger, etc	19
	Section 7.10.	Eligibility; Disqualification	19
	Section 7.11.	Preferential Collection of Claims Against Company	19
	Section 7.12.	Calculations in Respect of Securities	19
	Section 7.13.	Brokerage Confirmations	19
	 	 	 
	ARTICLE VIII.	SATISFACTION AND DISCHARGE; DEFEASANCE	19
	 	 	 
	Section 8.1.	Satisfaction and Discharge of Indenture	19
	Section 8.2.	Application of Trust Funds; Indemnification	20
	Section 8.3.	Legal Defeasance of Securities of any Series	20
	Section 8.4.	Covenant Defeasance	21
	Section 8.5.	Repayment to Company	22
	Section 8.6.	Reinstatement	22
	 	 	 
	ARTICLE IX.	AMENDMENTS AND WAIVERS	22
	 	 	 
	Section 9.1.	Without Consent of Holders	22
	Section 9.2.	With Consent of Holders	23
	Section 9.3.	Limitations	23
	Section 9.4.	Compliance with the Trust Indenture Act	23
	Section 9.5.	Revocation and Effect of Consents	23
	Section 9.6.	Notation on or Exchange of Securities	24
	Section 9.7.	Trustee Protected	24
	 	 	 
	ARTICLE X.	MISCELLANEOUS	24
	 	 	 
	Section 10.1.	Trust Indenture Act Controls	24
	Section 10.2.	Notices	24
	Section 10.3.	Communication by Holders with Other Holders	24
	Section 10.4.	Certificate and Opinion as to Conditions Precedent	25
	Section 10.5.	Statements Required in Certificate or Opinion	25
	Section 10.6.	Rules by Trustee and Agents	25
	Section 10.7.	Legal Holidays	25
	Section 10.8.	No Recourse Against Others	25
	Section 10.9.	Counterparts	25
	Section 10.10.	Governing Laws	25
	Section 10.11.	No Adverse Interpretation of Other Agreements	25
	Section 10.12.	Successors	25
	Section 10.13.	Severability	26
	Section 10.14.	Table of Contents, Headings, Etc	26
	Section 10.15.	Securities in a Foreign Currency or in ECU	26
	Section 10.16.	Judgment Currency	26
	Section 10.17.	Force Majeure	26
	Section 10.18.	USA Patriot Act	27
	 	 	 
	ARTICLE XI.	SINKING FUNDS	27
	 	 	 
	Section 11.1.	Applicability of Article	27
	Section 11.2.	Satisfaction of Sinking Fund Payments with Securities	27
	Section 11.3.	Redemption of Securities for Sinking Fund	27

 

    	-ii-

    	 

    

 

Table
of Contents

(continued)

 

Page

 

Cliffs Natural Resources
Inc.

 

Reconciliation and tie between Trust Indenture
Act of 1939 and

Indenture, dated as of March 17, 2010

 

	§ 310(a)(1)	7.10
	(a)(2)	7.10
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(a)(5)	7.10
	(b)	7.10
	§ 311(a)	7.11
	(b)	7.11
	(c)	Not Applicable
	§ 312(a)	2.6
	(b)	10.3
	(c)	10.3
	§ 313(a)	7.6
	(b)(1)	7.6
	(b)(2)	7.6
	(c)(1)	7.6
	(d)	7.6
	§ 314(a)	4.2, 10.5
	(a)(4)	4.3
	(b)	Not Applicable
	(c)(1)	10.4
	(c)(2)	10.4
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	10.5
	(f)	Not Applicable
	§ 315(a)	7.1
	(b)	7.5
	(c)	7.1
	(d)	7.1
	(e)	6.14
	§ 316(a)	2.10
	(a)(1)(A)	6.12
	(a)(1)(B)	6.13
	(b)	6.8
	§ 317(a)(1)	6.3
	(a)(2)	6.4
	(b)	2.5
	§ 318(a)	10.1

  

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

 

    	-iii-

    	 

    

 

Indenture dated as of March 17, 2010 between
Cliffs Natural Resources Inc., an Ohio corporation (the “Company”), and U.S. Bank National
Association, as trustee hereunder (the “Trustee”).

 

Each party agrees as follows for the benefit
of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

 

ARTICLE
I. DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1. Definitions.

 

“Additional Amounts”
means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to
be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.

 

“Affiliate” of
any specified person means any other person directly or indirectly controlling or controlled by or under common control with such
specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”), as used with respect to any person, shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the
ownership of voting securities or by agreement or otherwise.

 

“Agent” means
any Registrar, Paying Agent or Service Agent.

 

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

 

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

 

“Business Day”
means, with respect to any Series of Securities, any day except a Saturday, Sunday or a legal holiday in The City of New York on
which banking institutions generally or the Trustee are authorized or required by law, regulation or executive order to close.

 

“Capital Stock”
means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

“Company” means
the person named as the “Company” in the first paragraph of this instrument until a successor replaces it and thereafter
means the successor.

 

“Company Order”
means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal executive
officer, principal financial officer, principal accounting officer or a Vice President and delivered to the Trustee.

 

“Company Request”
means a written request signed in the name of the Company by its principal executive officer, principal financial officer, principal
accounting officer, the President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant
Secretary, and delivered to the Trustee.

 

“Corporate Trust Office”
means the office of the Trustee at which at any particular time its corporate trust business and this Indenture shall be administered,
which office at the date hereof is located at the address of the Trustee specified in Section 10.2 hereof, or such other address
as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office
of any successor Trustee (or such other address as a successor Trustee may designate from time to time by notice to the Holders
and the Company).

 

“Default” means
any event which is, or after notice or passage of time or both would be, an Event of Default.

 

“Depositary” means,
with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities,
the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under
the Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities
of any Series shall mean the Depositary with respect to the Securities of such Series.

 

“Discount Security”
means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration
of acceleration of the maturity thereof pursuant to Section 6.2.

 

“Dollars” and
“$” means the currency of The United States of America.

 

“ECU” means the
European Currency Unit as determined by the Commission of the European Union.

 

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

 

    	 

    	 

    

 

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

 

“Foreign Government Obligations”
means, with respect to Securities of any Series that are denominated in a Foreign Currency, (a) direct obligations of the government
that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (b)
obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment
of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses
(a) or (b), are not callable or redeemable at the option of the issuer thereof.

 

“GAAP” means accounting
principles generally accepted in the United States of America 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 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 as of the date of determination.

 

“Global Security”
or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant
to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered
in the name of such Depositary or nominee.

 

“Holder” or “Securityholder”
means a person in whose name a Security is registered.

 

“Indenture” means
this instrument as originally executed and as amended or supplemented from time to time as herein provided and shall include the
form and terms of particular Series of Securities established as contemplated hereunder.

 

“interest” with
respect to any Discount Security, which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

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

 

“Officer” means
the President and Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, any Vice President, the Treasurer,
the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.

 

“Officers’ Certificate”
means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer, principal financial
officer, principal accounting officer or any Vice President and delivered to the Trustee.

