Document:

Exhibit
4.8

 

BEYOND
AIR, INC.

 

and

 

 

 

as
Trustee

 

INDENTURE

 

Dated
as of                       ,

 

    	 

     

    

 

	ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 	 
	 	1.1	Definitions	1
	 	1.2	Other Definitions	5
	 	1.3	Incorporation by Reference of Trust Indenture Act	5
	 	1.4	Rules of Construction	6
	 	 	 
	ARTICLE 2 THE SECURITIES	6
	 	 	 
	 	2.1	Issuable in Series	6
	 	2.2	Establishment of Terms of Series of Securities	7
	 	2.3	Execution and Authentication	9
	 	2.4	Registrar and Paying Agent	10
	 	2.5	Paying Agent to Hold Assets in Trust	11
	 	2.6	Securityholder Lists	11
	 	2.7	Transfer and Exchange	12
	 	2.8	Replacement Securities	12
	 	2.9	Outstanding Securities	13
	 	2.10	When Treasury Securities Disregarded; Determination Of Holders
Action	13
	 	2.11	Temporary Securities	13
	 	2.12	Cancellation	14
	 	2.13	Payment of Interest; Defaulted Interest; Computation of Interest	14
	 	2.14	Cusip Number	14
	 	2.15	Provisions for Global Securities	14
	 	2.16	Persons Deemed Owners	15
	 	 	 
	ARTICLE 3 REDEMPTION	15
	 	 	 
	 	3.1	Notices to Trustee	15
	 	3.2	Selection by Trustee of Securities to be Redeemed	16
	 	3.3	Notice of Redemption	16
	 	3.4	Effect of Notice of Redemption	17
	 	3.5	Deposit of Redemption Price	17
	 	3.6	Securities Redeemed in Part	18
	 	 	 
	ARTICLE 4 COVENANTS	18
	 	 	 
	 	4.1	Payment of Securities	18
	 	4.2	SEC REPORTS	18
	 	4.3	Waiver of Stay, Extension or Usury Laws	18
	 	4.4	Compliance Certificate	19
	 	4.5	Corporate Existence	19
	 	 	 
	ARTICLE 5 SUCCESSOR CORPORATION	19
	 	 	 
	 	5.1	Limitation on Consolidation, Merger and Sale of Assets	19
	 	5.2	Successor Person Substituted	20
	 	 	 
	ARTICLE 6 DEFAULTS AND REMEDIES	20
	 	 	 
	 	6.1	Events of Default	20
	 	6.2	Acceleration	22
	 	6.3	Remedies	22
	 	6.4	Waiver of Past Defaults and Events of Default	23
	 	6.5	Control by Majority	23
	 	6.6	Limitation on Suits	23
	 	6.7	Rights of Holders to Receive Payment	24
	 	6.8	Collection Suit by Trustee	24
	 	6.9	Trustee May File Proofs of Claim	24
	 	6.10	Priorities	25
	 	6.11	Undertaking for Costs	25

 

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	ARTICLE 7 TRUSTEE	25
	 	 	 
	 	7.1	Duties of Trustee	25
	 	7.2	Rights of Trustee	26
	 	7.3	Individual Rights Of Trustee	27
	 	7.4	Trustee’s Disclaimer	28
	 	7.5	Notice of Default	28
	 	7.6	Reports by Trustee to Holders	28
	 	7.7	Compensation and Indemnity	28
	 	7.8	Replacement of Trustee	29
	 	7.9	Successor Trustee by Consolidation, Merger or Conversion	30
	 	7.10	Eligibility; Disqualification	30
	 	7.11	Preferential Collection of Claims Against Company	30
	 	7.12	Paying Agents	30
	 	 	 
	ARTICLE 8 AMENDMENTS, SUPPLEMENTS AND WAIVERS	31
	 	 	 
	 	8.1	Without Consent of Holders	31
	 	8.2	With Consent of Holders	32
	 	8.3	Compliance With Trust Indenture Act	33
	 	8.4	Revocation and Effect of Consents	33
	 	8.5	Notation On or Exchange of Securities	34
	 	8.6	Trustee To Sign Amendments, Etc	34
	 	 	 
	ARTICLE 9 DISCHARGE OF INDENTURE; DEFEASANCE	34
	 	 	 
	 	9.1	Discharge of Indenture	34
	 	9.2	Legal Defeasance	34
	 	9.3	Covenant Defeasance	35
	 	9.4	Conditions to Legal Defeasance or Covenant Defeasance	35
	 	9.5	Deposited Money And U.S. And Foreign Government Obligations
To Be Held In Trust; Other Miscellaneous Provisions	36
	 	9.6	Reinstatement	36
	 	9.7	Moneys Held by Paying Agent	37
	 	9.8	Moneys Held by Trustee	37
	 	 	 
	ARTICLE 10 MISCELLANEOUS	37
	 	 	 
	 	10.1	Trust Indenture Act Controls	37
	 	10.2	Notices	38
	 	10.3	Communications by Holders With Other Holders	39
	 	10.4	Certificate and Opinion as to Conditions Precedent	39
	 	10.5	Statement Required in Certificate and Opinion	39
	 	10.6	Rules by Trustee and Agents	39
	 	10.7	Business Days; Legal Holidays; Place of Payment	40
	 	10.8	Governing Law	40
	 	10.9	No Adverse Interpretation of Other Agreements	40
	 	10.10	Successors	40
	 	10.11	Multiple Counterparts	40
	 	10.12	Table of Contents, Headings, Etc	40
	 	10.13	Severability	41
	 	10.14	Securities in a Foreign Currency or in Euros	41
	 	10.15	Judgment Currency	42
	 	10.16	Force Majeure	42
	 	10.17	U.S.A. Patriot Act	42
	 	 	 
	ARTICLE 11 SINKING FUNDS	43
	 	 	 
	 	11.1	Applicability of Article	43
	 	11.2	Satisfaction of Sinking Fund Payments with Securities	43
	 	11.3	Redemption of Securities for Sinking Fund	43

 

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INDENTURE,
dated as of                    , by and between Beyond Air, Inc., a Delaware corporation, as Issuer (the “Company”), and                   , a                   , organized
under the laws of                   , as Trustee (the “Trustee”).

 

RECITALS
OF THE COMPANY

 

The
Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its debentures,
notes or other evidences of indebtedness to be issued in one or more series (the “Securities”), as herein provided,
up to such principal amount as may from time to time be authorized in or pursuant to one or more resolutions of the Board of Directors
or by supplemental indenture.

 

All
things necessary to make this Indenture a valid agreement of the Company in accordance with its terms have been done, and the execution
and delivery thereof have been in all respects duly authorized by the parties hereto.

 

NOW,
THEREFORE, THIS INDENTURE WITNESSETH: For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities of a Series thereof, as follows:

 

Article
1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

1.1 Definitions.

 

“Affiliate”
of any specified Person means any other Person which, directly or indirectly through one or more intermediaries, controls, or is controlled
by or is under common control with, such specified Person. For the purposes of this definition, “control” (including, with
correlative meanings, the terms “controlling,” “controlled by” and “under common control with”),
as used with respect to any Person, means 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, by agreement or otherwise.

 

“Agent”
means any Registrar, Paying Agent, co-registrar or agent for service of notices and demands.

 

“Board
of Directors” means the Board of Directors of the Company or any committee duly authorized to act therefor.

 

“Board
Resolution” means a copy of a resolution certified pursuant to an Officers’ Certificate to have been duly adopted by
the Board of Directors of the Company and to be in full force and effect on the date of such certification which has been delivered to
the Trustee.

 

“Capital
Stock” means, with respect to any Person, any and all shares or other equivalents (however designated) of capital stock, partnership
interests or any other participation, right or other interest in the nature of an equity interest in such Person or any option, warrant
or other security convertible into any of the foregoing.

 

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“Company”
means the party named as such in the first paragraph of this Indenture until a successor replaces such party pursuant to ARTICLE 5
of this Indenture, and thereafter means the successor and any other primary obligor on the Securities.

 

“Company
Order” means a written order signed in the name of the Company by two of the Company’s executive Officers, one of whom
must be its Chief Executive Officer or its Chief Financial Officer.

 

“Company
Request” means any written request signed in the name of the Company by its Chief Executive Officer, its President, any Vice
President, its Chief Financial Officer or its Treasurer and attested to by its Secretary or any Assistant Secretary.

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered.

 

“Default”
means any event that is, or that with the passing of time or giving of notice or both would be, an Event of Default.

 

“Depository”
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 Depository for such Series by the Company, which Depository shall be a clearing agency registered under the
Exchange Act, until a successor Depository shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Depository” shall mean each Person who is then a Depository hereunder, and if at any time there is more than one such Person,
such Persons.

 

“Dollars”
means the currency of the United States of America.

 

“Euro”
means the single currency of participating member states of the economic and monetary union as contemplated in the Treaty on 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 that are denominated in a Foreign Currency, (i) 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 (ii) 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 (i) and (ii), are not callable or redeemable at the option of the issuer thereof.

 

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“GAAP”
means generally accepted accounting principles consistently applied as in effect in the United States of America from time to time.

 

“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 Depository for such Series or its nominee, and
registered in the name of such Depository or nominee, and bearing the legend set forth in Section 2.15(c) (or such other legend(s)
as may be applied to such Securities in accordance with Section 2.2(24)).

 

“Holder”
or “Securityholder” means the Person in whose name a Security is registered on the Registrar’s books.

 

“Indebtedness”
means (without duplication), with respect to any Person, any indebtedness at any time outstanding, secured or unsecured, contingent or
otherwise, which is for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only
to a portion thereof), or evidenced by bonds, notes, debentures or similar instruments, or representing the balance deferred and unpaid
of the purchase price of any property (excluding any balances that constitute accounts payable or trade payables, and other accrued liabilities
arising in the ordinary course of business), if and to the extent any of the foregoing indebtedness would appear as a liability upon
a balance sheet of such Person prepared in accordance with GAAP.

 

“Indenture”
means this Indenture as amended, restated or supplemented from time to time.

 

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

 

“Lien”
means, with respect to any property or assets of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit
arrangement, security interest, lien, charge, easement, encumbrance, preference, priority or other security agreement or preferential
arrangement of any kind or nature whatsoever on or with respect to such property or assets (including, without limitation, any capitalized
lease obligation, conditional sales or other title retention agreement having substantially the same economic effect as any of the foregoing).

 

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

 

“Officer”
means the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Treasurer or the Secretary of
the Company, or any other officer designated by the Board of Directors, as the case may be.

 

“Officers’
Certificate” means, with respect to any Person, a certificate signed by the Chairman, Chief Executive Officer, President or
any Senior or Executive Vice President and the Chief Financial Officer or any Treasurer of such Person, that shall comply with applicable
provisions of this Indenture.

 

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“Opinion
of Counsel” means a written opinion from legal counsel, which counsel is reasonably acceptable to the Trustee. The counsel
may be an employee of or counsel to the Company.

 

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

 

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

 

“Responsible
Officer,” when used with respect to the Trustee, means any officer within the corporate trust department or division of the
Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those
performed by any of the above designated officers, and also means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his knowledge of and familiarity with the particular subject.

 

“SEC”
means the United States Securities and Exchange Commission as constituted from time to time, or any successor performing substantially
the same functions.

 

“Securities”
means the securities that are issued under this Indenture, as amended or supplemented from time to time pursuant to this Indenture.

 

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

 

“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.