 

“Opinion of Counsel”
means a written opinion of legal counsel who is acceptable to the Trustee in its reasonable discretion and delivered to the Trustee.
The counsel may be an employee of or counsel to the Company.

 

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

 

“principal” of
a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect
of, the Security.

 

“Responsible Officer”
means, when used with respect to the Trustee, any vice president, assistant vice president, trust officer or assistant trust officer,
or any other officer within the corporate trust department of the Trustee customarily performing functions similar to those performed
by any of the above-designated officers and also shall mean, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his knowledge and familiarity with the particular subject and who shall have direct
responsibility for administration of this Indenture.

 

“SEC” 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 and delivery of this Indenture the SEC is not existing and performing the duties now assigned to it under the TIA, then
the body performing such duties on such date.

 

“Securities” means
the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

“Series” or “Series
of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to
Sections 2.1 and 2.2 hereof.

 

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

 

    	2

    	 

    

 

“Subsidiary” of
any specified person means any corporation, association or other business entity of which more than 50% of the total voting power
of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other
Subsidiaries of that person or a combination thereof.

 

“TIA” means the
Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however,
that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by
any such amendment, the Trust Indenture Act as so amended.

 

“Trustee” means
the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such 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.

 

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

 

Section 1.2. Other Definitions.

  

	term	 	
        defined
        in section

	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Event of Default”	 	6.1
	“Journal”	 	10.15
	“Judgment Currency”	 	10.16
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“Market Exchange Rate”	 	10.15
	“New York Banking Day”	 	10.16
	“optional sinking fund payment”	 	11.1
	“Paying Agent”	 	2.4
	“Registrar”	 	2.4
	“Required Currency”	 	10.16
	“Service Agent”	 	2.4
	“successor person”	 	5.1

 

Section 1.3. Incorporation by Reference
of Trust Indenture Act.

 

Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this
Indenture have the following meanings:

 

“Commission” means
the SEC.

 

“indenture securities”
means the Securities.

 

“indenture security holder”
means a Securityholder.

 

“indenture to be qualified”
means this Indenture.

 

    	3

    	 

    

 

“indenture trustee”
or “institutional trustee” means the Trustee.

 

“obligor” on the
indenture securities means the Company and any successor obligor upon the Securities.

 

All other terms used in this Indenture that
are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined
herein are used herein as so defined.

 

Section 1.4. Rules of Construction.

 

Unless the context otherwise requires:

 

(a) a term has the meaning assigned
to it;

 

(b) an accounting term not otherwise
defined has the meaning assigned to it in accordance with GAAP;

 

(c) “or”
is not exclusive;

 

(d) words in the singular include
the plural, and in the plural include the singular; and

 

(e) provisions apply to successive
events and transactions.

 

ARTICLE
II. THE SECURITIES

 

Section 2.1. Amount Unlimited; Issuable
in Series.

 

The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series.
All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution,
supplemental indenture or Officers’ Certificate detailing the adoption of the terms thereof pursuant to authority granted
under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’
Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution
may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest
shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series
of Securities shall be equally and ratably entitled to the benefits of the Indenture.

 

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 executing
such Securities, as evidenced by their execution of such Securities.

 

Section 2.2. Establishment of Terms
of Series of Securities.

 

At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally, in the case of Section 2.2.1 and either as to
such Securities within the Series or as to the Series generally in the case of Sections 2.2.2 through 2.2.23) by or pursuant to
a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture or Officers’
Certificate:

 

2.2.1 the title of the Series (which shall
distinguish the Securities of that particular Series from the Securities of any other Series);

 

2.2.2 the price or prices (expressed as
a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

2.2.3 any limit upon the aggregate principal
amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section
2.7, 2.9, 2.12, 3.6 or 9.6);

 

2.2.4 the date or dates on which the principal
of the Securities of the Series is payable;

 

2.2.5 the rate or rates (which may be fixed
or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity,
commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the
date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence
and be payable and any regular record date for the interest payable on any interest payment date;

 

2.2.6 the place or places where the principal
of and interest, if any, on the Securities of the Series shall be payable, where the Securities of such Series may be surrendered
for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such
Series and this Indenture may be served, and the method of such payment, if by wire transfer, mail or other means;

 

    	4

    	 

    

 

 

2.2.7 if applicable, the period or periods
within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed,
in whole or in part, at the option of the Company;

 

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

 

2.2.9 the dates, if any, on which and the
price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and
other detailed terms and provisions of such repurchase obligations;

 

2.2.10 if other than denominations of $1,000
and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;

 

2.2.11 the forms of the Securities of the
Series, whether the Securities will be issuable as Global Securities, and any appropriate legends if the Securities are Discount
Securities;

 

2.2.12 if other than the principal amount
thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.2;

 

2.2.13 the currency of denomination of the
Securities of the Series, which may be Dollars or any Foreign Currency, including, but not limited to, the ECU, and if such currency
of denomination is a composite currency other than the ECU, the agency or organization, if any, responsible for overseeing such
composite currency;

 

2.2.14 the designation of the currency,
currencies or currency units in which payment of the principal of and interest, if any, on the Securities of the Series will be
made;

 

2.2.15 if payments of principal of or interest,
if any, on the Securities of the Series are to be made in one or more currencies or currency units other than that or those in
which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;

 

2.2.16 the manner in which the amounts of
payment of principal of or interest, if any, on the Securities of the Series will be determined, if such amounts may be determined
by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index
or financial index;

 

2.2.17 the provisions, if any, relating
to any security provided for the Securities of the Series;

 

2.2.18 any addition to or 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 6.2;

 

2.2.19 any addition to or change in the
covenants set forth in Articles IV or V which applies to Securities of the Series;

 

2.2.20 any other terms of the Securities
of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such Series);

 

2.2.21 any depositaries, interest rate calculation
agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed
herein;

 

2.2.22 the provisions, if any, relating
to conversion of any Securities of such Series, including if applicable, the conversion price, the conversion period, provisions
as to whether conversion will be mandatory, at the option of the Holders thereof or at the option of the Company, the events requiring
an adjustment of the conversion price and provisions affecting conversion if such Series of Securities are redeemed;

 

2.2.23 whether the Securities of such Series
will be senior debt securities or subordinated debt securities and, if applicable, a description of the subordination terms thereof;
and

 

2.2.24 any trustees, authenticating or paying
agents, transfer agents, or registrars or any other agents with respect to the Securities of such Series.

 

All Securities of any one Series need not
be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by
or pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate referred to above.

 

Section 2.3. Execution and Authentication.

 

A duly authorized Officer shall sign the
Securities for the Company by manual or facsimile signature.

 

    	5

    	 

    

 

If an Officer whose signature is on a Security
no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

 

A Security shall not be valid until authenticated
by the manual signature of a Responsible Officer of the Trustee or an authenticating agent. The signature shall be conclusive evidence
that the Security has been authenticated under this Indenture.

 

The Trustee shall at any time, and from
time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the
date of its authentication.

 

The aggregate principal amount of Securities
of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the
Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided
in Section 2.9.

 

Prior to the issuance of Securities of any
Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution,
supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities
within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate
complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4 and also stating:

 

(1) if the form and terms of such Securities
have been established by or pursuant to a Board Resolution, indenture supplemental hereto or Officers’ Certificate, that
such form and terms have been established in conformity with the provisions of this Indenture; and

 

(2) that such Securities, when authenticated
and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent conveyance, reorganization and other laws of general applicability relating to or affecting the enforcement
of creditors’ rights and to general equity principles (or such other similar matters as in the opinion of such counsel shall
not materially adversely affect such enforceability).

 

The Trustee shall have the right to decline
to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines, in its reasonable
discretion, that such action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors or trustees,
executive committee or a trust committee of directors and/or Responsible Officers shall determine, in its reasonable discretion,
that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

The Trustee may appoint an authenticating
agent reasonably acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.
An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company for service of
notices and demands.

 

Section 2.4. Registrar and Paying Agent.

 

The Company shall maintain, with respect
to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or
agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”),
where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”)
and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served
(“Service Agent”). The Registrar shall keep a register with respect to each Series of Securities and
to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change
in the name or address, of each Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to maintain any
such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee written notice stating the name and
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 co-registrars, additional paying agents or additional service agents 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 obligations to
maintain a Registrar, Paying Agent and Service Agent in each place so specified pursuant to Section 2.2 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 name or address of any such co-registrar, additional paying agent or additional service agent. The term “Registrar”
includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term
“Service Agent” includes any additional service agent.

 

The Company hereby appoints the Trustee
the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent,
as the case may be, is appointed prior to the time Securities of that Series are first issued.

 

    	6

    	 

    

  

Section 2.5. Paying Agent to Hold Money
in Trust.

 

The Company shall require each Paying Agent
other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any
Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series
of Securities, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues,
the Trustee may require a Paying Agent to pay all money held by it to the Trustee for payment in respect of the Securities together
with a full accounting thereof. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.
Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further
liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate
trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent.

 

Section 2.6. Securityholder Lists.

 

The Trustee shall preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each
Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar or to the extent otherwise
required by the TIA, the Company shall furnish to the Trustee in writing at least ten days before each interest payment date and
at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably
require, of the names and addresses of Securityholders of each Series of Securities.

 

Section 2.7. Transfer and Exchange.

 

Where Securities of a Series are presented
to the Registrar or a co-registrar with a written request to register a transfer or to exchange them for an equal principal amount
of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions
are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s
written request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted
herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable
in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections
2.11, 3.6 or 9.6).

 

Neither the Company nor the Registrar shall
be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening
of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for
redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities
of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected,
called or being called for redemption in part.

 

Section 2.8. Persons Deemed Owners.

 

Prior to due presentation of any series
of Securities for registration of transfer, the person in whose name a Security of any series shall be registered on books kept
for such purpose shall be deemed the absolute owner thereof for all purposes of this Indenture, whether or not such Security is
overdue, and neither the Company, the Trustee nor any Paying Agent or conversion agent nor any series of Securities Registrar shall
be affected by notice to the contrary. Payment of or on account of the principal and interest shall be made only to or upon the
order in writing of such registered owner thereof, but such registration may be changed as above provided. All such payments shall
be valid and effectual to satisfy and discharge the liability upon such Security to the extent of the sum or sums so paid.

 

Section 2.9. Mutilated, Destroyed, Lost
and Stolen Securities.

 

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

 

If there shall be delivered to the Company
and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such security or indemnity
as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon request
of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen
Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

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

 

Upon the issuance of any new Security under
this Section, the Company 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.

 

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

 

The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities.

 

Section 2.10. Outstanding Securities.

 

The Securities outstanding at any time are
all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those
reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described
in this Section as not outstanding.

 

If a Security is replaced pursuant to Section
2.9 (other than a mutilated Security surrendered for replacement), it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Security is held by a bona fide purchaser.

 

If the Paying Agent (other than the Company,
a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to
pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and
interest on them ceases to accrue.

 

A Security does not cease to be outstanding
because the Company or an Affiliate of the Company holds the Security.

 

In determining whether the Holders of the
requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent
or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall
be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of
acceleration of the Maturity thereof pursuant to Section 6.2.

 

Section 2.11. Treasury Securities.

 

In determining whether the Holders of the
required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent
or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the
purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction,
notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall
be so disregarded.

 

Section 2.12. Temporary Securities.

 

Until definitive Securities are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities
shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for
temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon written request shall authenticate
and make available for delivery definitive Securities of the same Series and date of maturity in exchange for temporary Securities.
Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

Section 2.13. Cancellation.

 

The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to
them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange,
payment, replacement or cancellation and shall destroy such canceled Securities (subject to the record retention requirement of
the Exchange Act) and deliver a certificate of such destruction to the Company. The Company may not issue new Securities to replace
Securities that it has paid or delivered to the Trustee for cancellation.

 

Section 2.14. Defaulted Interest.

 

If the Company defaults in a payment of
interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable
on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company
shall fix the record date and payment date. At least 10 days before the record date, the Company shall mail to the Trustee and
to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid.
The Company may pay defaulted interest in any other lawful manner.

 

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Section 2.15. Global Securities.

 

2.15.1 Terms of Securities. A Board
Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series
shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or
Securities.

 

2.15.2 Transfer and Exchange. Notwithstanding
any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be
exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary
for such Security or its nominee only if (a) such Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange
Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange
Act within 90 days of such event or (b) the Company executes and delivers to the Trustee an Officers’ Certificate to the
effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence
shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal
amount equal to the principal amount of the Global Security with like tenor and terms.

 

Except as provided in this Section 2.15.2,
a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee
of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

2.15.3 Legend. Any Global Security
issued 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 the Depositary or a nominee of the
Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee
only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary to
a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

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

 

2.15.4 Acts of Holders.

 

The Depositary, as a Holder, may appoint
agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver
or other action which a Holder is entitled to give or take under the Indenture.

 

2.15.5 Payments; Consents; Declaration
and Directions.

 

The Company and the Trustee may treat the
Depositary (or its nominee) as the sole and exclusive owner of the Securities registered in its name (or its nominee) for the purposes
of payment of the principal of or interest on the Securities, giving any notice permitted or required to be given to Holders under
the Indenture, registering the transfer of Securities, obtaining any consent or other action to be taken by Holders and for all
other purposes whatsoever; and neither the Company nor the Trustee shall be affected by any notice to the contrary. Neither the
Company nor the Trustee shall have any responsibility or obligation to any participant in the Depositary, and person claiming a
beneficial ownership interest in the Securities under or through the Depositary or any such participant, or any other Person which
is not shown on the register as being a registered Holder, with respect to either the Securities, the accuracy of any records maintained
by the Depositary or any such participant; the payment by the Depositary or any such participant of any amount in respect of the
principal of or interest on the Securities, any notice which is permitted or required to be given to Holders under the Indenture,
any consent given or other action taken by the Depositary as Holder or any selection by the Depositary of any participant or other
Person to receive payment of principal, interest or redemption payment of the Securities.