 

“Significant
Subsidiary” means (i) any direct or indirect Subsidiary of the Company that would be a “significant subsidiary”
as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on
the date hereof, or (ii) any group of direct or indirect Subsidiaries of the Company that, taken together as a group, would be a “significant
subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation
is in effect on the date hereof.

 

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

 

“Subsidiary”
of any specified Person means any corporation, limited liability company, partnership, joint venture, association or other business entity,
whether now existing or hereafter organized or acquired, (i) in the case of a corporation, of which more than 50% of the total voting
power of the Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof
is held, directly or indirectly, by such Person or any of its Subsidiaries; or (ii) in the case of a partnership, joint venture, association
or other business entity, with respect to which such Person or any of its Subsidiaries has the power to direct or cause the direction
of the management and policies of such entity by contract or otherwise, or if in accordance with GAAP such entity is consolidated with
such Person for financial statement purposes.

 

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“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code Section 77aaa-77bbbb) as in effect on the date of this Indenture (except as provided
in Section 8.3).

 

“Trustee”
means the party named as such in this Indenture until a successor replaces it pursuant to this Indenture, and thereafter means the successor,
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 direct non-callable obligations of, or non-callable obligations guaranteed by, the United States
of America for the payment of which obligation or guarantee the full faith and credit of the United States of America is pledged.

 

1.2 Other
Definitions.

 

The
definitions of the following terms may be found in the sections indicated as follows:

 

	TERM	 	DEFINED IN SECTION
	“Bankruptcy Law”	 	6.1
	“Business Day”	 	10.7
	“Covenant Defeasance”	 	9.3
	“Custodian”	 	6.1
	“Event of Default”	 	6.1
	“Journal”	 	10.14
	“Judgment Currency”	 	10.15
	“Legal Defeasance”	 	9.2
	“Legal Holiday”	 	10.7
	“Market Exchange Rate”	 	10.14
	“New York Paying Agent”	 	2.4
	“Paying Agent”	 	2.4
	“Place of Payment”	 	10.7
	“Registrar”	 	2.4
	“Required Currency”	 	10.15
	“Service Agent”	 	2.4

 

1.3 Incorporation
by Reference of Trust Indenture Act.

 

Whenever
this Indenture refers to a provision of the TIA, the portion of such provision required to be incorporated herein in order for this Indenture
to be qualified under the TIA 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.

 

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“indenture
securities” means the Securities.

 

“indenture
securityholder” means a Holder or Securityholder.

 

“indenture
to be qualified” means this Indenture.

 

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

 

“obligor
on the indenture securities” means the Company.

 

All
other terms used in this Indenture that are defined by the TIA, defined in the TIA by reference to another statute or defined by SEC
rule have the meanings therein assigned to them.

 

1.4 Rules
of Construction.

 

Unless
the context otherwise requires:

 

(1)
a term has the meaning assigned to it herein, whether defined expressly or by reference;

 

(2)
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)
“or” is not exclusive;

 

(4)
words in the singular include the plural, and in the plural include the singular;

 

(5)
words used herein implying any gender shall apply to each gender; and

 

(6)
the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision.

 

Article
2

THE SECURITIES

 

2.1 Issuable
in Series.

 

The
aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is $                    . The Securities may be issued
in one or more Series. All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental
indenture or an Officers’ Certificate detailing the adoption of the terms thereof pursuant to the 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 may provide for the method by which specified terms (such as interest rate, Stated Maturity, 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.

 

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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 Subsection 2.2(1) and either as to such Securities within the Series or as to the Series generally in the case of Subsections
2.2(2) through 2.2(24)) by a Board Resolution, a supplemental indenture or an Officers’ Certificate, in each case, pursuant
to authority granted under a Board Resolution:

 

(1)
the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other
Series);

 

(2)
any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Securities of the Series pursuant to Sections 2.7, 2.8, 2.11, 3.6 or 8.5);

 

(3)
the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be
issued;

 

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

 

(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;

 

(6)
the place or places where the principal of, and interest and premium, if any, on, the Securities of the Series shall be payable, or
the method of such payment, if by wire transfer, mail or other means;

 

(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;

 

(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;

 

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(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;

 

(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;

 

(11) the forms of the Securities of the Series in bearer (if to be issued outside of the United States of America) or fully registered form
(and, if in fully registered form, whether the Securities will be issuable as Global Securities);

 

(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;

 

(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 Euro, and, if such currency of denomination is a composite currency other than the Euro, the agency or organization, if any,
responsible for overseeing such composite currency;

 

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

 

(15) if payments of principal of, or interest or premium, 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;

 

(16) the manner in which the amounts of payment of principal of, or interest and premium, 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;

 

(17) the provisions, if any, relating to any collateral provided for the Securities of the Series;

 

(18) any addition to or change in the covenants set forth in Articles 4 or 5 that applies to Securities of the Series;

 

(19) 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;

 

(20) the terms and conditions, if any, for conversion of the Securities into or exchange of the Securities for shares of common stock or preferred
stock of the Company that apply to Securities of the Series;

 

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(21) any depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such
Series if other than those appointed herein;

 

(22) the terms and conditions, if any, upon which the Securities shall be subordinated in right of payment to other Indebtedness of the Company;

 

(23) if applicable, that the Securities of the Series, in whole or any specified part, shall be defeasible pursuant to ARTICLE 9; and

 

(24) any other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except
as permitted by Section 8.1, but which may modify or delete any provision of this Indenture insofar as it applies to 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 or Officers’ Certificate referred to above,
however, the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities of such
Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

 

2.3 Execution and Authentication.

 

The
Securities shall be executed on behalf of the Company by two Officers of the Company or an Officer and an Assistant Secretary of the
Company. Each such signature may be either manual or facsimile. The Company’s seal may be impressed, affixed, imprinted or reproduced
on the Securities and may be in facsimile form.

 

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 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. Such Company Order may authorize authentication and delivery
pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be
promptly confirmed in writing. 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 2.8.

 

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Prior
to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.1) 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.

 

The
Trustee shall have the right to decline to authenticate and deliver any Securities of any Series: (a) if the Trustee, being advised in
writing by outside counsel, determines that such action may not lawfully be taken; 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 vice-presidents shall reasonably determine that such
action would expose the Trustee to personal liability, or cause it to have a conflict of interest with respect to Holders of any then
outstanding Series of Securities.

 

The
Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Any appointment shall be evidenced by an instrument signed by an authorized officer of the
Trustee, a copy of which shall be furnished to the Company. 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.

 

2.4 Registrar and Paying Agent.

 

The
Company shall maintain in each Place of Payment for any Series of Securities (i) an office or agency where such Securities may be presented
for registration of transfer or for exchange (“Registrar”), (ii) an office or agency where such Securities may be
presented for payment (“Paying Agent”) (PROVIDED that the Company shall at all times maintain a Paying Agent in the
Borough of Manhattan, City of New York, State of New York (the “New York Paying Agent”), and PROVIDED, FURTHER, that
at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address
shall appear in the register for the Securities maintained by the Registrar), and (iii) an office or agency where notices and demands
to or upon the Company in respect of the Securities and this Indenture may be served (“Service Agent”). The Registrar
shall keep a register of the Securities and of their transfer and exchange. The Company may have one or more co-registrars and one or
more additional paying agents. The Company shall give prompt written notice to the Trustee of the location, and any change in the location,
of such office or agency. If at any time the Company shall fail to maintain any such required office, or to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee as set forth
in Section 10.2. If the Company acts as Paying Agent, it shall segregate the money held by it for the payment of principal of,
and interest and premium, if any, on, the Securities and hold it as a separate trust fund. The Company may change any Paying Agent, Registrar,
co-registrar or any other Agent without notice to any Securityholder.

 

The
Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered
for any or all such purposes, and may from time to time rescind such designations; PROVIDED, HOWEVER, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of
any Series for such purposes. The Company hereby initially designates the Corporate Trust Office of the Trustee as such office of the
Company. The Company shall give prompt written notice to the Trustee of such designation or rescission, and of any change in the location
of any such other office or agency.

 

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The
Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement
shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address
of any such Agent. If the Company fails to maintain a Registrar or Paying Agent, or agent for service of notices and demands, or fails
to give the foregoing notice, the Trustee shall act as such. The Company hereby appoints the Trustee as 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. The Company designates , as the New York Paying Agent, with offices at .

 

2.5
Paying Agent to Hold Assets in Trust.

 

The
Trustee as Paying Agent shall, and the Company shall require each Paying Agent other than the Trustee to agree in writing that each Paying
Agent shall, hold in trust for the benefit of the Holders of any Series of Securities or the Trustee all assets held by the Paying Agent
for the payment of principal of, or interest or premium, if any, on, such Series of Securities (whether such assets have been distributed
to it by the Company or any other obligor on such Series of Securities), and the Company and the Paying Agent shall notify the Trustee
in writing of any Default by the Company (or any other obligor on such Series of Securities) in making any such payment. The Company
at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed, and the
Trustee may, at any time during the continuance of any payment default with respect to any Series of Securities, upon written request
to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed.
Upon distribution to the Trustee of all assets that shall have been delivered by the Company to the Paying Agent, the Paying Agent shall
have no further liability for such assets.

 

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. If the Trustee is not the Registrar, the Company shall furnish to the Trustee as of
each regular record date for the payment of interest on the Securities of a Series and before each related 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.

 

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2.7 Transfer and Exchange.

 

When
Securities of a Series are presented to the Registrar with a request to register the transfer thereof, the Registrar shall register the
transfer as requested if the requirements of applicable law are met, and when such Securities of a Series are presented to the Registrar
with a request to exchange them for an equal principal amount of other authorized denominations of Securities of the same Series, the
Registrar shall make the exchange as requested. To permit transfers and exchanges, upon surrender of any Security for registration of
transfer at the office or agency maintained pursuant to Section 2.4, the Company shall execute and the Trustee shall authenticate
Securities at the Registrar’s request.

 

If
Securities are issued as Global Securities, the provisions of Section 2.15 shall apply.

 

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

 

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

 

Any
exchange or transfer shall be without charge, except that the Company may require payment by the Holder of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation to a transfer or exchange, but this provision shall not apply to
any exchange pursuant to Section 2.11, 3.6 or 8.5. The Trustee shall not be required to register transfers of Securities
of any Series, or to exchange Securities of any Series, for a period of 15 days before the record date for selection for redemption of
such Securities. The Trustee shall not be required to exchange or register transfers of Securities of any Series called or being called
for redemption in whole or in part, except the unredeemed portion of such Security being redeemed in part.

 

2.8 Replacement Securities.

 

If
a mutilated Security is surrendered to the Trustee, or if the Holder of a Security presents evidence to the satisfaction of the Company
and the Trustee that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate
a replacement Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
An indemnity bond may be required by the Company or the Trustee that is sufficient in the reasonable judgment of the Company or the Trustee,
as the case may be, to protect the Company, the Trustee or any Agent from any loss which any of them may suffer if a Security is replaced.
The Company may charge such Holder for the Company’s out-of-pocket expenses in replacing a Security, including the fees and expenses
of the Trustee. Every replacement Security shall constitute an original additional obligation of the Company, whether or not the destroyed,
lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Securities of that Series duly issued hereunder.

 

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2.9 Outstanding Securities.

 

Securities
outstanding at any time are all Securities authenticated by the Trustee, except for those canceled by it, those delivered to it for cancellation
and those described in this Section 2.9 as not outstanding.

 

If
a Security is replaced pursuant to Section 2.8 (other than a mutilated Security surrendered for replacement), it ceases to be
outstanding until the Company and the Trustee receive proof satisfactory to each of them that the replaced Security is held by a bona
fide purchaser. A mutilated Security ceases to be outstanding upon surrender of such Security and replacement thereof pursuant to Section
2.8.