 

Section 2.16. CUSIP Numbers.

 

The Company in issuing the Securities may
use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices
of redemption or other notices issued under this Indenture 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 or other such notice and that reliance may be placed only on the other elements of identification printed
on the Securities, and any such redemption or matter related to such other notice 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 such numbers.

 

Section 2.17. Form of Trustee’s
Certification of Authentication.

 

The Trustee’s certificate of authentication
on all Securities shall be in substantially the following form:

 

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

 

	 	U.S. Bank National Association,
	 	 	As Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

ARTICLE
III. REDEMPTION

 

Section 3.1. Notice to Trustee.

 

The Company may, with respect to any Series
of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities
or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If
a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or
part of the Series of Securities pursuant to the terms of such Securities, it shall furnish to Trustee, written direction accompanied
by an Opinion of Counsel and an Officers’ Certificate stating that all conditions precedent provided for relating to the
redemption have been complied with and also setting forth the clause of this Indenture pursuant to which the redemption shall occur,
the redemption date, and the principal amount of Series of Securities to be redeemed, and the redemption price. The Company shall
give such notice to the Trustee at least 30 days but no more than 60 days before the redemption date (or such shorter notice as
may be acceptable to the Trustee). If the principal payable upon redemption is not known at the time such notice is to be given,
the actual principal payable, calculated as described in the terms of the Securities to be redeemed, will be set forth in an Officers’
Certificate delivered to the Trustee no later than two Business Days prior to the redemption date, if permitted by the Depositary.

 

Section 3.2. Selection of Securities
to be Redeemed.

 

Unless otherwise indicated for a particular
Series by the supplemental indenture hereto or an Officers’ Certificate, if less than all the Securities of a Series are
to be redeemed, and the Securities are Global Securities, the particular Securities to be redeemed shall be selected by the Depositary
in accordance with its standard procedures. If the particular Securities to be redeemed are not Global Securities, the Trustee
shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate. The Trustee
shall make the selection from Securities of the Series outstanding not previously called for redemption. Securities of the Series
and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any
Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and integral
multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions
of Securities of that Series called for redemption.

 

Section 3.3. Notice of Redemption.

 

Unless otherwise indicated for a particular
Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 15 days but not more than
60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities
are to be redeemed.

 

The notice shall identify the Securities
of the Series to be redeemed and shall state:

 

(a) the redemption date;

 

(b) the redemption price;

 

(c) the name and address of
the Paying Agent;

 

(d) that Securities of the Series
called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(e) that, unless the Company
defaults in making such redemption payment, interest on Securities of the Series called for redemption ceases to accrue on and
after the redemption date;

 

(f) the CUSIP number, if any;

 

(g) the section of this Indenture
or the Securities pursuant to which the Securities called for redemption are being redeemed; and

 

(h) any other information as
may be required by the terms of the particular Series or the Securities of a Series being redeemed.

 

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At the Company’s request, the Trustee
shall give the notice of redemption in the Company’s name and at its expense. In such event, the Company shall provide the
Trustee with an Officers’ Certificate including the information required by this Section at least 30 days before the redemption
date (or such shorter notice as may be acceptable to the Trustee).

 

Section 3.4. Effect of Notice of Redemption.

 

Once notice of redemption is mailed or published
as provided in Section 3.3, Securities of a Series called for redemption become irrevocably due and payable on the redemption date
and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities
shall be paid at the redemption price plus accrued interest to the redemption date.

 

Section 3.5. Deposit of Redemption Price.

 

On or before 10:00 a.m., New York City time,
on the redemption date, the Company shall deposit with the Paying Agent (or if the Company is acting as its own paying agent, set
aside and hold in trust as provided for in Section 2.4) money sufficient to pay the redemption price of and accrued interest, if
any, on all Securities to be redeemed on that date.

 

Section 3.6. Securities Redeemed in
Part.

 

Upon surrender of a Security that is redeemed
in part, the Company will issue and, upon receipt of an authentication order, the Trustee shall authenticate for the Holder at
the expense of the Company, a new Security of the same Series and the same maturity equal in principal amount to the unredeemed
portion of the Security surrendered.

 

ARTICLE
IV. COVENANTS

 

Section 4.1. Payment of Principal and
Interest.

 

The Company covenants and agrees for the
benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest on the Securities
of that Series by depositing money in immediately available funds with the Trustee or other Paying Agent and designated for and
sufficient to pay all principal and interest then due, at the place and in the manner specified in this Indenture and in the terms
of such Securities of that Series on or before 10:00 A.M., New York City time on the due date.

 

Section 4.2. SEC Reports.

 

The Company shall deliver to the Trustee
copies of the annual reports and other reports and documents (or copies of such portions of any of the foregoing as the SEC may
by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange
Act within 15 days after the Company files such reports or documents with the SEC, regardless of when such reports or documents
are required to be filed with the SEC. The Company also shall comply with the other provisions of TIA § 314(a).

 

Section 4.3. Compliance Certificate.

 

The Company shall deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate (that need not comply with Section
10.5), one signer of which must be the Company’s principal executive officer, principal financial officer, or principal accounting
officer, stating that a review of the activities of the Company and its Subsidiaries 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, and further stating, as to each such Officer signing such certificate, that
to his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture
and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default
or Event of Default shall have occurred, describing the nature and status of all such Defaults or Events of Default of which he
or she may have knowledge).

 

The Company will, so long as any of the
Securities are outstanding, deliver to the Trustee, promptly upon any Officer becoming aware of any Default or Event of Default,
an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to
take with respect thereto.

 

Section 4.4. Corporate Existence.

 

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

 

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Section 4.5. Calculation of Original
Issue Discount.

 

As to any Series of Discount Securities,
the Company shall file with the Trustee within 20 days following the end of each calendar year (i) a written notice specifying
the amount of original issue discount (including daily rates and accrual periods) accrued on outstanding Securities as of the end
of such year and (ii) such other specific information relating to such original issue discount as may then be relevant under the
Internal Revenue Code.

 

ARTICLE
V. SUCCESSORS

 

Section 5.1. When Company May Merge,
Etc.

 

The Company shall not consolidate with or
merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor
person”) unless:

 

(a) the Company is the surviving
corporation or the successor person (if other than the Company) is a corporation, partnership or limited liability company organized
and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes, by a supplemental indenture hereto,
executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and
interest on all the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants,
conditions and obligations of this Indenture to be performed or observed by the Company; and

 

(b) immediately after giving
effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.

 

The Company shall deliver to the Trustee
prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of
Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

Notwithstanding the above, any Subsidiary
of the Company may consolidate with, merge into or transfer all or part of its properties to the Company or another Subsidiary.
Neither an Officers’ Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section 5.2. Successor Corporation Substituted.

 

Upon any consolidation or merger, or any
sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section
5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale,
lease, conveyance or other disposition 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 has been named as the Company herein; provided,
however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released
from all obligations and covenants under this Indenture and the Securities.

 

ARTICLE
VI. DEFAULTS AND REMEDIES

 

Section 6.1. Events of Default.

 

“Event of Default,”
wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing
Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit
of said Event of Default:

 

(a) default in the payment of
any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30
days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the
expiration of such period of 30 days); or

 

(b) default in the payment of
principal of any Security of that Series at its Maturity; or

 

(c) default is made in the deposit
of any sinking fund payment when as due by the terms of a Security; or

 

(d) default in the performance
or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty that has been included
in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues uncured for a
period of 60 days after there has been given, by registered or certified mail or sent by a national courier service that provides
next day delivery, 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

 

(e) the Company pursuant to
or within the meaning of any Bankruptcy Law:

 

(i) commences a voluntary case,

 

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(ii) consents to the entry of
an order for relief against it in an involuntary case,

 

(iii) consents to the appointment
of a Custodian of it or for all or substantially all of its property,

 

(iv) makes a general assignment
for the benefit of its creditors, or

 

(v) the admission of it in writing
that it is generally unable to pay its debts as the same become due; or

 

(f) a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that:

 

(i) is for relief against the
Company in an involuntary case,

 

(ii) appoints a Custodian of the
Company or for all or substantially all of its property, or

 

(iii) orders the liquidation of
the Company,

 

and the order or decree remains unstayed
and in effect for 60 consecutive days; or

 

(g) any other Event of Default
provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or
an Officers’ Certificate, in accordance with Section 2.2.18.

 

The term “Bankruptcy Law”
means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section 6.2. Acceleration of Maturity;
Rescission and Annulment.

 

If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or
(e)) 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 (or, if any Securities of that Series are Discount Securities, such portion of
the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of
the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any,
shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal
amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto
become and be immediately due and payable without any notice, declaration or other act on the part of the Trustee or any Holder.

 

At any time after such a declaration of
acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities
of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if
all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any,
of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided
in Section 6.13.

 

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

 

Section 6.3. Collection of Indebtedness
and Suits for Enforcement by Trustee.

 

The Company covenants that if

 

(a) 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 30 days,
or

 

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

 

(c) default is made in the deposit
of any sinking fund payment when and as due by the terms of a Security,

 

then, 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 interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and
any overdue interest at the rate or rates prescribed therefor in such Securities, if any, 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, accountants, experts, and counsel.

 

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

 

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If an Event of Default with respect to any
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 6.4. Trustee May File Proofs
of Claim.

 

In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative
to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal
or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

(a) to file and prove a claim
for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents, accountants, experts, and counsel) and of the Holders allowed
in such judicial proceeding and

 

(b) 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 in writing 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, accountants, experts, and counsel, and any other amounts due the Trustee under Section 7.7. To the extent that the payment
of any such compensation, expenses, disbursements and advances of the Trustee, its agents, accountants, experts, and counsel, and
any other amounts due the Trustee under Section 7.7 hereof out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a lien 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.

 

Nothing herein contained shall be deemed
to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding. 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 6.5. 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, accountants, experts, and counsel, be for the ratable
benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 

Section 6.6. Application of Money Collected.

 

After an Event of Default, any money, proceeds
of property, or other property distributable in respect of the Company’s obligations under this Indenture 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 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 costs and expenses
of collections, and compensation to the Trustee, its agents, attorneys, accountants, experts, and counsel, and all advances made
and expenses and liabilities incurred by the Trustee, except as a result of its negligence or bad faith, and all other amounts
owing or reasonably anticipated to be owing to the Trustee pursuant to Section 7.7 hereof; and

 

Second: To the payment of the amounts then
due and unpaid for principal of 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 interest, respectively; and

 

Third: The balance, if any, to the Company
or to such other person as a court of competent jurisdiction shall direct.

 

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Section 6.7. 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:

 

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

 

(b) 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;

 

(c) such Holder or Holders have
offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities
to be incurred in compliance with such request;

 

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

 

(e) 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;

 

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 such Holders. The Trustee shall mail to all Holders any notice it receives from Holders under this Section
6.7.

 

Section 6.8. Unconditional Right of
Holders to Receive Principal and Interest.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case
of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not
be impaired without the consent of such Holder.

 

Section 6.9. 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 6.10. Rights and Remedies Cumulative.

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.9, 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, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 6.11. 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 6.12. Control by Holders.

 

The Holders of a majority in principal amount
of the outstanding Securities of any Series shall have the right to direct in writing 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

 

(a) such direction shall not
be in conflict with any rule of law or with any provision of this Indenture or the Securities,

 

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

 

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(c) subject to the provisions
of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by
a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability,
or would be unduly prejudicial to Holders of the Securities of that Series not joining in such direction, or would lead to an expense
for which the Trustee has not received a reasonably satisfactory indemnity, it being understood that the Trustee shall have no
duty to ascertain whether such actions or forbearances are unduly prejudicial to such Holders.

 

Section 6.13. Waiver of Past Defaults.

 

The Holders of not less than a majority
in principal amount of the outstanding Securities of any Series 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 in the payment of the principal
of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding
Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted
from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default
or impair any right consequent thereon.

 

Section 6.14. Undertaking for Costs.

 

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

 

ARTICLE
VII. TRUSTEE

 

Section 7.1. Duties of Trustee.

 

(a) If an Event of Default has
occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree
of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

 

(b) Except during the continuance
of an Event of Default:

 

(i) The Trustee need perform only
those duties that are specifically set forth in this Indenture and no others.

 

(ii) 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 Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of
this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which by any provisions
hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and
Opinions of Counsel 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).

 

(c) The Trustee may not be relieved
from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

 

(i) This paragraph does not limit
the effect of paragraph (b) of this Section.

 

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

 

(iii) The Trustee shall not be
liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good
faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series
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.

 

(d) Every provision of this
Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.

 

(e) The Trustee may refuse to
perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss, liability or
expense.

 

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(f) The Trustee shall not be
liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust
by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g) 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, or in the exercise of any of its rights or powers, and the Trustee may refuse to perform any duty or exercise any
right or power, if it shall reasonably believe that repayment of such funds or adequate indemnity against such risk is not reasonably
assured to it.

 

(h) The Paying Agent, the Service
Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care as are
set forth in paragraphs (a), (b) and (c) of this Section with respect to the Trustee.

 

Section 7.2. Rights of Trustee.

 

Subject to the provisions of Section 7.1:

 

(a) The Trustee may conclusively
rely on and shall be protected in acting or refraining from acting upon any document (whether in its original or facsimile form)
reasonably believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate
any fact or matter stated in the document.

 

(b) 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 such Officers’ Certificate and/or Opinion of Counsel.