 

If
a Paying Agent holds on a Redemption Date or the Stated Maturity money sufficient to pay the principal of, premium, if any, and accrued
interest on, Securities payable on that date, and is not prohibited from paying such money to the Holders thereof pursuant to the terms
of this Indenture (PROVIDED, that if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has been made), then on and after that date such Securities cease to be outstanding
and interest on them ceases to accrue.

 

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

 

2.10 When Treasury Securities Disregarded; Determination Of Holders Action.

 

In
determining whether the Holders of the required aggregate principal amount of the Securities of any Series have concurred in any direction,
waiver or consent, the Securities of any Series owned by the Company or any other obligor on such Securities, or by any Affiliate of
any of them, shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any
such direction, waiver or consent, only Securities of such Series which the Trustee actually knows are so owned shall be so disregarded.
Securities of such Series so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction
of the Trustee the pledgee’s right so to act with respect to the Securities of such Series and that the pledgee is not the Company
or any other obligor on the Securities of such Series, or an Affiliate of any of them.

 

2.11 Temporary Securities.

 

Until
definitive Securities are ready for delivery, the Company may prepare and execute, and the Trustee shall authenticate, temporary Securities.
Temporary Securities shall be substantially in the form, and shall carry all rights, of definitive Securities, but may have variations
that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and execute, and
the Trustee shall authenticate, definitive Securities in exchange for temporary Securities without charge to the Holder.

 

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2.12 Cancellation.

 

All
Securities surrendered for payment, redemption or registration of transfer or exchange, or for credit against any sinking fund payment,
shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee for cancellation. The Company may at any time
deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired
in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold. The Registrar and the Paying Agent shall forward to the
Trustee any Securities surrendered to them for transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar
or the Paying Agent, and no one else, shall cancel, and at the written request of the Company shall dispose of, all Securities surrendered
for transfer, exchange, payment or cancellation. If the Company shall acquire any of the Securities, such acquisition shall not operate
as a redemption or satisfaction of the Indebtedness represented by such Securities unless and until the same are surrendered to the Trustee
for cancellation pursuant to this Section 2.12. No Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section 2.12, except as expressly permitted by this Indenture.

 

2.13 Payment of Interest; Defaulted Interest; Computation of Interest.

 

Except
as otherwise provided as contemplated by Section 2.2 with respect to any Series of Securities, interest on any Security which
is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that
Security is registered at the close of business on the regular record date for such interest, as provided in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate establishing the terms of such Series.

 

If
the Company defaults in a payment of interest on the Securities, it shall pay the defaulted amounts, plus any interest payable on defaulted
amounts pursuant to Section 4.1, to the Persons who are Securityholders on a subsequent special record date, which date shall
be the 15th day next preceding the date fixed by the Company for the payment of defaulted interest, or the next succeeding Business Day
if such date is not a Business Day. At least 15 days before the special record date, the Company shall mail or cause to be mailed to
each Securityholder, with a copy to the Trustee, a notice that states the special record date, the payment date and the amount of defaulted
interest, and interest payable on such defaulted interest, if any, to be paid.

 

Except
as otherwise specified as contemplated by Section 2.2 for Securities of any Series, interest on the Securities of each Series
shall be computed on the basis of a 360-day year of twelve 30-day months.

 

2.14 Cusip Number.

 

The
Company in issuing the Securities may use one or more “CUSIP” numbers, and, if the Company does so, the Trustee shall
use the CUSIP number(s) in notices of redemption or exchange as a convenience to Holders, PROVIDED, that any such notice may state that
no representation is made as to the correctness or accuracy of the CUSIP number(s) printed in the notice or on the Securities, and that
reliance may be placed only on the other identification numbers printed on the Securities, and that any such redemption or exchange shall
not be affected by any defect in or omission of any such numbers.

 

2.15 Provisions for Global Securities.

 

(a)
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 Depository for such Global Securities or Securities.

 

(b) Notwithstanding any provisions to the contrary contained in Section 2.7 and in addition thereto, if, and only if the Depository
(i) at any time is unwilling or unable to continue as Depository for such Global Security or ceases to be a clearing agency registered
under the Exchange Act and (ii) a successor Depository is not appointed by the Company within 90 days after the date the Company is so
informed in writing or becomes aware of the same, the Company promptly will execute and deliver to the Trustee definitive Securities,
and the Trustee, upon receipt of a Company Request for the authentication and delivery of such definitive Securities (which the Company
will promptly execute and deliver to the Trustee) and an Officers’ Certificate to the effect that such Global Security shall be
so exchangeable, will authenticate and deliver definitive Securities, without charge, registered in such names and in such authorized
denominations as the Depository shall direct in writing (pursuant to instructions from its direct and indirect participants or otherwise)
in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. Upon the exchange of
a Global Security for definitive Securities, such Global Security shall be canceled by the Trustee. Unless and until it is exchanged
in whole or in part for definitive Securities, as provided in this Section 2.15(b), a Global Security may not be transferred except
as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to
such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee
of such a successor Depository.

 

(c)
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 Depository
or a nominee of the Depository. This Security is exchangeable for Securities registered in the name of a Person other than the Depository
or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository
to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository
or any such nominee to a successor Depository or a nominee of such a successor Depository.”

 

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(d) The Depository, 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.

 

(e)
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of
the principal of, and interest and premium, if any, on, any Global Security shall be made to the Depository or its nominee in its capacity
as the Holder thereof.

 

(f)
Except as provided in Section 2.15(e) above, the Company, the Trustee and any Agent shall treat a Person as the Holder of
such principal amount of outstanding Securities of any Series represented by a Global Security as shall be specified in a written
statement of the Depository (which may be in the form of a participants’ list for such Series) with respect to such Global
Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant
to this Indenture, PROVIDED, that until the Trustee is so provided with a written statement, it may treat the Depository or any
other Person in whose name a Global Security is registered as the owner of such Global Security for the purpose of receiving payment
of the principal of, and any premium and (subject to Section 2.13) any interest on, such Global Security and for all other
purposes whatsoever, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to
the contrary.

 

2.16 Persons Deemed Owners.

 

Prior
to due presentment of a Security for registration of transfer, the Company, the Trustee, the Registrar and any agent of the Company,
the Registrar or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose
of receiving payment of the principal of, and any premium and (subject to Section 2.13) any interest on, such Security and for
all other purposes whatsoever, and none of the Company, the Trustee, the Registrar or any agent of the Company, the Trustee or the Registrar
shall be affected by notice to the contrary.

 

Article
3

REDEMPTION

 

3.1 Notices 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 or the related Board Resolution, supplemental indenture or Officers’ Certificate. If a Series of
Securities is redeemable and the Company elects to redeem all or part of such Series of Securities, it shall notify the Trustee of the
Redemption Date and the principal amount of Securities to be redeemed at least 45 days (unless a shorter notice shall be satisfactory
to the Trustee) before the Redemption Date. Any such notice may be canceled at any time prior to notice of such redemption being mailed
to any Holder, and shall thereby be void and of no effect.

 

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3.2 Selection by Trustee of Securities to be Redeemed.

 

Unless
otherwise indicated for a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate,
if fewer than all of the Securities of a Series are to be redeemed, the Trustee shall select the Securities of a Series to be redeemed
pro rata, by lot or by any other method that the Trustee considers fair and appropriate (unless the Company specifically directs the
Trustee otherwise) and, if such Securities are listed on any securities exchange, by a method that complies with the requirements of
such exchange.

 

The
Trustee shall make the selection from Securities of a Series outstanding and not previously called for redemption, and shall promptly
notify the Company in writing of the Securities selected for redemption and, in the case of any Security selected for partial redemption,
the principal amount thereof to be redeemed at least 35 but not more than 60 days before the Redemption Date. Securities of a Series
in denominations of $1,000 may be redeemed only in whole. The Trustee may select for redemption portions of the principal of Securities
of a Series that have denominations larger than $1,000. Securities of a Series and portions of them it selects shall be in amounts 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 called for redemption
also apply to portions of Securities called for redemption.

 

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 30 days, and no more than 60 days, before a Redemption Date, the Company shall mail, or cause to be mailed, a notice of redemption
by first-class mail to each Holder of Securities to be redeemed at his or her last address as the same appears on the registry books
maintained by the Registrar. The notice shall identify the Securities to be redeemed and shall state:

 

(1) the Redemption Date;

 

(2) the redemption price, and that such redemption price shall become due and payable on the Redemption Date;

 

(3) if any Security of a Series is being redeemed in part, the portion of the principal amount of such Security of a Series to be redeemed
and that, after the Redemption Date and upon surrender of such Security of a Series, a new Security or Securities in principal amount
equal to the unredeemed portion will be issued;

 

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

 

(5) that Securities of a Series called for redemption must be surrendered to the Paying Agent to collect the redemption price, and the place
or places where each such Security is to be surrendered for such payment;

 

(6) that, unless the Company defaults in making the redemption payment, interest on the Securities of a Series called for redemption ceases
to accrue on the Redemption Date, and the only remaining right of the Holders of such Securities is to receive payment of the redemption
price upon surrender to the Paying Agent of the Securities redeemed;

 

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(7) if fewer than all of the Securities of a Series are to be redeemed, the identification of the particular Securities of a Series (or portion
thereof) to be redeemed, as well as the aggregate principal amount of Securities of a Series to be redeemed and the aggregate principal
amount of Securities of a Series to be outstanding after such partial redemption.

 

(8) the CUSIP number, if any, printed on the Securities being redeemed; and

 

(9) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the
Securities.

 

At
the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s sole
expense.

 

3.4 Effect of Notice of Redemption.

 

Once
the notice of redemption described in Section 3.3 is mailed, Securities of a Series called for redemption become due and payable
on the Redemption Date and at the redemption price, plus interest, if any, accrued to the Redemption Date. Upon surrender to the Trustee
or Paying Agent, such Securities of a Series shall be paid at the redemption price, plus accrued interest, if any, to the Redemption
Date; PROVIDED, that if the Redemption Date is after a regular interest payment record date and on or prior to the next Interest Payment
Date, the accrued interest shall be payable to the Holder of the redeemed Securities registered on the relevant record date, as specified
by the Company in the notice to the Trustee pursuant to Section 3.1.

 

3.5 Deposit of Redemption Price.

 

On
or prior to the Redemption Date (but no later than 11:00 A.M. Eastern Time on such date), the Company shall deposit with the Paying Agent
money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date other than
Securities or portions thereof called for redemption on that date which have been delivered by the Company to the Trustee for cancellation.

 

On
and after any Redemption Date, if money sufficient to pay the redemption price of, and accrued interest on, Securities called for redemption
shall have been made available in accordance with the preceding paragraph and the Company and the Paying Agent are not prohibited from
paying such moneys to Holders, the Securities called for redemption will cease to accrue interest and the only right of the Holders of
such Securities will be to receive payment of the redemption price of and, subject to the proviso in Section 3.4, accrued and
unpaid interest on such Securities to the Redemption Date. If any Security called for redemption shall not be so paid, interest will
be paid, from the Redemption Date until such redemption payment is made, on the unpaid principal of the Security and any interest or
premium, if any, not paid on such unpaid principal, in each case, at the rate and in the manner provided in the Securities.

 

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3.6 Securities Redeemed in Part.

 

Upon
surrender of a Security of a Series that is redeemed in part, the Company shall execute, and the Trustee shall authenticate, for a Holder
a new Security of the same Series equal in principal amount to the unredeemed portion of the Security surrendered.

 

Article
4

COVENANTS

 

4.1 Payment of Securities.

 

The
Company shall pay the principal of, and interest and premium, if any, on, each Series of Securities on the dates and in the manner provided
in such Securities and this Indenture.

 

An
installment of principal or interest shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that date
money designated for and sufficient to pay such installment and is not prohibited from paying such money to the Holders pursuant to the
terms of this Indenture or otherwise.

 

The
Company shall pay interest on overdue principal, and overdue interest, to the extent lawful, at the rate specified in the Series of Securities.

 

4.2 SEC REPORTS.

 

The
Company will deliver to the Trustee within 15 days after the filing of the same with the SEC, copies of the quarterly and annual reports
and of the information, documents and other reports, if any, which the Company is required to file with the SEC pursuant to Section 13
or 15(d) of the Exchange Act; PROVIDED, HOWEVER, that each such report or document will be deemed to be so delivered to the Trustee if
the Company files such report or document with the SEC through the SEC’s EDGAR database no later than the time such report or document
is required to be filed with the SEC pursuant to the Exchange Act. Notwithstanding that the Company may not be subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act, the Company will file with the SEC, to the extent permitted, and provide the
Trustee with, such quarterly and annual reports and such information, documents and other reports specified in Sections 13 and 15(d)
of the Exchange Act. The Company will also comply with the other provisions of TIA Section 314(a).

 

4.3 Waiver of Stay, Extension or Usury Laws.

 

The
Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead (as a defense or otherwise)
or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension, usury or other law which would prohibit or
forgive the Company from paying all or any portion of the principal of, and/or interest and premium, if any, on, the Securities as contemplated
herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture;
and the Company hereby expressly waives (to the extent that they may lawfully do so) all benefit or advantage of any such law, and covenants
that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution
of every such power as though no such law had been enacted.

 

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4.4 Compliance Certificate.

 

(a)
The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate
which complies with TIA Section 314(a)(4) stating that a review of the activities of the Company and its Subsidiaries during such 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 the
best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture
and that there is no 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 all such Defaults or Events of Default of which he or she may have knowledge and
what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has
occurred and remains in existence by reason of which payments on account of the principal of, or interest or premium, if any, on, the
Securities is prohibited, or if such event has occurred, a description of the event and what action the Company is taking or proposes
to take with respect thereto.

 

(b) (i) If any Default or Event of Default has occurred and is continuing or (ii) if any Holder seeks to exercise any remedy hereunder with
respect to a claimed Default under this Indenture or the Securities, within five Business Days after the Company becoming aware of such
occurrence the Company shall deliver to the Trustee an Officers’ Certificate specifying such event, notice or other action and
what action the Company is taking or proposes to take with respect thereto.

 

4.5 Corporate Existence.

 

Subject
to ARTICLE 5, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence, in accordance with the organizational documents (as the same may be amended from time to time) of the Company and
the rights (charter and statutory), licenses and franchises of the Company; PROVIDED, HOWEVER, that the Company shall not be required
to preserve any such right, license or franchise, or its corporate existence, 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 that the loss thereof is not adverse in any material
respect to the Holders.

 

Article
5

SUCCESSOR CORPORATION

 

5.1 Limitation on Consolidation, Merger and Sale of Assets.

 

(a)
The Company will not, in any transaction or series of transactions, merge or consolidate with or into, or sell, assign, convey, transfer,
lease or otherwise dispose of all or substantially all of its properties and assets (as an entirety or substantially as an entirety in
one transaction or a series of related transactions), to any Person or Persons, unless at the time of and after giving effect thereto
(i) either (A) if the transaction or series of transactions is a merger or consolidation, the Company shall be the surviving Person of
such merger or consolidation, or (B) the Person formed by such consolidation or into which the Company is merged or to which the properties
and assets of the Company are transferred (any such surviving Person or transferee Person being the “Surviving Entity”)
shall be a corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia,
or a corporation or comparable legal entity organized under the laws of a foreign jurisdiction and shall expressly assume by a supplemental
indenture executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the obligations of the Company
(including, without limitation, the obligation to pay the principal of, and premium and interest, if any, on, the Securities and the
performance of the other covenants) under the Securities of each Series and this Indenture, and in each case, this Indenture shall remain
in full force and effect; and (ii) immediately before and immediately after giving effect to such transaction or series of transactions
on a pro forma basis (including, without limitation, any Indebtedness incurred or anticipated to be incurred in connection with or in
respect of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing.

 

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(b) In connection with any consolidation, merger or transfer of assets contemplated by this Section 5.1, the Company shall deliver,
or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate
and an Opinion of Counsel, each stating that such consolidation, merger or transfer, and the supplemental indenture in respect thereto,
comply with this Section 5.1, and that all conditions precedent herein provided for relating to such transaction or transactions
have been complied with.

 

5.2 Successor Person Substituted.

 

Upon
any consolidation, merger or transfer of all or substantially all of the assets of the Company in accordance with Section 5.1
above, the successor corporation formed by such consolidation, or into which the Company is merged or to which such transfer is made,
shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect
as if such successor corporation had been named as the Company herein, and thereafter (except with respect to any such transfer which
is a lease) the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

Article
6

DEFAULTS AND REMEDIES

 

6.1 Events of Default.

 

“Events
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:

 

(1) there is a default in the payment of any principal of, or premium, if any, on, the Securities when the same becomes due and payable at
Maturity, upon acceleration, redemption or otherwise;

 

    	20

     

    

 

(2) there is a default in the payment of any interest on any Security of a Series when the same becomes due and payable, and the Default
continues for a period of 30 days;

 

(3) the Company defaults in the observance or performance of any other covenant in the Securities of a Series or in this Indenture for 60
days after written notice from the Trustee or the Holders of not less than 25% in the aggregate principal amount of the Securities of
such Series then outstanding, which notice must specify the Default, demand that it be remedied and state that the notice is a “Notice
of Default”;

 

(4) the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(A)
commences a voluntary case,

 

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

 

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

 

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

 

(E) generally is not paying its debts as they become due;

 

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

 

(A)
is for relief against the Company or any Significant Subsidiary in an involuntary case;

 

(B)
appoints a Custodian of the Company or any Significant Subsidiary, or for all or substantially all of the property of the Company or
any Significant Subsidiary; or

 

(C) orders the liquidation of the Company or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 90 consecutive
days; or

 

(6) 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(19).

 

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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.

 

The
Trustee may withhold notice of any Default (except in the payment of the principal of, or interest or premium, if any, on, the Securities)
to the Holders of the Securities of any Series in accordance with Section 7.5. When a Default is cured, it ceases to exist.

 

6.2 Acceleration.

 

If
an Event of Default with respect to Securities of any Series at the time outstanding (other than an Event of Default arising under Section
6.1(4) or 6.1(5)) occurs and is continuing, the Trustee by written notice to the Company, or the Holders of not less than
25% in aggregate principal amount of the Securities of that Series then outstanding by written notice to the Company and the Trustee,
may declare that the entire principal amount of all the Securities of that Series then outstanding plus accrued and unpaid interest to
the date of acceleration are immediately due and payable, in which case such amounts shall become immediately due and payable; PROVIDED,
HOWEVER, that after such acceleration but before a judgment or decree based on such acceleration is obtained by the Trustee, the Holders
of a majority in aggregate principal amount of the outstanding Securities of that Series may rescind and annul such acceleration and
its consequences if (i) all existing Events of Default, other than the nonpayment of accelerated principal, interest or premium, if any,
that has become due solely because of the acceleration, have been cured or waived, (ii) to the extent the payment of such interest is
lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of
acceleration, has been paid and (iii) the rescission would not conflict with any judgment or decree. No such rescission shall affect
any subsequent Default or impair any right consequent thereto. In case an Event of Default specified in Section 6.1(4) or 6.1(5)
with respect to the Company occurs, such principal, premium, if any, and interest amount with respect to all of the Securities of that
Series shall be due and payable immediately without any declaration or other act on the part of the Trustee or the Holders of the Securities
of that Series.

 

6.3 Remedies.

 

If
an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may pursue
any available remedy by proceeding at law or in equity to collect the payment of the principal of, or interest and premium, if any, on,
the Securities of that Series, or to enforce the performance of any provision of the Securities of that Series or this Indenture.

 

The
Trustee may maintain a proceeding even if it does not possess any of the Securities of that Series or does not produce any of them in
the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of
Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive
of any other remedy. All available remedies are cumulative to the extent permitted by law.

 

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6.4 Waiver of Past Defaults and Events of Default.

 

Subject
to Sections 6.2, 6.7 and 8.2, the Holders of a majority in principal amount of the Securities of any Series then
outstanding have the right to waive any existing Default or Event of Default with respect to such Series or compliance with any provision
of this Indenture (with respect to such Series) or the Securities of such Series. Upon any such waiver, such Default with respect to
such Series shall cease to exist, and any Event of Default with respect to such Series 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 Event of Default or
impair any right consequent thereto. This Section 6.4 shall be in lieu of TIA Section 316(a)(1)(B), and TIA Section 316(a)(1)(B)
is hereby expressly excluded from this Indenture and Section as permitted by the TIA.

 

6.5 Control by Majority.

 

Subject
to Sections 6.2, 6.7 and 8.2, the Holders of a majority in principal amount of the Securities of any Series then
outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on the Trustee by this Indenture with respect to such Series. The Trustee, however, may refuse to follow
any direction that conflicts with law or this Indenture, or that the Trustee determines may be unduly prejudicial to the rights of another
Securityholder, or that may involve the Trustee in personal liability; PROVIDED, that the Trustee may take any other action deemed proper
by the Trustee which is not inconsistent with such direction. This Section 6.5 shall be in lieu of TIA Section 316(a)(1)(A), and
TIA Section 316(a)(1)(A) is hereby expressly excluded from this Indenture and Section as permitted by the TIA.

 

6.6 Limitation on Suits.

 

Subject
to Section 6.7, a Securityholder may not institute any proceeding or pursue any remedy with respect to this Indenture or the Securities
of a Series unless:

 

(1) the Holder gives to the Trustee written notice of a continuing Event of Default with respect to the Securities of that Series;

 

(2) the Holders of at least 25% in aggregate principal amount of the Securities of such Series then outstanding make a written request to
the Trustee to pursue the remedy;

 

(3) such Holder or Holders offer to the Trustee indemnity reasonably satisfactory to the Trustee against any loss, liability or expense to
be incurred in compliance with such request;

 

(4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and

 

(5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in aggregate principal amount of the Securities of such Series then outstanding.

 

A
Securityholder may not use this Indenture to prejudice the rights of another Securityholder, or to obtain a preference or priority over
another Securityholder.

 

    	23

     

    

 

6.7 Rights of Holders to Receive Payment.

 

Notwithstanding
any other provision of this Indenture, the right of any Holder of a Security of a Series to receive payment of the principal of, and
interest and premium, if any, on, the Security of such Series on or after the respective due dates expressed in the Security of such
Series, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional, and
shall not be impaired or affected without the consent of the Holder.

 

6.8 Collection Suit by Trustee.

 

If
an Event of Default in payment of principal, interest or premium, if any, specified in Section 6.1(1) or 6.1(2) with respect
to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Company (or any other obligor on the Securities of that Series) for the whole amount of unpaid
principal and premium, if any, and accrued interest remaining unpaid, together with interest on overdue principal and premium, if any,
and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate then
borne by the Securities of that Series, and such further amounts as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, as set forth in Section
7.7.