 

(c) The Trustee may act through
its attorneys, accountants, experts, and agents and shall not be responsible for the misconduct or negligence of any such attorneys,
accountants, experts, or agents appointed with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee
shall not be responsible for any act or omission by any Depositary.

 

(d) The Trustee shall not be
liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers,
provided that the Trustee’s conduct does not constitute negligence or bad faith.

 

(e) The Trustee may consult
with counsel of its selection and the 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 and in good faith and in reliance
thereon.

 

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

 

(g) 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.

 

(h) 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 describes the Default or Event of Default and references the Securities generally or the Securities
of a particular Series and this Indenture.

 

(i) The Trustee shall receive
and retain the financial reports and statements of the Company as provided herein, but shall have no duties whatsoever with respect
thereto, including no duty to review or analyze such reports or statements to determine compliance with covenants or other obligations
of the Company.

 

Section 7.3. Individual Rights of Trustee.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with
the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to
Sections 7.10 and 7.11.

 

Section 7.4. Trustee’s Disclaimer.

 

The Trustee makes no representation as to
the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds
from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

 

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Section 7.5. Notice of Defaults.

 

If a Default or Event of Default occurs
and is continuing with respect to the Securities of any Series and if it is actually known to a Responsible Officer of the Trustee,
the Trustee shall, at the Company’s expense, mail by first class mail to each Securityholder of the Securities of that Series
at the registered address notice of a Default or Event of Default within 90 days after it is actually known to a Responsible Officer
of the Trustee. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any
Series, the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers
in good faith determines that withholding the notice is in the interests of Securityholders of that Series.

 

Section 7.6. Reports by Trustee to Holders.

 

Within 60 days after May 15 in each year
beginning with May 15, 2010, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on
the register kept by the Registrar, a brief report dated as of such May 15, in accordance with, and to the extent required under,
TIA § 313.

 

A copy of each such report shall, at the
time of such transmission to Securityholders of any Series, be filed by the Trustee with the SEC, with each stock exchange upon
which any Securities of that Series are listed and with the Company. The Company shall promptly notify the Trustee in writing when
Securities of any Series are listed on any stock exchange or of any delisting thereof.

 

Section 7.7. Compensation and Indemnity.

 

The Company shall pay to the Trustee from
time to time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing. 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 upon request for all reasonable out of pocket expenses incurred by it. Such expenses shall include the reasonable compensation
and expenses of the Trustee’s agents, accountants, experts, and counsel.

 

The Company shall indemnify each of the
Trustee and any predecessor Trustee (including the cost of defending itself) against any loss, liability, damages, claims or expense,
including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as
set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent. 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, except to the extent that the Company is prejudiced as a result of such failure. The
Company shall defend the claim and the Trustee shall provide reasonable cooperation at the Company’s expense in the defense.
The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel provided, however,
that the Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld, conditional
or delayed. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.

 

The Company need not reimburse any expense
or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent
of the Trustee through negligence or bad faith.

 

To secure the Company’s payment obligations
in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected
by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses (including reasonable charges and expenses
of its accountants, experts and attorneys) and the compensation to the Trustee for the services are intended to constitute expenses
of administration under any Bankruptcy Law.

 

The provisions of this Section shall survive
the resignation or removal of the Trustee, the satisfaction and the discharge of this Indenture, and the termination of this Indenture.

 

Section 7.8. Replacement of Trustee.

 

A resignation or removal of the Trustee
and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment
as provided in this Section.

 

The Trustee may resign with respect to the
Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The
Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by
so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if:

 

(a) the Trustee fails to comply
with Section 7.10;

 

(b) the Trustee is adjudged
a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

 

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(c) a Custodian, receiver, or
public officer takes charge of the Trustee or its property; or

 

(d) the Trustee becomes incapable
of acting.

 

If the Trustee resigns or is removed or
if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one
year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities
may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

If a successor Trustee with respect to the
Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series
may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article shall become effective until both (i) the foregoing acceptance of appointment by
the successor Trustee in accordance with the applicable requirements of Section 7.10, and (ii) any and all amounts due and owing
to the Trustee herein have been paid in full. Immediately after that, the retiring Trustee shall transfer all property held by
it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring
Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect
to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of
its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section
7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect
to amounts payable to it under Section 7.7.

 

Section 7.9. Successor Trustee by Merger,
etc.

 

If the Trustee consolidates with, merges
or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor
corporation without any further act shall be the successor Trustee of such successor corporation is eligible and qualified under
Section 7.10.

 

Section 7.10. Eligibility; Disqualification.

 

This Indenture shall always have a Trustee
who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus
of at least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA
§ 310(b). To the extent permitted by the TIA, the Trustee shall not be deemed to have a conflicting interest with respect
to any other indenture of the Company or Securities of any Series by virtue of being a trustee under this Indenture with respect
to any particular Series of Securities.

 

Section 7.11. Preferential Collection
of Claims Against Company.

 

The Trustee is subject to TIA § 311(a),
excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to
TIA § 311(a) to the extent indicated.

 

Section 7.12. Calculations in Respect
of Securities.

 

The Company will be responsible for making
calculations called for under the Securities. These calculations include, but are not limited to, determination of premiums, if
any, Additional Amounts, if any, original issue discount, if any, and conversion rates and adjustments, if any. The Company will
make the calculations in good faith and, absent manifest error, its calculations will be final and binding on the Holders of the
Securities. The Company will provide a schedule of its calculations to the Trustee when applicable, and the Trustee is entitled
to rely conclusively on the accuracy of the Company’s calculations without independent verification.

 

Section 7.13. Brokerage Confirmations.

 

The Company acknowledges that regulations
of the Comptroller of the Currency grant the Company the right to receive brokerage confirmations of the security transactions
as they occur. To the extent contemplated by law, the Company specifically waives any such notification relating to any securities
transactions contemplated herein; provided, however, that Trustee shall send to the Company periodic cash transaction statements
that describe all investment transactions.

 

ARTICLE
VIII. SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1. Satisfaction and Discharge
of Indenture.

 

This Indenture shall upon Company Order
cease to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

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(a) either

 

(i) all Securities theretofore
authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid)
have been delivered to the Trustee for cancellation; or

 

(ii) all such Securities not theretofore
delivered to the Trustee for cancellation

 

(1) have become due and payable,
or

 

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

 

(3) have been called for redemption
or 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, or

 

(4) are deemed paid and discharged
pursuant to Section 8.3, as applicable;

 

and the Company, in the case of (1), (2) or (3) above, has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust an amount entirely in cash or U.S. Government Obligations,
or a combination thereof, which in the opinion of a nationally recognized firm of independent public accountants expressed in a
written certification delivered to the Trustee is sufficient for the purpose of paying and discharging the entire indebtedness
on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit
(in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity
or redemption date, as the case may be;

 

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

 

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

 

In addition, the Company must deliver an
Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and
discharge have been satisfied.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with
the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.9, 8.2 and 8.5 shall survive.

 

Section 8.2. Application of Trust Funds;
Indemnification.