 

6.9 Trustee May File Proofs of Claim.

 

The
Trustee may file such proofs of claim and other papers or documents, and take other actions (including sitting on a committee of creditors),
as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the Securityholders allowed in any judicial proceedings relative
to the Company (or any other obligor on the Securities), any of their respective creditors or any of their respective property, and the
Trustee shall be entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims,
and to distribute the same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid
out of the estate in any such proceedings, and any custodian in any such judicial proceeding is hereby authorized by each Securityholder
to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the
Securityholders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

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

 

    	24

     

    

 

6.10 Priorities.

 

If
the Trustee collects any money pursuant to this ARTICLE 6, it shall pay out the money in the following order:

 

FIRST:
to the Trustee for amounts due under Section 7.7;

 

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

 

THIRD:
to the Company.

 

The
Trustee may fix a record date and payment date for any payment to Securityholders pursuant to this Section 6.10. At least 15 days
before such record date, the Trustee shall mail to each Securityholder a notice that states the record date, the payment date and amount
to be paid.

 

6.11 Undertaking for Costs.

 

In
any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against
any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7 or a suit by Holders
of more than 10% in principal amount of the Securities of a Series then outstanding.

 

Article
7

TRUSTEE

 

7.1 Duties of Trustee.

 

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

 

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

 

(1) The Trustee need perform only those duties that are specifically set forth in this Indenture, and no covenants or obligations shall be
implied in this Indenture against the Trustee.

 

    	25

     

    

 

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

 

(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:

 

(1)
This paragraph does not limit the effect of paragraph (b) of this Section
7.1.

 

(2)
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.

 

(3)
The Trustee shall not be liable with respect to any action it takes
or omits to take in good faith in accordance with a direction received by it pursuant to Sections 6.2 and 6.5.

 

(d) 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 rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity satisfactory to it against such risk or liability is not reasonably assured to it.

 

(e)
Whether or not therein expressly so provided, paragraphs (a), (b), (c) and (d) of this Section 7.1 shall govern every provision
of this Indenture that in any way relates to the Trustee.

 

(f) The Trustee and Paying Agent shall not be liable for interest on any money received by either of them, except as the Trustee and Paying
Agent 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 the law.

 

(g) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care set
forth in paragraphs (a), (b), (c), (d) and (f) of this Sections 7.1 and in 7.2 with respect to the Trustee.

 

7.2 Rights of Trustee.

 

(a)
Subject to Section 7.1:

 

(1) The Trustee may rely on, and shall be protected in acting or refraining from acting upon, any document 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.

 

    	26

     

    

 

(2) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel, or both, which
shall conform to the provisions of Section 10.5. The Trustee shall be protected and shall not be liable for any action it takes
or omits to take in good faith in reliance on such certificate or opinion.

 

(3) The Trustee may act through agents and attorneys, and shall not be responsible for the misconduct or negligence of any agent appointed
by it with due care.

 

(4) The Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized
or within its rights or powers.

 

(5) The Trustee may consult with counsel reasonably acceptable to the Trustee, which may be counsel to the Company, and the advice or opinion
of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action
taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(6) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order
or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities which may be incurred therein or thereby.

 

(7) The Trustee shall not be deemed to have knowledge of any fact or matter (including, without limitation, a Default or Event of Default)
unless such fact or matter is known to a Responsible Officer of the Trustee.

 

(8) Unless otherwise expressly provided herein or in the Securities of a Series or the related Board Resolution, supplemental indenture or
Officers’ Certificate, the Trustee shall not have any responsibility with respect to reports, notices, certificates or other documents
filed with it hereunder, except to make them available for inspection, at reasonable times, by Securityholders, it being understood that
delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt
of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (except as set forth in Section 4.4).

 

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 make loans to, accept deposits
from, perform services for or otherwise deal with the Company, or any Affiliate thereof, with the same rights it would have if it were
not Trustee. Any Agent may do the same with like rights. The Trustee, however, shall be subject to Sections 7.10 and 7.11.

 

    	27

     

    

 

7.4 Trustee’s Disclaimer.

 

The
Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities (except that the Trustee represents
that it is duly authorized to execute and deliver this Indenture and authenticate the Securities and perform its obligations hereunder),
and the Trustee shall not be accountable for the Company’s use of the proceeds from the sale of Securities or any money paid to
the Company pursuant to the terms of this Indenture, and the Trustee shall not be responsible for any statement in the Securities other
than its certificates of authentication.

 

7.5 Notice of Default.

 

If
a Default or an Event of Default occurs and is continuing with respect to the Securities of any Series, and if it is known to the Trustee,
the Trustee shall mail to each Securityholder of the Securities of that Series notice of the Default or the Event of Default, as the
case may be, within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or
Event of Default (except if such Default or Event of Default has been validly cured or waived before the giving of such notice). Except
in the case of a Default or an Event of Default in payment of the principal of, or interest or premium, if any, on, any Security of any
Series, the Trustee may withhold the notice if and so long as the Board of Directors of the Trustee, the executive committee or any trust
committee of such board and/or its Responsible Officers in good faith determine(s) that withholding the notice is in the interests of
the Securityholders of that Series.

 

7.6 Reports by Trustee to Holders.

 

If
and to the extent required by the TIA, within 60 days after April 1 of each year, commencing the April 1 following the date of this Indenture,
the Trustee shall mail to each Securityholder a brief report dated as of such April 1 that complies with TIA Section 313(a). The Trustee
also shall comply with TIA Sections 313(b) and 313(c).

 

A
copy of each report at the time of its mailing to Securityholders shall be filed with the SEC and any stock exchange on which the Securities
of that Series are listed. The Company shall promptly notify the Trustee when the Securities of any Series are listed on any stock exchange
or any delisting thereof, and the Trustee shall comply with TIA Section 313(d).

 

7.7 Compensation and Indemnity.

 

The
Company shall pay to the Trustee from time to time reasonable compensation for its services. The Trustee’s compensation shall not
be limited by any provision of law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee within 45
days after receipt of request for all reasonable out-of-pocket disbursements and expenses incurred or made by it in connection with its
duties under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

The
Company shall indemnify the Trustee for, and hold it harmless against, any and all loss or liability incurred by it in connection with
the acceptance or performance of its duties under this Indenture including the reasonable costs and expenses of defending itself against
any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee shall notify
the Company promptly of any claim asserted against the Trustee for which it may seek indemnity.

 

    	28

     

    

 

The
failure by the Trustee to so notify the Company shall not however relieve the Company of its obligations. Notwithstanding the foregoing,
the Company need not reimburse the Trustee for any expense or indemnify it against any loss or liability incurred by the Trustee through
its negligence or bad faith. To secure the payment obligations of the Company in this Section 7.7, 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 such money or property held in
trust to pay the principal of, interest and premium, if any, on particular Securities of that Series.

 

When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(4) or 6.1(5) occurs,
the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

For
purposes of this Section 7.7, the term “Trustee” shall include any trustee appointed pursuant to this ARTICLE
7.

 

7.8 Replacement of Trustee.

 

The
Trustee may resign with respect to the Securities of one or more Series by so notifying the Company in writing at least 90 days in advance
of such resignation.

 

The
Holders of a majority in principal amount of the outstanding Securities of any Series may remove the Trustee with respect to that Series
by notifying the removed Trustee in writing and may appoint a successor Trustee with respect to that Series with the consent of the Company,
which consent shall not be unreasonably withheld. The Company may remove the Trustee with respect to that Series at its election if:

 

(1) the Trustee fails to comply with, or ceases to be eligible under, Section 7.10;

 

(2) 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;

 

(3) a Custodian or other public officer takes charge of the Trustee or its property; or

 

(4) the Trustee otherwise becomes incapable of acting.

 

(5) If the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee, with respect to any Series of Securities for any
reason, the Company shall promptly appoint, by Board Resolution, a successor Trustee.

 

If
a successor Trustee with respect to the Securities of 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 10% in principal amount of the outstanding Securities
of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

    	29

     

    

 

If
the Trustee with respect to the Securities of one or more Series fails to comply with Section 7.10, any Securityholder of the
applicable Series may petition any court of competent jurisdiction for the removal of the Trustee and 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. Immediately following
such delivery, (i) the retiring Trustee with respect to one or more Series shall, subject to its rights under Section 7.7, transfer
all property held by it as Trustee with respect to such Series to the successor Trustee, (ii) the resignation or removal of the retiring
Trustee shall become effective and (iii) the successor Trustee with respect to such Series shall have all the rights, powers and duties
of the Trustee under this Indenture. A successor Trustee with respect to the Securities of one or more Series shall mail notice of its
succession to each Securityholder of such Series.

 

7.9 Successor Trustee by Consolidation, Merger or Conversion.

 

If
the Trustee, or any Agent, consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust assets
to, another corporation, subject to Section 7.10, the successor corporation without any further act shall be the successor Trustee
or Agent, as the case may be.

 

7.10 Eligibility; Disqualification.

 

This
Indenture shall always have a Trustee who satisfies the requirements of TIA Sections 310(a)(1), (2) and (5) in every respect. The Trustee
(or in the case of a Trustee that is a Person included in a bank holding company system, the related bank holding company) shall have
a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. The Trustee
shall comply with TIA Section 310(b), including the provision in Section 310(b)(1). In addition, if the Trustee is a Person included
in a bank holding company system, the Trustee, independently of such bank holding company, shall meet the capital requirements of TIA
Section 310(a)(2). If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.10,
it shall resign immediately in the manner and with the effect specified in this ARTICLE 7.

 

7.11 Preferential Collection of Claims Against Company.

 

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

 

7.12 Paying Agents.

 

The
Company shall cause each Paying Agent other than the Trustee to execute and deliver to it and the Trustee an instrument in which such
agent shall agree with the Trustee, subject to the provisions of this Section 7.12:

 

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

 

    	30

     

    

 

(2) that it will at any time during the continuance of any Event of Default, upon written request from the Trustee, deliver to the Trustee
all sums so held in trust by it together with a full accounting thereof; and

 

(3) that it will give the Trustee written notice within three Business Days after any failure of the Company (or by any obligor on the Securities)
in the payment of any installment of the principal of, or interest or premium, if any, on, the Securities when the same shall be due
and payable.

 

Article
8

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 

8.1 Without Consent of Holders.

 

The
Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or more
Series without notice to or consent of any Securityholder:

 

(1) to comply with Section 5.1;

 

(2) to provide for certificated Securities in addition to uncertificated Securities;

 

(3) to comply with any requirements of the SEC under the TIA;

 

(4) to cure any ambiguity, defect or inconsistency, or to make any other change herein or in the Securities that does not materially and
adversely affect the rights of any Securityholder;

 

(5) to provide for the issuance of, and establish the form and terms and conditions of, Securities of any Series as permitted by this Indenture;
or

 

(6) 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.

 

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

 

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8.2 With Consent of Holders.

 

(a)
The Company, when authorized by a Board Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or
more Series with the written consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Securities
of such Series affected by such amendment or supplement without notice to any Securityholder. The Holders of not less than a majority
in aggregate principal amount of the outstanding Securities of each such Series affected by such amendment or supplement may waive compliance
by the Company in a particular instance with any provision of this Indenture or the Securities of such Series without notice to any Securityholder.
Subject to Section 8.4, without the consent of each Securityholder affected, however, an amendment, supplement or waiver may not:

 

(1) reduce the amount of Securities whose Holders must consent to an amendment, supplement or waiver to this Indenture or the Securities;

 

(2) reduce the rate of, or change the time for payment of, interest on any Security;

 

(3) 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;

 

(4) make any Security payable in money other than that stated in the Security;

 

(5) change the amount or time of any payment required by the Securities, or reduce the premium payable upon any redemption of the Securities,
or change the time before which no such redemption may be made;

 

(6) waive a Default or Event of Default in the payment of the principal of, or interest or premium, 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);

 

(7) waive a redemption payment with respect to any Security, or change any of the provisions with respect to the redemption of any Securities;

 

(8) make any changes in Section 6.6 or this Section 8.2, except to increase any percentage of Securities the Holders of which
must consent to any matter; or

 

(9) take any other action otherwise prohibited by this Indenture to be taken without the consent of each Holder affected thereby.