 

(a) Subject to the provisions
of Section 8.5, all money deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign
Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect
of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, shall
be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the
Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4.

 

(b) The Company shall pay and
shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations
or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect of
such obligations other than any payable by or on behalf of Holders.

 

(c) The Trustee shall deliver
or pay to the Company from time to time upon Company Request any U.S. Government Obligations or Foreign Government Obligations
or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified
public accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof
which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government
Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government
Obligations or Foreign Government Obligations held under this Indenture.

 

Section 8.3. Legal Defeasance of Securities
of any Series.

 

Unless this Section 8.3 is otherwise specified,
pursuant to Section 2.2.20, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged
the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred
to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series,
shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments
acknowledging the same), except as to:

 

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(a) the rights of Holders of
Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of
and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal
or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities
of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities
of such Series;

 

(b) the provisions of Sections
2.4, 2.7, 2.9, 8.2, 8.3 and 8.5; and

 

(c) the rights, powers, trust
and immunities of the Trustee hereunder;

 

provided that, the following conditions shall have been
satisfied:

 

(d) the Company shall have deposited
or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose
of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such
Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations,
or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or
Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their
terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one
day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each
installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of
such Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

(e) such deposit will not result
in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which
the Company is a party or by which it is bound;

 

(f) no Default or Event of Default
with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date;

 

(g) the Company shall have delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there
has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of
Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income
tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount
and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;

 

(h) 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 the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Company; and

 

(i) the Company shall have delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for
relating to the defeasance contemplated by this Section have been complied with.

 

Section 8.4. Covenant Defeasance.

 

Unless this Section 8.4 is otherwise specified
pursuant to Section 2.2.20 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the

 

Securities of any Series with any term,
provision or condition set forth under Sections 4.2, 4.3, 4.4, and 5.1 as well as any additional covenants specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.20
(and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series
under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board
Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.18 and designated as an Event of Default shall not
constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following
conditions shall have been satisfied:

 

(a) With reference to this Section
8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as
trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely
to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in
Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency
(other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be
imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in
the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking
fund payments in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking
fund payments are due;

 

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(b) Such deposit will not result
in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;

 

(c) No Default or Event of Default
with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit;

 

(d) The Company shall have delivered
to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee to the effect that Holders of the Securities of such
Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance
and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such deposit and covenant defeasance had not occurred;

 

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

 

(f) The Company shall have delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the covenant defeasance contemplated by this Section have been complied with.

 

Section 8.5. Repayment to Company.

 

Subject to any applicable abandoned property
law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them in trust for the payment of
principal and interest that remains unclaimed for two years after such principal or interest was due and payable. After that, Securityholders
entitled to the money must look only to the Company for payment as general creditors unless an applicable abandoned property law
designates another person.

 

Section 8.6. Reinstatement.

 

If the Trustee or the Paying Agent is unable
to apply any money deposited with respect to Securities of any Series in accordance with Section 8.1 by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the obligations of the Company under this Indenture with respect to the Securities of such Series and under the Securities
of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the
Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; provided, however, that if the
Company has made any payment of principal of or interest on or any Additional Amounts with respect to any Securities because of
the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive
such payment from the money held by the Trustee or Paying Agent.

 

ARTICLE
IX. AMENDMENTS AND WAIVERS

 

Section 9.1. Without Consent of Holders.

 

The Company and the Trustee may amend or
supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:

 

(a) to cure any ambiguity, defect
or inconsistency;

 

(b) to comply with Article V;

 

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

 

(d) to make any change that
does not adversely affect the rights of any Securityholder;

 

(e) to provide for the issuance
of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture, and to make any
amendments to the Indenture with respect to any Series necessary or desirable pursuant to Sections 2.2.22 or 2.2.23 of this Indenture;

 

(f) 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; or

 

(g) to comply with requirements
of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.

 

    	22

    	 

    

 

Subject to Section 9.2, upon the written
direction of the Company to the Trustee accompanied by an Opinion of Counsel and Officers’ Certificate as described in Section
10.4 hereof, the Trustee will join with the Company in the execution of such amended or supplemental indenture; provided, however,
notwithstanding the foregoing clause, if such amended or supplemental indenture adversely affects the Trustee’s own rights,
duties, liabilities or immunities under this Indenture or otherwise, the Trustee may in its reasonable discretion, decline to enter
into such amended or supplemental indenture.

 

Section 9.2. With Consent of Holders.

 

The Company and the Trustee may enter into
a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding
Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer
or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of
the Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount
of the outstanding Securities of any Series by written notice to the Trustee (including consents obtained in connection with a
tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this
Indenture or the Securities with respect to such Series.

 

It shall not be necessary for the consent
of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver,
but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this
section becomes effective, the Company shall mail to the Holders of Securities affected thereby, a notice briefly describing the
supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

Upon the written direction of the Company
to the Trustee accompanied by evidence reasonably satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid,
an Opinion of Counsel and Officers’ Certificate as described in Section 10.4 hereof, the Trustee will join with the Company
in the execution of such amended or supplemental indenture; provided, however, notwithstanding the foregoing clause, if
such amended or supplemental indenture adversely affects the Trustee’s own rights, duties, liabilities or immunities under
this Indenture or otherwise, in which case the Trustee may in its reasonable discretion decline to enter into such amended or supplemental
indenture.

 

Section 9.3. Limitations.

 

Without the consent of each Securityholder
affected, an amendment or waiver may not:

 

(a) reduce the principal amount
of Securities whose Holders must consent to an amendment, supplement or waiver;

 

(b) reduce the rate of or extend
the time for payment of interest (including default interest) on any Security;

 

(c) reduce the principal or
change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking
fund or analogous obligation;

 

(d) reduce the principal amount
of Discount Securities payable upon acceleration of the maturity thereof;

 

(e) waive a Default or Event
of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the
Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series
and a waiver of the payment default that resulted from such acceleration);

 

(f) make the principal of or
interest, if any, on any Security payable in any currency other than that stated in the Security;

 

(g) make any change in Sections
6.8, 6.13 or 9.3 (this sentence); or

 

(h) waive a redemption payment
with respect to any Security, provided that such redemption is made at the Company’s option.

 

Section 9.4. Compliance with the Trust
Indenture Act.

 

Every amendment to this Indenture or the
Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

 

Section 9.5. Revocation and Effect of
Consents.

 

Until an amendment is set forth in a supplemental
indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security,
even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent
as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental
indenture or the date the waiver becomes effective.

 

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Any amendment or waiver once effective shall
bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses
(a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to
it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s
Security.

 

Section 9.6. Notation on or Exchange
of Securities.

 

The Trustee may place an appropriate notation
about an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities of
that Series may issue and the Trustee shall, upon receipt of an authentication order, authenticate upon request new Securities
of that Series that reflect the amendment or waiver.

 

Section 9.7. Trustee Protected.

 

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 7.1) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The
Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that the Trustee
determines in its reasonable discretion that amendment or supplement does adversely affects the rights, duties, liabilities, or
immunities of the Trustee.