 

(b) Upon the request of the Company, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and
upon the receipt by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Securityholders as aforesaid
and of the documents described in Section 8.6, the Trustee shall join with the Company in the execution of such supplemental indenture,
unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture, in which case the
Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

 

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(c)
It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if such consent approves the substance thereof.

 

After
an amendment or supplement under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing
the amendment or supplement. Any failure of the Company to mail any such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any supplemental indenture.

 

8.3 Compliance With Trust Indenture Act.

 

Every
amendment to, or supplement of, this Indenture or the Securities shall comply with the TIA as then in effect.

 

8.4 Revocation and Effect of Consents.

 

Until
an amendment, supplement, waiver or other action becomes effective, a consent to it by a Holder of a Security is a continuing consent
conclusive and binding upon such Holder and every subsequent Holder of the same Security or portion thereof, and of any Security issued
upon the transfer thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Security.
Any such Holder or subsequent Holder, however, may revoke the consent as to his Security or portion of a Security, if the Trustee receives
the notice of revocation before the date the amendment, supplement, waiver or other action becomes effective.

 

The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment,
supplement or waiver, which record date shall be at least 30 days prior to the first solicitation of such consent. If a record date is
fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies),
and only such Persons, shall be entitled to consent to such amendment, supplement or waiver, or to revoke any consent previously given,
whether or not such Persons continue to be Holders after such record date.

 

After
an amendment, supplement, waiver or other action becomes effective, it shall bind every Securityholder, unless it makes a change described
in any of clauses (1) through (9) of Section 8.2. In that case, the amendment, supplement, waiver or other action 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; PROVIDED, that any such waiver shall not impair or affect the right of any Holder to
receive payment of the principal of, and interest and premium, if any, on, a Security, on or after the respective due dates expressed
in such Security, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such
Holder.

 

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8.5 Notation On or Exchange of Securities.

 

If
an amendment, supplement or waiver changes the terms of a Security of any Series, the Trustee may request the Holder of such Security
to deliver it to the Trustee. In such case, the Trustee shall place an appropriate notation on such Security about the changed terms
and return it to the Holder. Alternatively, the Company, in exchange for such Security, may issue, and the Trustee shall authenticate,
a new security that reflects the changed terms. Failure to make the appropriate notation or issue a new Security shall not affect the
validity and effect of such amendment, supplement or waiver.

 

8.6 Trustee To Sign Amendments, Etc.

 

The
Trustee shall sign any amendment, supplement or waiver authorized pursuant to this ARTICLE 8 if the amendment, supplement or waiver
does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign
it. In signing or refusing to sign such amendment, supplement or waiver the Trustee shall be entitled to receive and, subject to Section
7.1, shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that such amendment,
supplement or waiver is authorized or permitted by this Indenture. The Company may not sign an amendment or supplement until the Board
of Directors of the Company approves it.

 

Article
9

DISCHARGE OF INDENTURE; DEFEASANCE

 

9.1 Discharge of Indenture.

 

The
Company may terminate its obligations under the Securities of any Series and this Indenture with respect to such Series, except the obligations
referred to in the last paragraph of this Section 9.1, if there shall have been canceled by the Trustee, or delivered to the Trustee
for cancellation, all Securities of such Series theretofore authenticated and delivered (other than any Securities of such Series that
are asserted to have been destroyed, lost or stolen and that shall have been replaced as provided in Section 2.8) and the Company
has paid all sums payable by it hereunder or deposited all required sums with the Trustee.

 

After
such delivery the Trustee upon request shall acknowledge in a writing prepared by or on behalf of the Company the discharge of the Company’s
obligations under the Securities of such Series and this Indenture, except for those surviving obligations specified below.

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company in Sections 7.7, 9.5 and 9.6 shall
survive.

 

9.2 Legal Defeasance.

 

The
Company may at its option, by Board Resolution, be discharged from its obligations with respect to the Securities of any Series on the
date upon which the conditions set forth in Section 9.4 below are satisfied (hereinafter, “Legal Defeasance”).
For this purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by the Securities of such Series and to have satisfied all its other obligations under such Securities and this Indenture insofar as
such Securities are concerned (and the Trustee, at the expense of the Company, shall, subject to Section 9.6, execute proper instruments
acknowledging the same, as are delivered to it by the Company), except for the following, which shall survive until otherwise terminated
or discharged hereunder: (A) the rights of Holders of outstanding Securities of such Series to receive solely from the trust funds described
in Section 9.4 and as more fully set forth in such section, payments in respect of the principal of, and interest and premium,
if any, on, the Securities of such Series when such payments are due, (B) the Company’s obligations with respect to the Securities
of such Series under Sections 2.4, 2.5, 2.6, 2.7, 2.8 and 2.9, (C) the rights, powers, trusts,
duties and immunities of the Trustee hereunder (including claims of, or payments to, the Trustee under or pursuant to Section 7.7)
and (D) this ARTICLE 9. Subject to compliance with this ARTICLE 9, the Company may exercise its option under this Section
9.2 with respect to the Securities of any Series notwithstanding the prior exercise of its option under Section 9.3 below
with respect to the Securities of such Series.

 

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9.3 Covenant Defeasance.

 

At
the option of the Company, pursuant to a Board Resolution, the Company shall be released from its obligations with respect to the outstanding
Securities of any Series under Sections 4.2 through 4.5, inclusive, and Section 5.1, with respect to the outstanding
Securities of such Series, on and after the date the conditions set forth in Section 9.4 are satisfied (hereinafter, “Covenant
Defeasance”). For this purpose, such Covenant Defeasance means that the Company may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such specified section or portion thereof, whether directly or indirectly
by reason of any reference elsewhere herein to any such specified section or portion thereof or by reason of any reference in
any such specified section or portion thereof to any other provision herein or in any other document, but the remainder of this Indenture
and the Securities of any Series shall be unaffected thereby.

 

9.4 Conditions to Legal Defeasance or Covenant Defeasance.

 

The
following shall be the conditions to application of Section 9.2 or Section 9.3 to the outstanding Securities of a Series:

 

(1) the Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements
of Section 7.10 who shall agree to comply with the provisions of this ARTICLE 9 applicable to it) as 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 the Securities, (A) money in an amount, or (B) U.S. Government Obligations or Foreign Government Obligations which through the scheduled
payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any
payment, money in an amount, or (C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied
by the Trustee (or other qualifying trustee) to pay and discharge, the principal of, and accrued interest and premium, if any, on, the
outstanding Securities of such Series at the Stated Maturity of such principal, interest or premium, if any, or on dates for payment
and redemption of such principal, interest and premium, if any, selected in accordance with the terms of this Indenture and of the Securities
of such Series;

 

(2) no Event of Default or Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such
deposit, or shall have occurred and be continuing at any time during the period ending on the 91st day after the date of such deposit
or, if longer, ending on the day following the expiration of the longest preference period under any Bankruptcy Law applicable to the
Company in respect of such deposit as specified in the Opinion of Counsel identified in paragraph (8) below (it being understood that
this condition shall not be deemed satisfied until the expiration of such period);

 

(3) such Legal Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest for purposes of the TIA with
respect to any securities of the Company;

 

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

 

(5) the Company shall have delivered to the Trustee an Opinion of Counsel stating that, as a result of such Legal Defeasance or Covenant
Defeasance, neither the trust nor the Trustee will be required to register as an investment company under the Investment Company Act
of 1940, as amended;

 

(6) in the case of an election under Section 9.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that
(i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling to the effect that or (ii) there
has been a change in any applicable Federal income tax law with the effect that, and such opinion shall confirm that, the Holders of
the outstanding Securities of such Series or Persons in their positions will not recognize income, gain or loss for Federal income tax
purposes solely as a result of such Legal Defeasance and will be subject to Federal income tax on the same amounts, in the same manner,
including as a result of prepayment, and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(7) in the case of an election under Section 9.3, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of the outstanding Securities of such Series will not recognize income, gain or loss for Federal income tax purposes
as a result of such 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 Covenant Defeasance had not occurred;

 

(8) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for in this ARTICLE 9 relating to either the Legal Defeasance under Section 9.2 or the Covenant Defeasance
under Section 9.3 (as the case may be) have been complied with;

 

    	35

     

    

 

(9) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit under clause (1) was not made
by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and

 

(10) the Company shall have paid, or duly provided for payment under terms mutually satisfactory to the Company and the Trustee, all amounts
then due to the Trustee pursuant to Section 7.7.

 

	 	9.5	Deposited Money And U.S. And Foreign Government Obligations
To Be Held In Trust; Other Miscellaneous Provisions.

 

All
money, U.S. Government Obligations and Foreign Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant
to Section 9.4 in respect of the outstanding Securities shall be held in trust and applied by the Trustee, in accordance with
the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent as the Trustee may
determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal, accrued interest and
premium, if any, but such money need not be segregated from other funds except to the extent required by law.

 

The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations
and Foreign Government Obligations deposited pursuant to Section 9.4 or the principal, interest and premium, if any, received
in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities.

 

Anything
in this ARTICLE 9 to the contrary notwithstanding, but subject to payment of any of its outstanding fees and expenses, the
Trustee shall deliver or pay to the Company from time to time upon Company Request any money, U.S. Government Obligations or Foreign
Government Obligations held by the Trustee as provided in Section 9.4 which, in the opinion of a nationally-recognized firm
of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount
thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

9.6 Reinstatement.

 

If
the Trustee or Paying Agent is unable to apply any money, U.S. Government Obligations or Foreign Government Obligations in accordance
with Sections 9.1, 9.2, 9.3 or 9.4 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 Company’s obligations
under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this ARTICLE
9 until such time as the Trustee or Paying Agent is permitted to apply all such money, U.S. Government Obligations or Foreign Government
Obligations, as the case may be, in accordance with Sections 9.1, 9.2, 9.3 or 9.4; PROVIDED, HOWEVER, that
if the Company has made any payment of principal of, or accrued interest or premium, if any, on, 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, U.S. Government Obligations or Foreign Government Obligations held by the Trustee or Paying Agent.

 

    	36

     

    

 

9.7 Moneys Held by Paying Agent.

 

In
connection with the satisfaction and discharge of this Indenture, all moneys then held by any Paying Agent under the provisions of this
Indenture shall, upon demand of the Company, be paid to the Trustee, or, if sufficient moneys have been deposited pursuant to Section
9.1, to the Company, and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.

 

9.8 Moneys Held by Trustee.

 

Any
moneys deposited with the Trustee or any Paying Agent or then held by the Company in trust for the payment of the principal of, or interest
or premium, if any, on, any Security that are not applied but remain unclaimed by the Holder of such Security for two years after the
date upon which the principal of, or interest or premium, if any, on, such Security shall have respectively become due and payable shall
be repaid to the Company upon Company Request, or if such moneys are then held by the Company in trust, such moneys shall be released
from such trust; and the Holder of such Security entitled to receive such payment shall thereafter, as an unsecured general creditor,
look only to the Company for the payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money
shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or any such Paying Agent, before being required to make any such repayment,
may, at the expense of the Company, either mail to each Securityholder affected, at the address shown in the register of the Securities
maintained by the Registrar, or cause to be published once a week for two successive weeks, in a newspaper published in the English language,
customarily published each Business Day and of general circulation in the City of New York, New York, a notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such mailing or publication,
any unclaimed balance of such moneys then remaining will be repaid to the Company. After payment to the Company or the release of any
money held in trust by the Company, Securityholders entitled to the money must look only to the Company for payment as general creditors,
unless applicable abandoned property law designates another Person.

 

Article
10

MISCELLANEOUS

 

10.1 Trust Indenture Act Controls.

 

If
any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture
by the TIA, the required provision shall control. If any provision of this Indenture modifies or excludes any provision of the TIA which
may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as
the case may be.

 

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10.2 Notices.

 

Any
notice or communication shall be given in writing and delivered in Person, sent by facsimile (and receipt confirmed by telephone or electronic
transmission report), delivered by commercial courier service or mailed by first-class mail, postage prepaid, addressed as follows:

 

If
to the Company:

 

Beyond
Air, Inc.

900
Stewart Avenue, Suite 301

Garden
City, NY 11530

Attn:
Chairman and Chief Executive Officer

Fax:
516-385-8500

 

Copy
to:

 

Hogan
Lovells US LLP

1735
Market Street, 23rd Floor

Philadelphia,
PA 19103-2799

Fax: 267-675-4601

Attention: Steven J. Abrams, Esq.

 

If
to the Trustee:

________________________________

________________________________

________________________________

 

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 the Company or the Trustee shall be deemed to have been given or made as of the date so delivered if personally
delivered; when receipt is confirmed by telephone or electronic transmission report, if sent by facsimile; and three Business Days after
mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have
been given until actually received by the addressee).

 

Any
notice or communication mailed to a Securityholder shall be mailed to such Securityholder by first-class mail, postage prepaid, at such
Securityholder’s address shown on the register kept by the Registrar.

 

Failure
to mail, or any defect in, a notice or communication to a Securityholder shall not affect its sufficiency with respect to other Securityholders.
If a notice or communication to a Securityholder is mailed in the manner provided above, it shall be deemed duly given, three Business
Days after such mailing, whether or not the addressee receives it.

 

In
case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice
as required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a
sufficient mailing of such notice.

 

    	38

     

    

 

In
the case of Global Securities, notices or communications to be given to Securityholders shall be given to the Depository, in accordance
with its applicable policies as in effect from time to time.

 

In
addition to the manner provided for in the foregoing provisions, notices or communications to Securityholders shall be given by the Company
by release made to Reuters Economic Services and Bloomberg Business News.

 

10.3 Communications by Holders With Other Holders.

 

Securityholders
of any Series may communicate pursuant to TIA Section 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 any other Series. The Company, the Trustee, the Registrar and
any other Person shall have the protection of TIA Section 312(c).

 

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:

 

(1) an Officers’ Certificate (which shall include the statements set forth in Section 10.5 below) 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

 

(2)
an Opinion of Counsel (which shall include the statements set forth in Section 10.5 below) stating that, in the opinion of such
counsel, all such conditions precedent have been complied with.

 

10.5 Statement Required in Certificate and Opinion.

 

Each
certificate and opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than pursuant to
Section 4.4) shall include:

 

(1) a statement that the Person making such certificate or opinion has read such covenant or condition;

 

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

 

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

 

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

 

10.6 Rules by Trustee and Agents.

 

The
Trustee may make reasonable rules for action by or at meetings of Securityholders. The Registrar and Paying Agent may make reasonable
rules for their functions.

 

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10.7 Business Days; Legal Holidays; Place of Payment.

 

A
“Business Day” is a day that is not a Legal Holiday. A “Legal Holiday” is a Saturday, a Sunday,
a federally-recognized holiday or a day on which banking institutions are not authorized or required by law, regulation or executive
order to be open in the State of New York.

 

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. “Place of Payment” means the place or places where
the principal of, and interest and premium, if any, on, the Securities of a Series are payable as specified as contemplated by Section
2.2. If the regular record date is a Legal Holiday, the record date shall not be affected.

 

10.8 Governing Law.

 

THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS
MADE AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

10.9 No Adverse Interpretation of Other Agreements.

 

This
Indenture may not be used to interpret another indenture, loan, security or debt agreement of the Company or any Subsidiary thereof.
No such indenture, loan, security or debt agreement may be used to interpret this Indenture.

 

A
director, officer, employee, stockholder or incorporator, as such, of the Company shall not have any liability for any obligations of
the Company under the Securities or the Indenture. Each Securityholder by accepting a Security waives and releases all such liability.
Such waiver and release are part of the consideration for the issuance of the Securities.

 

10.10 Successors.

 

All
covenants and agreements of the Company in this Indenture and the Securities shall bind the Company’s successors and assigns, whether
so expressed or not. All agreements of the Trustee, any additional trustee and any Paying Agents in this Indenture shall bind their respective
successors and assigns.

 

10.11 Multiple Counterparts.

 

The
parties may sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all of them together
represent one and the same agreement.

 

10.12 Table of Contents, Headings, Etc.

 

The
table of contents, cross-reference sheet 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.

 

    	40

     

    

 

10.13 Severability.

 

Each
provision of this Indenture shall be considered separable, and if for any reason any provision which is not essential to the effectuation
of the basic purpose of this Indenture or 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, and a Holder shall have no claim therefor against any
party hereto.

 

10.14 Securities in a Foreign Currency or in Euros.

 

Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section
2.2 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 Euros), 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 10.14, “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 Euros, 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 Euros, the rate of exchange
as published in the Journal, as of the most recent available date, or quotations or, in the case of Euros, rates of exchange from one
or more major banks in New York City or in the country of issue of the currency in question or, in the case of Euros, in Luxembourg or
such other quotations or, in the case of Euros, 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 the Trustee’s sole discretion, and shall, in the absence of manifest error, be conclusive to the extent permitted
by law for all purposes and irrevocably binding upon the Company and all Holders.

 

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10.15 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 premium, if any, 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 Business Day, in which instance, 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 Business 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 or 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.

 

10.16 Force Majeure.

 

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

 

10.17 U.S.A. Patriot Act.

 

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

 

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Article
11

SINKING FUNDS

 

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 if so provided by
the terms of such Securities pursuant to Section 2.2 and 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 a “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.

 

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 (1) 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 (2) 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
with respect thereto, not later than 15 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
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.

 

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 the
Securities to be redeemed upon such sinking fund payment date will be selected in the manner specified in Section 3.2 and the
Company shall send or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the Company
in the manner provided in and in accordance with 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.

 

[Signature
Page Follows]

 

    	43

     

    

 

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

 

	 	BEYOND
    AIR, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	[Name
    of Trustee]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:Exhibit 4.1

 

RIGHTS AGREEMENT

 

This Rights Agreement (this
“Agreement”) is made as of January 18, 2022 between AIB Acquisition Corporation, a Cayman Islands exempted company, with offices
at 875 3rd Avenue, Suite M204A, New York, New York, 10022 (the “Company”), and Continental Stock Transfer & Trust Company,
a New York corporation, with offices at One State Street, 30th Floor, New York, New York 10004 (“Rights Agent”).

 

WHEREAS,
the Company has received binding commitments from its sponsor (as defined in the Registration Statement) to purchase 317,500 units (or
up to 345,625 units if the underwriters’ over-allotment option is exercised in full), each unit (“Unit”) comprised of
one Class A Ordinary Share with par value $0.0001 per share in the Company (“Class A Ordinary Share”) and one right to receive
one-tenth of one Class A Ordinary Share, subject to adjustment, upon the happening of the triggering event described herein (“Right”),
and in connection therewith, will issue and deliver up to an aggregate of 317,500 Rights (or up to 345,625 Rights if the underwriters’
over-allotment option is exercised in full) as part of such Units upon consummation of such private placement (the “Private Offering”);
and

 

WHEREAS, the Company is engaged
in a public offering (“Public Offering”) of Units and, in connection therewith, will issue and deliver up to 7,500,000 Rights
(or up to 8,625,000 Rights if the underwriters’ over-allotment option is exercised in full) to the public investors; and

 

WHEREAS, the Company has agreed
to sell to Maxim Group LLC an option to purchase up to a total of 37,500 units (or 43,125 units if the over-allotment option is exercised
in full) at $11.00 per unit, and in connection therewith, will issue and deliver up to an aggregate of 37,500 Rights (or up to 43,125
Rights if the over-allotment option is exercised in full); and

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File No. 333-260594 (“Registration
Statement”), and related Prospectus (“Prospectus”) for the registration, under the Securities Act of 1933, as amended
(“Act”), of, among other securities, the Rights and the Class A Ordinary Shares issuable to the holders of the Rights; and

 

WHEREAS, the Company desires
the Rights Agent to act on behalf of the Company, and the Rights Agent is willing to so act, in connection with the issuance, registration,
transfer and exchange of the Rights; and

 

WHEREAS, the Company desires
to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective rights, limitation
of rights, and immunities of the Company, the Rights Agent, and the holders of the Rights; and

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned by or on
behalf of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of Rights Agent. The
Company hereby appoints the Rights Agent to act as agent for the Company for the Rights, and the Rights Agent hereby accepts such appointment
and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2. Rights.

 

2.1. Form of Right.
Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which are
incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board or Chief Executive Officer and
the Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature
has been placed upon any Right shall have ceased to serve in the capacity in which such person signed the Right before such Right is issued,
it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

2.2. Effect of Countersignature.
Unless and until countersigned by the Rights Agent pursuant to this Agreement, a Right shall be invalid and of no effect and may not be
exchanged for Class A Ordinary Shares.

 

2.3. Registration.

 

2.3.1. Right Register.
The Rights Agent shall maintain books (“Right Register”) for the registration of original issuance and the registration of
transfer of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register the Rights in the names of
the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Rights Agent by the
Company.

 

2.3.2. Registered Holder.
Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent may deem and treat the person in
whose name such Right shall be registered upon the Right Register (“registered holder”) as the absolute owner of such Right
and of each Right represented thereby (notwithstanding any notation of ownership or other writing on the Right Certificate made by anyone
other than the Company or the Rights Agent), for the purpose of the exchange thereof, and for all other purposes, and neither the Company
nor the Rights Agent shall be affected by any notice to the contrary.

 

2.4. Detachability
of Rights. The securities comprising the Units, including the Rights, will not be separately transferable until the earlier to occur
of: (i) the 52nd day following the date of the Prospectus or (ii) the announcement by Maxim Group, LLC, as representative of the
underwriters in the Public Offering, of its intention to allow separate earlier trading, except that in no event will the securities comprising
the Units be separately tradeable until the Company files a Current Report on Form 8-K with the SEC which includes an audited balance
sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering and the Company issues a press release and files
a Current Report on Form 8-K with the SEC announcing when such separate trading shall begin.

 

3. Terms and Exchange of Rights

 

3.1. Rights. Each
Right shall entitle the holder thereof to receive one-tenth of one Class A Ordinary Share upon the happening of an Exchange Event (defined
below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its Class A Ordinary Shares upon
an Exchange Event as the purchase price for such Class A Ordinary Shares has been included in the purchase price for the Units. In no
event will the Company be required to net cash settle the Rights or issue fractional Class A Ordinary Shares.