 

ARTICLE
X. MISCELLANEOUS

 

Section 10.1. Trust Indenture Act Controls.

 

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

 

Section 10.2. Notices.

 

Any notice or communication by the Company
or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person
or mailed by first-class mail or sent by a national courier service that provides next day delivery:

 

		if to the Company:	Cliffs Natural Resources Inc.

Investor Relations

200 Public Square, Suite 3300

Cleveland, Ohio 44114

Attention: General Counsel

Telephone: (216) 694-5700

 

		if to the Trustee:	U.S. Bank National Association

1350 Euclid Avenue, Suite 1100

Cleveland, Ohio 44115

Attention: Corporate Trust Services

Telephone: (216) 623-5992

 

The Company or the Trustee by written notice
to the other may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication to a Securityholder
shall be mailed by first-class mail to his or her address shown on the register kept by the Registrar. Failure to mail a notice
or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders
of that or any other Series.

 

If a notice or communication is mailed or
published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives
it.

 

If the Company mails a notice or communication
to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.

 

Section 10.3. Communication by Holders
with Other Holders.

 

Securityholders of any Series may communicate
pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with respect to their rights under
this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have
the protection of TIA § 312(c).

 

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Section 10.4. Certificate and Opinion
as to Conditions Precedent.

 

Upon any request or application by the Company
to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(a) an Officers’ Certificate
stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with; and

 

(b) an Opinion of Counsel stating
that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

Section 10.5. Statements Required in
Certificate or Opinion.

 

Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA §
314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include:

 

(a) a statement that each individual
signing such certificate or opinion has read such covenant or condition;

 

(b) 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;

 

(c) 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

 

(d) a statement as to whether
or not, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section 10.6. Rules by Trustee and Agents.

 

The Trustee may make reasonable rules for
action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements
for its functions.

 

Section 10.7. Legal Holidays.

 

A “Legal Holiday”
is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that
place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

Section 10.8. No Recourse Against Others.

 

A director, officer, employee or stockholder,
as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or
for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security
waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

 

Section 10.9. Counterparts.

 

This Indenture may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

 

Section 10.10. Governing Laws.

 

THIS INDENTURE AND THE SECURITIES SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD
TO THE CONFLICT OF LAWS PROVISIONS THEREOF. 

 

Section 10.11. No Adverse Interpretation
of Other Agreements.

 

This Indenture may not be used to interpret
another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.

 

Section 10.12. Successors.

 

All agreements of the Company in this Indenture
and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.

 

    	25

    	 

    

 

 

Section 10.13. Severability.

 

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 10.14. Table of Contents, Headings,
Etc.

 

The Table of Contents, Cross Reference Table,
and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be
considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

Section 10.15. Securities in a Foreign
Currency or in ECU.

 

Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with respect
to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified
percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time
outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other
than Dollars (including ECUs), then the principal amount of Securities of such Series which shall be deemed to be outstanding for
the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange
Rate at such time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar
buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided,
however, in the case of ECUs, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European
Union (or any successor thereto) as published in the Official Journal of the European Union (such publication or any successor
publication, the “Journal”). If such Market Exchange Rate is not available for any reason with respect
to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal
Reserve Bank of New York or, in the case of ECUs, the rate of exchange as published in the Journal, as of the most recent available
date, or quotations or, in the case of ECUs, rates of exchange from one or more major banks in The City of New York or in the country
of issue of the currency in question or, in the case of ECUs, in Luxembourg or such other quotations or, in the case of ECUs, rates
of exchange as the Trustee, upon consultation with the Company, shall deem appropriate. The provisions of this paragraph shall
apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars
in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

All decisions and determinations of the
Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in
its sole discretion and shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes
and irrevocably binding upon the Company and all Holders.

 

Section 10.16. Judgment Currency.

 

The Company agrees, to the fullest extent
that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary
to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required
Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”),
the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in
The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered,
unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal
banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New
York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture
to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any
judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to
the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency
expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action
for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the
full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for
any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any
day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required
by law, regulation or executive order to close.

 

Section 10.17. Force Majeure.

 

In no event shall the Trustee be responsible
or liable, nor shall the Company be responsible or liable to the Trustee, for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being
understood that the Trustee or the Company, as the case may be, shall use reasonable efforts which are consistent with accepted
practices to resume performance as soon as practicable under the circumstances.

 

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Section 10.18. USA Patriot Act.

 

The Company acknowledges that, to help the
government fight the funding of terrorism and money laundering activities, Federal law requires that Trustee, like all financial
institutions, obtain, verify and record information that identifies each person who establishes a relationship or opens an account
with Trustee. The Company agrees that it will provide the Trustee with such information and documentation it may request to verify
the Company’s formation and existence as a legal entity. The Company also agrees that it will provide the Trustee with such
financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the
Company as the Trustee may request to satisfy the requirements of Federal law.

 

ARTICLE
XI. SINKING FUNDS

 

Section 11.1. Applicability of Article.

 

The provisions of this Article shall be
applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any
form of Security of such Series issued pursuant to this Indenture.

 

The minimum amount of any sinking fund payment
provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment”
and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking
fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment
may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities
of any Series as provided for by the terms of the Securities of such Series.

 

Section 11.2. Satisfaction of Sinking
Fund Payments with Securities.

 

The Company may, in satisfaction of all
or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities
(a) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities
previously called for mandatory sinking fund redemption) and (b) apply as credit Securities of such Series to which such sinking
fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant
to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted
optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such
Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officers’
Certificate specifying the amount of the sinking fund payment to which such Securities shall apply and the redemption price of
such Series of Securities, not later than 30 days prior to the date on which the Trustee begins the process of selecting Securities
for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result
of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities
of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not
call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash
payment shall be held by the Trustee or a Paying Agent in trust and applied to the next succeeding sinking fund payment, provided,
however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver
to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of
Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released
to the Company.

 

Section 11.3. Redemption of Securities
for Sinking Fund.

 

Not less than 45 days (unless otherwise
indicated in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in respect of a particular Series
of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an
Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to
the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if
any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated
to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’
Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date:
(a) if the Securities are Global Securities, the particular Securities to be redeemed shall be selected by the Depositary in accordance
with its standard procedures or, if the particular Securities to be redeemed are not Global Securities, the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2; and (b) the Trustee shall
cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section
3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated
in Sections 3.4, 3.5 and 3.6.

 

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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.

 

	 	CLIFFS NATURAL RESOURCES INC.
	 	 	 	 
	 	 	By:	/s/ Steven M. Raguz
	 	 	 	Name: Steven M. Raguz
	 	 	 	Title: Vice President and Treasurer
	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION
	 	as Trustee
	 	 	 	 
	 	 	By:	/s/ Elizabeth A. Thuning
	 	 	 	Name: Elizabeth A. Thuning
	 	 	 	Title:   Vice President

 

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}]]