 

3.2. Exchange Event.
An “Exchange Event” shall occur upon the Company’s consummation of an initial Business Combination (as defined in the
Company’s Amended and Restated Memorandum and Articles of Association).

 

    2

     

    

 

3.3. Exchange of Rights.

 

3.3.1. Issuance of Class
A Ordinary Shares. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders of the Rights
to return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Company shall issue to the registered
holder of such Right(s) the number of full Class A Ordinary Shares to which he, she or it is entitled, registered in such name or names
as may be directed by him, her or it and issue to such registered holder(s) a certificate or book-entry position for the such shares.
Notwithstanding the foregoing, or any provision contained in this Agreement to the contrary, in no event will the Company be required
to net cash settle the Rights. The Company shall not issue fractional shares upon exchange of Rights. In the event that any holder would
otherwise be entitled to any fractional share upon exchange of Rights, at the time of an Exchange Event, the Company will instruct the
Right Agent how any such entitlement will be addressed. To the fullest extent permitted by the Company’s Amended and Restated Memorandum
and Articles of Association the Company reserves the right to deal with any such fractional entitlement at the relevant time in any manner
permitted by the Act and the Amended and Restated Memorandum and Articles, which would include the rounding down of any entitlement to
receive Class A Ordinary Shares to the nearest whole share (and in effect extinguishing any fractional entitlement), or the holder being
entitled to hold any remaining fractional entitlement (without any share being issued) and to aggregate the same with any future fractional
entitlement to receive shares in the Company until the holder is entitled to receive a whole number. Any rounding down and extinguishment
may be done with or without any in lieu cash payment or other compensation being made to the holder of the relevant Rights, such that
value received on exchange of the Rights may be considered less than the value that the holder would otherwise expect to receive.

 

3.3.2. Valid Issuance.
All Class A Ordinary Shares issued upon an Exchange Event in conformity with this Agreement and the Amended and Restated Memorandum and
Articles of Association of the Company shall be validly issued, fully paid and nonassessable.

 

3.3.3. Date of Issuance.
Each person in whose name any such certificate or book-entry position for Class A Ordinary Shares is issued shall for all purposes be
deemed to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery of such
certificate or entry of position.

 

3.3.4 Company Not Surviving
Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held reporting entity, the
definitive agreement will provide for the holders of Rights to receive the same per share consideration the holders of the Class A Ordinary
Shares will receive in such transaction, for the number of shares such holder is entitled to pursuant to Section 3.3.1 above. If the Company
does not continue as the publicly held reporting entity upon an Exchange Event, each holder of a Right will be required to affirmatively
convert his/her or its rights in order to receive the 1/10 share underlying each right (without paying any additional consideration) upon
consummation of the Exchange Event. In such a case, each holder of a Right will be required to indicate his, her or its election to convert
the Rights into underlying shares as well as to return the original certificates evidencing the Rights to the Company.

 

3.5 Duration of Rights.
If an Exchange Event does not occur within the time period set forth in the Company’s Amended and Restated Memorandum and Articles
of Association, as the same may be amended from time to time, the Rights shall expire and shall be worthless.

 

4. Transfer and Exchange of Rights.

 

4.1. Registration
of Transfer. The Rights Agent shall register the transfer, from time to time, of any outstanding Right upon the Right Register, upon
surrender of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions
for transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights shall be issued and the old Right shall
be cancelled by the Rights Agent. The Rights so cancelled shall be delivered by the Rights Agent to the Company from time to time upon
request.

 

4.2. Procedure for
Surrender of Rights. Rights may be surrendered to the Rights Agent, together with a written request for exchange or transfer, and
thereupon the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the registered holder of the Rights
so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right surrendered for transfer
bears a restrictive legend and the new Rights to be issued will not bear a restrictive legend, the Rights Agent shall not cancel such
Right and issue new Rights in exchange therefor until the Rights Agent has received an opinion of counsel for the Company stating that
such transfer may be made and indicating no restrictive legend is required.

 

    3

     

    

 

4.3. Fractional Rights.
The Rights Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a Right
Certificate for a fraction of a Right.

 

4.4. Service Charges.
No service charge shall be made for any exchange or registration of transfer of Rights.

 

4.5. Right Execution
and Countersignature. The Rights Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement,
the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever required by the Rights Agent,
will supply the Rights Agent with Rights duly executed on behalf of the Company for such purpose. 

 

5. Other Provisions Relating to Rights
of Holders of Rights.

 

5.1. No Rights as
Shareholder. Until exchange of a Right for Class A Ordinary Shares as provided for herein, a Right does not entitle the registered
holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or
other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings
of shareholders or the election of directors of the Company or any other matter. 

 

 

5.2. Lost, Stolen,
Mutilated, or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company and the Rights Agent may on such
terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Right, include the
surrender thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen, mutilated, or destroyed. Any
such new Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
or destroyed Right shall be at any time enforceable by anyone.

 

5.3. Reservation of
Class A Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Class A
Ordinary Shares that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

6. Concerning the Rights Agent and Other
Matters.

 

6.1. Payment of Taxes.
The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Rights Agent in respect
of the issuance or delivery of Class A Ordinary Shares upon the exchange of Rights, but the Company shall not be obligated to pay any
transfer taxes in respect of the Rights or such Class A Ordinary Shares.

 

6.2. Resignation,
Consolidation, or Merger of Rights Agent.

 

6.2.1. Appointment of
Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from
all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the
Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Rights
Agent in place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified
in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right (who shall, with such notice, submit his,
her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme Court of the State of New York
for the County of New York for the appointment of a successor Rights Agent at the Company’s cost. Any successor Rights Agent, whether
appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good
standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise
corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Rights
Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Rights Agent with
like effect as if originally named as Rights Agent hereunder, without any further act or deed; but if for any reason it becomes necessary
or appropriate, the predecessor Rights Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such
successor Rights Agent all the authority, powers, and rights of such predecessor Rights Agent hereunder; and upon request of any successor
Rights Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually
vesting in and confirming to such successor Rights Agent all such authority, powers, rights, immunities, duties, and obligations.

 

    4

     

    

 

6.2.2. Notice of Successor
Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice thereof to the predecessor Rights
Agent and the transfer agent for the Class A Ordinary Shares not later than the effective date of any such appointment.

 

6.2.3. Merger or Consolidation
of Rights Agent. Any corporation into which the Rights Agent may be merged or with which it may be consolidated or any corporation
resulting from any merger or consolidation to which the Rights Agent shall be a party shall be the successor Rights Agent under this
Agreement without any further act.

 

6.3. Fees and Expenses
of Rights Agent.

 

6.3.1. Remuneration.
The Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent hereunder and will reimburse
the Rights Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the execution of its duties hereunder.

 

6.3.2. Further Assurances.
The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such
further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent for the carrying out or performing
of the provisions of this Agreement.

 

6.4. Liability of
Rights Agent.

 

6.4.1. Reliance on Company
Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem it necessary or desirable that
any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless
other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement
signed by the Chief Executive Officer or Chief Financial Officer and delivered to the Rights Agent. The Rights Agent may rely upon such
statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

6.4.2. Indemnity.
The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject to Section 6.6
below, the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities, including judgments, costs
and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement except as a result of
the Rights Agent’s gross negligence, willful misconduct, or bad faith.

 

6.4.3. Exclusions.
The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation or warranty as to
the authorization or reservation of any Class A Ordinary Shares to be issued pursuant to this Agreement or any Right or as to whether
any Class A Ordinary Shares will when issued be valid and fully paid and nonassessable.

 

6.5. Acceptance of
Agency. The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and
conditions herein set forth.

 

6.6 Waiver. The
Rights Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or
to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof,
by and between the Company and the Rights Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment
or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

    5

     

    

 

7. Miscellaneous Provisions.

 

7.1. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the
benefit of their respective successors and assigns.

 

7.2. Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right to
or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by
the Company with the Rights Agent), as follows:

 

AIB Acquisition Corporation

875 3rd Avenue, Suite M204A

New York, New York, 10022

Attn: Eric Chen, Chief Executive Officer and Chief Financial Officer

 

Any notice, statement or demand authorized by
this Agreement to be given or made by the holder of any Right or by the Company to or on the Rights Agent shall be sufficiently given
when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit
of such notice, postage prepaid, addressed (until another address is filed in writing by the Rights Agent with the Company), as follows:

 

Continental Stock Transfer & Trust
Company

One State Street, 30th Floor

New York, New York 10004

Attn: Compliance Department

 

with a copy to:

 

Ellenoff Grossman & Schole, LLP

1345 Avenue of the Americas,

New York, NY 10105

Attn: Jessica Yuan, Esq.

 

and

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: David J. Levine, Esq. and Mitchell
S. Nussbaum, Esq.

 

and

 

Intertrust Law

Leeward 1 Regatta Office Park Grand
Gayman KY1-9005

Cayman Islands

Attn: Ian Gobin

 

and

 

Maxim Group LLC

300 Park Ave

16th Floor

New York, NY 10022

Attn: Alex Jin

 

    6

     

    

 

7.3. Applicable Law
and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the
substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or
relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The
Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding
the foregoing, (i) the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange
Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum, and (ii)
unless the Company consents in writing to the selection of an alternative forum, the federal district courts of the United States of
America shall, to the full extent permitted by law, be the exclusive form for the resolution of any complaint asserting a cause of action
arising under the Securities Act or the rules and regulations promulgated thereunder. Any person or entity purchasing or otherwise acquiring
any interest in the Rights shall be deemed to have notice of and to have consented to the forum provisions in this Section 7.3. If any
action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within
the State of New York or the United States District Court for the Southern District of New York (a “Foreign Action”) in the
name of any Rights holder, such Rights holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal
courts located within the State of New York or the United States District Court for the Southern District of New York in connection with
any action brought in any such court to enforce the forum provisions (an “Enforcement Action”), and (y) having service of
process made upon such warrant holder in any Enforcement Action by service upon such warrant holder's counsel in the Foreign Action as
agent for such warrant holder.

 

7.4. Persons Having
Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof
is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered
holders of the Rights and, for the purposes of Sections 7.4 and 7.8 hereof, Maxim Group LLC, any right, remedy, or claim under or by reason
of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. Maxim Group LLC shall be deemed to be a third-party
beneficiary of this Agreement with respect to Sections 7.4 and 7.8 hereof. All covenants, conditions, stipulations, promises, and agreements
contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto (and Maxim Group LLC with respect to the
Sections 7.4 and 7.8 hereof) and their successors and assigns and of the registered holders of the Rights. The provisions of this Section
7.4 may not be modified, amended or deleted without the prior written consent of Maxim Group LLC.

 

7.5. Examination of
the Right Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Rights Agent in the
Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Right. The Rights Agent may require any
such holder to submit his, her or its Right for inspection by it.

 

7.6. Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

7.7. Effect of Headings.
The Section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

7.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the interest of the registered holders. All other modifications or amendments shall require the written consent or vote
of the registered holders of a majority of the then outstanding Rights. The provisions of this Section 7.8 may not be modified, amended
or deleted without the prior written consent of Maxim Group LLC.

 

7.9 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

    7

     

    

 

IN WITNESS WHEREOF, this Agreement
has been duly executed by the parties hereto as of the day and year first above written.

 

	 	AIB Acquisition Corporation
	 	 	 
	 	By:	 /s/ Eric Chen
	 	 	Name:	Eric Chen
	 	 	Title:	Chief Executive Officer 

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

	 	By:	 /s/ Michael Goedecke
	 	 	Name: Michael Goedecke
	 	 	Title:   Vice President

 

[Signature Page to Right Agreement]

 

 

8

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